American Tower Corp
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Penke I guess you are interested in American Tower Corp. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of American Tower Corp. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of American Tower Corp (30 sec.)

What can you expect buying and holding a share of American Tower Corp? (30 sec.)

How much money do you get?

$6.31

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$23.24

Expected worth in 1 year

$19.91

How sure are you?

80.0%

+ What do you gain per year?

Total Gains per Share

$2.98

Return On Investment

1.7%

For what price can you sell your share?

Current Price per Share

$171.30

Expected price per share

$151.81 - $184.05

How sure are you?

50%

1. Valuation of American Tower Corp (5 min.)

Live pricePrice per Share (EOD)

$171.30

Book Value per Share

$23.24

Intrinsic Value Per Share

$22.46 - $66.22

Total Value Per Share

$45.70 - $89.47

My calculation of the intrinsic value of American Tower Corp is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($1.25) 3Y: ($1.46) TTM: ($1.57)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.02) 3Y: ($-0.03) TTM: ($0.05)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$4.57	$5.97	$4.57 - $6.22
2	$8.48	$12.12	$4.14 - $6.60
3	$11.80	$18.44	$3.70 - $6.97
4	$14.58	$24.92	$3.26 - $7.35
5	$16.87	$31.53	$2.83 - $7.72
6	$18.71	$38.27	$2.39 - $8.10
7	$20.15	$45.12	$1.96 - $8.47
8	$21.24	$52.07	$1.52 - $8.85
9	$21.99	$59.11	$1.08 - $9.22
10	$22.46	$66.22	$0.65 - $9.60

2. Growth of American Tower Corp (5 min.)

Is American Tower Corp growing?

	Current year	Previous year	Grow	Grow %
How rich?	$10.8b	$11.1b	$413.3m	3.6%

How much money is American Tower Corp making?

	Current year	Previous year	Grow	Grow %
Making money	$370.8m	$433.2m	-$62.4m	-16.8%
Net Profit Margin	13.3%	16.3%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of American Tower Corp (5 min.)

What can you expect buying and holding a share of American Tower Corp? (5 min.)

Welcome investor! American Tower Corp's management wants to use your money to grow the business. In return you get a share of American Tower Corp.

What can you expect buying and holding a share of American Tower Corp?

First you should know what it really means to hold a share of American Tower Corp. And how you can make/lose money.

Speculation

The Price per Share of American Tower Corp is $171.30. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of American Tower Corp.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in American Tower Corp, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $23.24. Based on the TTM, the Book Value Change Per Share is $-0.83 per quarter. Based on the YOY, the Book Value Change Per Share is $1.79 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $1.58 per quarter.

Based on historical numbers we can estimate the returns while holding a share of American Tower Corp.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.18	0.1%	0.79	0.5%	0.95	0.6%	1.01	0.6%	0.75	0.4%
Usd Book Value Change Per Share	-0.80	-0.5%	-0.83	-0.5%	1.79	1.0%	0.42	0.2%	0.39	0.2%
Usd Dividend Per Share	1.62	0.9%	1.58	0.9%	1.41	0.8%	1.22	0.7%	0.86	0.5%
Usd Total Gains Per Share	0.81	0.5%	0.75	0.4%	3.20	1.9%	1.64	1.0%	1.25	0.7%
Usd Price Per Share	215.88	-	194.65	-	233.34	-	228.70	-	171.80	-
Price to Earnings Ratio	297.15	-	112.13	-	17.03	-	59.74	-	61.10	-
Price-to-Total Gains Ratio	265.58	-	-267.68	-	92.81	-	-360.90	-	5,343.43	-
Price to Book Ratio	9.29	-	7.86	-	9.98	-	14.84	-	11.46	-
Price-to-Total Gains Ratio	265.58	-	-267.68	-	92.81	-	-360.90	-	5,343.43	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	171.3
Number of shares	5

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	1.58	1.22
Usd Book Value Change Per Share	-0.83	0.42
Usd Total Gains Per Share	0.75	1.64
Gains per Quarter (5 shares)	3.73	8.21
Gains per Year (5 shares)	14.92	32.83

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	32	-17	5	24	8	23
2	63	-33	20	49	17	56
3	95	-50	35	73	25	89
4	126	-67	50	97	34	122
5	158	-83	65	122	42	155
6	189	-100	80	146	51	188
7	221	-117	95	171	59	221
8	253	-133	110	195	68	254
9	284	-150	125	219	76	287
10	316	-166	140	244	85	320

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	69.0	35.0	0.0	66.3%
Book Value Change Per Share	0.0	4.0	0.0	0.0%	6.0	6.0	0.0	50.0%	10.0	10.0	0.0	50.0%	21.0	19.0	0.0	52.5%	50.0	51.0	3.0	48.1%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	56.0	0.0	48.0	53.8%
Total Gains per Share	3.0	1.0	0.0	75.0%	10.0	2.0	0.0	83.3%	16.0	4.0	0.0	80.0%	32.0	8.0	0.0	80.0%	68.0	33.0	3.0	65.4%

Fundamentals of American Tower Corp

About American Tower Corp

https://www.americantower.com
5643
116 Huntington Avenue, Boston, MA, United States, 02116-5749
Google Maps Bing Maps

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

Fundamental data was last updated by Penke on 2024-04-13 05:29:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is less efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is overpriced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is fair priced.

1.1. Profitability of American Tower Corp.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit American Tower Corp earns for each $1 of revenue.

Above 10% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
A Net Profit Margin of 3.0% means that $0.03 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of American Tower Corp:

The MRQ is 3.0%. The company is making a profit. +1
The TTM is 13.3%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	3.0%	TTM	13.3%	-10.2%
TTM	13.3%	YOY	16.3%	-3.0%
TTM	13.3%	5Y	20.6%	-7.3%
5Y	20.6%	10Y	19.0%	+1.6%

Measures how much net profit American Tower Corp earns for each $1 of revenue.

Revenue is the amount of profit American Tower Corp generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit American Tower Corp earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
Can be used to compare companies within the REIT - Specialty industry.

You typically want a high profit margin. This means that for each $1 in sales, American Tower Corp makes more profit. This shows the investor how efficiently American Tower Corp is operating in general and compared to other companies in the same industry. American Tower Corp operates in the REIT - Specialty industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of American Tower Corp. If profit margins remain low (compared to the REIT - Specialty industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of American Tower Corp is 0.03. This means that American Tower Corp earned $0.03 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare American Tower Corp with other companies in the same industry (REIT - Specialty).
Net profit margin should rise over the years.
Can be influenced when American Tower Corp sells assets (profit will increase while costs remain the same).
It won’t show what part of American Tower Corp is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of American Tower Corp

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ American Tower Corp = 84,900
Total revenue MRQ American Tower Corp = 2,786,700
$84,900 / $2,786,700 = 0.03 or 3.0%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient American Tower Corp is using its assets to generate profit.

Above 5% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
0.1% Return on Assets means that American Tower Corp generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of American Tower Corp:

The MRQ is 0.1%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.6%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.1%	TTM	0.6%	-0.4%
TTM	0.6%	YOY	0.6%	-0.1%
TTM	0.6%	5Y	0.9%	-0.3%
5Y	0.9%	10Y	0.9%	+0.0%

Shows how efficient American Tower Corp is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively American Tower Corp is using its resources to generate profit. If the return on assets (0.1%) from American Tower Corp are higher than the REIT - Specialty mean () that means American Tower Corp is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of American Tower Corp is 0.1%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example American Tower Corp

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from American Tower Corp = 84,900
Total assets MRQ (balance sheet) from American Tower Corp = 66,027,600
84,900 / 66,027,600 = 0.00 or 0.1%

ROA is an important ratio as it will tell you how effectively American Tower Corp is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient American Tower Corp is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
2.0% Return on Equity means American Tower Corp generated $0.02 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of American Tower Corp:

The MRQ is 2.0%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 7.6%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	2.0%	TTM	7.6%	-5.6%
TTM	7.6%	YOY	6.7%	+0.9%
TTM	7.6%	5Y	9.5%	-1.9%
5Y	9.5%	10Y	6.9%	+2.6%

Shows how efficient American Tower Corp is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the REIT - Specialty industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of American Tower Corp is 2.0%. This means American Tower Corp generated $0.02 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if American Tower Corp existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of American Tower Corp

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) American Tower Corp = 84,900
Shareholders equity (balance sheet) MRQ American Tower Corp = 4,198,200
84,900 / 4,198,200 = 0.02 or 2.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of American Tower Corp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient American Tower Corp is operating .

Measures how much profit American Tower Corp makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
An Operating Margin of 28.6% means the company generated $0.29 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of American Tower Corp:

The MRQ is 28.6%. The company is operating very efficient. +2
The TTM is 31.2%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	28.6%	TTM	31.2%	-2.6%
TTM	31.2%	YOY	26.8%	+4.4%
TTM	31.2%	5Y	33.6%	-2.4%
5Y	33.6%	10Y	32.5%	+1.1%

Measures how efficient American Tower Corp is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit American Tower Corp is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of American Tower Corp is 28.6%. This means that American Tower Corp earned $0.29 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of American Tower Corp

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ American Tower Corp = 796,900
Total revenue MRQ American Tower Corp = 2,786,700
$796,900 / $2,786,700 = 0.29 or 28.6%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient American Tower Corp is keeping operating costs low.

Below 1 is considered healthy (always compare to REIT - Specialty industry mean).
An Operation Ratio of 0.71 means that the operating costs are $0.71 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of American Tower Corp:

The MRQ is 0.714. The company is efficient in keeping operating costs low. +1
The TTM is 0.693. The company is efficient in keeping operating costs low. +1

Trends

Current period		Compared to		+/-
MRQ	0.714	TTM	0.693	+0.021
TTM	0.693	YOY	0.780	-0.087
TTM	0.693	5Y	0.684	+0.008
5Y	0.684	10Y	0.684	+0.001

Measures how efficient American Tower Corp is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of American Tower Corp is 71.4%. This means that American Tower Corp earned $0.71 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example American Tower Corp

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(1,576,300 +413,500) \ 2,786,700 = 0.71

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of American Tower Corp.

1.3. Liquidity

1.3.1. Current Ratio

Measures if American Tower Corp is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to REIT - Specialty industry mean).
A Current Ratio of 0.51 means the company has $0.51 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of American Tower Corp:

The MRQ is 0.512. The company is unable to pay all its short-term debts. -2
The TTM is 0.515. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.512	TTM	0.515	-0.004
TTM	0.515	YOY	0.478	+0.038
TTM	0.515	5Y	0.551	-0.036
5Y	0.551	10Y	0.619	-0.067

Measures if American Tower Corp is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to REIT - Specialty industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for American Tower Corp if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of American Tower Corp is 0.51. This means American Tower Corp has $0.51 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example American Tower Corp

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
3,710,000 \ 7,249,300) = 0.51

The current ratio measures if American Tower Corp is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if American Tower Corp is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then American Tower Corp does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate American Tower Corp is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if American Tower Corp is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
A Quick Ratio of 0.38 means the company can pay off $0.38 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of American Tower Corp:

The MRQ is 0.381. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.377. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.381	TTM	0.377	+0.004
TTM	0.377	YOY	0.386	-0.009
TTM	0.377	5Y	0.446	-0.069
5Y	0.446	10Y	0.458	-0.012

Measures if American Tower Corp is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast American Tower Corp can pay off its short term debts. This shows if American Tower Corp can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of American Tower Corp is 0.38. This means that American Tower Corp can pay off $0.38 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example American Tower Corp

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio American Tower Corp: (2,093,400 + 0 +669,700) / 7,249,300 = 0.38

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of American Tower Corp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of American Tower Corp assets are financed with debt.

Below 1 (100%) is considered healthy but always compare American Tower Corp to REIT - Specialty industry mean.
A Debt to Asset Ratio of 0.84 means that American Tower Corp assets are financed with 83.5% credit (debt) and the remaining percentage (100% - 83.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of American Tower Corp:

The MRQ is 0.835. The company is just able to pay all its debts by selling its assets.
The TTM is 0.825. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.835	TTM	0.825	+0.010
TTM	0.825	YOY	0.835	-0.010
TTM	0.825	5Y	0.852	-0.027
5Y	0.852	10Y	0.807	+0.045

Measures how much % of American Tower Corp assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake American Tower Corp than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare American Tower Corp to REIT - Specialty industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of American Tower Corp is 0.84. This means means that American Tower Corp is financed with 83.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why American Tower Corp has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example American Tower Corp

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
55,162,200 \ 66,027,600 = 83.5% or 0.84.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if American Tower Corp is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare American Tower Corp to the REIT - Specialty industry mean.
A Debt to Equity ratio of 1,313.9% means that company has $13.14 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of American Tower Corp:

The MRQ is 13.139. The company is unable to pay all its debts with equity. -1
The TTM is 11.464. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	13.139	TTM	11.464	+1.675
TTM	11.464	YOY	9.497	+1.967
TTM	11.464	5Y	9.548	+1.917
5Y	9.548	10Y	6.632	+2.916

Measures if American Tower Corp is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of American Tower Corp is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of American Tower Corp is 13.14. This means that American Tower Corp can pay off $13.14 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example American Tower Corp

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
55,162,200 \ 4,198,200 = 13.14 or 1,313.9%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of American Tower Corp

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings American Tower Corp generates.

Above 15 is considered overpriced but always compare American Tower Corp to the REIT - Specialty industry mean.
A PE ratio of 297.15 means the investor is paying $297.15 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of American Tower Corp:

The EOD is 235.791. Based on the earnings, the company is expensive. -2
The MRQ is 297.155. Based on the earnings, the company is expensive. -2
The TTM is 112.129. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	235.791	MRQ	297.155	-61.364
MRQ	297.155	TTM	112.129	+185.026
TTM	112.129	YOY	17.027	+95.102
TTM	112.129	5Y	59.736	+52.392
5Y	59.736	10Y	61.104	-1.368

Measures how much money you pay for each share for every $1 in earnings American Tower Corp generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare American Tower Corp to the REIT - Specialty industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of American Tower Corp is 297.15. This means the investor is paying $297.15 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Specialty industry is .
What is the trend?
The trend is important because it shows you how American Tower Corp is performing over time. The most recent quarter might be important if American Tower Corp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for American Tower Corp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example American Tower Corp

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 467,453 = EPS
PE ratio MRQ = 297.15

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of American Tower Corp:

The EOD is 32.429. Based on how much money comes from the company's main activities, the company is fair priced.
The MRQ is 40.869. Based on how much money comes from the company's main activities, the company is fair priced.
The TTM is 32.472. Based on how much money comes from the company's main activities, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	32.429	MRQ	40.869	-8.440
MRQ	40.869	TTM	32.472	+8.397
TTM	32.472	YOY	65.085	-32.613
TTM	32.472	5Y	47.414	-14.942
5Y	47.414	10Y	38.491	+8.923

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of American Tower Corp is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to REIT - Specialty industry mean).
A PB ratio of 9.29 means the investor is paying $9.29 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of American Tower Corp:

The EOD is 7.370. Based on the equity, the company is overpriced. -1
The MRQ is 9.288. Based on the equity, the company is overpriced. -1
The TTM is 7.864. Based on the equity, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	7.370	MRQ	9.288	-1.918
MRQ	9.288	TTM	7.864	+1.423
TTM	7.864	YOY	9.980	-2.116
TTM	7.864	5Y	14.840	-6.975
5Y	14.840	10Y	11.458	+3.381

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of American Tower Corp.

3.1. Institutions holding American Tower Corp

Institutions are holding 95.024% of the shares of American Tower Corp.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	13.0856	0.2878	61025115	94532	0.1551
2023-12-31	BlackRock Inc	7.8848	0.2024	36770832	992783	2.7748
2023-12-31	State Street Corporation	4.47	0.2206	20846001	898411	4.5039
2023-12-31	Cohen & Steers Inc	3.5254	7.1814	16440715	583892	3.6823
2023-12-31	Wellington Management Company LLP	3.3931	0.6369	15823622	2839570	21.8697
2023-12-31	Goldman Sachs Group Inc	3.1116	0.2812	14511146	7265021	100.2608
2023-12-31	Geode Capital Management, LLC	2.2366	0.2351	10430608	203487	1.9897
2023-12-31	Morgan Stanley - Brokerage Accounts	1.5774	0.1399	7356254	86297	1.187
2023-12-31	Deutsche Bank AG	1.5538	0.798	7246092	860368	13.4733
2023-12-31	FMR Inc	1.5375	0.1189	7170373	541937	8.1759
2023-12-31	Akre Capital Management, LLC	1.4591	12.3604	6804599	36375	0.5374
2023-12-31	Dimensional Fund Advisors, Inc.	1.3855	0.4073	6461153	-33005	-0.5082
2023-12-31	Principal Financial Group Inc	1.3848	0.8889	6458275	-170918	-2.5783
2023-12-31	T. Rowe Price Associates, Inc.	1.3342	0.1805	6221901	1093533	21.3232
2023-12-31	Amvescap Plc.	1.2158	0.2913	5669780	-41887	-0.7334
2023-12-31	Legal & General Group PLC	1.169	0.302	5451859	790819	16.9666
2023-12-31	Northern Trust Corp	1.1492	0.2094	5359239	-102127	-1.87
2023-12-31	Nuveen Asset Management, LLC	1.1405	0.3706	5318809	364215	7.3511
2023-12-31	Jennison Associates LLC	1.1363	0.8526	5299306	1541029	41.0036
2023-12-31	Edgewood Management LLC	1.0691	3.1073	4985879	1576683	46.2479
Total		54.8193	29.0725	255651558	+19421015	+7.6%

3.2. Funds holding American Tower Corp

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Performer (AFRIS)	18.3806	0.096	85718462	85718462	0
2024-02-29	Vanguard Real Estate Index Investor	4.0792	5.9224	19023381	34007	0.1791
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.1357	0.1876	14623366	-31529	-0.2151
2024-02-29	Vanguard Institutional 500 Index Trust	2.4958	0.2164	11639394	118083	1.0249
2024-02-29	AF High Growth (AFRIS)	1.397	0.0922	6514955	6514955	0
2024-01-31	Akre Focus Instl	1.2373	8.7295	5770000	-73653	-1.2604
2024-03-28	SPDR® S&P 500 ETF Trust	1.215	0.2084	5665954	33240	0.5901
2024-02-29	Fidelity 500 Index	1.1989	0.2158	5590926	56261	1.0165
2024-03-28	iShares Core S&P 500 ETF	1.0363	0.2085	4832715	35584	0.7418
2023-12-31	Vanguard Dividend Growth Inv	0.9421	1.81	4393732	192917	4.5924
2024-02-29	Vanguard Growth Index Investor	0.9291	0.3877	4333043	37055	0.8625
2023-12-31	Cohen & Steers Real Estate Opportunities	0.6926	9.5068	3229934	450884	16.2244
2023-12-31	Cohen & Steers Real Estate Securities A	0.6926	9.5402	3229934	450884	16.2244
2024-02-29	Vanguard Institutional Index I	0.6585	0.2157	3071002	-12290	-0.3986
2024-02-29	Global Balanced (AFRIS)	0.6409	0.2026	2988700	2988700	0
2024-02-29	Vanguard Real Estate II Index	0.6331	6.8206	2952460	-8508	-0.2873
2024-03-28	Real Estate Select Sector SPDR®	0.6097	9.1354	2843447	-8253	-0.2894
2023-12-31	Cohen & Steers Instl Realty Shares	0.6039	9.5224	2816348	98820	3.6364
2024-02-29	DFA Real Estate Securities I	0.5751	7.5647	2681786	-4798	-0.1786
2023-12-31	Edgewood Growth Instl	0.56	3.0395	2611632	893292	51.9858
Total		41.7134	73.6224	194531171	+97484113	+50.1%

3.3. Insider Transactions

Insiders are holding 0.136% of the shares of American Tower Corp.

Date	Owner	Type	Amount	Price
2024-03-06	Rodney M Smith	SELL	11510	205.71
2024-02-28	Pamela D A Reeve	SELL	5054	190.46
2023-10-16	Robert D Hormats	SELL	150	166.39
2023-10-02	Robert D Hormats	SELL	150	163.63
2023-08-17	Rodney M Smith	SELL	10000	178.14
2023-08-10	Rodney M Smith	SELL	2727	187.17
2023-08-03	Rodney M Smith	SELL	3524	188.91

4. Summary

4.1. Key Performance Indicators

The key performance indicators of American Tower Corp compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.805	-0.832	+3%	1.788	-145%	0.423	-290%	0.389	-307%
Book Value Per Share	-	-	23.244	24.810	-6%	23.933	-3%	17.796	+31%	16.247	+43%
Current Ratio	-	-	0.512	0.515	-1%	0.478	+7%	0.551	-7%	0.619	-17%
Debt To Asset Ratio	-	-	0.835	0.825	+1%	0.835	+0%	0.852	-2%	0.807	+4%
Debt To Equity Ratio	-	-	13.139	11.464	+15%	9.497	+38%	9.548	+38%	6.632	+98%
Dividend Per Share	-	-	1.617	1.578	+2%	1.408	+15%	1.219	+33%	0.862	+88%
Eps	-	-	0.182	0.794	-77%	0.945	-81%	1.006	-82%	0.751	-76%
Free Cash Flow Per Share	-	-	1.321	1.565	-16%	0.976	+35%	1.478	-11%	1.252	+5%
Free Cash Flow To Equity Per Share	-	-	-0.427	-0.093	-78%	0.214	-300%	2.938	-115%	2.231	-119%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	0.997	+0%	0.998	+0%
Intrinsic Value_10Y_max	-	-	66.224	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	22.456	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	5.968	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	4.570	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	18.441	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	11.803	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	31.528	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	16.868	-	-	-	-	-	-	-	-
Market Cap	79990587859.200	-26%	100913753640.000	90930824790.140	+11%	108962076751.520	-7%	106802007623.692	-6%	80226802387.686	+26%
Net Profit Margin	-	-	0.030	0.133	-77%	0.163	-81%	0.206	-85%	0.190	-84%
Operating Margin	-	-	0.286	0.312	-8%	0.268	+7%	0.336	-15%	0.325	-12%
Operating Ratio	-	-	0.714	0.693	+3%	0.780	-8%	0.684	+4%	0.684	+4%
Pb Ratio	7.370	-26%	9.288	7.864	+18%	9.980	-7%	14.840	-37%	11.458	-19%
Pe Ratio	235.791	-26%	297.155	112.129	+165%	17.027	+1645%	59.736	+397%	61.104	+386%
Price Per Share	171.300	-26%	215.880	194.653	+11%	233.343	-7%	228.702	-6%	171.798	+26%
Price To Free Cash Flow Ratio	32.429	-26%	40.869	32.472	+26%	65.085	-37%	47.414	-14%	38.491	+6%
Price To Total Gains Ratio	210.735	-26%	265.578	-267.685	+201%	92.814	+186%	-360.898	+236%	5343.431	-95%
Quick Ratio	-	-	0.381	0.377	+1%	0.386	-1%	0.446	-14%	0.458	-17%
Return On Assets	-	-	0.001	0.006	-77%	0.006	-80%	0.009	-86%	0.009	-85%
Return On Equity	-	-	0.020	0.076	-73%	0.067	-70%	0.095	-79%	0.069	-71%
Total Gains Per Share	-	-	0.813	0.746	+9%	3.196	-75%	1.641	-50%	1.251	-35%
Usd Book Value	-	-	10865400000.000	11589350000.000	-6%	11176000000.000	-3%	8310825000.000	+31%	7587276700.000	+43%
Usd Book Value Change Per Share	-	-	-0.805	-0.832	+3%	1.788	-145%	0.423	-290%	0.389	-307%
Usd Book Value Per Share	-	-	23.244	24.810	-6%	23.933	-3%	17.796	+31%	16.247	+43%
Usd Dividend Per Share	-	-	1.617	1.578	+2%	1.408	+15%	1.219	+33%	0.862	+88%
Usd Eps	-	-	0.182	0.794	-77%	0.945	-81%	1.006	-82%	0.751	-76%
Usd Free Cash Flow	-	-	617300000.000	731075000.000	-16%	455650000.000	+35%	690055000.000	-11%	584844575.000	+6%
Usd Free Cash Flow Per Share	-	-	1.321	1.565	-16%	0.976	+35%	1.478	-11%	1.252	+5%
Usd Free Cash Flow To Equity Per Share	-	-	-0.427	-0.093	-78%	0.214	-300%	2.938	-115%	2.231	-119%
Usd Market Cap	79990587859.200	-26%	100913753640.000	90930824790.140	+11%	108962076751.520	-7%	106802007623.692	-6%	80226802387.686	+26%
Usd Price Per Share	171.300	-26%	215.880	194.653	+11%	233.343	-7%	228.702	-6%	171.798	+26%
Usd Profit	-	-	84900000.000	370825000.000	-77%	433250000.000	-80%	468120000.000	-82%	357602700.000	-76%
Usd Revenue	-	-	2786700000.000	2786050000.000	+0%	2677775000.000	+4%	2341700000.000	+19%	1889881750.000	+47%
Usd Total Gains Per Share	-	-	0.813	0.746	+9%	3.196	-75%	1.641	-50%	1.251	-35%
	EOD	+4 -4	MRQ	TTM	+12 -23	YOY	+13 -22	5Y	+12 -24	10Y	+14 -22

4.2. Fundamental Score

Let's check the fundamental score of American Tower Corp based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	235.791
Price to Book Ratio (EOD)	Between	0-1	7.370
Net Profit Margin (MRQ)	Greater than	0	0.030
Operating Margin (MRQ)	Greater than	0	0.286
Quick Ratio (MRQ)	Greater than	1	0.381
Current Ratio (MRQ)	Greater than	1	0.512
Debt to Asset Ratio (MRQ)	Less than	1	0.835
Debt to Equity Ratio (MRQ)	Less than	1	13.139
Return on Equity (MRQ)	Greater than	0.15	0.020
Return on Assets (MRQ)	Greater than	0.05	0.001
Total			3/10 (30.0%)

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4.3. Technical Score

Let's check the technical score of American Tower Corp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	171.800
Total			1/1 (100.0%)

Create your own Symbol Scanner

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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Assets		723,300	96,000	819,300	28,700	848,000	122,600	970,600	-3,733,700	-2,763,100

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	66,027,600
Total Liabilities	55,162,200
Total Stockholder Equity	4,198,200

	As reported
Total Liabilities	55,162,200
Total Stockholder Equity	+ 4,198,200
Total Assets	= 66,027,600

Assets

Total Assets	66,027,600
Total Current Assets	3,710,000
Long-term Assets	62,317,600

Total Current Assets

Total Current Assets (as reported)	3,710,000
Cash And Cash Equivalents	2,093,400
Net Receivables	669,700
Total Current Assets (calculated)	2,763,100
+/-	946,900

Long-term Assets

Long-term Assets (as reported)	62,317,600
Property Plant Equipment	19,788,800
Goodwill	12,639,000
Intangible Assets	16,520,700
Long-term Assets Other	5,258,100
Long-term Assets (calculated)	54,206,600
+/-	8,111,000

Liabilities & Shareholders' Equity

Total Current Liabilities	7,249,300
Long-term Liabilities	47,912,900
Total Stockholder Equity	4,198,200

Total Current Liabilities

Total Current Liabilities (as reported)	7,249,300
Short-term Debt	3,982,100
Short Long Term Debt	3,187,500
Accounts payable	258,700
Other Current Liabilities	2,573,800
Total Current Liabilities (calculated)	10,002,100
+/-	2,752,800

Long-term Liabilities

Long-term Liabilities (as reported)	47,912,900
Long term Debt	35,734,000
Capital Lease Obligations	8,233,300
Long-term Liabilities Other	745,300
Long-term Liabilities (calculated)	44,712,600
+/-	3,200,300

Total Stockholder Equity

Total Stockholder Equity (as reported)	4,198,200
Common Stock	4,800
Retained Earnings	-3,638,800
Accumulated Other Comprehensive Income	-5,739,500
Other Stockholders Equity	13,571,700
Total Stockholder Equity (calculated)	4,198,200
+/-	0

Other

Capital Stock	4,800
Cash and Short Term Investments	2,093,400
Common Stock Shares Outstanding	467,453
Current Deferred Revenue	434,700
Liabilities and Stockholders Equity	66,027,600
Net Debt	45,061,400
Net Invested Capital	43,119,700
Net Working Capital	-3,539,300
Property Plant and Equipment Gross	39,787,100
Short Long Term Debt Total	47,154,800

