Elbit Systems Ltd
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Penke I guess you are interested in Elbit Systems Ltd. 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 Elbit Systems Ltd. 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 Elbit Systems Ltd (30 sec.)

What can you expect buying and holding a share of Elbit Systems Ltd? (30 sec.)

How much money do you get?

$2.04

When do you have the money?

1 year

How often do you get paid?

97.5%

What is your share worth?

Current worth

$65.56

Expected worth in 1 year

$69.26

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$5.74

Return On Investment

2.8%

For what price can you sell your share?

Current Price per Share

$203.09

Expected price per share

$185.08 - $241.05

How sure are you?

50%

1. Valuation of Elbit Systems Ltd (5 min.)

Live pricePrice per Share (EOD)

$203.09

Book Value per Share

$65.56

Intrinsic Value Per Share

$62.20 - $212.72

Total Value Per Share

$127.76 - $278.28

My calculation of the intrinsic value of Elbit Systems Ltd 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: ($0.53) 3Y: ($0.72) TTM: ($-0.42)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.08) 3Y: ($0.28) TTM: ($0.58)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$2.85	$5.56	$3.45 - $7.35
2	$6.74	$15.21	$4.78 - $11.81
3	$11.54	$28.71	$6.10 - $16.27
4	$17.14	$45.83	$7.42 - $20.74
5	$23.43	$66.34	$8.74 - $25.20
6	$30.32	$90.04	$10.06 - $29.66
7	$37.72	$116.71	$11.38 - $34.13
8	$45.55	$146.17	$12.70 - $38.59
9	$53.73	$178.23	$14.03 - $43.06
10	$62.20	$212.72	$15.35 - $47.52

2. Growth of Elbit Systems Ltd (5 min.)

Is Elbit Systems Ltd growing?

	Current year	Previous year	Grow	Grow %
How rich?	$2.9b	$2.6b	$224.4m	7.9%

How much money is Elbit Systems Ltd making?

	Current year	Previous year	Grow	Grow %
Making money	$53.7m	$57.7m	-$3.9m	-7.3%
Net Profit Margin	3.6%	4.2%	-	-

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

Quarterly Yearly

3. Financial Health of Elbit Systems Ltd (5 min.)

4. Comparing to competitors in the Aerospace & Defense industry (5 min.)

Industry Rankings (Aerospace & Defense)

Richest
#31 / 197

Most Revenue
#40 / 197

Most Profit
#43 / 197

Most Efficient
#93 / 197

What can you expect buying and holding a share of Elbit Systems Ltd? (5 min.)

Welcome investor! Elbit Systems Ltd's management wants to use your money to grow the business. In return you get a share of Elbit Systems Ltd.

What can you expect buying and holding a share of Elbit Systems Ltd?

First you should know what it really means to hold a share of Elbit Systems Ltd. And how you can make/lose money.

Speculation

The Price per Share of Elbit Systems Ltd is $203.09. 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 Elbit Systems Ltd.
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 Elbit Systems Ltd, 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 $65.56. Based on the TTM, the Book Value Change Per Share is $0.93 per quarter. Based on the YOY, the Book Value Change Per Share is $1.15 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 $0.51 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Elbit Systems Ltd.

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	0.67	0.3%	1.21	0.6%	1.54	0.8%	1.38	0.7%	1.28	0.6%
Usd Book Value Change Per Share	1.83	0.9%	0.93	0.5%	1.15	0.6%	1.19	0.6%	0.97	0.5%
Usd Dividend Per Share	0.53	0.3%	0.51	0.3%	0.49	0.2%	0.51	0.3%	0.52	0.3%
Usd Total Gains Per Share	2.36	1.2%	1.43	0.7%	1.64	0.8%	1.71	0.8%	1.48	0.7%
Usd Price Per Share	213.25	-	197.60	-	201.00	-	165.02	-	130.98	-
Price to Earnings Ratio	79.29	-	45.89	-	34.28	-	43.43	-	59.07	-
Price-to-Total Gains Ratio	90.44	-	181.19	-	379.12	-	127.22	-	-144.33	-
Price to Book Ratio	3.25	-	3.10	-	3.45	-	3.00	-	2.90	-
Price-to-Total Gains Ratio	90.44	-	181.19	-	379.12	-	127.22	-	-144.33	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	203.09
Number of shares	4

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.51	0.51
Usd Book Value Change Per Share	0.93	1.19
Usd Total Gains Per Share	1.43	1.71
Gains per Quarter (4 shares)	5.74	6.82
Gains per Year (4 shares)	22.96	27.28

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	8	15	13	8	19	17
2	16	30	36	16	38	44
3	24	44	59	25	57	71
4	33	59	82	33	76	98
5	41	74	105	41	95	125
6	49	89	128	49	115	152
7	57	104	151	57	134	179
8	65	119	174	66	153	206
9	73	133	197	74	172	233
10	81	148	220	82	191	260

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%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	99.0	2.0	0.0	98.0%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	10.0	1.0	1.0	83.3%	15.0	4.0	1.0	75.0%	33.0	6.0	1.0	82.5%	83.0	11.0	7.0	82.2%
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%	39.0	0.0	1.0	97.5%	91.0	0.0	10.0	90.1%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	18.0	2.0	0.0	90.0%	36.0	4.0	0.0	90.0%	93.0	8.0	0.0	92.1%

Fundamentals of Elbit Systems Ltd

About Elbit Systems Ltd

https://www.elbitsystems.com
Aerospace & Defense
19000
Advanced Technology Center, Haifa, Israel, 3100401
Google Maps Bing Maps

Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company operates through Aerospace, C4I and Cyber, ISTAR and EW, Land, and Elbit Systems of America segments. It also offers military aircraft and helicopter systems; commercial aviation systems and aerostructures; unmanned aircraft systems; electro-optic, night vision, and countermeasures systems; naval systems; land vehicle systems; munitions, such as precision munitions for land, air, and sea applications; command, control, communications, computer, intelligence, surveillance and reconnaissance, and cyber systems; electronic warfare and signal intelligence systems; and other commercial activities. In addition, the company manufactures and sells data links and radio communication systems and equipment, and cyber intelligence, autonomous, and homeland security solutions. Further, it provides various electronic warfare and signal intelligence systems, and laser systems; armored vehicle and other platforms survivability and protection systems, artillery, and mortar systems, as well as provides various training and support services. Additionally, the company offers products and systems solutions to military, homeland security, medical instrumentation, and commercial aviation clients. It markets its systems and products as a prime contractor or subcontractor to various governments and companies. It also has operations in Israel, North America, Europe, Latin America, the Asia-Pacific, and internationally. The company was incorporated in 1966 and is based in Haifa, Israel.

Fundamental data was last updated by Penke on 2024-04-11 07:06:05.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able 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 able to pay all its debts by selling its assets.
The company is just not able to pay all its debts with equity.

Valuation

Valuation Details

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

1.1. Profitability of Elbit Systems Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Elbit Systems Ltd earns for each $1 of revenue.