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

1997-12-31

1997-09-30

1997-06-30

1997-03-31

> Total Assets

0
0
0
255,356
255,356
1,137,701
1,435,754
1,502,343
2,528,537
2,518,576
2,620,558
3,018,866
4,255,140
5,088,344
5,148,523
5,660,679
5,660,679
7,002,398
6,918,509
6,829,723
6,829,723
6,110,310
5,730,599
5,662,203
5,722,897
5,576,252
5,590,307
5,332,488
5,197,910
5,166,270
5,068,434
5,085,972
4,924,900
4,825,663
8,785,659
8,768,220
8,667,432
8,607,674
8,607,674
8,613,219
8,319,912
8,384,091
8,203,438
8,130,457
8,192,227
8,265,540
8,129,936
8,211,665
8,325,870
8,486,487
8,394,824
8,512,668
8,674,251
8,585,923
9,448,978
10,368,014
10,758,749
10,973,784
10,895,336
12,232,430
12,638,206
12,709,359
12,961,304
14,089,129
14,463,740
14,339,394
18,181,320
20,272,571
20,417,407
20,847,737
20,596,615
21,331,545
25,930,194
26,469,725
26,926,788
26,904,272
27,064,315
30,740,198
30,655,527
30,879,150
32,057,389
32,138,210
32,319,326
33,214,300
34,372,700
33,205,700
33,077,200
33,010,400
38,926,800
39,072,700
39,307,200
42,801,600
40,789,100
41,515,900
41,462,200
47,233,500
46,942,500
58,982,900
60,530,000
69,887,900
69,763,500
68,116,800
66,512,800
67,194,500
66,817,700
66,879,000
65,653,000
66,027,600

66,027,600

65,653,000

66,879,000

66,817,700

67,194,500

66,512,800

68,116,800

69,763,500

69,887,900

60,530,000

58,982,900

46,942,500

47,233,500

41,462,200

41,515,900

40,789,100

42,801,600

39,307,200

39,072,700

38,926,800

33,010,400

33,077,200

33,205,700

34,372,700

33,214,300

32,319,326

32,138,210

32,057,389

30,879,150

30,655,527

30,740,198

27,064,315

26,904,272

26,926,788

26,469,725

25,930,194

21,331,545

20,596,615

20,847,737

20,417,407

20,272,571

18,181,320

14,339,394

14,463,740

14,089,129

12,961,304

12,709,359

12,638,206

12,232,430

10,895,336

10,973,784

10,758,749

10,368,014

9,448,978

8,585,923

8,674,251

8,512,668

8,394,824

8,486,487

8,325,870

8,211,665

8,129,936

8,265,540

8,192,227

8,130,457

8,203,438

8,384,091

8,319,912

8,613,219

8,607,674

8,667,432

8,768,220

8,785,659

4,825,663

4,924,900

5,085,972

5,068,434

5,166,270

5,197,910

5,332,488

5,590,307

5,576,252

5,722,897

5,662,203

5,730,599

6,110,310

6,829,723

6,918,509

7,002,398

5,660,679

5,148,523

5,088,344

4,255,140

3,018,866

2,620,558

2,518,576

2,528,537

1,502,343

1,435,754

1,137,701

255,356

> Total Current Assets

0
0
0
8,687
8,687
82,138
335,482
207,585
539,837
417,176
119,539
139,407
303,514
740,101
482,918
471,152
471,152
1,070,239
740,192
522,207
522,207
403,318
353,545
536,253
660,370
585,144
608,154
411,515
334,374
313,670
245,129
309,037
198,520
156,496
243,578
225,878
227,414
288,715
288,715
486,022
259,624
412,896
285,658
245,674
331,838
359,151
273,683
473,680
659,693
718,058
625,930
651,356
819,197
770,538
944,308
1,404,174
951,417
912,085
813,805
842,771
975,369
919,009
872,783
829,528
903,616
946,051
4,742,036
952,656
1,042,981
998,445
996,937
947,968
925,819
940,575
940,355
996,468
1,036,516
1,320,600
1,370,756
1,689,870
1,711,187
1,802,759
1,963,574
2,038,100
2,797,400
2,127,100
2,437,000
2,385,100
2,062,300
2,232,400
2,362,000
2,553,800
2,504,900
3,226,600
2,852,500
2,905,600
3,021,600
3,356,000
5,041,900
3,729,400
3,791,900
3,725,600
3,759,000
3,622,300
3,450,100
3,681,400
3,849,900
3,710,000

3,710,000

3,849,900

3,681,400

3,450,100

3,622,300

3,759,000

3,725,600

3,791,900

3,729,400

5,041,900

3,356,000

3,021,600

2,905,600

2,852,500

3,226,600

2,504,900

2,553,800

2,362,000

2,232,400

2,062,300

2,385,100

2,437,000

2,127,100

2,797,400

2,038,100

1,963,574

1,802,759

1,711,187

1,689,870

1,370,756

1,320,600

1,036,516

996,468

940,355

940,575

925,819

947,968

996,937

998,445

1,042,981

952,656

4,742,036

946,051

903,616

829,528

872,783

919,009

975,369

842,771

813,805

912,085

951,417

1,404,174

944,308

770,538

819,197

651,356

625,930

718,058

659,693

473,680

273,683

359,151

331,838

245,674

285,658

412,896

259,624

486,022

288,715

227,414

225,878

243,578

156,496

198,520

309,037

245,129

313,670

334,374

411,515

608,154

585,144

660,370

536,253

353,545

403,318

522,207

740,192

1,070,239

471,152

482,918

740,101

303,514

139,407

119,539

417,176

539,837

207,585

335,482

82,138

8,687

Cash And Cash Equivalents

0
0
0
4,596
4,596
63,716
313,454
186,175
483,263
353,221
41,711
25,212
140,733
518,758
206,470
82,038
82,038
440,842
276,094
35,958
35,958
29,471
64,860
127,292
101,411
107,597
66,131
105,465
98,698
197,856
126,833
215,557
122,797
85,622
109,159
112,701
85,573
90,454
90,454
281,264
47,151
213,021
82,735
33,123
121,633
152,130
66,235
143,077
303,038
323,637
229,674
247,293
352,887
302,893
371,878
883,963
362,823
332,542
177,506
330,191
471,258
481,937
382,312
368,618
441,706
448,447
4,040,353
293,576
333,439
282,959
295,613
313,492
323,400
274,702
287,404
320,686
336,403
410,538
530,358
787,161
712,778
770,024
799,467
802,100
1,125,400
834,500
1,026,500
1,208,700
1,004,800
1,192,200
1,352,600
1,501,200
1,326,000
2,038,100
1,626,000
1,746,300
1,913,600
1,928,000
3,277,200
1,949,900
1,941,500
2,066,700
2,121,800
2,028,400
1,803,000
2,015,700
2,118,900
2,093,400

2,093,400

2,118,900

2,015,700

1,803,000

2,028,400

2,121,800

2,066,700

1,941,500

1,949,900

3,277,200

1,928,000

1,913,600

1,746,300

1,626,000

2,038,100

1,326,000

1,501,200

1,352,600

1,192,200

1,004,800

1,208,700

1,026,500

834,500

1,125,400

802,100

799,467

770,024

712,778

787,161

530,358

410,538

336,403

320,686

287,404

274,702

323,400

313,492

295,613

282,959

333,439

293,576

4,040,353

448,447

441,706

368,618

382,312

481,937

471,258

330,191

177,506

332,542

362,823

883,963

371,878

302,893

352,887

247,293

229,674

323,637

303,038

143,077

66,235

152,130

121,633

33,123

82,735

213,021

47,151

281,264

90,454

85,573

112,701

109,159

85,622

122,797

215,557

126,833

197,856

98,698

105,465

66,131

107,597

101,411

127,292

64,860

29,471

35,958

276,094

440,842

82,038

206,470

518,758

140,733

25,212

41,711

353,221

483,263

186,175

313,454

63,716

4,596

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
46,036
122,337
114,723
0
94,071
0
0
0
0
217,188
192,885
283,722
170,036
0
0
0
0
0
0
0
0
0
0
0
22,986
14,329
15,634
5,219
7,224
6,802
11,786
8,013
2,028
962
8,990
3,844
9,776
18,945
27,891
42,720
46,428
10,695
1,357
4,726
22,270
32,817
29,492
43,482
6,018
13,004
14,257
27,381
18,612
34,430
15,298
29,007
6,302
14,394
40,387
14,485
142,193
140,865
142,761
150,655
4,026
5,294
1,012
1,032
1,000
389,400
80,800
68,200
0
18,400
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

18,400

68,200

80,800

389,400

1,000

1,032

1,012

5,294

4,026

150,655

142,761

140,865

142,193

14,485

40,387

14,394

6,302

29,007

15,298

34,430

18,612

27,381

14,257

13,004

6,018

43,482

29,492

32,817

22,270

4,726

1,357

10,695

46,428

42,720

27,891

18,945

9,776

3,844

8,990

962

2,028

8,013

11,786

6,802

7,224

5,219

15,634

14,329

22,986

170,036

283,722

192,885

217,188

94,071

114,723

122,337

46,036

Net Receivables

0
0
0
3,239
3,239
15,494
17,327
16,850
40,446
47,594
48,220
71,845
102,912
153,119
192,727
237,663
237,663
253,899
272,216
229,065
229,065
167,270
152,699
107,265
93,619
75,940
72,435
77,668
61,691
60,258
41,704
38,634
30,424
23,118
37,553
36,995
33,216
30,782
30,782
29,368
33,734
45,415
46,426
40,316
37,120
40,774
46,146
51,313
60,057
72,526
71,271
67,949
73,541
48,872
92,869
80,961
97,829
99,823
100,063
100,971
105,120
99,181
148,807
136,971
161,858
181,295
197,253
151,084
281,917
228,213
245,707
198,714
224,467
265,479
258,759
227,354
275,313
285,422
358,354
308,369
481,492
477,391
644,957
513,600
557,900
724,700
744,100
459,000
689,400
656,900
630,700
462,200
785,000
732,300
744,200
511,600
756,600
1,017,100
1,079,500
728,900
1,187,100
792,700
1,119,000
758,300
705,400
684,000
647,700
669,700

669,700

647,700

684,000

705,400

758,300

1,119,000

792,700

1,187,100

728,900

1,079,500

1,017,100

756,600

511,600

744,200

732,300

785,000

462,200

630,700

656,900

689,400

459,000

744,100

724,700

557,900

513,600

644,957

477,391

481,492

308,369

358,354

285,422

275,313

227,354

258,759

265,479

224,467

198,714

245,707

228,213

281,917

151,084

197,253

181,295

161,858

136,971

148,807

99,181

105,120

100,971

100,063

99,823

97,829

80,961

92,869

48,872

73,541

67,949

71,271

72,526

60,057

51,313

46,146

40,774

37,120

40,316

46,426

45,415

33,734

29,368

30,782

33,216

36,995

37,553

23,118

30,424

38,634

41,704

60,258

61,691

77,668

72,435

75,940

93,619

107,265

152,699

167,270

229,065

272,216

253,899

237,663

192,727

153,119

102,912

71,845

48,220

47,594

40,446

16,850

17,327

15,494

3,239

Other Current Assets

0
0
0
852
852
2,928
4,701
4,560
3,665
3,659
13,088
15,535
15,434
7,943
7,937
57,543
103,579
199,374
141,468
113,781
207,852
30,208
115,841
234,724
185,158
153,521
138,264
10,119
3,439
3,389
19,941
3,389
3,389
3,389
3,389
44,823
108,625
167,479
167,479
152,404
164,410
138,826
151,278
165,011
166,283
154,461
153,289
277,262
295,636
312,905
321,141
326,338
373,824
390,882
436,841
392,822
480,070
478,363
531,510
389,339
366,174
308,399
341,664
222,851
66,517
30,900
39,543
314,067
44,743
54,187
48,220
254,622
53,303
34,195
40,872
306,235
66,799
481,879
37,341
441,033
63,386
80,780
56,108
568,600
571,200
40,500
60,200
621,200
98,600
81,300
79,800
513,600
60,100
77,800
84,700
532,600
95,200
117,000
81,900
657,200
88,600
729,800
103,500
723,300
819,300
848,000
970,600
-2,763,100

-2,763,100

970,600

848,000

819,300

723,300

103,500

729,800

88,600

657,200

81,900

117,000

95,200

532,600

84,700

77,800

60,100

513,600

79,800

81,300

98,600

621,200

60,200

40,500

571,200

568,600

56,108

80,780

63,386

441,033

37,341

481,879

66,799

306,235

40,872

34,195

53,303

254,622

48,220

54,187

44,743

314,067

39,543

30,900

66,517

222,851

341,664

308,399

366,174

389,339

531,510

478,363

480,070

392,822

436,841

390,882

373,824

326,338

321,141

312,905

295,636

277,262

153,289

154,461

166,283

165,011

151,278

138,826

164,410

152,404

167,479

108,625

44,823

3,389

19,941

3,389

3,439

10,119

138,264

153,521

185,158

234,724

115,841

30,208

207,852

113,781

141,468

199,374

103,579

57,543

7,937

7,943

15,434

15,535

13,088

3,659

3,665

4,560

4,701

2,928

852

> Long-term Assets

0
0
0
246,669
246,669
1,055,563
1,100,272
1,294,758
1,988,700
2,101,400
2,501,019
2,879,459
3,951,626
4,348,243
4,665,605
0
5,189,527
5,932,159
6,178,317
0
6,307,516
5,706,992
5,377,054
5,125,950
5,062,527
4,991,108
4,982,153
4,920,973
4,863,536
4,852,600
4,823,305
4,776,935
4,726,380
4,669,167
8,542,081
8,542,342
8,440,018
0
8,318,959
8,127,197
8,060,288
7,971,195
7,917,780
7,884,783
7,860,389
7,906,389
7,856,253
7,737,985
7,666,177
7,768,429
7,768,894
7,861,312
7,855,054
7,815,385
8,504,670
8,963,840
9,807,332
10,061,699
10,081,531
11,389,659
11,662,837
11,790,350
12,088,521
13,259,601
13,560,124
13,393,343
13,439,284
19,319,915
19,374,426
19,849,292
19,599,678
20,383,577
25,004,375
25,529,150
25,986,433
25,907,804
26,027,799
29,419,598
29,284,771
29,189,280
30,346,202
30,335,451
30,355,752
31,176,200
31,575,300
31,078,600
30,640,200
30,625,300
36,864,500
36,840,300
36,945,200
40,247,800
38,284,200
38,289,300
38,609,700
44,327,900
43,920,900
55,626,900
55,488,100
66,158,500
65,971,600
64,391,200
62,753,800
63,572,200
63,367,600
63,197,600
61,803,100
62,317,600

62,317,600

61,803,100

63,197,600

63,367,600

63,572,200

62,753,800

64,391,200

65,971,600

66,158,500

55,488,100

55,626,900

43,920,900

44,327,900

38,609,700

38,289,300

38,284,200

40,247,800

36,945,200

36,840,300

36,864,500

30,625,300

30,640,200

31,078,600

31,575,300

31,176,200

30,355,752

30,335,451

30,346,202

29,189,280

29,284,771

29,419,598

26,027,799

25,907,804

25,986,433

25,529,150

25,004,375

20,383,577

19,599,678

19,849,292

19,374,426

19,319,915

13,439,284

13,393,343

13,560,124

13,259,601

12,088,521

11,790,350

11,662,837

11,389,659

10,081,531

10,061,699

9,807,332

8,963,840

8,504,670

7,815,385

7,855,054

7,861,312

7,768,894

7,768,429

7,666,177

7,737,985

7,856,253

7,906,389

7,860,389

7,884,783

7,917,780

7,971,195

8,060,288

8,127,197

8,318,959

8,440,018

8,542,342

8,542,081

4,669,167

4,726,380

4,776,935

4,823,305

4,852,600

4,863,536

4,920,973

4,982,153

4,991,108

5,062,527

5,125,950

5,377,054

5,706,992

6,307,516

6,178,317

5,932,159

5,189,527

4,665,605

4,348,243

3,951,626

2,879,459

2,501,019

2,101,400

1,988,700

1,294,758

1,100,272

1,055,563

246,669

Property Plant Equipment

0
0
0
117,618
117,618
346,741
388,315
449,476
642,638
725,846
892,245
1,092,346
1,668,854
1,774,076
2,002,900
2,296,670
2,296,670
2,912,155
3,177,651
3,287,573
3,287,573
3,237,943
2,989,989
2,734,885
2,695,440
2,634,575
2,617,408
2,546,525
2,483,604
2,450,921
2,391,203
2,273,356
2,231,278
2,192,453
3,404,389
3,460,526
3,386,262
3,320,822
3,320,822
3,218,124
3,165,156
3,115,888
3,071,125
3,045,186
3,030,388
3,010,919
3,014,079
3,022,636
3,003,215
3,087,799
3,128,120
3,175,511
3,179,196
3,188,461
3,494,402
3,623,835
3,770,671
3,909,635
4,125,887
4,883,473
5,006,647
5,079,729
5,242,781
5,789,995
5,879,513
5,811,081
5,878,826
7,262,175
7,344,049
7,589,815
7,552,110
7,626,817
9,422,641
9,586,400
9,806,190
9,866,424
9,917,985
10,575,425
10,452,038
10,517,258
10,717,160
10,725,707
10,795,057
11,101,000
11,294,800
11,067,000
10,996,300
11,247,100
18,283,500
18,378,600
18,497,900
19,441,800
18,419,600
18,479,800
18,895,600
20,597,900
20,432,400
23,409,700
23,290,000
29,009,100
29,183,500
28,875,200
28,260,100
28,917,200
28,795,700
28,740,500
28,413,100
19,788,800

19,788,800

28,413,100

28,740,500

28,795,700

28,917,200

28,260,100

28,875,200

29,183,500

29,009,100

23,290,000

23,409,700

20,432,400

20,597,900

18,895,600

18,479,800

18,419,600

19,441,800

18,497,900

18,378,600

18,283,500

11,247,100

10,996,300

11,067,000

11,294,800

11,101,000

10,795,057

10,725,707

10,717,160

10,517,258

10,452,038

10,575,425

9,917,985

9,866,424

9,806,190

9,586,400

9,422,641

7,626,817

7,552,110

7,589,815

7,344,049

7,262,175

5,878,826

5,811,081

5,879,513

5,789,995

5,242,781

5,079,729

5,006,647

4,883,473

4,125,887

3,909,635

3,770,671

3,623,835

3,494,402

3,188,461

3,179,196

3,175,511

3,128,120

3,087,799

3,003,215

3,022,636

3,014,079

3,010,919

3,030,388

3,045,186

3,071,125

3,115,888

3,165,156

3,218,124

3,320,822

3,386,262

3,460,526

3,404,389

2,192,453

2,231,278

2,273,356

2,391,203

2,450,921

2,483,604

2,546,525

2,617,408

2,634,575

2,695,440

2,734,885

2,989,989

3,237,943

3,287,573

3,177,651

2,912,155

2,296,670

2,002,900

1,774,076

1,668,854

1,092,346

892,245

725,846

642,638

449,476

388,315

346,741

117,618

Goodwill

0
0
0
8,424
7,657
24,221
14,647
718,600
1,204,414
1,213,374
1,275,807
1,403,897
1,945,305
2,208,288
2,272,183
2,505,681
2,562,367
2,565,633
2,513,923
2,507,911
2,478,514
1,876,996
1,787,213
1,160,393
602,993
592,683
592,683
592,683
1,636,549
1,636,389
1,627,506
592,683
1,559,912
1,530,811
4,290,263
2,142,551
2,142,504
2,197,014
2,197,014
2,189,767
2,188,327
2,186,315
2,180,544
2,188,312
2,188,312
2,188,312
2,188,530
2,186,233
2,186,270
2,232,783
2,239,420
2,237,850
2,246,170
2,255,943
2,458,989
2,490,295
2,669,986
2,779,116
2,673,631
2,805,267
2,767,516
2,714,718
2,763,706
2,912,046
2,898,638
2,832,392
2,815,271
3,729,901
3,737,681
3,854,931
3,866,550
4,017,082
3,980,174
4,036,642
4,055,171
4,091,805
4,123,401
4,981,919
4,997,224
5,070,680
5,379,830
5,371,165
5,371,679
5,638,400
5,647,100
5,526,600
5,463,400
5,501,900
5,538,200
5,557,800
5,481,400
6,178,300
5,948,800
5,822,400
5,848,600
7,282,700
7,262,400
10,575,400
10,480,800
13,350,100
13,306,600
12,969,500
12,686,200
12,956,700
12,997,200
13,050,700
12,569,700
12,639,000

12,639,000

12,569,700

13,050,700

12,997,200

12,956,700

12,686,200

12,969,500

13,306,600

13,350,100

10,480,800

10,575,400

7,262,400

7,282,700

5,848,600

5,822,400

5,948,800

6,178,300

5,481,400

5,557,800

5,538,200

5,501,900

5,463,400

5,526,600

5,647,100

5,638,400

5,371,679

5,371,165

5,379,830

5,070,680

4,997,224

4,981,919

4,123,401

4,091,805

4,055,171

4,036,642

3,980,174

4,017,082

3,866,550

3,854,931

3,737,681

3,729,901

2,815,271

2,832,392

2,898,638

2,912,046

2,763,706

2,714,718

2,767,516

2,805,267

2,673,631

2,779,116

2,669,986

2,490,295

2,458,989

2,255,943

2,246,170

2,237,850

2,239,420

2,232,783

2,186,270

2,186,233

2,188,530

2,188,312

2,180,544

2,186,315

2,188,327

2,189,767

2,197,014

2,142,504

2,142,551

4,290,263

1,530,811

1,559,912

592,683

1,627,506

1,636,389

1,636,549

592,683

602,993

1,160,393

1,787,213

1,876,996

2,478,514

2,507,911

2,513,923

2,565,633

2,562,367

2,505,681

2,272,183

2,208,288

1,945,305

1,403,897

1,275,807

1,213,374

1,204,414

718,600

14,647

24,221

7,657

8,424

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,302
0
0
0
0
0
0
0
4,000
0
0
0
1,000
389,400
80,800
68,200
0
18,400
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24,400
0

24,400

18,400

68,200

80,800

389,400

1,000

4,000

6,302

Intangible Assets

0
0
0
8,424
8,424
24,221
14,647
718,600
1,204,414
1,213,374
1,275,807
1,403,897
1,945,305
2,208,288
2,272,183
2,505,681
2,505,681
2,565,633
2,513,923
2,507,911
2,507,911
1,876,996
1,787,213
1,745,504
1,121,516
1,688,912
1,662,595
1,649,760
1,636,549
1,636,389
1,627,506
1,577,986
1,559,912
1,530,811
4,290,263
4,219,863
2,026,232
1,916,351
1,916,351
1,820,876
1,782,129
1,763,569
1,722,185
1,686,434
1,670,389
1,637,334
1,598,604
1,566,155
1,532,832
1,547,944
1,532,400
1,598,633
1,655,608
1,596,492
1,777,828
1,985,352
2,440,314
2,346,710
2,208,387
2,351,955
2,523,354
2,569,999
2,543,720
3,115,053
3,271,981
3,214,383
3,195,106
6,701,459
6,617,524
6,637,882
6,389,227
6,889,331
9,536,782
9,853,199
10,012,397
9,837,876
9,813,990
11,590,692
11,557,964
11,274,611
11,826,886
11,728,666
11,580,994
11,783,300
11,940,200
11,758,200
11,481,700
11,174,300
11,042,800
10,895,200
10,895,800
12,318,400
11,600,600
11,613,800
11,517,300
13,839,800
13,507,300
18,785,000
18,768,400
20,727,200
20,224,800
19,225,600
18,320,300
17,983,300
17,637,100
17,286,000
16,655,100
16,520,700

16,520,700

16,655,100

17,286,000

17,637,100

17,983,300

18,320,300

19,225,600

20,224,800

20,727,200

18,768,400

18,785,000

13,507,300

13,839,800

11,517,300

11,613,800

11,600,600

12,318,400

10,895,800

10,895,200

11,042,800

11,174,300

11,481,700

11,758,200

11,940,200

11,783,300

11,580,994

11,728,666

11,826,886

11,274,611

11,557,964

11,590,692

9,813,990

9,837,876

10,012,397

9,853,199

9,536,782

6,889,331

6,389,227

6,637,882

6,617,524

6,701,459

3,195,106

3,214,383

3,271,981

3,115,053

2,543,720

2,569,999

2,523,354

2,351,955

2,208,387

2,346,710

2,440,314

1,985,352

1,777,828

1,596,492

1,655,608

1,598,633

1,532,400

1,547,944

1,532,832

1,566,155

1,598,604

1,637,334

1,670,389

1,686,434

1,722,185

1,763,569

1,782,129

1,820,876

1,916,351

2,026,232

4,219,863

4,290,263

1,530,811

1,559,912

1,577,986

1,627,506

1,636,389

1,636,549

1,649,760

1,662,595

1,688,912

1,121,516

1,745,504

1,787,213

1,876,996

2,507,911

2,513,923

2,565,633

2,505,681

2,272,183

2,208,288

1,945,305

1,403,897

1,275,807

1,213,374

1,204,414

718,600

14,647

24,221

8,424

Other Assets

0
0
0
0
0
0
0
0
0
0
0
0
2,282,772
2,574,167
2,662,705
2,892,857
3,002,567
3,020,004
3,000,666
3,019,943
3,028,369
2,469,049
2,387,065
2,391,065
2,367,087
2,356,533
2,364,745
2,390,789
2,397,553
2,420,265
2,451,738
2,503,579
2,495,102
2,476,714
5,137,692
5,100,450
5,053,756
4,998,137
4,936,605
4,909,073
4,895,132
4,855,307
4,846,655
4,839,597
4,830,001
4,895,470
4,842,174
4,715,349
4,662,962
4,680,630
4,640,774
4,685,801
4,675,858
4,626,924
5,010,268
5,340,005
6,036,661
6,152,064
5,955,644
6,506,186
6,656,190
6,710,621
6,845,740
7,469,606
7,680,611
7,582,262
7,560,458
12,057,740
12,030,377
12,259,477
12,047,568
12,756,760
15,581,734
15,942,750
16,180,243
16,041,380
16,109,814
18,844,173
18,832,733
18,672,022
19,629,042
19,609,744
19,560,695
20,075,200
2,693,200
2,726,800
2,698,800
2,702,000
1,720,900
2,008,700
2,070,100
2,309,300
2,315,200
2,373,300
2,348,200
2,607,500
2,718,800
2,856,800
2,553,500
3,072,100
3,210,100
3,320,900
3,487,200
3,168,300
3,267,700
3,410,300
3,510,100
66,027,600

66,027,600

3,510,100

3,410,300

3,267,700

3,168,300

3,487,200

3,320,900

3,210,100

3,072,100

2,553,500

2,856,800

2,718,800

2,607,500

2,348,200

2,373,300

2,315,200

2,309,300

2,070,100

2,008,700

1,720,900

2,702,000

2,698,800

2,726,800

2,693,200

20,075,200

19,560,695

19,609,744

19,629,042

18,672,022

18,832,733

18,844,173

16,109,814

16,041,380

16,180,243

15,942,750

15,581,734

12,756,760

12,047,568

12,259,477

12,030,377

12,057,740

7,560,458

7,582,262

7,680,611

7,469,606

6,845,740

6,710,621

6,656,190

6,506,186

5,955,644

6,152,064

6,036,661

5,340,005

5,010,268

4,626,924

4,675,858

4,685,801

4,640,774

4,680,630

4,662,962

4,715,349

4,842,174

4,895,470

4,830,001

4,839,597

4,846,655

4,855,307

4,895,132

4,909,073

4,936,605

4,998,137

5,053,756

5,100,450

5,137,692

2,476,714

2,495,102

2,503,579

2,451,738

2,420,265

2,397,553

2,390,789

2,364,745

2,356,533

2,367,087

2,391,065

2,387,065

2,469,049

3,028,369

3,019,943

3,000,666

3,020,004

3,002,567

2,892,857

2,662,705

2,574,167

2,282,772

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
78,484
77,022
143,957
177,423
0
0
0
0
989,719
1,027,462
1,058,556
1,097,497
1,181,376
1,221,570
1,251,489
1,262,951
1,283,893
1,286,663
1,316,088
1,323,894
1,378,796
1,418,484
1,233,002
1,463,614
1,289,530
1,352,642
1,407,478
1,454,780
1,499,000
1,510,000
1,518,600
1,547,400
1,581,700
1,588,600
1,597,100
1,677,700
1,771,100
1,781,800
1,841,300
1,918,000
0
2,197,400
2,309,600
2,403,300
0
2,653,700
2,760,900
2,878,000
0
3,160,300
3,284,600
0
0