Above 10% is considered healthy but always compare Elbit Systems Ltd to the Aerospace & Defense industry mean.
A Net Profit Margin of 1.8% means that $0.02 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Elbit Systems Ltd:

The MRQ is 1.8%. The company is making a profit. +1
The TTM is 3.6%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	1.8%	TTM	3.6%	-1.9%
TTM	3.6%	YOY	4.2%	-0.5%
TTM	3.6%	5Y	4.7%	-1.1%
5Y	4.7%	10Y	5.6%	-0.9%

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	1.8%	4.9%	-3.1%
TTM	3.6%	4.1%	-0.5%
YOY	4.2%	3.1%	+1.1%
5Y	4.7%	3.0%	+1.7%
10Y	5.6%	3.5%	+2.1%

Measures how much net profit Elbit Systems Ltd earns for each $1 of revenue.

Revenue is the amount of profit Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense industry mean.
Can be used to compare companies within the Aerospace & Defense industry.

You typically want a high profit margin. This means that for each $1 in sales, Elbit Systems Ltd makes more profit. This shows the investor how efficiently Elbit Systems Ltd is operating in general and compared to other companies in the same industry. Elbit Systems Ltd operates in the Aerospace & Defense industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Elbit Systems Ltd. If profit margins remain low (compared to the Aerospace & Defense 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 Elbit Systems Ltd is 0.02. This means that Elbit Systems Ltd earned $0.02 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 Aerospace & Defense industry is 4.9%.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd with other companies in the same industry (Aerospace & Defense).
Net profit margin should rise over the years.
Can be influenced when Elbit Systems Ltd sells assets (profit will increase while costs remain the same).
It won’t show what part of Elbit Systems Ltd 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 Elbit Systems Ltd

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 Elbit Systems Ltd = 30,008
Total revenue MRQ Elbit Systems Ltd = 1,711,397
$30,008 / $1,711,397 = 0.02 or 1.8%

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 Elbit Systems Ltd is using its assets to generate profit.

Above 5% is considered healthy but always compare Elbit Systems Ltd to the Aerospace & Defense industry mean.
0.3% Return on Assets means that Elbit Systems Ltd generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Elbit Systems Ltd:

The MRQ is 0.3%. 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	0.3%	TTM	0.6%	-0.3%
TTM	0.6%	YOY	0.6%	-0.1%
TTM	0.6%	5Y	0.7%	-0.1%
5Y	0.7%	10Y	1.0%	-0.2%

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	0.3%	1.2%	-0.9%
TTM	0.6%	0.8%	-0.2%
YOY	0.6%	0.7%	-0.1%
5Y	0.7%	0.7%	+0.0%
10Y	1.0%	0.8%	+0.2%

Shows how efficient Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense 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 Elbit Systems Ltd is using its resources to generate profit. If the return on assets (0.3%) from Elbit Systems Ltd are higher than the Aerospace & Defense mean (1.2%) that means Elbit Systems Ltd 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 Elbit Systems Ltd is 0.3%. 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 Aerospace & Defense industry is 1.2%.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

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

Income statement
Balance sheet

Net income MRQ (income statement) from Elbit Systems Ltd = 30,008
Total assets MRQ (balance sheet) from Elbit Systems Ltd = 9,658,976
30,008 / 9,658,976 = 0.00 or 0.3%

ROA is an important ratio as it will tell you how effectively Elbit Systems Ltd 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 Elbit Systems Ltd is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Elbit Systems Ltd to the Aerospace & Defense industry mean.
1.0% Return on Equity means Elbit Systems Ltd generated $0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Elbit Systems Ltd:

The MRQ is 1.0%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 1.9%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	1.0%	TTM	1.9%	-0.9%
TTM	1.9%	YOY	2.2%	-0.3%
TTM	1.9%	5Y	2.5%	-0.6%
5Y	2.5%	10Y	3.0%	-0.5%

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	1.0%	2.4%	-1.4%
TTM	1.9%	1.9%	+0.0%
YOY	2.2%	1.8%	+0.4%
5Y	2.5%	1.8%	+0.7%
10Y	3.0%	2.0%	+1.0%

Shows how efficient Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense 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 Aerospace & Defense 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 Elbit Systems Ltd is 1.0%. This means Elbit Systems Ltd generated $0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Aerospace & Defense industry is 2.4%.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd up to 10 years back (depending if Elbit Systems Ltd 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 Elbit Systems Ltd

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Elbit Systems Ltd = 30,008
Shareholders equity (balance sheet) MRQ Elbit Systems Ltd = 2,923,109
30,008 / 2,923,109 = 0.01 or 1.0%

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 Elbit Systems Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Elbit Systems Ltd is operating .

Measures how much profit Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense industry mean.
An Operating Margin of 4.2% means the company generated $0.04 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Elbit Systems Ltd:

The MRQ is 4.2%. The company is operating less efficient.
The TTM is 6.2%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	4.2%	TTM	6.2%	-2.0%
TTM	6.2%	YOY	6.8%	-0.7%
TTM	6.2%	5Y	6.7%	-0.5%
5Y	6.7%	10Y	7.3%	-0.6%

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	4.2%	7.5%	-3.3%
TTM	6.2%	5.3%	+0.9%
YOY	6.8%	4.5%	+2.3%
5Y	6.7%	4.8%	+1.9%
10Y	7.3%	4.5%	+2.8%

Measures how efficient Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense 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 Elbit Systems Ltd 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 Elbit Systems Ltd is 4.2%. This means that Elbit Systems Ltd earned $0.04 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Aerospace & Defense industry is 7.5%.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Elbit Systems Ltd = 71,137
Total revenue MRQ Elbit Systems Ltd = 1,711,397
$71,137 / $1,711,397 = 0.04 or 4.2%

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 Elbit Systems Ltd is keeping operating costs low.

Below 1 is considered healthy (always compare to Aerospace & Defense industry mean).
An Operation Ratio of 0.96 means that the operating costs are $0.96 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Elbit Systems Ltd:

The MRQ is 0.958. The company is less efficient in keeping operating costs low.
The TTM is 0.938. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.958	TTM	0.938	+0.021
TTM	0.938	YOY	0.926	+0.011
TTM	0.938	5Y	0.928	+0.009
5Y	0.928	10Y	0.920	+0.008

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	0.958	1.205	-0.247
TTM	0.938	1.176	-0.238
YOY	0.926	1.101	-0.175
5Y	0.928	1.163	-0.235
10Y	0.920	1.128	-0.208

Measures how efficient Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense 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 Elbit Systems Ltd is 95.8%. This means that Elbit Systems Ltd earned $0.96 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 Aerospace & Defense industry is 1.21.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

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
(1,309,168 +331,091) \ 1,711,397 = 0.96

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 Elbit Systems Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Elbit Systems Ltd is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Aerospace & Defense industry mean).
A Current Ratio of 1.14 means the company has $1.14 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Elbit Systems Ltd:

The MRQ is 1.142. The company is just able to pay all its short-term debts.
The TTM is 1.135. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.142	TTM	1.135	+0.006
TTM	1.135	YOY	1.184	-0.048
TTM	1.135	5Y	1.175	-0.040
5Y	1.175	10Y	1.259	-0.084

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	1.142	1.455	-0.313
TTM	1.135	1.481	-0.346
YOY	1.184	1.520	-0.336
5Y	1.175	1.605	-0.430
10Y	1.259	1.605	-0.346

Measures if Elbit Systems Ltd 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 Aerospace & Defense 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 Elbit Systems Ltd 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 Elbit Systems Ltd is 1.14. This means Elbit Systems Ltd has $1.14 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Aerospace & Defense industry is 1.46.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
5,462,494 \ 4,783,923) = 1.14

The current ratio measures if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Elbit Systems Ltd to the Aerospace & Defense industry mean.
A Quick Ratio of 0.63 means the company can pay off $0.63 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Elbit Systems Ltd:

The MRQ is 0.634. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.661. 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	0.634	TTM	0.661	-0.027
TTM	0.661	YOY	0.756	-0.095
TTM	0.661	5Y	0.751	-0.090
5Y	0.751	10Y	0.808	-0.057

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	0.634	0.730	-0.096
TTM	0.661	0.808	-0.147
YOY	0.756	0.909	-0.153
5Y	0.751	0.901	-0.150
10Y	0.808	0.915	-0.107

Measures if Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense 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 Elbit Systems Ltd can pay off its short term debts. This shows if Elbit Systems Ltd 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 Elbit Systems Ltd is 0.63. This means that Elbit Systems Ltd can pay off $0.63 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Aerospace & Defense industry is 0.73.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

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 Elbit Systems Ltd: (206,226 + 10,431 +2,817,186) / 4,783,923 = 0.63

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 Elbit Systems Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Elbit Systems Ltd assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Elbit Systems Ltd to Aerospace & Defense industry mean.
A Debt to Asset Ratio of 0.70 means that Elbit Systems Ltd assets are financed with 69.7% credit (debt) and the remaining percentage (100% - 69.7%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Elbit Systems Ltd:

The MRQ is 0.697. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.704. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.697	TTM	0.704	-0.007
TTM	0.704	YOY	0.719	-0.016
TTM	0.704	5Y	0.713	-0.009
5Y	0.713	10Y	0.686	+0.027

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	0.697	0.611	+0.086
TTM	0.704	0.598	+0.106
YOY	0.719	0.590	+0.129
5Y	0.713	0.616	+0.097
10Y	0.686	0.624	+0.062

Measures how much % of Elbit Systems Ltd assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Elbit Systems Ltd than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Elbit Systems Ltd to Aerospace & Defense 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 Elbit Systems Ltd is 0.70. This means means that Elbit Systems Ltd is financed with 69.7% 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 Aerospace & Defense industry is 145.5%.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Elbit Systems Ltd

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

Balance sheet
Debt to asset ratio = total debt \ total assets
6,733,102 \ 9,658,976 = 69.7% or 0.70.

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 Elbit Systems Ltd is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Elbit Systems Ltd to the Aerospace & Defense industry mean.
A Debt to Equity ratio of 230.3% means that company has $2.30 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Elbit Systems Ltd:

The MRQ is 2.303. The company is just not able to pay all its debts with equity.
The TTM is 2.378. The company is just not able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	2.303	TTM	2.378	-0.075
TTM	2.378	YOY	2.575	-0.197
TTM	2.378	5Y	2.499	-0.120
5Y	2.499	10Y	2.233	+0.266

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
MRQ	2.303	1.402	+0.901
TTM	2.378	1.371	+1.007
YOY	2.575	1.321	+1.254
5Y	2.499	1.530	+0.969
10Y	2.233	1.645	+0.588

Measures if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd is 2.30. This means that Elbit Systems Ltd can pay off $2.30 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Aerospace & Defense industry is 1.40.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
6,733,102 \ 2,923,109 = 2.30 or 230.3%

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 Elbit Systems Ltd

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 Elbit Systems Ltd generates.

Above 15 is considered overpriced but always compare Elbit Systems Ltd to the Aerospace & Defense industry mean.
A PE ratio of 79.29 means the investor is paying $79.29 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Elbit Systems Ltd:

The EOD is 75.512. Based on the earnings, the company is expensive. -2
The MRQ is 79.290. Based on the earnings, the company is expensive. -2
The TTM is 45.893. Based on the earnings, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	75.512	MRQ	79.290	-3.778
MRQ	79.290	TTM	45.893	+33.397
TTM	45.893	YOY	34.280	+11.613
TTM	45.893	5Y	43.428	+2.465
5Y	43.428	10Y	59.070	-15.642

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
EOD	75.512	20.543	+54.969
MRQ	79.290	17.367	+61.923
TTM	45.893	16.686	+29.207
YOY	34.280	16.974	+17.306
5Y	43.428	16.620	+26.808
10Y	59.070	19.231	+39.839

Measures how much money you pay for each share for every $1 in earnings Elbit Systems Ltd 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 Elbit Systems Ltd to the Aerospace & Defense 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 Elbit Systems Ltd is 79.29. This means the investor is paying $79.29 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Aerospace & Defense industry is 17.37.
What is the trend?
The trend is important because it shows you how Elbit Systems Ltd is performing over time. The most recent quarter might be important if Elbit Systems Ltd 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 Elbit Systems Ltd 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 Elbit Systems Ltd

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 \ 44,630 = EPS
PE ratio MRQ = 79.29

* 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 Elbit Systems Ltd:

The EOD is 8.014. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 8.415. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is -16.226. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	8.014	MRQ	8.415	-0.401
MRQ	8.415	TTM	-16.226	+24.641
TTM	-16.226	YOY	8.536	-24.762
TTM	-16.226	5Y	-1.373	-14.853
5Y	-1.373	10Y	10.456	-11.829

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
EOD	8.014	7.794	+0.220
MRQ	8.415	6.684	+1.731
TTM	-16.226	0.348	-16.574
YOY	8.536	-0.312	+8.848
5Y	-1.373	-0.018	-1.355
10Y	10.456	0.341	+10.115

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Elbit Systems Ltd is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Aerospace & Defense industry mean).
A PB ratio of 3.25 means the investor is paying $3.25 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Elbit Systems Ltd:

The EOD is 3.098. Based on the equity, the company is fair priced.
The MRQ is 3.253. Based on the equity, the company is fair priced.
The TTM is 3.105. Based on the equity, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	3.098	MRQ	3.253	-0.155
MRQ	3.253	TTM	3.105	+0.148
TTM	3.105	YOY	3.446	-0.342
TTM	3.105	5Y	2.997	+0.107
5Y	2.997	10Y	2.896	+0.101

Compared to industry (Aerospace & Defense)

Period	Company	Industry (mean)	+/-
EOD	3.098	2.664	+0.434
MRQ	3.253	2.413	+0.840
TTM	3.105	2.474	+0.631
YOY	3.446	2.180	+1.266
5Y	2.997	2.605	+0.392
10Y	2.896	2.796	+0.100

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Elbit Systems Ltd.