3,284,600

3,160,300

2,878,000

2,760,900

2,653,700

2,403,300

2,309,600

2,197,400

1,918,000

1,841,300

1,781,800

1,771,100

1,677,700

1,597,100

1,588,600

1,581,700

1,547,400

1,518,600

1,510,000

1,499,000

1,454,780

1,407,478

1,352,642

1,289,530

1,463,614

1,233,002

1,418,484

1,378,796

1,323,894

1,316,088

1,286,663

1,283,893

1,262,951

1,251,489

1,221,570

1,181,376

1,097,497

1,058,556

1,027,462

989,719

177,423

143,957

77,022

78,484

> Total Liabilities

0
0
0
101,523
101,523
699,804
374,414
406,481
361,908
350,994
456,915
865,130
2,063,522
2,223,010
2,279,672
2,767,303
2,767,303
3,934,140
3,897,075
3,946,590
3,946,590
3,952,921
3,924,515
3,906,313
3,996,738
3,873,729
3,815,605
3,602,342
3,500,053
3,504,414
3,434,543
3,608,938
3,466,599
3,393,569
4,141,329
4,231,846
4,245,881
4,229,427
4,229,427
4,224,712
4,322,892
4,743,866
4,824,328
5,105,023
5,275,683
5,237,808
5,286,707
5,217,186
5,243,800
5,395,452
5,159,673
5,194,543
5,216,405
5,155,913
5,995,328
6,863,456
7,249,733
7,373,996
7,547,695
8,822,288
9,051,803
9,223,169
9,275,322
10,404,948
10,682,218
10,719,527
14,569,403
16,682,531
16,715,802
16,439,573
16,411,301
17,278,193
18,498,555
19,096,567
20,242,586
20,191,454
20,064,100
22,814,816
22,781,044
22,811,730
23,542,561
23,937,228
24,062,920
25,260,000
26,366,200
26,069,800
26,193,700
26,106,000
32,437,500
32,439,400
32,937,300
36,214,700
36,183,100
36,913,300
36,718,200
42,453,000
42,390,700
51,950,100
50,841,600
60,818,300
60,512,800
57,390,600
54,194,200
54,786,000
54,567,400
54,871,800
54,418,500
55,162,200

55,162,200

54,418,500

54,871,800

54,567,400

54,786,000

54,194,200

57,390,600

60,512,800

60,818,300

50,841,600

51,950,100

42,390,700

42,453,000

36,718,200

36,913,300

36,183,100

36,214,700

32,937,300

32,439,400

32,437,500

26,106,000

26,193,700

26,069,800

26,366,200

25,260,000

24,062,920

23,937,228

23,542,561

22,811,730

22,781,044

22,814,816

20,064,100

20,191,454

20,242,586

19,096,567

18,498,555

17,278,193

16,411,301

16,439,573

16,715,802

16,682,531

14,569,403

10,719,527

10,682,218

10,404,948

9,275,322

9,223,169

9,051,803

8,822,288

7,547,695

7,373,996

7,249,733

6,863,456

5,995,328

5,155,913

5,216,405

5,194,543

5,159,673

5,395,452

5,243,800

5,217,186

5,286,707

5,237,808

5,275,683

5,105,023

4,824,328

4,743,866

4,322,892

4,224,712

4,229,427

4,245,881

4,231,846

4,141,329

3,393,569

3,466,599

3,608,938

3,434,543

3,504,414

3,500,053

3,602,342

3,815,605

3,873,729

3,996,738

3,906,313

3,924,515

3,952,921

3,946,590

3,897,075

3,934,140

2,767,303

2,279,672

2,223,010

2,063,522

865,130

456,915

350,994

361,908

406,481

374,414

699,804

101,523

> Total Current Liabilities

0
0
0
11,007
11,007
381,554
84,165
115,635
66,288
66,644
77,559
124,987
178,562
205,276
227,693
297,786
297,786
312,820
303,912
342,714
342,714
323,665
314,536
670,294
662,623
561,318
482,268
294,778
254,392
197,864
175,871
332,205
198,024
272,198
313,241
453,216
576,223
559,404
559,404
569,629
306,318
315,059
338,562
317,378
306,523
279,170
309,503
302,645
319,308
348,020
341,001
391,244
422,811
358,820
614,867
542,195
826,407
1,309,883
1,371,328
779,591
939,267
906,493
850,925
632,178
739,124
781,040
823,319
924,758
1,275,005
2,243,246
1,937,918
1,929,692
1,731,414
1,036,628
1,369,508
1,200,029
1,198,156
1,655,631
1,519,553
1,631,269
3,209,058
3,278,911
2,260,236
2,512,100
4,544,700
4,562,900
4,579,700
4,689,900
4,411,900
4,821,600
4,787,400
5,487,700
5,154,400
5,944,900
3,266,100
3,655,500
4,196,600
5,952,100
6,524,100
9,067,300
9,300,000
7,461,700
6,622,600
8,311,900
7,532,100
6,925,700
6,868,700
7,249,300

7,249,300

6,868,700

6,925,700

7,532,100

8,311,900

6,622,600

7,461,700

9,300,000

9,067,300

6,524,100

5,952,100

4,196,600

3,655,500

3,266,100

5,944,900

5,154,400

5,487,700

4,787,400

4,821,600

4,411,900

4,689,900

4,579,700

4,562,900

4,544,700

2,512,100

2,260,236

3,278,911

3,209,058

1,631,269

1,519,553

1,655,631

1,198,156

1,200,029

1,369,508

1,036,628

1,731,414

1,929,692

1,937,918

2,243,246

1,275,005

924,758

823,319

781,040

739,124

632,178

850,925

906,493

939,267

779,591

1,371,328

1,309,883

826,407

542,195

614,867

358,820

422,811

391,244

341,001

348,020

319,308

302,645

309,503

279,170

306,523

317,378

338,562

315,059

306,318

569,629

559,404

576,223

453,216

313,241

272,198

198,024

332,205

175,871

197,864

254,392

294,778

482,268

561,318

662,623

670,294

314,536

323,665

342,714

303,912

312,820

297,786

227,693

205,276

178,562

124,987

77,559

66,644

66,288

115,635

84,165

381,554

11,007

Short-term Debt

0
0
0
110
110
1,125
1,125
1,652
2,470
2,316
2,653
4,736
4,862
5,708
7,834
11,178
11,178
10,921
12,169
12,585
12,585
40,375
53,685
270,142
285,275
234,246
185,732
77,622
82,619
6,495
6,722
138,386
5,350
87,955
2,241
162,153
277,471
277,426
277,426
253,907
1,643
1,666
1,770
1,817
1,688
1,699
1,789
1,837
1,527
22,577
7,717
70,521
77,905
1,610
178,655
74,896
178,105
782,775
861,160
101,816
127,316
127,867
130,209
60,031
57,603
57,350
67,276
70,132
325,170
1,225,992
960,461
897,624
789,152
38,814
45,852
50,202
137,853
314,063
242,992
238,806
1,707,330
1,732,035
687,382
774,800
2,803,200
2,791,800
2,841,300
2,754,800
2,595,600
2,939,100
2,918,700
3,422,700
3,116,800
3,860,300
1,258,600
1,329,700
1,892,300
3,359,500
2,840,700
5,281,300
6,041,300
4,366,500
3,781,500
5,303,100
4,646,500
3,999,600
3,937,100
3,982,100

3,982,100

3,937,100

3,999,600

4,646,500

5,303,100

3,781,500

4,366,500

6,041,300

5,281,300

2,840,700

3,359,500

1,892,300

1,329,700

1,258,600

3,860,300

3,116,800

3,422,700

2,918,700

2,939,100

2,595,600

2,754,800

2,841,300

2,791,800

2,803,200

774,800

687,382

1,732,035

1,707,330

238,806

242,992

314,063

137,853

50,202

45,852

38,814

789,152

897,624

960,461

1,225,992

325,170

70,132

67,276

57,350

57,603

60,031

130,209

127,867

127,316

101,816

861,160

782,775

178,105

74,896

178,655

1,610

77,905

70,521

7,717

22,577

1,527

1,837

1,789

1,699

1,688

1,817

1,770

1,666

1,643

253,907

277,426

277,471

162,153

2,241

87,955

5,350

138,386

6,722

6,495

82,619

77,622

185,732

234,246

285,275

270,142

53,685

40,375

12,585

12,169

10,921

11,178

7,834

5,708

4,862

4,736

2,653

2,316

2,470

1,652

1,125

110

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
897,386
0
0
0
50,202
0
314,063
242,992
238,800
1,707,330
19,241,972
687,382
774,800
2,803,200
2,791,800
2,841,300
2,714,100
2,097,200
2,442,200
2,443,600
2,928,200
2,640,000
3,366,000
771,300
789,800
1,336,500
2,636,000
2,106,400
4,568,700
5,309,900
3,603,900
3,015,200
4,514,200
3,856,400
3,205,100
3,157,500
3,187,500

3,187,500

3,157,500

3,205,100

3,856,400

4,514,200

3,015,200

3,603,900

5,309,900

4,568,700

2,106,400

2,636,000

1,336,500

789,800

771,300

3,366,000

2,640,000

2,928,200

2,443,600

2,442,200

2,097,200

2,714,100

2,841,300

2,791,800

2,803,200

774,800

687,382

19,241,972

1,707,330

238,800

242,992

314,063

50,202

897,386

Accounts payable

0
0
0
3,738
3,738
4,824
6,587
6,696
8,955
8,075
15,497
25,564
32,689
38,814
46,662
74,046
74,046
154,431
171,331
50,125
50,125
172,820
150,881
110,430
112,866
92,422
92,034
107,557
100,877
104,285
104,833
121,672
120,666
119,623
194,160
175,558
175,010
166,660
166,660
187,634
173,587
205,878
203,864
175,464
149,533
138,017
149,029
151,985
144,268
172,663
165,957
185,138
183,854
205,040
245,952
292,543
431,408
339,931
352,781
214,739
226,283
201,386
87,380
89,578
86,769
91,021
90,845
171,050
115,726
132,734
111,001
90,366
72,512
82,850
99,590
96,714
94,051
120,586
105,551
118,666
109,424
102,726
119,745
142,900
118,700
137,000
122,900
130,800
130,000
144,900
136,200
148,100
120,600
108,200
117,000
139,100
130,100
193,800
217,400
272,400
215,400
194,500
212,000
218,600
206,000
216,200
216,200
258,700

258,700

216,200

206,000

218,600

212,000

194,500

215,400

272,400

217,400

193,800

130,100

139,100

117,000

108,200

120,600

148,100

136,200

144,900

130,000

130,800

122,900

137,000

118,700

142,900

119,745

102,726

109,424

118,666

105,551

120,586

94,051

96,714

99,590

82,850

72,512

90,366

111,001

132,734

115,726

171,050

90,845

91,021

86,769

89,578

87,380

201,386

226,283

214,739

352,781

339,931

431,408

292,543

245,952

205,040

183,854

185,138

165,957

172,663

144,268

151,985

149,029

138,017

149,533

175,464

203,864

205,878

173,587

187,634

166,660

175,010

175,558

194,160

119,623

120,666

121,672

104,833

104,285

100,877

107,557

92,034

92,422

112,866

110,430

150,881

172,820

50,125

171,331

154,431

74,046

46,662

38,814

32,689

25,564

15,497

8,075

8,955

6,696

6,587

4,824

3,738

Other Current Liabilities

0
0
0
7,158
1,752
353,055
50,337
51,737
8,045
12,737
11,246
17,425
141,011
32,904
42,446
212,562
48,248
54,340
50,948
280,004
155,208
47,897
50,216
265,586
228,434
175,171
170,336
49,865
37,371
34,445
33,154
39,466
43,586
32,339
41,993
37,850
52,652
115,318
40,155
41,319
53,079
23,889
36,938
33,702
50,820
30,591
49,054
28,635
47,994
26,813
47,270
23,538
44,024
23,662
49,779
40,621
61,286
61,703
61,536
369,937
492,729
485,826
499,440
358,422
446,347
490,359
526,776
521,650
618,680
680,083
675,840
707,883
649,296
721,450
1,020,771
842,112
743,865
996,670
916,674
1,028,410
1,108,089
1,160,664
1,164,225
1,325,600
1,291,400
1,305,500
1,338,900
1,500,200
1,393,300
1,402,800
1,429,600
1,622,600
1,508,500
1,576,200
1,566,100
1,796,100
1,667,700
1,849,100
2,017,800
2,309,600
2,027,600
2,171,300
2,099,300
2,350,500
2,125,400
2,194,200
2,242,900
2,573,800

2,573,800

2,242,900

2,194,200

2,125,400

2,350,500

2,099,300

2,171,300

2,027,600

2,309,600

2,017,800

1,849,100

1,667,700

1,796,100

1,566,100

1,576,200

1,508,500

1,622,600

1,429,600

1,402,800

1,393,300

1,500,200

1,338,900

1,305,500

1,291,400

1,325,600

1,164,225

1,160,664

1,108,089

1,028,410

916,674

996,670

743,865

842,112

1,020,771

721,450

649,296

707,883

675,840

680,083

618,680

521,650

526,776

490,359

446,347

358,422

499,440

485,826

492,729

369,937

61,536

61,703

61,286

40,621

49,779

23,662

44,024

23,538

47,270

26,813

47,994

28,635

49,054

30,591

50,820

33,702

36,938

23,889

53,079

41,319

40,155

115,318

52,652

37,850

41,993

32,339

43,586

39,466

33,154

34,445

37,371

49,865

170,336

175,171

228,434

265,586

50,216

47,897

155,208

280,004

50,948

54,340

48,248

212,562

42,446

32,904

141,011

17,425

11,246

12,737

8,045

51,737

50,337

353,055

1,752

7,158

> Long-term Liabilities

0
0
0
90,517
90,517
318,250
290,249
290,846
295,620
284,350
379,356
740,143
1,884,960
2,017,734
2,051,979
0
2,469,517
3,621,320
3,593,163
0
3,603,876
3,629,256
3,609,979
3,236,019
3,334,115
3,312,411
3,333,337
3,307,564
3,245,661
3,306,550
3,258,672
3,276,733
3,268,575
3,121,371
3,828,088
3,778,630
3,669,658
0
3,670,023
3,655,083
4,016,574
4,428,807
4,485,766
4,787,645
4,969,160
4,958,638
4,977,204
4,914,541
4,924,492
5,047,432
4,818,672
4,803,299
4,793,594
4,797,093
5,380,461
6,321,261
6,423,326
6,064,113
6,176,367
8,042,697
8,112,536
8,316,676
8,424,397
9,772,770
9,943,094
9,938,487
13,746,084
15,757,773
15,440,797
14,196,327
14,473,383
15,348,501
16,767,141
18,059,939
18,873,078
18,991,425
18,865,944
21,159,185
21,261,491
21,180,461
20,333,503
20,658,317
21,802,684
22,747,900
21,821,500
21,506,900
21,614,000
21,416,100
28,025,600
27,617,800
28,149,900
30,727,000
31,028,700
30,968,400
33,452,100
38,797,500
38,194,100
45,998,000
44,317,500
51,751,000
51,212,800
49,928,900
47,571,600
46,474,100
47,035,300
47,946,100
47,549,800
47,912,900

47,912,900

47,549,800

47,946,100

47,035,300

46,474,100

47,571,600

49,928,900

51,212,800

51,751,000

44,317,500

45,998,000

38,194,100

38,797,500

33,452,100

30,968,400

31,028,700

30,727,000

28,149,900

27,617,800

28,025,600

21,416,100

21,614,000

21,506,900

21,821,500

22,747,900

21,802,684

20,658,317

20,333,503

21,180,461

21,261,491

21,159,185

18,865,944

18,991,425

18,873,078

18,059,939

16,767,141

15,348,501

14,473,383

14,196,327

15,440,797

15,757,773

13,746,084

9,938,487

9,943,094

9,772,770

8,424,397

8,316,676

8,112,536

8,042,697

6,176,367

6,064,113

6,423,326

6,321,261

5,380,461

4,797,093

4,793,594

4,803,299

4,818,672

5,047,432

4,924,492

4,914,541

4,977,204

4,958,638

4,969,160

4,787,645

4,485,766

4,428,807

4,016,574

3,655,083

3,670,023

3,669,658

3,778,630

3,828,088

3,121,371

3,268,575

3,276,733

3,258,672

3,306,550

3,245,661

3,307,564

3,333,337

3,312,411

3,334,115

3,236,019

3,609,979

3,629,256

3,603,876

3,593,163

3,621,320

2,469,517

2,051,979

2,017,734

1,884,960

740,143

379,356

284,350

295,620

290,846

290,249

318,250

90,517

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,512,492
5,387,728
4,919,068
4,970,502
0
0
0
0
8,693,345
8,791,520
8,798,604
12,578,532
14,408,146
14,009,007
12,749,471
12,973,835
13,711,084
14,930,952
16,185,211
16,981,556
17,068,807
16,884,242
18,403,013
18,436,144
18,294,659
17,182,754
17,509,937
18,581,381
19,430,300
18,568,800
18,322,000
18,422,900
18,405,100
19,107,100
18,615,900
19,040,000
21,127,200
21,937,400
21,849,200
24,011,000
28,497,700
27,990,300
32,947,600
31,439,000
38,685,500
38,154,500
37,240,100
35,313,900
34,156,000
34,685,600
35,589,500
35,442,400
0

35,442,400

35,589,500

34,685,600

34,156,000

35,313,900

37,240,100

38,154,500

38,685,500

31,439,000

32,947,600

27,990,300

28,497,700

24,011,000

21,849,200

21,937,400

21,127,200

19,040,000

18,615,900

19,107,100

18,405,100

18,422,900

18,322,000

18,568,800

19,430,300

18,581,381

17,509,937

17,182,754

18,294,659

18,436,144

18,403,013

16,884,242

17,068,807

16,981,556

16,185,211

14,930,952

13,711,084

12,973,835

12,749,471

14,009,007

14,408,146

12,578,532

8,798,604

8,791,520

8,693,345

4,970,502

4,919,068

5,387,728

5,512,492

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
78,484
77,022
143,957
177,423
0
0
0
0
989,719
1,027,462
1,058,556
1,097,497
1,181,376
1,221,570
1,251,489
1,262,951
1,283,893
1,286,663
1,316,088
1,323,894
1,378,796
1,418,484
1,233,002
1,463,614
1,289,530
1,352,642
1,407,478
1,454,780
1,499,000
1,510,000
1,518,600
1,547,400
1,581,700
1,588,600
1,597,100
1,677,700
1,771,100
1,781,800
1,841,300
1,918,000
0
2,197,400
2,309,600
2,403,300
0
2,653,700
2,760,900
2,878,000
0
3,160,300
3,284,600
0
0

3,284,600

3,160,300

2,878,000

2,760,900

2,653,700

2,403,300

2,309,600

2,197,400

1,918,000

1,841,300

1,781,800

1,771,100

1,677,700

1,597,100

1,588,600

1,581,700

1,547,400

1,518,600

1,510,000

1,499,000

1,454,780

1,407,478

1,352,642

1,289,530

1,463,614

1,233,002

1,418,484

1,378,796

1,323,894

1,316,088

1,286,663

1,283,893

1,262,951

1,251,489

1,221,570

1,181,376

1,097,497

1,058,556

1,027,462

989,719

177,423

143,957

77,022

78,484

Warrants

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,085,157
1,100,202
1,091,220
1,129,988
1,155,867
1,146,773
1,126,200
1,065,200
1,009,300
954,800
1,004,800
589,000
590,200
574,800
1,096,500
541,400
542,300
554,900
212,100
212,900
209,400
211,400
0
0
0
0
0
0
0
0
0

211,400

209,400

212,900

212,100

554,900

542,300

541,400

1,096,500

574,800

590,200

589,000

1,004,800

954,800

1,009,300

1,065,200

1,126,200

1,146,773

1,155,867

1,129,988

1,091,220

1,100,202

1,085,157

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
6,215
8,172
100,586
12,472
39,268
41,753
57,145
54,501
41,135
44,730
40,535
41,482
33,478
29,822
28,471
83,496
91,779
111,742
115,420
121,505
126,740
129,446
190,172
327,354
337,578
344,721
354,091
365,974
446,281
453,508
460,621
504,178
535,998
539,621
548,630
578,832
593,493
625,738
639,634
654,039
641,564
645,052
754,156
808,769
1,035,598
1,145,045
1,205,865
908,205
951,410
979,124
1,065,042
1,079,425
1,151,574
1,139,883
1,167,552
1,349,627
1,431,790
1,446,856
1,499,548
1,637,417
1,836,189
1,874,728
1,891,522
1,922,618
1,981,702
2,010,236
2,033,208
2,108,230
2,197,856
2,198,081
2,244,578
2,419,500
3,252,700
3,184,900
3,191,100
3,011,000
2,602,400
2,666,500
2,661,900
3,089,400
2,953,500
3,032,400
3,016,700
3,415,400
3,390,900
5,014,400
5,015,300
5,023,700
5,031,200
4,826,800
4,691,300
4,726,200
0
0
4,670,700
0

4,670,700

4,726,200

4,691,300

4,826,800

5,031,200

5,023,700

5,015,300

5,014,400

3,390,900

3,415,400

3,016,700

3,032,400

2,953,500

3,089,400

2,661,900

2,666,500

2,602,400

3,011,000

3,191,100

3,184,900

3,252,700

2,419,500

2,244,578

2,198,081

2,197,856

2,108,230

2,033,208

2,010,236

1,981,702

1,922,618

1,891,522

1,874,728

1,836,189

1,637,417

1,499,548

1,446,856

1,431,790

1,349,627

1,167,552

1,139,883

1,151,574

1,079,425

1,065,042

979,124

951,410

908,205

1,205,865

1,145,045

1,035,598

808,769

754,156

645,052

641,564

654,039

639,634

625,738

593,493

578,832

548,630

539,621

535,998

504,178

460,621

453,508

446,281

365,974

354,091

344,721

337,578

327,354

190,172

129,446

126,740

121,505

115,420

111,742

91,779

83,496

28,471

29,822

33,478

41,482

40,535

44,730

41,135

54,501

57,145

41,753

39,268

12,472

100,586

8,172

6,215

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
745,936
792,139
777,572
952,893
950,299
976,725
898,100
791,700
752,200
706,200
535,900
510,800
546,200
538,500
768,300
731,000
804,200
770,400
859,500
854,700
1,993,900
1,927,500
1,830,900
1,785,400
1,604,900
1,496,800
1,492,000
1,505,600
1,487,700
0
0

1,487,700

1,505,600

1,492,000

1,496,800

1,604,900

1,785,400

1,830,900

1,927,500

1,993,900

854,700

859,500

770,400

804,200

731,000

768,300

538,500

546,200

510,800

535,900

706,200

752,200

791,700

898,100

976,725

950,299

952,893

777,572

792,139

745,936

> Total Stockholder Equity

0
0
0
153,833
153,207
437,292
1,060,773
1,091,746
2,162,576
2,161,933
2,157,734
2,145,083
2,176,423
2,848,073
2,836,693
2,877,030
2,877,030
3,062,243
3,016,023
2,869,196
2,869,196
2,142,903
1,791,084
1,740,323
1,710,141
1,685,806
1,757,173
1,711,547
1,672,051
1,650,159
1,622,028
1,470,953
1,452,331
1,426,189
4,638,414
4,526,580
4,411,629
4,374,655
4,374,655
4,384,916
3,993,518
3,636,763
3,375,705
3,022,092
2,913,267
3,024,501
2,840,042
2,991,322
3,078,920
3,087,781
3,231,815
3,315,082
3,454,910
3,426,999
3,450,600
3,501,444
3,499,194
3,561,863
3,263,290
3,287,220
3,478,968
3,357,548
3,556,754
3,573,101
3,671,615
3,518,323
3,528,963
3,534,165
3,671,178
4,406,494
4,194,627
3,953,560
7,351,686
7,310,872
6,617,891
6,651,679
6,933,249
6,773,515
6,707,396
6,763,895
6,852,474
6,482,709
6,518,127
6,241,500
6,334,200
5,550,700
5,350,700
5,336,100
5,347,000
5,477,500
5,240,400
5,055,400
3,634,400
3,620,300
3,731,700
4,093,500
3,883,400
5,754,200
5,411,200
5,081,200
5,363,000
6,958,700
6,281,800
5,572,400
5,406,600
5,166,400
4,533,300
4,198,200

4,198,200

4,533,300

5,166,400

5,406,600

5,572,400

6,281,800

6,958,700

5,363,000

5,081,200

5,411,200

5,754,200

3,883,400

4,093,500

3,731,700

3,620,300

3,634,400

5,055,400

5,240,400

5,477,500

5,347,000

5,336,100

5,350,700

5,550,700

6,334,200

6,241,500

6,518,127

6,482,709

6,852,474

6,763,895

6,707,396

6,773,515

6,933,249

6,651,679

6,617,891

7,310,872

7,351,686

3,953,560

4,194,627

4,406,494

3,671,178

3,534,165

3,528,963

3,518,323

3,671,615

3,573,101

3,556,754

3,357,548

3,478,968

3,287,220

3,263,290

3,561,863

3,499,194

3,501,444

3,450,600

3,426,999

3,454,910

3,315,082

3,231,815

3,087,781

3,078,920

2,991,322

2,840,042

3,024,501

2,913,267

3,022,092

3,375,705

3,636,763

3,993,518

4,384,916

4,374,655

4,411,629

4,526,580

4,638,414

1,426,189

1,452,331

1,470,953

1,622,028

1,650,159

1,672,051

1,711,547

1,757,173

1,685,806

1,710,141

1,740,323

1,791,084

2,142,903

2,869,196

3,016,023

3,062,243

2,877,030

2,836,693

2,848,073

2,176,423

2,145,083

2,157,734

2,161,933

2,162,576

1,091,746

1,060,773

437,292

153,207

153,833

Common Stock

0
0
0
356
356
785
1,068
1,083
1,552
1,557
1,557
1,558
1,576
1,781
1,783
1,805
1,805
1,913
1,953
1,954
1,954
1,957
1,957
1,958
1,965
2,047
2,195
2,201
2,212
2,243
2,267
2,297
2,308
2,312
4,110
4,156
4,288
4,370
4,370
4,378
4,457
4,497
4,504
4,527
4,537
4,566
4,607
4,685
4,692
4,697
4,785
4,797
4,830
4,845
4,855
4,860
4,868
4,877
4,884
3,936
3,946
3,952
3,956
3,959
3,966
3,969
3,973
3,976
3,984
3,988
3,992
3,995
4,259
4,260
4,263
4,267
4,273
4,280
4,284
4,299
4,309
4,372
4,375
4,400
4,500
4,500
4,500
4,500
4,500
4,500
4,500
4,500
4,500
4,500
4,500
4,600
4,600
4,700
4,700
4,700
4,700
4,800
4,800
4,800
4,800
4,800
4,800
4,800

4,800

4,700

4,600

4,500

4,400

4,375

4,372

4,309

4,299

4,284

4,280

4,273

4,267

4,263

4,260

4,259

3,995

3,992

3,988

3,984

3,976

3,973

3,969

3,966

3,959

3,956

3,952

3,946

3,936

4,884

4,877

4,868

4,860

4,855

4,845

4,830

4,797

4,785

4,697

4,692

4,685

4,607

4,566

4,537

4,527

4,504

4,497

4,457

4,378

4,370

4,288

4,156

4,110

2,312

2,308

2,297

2,267

2,243

2,212

2,201

2,195

2,047

1,965

1,958

1,957

1,954

1,953

1,913

1,805

1,783

1,781

1,576

1,558

1,557

1,552

1,083

1,068

785

356

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,235,151
3,318,125
3,457,846
0
0
-1,736,596
-1,644,754
-1,529,543
-1,545,244
0
0
0
0
-1,196,907
-1,128,361
-1,135,851
-1,066,580
-1,081,467
-1,006,058
-911,163
-854,579
-837,320
-822,545
-876,607
-995,932
-998,535
-967,718
-1,033,324
-1,030,663
-1,076,965
-1,053,706
-989,153
-975,158
-1,058,100
-1,085,700
-1,121,600
-1,104,300
-1,199,500
-1,226,400
-1,206,200
-1,130,100
-1,016,800
-1,082,500
-1,125,100
-1,168,800
-1,343,000
-1,251,800
-1,085,000
-960,400
-1,142,400
-1,072,400
-842,300
-689,300
-2,101,900
-2,496,500
-2,755,800
0
0