3.1. Funds holding Elbit Systems Ltd

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Dynamic Global Dividend Series F	2.2037	5.7942	980074	-89226	-8.3443
2024-02-29	Vanguard Total Intl Stock Index Inv	0.758	0.018	337090	1530	0.456
2023-12-31	Dynamic Global Asset Allocation I	0.7396	4.0753	328943	-23957	-6.7886
2024-03-28	Invesco Aerospace & Defense ETF	0.5882	1.8149	261594	-30875	-10.5567
2024-02-29	Vanguard Developed Markets Index Admiral	0.4512	0.024	200658	1230	0.6168
2023-12-31	Dynamic Global Discovery	0.41	5.7709	182333	-16667	-8.3754
2024-02-29	Vanguard Instl Ttl Intl Stk Mkt Idx TrII	0.3646	0.0182	162133	980	0.6081
2024-03-28	iShares Core MSCI EAFE ETF	0.3597	0.0292	159988	0	0
2024-02-29	Fidelity SAI Intl Low Volatil Idx	0.3399	0.4654	151167	1036	0.6901
2023-12-31	Dynamic Global Dividend Class I	0.3259	5.8224	144933	-12167	-7.7447
2024-03-28	iShares MSCI EAFE Min Vol Factor ETF	0.2818	0.3736	125332	0	0
2024-03-31	EAFE Equity Index Fund F	0.2429	0.0335	108020	3622	3.4694
2023-12-31	Dynamic Global Yield Private Pool F	0.2018	1.2311	89741	-6159	-6.4223
2024-03-28	SPDR® S&P Kensho New Economies Comps ETF	0.1968	0.9201	87516	0	0
2023-12-31	Dynamic Global Equity Private Pool Cl F	0.1922	1.4897	85484	-5016	-5.5425
2024-03-28	iShares MSCI EAFE ETF	0.1881	0.0329	83643	0	0
2024-02-29	Fidelity Select Defense & Aerospace	0.1835	1.1604	81600	0	0
2024-02-29	Fidelity International Index	0.1699	0.0348	75576	-114	-0.1506
2024-03-28	VanEck Defense ETF A USD Acc	0.1585	2.9525	70504	2188	3.2028
2024-03-31	ARK Industrial Innovation	0.1544	1.6368	68672	-8946	-11.5257
Total		8.5107	33.6979	3785001	-182541	-4.8%

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Elbit Systems Ltd 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	-	-	1.826	0.926	+97%	1.148	+59%	1.193	+53%	0.968	+89%
Book Value Per Share	-	-	65.558	63.611	+3%	58.614	+12%	54.867	+19%	44.497	+47%
Current Ratio	-	-	1.142	1.135	+1%	1.184	-4%	1.175	-3%	1.259	-9%
Debt To Asset Ratio	-	-	0.697	0.704	-1%	0.719	-3%	0.713	-2%	0.686	+2%
Debt To Equity Ratio	-	-	2.303	2.378	-3%	2.575	-11%	2.499	-8%	2.233	+3%
Dividend Per Share	-	-	0.532	0.509	+4%	0.487	+9%	0.512	+4%	0.516	+3%
Eps	-	-	0.672	1.206	-44%	1.545	-56%	1.382	-51%	1.285	-48%
Free Cash Flow Per Share	-	-	6.336	-0.422	+107%	1.301	+387%	0.383	+1556%	0.533	+1088%
Free Cash Flow To Equity Per Share	-	-	1.402	0.055	+2469%	-0.295	+121%	0.300	+367%	0.487	+188%
Gross Profit Margin	-	-	-2.042	-0.845	-59%	-2.283	+12%	-1.271	-38%	-2.326	+14%
Intrinsic Value_10Y_max	-	-	212.720	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	62.202	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	5.559	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	2.848	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	28.711	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	11.540	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	66.341	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	23.434	-	-	-	-	-	-	-	-
Market Cap	9030945193.000	-5%	9517347500.000	8812941349.250	+8%	8957271361.250	+6%	7346915013.600	+30%	5828712431.938	+63%
Net Profit Margin	-	-	0.018	0.036	-52%	0.042	-58%	0.047	-63%	0.056	-69%
Operating Margin	-	-	0.042	0.062	-33%	0.068	-39%	0.067	-38%	0.073	-43%
Operating Ratio	-	-	0.958	0.938	+2%	0.926	+3%	0.928	+3%	0.920	+4%
Pb Ratio	3.098	-5%	3.253	3.105	+5%	3.446	-6%	2.997	+9%	2.896	+12%
Pe Ratio	75.512	-5%	79.290	45.893	+73%	34.280	+131%	43.428	+83%	59.070	+34%
Price Per Share	203.090	-5%	213.250	197.600	+8%	201.000	+6%	165.015	+29%	130.975	+63%
Price To Free Cash Flow Ratio	8.014	-5%	8.415	-16.226	+293%	8.536	-1%	-1.373	+116%	10.456	-20%
Price To Total Gains Ratio	86.129	-5%	90.437	181.193	-50%	379.118	-76%	127.220	-29%	-144.329	+260%
Quick Ratio	-	-	0.634	0.661	-4%	0.756	-16%	0.751	-16%	0.808	-22%
Return On Assets	-	-	0.003	0.006	-45%	0.006	-50%	0.007	-56%	0.010	-68%
Return On Equity	-	-	0.010	0.019	-46%	0.022	-53%	0.025	-59%	0.030	-66%
Total Gains Per Share	-	-	2.358	1.435	+64%	1.635	+44%	1.705	+38%	1.484	+59%
Usd Book Value	-	-	2925874005.000	2836708001.250	+3%	2612284500.000	+12%	2442592450.250	+20%	1980063675.125	+48%
Usd Book Value Change Per Share	-	-	1.826	0.926	+97%	1.148	+59%	1.193	+53%	0.968	+89%
Usd Book Value Per Share	-	-	65.558	63.611	+3%	58.614	+12%	54.867	+19%	44.497	+47%
Usd Dividend Per Share	-	-	0.532	0.509	+4%	0.487	+9%	0.512	+4%	0.516	+3%
Usd Eps	-	-	0.672	1.206	-44%	1.545	-56%	1.382	-51%	1.285	-48%
Usd Free Cash Flow	-	-	282753687.000	-18766078.250	+107%	57916000.000	+388%	17030484.350	+1560%	23726017.175	+1092%
Usd Free Cash Flow Per Share	-	-	6.336	-0.422	+107%	1.301	+387%	0.383	+1556%	0.533	+1088%
Usd Free Cash Flow To Equity Per Share	-	-	1.402	0.055	+2469%	-0.295	+121%	0.300	+367%	0.487	+188%
Usd Market Cap	9030945193.000	-5%	9517347500.000	8812941349.250	+8%	8957271361.250	+6%	7346915013.600	+30%	5828712431.938	+63%
Usd Price Per Share	203.090	-5%	213.250	197.600	+8%	201.000	+6%	165.015	+29%	130.975	+63%
Usd Profit	-	-	30008000.000	53782750.000	-44%	57717750.000	-48%	59293350.000	-49%	56052950.000	-46%
Usd Revenue	-	-	1711396504.000	1515086626.000	+13%	1413254250.000	+21%	1308142825.200	+31%	1063760312.600	+61%
Usd Total Gains Per Share	-	-	2.358	1.435	+64%	1.635	+44%	1.705	+38%	1.484	+59%
	EOD	+4 -4	MRQ	TTM	+21 -15	YOY	+23 -13	5Y	+20 -16	10Y	+21 -15

4.2. Fundamental Score

Let's check the fundamental score of Elbit Systems Ltd based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	75.512
Price to Book Ratio (EOD)	Between	0-1	3.098
Net Profit Margin (MRQ)	Greater than	0	0.018
Operating Margin (MRQ)	Greater than	0	0.042
Quick Ratio (MRQ)	Greater than	1	0.634
Current Ratio (MRQ)	Greater than	1	1.142
Debt to Asset Ratio (MRQ)	Less than	1	0.697
Debt to Equity Ratio (MRQ)	Less than	1	2.303
Return on Equity (MRQ)	Greater than	0.15	0.010
Return on Assets (MRQ)	Greater than	0.05	0.003
Total			4/10 (40.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of Elbit Systems Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	49.692
Ma 20	Greater than	Ma 50	202.992
Ma 50	Greater than	Ma 100	206.750
Ma 100	Greater than	Ma 200	207.477
Open	Greater than	Close	204.030
Total			2/5 (40.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

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
Interest Expense		26,759	-3,625	23,134	8,923	32,057	3,665	35,722	-51,246	-15,524

Latest Balance Sheet

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

Summary

Total Assets	9,658,976
Total Liabilities	6,733,102
Total Stockholder Equity	2,923,109

	As reported
Total Liabilities	6,733,102
Total Stockholder Equity	+ 2,923,109
Total Assets	= 9,658,976

Assets

Total Assets	9,658,976
Total Current Assets	5,462,494
Long-term Assets	4,196,482

Total Current Assets

Total Current Assets (as reported)	5,462,494
Cash And Cash Equivalents	195,795
Short-term Investments	10,431
Net Receivables	2,817,186
Inventory	2,279,000
Other Current Assets	160,082
Total Current Assets (calculated)	5,462,494
+/-	0

Long-term Assets

Long-term Assets (as reported)	4,196,482
Property Plant Equipment	1,501,305
Goodwill	1,486,659
Long Term Investments	152,480
Intangible Assets	390,520
Long-term Assets Other	199,997
Long-term Assets (calculated)	3,730,961
+/-	465,521

Liabilities & Shareholders' Equity

Total Current Liabilities	4,783,923
Long-term Liabilities	1,949,179
Total Stockholder Equity	2,923,109

Total Current Liabilities

Total Current Liabilities (as reported)	4,783,923
Short-term Debt	713,317
Short Long Term Debt	651,880
Accounts payable	1,243,747
Other Current Liabilities	1,184,462
Total Current Liabilities (calculated)	3,793,406
+/-	990,517

Long-term Liabilities

Long-term Liabilities (as reported)	1,949,179
Long term Debt	384,074
Capital Lease Obligations	430,490
Long-term Liabilities Other	74,032
Long-term Liabilities (calculated)	888,596
+/-	1,060,583

Total Stockholder Equity

Total Stockholder Equity (as reported)	2,923,109
Common Stock	12,710
Retained Earnings	2,488,150
Accumulated Other Comprehensive Income	-17,650
Other Stockholders Equity	439,899
Total Stockholder Equity (calculated)	2,923,109
+/-	0

Other

Capital Stock	12,816
Cash and Short Term Investments	206,226
Common Stock Shares Outstanding	44,630
Current Deferred Revenue	1,642,397
Liabilities and Stockholders Equity	9,658,976
Net Debt	1,258,512
Net Invested Capital	3,983,457
Net Working Capital	684,234
Property Plant and Equipment Gross	2,982,714
Short Long Term Debt Total	1,454,308

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

1996-12-31

1996-09-30

1996-06-30

1996-03-31

> Total Assets

0
0
0
241,400
245,300
0
0
320,700
0
322,300
342,500
354,200
363,300
403,200
416,900
456,517
442,733
466,915
788,862
828,039
820,410
831,069
859,339
905,730
828,039
930,854
921,091
935,841
935,841
958,061
947,944
1,023,736
1,023,736
1,012,038
1,006,858
1,039,300
1,039,300
1,154,293
1,315,223
1,619,745
1,619,745
1,727,526
1,676,263
1,770,082
1,770,082
2,534,856
2,685,971
2,781,492
2,781,492
2,982,108
2,858,000
2,934,147
2,901,275
2,941,189
2,997,195
3,053,677
3,032,376
3,222,238
3,372,309
3,611,100
3,672,224
3,701,825
3,681,874
3,720,510
3,992,389
3,816,641
3,707,650
3,810,705
3,889,990
3,876,105
3,992,625
3,933,168
3,890,703
4,070,604
4,102,220
4,021,281
3,897,681
3,904,850
4,023,494
4,126,558
4,237,921
4,217,668
4,356,140
4,351,864
4,460,885
4,570,770
4,691,792
4,714,917
4,905,578
5,069,614
5,072,720
6,450,785
6,840,898
6,750,209
7,243,477
7,335,358
7,869,802
7,579,497
7,727,162
8,057,897
8,033,713
8,754,716
9,164,082
9,317,344
9,317,344
9,265,108
9,452,280
9,215,651
9,464,749
9,559,505
9,615,251
9,658,976

9,658,976

9,615,251

9,559,505

9,464,749

9,215,651

9,452,280

9,265,108

9,317,344

9,164,082

8,754,716

8,033,713

8,057,897

7,727,162

7,579,497

7,869,802

7,335,358

7,243,477

6,750,209

6,840,898

6,450,785

5,072,720

5,069,614

4,905,578

4,714,917

4,691,792

4,570,770

4,460,885

4,351,864

4,356,140

4,217,668

4,237,921

4,126,558

4,023,494

3,904,850

3,897,681

4,021,281

4,102,220

4,070,604

3,890,703

3,933,168

3,992,625

3,876,105

3,889,990

3,810,705

3,707,650

3,816,641

3,992,389

3,720,510

3,681,874

3,701,825

3,672,224

3,611,100

3,372,309

3,222,238

3,032,376

3,053,677

2,997,195

2,941,189

2,901,275

2,934,147

2,858,000

2,982,108

2,781,492

2,685,971

2,534,856

1,770,082

1,676,263

1,727,526

1,619,745

1,315,223

1,154,293

1,039,300

1,006,858

1,012,038

1,023,736

947,944

958,061

935,841

921,091

930,854

828,039

905,730

859,339

831,069

820,410

828,039

788,862

466,915

442,733

456,517

416,900

403,200

363,300

354,200

342,500

322,300

320,700

245,300

241,400

> Total Current Assets

0
0
0
163,400
156,900
0
0
216,200
0
188,800
186,400
199,700
201,400
214,300
219,500
241,613
250,654
292,467
424,787
0
432,662
466,201
495,694
512,148
429,499
545,729
542,283
562,874
562,874
595,526
580,708
577,715
577,715
559,848
558,950
551,039
551,039
595,308
733,650
839,124
839,124
910,955
847,246
928,556
928,556
1,258,349
1,376,160
1,424,091
1,424,091
1,590,709
1,468,142
1,606,604
1,575,819
1,577,290
1,612,874
1,625,500
1,579,765
1,738,935
1,831,870
1,748,303
1,816,719
1,780,144
1,768,538
1,835,087
2,074,123
1,946,863
1,855,884
1,884,275
1,969,668
1,967,529
2,043,826
1,996,006
1,993,390
2,163,776
2,271,094
2,249,044
2,161,940
2,150,532
2,165,659
2,282,807
2,407,157
2,360,579
2,468,662
2,453,234
2,497,849
2,571,598
2,660,521
2,611,034
2,744,844
2,833,097
2,869,268
3,278,985
3,626,186
3,516,736
3,600,240
3,671,767
4,245,162
3,978,427
4,103,894
4,272,898
4,294,206
4,453,319
4,938,888
4,980,004
4,980,004
5,083,552
5,201,605
5,031,777
5,368,856
5,422,600
5,416,001
5,462,494