-2,755,800

-2,496,500

-2,101,900

-689,300

-842,300

-1,072,400

-1,142,400

-960,400

-1,085,000

-1,251,800

-1,343,000

-1,168,800

-1,125,100

-1,082,500

-1,016,800

-1,130,100

-1,206,200

-1,226,400

-1,199,500

-1,104,300

-1,121,600

-1,085,700

-1,058,100

-975,158

-989,153

-1,053,706

-1,076,965

-1,030,663

-1,033,324

-967,718

-998,535

-995,932

-876,607

-822,545

-837,320

-854,579

-911,163

-1,006,058

-1,081,467

-1,066,580

-1,135,851

-1,128,361

-1,196,907

-1,545,244

-1,529,543

-1,644,754

-1,736,596

3,457,846

3,318,125

3,235,151

Accumulated Other Comprehensive Income

0
0
0
-2,940
-2,940
-10,142
-16,061
-23,007
-31,392
-43,233
-56,576
-72,490
-98,389
-122,883
-159,686
-195,345
-195,345
-15,889
-22,290
-410,446
-22,777
-15,636
-13,577
-12,284
-9,097
-7,700
-7,092
-6,720
-6,720
-738,189
-738,189
-996,973
-996,973
-995,973
-3,661
-3,300
5,624
10,000
10,466
16,079
7,855
3,189
-2,853
-3,626
-11,137
806
-1,027
-20,031
-19,896
-19,532
-18,420
-12,649
28,320
-9,829
24,405
38,053
54,416
62,470
-87,070
-142,617
-97,682
-203,303
-164,081
-183,347
-158,043
-274,256
-298,015
-311,220
-272,410
-250,920
-504,339
-794,221
-1,205,860
-1,228,521
-1,832,903
-1,836,996
-1,610,592
-1,770,998
-1,876,374
-1,999,332
-1,759,489
-1,848,803
-1,839,029
-1,978,300
-1,834,600
-2,510,100
-2,696,300
-2,642,900
-2,672,200
-2,606,700
-2,979,000
-2,823,600
-4,271,700
-4,274,500
-4,191,200
-3,759,400
-4,061,600
-3,902,900
-4,432,000
-4,738,900
-4,553,000
-5,528,200
-6,398,200
-5,718,300
-5,526,100
-5,560,600
-6,065,900
-5,739,500

-5,739,500

-6,065,900

-5,560,600

-5,526,100

-5,718,300

-6,398,200

-5,528,200

-4,553,000

-4,738,900

-4,432,000

-3,902,900

-4,061,600

-3,759,400

-4,191,200

-4,274,500

-4,271,700

-2,823,600

-2,979,000

-2,606,700

-2,672,200

-2,642,900

-2,696,300

-2,510,100

-1,834,600

-1,978,300

-1,839,029

-1,848,803

-1,759,489

-1,999,332

-1,876,374

-1,770,998

-1,610,592

-1,836,996

-1,832,903

-1,228,521

-1,205,860

-794,221

-504,339

-250,920

-272,410

-311,220

-298,015

-274,256

-158,043

-183,347

-164,081

-203,303

-97,682

-142,617

-87,070

62,470

54,416

38,053

24,405

-9,829

28,320

-12,649

-18,420

-19,532

-19,896

-20,031

-1,027

806

-11,137

-3,626

-2,853

3,189

7,855

16,079

10,466

10,000

5,624

-3,300

-3,661

-995,973

-996,973

-738,189

-6,720

-7,092

-7,700

-9,097

-12,284

-13,577

-15,636

-22,777

-410,446

-22,290

-15,889

-195,345

-159,686

-122,883

-98,389

-72,490

-56,576

-43,233

-31,392

-23,007

-16,061

-10,142

-2,940

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,577,093
8,589,369
8,630,774
8,665,807
0
0
0
0
5,012,124
5,029,261
5,061,814
5,097,325
5,130,616
5,153,402
5,772,269
5,757,233
5,788,786
9,583,498
9,619,406
9,650,129
9,690,609
9,714,952
9,781,223
9,817,815
10,043,559
10,094,017
10,165,343
10,212,535
10,247,500
10,224,000
10,251,900
10,310,000
10,380,800
10,447,900
10,492,700
10,551,800
10,117,700
10,255,600
10,297,800
10,369,600
10,473,700
10,474,600
12,019,800
12,081,300
12,240,200
12,266,100
14,606,800
14,646,900
14,689,000
14,725,600
14,779,200
14,823,000
0

14,823,000

14,779,200

14,725,600

14,689,000

14,646,900

14,606,800

12,266,100

12,240,200

12,081,300

12,019,800

10,474,600

10,473,700

10,369,600

10,297,800

10,255,600

10,117,700

10,551,800

10,492,700

10,447,900

10,380,800

10,310,000

10,251,900

10,224,000

10,247,500

10,212,535

10,165,343

10,094,017

10,043,559

9,817,815

9,781,223

9,714,952

9,690,609

9,650,129

9,619,406

9,583,498

5,788,786

5,757,233

5,772,269

5,153,402

5,130,616

5,097,325

5,061,814

5,029,261

5,012,124

8,665,807

8,630,774

8,589,369

8,577,093

Treasury Stock

-1,282,400

-1,271,500

-1,226,400

-1,206,800

-1,163,200

-1,074,000

-974,000

-884,610

-849,064

-432,731

-207,740

-137,353

-75,208

-62,728

-16,733

-10,838

-4,924

-3,775,087

-3,606,715

-3,504,705

-3,381,966

-3,307,330

-3,157,520

-3,012,693

-2,961,177

-2,933,612

-2,816,060

-2,748,265

-2,746,429

-2,666,983

-2,335,223

-2,219,917

-2,047,818

-1,662,763

-1,323,400

-909,224

-404,093

-362,751

-246,471

-80,951

-4,366

-4,340

-4,280

-1,528

Other Stockholders Equity

0
0
0
159,276
159,276
471,440
1,113,987
1,167,488
2,255,671
2,278,343
2,300,838
2,325,097
2,430,858
3,187,495
3,267,340
0
3,381,973
3,732,194
3,810,268
0
4,036,776
4,046,587
4,049,159
3,637,679
3,695,926
3,777,827
3,901,300
3,906,513
3,909,886
4,679,967
4,707,716
5,005,032
5,017,960
5,022,632
7,261,617
7,236,717
7,115,295
0
7,115,496
7,098,379
6,718,667
6,386,529
6,071,878
5,724,564
5,581,085
5,521,561
5,278,428
5,362,795
5,391,650
5,343,853
5,419,332
5,432,466
5,434,974
5,345,532
5,241,450
5,195,127
5,084,664
5,024,059
4,890,720
4,903,800
4,912,331
4,935,417
4,954,448
4,949,396
4,954,053
4,924,461
4,889,585
4,922,876
4,945,662
5,564,529
5,549,493
5,581,046
9,375,758
9,411,666
9,442,389
9,482,869
9,507,212
9,573,483
9,610,075
9,835,819
9,661,286
9,316,279
9,327,925
9,273,500
9,250,000
9,177,900
9,146,800
9,174,000
9,241,100
9,285,900
9,345,000
8,891,300
8,984,100
9,015,400
9,087,200
9,191,300
9,192,200
10,737,400
10,798,900
10,957,800
10,983,700
13,324,400
13,364,500
13,387,800
13,424,400
10,722,200
10,594,400
13,571,700