5,462,494

5,416,001

5,422,600

5,368,856

5,031,777

5,201,605

5,083,552

4,980,004

4,938,888

4,453,319

4,294,206

4,272,898

4,103,894

3,978,427

4,245,162

3,671,767

3,600,240

3,516,736

3,626,186

3,278,985

2,869,268

2,833,097

2,744,844

2,611,034

2,660,521

2,571,598

2,497,849

2,453,234

2,468,662

2,360,579

2,407,157

2,282,807

2,165,659

2,150,532

2,161,940

2,249,044

2,271,094

2,163,776

1,993,390

1,996,006

2,043,826

1,967,529

1,969,668

1,884,275

1,855,884

1,946,863

2,074,123

1,835,087

1,768,538

1,780,144

1,816,719

1,748,303

1,831,870

1,738,935

1,579,765

1,625,500

1,612,874

1,577,290

1,575,819

1,606,604

1,468,142

1,590,709

1,424,091

1,376,160

1,258,349

928,556

847,246

910,955

839,124

733,650

595,308

551,039

558,950

559,848

577,715

580,708

595,526

562,874

542,283

545,729

429,499

512,148

495,694

466,201

432,662

424,787

292,467

250,654

241,613

219,500

214,300

201,400

199,700

186,400

188,800

216,200

156,900

163,400

Cash And Cash Equivalents

0
0
0
14,500
13,800
0
0
51,100
0
56,600
54,000
50,100
59,100
62,400
68,300
36,497
68,699
58,556
62,088
51,716
45,208
33,615
37,304
44,064
51,716
62,451
48,163
76,280
76,280
47,000
45,947
76,156
76,156
90,336
59,623
34,109
34,109
53,855
150,063
93,887
93,887
117,949
67,838
84,564
84,564
112,198
306,923
363,887
363,887
395,090
270,608
204,670
268,800
174,361
154,529
140,709
167,451
243,781
255,046
151,059
138,641
68,830
91,229
202,577
173,873
328,449
144,929
199,241
176,368
134,678
148,333
193,737
189,531
173,842
177,406
200,407
173,982
152,488
170,484
299,322
265,614
155,681
162,231
222,810
136,245
149,483
124,055
156,074
214,495
186,977
152,229
208,479
184,659
191,810
165,680
221,060
684,345
339,103
287,151
278,794
206,959
211,423
203,139
258,993
258,993
247,272
248,181
211,108
151,473
111,680
120,288
195,795

195,795

120,288

111,680

151,473

211,108

248,181

247,272

258,993

203,139

211,423

206,959

278,794

287,151

339,103

684,345

221,060

165,680

191,810

184,659

208,479

152,229

186,977

214,495

156,074

124,055

149,483

136,245

222,810

162,231

155,681

265,614

299,322

170,484

152,488

173,982

200,407

177,406

173,842

189,531

193,737

148,333

134,678

176,368

199,241

144,929

328,449

173,873

202,577

91,229

68,830

138,641

151,059

255,046

243,781

167,451

140,709

154,529

174,361

268,800

204,670

270,608

395,090

363,887

306,923

112,198

84,564

67,838

117,949

93,887

150,063

53,855

34,109

59,623

90,336

76,156

45,947

47,000

76,280

48,163

62,451

51,716

44,064

37,304

33,615

45,208

51,716

62,088

58,556

68,699

36,497

68,300

62,400

59,100

50,100

54,000

56,600

51,100

13,800

14,500

Short-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
1,650
0
0
1,509
690
600
565
654
738
0
1,196
0
2,282
2,282
2,314
2,335
2,106
2,106
231,068
95,297
12,898
12,898
32,188
19,768
73,373
0
118,765
127,563
139,563
151,844
123,867
133,544
63,486
99,732
32,353
24,897
21,693
284,103
20,736
74,369
65,555
74,689
68,845
67,237
71,625
53,080
102,776
96,561
105,519
65,909
65,014
43,657
33,102
38,709
30,774
25,712
22,252
29,966
21,903
18,606
16,497
5,678
3,268
3,030
16,447
12,003
10,825
4,165
2,213
1,144
1,707
1,158
1,524
1,491
7,726
1,437
1,185
1,185
1,109
1,094
1,040
2,061
26,435
26,582
10,431

10,431

26,582

26,435

2,061

1,040

1,094

1,109

1,185

1,437

7,726

1,491

1,524

1,158

1,707

1,144

2,213

4,165

10,825

12,003

16,447

3,030

3,268

5,678

16,497

18,606

21,903

29,966

22,252

25,712

30,774

38,709

33,102

43,657

65,014

65,909

105,519

96,561

102,776

53,080

71,625

67,237

68,845

74,689

65,555

74,369

20,736

284,103

21,693

24,897

32,353

99,732

63,486

133,544

123,867

151,844

139,563

127,563

118,765

73,373

19,768

32,188

12,898

95,297

231,068

2,106

2,335

2,314

2,282

1,196

738

654

565

600

690

1,509

1,650

Net Receivables

0
0
0
66,700
72,600
0
0
71,000
0
59,000
63,900
76,000
80,400
87,100
87,100
130,786
123,076
155,459
231,930
0
236,505
259,134
280,958
253,725
223,850
269,846
270,909
262,100
262,100
277,819
252,710
215,426
215,426
227,079
231,021
228,634
228,634
243,654
288,632
346,689
346,689
419,257
415,952
397,498
397,498
486,439
523,928
451,554
451,554
579,887
545,694
526,787
669,199
658,067
730,273
659,524
685,346
753,685
822,389
868,488
855,170
743,246
699,775
669,524
796,468
645,342
695,420
754,460
946,618
976,674
1,046,218
974,612
962,111
1,066,166
1,130,710
973,857
1,024,168
1,055,477
1,079,476
1,113,272
1,240,961
1,309,109
1,388,431
1,367,906
1,440,035
1,506,754
1,591,931
1,535,509
1,530,566
1,568,534
1,645,004
1,912,063
1,880,901
2,037,295
2,054,512
2,228,574
2,262,098
2,300,545
2,489,785
2,675,892
2,649,423
2,687,054
3,090,084
3,049,352
3,049,352
3,021,855
3,039,447
2,873,303
3,043,631
3,068,779
2,977,505
2,817,186