13,571,700

10,594,400

10,722,200

13,424,400

13,387,800

13,364,500

13,324,400

10,983,700

10,957,800

10,798,900

10,737,400

9,192,200

9,191,300

9,087,200

9,015,400

8,984,100

8,891,300

9,345,000

9,285,900

9,241,100

9,174,000

9,146,800

9,177,900

9,250,000

9,273,500

9,327,925

9,316,279

9,661,286

9,835,819

9,610,075

9,573,483

9,507,212

9,482,869

9,442,389

9,411,666

9,375,758

5,581,046

5,549,493

5,564,529

4,945,662

4,922,876

4,889,585

4,924,461

4,954,053

4,949,396

4,954,448

4,935,417

4,912,331

4,903,800

4,890,720

5,024,059

5,084,664

5,195,127

5,241,450

5,345,532

5,434,974

5,432,466

5,419,332

5,343,853

5,391,650

5,362,795

5,278,428

5,521,561

5,581,085

5,724,564

6,071,878

6,386,529

6,718,667

7,098,379

7,115,496

7,115,295

7,236,717

7,261,617

5,022,632

5,017,960

5,005,032

4,707,716

4,679,967

3,909,886

3,906,513

3,901,300

3,777,827

3,695,926

3,637,679

4,049,159

4,046,587

4,036,776

3,810,268

3,732,194

3,381,973

3,267,340

3,187,495

2,430,858

2,325,097

2,300,838

2,278,343

2,255,671

1,167,488

1,113,987

471,440

159,276

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Accounts Payable	258,700	218,600	272,400	139,100	148,100	130,800	142,900	118,666	96,714	90,366	171,050	89,578	214,739	292,543	185,138	151,985	175,464	187,634	175,558	121,672	107,557	110,430	50,125	74,046	25,564	6,696	3,738
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-5,739,500	-5,718,300	-4,738,900	-3,759,400	-2,823,600	-2,642,900	-1,978,300	-1,999,332	-1,836,996	-794,221	-311,220	-183,347	-142,617	38,053	-12,649	-20,031	-3,626	16,079	-3,300	-996,973	-6,720	-12,284	-22,777	-195,345	-72,490	-23,007	-2,940
Additional Paid In Capital	0	0	0	0	0	0	10,247,500	10,043,559	0	0	0	0	0	0	3,318,125	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	8,233,300	8,380,800	8,754,400	7,424,300	7,004,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	4,800	4,800	4,700	4,600	4,500	4,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	14,689,000	12,240,200	10,473,700	10,117,700	10,380,800	10,247,500	10,043,559	9,690,609	5,788,786	5,130,616	5,012,124	0	8,577,093	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	2,093,400	2,028,400	1,949,900	1,746,300	1,501,200	1,208,700	802,100	787,161	320,686	313,492	293,576	368,618	330,191	883,963	247,293	143,077	33,123	281,264	112,701	215,557	105,465	127,292	35,958	82,038	25,212	186,175	4,596
Cash And Equivalents	0	2,028,400	1,949,900	1,746,300	1,501,200	1,208,700	802,100	787,161	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	2,093,400	2,028,400	1,949,900	1,746,300	1,501,200	1,208,700	803,100	791,187	320,686	319,794	312,188	374,636	352,461	930,391	257,069	145,105	40,347	304,250	112,701	215,557	105,465	127,292	35,958	82,038	25,212	186,175	4,596
Common Stock	4,800	4,800	4,700	4,600	4,500	4,500	4,400	4,299	4,267	3,995	3,976	3,959	3,936	4,860	4,797	4,685	4,527	4,378	4,156	2,297	2,201	1,958	1,954	1,805	1,558	1,083	356
Common Stock Shares Outstanding	467,162	462,750	453,294	446,104	445,520	442,960	431,688	429,283	423,015	400,086	399,146	399,287	400,195	404,072	406,948	418,357	426,079	436,217	302,510	224,336	208,098	195,454	191,586	168,715	149,749	79,786	48,692
Common Stock Total Equity	0	4,800	4,700	4,600	4,500	4,500	4,400	4,299	4,267	3,995	3,976	3,959	3,936	4,860	4,797	4,685	4,527	4,378	4,156	2,297	2,201	1,958	1,954	1,805	1,558	1,083	356
Current Deferred Revenue	434,700	439,700	1,204,000	390,600	294,300	304,100	268,800	245,387	211,001	233,819	161,926	124,147	93,099	134,135	112,047	120,188	106,395	86,769	77,655	32,681	59,734	77,593	124,796	164,314	77,262	55,550	5,406
Deferred Long Term Asset Charges	0	0	0	0	1,771,100	1,581,700	1,499,000	1,289,530	1,378,796	1,283,893	1,181,376	989,719	0	78,484	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	1,492,000	1,830,900	859,500	768,300	535,900	898,100	777,572	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	12,639,000	12,956,700	13,350,100	7,282,700	6,178,300	5,501,900	5,638,400	5,070,680	4,091,805	4,017,082	3,729,901	2,912,046	2,805,267	2,490,295	2,237,850	2,186,233	2,188,312	2,189,767	2,142,551	592,683	592,683	1,745,504	2,507,911	2,505,681	1,403,897	718,600	8,424
Intangible Assets	16,520,700	17,983,300	20,727,200	13,839,800	12,318,400	11,174,300	11,783,300	11,274,611	9,837,876	6,889,331	6,701,459	3,115,053	2,351,955	1,985,352	1,598,633	1,566,155	1,686,434	1,820,876	4,219,863	1,577,986	1,649,760	1,745,504	2,507,911	2,505,681	1,403,897	718,600	8,424
Inventory	0	112,300	393,400	115,100	76,800	96,200	152,800	149,281	142,193	174,838	175,317	95,070	0	-2,693	0	0	0	0	31,359	51,457	218,263	9,092	49,332	47,872	11,262	0	0
Liabilities And Stockholders Equity	66,027,600	67,194,500	69,887,900	47,233,500	42,801,600	33,010,400	33,214,300	30,879,150	26,904,272	21,331,545	20,272,571	14,089,129	12,232,430	10,365,321	8,512,668	8,211,665	8,130,457	8,613,219	8,768,220	5,085,972	5,332,488	5,662,203	6,829,723	5,660,679	3,018,866	1,502,343	255,356
Long Term Debt	35,734,000	34,156,000	38,660,600	28,497,700	21,127,200	18,405,100	19,430,300	18,294,659	17,068,807	13,711,084	14,408,146	8,693,345	7,134,492	5,512,492	4,141,060	4,331,309	4,283,467	3,289,109	3,451,276	3,155,228	3,283,603	3,194,537	3,549,375	2,457,045	0	0	0
Long Term Debt Total	0	34,156,000	38,685,500	28,497,700	21,127,200	18,405,100	19,430,300	18,294,659	17,068,807	13,711,084	14,408,146	8,693,345	0	5,512,492	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	0	0	0	1,000	4,000	0	6,302	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	45,061,400	45,022,600	50,058,700	34,965,500	29,559,100	19,951,200	19,403,000	17,746,304	16,798,323	14,295,216	14,184,702	8,384,758	6,906,117	4,703,425	3,964,288	4,190,069	4,252,161	-27,357	3,500,728	3,078,057	3,255,760	3,337,387	3,526,002	2,386,185	715,610	94,954	85,581
Net Invested Capital	43,119,700	44,242,600	48,335,400	33,381,000	29,110,800	26,496,000	26,446,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	669,700	758,300	728,900	511,600	462,200	459,000	513,600	308,369	227,354	198,714	151,084	136,971	100,971	80,961	67,949	51,313	40,316	29,368	36,995	38,634	77,668	107,265	229,065	237,663	71,845	16,850	3,239
Net Tangible Assets	0	5,572,400	-28,996,100	4,305,600	-12,344,800	-10,335,300	-10,054,000	-8,490,176	-7,278,002	-6,952,913	-6,897,195	-2,453,998	0	-974,203	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-3,539,300	-4,689,600	-5,337,900	-749,900	-2,933,900	-2,304,800	-474,000	58,601	-203,561	-981,724	27,898	197,350	63,180	859,286	260,112	171,035	-71,704	-83,607	-227,338	-23,168	116,737	-134,041	179,493	173,366	14,420	91,950	-2,320
Non Current Assets Total	62,317,600	63,572,200	66,158,500	44,327,900	40,247,800	30,625,300	31,176,200	29,189,280	25,907,804	20,383,577	19,319,915	13,259,601	11,389,659	8,963,840	7,861,312	7,737,985	7,884,783	8,127,197	8,542,342	4,776,935	4,920,973	5,125,950	6,307,516	5,189,527	2,879,459	1,294,758	246,669
Non Current Liabilities Other	745,300	697,300	11,234,600	9,440,300	8,831,500	2,475,100	2,419,500	2,108,230	1,922,618	1,637,417	1,349,627	1,079,425	0	808,769	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	47,912,900	46,474,100	51,751,000	38,797,500	30,727,000	21,416,100	22,747,900	21,180,461	18,991,425	15,348,501	15,757,773	9,772,770	8,042,697	6,318,568	4,803,299	4,911,384	4,787,645	3,655,083	3,778,630	3,276,733	3,307,564	3,236,019	3,603,876	2,469,517	740,143	290,846	90,517
Non Currrent Assets Other	9,569,300	3,556,600	400,900	400,100	406,400	962,600	950,100	841,523	732,903	566,454	445,004	452,788	1,103,357	785,874	651,133	581,533	484,997	415,720	357,294	291,779	275,508	262,130	266,817	246,781	268,964	17,264	120,627
Noncontrolling Interest In Consolidated Entity	0	6,836,100	3,988,400	474,900	435,000	563,500	586,600	212,305	61,139	99,792	55,875	111,080	0	3,114	3,318,125	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	4,311,200	3,168,300	3,072,100	2,607,500	2,309,300	2,702,000	2,653,500	2,326,700	1,378,796	1,838,721	1,613,874	1,377,789	1,277,604	782,115	782,448	2,405,116	2,527,185	2,588,506	2,816,899	1,769,696	778,245	1,646,658	355,813	2,719,374	0	0	0
Other Current Assets	-2,763,100	723,300	657,200	532,600	513,600	621,200	568,600	441,033	306,235	254,622	314,067	222,851	389,339	392,822	326,338	277,262	165,011	152,404	44,823	3,389	10,119	234,724	207,852	103,579	15,535	4,560	852
Other Current Liab	2,573,800	2,350,500	2,309,600	1,796,100	1,622,600	1,500,200	1,325,600	1,028,410	842,112	707,883	521,650	358,422	369,937	40,621	23,538	28,635	33,702	41,319	37,850	39,466	49,865	212,129	155,208	48,248	17,425	51,737	1,752
Other Liab	0	4,726,200	5,023,700	3,415,400	3,089,400	3,011,000	3,317,600	2,885,700	1,922,618	1,637,417	1,349,627	1,079,425	908,205	808,769	662,239	578,832	504,178	365,974	327,354	121,505	83,496	41,482	54,501	12,472	0	0	0
Other Stockholder Equity	13,571,700	13,387,800	10,957,800	9,191,300	8,891,300	9,174,000	9,273,500	9,835,819	9,482,869	5,581,046	4,922,876	4,949,396	4,903,800	5,195,127	5,432,466	5,362,795	5,724,564	7,098,379	7,236,717	5,005,032	3,906,513	3,637,679	4,036,776	3,381,973	2,325,097	1,167,488	159,276
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	74	74	60	0	0	0	0	3,318,125	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	39,787,100	28,917,200	29,009,100	20,597,900	19,441,800	11,247,100	11,101,000	10,517,258	9,866,424	7,626,817	7,262,175	5,789,995	4,883,473	3,623,835	3,175,511	3,022,636	3,045,186	3,218,124	3,460,526	2,273,356	2,546,525	2,734,885	3,287,573	2,296,670	1,092,346	449,476	117,618
Property Plant And Equipment Net	19,788,800	28,917,200	29,009,100	20,597,900	19,441,800	11,247,100	11,101,000	10,517,258	9,866,424	7,626,817	7,262,175	5,789,995	4,883,473	3,623,835	3,175,511	3,022,636	3,045,186	3,218,124	3,460,526	2,273,356	2,546,525	2,734,885	3,287,573	2,296,670	1,092,346	449,476	117,618
Property Plant Equipment	0	28,917,200	29,009,100	20,597,900	19,441,800	11,247,100	11,101,000	10,517,258	9,866,424	7,626,817	7,262,175	5,789,995	4,883,473	3,623,835	3,175,511	3,022,636	3,045,186	3,218,124	3,460,526	2,273,356	2,488,350	2,734,885	3,287,573	2,296,670	0	0	0
Retained Earnings	-3,638,800	-2,101,900	-1,142,400	-1,343,000	-1,016,800	-1,199,500	-1,058,100	-1,076,965	-998,535	-837,320	-1,081,467	-1,196,907	-1,481,676	-1,736,596	-2,109,532	-2,356,127	-2,703,373	-2,733,920	-2,710,993	-2,539,403	-2,190,447	-1,887,030	-745,151	-295,057	-100,429	-49,702	-2,860
Retained Earnings Total Equity	0	-2,101,900	-1,142,400	-1,343,000	-1,016,800	-1,199,500	-1,058,100	-1,076,965	-998,535	-837,320	-1,081,467	-1,196,907	0	-1,736,596	3,318,125	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	3,187,500	4,514,200	4,568,700	789,800	2,928,200	2,754,800	774,800	238,806	50,202	897,386	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	47,154,800	47,051,000	52,008,600	36,711,800	31,060,300	21,159,900	20,205,100	18,533,465	17,119,009	14,608,708	14,478,278	8,753,376	7,236,308	5,587,388	4,211,581	4,333,146	4,285,284	253,907	3,613,429	3,293,614	3,361,225	3,464,679	3,561,960	2,468,223	740,822	281,129	90,177
Short Term Debt	3,982,100	5,303,100	5,281,300	1,329,700	3,422,700	2,754,800	774,800	238,806	50,202	897,624	70,132	60,031	101,816	74,896	70,521	1,837	1,817	253,907	162,153	138,386	77,622	270,142	12,585	11,178	4,736	1,652	110
Short Term Investments	0	0	0	0	0	0	1,000	4,026	142,193	6,302	18,612	6,018	22,270	46,428	9,776	2,028	7,224	22,986	0	0	170,036	0	94,071	46,036	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,318,125	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	66,027,600	67,194,500	69,887,900	47,233,500	42,801,600	33,010,400	33,214,300	30,879,150	26,904,272	21,331,545	20,272,571	14,089,129	12,232,430	10,365,321	8,512,668	8,211,665	8,130,457	8,613,219	8,768,220	5,085,972	5,332,488	5,662,203	6,829,723	5,660,679	3,018,866	1,502,343	255,356
Total Current Assets	3,710,000	3,622,300	3,729,400	2,905,600	2,553,800	2,385,100	2,038,100	1,689,870	996,468	947,968	952,656	829,528	842,771	1,401,481	651,356	473,680	245,674	486,022	225,878	309,037	411,515	536,253	522,207	471,152	139,407	207,585	8,687
Total Current Liabilities	7,249,300	8,311,900	9,067,300	3,655,500	5,487,700	4,689,900	2,512,100	1,631,269	1,200,029	1,929,692	924,758	632,178	779,591	542,195	391,244	302,645	317,378	569,629	453,216	332,205	294,778	670,294	342,714	297,786	124,987	115,635	11,007
Total Liab	55,162,200	54,786,000	60,818,300	42,453,000	36,214,700	26,106,000	25,260,000	22,811,730	20,191,454	17,278,193	16,682,531	10,404,948	8,822,288	6,860,763	5,194,543	5,214,029	5,105,023	4,224,712	4,231,846	3,608,938	3,602,342	3,906,313	3,946,590	2,767,303	865,130	406,481	101,523
Total Permanent Equity	0	0	0	0	0	0	6,828,100	6,976,200	0	0	0	0	0	0	3,318,125	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	4,198,200	5,572,400	5,081,200	4,093,500	5,055,400	5,336,100	6,241,500	6,763,895	6,651,679	3,953,560	3,534,165	3,573,101	3,283,443	3,501,444	3,315,082	2,991,322	3,022,092	4,384,916	4,526,580	1,470,953	1,711,547	1,740,323	2,869,196	2,877,030	2,145,083	1,091,746	153,207
Treasury Stock	0	0	-1,282,400	-1,282,400	-1,226,400	-1,206,800	-974,000	-207,740	-207,740	-207,740	-207,740	-62,728	0	-3,381,966	-2,961,177	-2,746,429	-2,047,818	-404,093	-80,951	-4,366	-4,366	-4,340	-4,340	-4,340	0	0	0
Warrants	0	0	0	212,100	1,096,500	1,004,800	1,126,200	1,091,220	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31
Accounts Payable	258,700	216,200	216,200	206,000	218,600	212,000	194,500	215,400	272,400	217,400	193,800	130,100	139,100	117,000	108,200	120,600	148,100	136,200	144,900	130,000	130,800	122,900	137,000	118,700	142,900	119,745	102,726	109,424	118,666	105,551	120,586	94,051	96,714	99,590	82,850	72,512	90,366	111,001	132,734	115,726	171,050	90,845	91,021	86,769	89,578	87,380	201,386	226,283	214,739	352,781	339,931	431,408	292,543	245,952	205,040	183,854	185,138	165,957	172,663	144,268	151,985	149,029	138,017	149,533	175,464	203,864	205,878	173,587	187,634	166,660	166,660	175,010	175,558	194,160	119,623	120,666	121,672	104,833	104,285	100,877	107,557	92,034	92,422	112,866	110,430	150,881	172,820	50,125	50,125	171,331	154,431	74,046	74,046	46,662	38,814	32,689	25,564	15,497	8,075	8,955	6,696	6,587	4,824	3,738	3,738	-	-	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Accumulated Other Comprehensive Income	-5,739,500	-6,065,900	-5,560,600	-5,526,100	-5,718,300	-6,398,200	-5,528,200	-4,553,000	-4,738,900	-4,432,000	-3,902,900	-4,061,600	-3,759,400	-4,191,200	-4,274,500	-4,271,700	-2,823,600	-2,979,000	-2,606,700	-2,672,200	-2,642,900	-2,696,300	-2,510,100	-1,834,600	-1,978,300	-1,839,029	-1,848,803	-1,759,489	-1,999,332	-1,876,374	-1,770,998	-1,610,592	-1,836,996	-1,832,903	-1,228,521	-1,205,860	-794,221	-504,339	-250,920	-272,410	-311,220	-298,015	-274,256	-158,043	-183,347	-164,081	-203,303	-97,682	-142,617	-87,070	62,470	54,416	38,053	24,405	-9,829	28,320	-12,649	-18,420	-19,532	-19,896	-20,031	-1,027	806	-11,137	-3,626	-2,853	3,189	7,855	16,079	10,466	10,000	5,624	-3,300	-3,661	-995,973	-996,973	-996,973	-738,189	-738,189	-6,720	-6,720	-7,092	-7,700	-9,097	-12,284	-13,577	-15,636	-22,777	-410,446	-22,290	-15,889	-195,345	-195,345	-159,686	-122,883	-98,389	-72,490	-56,576	-43,233	-31,392	-23,007	-16,061	-10,142	-2,940	-2,940	-	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,310,000	10,251,900	10,224,000	10,247,500	10,212,535	10,165,343	10,094,017	10,043,559	9,817,815	9,781,223	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,457,846	3,318,125	3,235,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Lease Obligations	8,233,300	8,216,300	8,381,900	8,367,000	8,380,800	8,332,700	8,624,600	8,758,500	8,754,400	8,597,500	8,759,500	7,368,700	7,424,300	6,911,700	6,581,100	6,614,600	7,004,900	6,923,100	6,832,300	6,814,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Stock	4,800	4,800	4,800	4,800	4,800	4,800	4,800	4,700	4,700	4,700	4,700	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Surpluse	0	14,823,000	14,779,200	14,725,600	14,689,000	14,646,900	14,606,800	12,266,100	12,240,200	12,081,300	12,019,800	10,474,600	10,473,700	10,369,600	10,297,800	10,255,600	10,117,700	10,551,800	10,492,700	10,447,900	10,380,800	10,310,000	10,251,900	10,224,000	10,247,500	10,212,535	10,165,343	10,094,017	10,043,559	9,817,815	9,781,223	9,714,952	9,690,609	9,650,129	9,619,406	9,583,498	5,788,786	5,757,233	5,772,269	5,153,402	5,130,616	5,097,325	5,061,814	5,029,261	5,012,124	0	0	0	0	8,665,807	8,630,774	8,589,369	8,577,093	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Cash	2,093,400	2,118,900	2,015,700	1,803,000	2,028,400	2,121,800	2,066,700	1,941,500	1,949,900	3,277,200	1,928,000	1,913,600	1,746,300	1,626,000	2,038,100	1,326,000	1,501,200	1,352,600	1,192,200	1,004,800	1,208,700	1,026,500	834,500	1,125,400	802,100	799,467	770,024	712,778	787,161	530,358	410,538	336,403	320,686	287,404	274,702	323,400	313,492	295,613	282,959	333,439	293,576	4,040,353	448,447	441,706	368,618	382,312	481,937	471,258	330,191	177,506	332,542	362,823	883,963	371,878	302,893	352,887	247,293	229,674	323,637	303,038	143,077	66,235	152,130	121,633	33,123	82,735	213,021	47,151	281,264	90,454	90,454	85,573	112,701	109,159	85,622	122,797	215,557	126,833	197,856	98,698	105,465	66,131	107,597	101,411	127,292	64,860	29,471	35,958	35,958	276,094	440,842	82,038	82,038	206,470	518,758	140,733	25,212	41,711	353,221	483,263	186,175	313,454	63,716	4,596	4,596	-	-	-
Cash And Equivalents	0	2,118,900	2,015,700	1,803,000	2,028,400	2,121,800	2,066,700	1,941,500	1,949,900	3,277,200	1,928,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Cash And Short Term Investments	2,093,400	2,118,900	2,015,700	1,803,000	2,028,400	2,121,800	2,066,700	1,941,500	1,949,900	3,277,200	1,928,000	1,913,600	1,746,300	1,626,000	2,038,100	1,326,000	1,501,200	1,352,600	1,192,200	1,023,200	1,208,700	1,094,700	915,300	1,514,800	803,100	800,499	771,036	718,072	791,187	530,358	410,538	336,403	320,686	301,889	315,089	337,794	319,794	324,620	298,257	367,869	312,188	4,067,734	462,704	454,710	374,636	382,312	511,429	504,075	352,461	182,232	333,899	373,518	930,391	414,598	330,784	371,832	257,069	233,518	332,627	304,000	145,105	74,248	163,916	128,435	40,347	87,954	228,655	61,480	304,250	90,454	0	85,573	112,701	109,159	85,622	122,797	215,557	126,833	197,856	98,698	105,465	66,131	107,597	101,411	127,292	64,860	29,471	35,958	0	276,094	555,565	82,038	0	206,470	518,758	140,733	25,212	41,711	353,221	483,263	186,175	313,454	63,716	4,596	4,596	-	-	-
Common Stock	4,800	4,800	4,800	4,800	4,800	4,800	4,800	4,700	4,700	4,700	4,700	4,600	4,600	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,400	4,375	4,372	4,309	4,299	4,284	4,280	4,273	4,267	4,263	4,260	4,259	3,995	3,992	3,988	3,984	3,976	3,973	3,969	3,966	3,959	3,956	3,952	3,946	3,936	4,884	4,877	4,868	4,860	4,855	4,845	4,830	4,797	4,785	4,697	4,692	4,685	4,607	4,566	4,537	4,527	4,504	4,497	4,457	4,378	4,370	4,370	4,288	4,156	4,110	2,312	2,308	2,297	2,267	2,243	2,212	2,201	2,195	2,047	1,965	1,958	1,957	1,957	1,954	1,954	1,953	1,913	1,805	1,805	1,783	1,781	1,576	1,558	1,557	1,557	1,552	1,083	1,068	785	356	356	-	-	-
Common Stock Shares Outstanding	467,453	467,161	466,979	466,810	466,696	466,801	459,819	457,211	457,131	456,977	452,354	446,294	446,347	446,156	445,867	445,832	445,923	445,829	445,337	444,621	444,304	444,121	444,362	438,520	432,472	432,831	430,487	430,199	429,896	429,925	429,004	427,888	427,802	427,227	426,933	409,399	400,899	400,397	399,588	399,120	398,609	398,348	399,458	399,659	399,625	399,487	398,811	398,453	398,453	395,183	400,250	401,899	401,899	403,455	405,024	406,080	406,080	405,728	408,832	408,250	408,250	416,541	421,617	421,622	421,622	418,012	429,846	439,557	439,557	435,601	435,601	417,379	417,379	334,141	230,793	230,158	230,158	224,839	223,578	220,408	220,408	213,788	202,913	195,703	195,703	195,565	195,361	195,288	195,288	193,135	190,755	187,179	187,179	178,056	161,021	156,515	156,515	155,625	155,604	131,269	131,269	104,621	56,034	48,967	48,967	50,000	446,024	446,024
Common Stock Total Equity	0	0	4,800	4,800	4,800	4,800	4,800	4,700	4,700	4,700	4,700	4,600	4,600	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,400	4,375	4,372	4,309	4,299	4,284	4,280	4,273	4,267	4,263	4,260	4,259	3,995	3,992	3,988	3,984	3,976	3,973	3,969	3,966	3,959	3,956	3,952	3,946	3,936	4,884	4,877	4,868	4,860	4,855	4,845	4,830	4,797	4,785	4,697	4,692	4,685	4,607	4,566	4,537	4,527	4,504	4,497	4,457	4,378	4,370	4,370	4,288	4,156	4,110	2,312	2,308	2,297	2,267	2,243	2,212	2,201	2,195	2,047	1,965	1,958	1,957	1,957	1,954	1,954	1,953	1,913	1,805	1,805	1,783	1,781	1,576	1,558	1,557	1,557	1,552	1,083	1,068	785	490	356	-	-	-
Current Deferred Revenue	434,700	472,500	515,700	554,200	439,700	529,800	729,400	1,015,700	1,204,000	1,448,200	549,700	506,500	390,600	324,400	400,200	408,500	294,300	302,900	334,800	293,000	304,100	276,600	328,600	331,400	268,800	288,884	283,486	284,215	245,387	254,336	224,312	222,387	211,001	203,295	193,514	220,454	233,819	190,616	204,437	215,429	161,926	138,422	142,310	148,405	124,147	133,896	91,414	92,939	93,099	95,851	125,474	155,608	134,135	140,481	128,508	117,028	112,047	120,057	125,967	125,519	120,188	109,631	108,863	104,482	106,395	95,990	83,626	78,009	86,769	75,163	0	71,090	77,655	74,847	32,281	28,422	32,681	31,162	52,639	33,525	59,734	34,166	59,479	36,048	24,136	59,754	62,573	124,796	0	69,464	93,128	164,314	0	130,751	127,850	0	77,262	48,163	43,516	46,818	55,550	26,116	22,550	5,406	-	-	-	-
Deferred Long Term Asset Charges	0	0	3,284,600	3,160,300	0	2,878,000	2,760,900	2,653,700	0	2,403,300	2,309,600	2,197,400	0	1,918,000	1,841,300	1,781,800	1,771,100	1,677,700	1,597,100	1,588,600	1,581,700	1,547,400	1,518,600	1,510,000	1,499,000	1,454,780	1,407,478	1,352,642	1,289,530	1,463,614	1,233,002	1,418,484	1,378,796	1,323,894	1,316,088	1,286,663	1,283,893	1,262,951	1,251,489	1,221,570	1,181,376	1,097,497	1,058,556	1,027,462	989,719	0	0	0	0	177,423	143,957	77,022	78,484	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Deferred Long Term Liab	0	0	1,487,700	1,505,600	1,492,000	1,496,800	1,604,900	1,785,400	1,830,900	1,927,500	1,993,900	854,700	859,500	770,400	804,200	731,000	768,300	538,500	546,200	510,800	535,900	706,200	752,200	791,700	898,100	976,725	950,299	952,893	777,572	792,139	745,936	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Good Will	12,639,000	12,569,700	13,050,700	12,997,200	12,956,700	12,686,200	12,969,500	13,306,600	13,350,100	10,480,800	10,575,400	7,262,400	7,282,700	5,848,600	5,822,400	5,948,800	6,178,300	5,481,400	5,557,800	5,538,200	5,501,900	5,463,400	5,526,600	5,647,100	5,638,400	5,371,679	5,371,165	5,379,830	5,070,680	4,997,224	4,981,919	4,123,401	4,091,805	4,055,171	4,036,642	3,980,174	4,017,082	3,866,550	3,854,931	3,737,681	3,729,901	2,815,271	2,832,392	2,898,638	2,912,046	2,763,706	2,714,718	2,767,516	2,805,267	2,673,631	2,779,116	2,669,986	2,490,295	2,458,989	2,255,943	2,246,170	2,237,850	2,239,420	2,232,783	2,186,270	2,186,233	2,188,530	2,188,312	2,188,312	2,188,312	2,180,544	2,186,315	2,188,327	2,189,767	2,197,014	2,197,014	2,142,504	2,142,551	4,290,263	1,530,811	1,559,912	592,683	1,627,506	1,636,389	1,636,549	592,683	592,683	592,683	602,993	1,160,393	1,787,213	1,876,996	2,478,514	2,507,911	2,513,923	2,565,633	2,562,367	2,505,681	2,272,183	2,208,288	1,945,305	1,403,897	1,275,807	1,213,374	1,204,414	718,600	14,647	24,221	7,657	8,424	-	-	-
Intangible Assets	16,520,700	16,655,100	17,286,000	17,637,100	17,983,300	18,320,300	19,225,600	20,224,800	20,727,200	18,768,400	18,785,000	13,507,300	13,839,800	11,517,300	11,613,800	11,600,600	12,318,400	10,895,800	10,895,200	11,042,800	11,174,300	11,481,700	11,758,200	11,940,200	11,783,300	11,580,994	11,728,666	11,826,886	11,274,611	11,557,964	11,590,692	9,813,990	9,837,876	10,012,397	9,853,199	9,536,782	6,889,331	6,389,227	6,637,882	6,617,524	6,701,459	3,195,106	3,214,383	3,271,981	3,115,053	2,543,720	2,569,999	2,523,354	2,351,955	2,208,387	2,346,710	2,440,314	1,985,352	1,777,828	1,596,492	1,655,608	1,598,633	1,532,400	1,547,944	1,532,832	1,566,155	1,598,604	1,637,334	1,670,389	1,686,434	1,722,185	1,763,569	1,782,129	1,820,876	1,916,351	1,916,351	2,026,232	4,219,863	4,290,263	1,530,811	1,559,912	1,577,986	1,627,506	1,636,389	1,636,549	1,649,760	1,662,595	1,688,912	1,121,516	1,745,504	1,787,213	1,876,996	2,507,911	2,507,911	2,513,923	2,565,633	2,505,681	2,505,681	2,272,183	2,208,288	1,945,305	1,403,897	1,275,807	1,213,374	1,204,414	718,600	14,647	24,221	8,424	8,424	-	-	-
Inventory	0	112,700	133,700	122,400	112,300	414,700	136,400	574,700	-353,500	603,300	293,900	256,200	115,100	397,600	378,400	333,800	76,800	298,900	302,000	251,100	96,200	538,000	446,600	153,500	152,800	462,010	473,552	448,237	149,281	444,703	142,761	358,001	142,193	338,835	325,812	310,255	174,838	378,390	417,788	348,452	175,317	437,506	271,152	220,531	95,070	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	31,359	93,477	44,367	41,910	51,457	56,651	52,167	170,546	218,263	331,324	248,086	9,267	9,092	20,145	24,267	49,332	49,332	50,414	61,401	47,872	47,872	33,127	27,163	25,309	11,262	7,123	3,634	3,950	0	0	0	0	-	-	-	-
Liabilities And Stockholders Equity	66,027,600	65,653,000	66,879,000	66,817,700	67,194,500	66,512,800	68,116,800	69,763,500	69,887,900	60,530,000	58,982,900	46,942,500	47,233,500	41,462,200	41,515,900	40,789,100	42,801,600	39,307,200	39,072,700	38,926,800	33,010,400	33,077,200	33,205,700	34,372,700	33,214,300	32,319,326	32,138,210	32,057,389	30,879,150	30,655,527	30,740,198	27,064,315	26,904,272	26,926,788	26,469,725	25,930,194	21,331,545	20,596,615	20,847,737	20,417,407	20,272,571	18,181,320	14,339,394	14,463,740	14,089,129	12,961,304	12,709,359	12,638,206	12,232,430	10,895,336	10,973,784	10,758,749	10,368,014	9,448,978	8,585,923	8,674,251	8,512,668	8,394,824	8,486,487	8,325,870	8,211,665	8,129,936	8,265,540	8,192,227	8,130,457	8,203,438	8,384,091	8,319,912	8,613,219	8,607,674	8,604,082	8,667,432	8,768,220	8,785,659	4,825,663	4,924,900	5,085,972	5,068,434	5,166,270	5,197,910	5,332,488	5,590,307	5,576,252	5,722,897	5,662,203	5,730,599	6,110,310	6,829,723	6,815,786	6,918,509	7,002,398	5,660,679	5,644,333	5,148,523	5,088,344	4,255,140	3,018,866	2,620,558	2,518,576	2,528,537	1,502,343	1,435,754	1,137,701	255,356	255,356	-	-	-
Long Term Debt	35,734,000	35,442,400	35,589,500	34,685,600	34,156,000	35,313,900	37,240,100	38,154,500	38,685,500	31,439,000	32,947,600	27,990,300	28,497,700	24,011,000	21,849,200	21,937,400	21,127,200	19,040,000	18,615,900	19,085,300	18,266,300	18,422,900	18,322,000	18,568,800	19,430,300	18,581,381	17,509,937	17,182,754	18,294,659	18,436,144	18,403,013	16,884,242	17,068,807	16,981,556	16,185,211	14,930,952	13,711,084	12,973,835	12,749,471	14,009,007	14,408,146	12,578,532	8,798,604	8,791,520	8,693,345	7,359,355	7,337,552	7,161,126	7,134,492	4,970,502	4,919,068	5,387,728	5,512,492	4,626,305	4,152,041	4,152,030	4,141,060	4,179,038	4,421,694	4,330,999	4,331,309	4,428,574	4,419,017	4,433,162	4,283,467	4,025,145	3,975,299	3,570,293	3,289,109	3,309,564	3,325,302	3,332,080	3,451,276	3,637,916	2,991,925	3,141,835	3,155,228	3,211,635	3,260,322	3,216,627	3,283,603	3,304,866	3,282,589	3,300,637	3,194,537	3,569,444	3,584,526	3,583,232	3,549,375	3,536,018	3,579,567	3,554,347	2,457,045	1,951,393	2,009,562	1,878,745	0	0	0	0	0	0	0	0	-	-	-	-
Long Term Debt Total	0	35,442,400	35,589,500	34,685,600	34,156,000	35,313,900	37,240,100	38,154,500	38,685,500	31,439,000	32,947,600	27,990,300	28,497,700	24,011,000	21,849,200	21,937,400	21,127,200	19,040,000	18,615,900	19,107,100	18,405,100	18,422,900	18,322,000	18,568,800	19,430,300	18,581,381	17,509,937	17,182,754	18,294,659	18,436,144	18,403,013	16,884,242	17,068,807	16,981,556	16,185,211	14,930,952	13,711,084	12,973,835	12,749,471	14,009,007	14,408,146	12,578,532	8,798,604	8,791,520	8,693,345	0	0	0	0	4,970,502	4,919,068	5,387,728	5,512,492	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Long Term Investments	0	24,400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	18,400	0	68,200	80,800	389,400	1,000	0	0	0	4,000	0	0	0	0	0	0	0	6,302	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Debt	45,061,400	44,697,300	45,160,800	45,106,000	45,022,600	44,540,000	47,401,900	50,281,400	50,058,700	38,865,700	42,415,100	34,781,900	34,965,500	30,068,000	29,758,200	29,866,000	29,559,100	27,054,100	26,698,200	27,014,000	19,951,200	20,237,700	20,279,300	20,246,600	19,403,000	18,469,296	18,471,948	18,177,306	17,746,304	18,148,778	18,306,538	16,685,692	16,798,323	16,740,004	15,949,323	15,396,704	14,295,216	13,638,683	13,692,504	14,000,738	14,184,702	8,605,455	8,407,507	8,407,417	8,384,758	7,107,252	6,983,482	6,817,184	6,906,117	5,654,156	4,586,526	5,203,010	4,703,425	4,433,082	3,850,758	3,877,048	3,964,288	3,957,081	4,120,634	4,029,488	4,190,069	4,364,128	4,268,586	4,313,217	4,252,161	3,944,180	3,763,944	3,524,785	-27,357	531,693	531,693	3,523,978	3,500,728	3,530,998	2,994,258	3,024,388	3,078,057	3,091,524	3,068,961	3,200,548	3,255,760	3,424,467	3,409,238	3,484,501	3,337,387	3,558,269	3,595,430	3,526,002	3,526,002	3,272,093	3,149,646	2,386,185	2,386,185	1,752,757	1,436,379	1,742,874	715,610	336,929	-69,100	-195,392	94,954	-31,849	236,808	85,581	85,581	-	-	-
Net Invested Capital	43,119,700	43,133,200	43,961,000	43,948,600	44,242,600	44,610,900	47,802,700	48,827,400	48,335,400	38,956,600	41,337,800	33,210,200	33,381,000	28,514,000	28,835,500	28,211,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Receivables	669,700	647,700	684,000	705,400	758,300	1,119,000	792,700	1,187,100	728,900	1,079,500	1,017,100	756,600	511,600	744,200	732,300	785,000	462,200	630,700	656,900	689,400	459,000	744,100	724,700	557,900	513,600	644,957	477,391	481,492	308,369	358,354	285,422	275,313	227,354	258,759	265,479	224,467	198,714	245,707	228,213	281,917	151,084	197,253	181,295	161,858	136,971	148,807	99,181	105,120	100,971	100,063	99,823	97,829	80,961	92,869	48,872	73,541	67,949	71,271	72,526	60,057	51,313	46,146	40,774	37,120	40,316	46,426	45,415	33,734	29,368	30,782	30,782	33,216	36,995	37,553	23,118	30,424	38,634	41,704	60,258	61,691	77,668	72,435	75,940	93,619	107,265	152,699	167,270	229,065	229,065	272,216	253,899	237,663	237,663	192,727	153,119	102,912	71,845	48,220	47,594	40,446	16,850	17,327	15,494	3,239	3,239	-	-	-
Net Tangible Assets	0	-24,691,500	-25,170,300	-25,227,700	5,572,400	-24,724,700	-25,236,400	-28,168,400	-28,996,100	-23,838,000	-23,606,200	-16,673,400	4,305,600	-13,079,300	-13,273,600	-13,373,600	-12,344,800	-10,562,000	-10,385,300	-10,645,000	-10,335,300	-10,639,600	-10,724,800	-10,187,900	-10,054,000	-9,287,773	-9,461,255	-9,224,254	-8,490,176	-8,747,590	-8,713,939	-7,004,142	-7,278,002	-7,449,751	-6,579,043	-6,165,344	-6,952,913	-6,061,210	-6,086,379	-6,684,027	-6,897,195	-2,481,414	-2,528,452	-2,499,004	-2,453,998	0	0	0	0	-1,618,728	-1,563,963	-1,611,106	-974,203	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Working Capital	-3,539,300	-3,018,800	-3,244,300	-4,082,000	-4,689,600	-2,863,600	-3,736,100	-5,508,100	-5,337,900	-1,482,200	-2,596,100	-1,175,000	-749,900	-413,600	-2,718,300	-2,649,500	-2,933,900	-2,425,400	-2,589,200	-2,349,600	-2,304,800	-2,142,700	-2,435,800	-1,747,300	-474,000	-296,662	-1,476,152	-1,497,871	58,601	-148,797	-335,031	-161,640	-203,561	-429,153	-96,053	-805,595	-981,724	-940,981	-1,244,801	-232,024	27,898	3,918,717	165,011	164,492	197,350	21,858	12,516	36,102	63,180	-557,523	-397,798	125,010	861,979	329,441	411,718	396,386	260,112	284,929	370,038	340,385	171,035	-35,820	79,981	25,315	-71,704	-52,904	97,837	-46,694	-83,607	-270,689	-270,689	-348,809	-227,338	-69,663	-115,702	496	-23,168	69,258	115,806	79,982	116,737	125,886	23,826	-2,253	-134,041	39,009	79,653	179,493	179,493	436,280	757,419	173,366	173,366	255,225	534,825	124,952	14,420	41,980	350,532	473,549	91,950	251,317	-299,416	-2,320	-	-	-	-
Non Current Assets Total	62,317,600	61,803,100	63,197,600	63,367,600	63,572,200	62,753,800	64,391,200	65,971,600	66,158,500	55,488,100	55,626,900	43,920,900	44,327,900	38,609,700	38,289,300	38,284,200	40,247,800	36,945,200	36,840,300	36,864,500	30,625,300	30,640,200	31,078,600	31,575,300	31,176,200	30,355,752	30,335,451	30,346,202	29,189,280	29,284,771	29,419,598	26,027,799	25,907,804	25,986,433	25,529,150	25,004,375	20,383,577	19,599,678	19,849,292	19,374,426	19,319,915	13,439,284	13,393,343	13,560,124	13,259,601	12,088,521	11,790,350	11,662,837	11,389,659	10,081,531	10,061,699	9,807,332	8,963,840	8,504,670	7,815,385	7,855,054	7,861,312	7,768,894	7,768,429	7,666,177	7,737,985	7,856,253	7,906,389	7,860,389	7,884,783	7,917,780	7,971,195	8,060,288	8,127,197	8,318,959	0	8,440,018	8,542,342	8,542,081	4,669,167	4,726,380	4,776,935	4,823,305	4,852,600	4,863,536	4,920,973	4,982,153	4,991,108	5,062,527	5,125,950	5,377,054	5,706,992	6,307,516	0	6,178,317	5,932,159	5,189,527	0	4,665,605	4,348,243	3,951,626	2,879,459	2,501,019	2,101,400	1,988,700	1,294,758	1,100,272	1,055,563	246,669	246,669	-	-	-
Non Current Liabilities Other	745,300	1,135,100	1,158,600	10,844,100	697,300	10,760,900	11,083,900	11,272,900	11,234,600	1,157,600	1,126,700	9,349,100	9,440,300	8,670,700	8,315,000	8,360,300	8,831,500	8,571,400	8,455,700	8,407,700	2,475,100	2,484,900	2,432,700	2,461,000	2,419,500	2,244,578	2,198,081	2,197,856	2,108,230	2,033,208	2,010,236	1,981,702	1,922,618	1,891,522	1,874,728	1,836,189	1,637,417	1,499,548	1,446,856	1,431,790	1,349,627	1,167,552	1,139,883	1,151,574	1,079,425	0	0	0	0	1,205,865	1,145,045	1,035,598	808,769	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Non Current Liabilities Total	47,912,900	47,549,800	47,946,100	47,035,300	46,474,100	47,571,600	49,928,900	51,212,800	51,751,000	44,317,500	45,998,000	38,194,100	38,797,500	33,452,100	30,968,400	31,028,700	30,727,000	28,149,900	27,617,800	28,025,600	21,416,100	21,614,000	21,506,900	21,821,500	22,747,900	21,802,684	20,658,317	20,333,503	21,180,461	21,261,491	21,159,185	18,865,944	18,991,425	18,873,078	18,059,939	16,767,141	15,348,501	14,473,383	14,196,327	15,440,797	15,757,773	13,746,084	9,938,487	9,943,094	9,772,770	8,424,397	8,316,676	8,112,536	8,042,697	6,176,367	6,064,113	6,423,326	6,321,261	5,380,461	4,797,093	4,793,594	4,803,299	4,818,672	5,047,432	4,924,492	4,914,541	4,977,204	4,958,638	4,969,160	4,787,645	4,485,766	4,428,807	4,016,574	3,655,083	3,670,023	0	3,669,658	3,778,630	3,828,088	3,121,371	3,268,575	3,276,733	3,258,672	3,306,550	3,245,661	3,307,564	3,333,337	3,312,411	3,334,115	3,236,019	3,609,979	3,629,256	3,603,876	0	3,593,163	3,621,320	2,469,517	0	2,051,979	2,017,734	1,884,960	740,143	379,356	284,350	295,620	290,846	290,249	318,250	90,517	90,517	-	-	-
Non Currrent Assets Other	5,258,100	655,100	710,100	3,799,800	3,556,600	3,337,100	3,159,000	3,077,500	400,900	395,400	401,800	394,100	400,100	315,200	393,400	407,000	406,400	247,900	262,700	278,200	962,600	978,300	1,024,500	990,300	950,100	931,483	888,853	863,353	841,523	813,931	809,287	753,939	732,903	788,781	736,821	778,115	566,454	528,840	515,175	453,602	445,004	452,584	476,931	482,530	452,788	51,339	1,212,125	1,131,674	1,103,357	939,482	882,281	849,339	785,874	720,905	678,120	668,104	651,133	643,226	632,553	594,414	581,533	567,124	550,420	515,722	484,997	446,736	431,772	436,291	415,720	409,113	409,113	384,991	357,294	370,768	296,647	293,045	291,779	288,536	285,821	282,552	275,508	121,852	109,249	109,414	262,130	242,392	231,915	266,817	266,817	260,101	255,663	246,781	246,781	236,171	225,519	213,882	268,964	219,964	46,101	25,429	17,264	672,875	667,127	120,627	120,627	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	6,840,800	6,843,700	6,836,100	6,036,800	3,767,500	3,887,700	3,988,400	4,065,800	1,069,200	455,500	474,900	457,400	440,000	430,200	435,000	554,700	565,600	553,300	563,500	578,000	575,900	607,100	586,600	591,506	562,406	532,366	212,305	66,885	66,710	66,966	61,139	66,311	62,286	79,953	99,792	-9,313	1,670	30,427	55,875	82,954	101,544	109,907	111,080	0	0	0	0	84,351	37,925	9,822	3,114	0	0	3,457,846	3,318,125	3,235,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Other Assets	66,027,600	3,510,100	3,410,300	3,267,700	3,168,300	3,487,200	3,320,900	3,210,100	3,072,100	2,553,500	2,856,800	2,718,800	2,607,500	2,348,200	2,373,300	2,315,200	2,309,300	2,070,100	2,008,700	1,720,900	2,702,000	2,698,800	2,726,800	2,693,200	20,075,200	19,560,695	19,609,744	19,629,042	18,672,022	18,832,733	18,844,173	16,109,814	16,041,380	16,180,243	15,942,750	15,581,734	12,756,760	12,047,568	12,259,477	12,030,377	12,057,740	7,560,458	7,582,262	7,680,611	7,469,606	6,845,740	6,710,621	6,656,190	6,506,186	5,955,644	6,152,064	6,036,661	5,340,005	5,010,268	4,626,924	4,675,858	4,685,801	4,640,774	4,680,630	4,662,962	4,715,349	4,842,174	4,895,470	4,830,001	4,839,597	4,846,655	4,855,307	4,895,132	4,909,073	4,936,605	4,998,137	5,053,756	5,100,450	5,137,692	2,476,714	2,495,102	2,503,579	2,451,738	2,420,265	2,397,553	2,390,789	2,364,745	2,356,533	2,367,087	2,391,065	2,387,065	2,469,049	3,028,369	3,019,943	3,000,666	3,020,004	3,002,567	2,892,857	2,662,705	2,574,167	2,282,772	0	0	0	0	0	0	0	0	-	-	-	-
Other Current Assets	-2,763,100	970,600	848,000	819,300	723,300	103,500	729,800	88,600	657,200	81,900	117,000	95,200	532,600	84,700	77,800	60,100	513,600	79,800	81,300	98,600	621,200	60,200	40,500	571,200	568,600	56,108	80,780	63,386	441,033	37,341	481,879	66,799	306,235	40,872	34,195	53,303	254,622	48,220	54,187	44,743	314,067	39,543	30,900	66,517	222,851	341,664	308,399	366,174	389,339	531,510	478,363	480,070	392,822	436,841	390,882	373,824	326,338	321,141	312,905	295,636	277,262	153,289	154,461	166,283	165,011	151,278	138,826	164,410	152,404	167,479	167,479	108,625	44,823	3,389	3,389	3,389	3,389	19,941	3,389	3,439	10,119	138,264	153,521	185,158	234,724	115,841	30,208	207,852	113,781	141,468	199,374	103,579	57,543	7,937	7,943	15,434	15,535	13,088	3,659	3,665	4,560	4,701	2,928	852	852	-	-	-
Other Current Liab	2,573,800	2,242,900	2,194,200	2,125,400	2,350,500	2,099,300	2,171,300	2,027,600	2,309,600	2,017,800	1,849,100	1,667,700	1,796,100	1,566,100	1,576,200	1,508,500	1,622,600	1,429,600	1,402,800	1,393,300	1,500,200	1,338,900	1,305,500	1,291,400	1,325,600	1,164,225	1,160,664	1,108,089	1,028,410	916,674	996,670	743,865	842,112	1,020,771	721,450	649,296	707,883	675,840	680,083	618,680	521,650	526,776	490,359	446,347	358,422	499,440	485,826	492,729	369,937	61,536	61,703	61,286	40,621	49,779	23,662	44,024	23,538	47,270	26,813	47,994	28,635	49,054	30,591	50,820	33,702	36,938	23,889	53,079	41,319	40,155	115,318	52,652	37,850	41,993	32,339	43,586	39,466	33,154	34,445	37,371	49,865	170,336	175,171	228,434	265,586	50,216	47,897	155,208	280,004	50,948	54,340	48,248	212,562	42,446	32,904	141,011	17,425	11,246	12,737	8,045	51,737	50,337	353,055	1,752	7,158	-	-	-
Other Liab	0	4,670,700	0	0	4,726,200	4,691,300	4,826,800	5,031,200	5,023,700	5,015,300	5,014,400	3,390,900	3,415,400	3,016,700	3,032,400	2,953,500	3,089,400	2,661,900	2,666,500	2,602,400	3,011,000	3,191,100	3,184,900	3,252,700	2,419,500	2,244,578	2,198,081	2,197,856	2,108,230	2,033,208	2,010,236	1,981,702	1,922,618	1,891,522	1,874,728	1,836,189	1,637,417	1,499,548	1,446,856	1,431,790	1,349,627	1,167,552	1,139,883	1,151,574	1,079,425	1,065,042	979,124	951,410	908,205	1,205,865	1,145,045	1,035,598	808,769	754,156	645,052	641,564	654,039	639,634	625,738	593,493	578,832	548,630	539,621	535,998	504,178	460,621	453,508	446,281	365,974	354,091	344,721	337,578	327,354	190,172	129,446	126,740	121,505	115,420	111,742	91,779	83,496	28,471	29,822	33,478	41,482	40,535	44,730	41,135	54,501	57,145	41,753	39,268	12,472	100,586	8,172	6,215	0	0	0	0	0	0	0	0	-	-	-	-
Other Stockholder Equity	13,571,700	10,594,400	10,722,200	13,424,400	13,387,800	13,364,500	13,324,400	10,983,700	10,957,800	10,798,900	10,737,400	9,192,200	9,191,300	9,087,200	9,015,400	8,984,100	8,891,300	9,345,000	9,285,900	9,241,100	9,174,000	9,146,800	9,177,900	9,250,000	9,273,500	9,327,925	9,316,279	9,661,286	9,835,819	9,610,075	9,573,483	9,507,212	9,482,869	9,442,389	9,411,666	9,375,758	5,581,046	5,549,493	5,564,529	4,945,662	4,922,876	4,889,585	4,924,461	4,954,053	4,949,396	4,954,448	4,935,417	4,912,331	4,903,800	4,890,720	5,024,059	5,084,664	5,195,127	5,241,450	5,345,532	5,434,974	5,432,466	5,419,332	5,343,853	5,391,650	5,362,795	5,278,428	5,521,561	5,581,085	5,724,564	6,071,878	6,386,529	6,718,667	7,098,379	7,115,496	0	7,115,295	7,236,717	7,261,617	5,022,632	5,017,960	5,005,032	4,707,716	4,679,967	3,909,886	3,906,513	3,901,300	3,777,827	3,695,926	3,637,679	4,049,159	4,046,587	4,036,776	0	3,810,268	3,732,194	3,381,973	0	3,267,340	3,187,495	2,430,858	2,325,097	2,300,838	2,278,343	2,255,671	1,167,488	1,113,987	471,440	159,276	159,276	-	-	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14	14	74	74	74	74	74	74	74	74	74	60	60	60	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,457,846	3,318,125	3,235,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Property Plant And Equipment Gross	39,787,100	28,413,100	28,740,500	28,795,700	28,917,200	28,260,100	0	0	0	0	23,409,700	20,432,400	20,597,900	18,895,600	18,479,800	18,419,600	19,441,800	18,497,900	18,378,600	18,283,500	11,247,100	10,996,300	11,067,000	11,294,800	11,101,000	10,795,057	10,725,707	10,717,160	10,517,258	10,452,038	10,575,425	9,917,985	9,866,424	9,806,190	9,586,400	9,422,641	7,626,817	7,552,110	7,589,815	7,344,049	7,262,175	5,878,826	5,811,081	5,879,513	5,789,995	5,242,781	5,079,729	5,006,647	4,883,473	4,125,887	3,909,635	3,770,671	3,623,835	3,494,402	3,188,461	3,179,196	3,175,511	3,128,120	3,087,799	3,003,215	3,022,636	3,014,079	3,010,919	3,030,388	3,045,186	3,071,125	3,115,888	3,165,156	3,218,124	3,320,822	3,320,822	3,386,262	3,460,526	3,404,389	2,192,453	2,231,278	2,273,356	2,391,203	2,450,921	2,483,604	2,546,525	2,617,408	2,634,575	2,695,440	2,734,885	2,989,989	3,237,943	3,287,573	3,287,573	3,177,651	2,912,155	2,296,670	2,296,670	2,002,900	1,774,076	1,668,854	1,092,346	892,245	725,846	642,638	449,476	388,315	346,741	156,827	117,618	-	-	-