2,817,186

2,977,505

3,068,779

3,043,631

2,873,303

3,039,447

3,021,855

3,049,352

3,090,084

2,687,054

2,649,423

2,675,892

2,489,785

2,300,545

2,262,098

2,228,574

2,054,512

2,037,295

1,880,901

1,912,063

1,645,004

1,568,534

1,530,566

1,535,509

1,591,931

1,506,754

1,440,035

1,367,906

1,388,431

1,309,109

1,240,961

1,113,272

1,079,476

1,055,477

1,024,168

973,857

1,130,710

1,066,166

962,111

974,612

1,046,218

976,674

946,618

754,460

695,420

645,342

796,468

669,524

699,775

743,246

855,170

868,488

822,389

753,685

685,346

659,524

730,273

658,067

669,199

526,787

545,694

579,887

451,554

523,928

486,439

397,498

415,952

419,257

346,689

288,632

243,654

228,634

231,021

227,079

215,426

252,710

277,819

262,100

270,909

269,846

223,850

253,725

280,958

259,134

236,505

231,930

155,459

123,076

130,786

87,100

80,400

76,000

63,900

59,000

71,000

72,600

66,700

Other Current Assets

0
0
0
8,900
13,500
0
0
7,100
0
0
100
7,200
0
0
-100
8,495
0
0
0
15,663
2,828
2,857
2,955
2,940
2,883
269,846
3,624
1,650
1,650
2,260
252,710
690
690
46,749
47,833
738
738
54,055
886
27,065
27,065
1,868
1,334
23,304
23,304
106,668
14,464
39,287
39,287
185,651
111,866
84,801
268,760
669,199
170,900
54,772
123,278
149,447
256,593
65,827
168,696
196,843
163,176
180,024
427,694,000
144,653
158,181
113,772
204,807,000
49,633
172,574
45,945
45,945
159,526
178,751
79,369
79,369
161,772
165,906
74,828
204,064
150,954
180,479
65,389
163,228
156,955
145,644
80,198
127,473
141,111
139,405
96,412
334,125
0
0
81,216
0
0
0
60,594
0
0
0
280,413
280,413
296,917
334,777
164,751
314,574
297,116
281,966
160,082

160,082

281,966

297,116

314,574

164,751

334,777

296,917

280,413

60,594

81,216

334,125

96,412

139,405

141,111

127,473

80,198

145,644

156,955

163,228

65,389

180,479

150,954

204,064

74,828

165,906

161,772

79,369

178,751

159,526

45,945

172,574

49,633

204,807,000

113,772

158,181

144,653

427,694,000

180,024

163,176

196,843

168,696

65,827

256,593

149,447

123,278

54,772

170,900

669,199

268,760

84,801

111,866

185,651

39,287

14,464

106,668

23,304

1,334

1,868

27,065

886

54,055

738

47,833

46,749

690

252,710

2,260

1,650

3,624

269,846

2,883

2,940

2,955

2,857

2,828

15,663

8,495

-100

7,200

100

7,100

13,500

8,900

> Long-term Assets

0
0
0
78,000
88,400
0
0
104,500
0
133,500
156,100
154,500
161,900
188,900
197,400
214,904
192,079
174,448
364,075
0
387,748
364,868
363,645
393,582
398,540
385,125
378,808
372,967
372,967
362,535
367,236
446,021
446,021
452,190
447,908
488,261
488,261
558,985
581,573
780,621
780,621
816,571
829,017
841,526
841,526
1,276,507
1,309,811
1,357,401
1,357,401
1,391,399
1,389,858
1,327,543
1,325,456
1,363,899
1,384,321
1,428,177
1,452,611
1,483,303
1,540,439
1,862,797
1,855,505
1,921,681
1,913,336
1,885,423
1,918,266
1,869,778
1,851,766
1,926,430
1,920,322
1,908,576
1,948,799
1,937,162
1,897,313
1,906,828
1,831,126
1,772,237
1,735,741
1,754,318
1,857,835
1,843,751
1,830,764
1,857,089
1,887,478
1,898,630
1,963,036
1,999,172
2,031,271
2,103,883
2,160,734
2,236,517
2,203,452
3,171,800
3,214,712
3,233,473
3,643,237
3,663,591
3,624,640
3,601,070
3,623,268
3,784,999
3,739,507
4,301,397
4,225,194
4,337,340
4,337,340
4,181,556
4,250,675
4,183,874
4,095,893
4,136,905
4,199,250
4,196,482

4,196,482

4,199,250

4,136,905

4,095,893

4,183,874

4,250,675

4,181,556

4,337,340

4,225,194

4,301,397

3,739,507

3,784,999

3,623,268

3,601,070

3,624,640

3,663,591

3,643,237

3,233,473

3,214,712

3,171,800

2,203,452

2,236,517

2,160,734

2,103,883

2,031,271

1,999,172

1,963,036

1,898,630

1,887,478

1,857,089

1,830,764

1,843,751

1,857,835

1,754,318

1,735,741

1,772,237

1,831,126

1,906,828

1,897,313

1,937,162

1,948,799

1,908,576

1,920,322

1,926,430

1,851,766

1,869,778

1,918,266

1,885,423

1,913,336

1,921,681

1,855,505

1,862,797

1,540,439

1,483,303

1,452,611

1,428,177

1,384,321

1,363,899

1,325,456

1,327,543

1,389,858

1,391,399

1,357,401

1,309,811

1,276,507

841,526

829,017

816,571

780,621

581,573

558,985

488,261

447,908

452,190

446,021

367,236

362,535

372,967

378,808

385,125

398,540

393,582

363,645

364,868

387,748

364,075

174,448

192,079

214,904

197,400

188,900

161,900

154,500

156,100

133,500

104,500

88,400

78,000

Property Plant Equipment

0
0
0
25,500
25,500
0
0
29,800
0
33,300
37,000
39,700
39,500
54,000
52,500
66,691
82,889
85,344
156,389
165,881
166,526
171,584
177,240
184,774
165,881
189,844
194,828
202,961
202,961
215,360
219,882
229,221
229,221
237,204
233,686
244,288
244,288
252,990
252,311
284,997
284,997
285,447
288,832
294,628
294,628
326,483
336,283
350,514
350,514
370,211
385,532
384,086
384,508
391,880
398,018
404,675
410,243
428,601
445,167
503,851
517,830
529,050
517,154
517,608
513,037
509,136
504,802
501,286
493,459
487,124
488,958
481,408
473,346
461,668
442,735
441,535
441,163
446,163
440,916
449,759
450,165
474,177
481,452
474,109
485,451
488,212
489,295
495,716
496,325
519,151
514,431
686,620
1,055,166
1,080,192
1,125,966
1,132,295
1,138,703
1,165,227
1,183,214
1,210,060
1,204,672
1,247,266
1,261,726
1,319,067
1,319,067
1,286,390
1,330,502
1,354,653
1,367,315
1,434,018
1,480,623
1,501,305