Property Plant And Equipment Net	19,788,800	28,413,100	28,740,500	28,795,700	28,917,200	28,260,100	28,875,200	29,183,500	29,009,100	23,290,000	23,409,700	20,432,400	20,597,900	18,895,600	18,479,800	18,419,600	19,441,800	18,497,900	18,378,600	18,283,500	11,247,100	10,996,300	11,067,000	11,294,800	11,101,000	10,795,057	10,725,707	10,717,160	10,517,258	10,452,038	10,575,425	9,917,985	9,866,424	9,806,190	9,586,400	9,422,641	7,626,817	7,552,110	7,589,815	7,344,049	7,262,175	5,878,826	5,811,081	5,879,513	5,789,995	5,242,781	5,079,729	5,006,647	4,883,473	4,125,887	3,909,635	3,770,671	3,623,835	3,494,402	3,188,461	3,179,196	3,175,511	3,128,120	3,087,799	3,003,215	3,022,636	3,014,079	3,010,919	3,030,388	3,045,186	3,071,125	3,115,888	3,165,156	3,218,124	3,320,822	0	3,386,262	3,460,526	3,404,389	2,192,453	2,231,278	2,273,356	2,391,203	2,450,921	2,483,604	2,546,525	2,617,408	2,634,575	2,695,440	2,734,885	2,989,989	3,237,943	3,287,573	0	3,177,651	2,912,155	2,296,670	0	2,002,900	1,774,076	1,668,854	1,092,346	892,245	725,846	642,638	449,476	388,315	346,741	117,618	117,618	-	-	-
Property Plant Equipment	0	28,413,100	28,740,500	28,795,700	28,917,200	28,260,100	28,875,200	29,183,500	29,009,100	23,290,000	23,409,700	20,432,400	20,597,900	18,895,600	18,479,800	18,419,600	19,441,800	11,283,200	11,268,600	11,202,600	11,247,100	10,996,300	11,067,000	11,294,800	11,101,000	10,795,057	10,725,707	10,717,160	10,517,258	10,452,038	10,575,425	9,917,985	9,866,424	9,806,190	9,586,400	9,422,641	7,626,817	7,552,110	7,589,815	7,344,049	7,262,175	5,878,826	5,811,081	5,879,513	5,789,995	5,242,781	5,079,729	5,006,647	4,883,473	4,125,887	3,909,635	3,770,671	3,623,835	3,494,402	3,188,461	3,179,196	3,175,511	3,128,120	3,087,799	3,003,215	3,022,636	3,014,079	3,010,919	3,030,388	3,045,186	3,071,125	3,115,888	3,165,156	3,218,124	3,268,332	3,320,822	3,386,262	3,460,526	3,404,389	2,192,453	2,231,278	2,273,356	2,324,343	2,386,460	2,422,001	2,488,350	2,617,408	2,634,575	2,695,440	2,734,885	2,989,989	3,237,943	3,280,521	3,287,573	3,177,651	2,912,155	2,431,049	2,296,670	2,002,900	1,774,076	1,668,854	0	0	0	0	0	0	0	0	-	-	-	-
Retained Earnings	-3,638,800	-2,927,400	-2,755,800	-2,496,500	-2,101,900	-689,300	-842,300	-1,072,400	-1,142,400	-960,400	-1,085,000	-1,251,800	-1,343,000	-1,168,800	-1,125,100	-1,082,500	-1,016,800	-1,130,100	-1,206,200	-1,226,400	-1,199,500	-1,104,300	-1,121,600	-1,085,700	-1,058,100	-975,158	-989,153	-1,053,706	-1,076,965	-1,030,663	-1,033,324	-967,718	-998,535	-995,932	-876,607	-822,545	-837,320	-854,579	-911,163	-1,006,058	-1,081,467	-1,066,580	-1,135,851	-1,128,361	-1,196,907	-1,237,569	-1,378,518	-1,339,627	-1,477,899	-1,545,244	-1,529,543	-1,644,754	-1,736,596	-1,820,110	-1,913,549	-2,013,214	-2,109,532	-2,173,882	-2,241,237	-2,297,526	-2,356,127	-2,441,966	-2,502,432	-2,661,218	-2,703,373	-2,697,824	-2,757,452	-2,737,461	-2,733,920	-2,755,677	-2,755,677	-2,713,578	-2,710,993	-2,623,652	-2,602,782	-2,570,964	-2,539,403	-2,349,766	-2,293,862	-2,233,327	-2,190,447	-2,139,230	-2,086,368	-1,978,653	-1,887,030	-1,834,586	-1,480,709	-745,151	-745,151	-595,442	-470,504	-295,057	-295,057	-240,586	-201,059	-142,427	-100,429	-82,176	-69,085	-59,202	-49,702	-37,654	-24,186	-2,860	-2,860	-	-	-
Retained Earnings Total Equity	0	0	-2,755,800	-2,496,500	-2,101,900	-689,300	-842,300	-1,072,400	-1,142,400	-960,400	-1,085,000	-1,251,800	-1,343,000	-1,168,800	-1,125,100	-1,082,500	-1,016,800	-1,130,100	-1,206,200	-1,226,400	-1,199,500	-1,104,300	-1,121,600	-1,085,700	-1,058,100	-975,158	-989,153	-1,053,706	-1,076,965	-1,030,663	-1,033,324	-967,718	-998,535	-995,932	-876,607	-822,545	-837,320	-854,579	-911,163	-1,006,058	-1,081,467	-1,066,580	-1,135,851	-1,128,361	-1,196,907	0	0	0	0	-1,545,244	-1,529,543	-1,644,754	-1,736,596	0	0	3,457,846	3,318,125	3,235,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Short Long Term Debt	3,187,500	3,157,500	3,205,100	3,856,400	4,514,200	3,015,200	3,603,900	5,309,900	4,568,700	2,106,400	2,636,000	1,336,500	789,800	771,300	3,366,000	2,640,000	2,928,200	2,443,600	2,442,200	2,097,200	2,714,100	2,841,300	2,791,800	2,803,200	774,800	687,382	19,241,972	1,707,330	238,800	242,992	314,063	0	50,202	0	0	0	897,386	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Short Long Term Debt Total	47,154,800	46,816,200	47,176,500	46,909,000	47,051,000	46,661,800	49,468,600	52,222,900	52,008,600	42,142,900	44,343,100	36,695,500	36,711,800	31,694,000	31,796,300	31,192,000	31,060,300	28,406,700	27,890,400	28,018,800	21,159,900	21,264,200	21,113,800	21,372,000	20,205,100	19,268,763	19,241,972	18,890,084	18,533,465	18,679,136	18,717,076	17,022,095	17,119,009	17,027,408	16,224,025	15,720,104	14,608,708	13,934,296	13,975,463	14,334,177	14,478,278	12,645,808	8,855,954	8,849,123	8,753,376	7,489,564	7,465,419	7,288,442	7,236,308	5,831,662	4,919,068	5,565,833	5,587,388	4,804,960	4,153,651	4,229,935	4,211,581	4,186,755	4,444,271	4,332,526	4,333,146	4,430,363	4,420,716	4,434,850	4,285,284	4,026,915	3,976,965	3,571,936	253,907	622,147	622,147	3,609,551	3,613,429	3,640,157	3,079,880	3,147,185	3,293,614	3,218,357	3,266,817	3,299,246	3,361,225	3,490,598	3,516,835	3,585,912	3,464,679	3,623,129	3,624,901	3,561,960	3,561,960	3,548,187	3,590,488	2,468,223	2,468,223	1,959,227	1,955,137	1,883,607	740,822	378,640	284,121	287,871	281,129	281,605	300,524	90,177	90,177	-	-	-
Short Term Debt	3,982,100	3,937,100	3,999,600	4,646,500	5,303,100	3,781,500	4,366,500	6,041,300	5,281,300	2,840,700	3,359,500	1,892,300	1,329,700	1,258,600	3,860,300	3,116,800	3,422,700	2,918,700	2,939,100	2,595,600	2,754,800	2,841,300	2,791,800	2,803,200	774,800	687,382	1,732,035	1,707,330	238,806	242,992	314,063	137,853	50,202	45,852	38,814	789,152	897,624	960,461	1,225,992	325,170	70,132	67,276	57,350	57,603	60,031	130,209	127,867	127,316	101,816	861,160	782,775	178,105	74,896	178,655	1,610	77,905	70,521	7,717	22,577	1,527	1,837	1,789	1,699	1,688	1,817	1,770	1,666	1,643	253,907	277,426	277,426	277,471	162,153	2,241	87,955	5,350	138,386	6,722	6,495	82,619	77,622	185,732	234,246	285,275	270,142	53,685	40,375	12,585	12,585	12,169	10,921	11,178	11,178	7,834	5,708	4,862	4,736	2,653	2,316	2,470	1,652	1,125	1,125	110	110	-	-	-
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	18,400	0	68,200	80,800	389,400	1,000	1,032	1,012	5,294	4,026	150,655	142,761	140,865	142,193	14,485	40,387	14,394	6,302	29,007	15,298	34,430	18,612	27,381	14,257	13,004	6,018	43,482	29,492	32,817	22,270	4,726	1,357	10,695	46,428	42,720	27,891	18,945	9,776	3,844	8,990	962	2,028	8,013	11,786	6,802	7,224	5,219	15,634	14,329	22,986	0	0	0	0	0	0	0	0	0	0	0	170,036	283,722	192,885	217,188	0	0	0	0	94,071	0	114,723	122,337	46,036	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,457,846	3,318,125	3,235,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Assets	66,027,600	65,653,000	66,879,000	66,817,700	67,194,500	66,512,800	68,116,800	69,763,500	69,887,900	60,530,000	58,982,900	46,942,500	47,233,500	41,462,200	41,515,900	40,789,100	42,801,600	39,307,200	39,072,700	38,926,800	33,010,400	33,077,200	33,205,700	34,372,700	33,214,300	32,319,326	32,138,210	32,057,389	30,879,150	30,655,527	30,740,198	27,064,315	26,904,272	26,926,788	26,469,725	25,930,194	21,331,545	20,596,615	20,847,737	20,417,407	20,272,571	18,181,320	14,339,394	14,463,740	14,089,129	12,961,304	12,709,359	12,638,206	12,232,430	10,895,336	10,973,784	10,758,749	10,368,014	9,448,978	8,585,923	8,674,251	8,512,668	8,394,824	8,486,487	8,325,870	8,211,665	8,129,936	8,265,540	8,192,227	8,130,457	8,203,438	8,384,091	8,319,912	8,613,219	8,607,674	8,607,674	8,667,432	8,768,220	8,785,659	4,825,663	4,924,900	5,085,972	5,068,434	5,166,270	5,197,910	5,332,488	5,590,307	5,576,252	5,722,897	5,662,203	5,730,599	6,110,310	6,829,723	6,829,723	6,918,509	7,002,398	5,660,679	5,660,679	5,148,523	5,088,344	4,255,140	3,018,866	2,620,558	2,518,576	2,528,537	1,502,343	1,435,754	1,137,701	255,356	255,356	-	-	-
Total Current Assets	3,710,000	3,849,900	3,681,400	3,450,100	3,622,300	3,759,000	3,725,600	3,791,900	3,729,400	5,041,900	3,356,000	3,021,600	2,905,600	2,852,500	3,226,600	2,504,900	2,553,800	2,362,000	2,232,400	2,062,300	2,385,100	2,437,000	2,127,100	2,797,400	2,038,100	1,963,574	1,802,759	1,711,187	1,689,870	1,370,756	1,320,600	1,036,516	996,468	940,355	940,575	925,819	947,968	996,937	998,445	1,042,981	952,656	4,742,036	946,051	903,616	829,528	872,783	919,009	975,369	842,771	813,805	912,085	951,417	1,404,174	944,308	770,538	819,197	651,356	625,930	718,058	659,693	473,680	273,683	359,151	331,838	245,674	285,658	412,896	259,624	486,022	288,715	288,715	227,414	225,878	243,578	156,496	198,520	309,037	245,129	313,670	334,374	411,515	608,154	585,144	660,370	536,253	353,545	403,318	522,207	522,207	740,192	1,070,239	471,152	471,152	482,918	740,101	303,514	139,407	119,539	417,176	539,837	207,585	335,482	82,138	8,687	8,687	-	-	-
Total Current Liabilities	7,249,300	6,868,700	6,925,700	7,532,100	8,311,900	6,622,600	7,461,700	9,300,000	9,067,300	6,524,100	5,952,100	4,196,600	3,655,500	3,266,100	5,944,900	5,154,400	5,487,700	4,787,400	4,821,600	4,411,900	4,689,900	4,579,700	4,562,900	4,544,700	2,512,100	2,260,236	3,278,911	3,209,058	1,631,269	1,519,553	1,655,631	1,198,156	1,200,029	1,369,508	1,036,628	1,731,414	1,929,692	1,937,918	2,243,246	1,275,005	924,758	823,319	781,040	739,124	632,178	850,925	906,493	939,267	779,591	1,371,328	1,309,883	826,407	542,195	614,867	358,820	422,811	391,244	341,001	348,020	319,308	302,645	309,503	279,170	306,523	317,378	338,562	315,059	306,318	569,629	559,404	559,404	576,223	453,216	313,241	272,198	198,024	332,205	175,871	197,864	254,392	294,778	482,268	561,318	662,623	670,294	314,536	323,665	342,714	342,714	303,912	312,820	297,786	297,786	227,693	205,276	178,562	124,987	77,559	66,644	66,288	115,635	84,165	381,554	11,007	11,007	-	-	-
Total Liab	55,162,200	54,418,500	54,871,800	54,567,400	54,786,000	54,194,200	57,390,600	60,512,800	60,818,300	50,841,600	51,950,100	42,390,700	42,453,000	36,718,200	36,913,300	36,183,100	36,214,700	32,937,300	32,439,400	32,437,500	26,106,000	26,193,700	26,069,800	26,366,200	25,260,000	24,062,920	23,937,228	23,542,561	22,811,730	22,781,044	22,814,816	20,064,100	20,191,454	20,242,586	19,096,567	18,498,555	17,278,193	16,411,301	16,439,573	16,715,802	16,682,531	14,569,403	10,719,527	10,682,218	10,404,948	9,275,322	9,223,169	9,051,803	8,822,288	7,547,695	7,373,996	7,249,733	6,863,456	5,995,328	5,155,913	5,216,405	5,194,543	5,159,673	5,395,452	5,243,800	5,217,186	5,286,707	5,237,808	5,275,683	5,105,023	4,824,328	4,743,866	4,322,892	4,224,712	4,229,427	4,229,427	4,245,881	4,231,846	4,141,329	3,393,569	3,466,599	3,608,938	3,434,543	3,504,414	3,500,053	3,602,342	3,815,605	3,873,729	3,996,738	3,906,313	3,924,515	3,952,921	3,946,590	3,946,590	3,897,075	3,934,140	2,767,303	2,767,303	2,279,672	2,223,010	2,063,522	865,130	456,915	350,994	361,908	406,481	374,414	699,804	101,523	101,523	-	-	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,928,700	6,126,600	6,941,300	6,828,100	7,109,633	7,045,115	7,384,840	6,976,200	6,774,281	6,840,225	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,457,846	3,318,125	3,235,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Stockholder Equity	4,198,200	4,533,300	5,166,400	5,406,600	5,572,400	6,281,800	6,958,700	5,363,000	5,081,200	5,411,200	5,754,200	3,883,400	4,093,500	3,731,700	3,620,300	3,634,400	5,055,400	5,240,400	5,477,500	5,347,000	5,336,100	5,350,700	5,550,700	6,334,200	6,241,500	6,518,127	6,482,709	6,852,474	6,763,895	6,707,396	6,773,515	6,933,249	6,651,679	6,617,891	7,310,872	7,351,686	3,953,560	4,194,627	4,406,494	3,671,178	3,534,165	3,528,963	3,518,323	3,671,615	3,573,101	3,556,754	3,357,548	3,478,968	3,287,220	3,263,290	3,561,863	3,499,194	3,501,444	3,450,600	3,426,999	3,454,910	3,315,082	3,231,815	3,087,781	3,078,920	2,991,322	2,840,042	3,024,501	2,913,267	3,022,092	3,375,705	3,636,763	3,993,518	4,384,916	4,374,655	4,374,655	4,411,629	4,526,580	4,638,414	1,426,189	1,452,331	1,470,953	1,622,028	1,650,159	1,672,051	1,711,547	1,757,173	1,685,806	1,710,141	1,740,323	1,791,084	2,142,903	2,869,196	2,869,196	3,016,023	3,062,243	2,877,030	2,877,030	2,836,693	2,848,073	2,176,423	2,145,083	2,157,734	2,161,933	2,162,576	1,091,746	1,060,773	437,292	153,207	153,833	-	-	-
Treasury Stock	0	0	0	0	0	0	-1,282,400	-1,282,400	-1,282,400	-1,282,400	-1,282,400	-1,282,400	-1,282,400	-1,282,400	-1,282,400	-1,271,500	-1,226,400	-1,206,800	-1,206,800	-1,206,800	-1,206,800	-1,163,200	-1,074,000	-974,000	-974,000	-884,610	-849,064	-432,731	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-207,740	-137,353	-75,208	-62,728	-16,733	-10,838	-4,924	0	-3,775,087	-3,606,715	-3,504,705	-3,381,966	-3,307,330	-3,157,520	-3,012,693	-2,961,177	-2,933,612	-2,816,060	-2,748,265	-2,746,429	-2,666,983	-2,335,223	-2,219,917	-2,047,818	-1,662,763	-1,323,400	-909,224	-404,093	-362,751	-362,751	-246,471	-80,951	-4,366	-4,366	-4,366	-4,366	-4,366	-4,366	-4,366	-4,366	-4,366	-4,366	-4,366	-4,340	-4,340	-4,340	-4,340	-4,340	-4,340	-4,340	-4,340	-4,340	-4,280	-4,280	-1,528	0	0	0	0	0	0	0	0	-	-	-	-
Warrants	0	0	0	0	0	0	0	0	0	211,400	209,400	212,900	212,100	554,900	542,300	541,400	1,096,500	574,800	590,200	589,000	1,004,800	954,800	1,009,300	1,065,200	1,126,200	1,146,773	1,155,867	1,129,988	1,091,220	1,100,202	1,085,157	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Begin Period Cash Flow	2,140,700	2,343,300	1,861,400	1,578,000	1,304,900	954,900	936,500	320,686	313,492	293,576	368,618	330,191	883,963	247,293	143,077	33,123	281,264	112,701	215,557	105,465	127,292	35,958	82,038	25,212	186,175	4,596	2,373
Capital Expenditures	1,798,100	1,873,600	1,376,700	1,031,700	991,300	913,200	803,600	682,505	728,753	974,404	724,532	568,048	523,015	346,664	250,262	243,484	154,381	127,098	88,637	42,181	61,608	180,497	568,158	548,991	294,242	126,455	20,614
Cash And Cash Equivalents Changes	0	-82,200	552,200	312,100	286,800	391,100	11,700	466,475	7,194	19,916	-75,042	38,427	0	636,670	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-1,425,500	142,700	433,800	-1,500	89,300	-135,600	117,168	123,772	110,344	-41,808	-12,370	0	-131,666	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-47,300	-202,600	481,900	283,400	273,100	350,000	18,400	466,475	7,194	19,916	-75,042	38,427	-553,772	636,670	104,216	109,954	-248,141	168,563	-102,856	110,092	-21,827	91,334	-46,080	56,826	-160,963	181,579	2,222
Change In Working Capital	-813,900	-1,609,900	134,800	-423,600	-250,400	-14,000	-352,200	-103,809	-135,288	157,266	-18,496	-6,410	-62,500	-89,551	-63,395	-19,573	36,052	-31,796	-10,020	-34,548	-35,270	24,035	-17,942	-106,485	8,078	2,376	4,526
Change Receivables	0	-78,600	-191,700	-175,500	12,500	-32,100	-191,100	11,352	-56,312	-84,529	-19,080	-43,679	0	-18,974	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-34,500	-78,600	-191,700	-175,500	12,500	-32,100	-191,100	11,352	-56,312	-84,529	-19,080	-43,679	-28,857	-18,974	-17,844	-13,550	2,470	8,492	8,492	1,335	1,946	23,621	0	0	0	0	0
Change To Inventory	46,400	0	15,100	143,100	-32,600	-107,300	-124,800	-13,659	-92,063	283,414	84,998	172,401	-168,884	-70,527	25,349	-149,684	61,825	-39,031	245,429	0	0	11,347	788	-18,643	-6,210	0	0
Change To Liabilities	0	-16,500	81,500	-71,200	-14,300	63,700	150,900	26,708	94,908	319,562	264,783	109,641	108,059	66,155	0	0	0	0	0	0	0	0	29,577	55,912	0	0	0
Change To Netincome	0	117,500	-182,500	87,600	35,000	229,800	140,100	34,680	56,417	-12,919	105,203	111,408	0	261,722	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-673,500	102,100	-434,500	-201,200	-137,000	-316,200	-90,900	-204,000	-18,831	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3,086,500	3,355,100	2,332,600	1,871,400	1,795,800	2,110,800	1,715,900	1,525,635	1,285,328	1,003,802	800,145	644,276	555,517	460,726	414,619	405,332	530,717	537,770	458,832	402,306	389,060	335,042	459,616	299,017	136,647	53,693	6,514
Dividends Paid	-2,949,300	2,630,400	2,271,000	1,928,200	1,603,000	1,342,400	1,164,400	993,241	795,499	420,644	434,687	355,574	137,765	0	0	0	4,425,422	1,895,684	1,543,000	0	0	0	0	667	396	0	0
End Period Cash Flow	2,093,400	2,140,700	2,343,300	1,861,400	1,578,000	1,304,900	954,900	787,161	320,686	313,492	293,576	368,618	330,191	883,963	247,293	143,077	33,123	281,264	112,701	215,557	105,465	127,292	35,958	82,038	25,212	186,175	4,596
Exchange Rate Changes	0	0	0	0	0	0	0	-30,389	-23,224	-30,534	-26,317	12,055	0	6,265	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	2,924,300	1,822,600	3,443,200	2,849,700	2,761,300	2,835,100	2,122,000	2,021,099	1,454,299	1,160,185	874,515	846,343	642,927	674,313	591,864	529,774	538,298	493,640	308,567	174,519	94,778	-75,348	-542,088	-574,032	-197,231	-108,026	-10,702
Investments	-2,014,600	-2,355,200	-10,700	19,600	27,600	97,900	14,700	12,306	9,504	39,515	-5,553	22,376	0	-30,475	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	2,291,700	2,361,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-4,141,900	13,713,400	4,151,900	2,680,400	960,100	1,473,700	589,395	2,578,431	-209,823	4,051,594	1,494,139	0	1,215,195	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	1,483,300	1,696,700	2,567,600	1,691,500	1,916,600	1,264,700	1,225,400	970,359	672,007	803,199	482,208	594,025	381,840	373,606	247,127	347,246	56,316	27,484	-171,590	-247,587	-303,417	-1,141,879	-450,094	-194,628	-50,727	-46,842	-2,270
Other Cashflows From Financing Activities	-191,000	8,559,800	2,523,500	-1,050,500	-641,600	408,500	224,300	5,987,780	852,180	3,676,796	1,786,670	39,088	125,796	2,324,685	949,545	653,936	8,801,756	3,787,981	3,076,488	-101,948	-249,050	100,137	1,006,482	1,557,779	245,395	-190,415	209,092
Other Cashflows From Investing Activities	0	-481,600	-900	-3,772,500	-3,023,800	-1,934,200	-2,012,000	-1,437,247	-7,022,486	-1,014,659	-4,443,252	-2,012,713	95,466	-923,763	2,799	11,361	12,163	35,267	6,156	34,315	93,729	121,601	0	0	0	0	0
Other Non Cash Items	952,800	321,700	-293,400	643,800	234,300	552,300	314,600	194,564	262,704	88,785	296,537	101,217	186,796	35,314	186,245	-107,067	-6,248	53,815	130,370	188,972	50,385	955,732	154,901	37,931	5,067	13,693	995
Sale Purchase Of Stock	0	-18,800	27,062,300	-56,000	-19,600	-232,800	-766,300	330,953	9,571,170	-59,111	-145,012	-62,728	-437,402	-430,618	-213,288	-714,655	-1,642,821	-306,856	-68,927	0	0	0	0	0	0	-303,117	0
Stock Based Compensation	195,700	169,300	119,500	120,800	111,400	137,500	108,500	89,898	90,537	80,153	68,138	51,983	47,437	52,555	60,670	54,807	54,603	15,930	2,364	0	121,765	0	0	0	0	0	0
Total Cash From Financing Activities	-3,101,500	-1,423,200	16,424,500	1,215,300	521,700	-607,700	-113,000	-99,294	5,589,101	-134,591	3,525,565	1,170,366	1,086,095	910,330	-194,942	-388,172	-754,640	-323,063	-419,526	-61,392	-122,203	101,442	1,373,153	2,092,547	879,726	513,527	209,092
Total Cash From Operating Activities	4,722,400	3,696,200	4,819,900	3,881,400	3,752,600	3,748,300	2,925,600	2,703,604	2,183,052	2,134,589	1,599,047	1,414,391	1,165,942	1,020,977	842,126	773,258	692,679	620,738	397,204	216,700	156,386	105,149	26,070	-25,041	97,011	18,429	9,913
Total Cashflows From Investing Activities	0	-2,355,200	-20,692,200	-4,784,600	-3,987,500	-2,749,500	-2,800,900	-2,107,446	-7,741,735	-1,949,548	-5,173,337	-2,558,385	0	-1,300,902	-543,066	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31
Begin Period Cash Flow	2,231,600	2,149,400	1,925,400	2,140,700	2,249,600	2,203,100	2,271,400	2,343,300	3,699,300	2,000,800	1,993,300	1,861,400	1,730,200	2,106,100	1,400,300	1,578,000	1,448,300	1,286,000	1,099,700	1,304,900	1,293,300	970,100	1,278,900	954,900	799,467	770,024	712,778	787,161	530,358	410,538	336,403	320,686	287,404	274,702	323,400	313,492	295,613	282,959	333,439	293,576	4,040,353	448,447	441,706	368,618	382,312	481,937	471,258	330,191	177,506	332,542	362,823	883,963	371,878	302,893	352,887	247,293	229,674	323,637	303,038	143,077	66,235	152,130	121,633	33,123	82,735	213,021	47,151	281,264	207,202	85,573	85,573	112,701	109,159	85,622	122,797	215,557	126,833	197,856	98,698	105,465	66,131	107,597	101,411	127,292	64,860	29,471	29,564	276,094	276,094	440,842	991,936	206,470	206,470	518,758	140,733	25,212	41,711	353,221	483,263	186,175	313,454	63,716	6,800	4,596
Capital Expenditures	524,600	390,700	420,900	461,900	658,200	459,200	370,100	386,100	460,000	314,000	277,900	324,800	362,900	243,900	210,500	214,400	266,700	260,300	243,500	220,800	302,800	185,500	226,400	198,500	248,633	183,455	203,374	168,138	207,331	155,747	165,205	154,222	210,735	206,896	151,938	159,184	251,051	257,106	252,356	213,891	276,283	167,644	156,700	123,905	191,022	150,624	105,370	121,032	125,927	160,508	138,679	97,901	118,184	95,970	77,453	55,057	67,835	68,573	64,227	49,627	78,290	67,876	52,693	44,625	47,415	39,380	36,141	31,445	36,436	28,668	28,668	28,376	29,409	22,702	20,645	15,881	13,569	9,946	7,834	10,832	15,674	13,243	13,870	18,821	24,641	24,591	48,014	126,291	126,291	140,432	157,877	202,830	202,830	150,010	93,394	102,757	120,378	61,921	66,563	45,380	50,164	41,381	22,220	12,690
Cash And Cash Equivalents Changes	0	0	208,500	-218,900	-126,700	124,500	20,400	-100,400	-1,347,100	1,773,300	-48,000	174,000	53,000	-384,100	702,600	-59,400	103,300	199,900	172,200	-188,600	52,700	323,200	-308,800	324,000	-606	29,443	57,246	-74,383	0	119,820	74,135	15,717	33,282	12,702	-48,698	9,908	17,879	12,654	-50,480	39,863	-3,746,777	3,591,906	6,741	73,088	0	0	0	0	0	-155,036	-30,281	-521,140	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-135,500	-118,800	-405,900	-276,900	-343,200	-399,500	-664,700	1,012,300	-227,100	22,200	582,500	76,700	-15,600	-209,800	-132,000	56,900	57,500	16,100	38,400	-86,200	135,700	1,400	141,437	-130,492	-65,794	-80,751	0	168,897	-22,214	-31,250	210,336	-14,189	-97,776	25,401	129,715	9,296	23,129	-51,796	80,162	-30,763	-79,610	-11,597	0	0	0	0	0	127,611	20,384	9,701	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-138,200	82,200	224,000	-215,300	-108,900	46,500	-68,300	-71,900	-1,356,000	1,698,500	7,500	131,900	131,200	-375,900	705,800	-177,700	129,700	162,300	186,300	-205,200	11,600	323,200	-308,800	324,000	155,433	29,443	57,246	-74,383	256,803	119,820	74,135	15,717	33,282	12,702	-48,698	9,908	17,879	12,654	-50,480	39,863	-3,746,777	3,591,906	6,741	73,088	-13,694	-99,625	10,679	141,067	152,685	-155,036	-30,281	-521,140	512,085	68,985	-49,994	105,594	17,619	-93,963	20,599	159,961	76,842	-85,895	30,497	88,510	-49,612	-130,286	165,870	-234,113	74,062	4,881	4,881	-27,128	3,542	23,537	-37,175	-92,760	88,724	-71,023	99,158	-6,767	39,334	-41,466	6,186	-25,881	62,432	35,389	-93	-240,136	-240,136	-164,748	-551,094	-124,432	-124,432	-312,288	378,025	115,521	-16,499	-311,510	-130,042	297,088	-127,279	249,738	56,916	2,204
Change In Working Capital	-146,800	-132,800	-179,300	-294,500	-140,500	-376,100	-441,100	-652,200	-394,300	863,200	-271,700	-62,400	-22,600	-116,200	-29,000	-255,800	380,500	-253,000	-94,400	-283,500	123,600	-105,200	41,900	-74,300	-53,773	-196,038	-10,532	-91,857	-17,784	-81,551	95,485	-99,959	-1,063	-17,907	-67,341	-48,977	83,604	786	65,272	7,604	53,528	-39,740	-30,733	-1,550	-61,988	-2,267	544	57,301	-3,586	-29,370	-36,342	-5,069	-47,885	-33,946	-920	-1,859	-35,611	-39,136	-15,566	-15,752	-13,676	7,392	-27,264	-6,811	55,334	-33,134	33,704	-19,852	-6,805	-24,740	78,120	-15,276	3,124	-21,606	-5,825	14,287	7,823	-27,148	-89,819	74,596	760	-20,851	-1,578	-13,601	13,380	-6,986	39,528	45,984	-256,787	-11,078	-5,235	-208,861	-81,859	145,084	-30,279	-12,429	-48,483	30,717	17,276	8,568	-502	11,612	-6,997	-1,737
Change Receivables	0	0	0	0	-78,600	0	0	0	-191,700	0	0	0	-175,500	0	0	0	12,500	0	0	0	-32,100	0	0	0	-191,100	0	0	0	0	0	0	0	-56,312	0	0	0	-84,529	0	0	0	-19,080	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	0	0	0	0	-78,600	-78,600	0	0	-191,700	-191,700	-191,700	-191,700	-175,500	-175,500	-175,500	-175,500	12,500	12,500	12,500	12,500	-32,100	-32,100	-32,100	-32,100	-191,100	0	0	0	11,352	0	0	0	3,473	0	0	0	-1,748	0	0	0	-1,410	0	0	0	-4,155	0	0	0	7,101	0	0	0	4,188	0	0	0	8,449	0	0	0	2,557	0	0	0	2,470	0	0	0	5,175	0	0	0	8,492	0	0	0	1,335	0	0	0	1,946	0	0	0	23,621	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	0	0	0	0	0	0	0	0	156,800	0	0	0	304,500	0	0	0	496,200	0	0	0	6,400	0	0	0	3,457	0	0	0	8,173	0	0	0	-79,616	0	0	0	-133,322	0	0	0	-115,532	0	0	0	64,862	0	0	0	-105,776	0	0	0	-44,534	0	0	0	-294,563	0	0	0	-159,894	0	0	0	96,793	0	0	0	-60,214	0	0	0	258,573	0	0	0	0	0	0	0	0	0	0	0	11,347	0	0	0	788	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	-46,500	59,200	-108,600	82,300	36,200	-293,900	-170,000	21,600	-50,300	70,800	39,400	2,000	-125,500	41,100	11,200	43,600	-2,700	57,600	-112,800	33,800	-17,300	22,200	25,000	72,816	12,680	86,711	-21,307	-26,300	-80,797	107,529	-56,258	73,550	18,648	52,014	-49,304	161,069	10,657	67,043	80,793	131,142	74,717	48,877	10,047	46,911	0	0	0	108,059	28,522	-8,278	38,565	18,236	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	29,577	0	0	0	55,912	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	81,400	59,600	188,800	1,441,600	-544,800	-371,500	-285,400	22,500	-100,400	-88,100	-143,700	-152,400	72,300	60,000	107,700	24,500	-65,100	38,300	37,300	142,400	30,600	18,000	38,800	89,828	4,068	-10,401	56,605	307,800	-32,366	21,907	28,079	-169,020	63,860	86,756	74,821	-81,545	21,575	38,542	8,509	-63,952	-32,176	152,497	48,834	0	0	0	0	0	12,140	11,687	12,358	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-84,100	-84,100	-84,100	84,400	-152,800	-127,700	-477,400	-440,900	862,400	-261,100	-58,300	-33,700	-116,900	-29,100	-254,800	429,700	-253,000	-94,400	-283,500	600	-105,200	41,900	-74,300	-316,200	-196,038	-10,532	-70,550	-90,900	-754	-12,044	0	-204,000	0	0	0	-18,831	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	764,900	762,900	764,600	794,100	814,700	898,100	826,500	815,800	643,900	611,400	554,800	522,500	481,000	473,200	454,800	473,300	9,700	584,100	595,100	589,500	765,900	448,900	449,700	446,300	466,051	432,354	396,355	421,140	388,237	397,999	397,765	341,634	352,356	341,096	328,356	263,520	263,546	249,066	245,427	245,763	244,811	184,922	184,608	185,804	178,488	0	0	149,655	555,517	142,113	138,558	131,231	460,726	115,383	102,463	110,835	414,619	104,389	102,463	99,868	104,174	104,389	99,697	97,072	522,928	131,484	131,637	152,344	528,051	132,811	0	158,617	411,254	116,752	85,464	0	0	82,382	86,222	0	0	77,687	80,770	0	0	97,207	96,214	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Dividends Paid	-756,100	731,900	727,700	733,600	684,500	665,800	638,900	641,200	596,600	578,000	551,500	544,900	506,400	488,000	478,900	454,900	420,800	407,100	398,000	377,100	348,400	339,500	331,300	323,200	302,410	293,523	291,250	277,217	260,931	252,183	243,362	236,765	221,621	213,027	200,939	159,912	150,593	142,782	126,715	554	224,976	106,727	102,984	0	185,758	169,816	82,881	0	137,765	0	0	0	0	0	0	0	0	0	0	0	459,857	0	0	475,000	3,887,188	0	0	310,000	272,427	0	0	179,000	1,919,450	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	81	81	0	0	0	0	0	0	0	0
End Period Cash Flow	2,093,400	2,231,600	2,149,400	1,925,400	2,140,700	2,249,600	2,203,100	2,271,400	2,343,300	3,699,300	2,000,800	1,993,300	1,861,400	1,730,200	2,106,100	1,400,300	1,578,000	1,448,300	1,286,000	1,099,700	1,304,900	1,293,300	970,100	1,278,900	954,900	799,467	770,024	712,778	787,161	530,358	410,538	336,403	320,686	287,404	274,702	323,400	313,492	295,613	282,959	333,439	293,576	4,040,353	448,447	441,706	368,618	382,312	481,937	471,258	330,191	177,506	332,542	362,823	883,963	371,878	302,893	352,887	247,293	229,674	323,637	303,038	143,077	66,235	152,130	121,633	33,123	82,735	213,021	47,151	281,264	90,454	90,454	85,573	112,701	109,159	85,622	122,797	215,557	126,833	197,856	98,698	105,465	66,131	107,597	101,411	127,292	64,860	29,471	35,958	35,958	276,094	440,842	82,038	82,038	206,470	518,758	140,733	25,212	41,711	353,221	483,263	186,175	313,454	63,716	6,800
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,700	-57,500	-4,500	0	-4,529	4,558	4,947	0	-962	-12,107	3,785	-25,350	-11,847	24,703	-10,730	-28,212	-5,360	-4,200	7,238	-17,488	-771	-29,109	21,051	0	0	0	0	0	-4,997	-3,192	7,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	617,300	909,900	788,500	608,600	526,800	473,100	545,200	277,500	218,900	1,782,400	674,000	767,900	769,400	716,400	778,300	585,600	727,000	676,900	793,100	564,300	960,400	567,800	713,600	593,300	545,215	469,839	591,987	514,959	517,842	511,368	582,599	409,290	428,702	300,259	374,592	350,746	313,932	240,118	343,444	262,691	178,321	192,278	233,785	270,131	106,822	203,048	255,488	280,985	190,017	130,152	136,843	185,915	128,174	162,253	185,294	198,592	124,892	171,480	139,381	156,111	108,642	159,317	124,058	137,757	81,463	142,257	174,636	139,942	109,133	112,277	112,277	123,320	107,591	72,493	51,809	76,674	53,968	33,827	65,840	20,884	60,687	16,195	29,658	-11,762	45,369	-21,924	-7,539	-79,203	-79,203	-126,555	-155,265	-190,090	-190,090	-145,083	-123,673	-115,186	-79,928	-31,204	-49,287	-36,812	-34,613	-29,769	-29,216	-14,428
Investments	-529,900	-449,100	-439,700	3,100	-849,000	6,800	6,000	3,200	500	5,900	-21,500	4,400	4,900	5,400	3,500	5,800	5,100	9,700	19,400	-6,600	73,100	83,100	335,800	-394,100	4,556	2,948	3,445	3,751	12,300	1,858	1,417	1,184	18,610	25,463	-24,696	-9,873	46,805	-13,393	19,138	-13,035	16,782	-13,432	-1,403	-7,500	0	0	0	0	0	-1,913	9,572	37,152	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	59,600	211,400	-358,700	-353,300	-2,028,200	-2,193,300	432,900	8,904,800	-1,807,900	6,481,600	134,900	3,585,700	-544,100	606,700	503,600	2,214,100	450,800	-200,200	215,700	-208,900	178,200	-172,600	1,163,400	898,234	-24,151	297,750	301,867	589,400	715,402	115,439	-118,282	153,837	834,496	430,869	1,159,229	521,501	-18,502	-568,691	-144,131	243,479	3,749,198	15,045	43,872	0	0	0	0	0	151,025	129,351	-25,540	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	84,900	577,300	461,500	315,000	-716,600	819,700	890,900	702,700	441,200	726,200	747,900	652,300	361,600	462,900	448,400	418,600	569,400	505,300	434,300	407,600	292,700	377,300	314,400	280,300	194,816	334,684	388,490	307,410	232,853	263,735	192,464	281,307	221,595	97,740	157,180	195,492	181,597	206,630	221,659	193,313	73,925	163,222	84,113	160,948	118,153	231,825	33,689	210,358	196,434	-19,726	115,211	91,842	83,703	93,601	99,819	96,483	64,302	67,579	56,487	58,759	85,839	60,466	158,786	42,155	-5,549	59,628	-19,991	22,228	18,285	8,312	7,664	-2,585	-87,341	-20,870	-31,818	-31,561	-88,268	-55,904	-60,535	-42,880	-51,217	-52,862	-107,715	-91,623	-52,444	-353,877	-663,787	-149,709	-149,709	-124,938	-103,940	-54,471	-54,471	-39,527	-58,632	-41,998	-18,253	-13,091	-9,883	-9,500	-12,048	-13,468	-19,799	-1,527
Other Cashflows From Financing Activities	-28,900	2,051,700	5,678,200	4,618,900	1,270,400	3,102,400	1,979,600	2,207,400	-202,900	6,018,200	11,555,600	3,198,100	4,198,400	4,103,700	-35,500	-626,100	-90,200	739,100	3,209,300	3,752,600	-9,300	7,300	1,374,900	3,725,400	-12,271	-373	-6,513	243,457	1,111,973	1,204,038	2,403,819	1,267,950	478,534	1,016,567	863,028	-22,695	933,381	1,019,883	959,075	764,457	1,887,667	4,314	-66,389	3,014,087	4,100	-49,027	782,973	2,066,952	1,316,398	300,721	184,896	116,866	1,052,244	1,107,713	42,533	122,195	623,686	19,477	297,583	8,799	919,549	49,232	-953	946,605	7,766,199	44,819	373,490	614,863	543,762	12,430	-253	356,215	3,830,193	-116,486	-91,437	-246	12,729	-112,028	34,132	270,923	-40,335	-9,063	-17,490	183,638	-47,262	43,646	12,205	-45,448	-42,006	71,010	7,483	263,744	-47,663	-1,120	273,171	1,021,479	343,554	93,792	-4,556	-187,791	-20,118	-325,462	-213,705	65,753
Other Cashflows From Investing Activities	0	107,900	-22,600	182,000	-481,600	-150,300	63,400	-130,200	400	-9,607,800	300	-118,300	-3,456,000	-93,300	-178,400	-44,800	-2,325,100	-559,500	-43,300	-95,900	-464,700	-109,700	-671,800	-688,000	-1,046,327	-115,478	-94,288	-755,907	-16,100	-88,912	-1,194,097	-32,478	-345,333	-943,404	-653,387	-5,080,362	-641,892	3,894	-312,531	-64,130	-3,955,198	-175,788	-67,043	-245,223	359,924	355,815	190,527	0	95,466	-339,923	-253,650	-613,781	0	0	0	0	2,799	0	0	2,264	11,361	6,360	505	4,206	12,163	10,294	0	9,160	35,267	26,442	14,406	1,586	6,156	2,701	3,038	600	34,315	23,824	21,836	18,232	93,729	64,248	77,952	73,359	121,601	22,961	9,294	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	1,968,700	50,100	112,900	190,400	1,432,900	-448,600	-403,200	-259,400	7,800	-132,500	-111,000	-83,400	313,000	79,100	87,400	81,600	65,700	77,300	57,600	28,900	357,800	-11,500	109,200	96,800	251,277	43,648	-4,964	-45,258	75,224	66,706	41,013	12,451	40,499	67,881	9,222	66,309	16,407	25,189	43,576	5,060	96,842	36,460	135,442	-7,496	21,562	111,056	313,074	-28,342	-500,525	327,616	184,966	145,296	-450,922	69,831	40,218	34,625	-421,083	94,274	149,851	38,525	-241,691	45,145	50,470	49,966	-504,630	-39,854	197,064	169,011	-450,999	888	317,976	8,954	-179,649	137,671	110,097	109,829	147,982	126,825	224,028	-317,870	126,818	103,151	152,821	112,283	109,074	363,530	102,115	150,813	0	149,893	111,787	276,072	0	-100,630	58,632	41,998	107,186	13,091	9,883	9,500	28,101	13,468	19,799	1,527
Sale Purchase Of Stock	0	12,300	-1,100	-9,400	-18,800	-1,200	2,351,900	7,900	9,016,800	2,422,200	2,388,400	-8,700	56,000	48,000	-16,300	-39,700	-19,600	38,500	29,200	-412,300	-51,600	-82,600	-112,500	19,700	-96,610	-28,366	-494,151	-147,173	0	0	-14,811	14,308	24,144	16,792	3,094,801	4,993,115	-59,111	22,716	600,132	13,641	12,386	-70,387	-62,145	-12,480	-29,292	-6,259	-6,512	-20,665	-46,304	-159,515	-103,860	-127,723	-80,166	-149,921	-141,695	-58,836	-23,618	-123,925	-61,084	-4,661	-82,754	-335,335	-113,816	-182,750	-390,119	-339,465	-414,224	-499,013	-17,397	-126,779	-126,779	-162,680	-68,927	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	37,700	43,100	49,400	65,500	31,200	39,200	42,200	56,700	21,500	28,100	31,900	38,000	21,800	24,100	27,200	47,700	23,500	23,500	21,900	42,500	26,200	43,800	24,800	42,700	22,077	24,463	25,738	36,222	19,686	20,226	21,907	28,079	18,286	18,345	24,045	29,861	18,445	18,269	18,835	24,604	14,983	15,058	17,055	21,042	12,329	13,058	13,551	13,045	11,252	12,140	11,687	12,358	12,409	13,354	13,227	13,565	10,546	12,950	12,836	24,338	54,807	44,719	41,784	16,264	54,603	49,030	42,063	16,667	39,502	36,610	0	9,511	2,364	-123,398	-104,733	0	0	-113,796	-105,820	0	0	-91,280	-98,755	0	0	-99,043	430,294	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-817,000	-707,700	-561,200	-1,012,600	-462,700	-205,100	-504,500	-250,900	8,141,700	695,800	8,067,000	-480,000	2,734,700	-1,012,600	99,200	-606,000	1,696,300	72,800	-597,000	-650,400	-573,400	-222,700	-628,900	817,300	500,926	-323,337	-448,456	157,867	-126,021	-303,532	696,323	-366,064	-43,347	642,231	230,090	4,760,127	327,246	-212,605	-96,331	-152,901	30,806	3,589,619	-129,489	34,629	1,058,271	-58,195	142,850	27,440	1,081,830	61,645	80,146	-137,526	710,372	374,821	-177,513	2,650	23,513	-201,608	-19,830	2,983	-26,425	-250,569	-86,037	-25,141	-109,676	-286,094	14,284	-373,154	-39,662	-95,166	-95,166	-151,310	-88,308	-81,216	-88,170	-161,832	29,825	-97,348	38,641	-32,510	-38,693	-9,063	-17,490	-56,957	-46,867	43,646	12,205	-44,461	-44,461	71,010	9,858	266,631	266,631	374	797,350	1,028,192	343,988	93,749	-2,684	444,673	-20,458	301,597	136,611	95,777
Total Cash From Operating Activities	1,141,900	1,300,600	1,209,400	1,070,500	1,185,000	932,300	915,300	663,600	678,900	2,096,400	951,900	1,092,700	1,132,300	960,300	988,800	800,000	993,700	937,200	1,036,600	785,100	1,263,200	753,300	940,000	791,800	793,848	653,294	795,361	683,097	725,173	667,115	747,804	563,512	639,437	507,155	526,530	509,930	564,983	497,224	595,800	476,582	454,604	359,922	390,485	394,036	297,844	353,672	360,858	402,017	315,944	290,660	275,522	283,816	246,358	258,223	262,747	253,649	192,727	240,053	203,608	205,738	186,932	227,193	176,751	182,382	128,878	181,637	210,777	171,387	145,569	140,945	140,945	151,696	137,000	95,195	72,454	92,555	67,537	43,773	73,674	31,716	76,361	29,438	43,528	7,059	70,010	2,667	40,475	47,088	47,088	13,877	2,612	12,740	12,740	4,927	-30,279	-12,429	40,450	30,717	17,276	8,568	15,551	11,612	-6,997	-1,737
Total Cashflows From Investing Activities	0	-1,165,600	-439,700	-276,800	-2,355,200	-602,700	-390,400	-513,100	-10,167,700	-10,524,500	-9,066,900	-438,700	-3,814,000	-331,800	-385,400	-253,400	-2,586,700	-810,100	-267,400	-323,300	-694,400	-212,100	-562,400	-1,280,600	-1,290,404	-295,985	-294,217	-920,294	-2,102,300	-242,801	-1,357,885	-185,516	-537,458	-1,124,837	-830,021	-5,249,419	-846,138	-266,605	-545,749	-291,056	-4,214,699	-356,864	-225,146	-376,628	0	0	0	0	0	-502,344	-382,757	-674,530	-1,300,902	0	0	-150,680	-543,066	-344,381	-211,781	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,165	24,017	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Cost Of Revenue	6,347,100	3,263,800	2,682,000	2,227,200	2,216,800	2,177,800	2,053,700	1,787,951	1,306,815	1,092,428	858,329	720,718	620,956	474,586	416,375	389,855	359,622	343,537	318,129	256,113	311,667	446,209	848,042	524,074	155,857	61,751	8,713
Depreciation And Amortization	3,086,500	3,860,400	2,939,100	1,681,200	1,854,100	2,110,800	1,715,900	1,525,635	1,285,328	1,003,802	800,145	644,276	555,517	460,726	414,619	405,332	530,717	537,770	458,832	402,306	389,060	335,042	459,616	299,017	136,647	53,693	6,514
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	30	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	3,426,900	2,352,300	3,132,000	2,887,500	2,688,400	1,983,500	2,077,100	1,842,980	1,494,308	1,438,864	1,016,511	1,089,099	941,724	803,614	688,190	624,420	402,315	309,649	278,541	237,359	139,161	38,538	-53,269	-84,666	-41,058	-28,142	1,110
Ebitda	6,513,400	6,212,700	6,071,100	4,568,700	4,542,500	4,094,300	3,793,000	3,368,615	2,779,636	2,442,666	1,816,656	1,733,375	1,497,241	1,264,340	1,102,809	1,029,752	933,032	847,419	737,373	639,665	528,221	373,580	406,347	214,351	95,589	25,551	7,624
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	4,797,100	7,447,300	6,674,900	5,814,300	5,363,500	5,262,300	4,610,200	3,997,717	3,464,701	3,007,620	2,503,078	2,155,242	1,822,576	1,510,749	1,307,739	1,203,649	1,096,972	973,848	626,657	450,547	403,477	342,211	286,149	211,201	102,224	41,793	8,795
Income Before Tax	1,521,300	1,720,700	2,829,400	1,821,100	1,916,400	1,154,600	1,256,100	1,125,860	829,962	865,704	541,749	701,294	506,895	556,025	421,487	371,920	152,840	70,864	-127,474	-314,137	-308,628	-379,403	-566,881	-249,946	-49,141	-42,441	-2,049
Income Tax Expense	154,200	24,000	261,800	129,600	-200	-110,100	30,700	155,501	157,955	62,505	59,541	107,304	125,080	182,489	182,565	135,509	59,809	41,768	4,003	-80,176	-66,137	-64,634	-116,787	-59,656	214	-4,491	-473
Interest Expense	1,398,200	1,136,500	870,900	793,500	814,200	825,600	750,800	718,288	584,740	569,687	436,061	387,407	311,854	246,018	249,803	253,584	14,207	14,208	14,232	262,237	279,875	255,645	0	0	0	0	0
Interest Income	135,700	615,500	1,388,400	39,700	46,800	55,800	47,400	37,741	639,734	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	77,400	69,100	-100	900	28,800	28,300	-13,500	13,934	-13,067	-21,711	-69,125	-43,258	0	670	532	169	338	784	575	2,366	3,703	2,118	318	202	0	0	0
Net Income	1,483,300	1,765,800	2,567,700	1,690,600	1,887,800	1,236,400	1,238,900	956,425	685,074	824,910	551,333	637,283	392,685	372,936	246,595	347,246	56,316	27,484	-171,590	-247,587	-303,417	-1,141,879	-450,094	-194,628	-50,727	-46,842	-2,270
Net Income Applicable To Common Shares	0	1,765,800	2,567,700	1,690,600	1,887,800	1,227,000	1,151,500	849,300	594,911	801,022	551,333	637,283	396,462	372,936	238,416	236,264	92,712	28,338	0	0	0	0	0	0	0	0	0
Net Income From Continuing Ops	637,200	1,696,700	2,567,600	1,691,500	1,916,600	1,264,700	1,225,400	970,359	672,007	803,199	482,208	594,025	0	373,576	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-1,215,300	-1,064,900	-830,500	-753,800	-767,400	-770,900	-703,400	-680,547	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	504,900	568,300	-272,900	42,200	20,500	-38,900	-46,622	-214,566	-51,531	-214,260	-16,725	0	17,705	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	3,426,900	2,352,300	3,132,000	2,887,500	2,688,400	1,905,000	1,998,400	1,853,029	1,612,789	1,486,922	1,214,305	1,119,719	920,132	784,378	672,258	606,754	378,363	286,473	177,426	69,754	31,489	-95,644	-189,330	-101,634	-41,058	-28,142	933
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	7,717,300	8,358,800	6,224,900	5,154,000	4,891,900	5,535,100	4,665,500	3,932,639	3,158,727	2,613,126	2,147,102	1,756,241	1,523,400	1,200,957	1,051,856	986,750	1,078,231	1,030,912	767,360	636,906	683,655	884,064	1,323,521	836,909	299,139	131,686	16,576
Preferred Stock And Other Adjustments	0	0	0	0	0	9,400	87,400	107,125	90,163	23,888	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	3,136,300	3,355,100	2,332,600	1,882,300	1,778,400	2,110,800	1,715,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,896	8,630	14,517	1,607	0	0
Selling And Marketing Expenses	0	0	0	-3,000	0	3,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	964,500	972,300	811,600	781,700	730,400	736,500	639,900	545,833	499,888	448,379	417,089	329,062	288,824	229,769	201,694	180,374	186,483	159,324	37,977	27,468	26,867	24,349	26,478	14,958	9,136	17,871	1,536
Tax Provision	90,300	24,000	261,800	129,600	-200	-110,100	30,700	155,501	157,955	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	1,370,200	5,095,000	3,542,900	2,926,800	2,675,100	3,357,300	2,611,800	2,144,688	1,851,912	1,520,698	1,288,773	1,035,523	902,444	726,371	635,481	596,895	718,609	687,375	449,231	380,793	371,988	437,855	475,479	312,835	143,282	69,935	7,863
Total Other Income Expense Net	-1,905,600	-631,600	-302,600	-1,066,400	-772,000	20,500	-38,900	-46,622	-214,566	-65,533	-246,201	-38,698	-122,975	-1,571	-16,900	1,084	-23,933	-23,150	-103,193	-167,605	-107,672	-134,182	-136,061	-16,968	-8,083	-14,299	-177
Total Revenue	11,144,200	10,711,100	9,356,900	8,041,500	7,580,300	7,440,100	6,663,900	5,785,668	4,771,516	4,100,048	3,361,407	2,875,960	2,443,532	1,985,335	1,724,114	1,593,504	1,456,594	1,317,385	944,786	706,660	715,144	788,420	1,134,191	735,275	258,081	103,544	17,508

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31
Cost Of Revenue	1,576,300	815,800	827,300	806,100	805,000	836,500	822,900	799,400	735,500	724,300	647,900	574,300	572,600	562,600	540,000	552,000	550,200	559,900	563,300	543,400	540,900	556,700	560,300	519,900	526,400	519,094	516,337	491,830	487,461	490,639	459,711	350,787	355,882	364,894	321,970	264,069	276,584	283,757	271,822	260,265	251,216	200,482	205,303	201,328	193,788	184,904	172,384	170,985	188,502	160,265	151,077	135,328	132,945	122,973	112,199	106,469	107,502	108,594	102,573	97,705	98,566	103,857	96,874	90,558	93,520	88,777	90,042	87,283	88,626	85,737	85,737	81,612	102,410	90,618	62,719	62,382	19,714	80,185	79,734	76,480	83,522	83,032	78,626	84,328	-79,488	177,258	172,784	232,643	232,643	219,567	197,431	179,571	179,571	145,136	119,659	79,708	56,332	40,505	33,850	25,170	19,225	16,692	14,338	11,494	-	-	-	-
Depreciation And Amortization	764,900	762,900	764,600	727,100	814,700	898,100	826,500	815,800	643,900	611,400	554,800	522,500	481,200	473,200	454,800	473,300	449,800	584,100	595,100	589,500	765,900	448,900	449,700	446,300	466,100	432,354	396,355	421,140	388,237	397,999	397,765	341,634	352,356	341,096	328,356	263,520	263,546	249,066	245,427	245,763	244,811	184,922	184,608	185,804	178,488	144,061	172,072	149,655	143,615	142,113	138,558	131,231	124,105	115,383	110,403	110,835	106,745	105,543	102,463	99,868	104,174	104,389	99,697	97,072	129,613	131,484	131,637	130,194	130,622	132,811	0	133,261	127,747	116,752	84,784	81,971	91,695	78,695	81,925	77,134	76,500	77,687	80,770	80,840	31,866	97,207	96,214	122,518	0	118,898	103,956	85,096	0	75,973	67,093	55,198	39,620	35,111	33,139	24,669	19,066	17,243	9,953	5,802	-	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Ebit	796,900	1,085,600	823,100	775,600	-455,100	1,150,200	1,174,900	987,600	765,100	1,003,700	1,034,400	935,300	615,800	731,000	657,300	683,100	677,400	743,300	690,500	649,200	409,400	598,400	529,600	446,100	332,100	571,355	600,063	573,599	479,711	476,211	413,432	470,594	395,063	341,802	395,081	371,393	343,997	357,670	391,349	351,912	238,657	281,599	172,564	323,691	261,830	301,969	276,355	280,242	251,448	233,625	232,090	224,103	208,858	218,911	192,995	182,850	179,995	183,398	170,514	154,283	177,537	156,203	156,910	146,448	108,031	97,061	109,715	87,508	72,564	71,541	21,201	88,405	110,344	64,884	51,662	48,499	62,286	83,185	57,327	34,561	32,636	17,856	48,095	39,050	41,044	-7,736	11,382	34,532	-193,678	-23,840	-25,157	-29,937	-71,091	-20,904	-10,017	-23,808	-11,319	-10,332	-10,136	-9,271	-8,301	-5,177	-14,750	87	-	-	-	-
Ebitda	1,561,800	1,848,500	1,587,700	1,502,700	359,600	2,048,300	2,001,400	1,803,400	1,409,000	1,615,100	1,589,200	1,457,800	1,097,000	1,204,200	1,112,100	1,156,400	1,127,200	1,327,400	1,285,600	1,238,700	1,175,300	1,047,300	979,300	892,400	798,200	1,003,709	996,418	994,739	867,948	874,210	811,197	812,228	747,419	682,898	723,437	634,913	607,543	606,736	636,776	597,675	483,468	466,521	357,172	509,495	440,318	446,030	448,427	429,897	395,063	375,738	370,648	355,334	332,963	334,294	303,398	293,685	286,740	288,941	272,977	254,151	281,711	260,592	256,607	243,520	237,644	228,545	241,352	217,702	203,186	204,352	204,352	221,666	238,091	181,636	136,446	130,470	153,981	161,880	139,252	111,695	109,136	95,543	128,865	119,890	72,910	89,471	107,596	157,050	157,050	95,058	78,799	55,159	55,159	55,069	57,076	31,390	28,301	24,779	23,003	15,398	10,765	12,066	-4,797	-6,967	-1,570	4,500	2,000	1,400
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Gross Profit	1,210,400	2,002,800	1,944,400	1,961,100	1,900,000	1,835,000	1,851,400	1,860,900	1,709,700	1,730,000	1,651,000	1,584,200	1,549,900	1,450,300	1,373,000	1,441,100	1,373,500	1,393,700	1,326,300	1,270,000	1,591,000	1,228,800	1,220,600	1,221,900	1,178,100	1,161,672	1,146,097	1,124,408	1,052,088	1,024,206	982,516	938,260	924,159	873,016	852,405	815,121	769,730	754,431	759,635	723,824	690,753	607,398	603,527	601,400	574,586	528,431	525,350	525,532	464,697	470,138	446,158	427,367	414,697	390,349	357,738	347,965	340,471	335,511	320,785	310,973	309,758	305,411	296,854	291,626	284,592	278,808	268,381	265,191	249,020	240,126	240,126	238,797	205,215	174,128	125,341	121,973	108,607	119,003	113,238	109,699	107,999	103,842	99,596	92,833	90,429	89,349	84,597	79,916	79,916	76,629	65,537	64,182	64,182	63,822	47,388	35,809	32,649	27,034	25,303	17,238	12,834	13,786	8,744	9,608	-	4,500	2,000	1,400
Income Before Tax	35,200	643,000	474,700	368,400	-758,600	855,800	898,300	725,200	528,500	777,600	820,700	702,600	419,700	502,200	459,500	439,700	468,900	542,000	463,900	441,600	197,300	389,800	318,300	249,200	141,400	368,096	412,470	334,173	293,683	285,772	235,974	310,431	247,487	191,975	171,136	219,364	194,225	217,056	243,461	210,962	110,105	178,808	72,666	180,170	161,330	244,877	57,499	237,588	159,522	4,953	179,037	163,383	136,786	164,243	130,167	124,829	106,926	118,927	102,849	92,786	98,045	95,524	95,308	83,043	41,623	45,734	26,686	38,797	32,077	21,201	21,201	1,798	-32,680	-26,597	-33,558	-34,639	-97,676	-86,280	-77,137	-53,044	-60,040	-51,291	-98,945	-99,940	196,231	-355,773	-120,369	-193,678	-193,678	-148,031	-131,576	-71,091	-71,091	-53,349	-75,406	-51,100	-15,725	-13,286	-9,804	-10,326	-11,605	-7,913	-21,366	-1,557	-	-	-	-
Income Tax Expense	21,900	65,700	13,200	53,400	-42,000	36,100	7,400	22,500	87,300	51,400	72,800	50,300	58,100	39,300	11,100	21,100	-100,500	36,700	29,600	34,000	-95,400	12,500	3,900	-31,100	-53,400	33,412	23,980	26,763	60,830	22,037	43,510	29,124	25,892	94,235	13,956	23,872	12,628	10,426	21,802	17,649	36,180	15,586	-11,447	19,222	43,187	13,054	23,815	27,248	-36,901	24,681	65,877	71,423	53,099	70,649	30,352	28,389	42,682	51,348	51,428	37,107	15,255	34,918	44,535	40,801	42,095	-14,483	14,566	17,631	13,656	12,936	12,936	3,812	18,833	-6,646	-3,846	-4,338	-23,456	-29,076	-17,194	-10,450	-15,684	-13,593	-17,985	-19,508	2,906	-1,836	-36,111	-43,969	-43,969	-23,093	-27,636	-16,620	-16,620	-12,822	-16,774	-13,440	1,156	-195	79	-826	443	-1,955	-2,949	1,570	-	500	100	100
Interest Expense	350,700	359,200	348,100	340,200	303,500	294,000	276,600	262,400	224,100	226,100	213,700	207,000	196,100	190,900	197,700	208,800	200,900	201,300	204,500	207,500	208,800	208,600	211,300	196,900	190,400	189,076	187,319	183,986	186,366	190,439	178,288	160,163	146,763	149,827	148,877	148,304	144,852	143,583	146,604	140,712	127,818	102,791	97,229	108,223	100,500	103,386	100,233	95,117	84,661	77,796	74,512	74,427	68,623	62,904	56,074	58,417	61,458	64,122	62,654	61,568	14,253	3,586	3,584	3,541	235,824	3,584	3,584	3,498	215,643	3,584	54,063	3,498	222,419	3,609	3,584	3,498	262,237	3,584	3,652	3,540	279,875	3,523	3,528	3,502	255,645	3,514	3,471	63,770	68,255	62,247	70,352	66,971	44,794	42,048	38,734	32,310	0	0	0	0	0	0	0	0	-	-	-	-
Interest Income	36,300	45,700	30,600	225,300	936,800	199,300	14,300	9,900	1,192,100	36,200	59,200	11,400	11,500	181,200	8,400	10,100	10,500	12,200	11,700	175,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Minority Interest	71,600	9,600	14,200	-20,800	32,800	-20,000	-7,300	-9,000	-12,200	-3,200	1,278,600	7,300	-3,500	-1,500	2,300	3,600	6,700	6,700	5,200	10,200	15,100	10,400	7,700	-4,900	-43,685	17,416	21,439	-8,670	3,646	-774	4,914	6,148	-11,107	-5,259	1,124	2,175	1,210	-963	-12,772	-9,186	-26,057	-16,901	-15,708	-10,459	0	0	0	0	0	-4,025	-2,040	119	189	162	154	165	308	224	198	158	74	95	98	73	74	80	96	88	187	60	280	257	336	128	56	55	182	271	490	1,423	1,433	907	793	570	745	639	491	243	302	19	-58	58	284	-22	22	36	0	0	0	0	0	0	0	0	-	-	-	-
Net Income	84,900	586,900	475,700	335,800	-716,600	839,700	898,200	711,700	453,400	723,000	746,300	645,000	365,100	464,400	446,100	415,000	562,700	498,600	429,100	397,400	277,600	366,900	306,700	285,200	238,500	317,268	367,051	316,080	229,207	264,509	187,550	275,159	232,702	102,999	156,056	193,317	180,387	207,593	234,431	202,499	99,982	180,123	99,821	171,407	135,679	232,089	48,209	221,306	205,110	-15,701	115,211	91,842	83,514	93,439	99,665	96,318	64,350	67,355	56,488	58,601	85,839	60,466	158,786	42,155	-5,549	59,628	-19,991	22,228	18,285	7,664	7,664	-2,585	-87,341	-20,870	-31,818	-31,561	-88,268	-55,904	-60,535	-42,880	-51,217	-52,862	-107,715	-91,623	-52,444	-353,877	-101,168	-149,709	-149,709	-124,938	-103,940	-54,471	-54,471	-39,527	-58,632	-41,998	-18,253	-13,091	-9,883	-9,500	-12,048	-13,468	-19,799	-1,570	-1,570	-500	-100	-100
Net Income Applicable To Common Shares	0	586,900	475,700	335,800	-683,800	839,700	898,200	711,700	453,400	723,000	746,300	645,000	365,100	464,400	446,100	415,000	562,670	498,600	429,100	397,430	277,600	366,900	306,700	275,800	219,632	298,361	344,208	289,299	202,426	237,728	160,768	248,378	205,921	76,218	129,274	183,498	168,574	199,893	230,056	202,499	99,982	180,123	99,821	171,407	135,679	232,089	48,209	221,306	205,110	-15,701	115,211	91,842	83,514	93,438	99,671	96,283	64,298	67,358	51,229	55,531	82,891	60,516	50,683	42,174	32,573	60,139	12,030	21,080	18,244	3,722	7,991	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Income From Continuing Ops	13,300	577,300	461,500	315,000	-716,600	819,700	890,900	702,700	441,200	726,200	747,900	652,300	361,600	462,900	448,400	418,600	569,400	505,300	434,300	407,600	292,700	377,300	314,400	280,300	194,816	334,684	388,490	307,410	1,643,641	263,735	192,464	281,307	221,595	97,740	157,180	195,492	181,597	206,630	221,659	193,313	73,925	163,222	84,113	160,948	0	0	0	0	0	-19,726	113,171	91,961	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Interest Income	-314,400	-313,500	-317,500	-309,400	-274,900	-275,200	-262,300	-252,500	-212,100	-216,700	-206,100	-195,600	-184,600	-181,200	-189,300	-198,700	-190,400	-189,100	-192,800	-195,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Non Operating Income Net Other	0	0	-50,900	-67,000	-647,100	496,900	392,600	262,500	137,400	176,200	185,200	69,500	-58,500	-92,000	-34,100	-88,300	20,900	15,000	-15,500	21,800	6,400	21,100	-34,800	27,800	-35,524	-6,984	19,819	-16,211	0	-12,260	-196,832	12,208	-12,482	-66,659	-77,197	-58,228	-12,159	-27,200	-12,804	632	-43,443	-23,736	-139,331	-7,750	0	0	0	0	0	-145,554	27,771	19,511	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Operating Income	796,900	658,700	873,700	775,600	-455,100	1,150,200	1,174,900	987,600	626,600	827,500	849,200	828,700	674,300	785,100	691,300	736,800	661,300	728,300	683,900	614,900	388,900	567,200	546,000	402,900	329,000	561,151	576,909	531,379	489,296	479,074	432,806	451,853	402,124	400,925	389,774	419,966	345,979	384,807	402,499	353,637	292,928	308,879	312,812	299,686	279,235	295,552	270,486	274,446	247,738	228,305	225,789	218,300	203,441	213,372	188,716	178,849	176,449	179,077	166,447	150,285	163,930	154,367	154,790	144,856	100,466	98,491	93,296	86,110	75,985	70,772	70,772	69,047	64,794	45,489	32,641	30,252	4,061	24,632	19,289	21,772	12,426	12,016	3,825	1,649	233,543	-285,724	-24,138	-51,785	-51,785	-51,358	-47,383	-29,937	-29,937	-20,904	-26,985	-23,808	-11,319	-10,332	-10,136	-9,271	-8,301	-5,177	-14,750	-6,967	-6,967	4,500	2,000	1,400
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Other Operating Expenses	1,989,800	1,837,900	1,898,000	1,991,600	2,513,000	2,018,600	1,892,000	1,935,200	1,818,600	1,626,800	1,449,700	1,329,800	1,448,200	1,227,800	1,221,700	1,256,300	1,262,400	1,225,300	1,205,700	1,198,500	1,743,000	1,218,300	1,234,900	1,338,900	1,375,500	1,119,615	1,085,525	1,084,859	1,050,253	1,035,771	1,009,421	837,194	877,917	836,985	784,601	659,224	700,335	653,381	628,958	630,452	649,041	499,001	496,018	503,042	489,139	417,783	427,248	422,071	405,461	402,098	371,446	344,395	344,201	299,950	281,221	275,585	271,524	265,028	256,911	258,393	244,394	254,901	238,938	237,328	277,646	269,094	265,127	266,364	261,661	255,091	255,091	251,362	242,831	219,257	155,419	154,103	124,260	174,556	173,683	164,407	179,095	174,858	174,397	175,512	222,602	552,331	281,519	364,344	364,344	347,554	310,351	273,690	273,690	229,862	194,032	139,325	100,300	77,871	69,289	51,679	40,360	35,655	37,832	16,576	-	-	-	-
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,400	18,869	18,907	22,843	26,781	0	26,781	26,782	26,781	26,781	26,781	26,782	9,819	11,813	7,700	4,375	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Reconciled Depreciation	764,900	762,900	764,600	794,100	814,700	898,100	826,500	815,800	643,900	611,400	554,800	522,500	481,000	473,200	454,800	473,300	9,700	584,100	595,100	589,500	765,900	448,900	449,700	446,300	466,051	432,354	396,355	421,140	388,237	397,999	397,765	341,634	352,356	341,096	328,356	263,520	263,546	249,066	245,427	245,763	244,811	184,922	184,608	185,804	178,488	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	104,389	99,697	97,072	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8,668	8,668	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,616	0	1,003	613	1,232	1,185	1,030	1,592	1,592	1,736	2,557	4,022	4,022	5,311	4,196	988	0	0	0	0	0	0	0	0	-	-	-	-
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	21,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	647	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Selling General Administrative	252,300	231,900	244,400	391,400	224,300	284,000	242,600	320,000	439,200	205,900	207,200	233,000	217,800	176,000	188,600	217,800	179,600	187,900	164,800	198,100	192,500	177,900	157,900	204,900	171,600	148,626	153,994	165,674	138,844	132,135	138,881	135,973	143,874	115,327	116,826	123,861	129,540	109,354	98,952	110,533	117,161	98,128	100,209	101,591	89,828	81,459	76,848	79,584	73,895	76,476	72,321	66,132	65,365	57,295	53,582	53,527	46,337	47,865	49,861	57,631	44,962	44,719	41,784	48,909	46,747	49,030	42,063	48,643	44,017	36,610	36,610	34,975	12,674	11,887	6,443	6,973	7,077	6,861	6,651	6,879	6,761	6,493	5,962	6,035	5,405	5,641	6,474	7,591	7,591	7,353	6,407	5,001	5,001	3,442	3,084	3,431	2,741	2,255	2,300	1,840	2,069	1,720	13,541	541	-	-	-	-
Tax Provision	21,900	65,700	13,200	53,400	-42,000	36,100	7,400	22,500	87,300	51,400	72,800	50,300	58,100	39,300	11,100	21,100	-100,500	36,700	29,600	34,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Operating Expenses	413,500	1,022,100	1,070,700	1,185,500	1,708,000	1,182,100	1,069,100	1,135,800	1,083,100	902,500	801,800	755,500	875,600	665,200	681,700	704,300	712,200	665,400	642,400	655,100	1,202,100	661,600	674,600	819,000	849,100	600,521	569,188	593,029	562,792	545,132	549,710	486,407	522,035	472,091	462,631	395,155	423,751	369,624	357,136	370,187	397,825	298,519	290,715	301,714	295,351	232,879	254,864	251,086	216,959	241,833	220,369	209,067	211,256	176,977	169,022	169,116	164,022	156,434	154,338	160,688	145,828	151,044	142,064	146,770	184,126	180,317	175,085	179,081	173,035	169,354	169,354	169,750	140,421	128,639	92,700	91,721	104,546	94,371	93,949	87,927	95,573	91,826	95,771	91,184	-143,114	375,073	108,735	131,701	131,701	127,987	112,920	94,119	94,119	84,726	74,373	59,617	43,968	37,366	35,439	26,509	21,135	18,963	23,494	-16,576	-	-	-	-
Total Other Income Expense Net	-761,700	-24,200	-81,500	-407,200	-303,500	-294,400	-276,600	-262,400	114,000	166,800	177,600	69,500	-70,000	-101,700	-42,500	-98,400	-2,000	2,800	-27,200	21,800	6,400	21,100	-34,800	27,800	-8,900	-15,297	11,508	-26,138	-21,558	-12,260	-25,012	12,208	-12,482	-66,659	-77,197	-58,228	-12,755	-31,050	-17,747	-3,981	-59,243	-29,622	-144,329	-13,007	-18,832	46,294	-118,623	52,463	-7,265	-150,876	21,459	13,707	-3,449	8,236	-6,754	396	-11,611	-349	-5,011	71	-4,575	-1,831	-2,112	-1,587	-7,556	1,432	-16,413	-1,396	3,431	-763	-763	-19,358	-45,508	-19,465	-19,973	-18,247	-58,225	-58,553	-38,038	-12,789	-20,210	-5,840	-44,270	-37,401	192,499	-277,988	-35,520	-86,317	-86,317	-27,518	-22,226	-41,154	0	-32,445	-16,968	-27,292	-4,406	-2,954	332	-1,055	-3,304	-2,736	-6,616	-1,645	-	-	-	-
Total Revenue	2,786,700	2,818,600	2,771,700	2,767,200	2,705,000	2,671,500	2,674,300	2,660,300	2,445,200	2,454,300	2,298,900	2,158,500	2,122,500	2,012,900	1,913,000	1,993,100	1,923,700	1,953,600	1,889,600	1,813,400	2,131,900	1,785,500	1,780,900	1,741,800	1,704,500	1,680,766	1,662,434	1,616,238	1,539,549	1,514,845	1,442,227	1,289,047	1,280,041	1,237,910	1,174,375	1,079,190	1,046,314	1,038,188	1,031,457	984,089	941,969	807,880	808,830	802,728	768,374	713,335	697,734	696,517	653,199	630,403	597,235	562,695	547,642	513,322	469,937	454,434	447,973	444,105	423,358	408,678	408,324	409,268	393,728	382,184	378,112	367,585	358,423	352,474	337,646	325,863	325,863	320,409	307,625	264,746	188,060	184,355	128,321	199,188	192,972	186,179	191,521	186,874	178,222	177,161	10,941	266,607	257,381	312,559	312,559	296,196	262,968	243,753	243,753	208,958	167,047	115,517	88,981	67,539	59,153	42,408	32,059	30,478	23,082	9,608	9,608	4,500	2,000	1,400

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	11,144,200
Cost of Revenue	-6,347,100
Gross Profit	4,797,100	4,797,100

Operating Income (+$)
Gross Profit	4,797,100
Operating Expense	-1,370,200
Operating Income	3,426,900	3,426,900

Operating Expense (+$)
Research Development	0
Selling General Administrative	964,500
Selling And Marketing Expenses	0
Operating Expense	1,370,200	964,500

Net Interest Income (+$)
Interest Income	135,700
Interest Expense	-1,398,200
Other Finance Cost	-47,200
Net Interest Income	-1,215,300

Pretax Income (+$)
Operating Income	3,426,900
Net Interest Income	-1,215,300
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	1,521,300	5,332,500 EBIT - interestExpense = 2,028,700 1,637,500 2,881,500
Interest Expense	1,398,200
Earnings Before Interest and Taxes (EBIT)	3,426,900	2,919,500
Earnings Before Interest and Taxes (EBITDA)	6,513,400

After tax Income (+$)
Income Before Tax	1,521,300
Tax Provision	-90,300
Net Income From Continuing Ops	637,200	1,431,000
Net Income	1,483,300
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	7,717,300
Total Other Income/Expenses Net	-1,905,600	1,215,300

Technical Analysis of American Tower Corp
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of American Tower Corp. The general trend of American Tower Corp is UNKNOWN with 0.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine American Tower Corp's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator State	Bullish trend		Bearish trend
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of American Tower Corp.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 181.16 < 182.35 < 184.05.

The bearish price targets are: 167.85 > 158.04 > 151.81.

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American Tower Corp Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of American Tower Corp. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

American Tower Corp Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of American Tower Corp.

American Tower Corp Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of American Tower Corp. The current adx is .

American Tower Corp Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of American Tower Corp.

American Tower Corp Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of American Tower Corp.

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

American Tower Corp Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of American Tower Corp.

American Tower Corp Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of American Tower Corp.

American Tower Corp Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of American Tower Corp.

American Tower Corp Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of American Tower Corp.

American Tower Corp Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of American Tower Corp.

American Tower Corp Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of American Tower Corp.

American Tower Corp Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of American Tower Corp.

American Tower Corp Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of American Tower Corp.

American Tower Corp Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for American Tower Corp.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-08	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-18	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-21	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-03	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-10	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-17	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-19	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-24	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-25	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-31	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-02	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-13	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-27	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-28	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-29	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-18	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-19	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-03-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-09	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-12	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-15	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).

6.3. Candlestick Patterns

American Tower Corp Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of American Tower Corp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	171.800
Total			1/1 (100.0%)

Create your own Symbol Scanner

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Quick analysis of American Tower Corp (30 sec.)

What can you expect buying and holding a share of American Tower Corp? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of American Tower Corp (5 min.)

$171.30

$23.24

$22.46 - $66.22

$45.70 - $89.47

2. Growth of American Tower Corp (5 min.)

Is American Tower Corp growing?

How much money is American Tower Corp making?

How much money comes from the company's main activities?

3. Financial Health of American Tower Corp (5 min.)

What can you expect buying and holding a share of American Tower Corp? (5 min.)

What can you expect buying and holding a share of American Tower Corp?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of American Tower Corp

About American Tower Corp

Financial Health

Valuation

1.1. Profitability of American Tower Corp.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

1.1.2. Return on Assets

Trends

1.1.3. Return on Equity

Trends

1.2. Operating Efficiency of American Tower Corp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of American Tower Corp.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of American Tower Corp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of American Tower Corp

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

2.2. Price To Free Cash Flow Ratio

Trends

2. Book Value per Share

2.3. Price to Book Ratio

Trends

American Tower Corp
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