1,501,305

1,480,623

1,434,018

1,367,315

1,354,653

1,330,502

1,286,390

1,319,067

1,261,726

1,247,266

1,204,672

1,210,060

1,183,214

1,165,227

1,138,703

1,132,295

1,125,966

1,080,192

1,055,166

686,620

514,431

519,151

496,325

495,716

489,295

488,212

485,451

474,109

481,452

474,177

450,165

449,759

440,916

446,163

441,163

441,535

442,735

461,668

473,346

481,408

488,958

487,124

493,459

501,286

504,802

509,136

513,037

517,608

517,154

529,050

517,830

503,851

445,167

428,601

410,243

404,675

398,018

391,880

384,508

384,086

385,532

370,211

350,514

336,283

326,483

294,628

288,832

285,447

284,997

252,311

252,990

244,288

233,686

237,204

229,221

219,882

215,360

202,961

194,828

189,844

165,881

184,774

177,240

171,584

166,526

165,881

156,389

85,344

82,889

66,691

52,500

54,000

39,500

39,700

37,000

33,300

29,800

25,500

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48,087
0
0
0
0
0
0
0
0
0
0
0
32,576
32,576
32,576
32,844
32,847
33,716
33,716
34,057
63,957
63,957
58,593
58,593
58,401
58,401
319,189
331,674
331,810
331,810
331,609
336,704
323,772
0
0
0
336,910
0
0
355,595
483,071
0
0
498,705,000
499,326
0
0
0
500,598
0
0
0
501,793
501,793
0
0
504,611
504,611
0
0
622,654
0
617,000
617,000
616,997
0
0
0
646,715
0
0
0
1,022,624
1,285,659
1,293,647
0
1,340,617
0
0
0
1,316,768
0
0
0
1,550,552
1,550,552
0
0
1,502,494
1,502,494
0
0
1,486,659

1,486,659

1,502,494

1,550,552

1,316,768

1,340,617

1,293,647

1,285,659

1,022,624

646,715

616,997

617,000

622,654

504,611

501,793

500,598

499,326

498,705,000

483,071

355,595

336,910

323,772

336,704

331,609

331,810

331,674

319,189

58,401

58,593

63,957

34,057

33,716

32,847

32,844

32,576

48,087

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
176,266
0
0
0
135,476
0
0
0
138,081
0
183,000
204,294
189,773
213,429
197,266
211,518
190,900
211,864
248,976
246,765
200,486
240,805
275,893
270,550
212,063
261,987
226,830
238,404
195,649
247,513
257,155
250,014
316,058
315,184
294,190
336,125
272,129
254,158
251,938
244,407
152,480

152,480

244,407

251,938

254,158

272,129

336,125

294,190

315,184

316,058

250,014

257,155

247,513

195,649

238,404

226,830

261,987

212,063

270,550

275,893

240,805

200,486

246,765

248,976

211,864

190,900

211,518

197,266

213,429

189,773

204,294

183,000

138,081

135,476

176,266

Intangible Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48,087
0
0
0
105,283
105,283
0
106,488
105,769
105,769
102,417
102,084
100,012
100,012
96,620
96,189
95,987
95,987
94,017
93,403
142,728
142,728
74,645
72,567
70,594
70,594
307,915
309,271
298,925
298,925
283,839
272,016
270,511
601,802
590,820
580,700
266,426
591,107
624,302
268,707
313,593
786,572
791,327
292,622,000
263,746
752,420
739,346
728,228
214,963
702,154
690,345
681,154
167,957
673,364
663,461
649,931
132,921
626,293
637,590
778,167
147,622
759,385
750,418
738,175
109,401
722,809
763,964
760,223
105,688
755,824
814,345
806,846
258,726
1,285,659
1,293,647
1,628,136
310,796
1,601,750
0
0
290,846
0
0
0
473,865
473,865
1,933,208
1,936,747
435,061
1,914,660
1,903,678
0
390,520

390,520

1,903,678

1,914,660

435,061

1,936,747

1,933,208

473,865

290,846

1,601,750

310,796

1,628,136

1,293,647

1,285,659

258,726

806,846

814,345

755,824

105,688

760,223

763,964

722,809

109,401

738,175

750,418

759,385

147,622

778,167

637,590

626,293

132,921

649,931

663,461

673,364

167,957

681,154

690,345

702,154

214,963

728,228

739,346

752,420

263,746

292,622,000

791,327

786,572

313,593

268,707

624,302

591,107

266,426

580,700

590,820

601,802

270,511

272,016

283,839

298,925

309,271

307,915

70,594

72,567

74,645

142,728

93,403

94,017

95,987

96,189

96,620

100,012

102,084

102,417

105,769

106,488

105,283

48,087

Other Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
192,079
174,448
207,686
232,659
387,748
193,284
186,405
208,808
203,825
195,281
183,980
170,006
157,986
147,175
147,354
216,800
212,533
214,986
214,222
243,973
251,498
305,995
329,262
495,624
501,326
531,124
540,185
546,898
550,040
950,024
973,528
1,006,887
995,785
1,021,188
1,004,326
943,457
940,948
972,019
986,303
1,023,502
1,042,368
1,054,702
1,095,272
1,358,946
1,337,675
1,392,631
1,396,182
1,367,815
1,405,229
1,360,642
1,346,964
1,425,144
1,426,863
1,421,452
1,459,841
1,455,754
1,423,967
1,445,160
1,388,391
1,330,702
1,294,578
1,308,155
1,416,919
1,393,992
1,380,599
1,382,912
1,406,026
1,424,521
1,477,585
1,510,960
1,541,976
1,608,167
696,721
654,045
635,410
1,022,773
377,798
583,741
618,585
692,357
622,200
635,676
636,068
775,608
720,740
745,737
671,841
682,540
668,077
667,768
647,301
727,395
559,760
547,271
581,327
0

581,327

547,271

559,760

727,395

647,301

667,768

668,077

682,540

671,841

745,737

720,740

775,608

636,068

635,676

622,200

692,357

618,585

583,741

377,798

1,022,773

635,410

654,045

696,721

1,608,167

1,541,976

1,510,960

1,477,585

1,424,521

1,406,026

1,382,912

1,380,599

1,393,992

1,416,919

1,308,155

1,294,578

1,330,702

1,388,391

1,445,160

1,423,967

1,455,754

1,459,841

1,421,452

1,426,863

1,425,144

1,346,964

1,360,642

1,405,229

1,367,815

1,396,182

1,392,631

1,337,675

1,358,946

1,095,272

1,054,702

1,042,368

1,023,502

986,303

972,019

940,948

943,457

1,004,326

1,021,188

995,785

1,006,887

973,528

950,024

550,040

546,898

540,185

531,124

501,326

495,624

329,262

305,995

251,498

243,973

214,222

214,986

212,533

216,800

147,354

147,175

157,986

170,006

183,980

195,281

203,825

208,808

186,405

193,284

387,748

232,659

207,686

174,448

192,079

> Total Liabilities

0
0
0
163,800
164,100
0
0
185,400
0
176,300
190,500
194,700
200,900
234,900
239,100
282,032
263,894
282,220
470,979
482,353
466,927
468,791
487,075
521,751
482,353
534,313
512,902
519,805
519,805
515,844
501,513
567,542
567,542
530,090
581,468
600,260
600,260
703,253
851,848
1,156,061
1,156,061
1,251,768
1,186,359
1,269,333
1,269,333
2,029,080
2,160,449
2,225,145
2,225,145
2,350,976
2,168,169
2,133,839
2,081,065
2,182,633
2,188,473
2,196,483
2,131,918
2,289,226
2,403,757
2,605,649
2,709,544
2,731,527
2,699,782
2,792,790
3,040,093
2,861,117
2,722,873
2,760,079
2,813,123
2,774,408
2,841,501
2,738,999
2,659,415
2,812,808
2,827,506
2,782,386
2,624,686
2,581,849
2,676,999
2,724,171
2,777,800
2,738,000
2,818,428
2,784,623
2,850,867
2,920,496
3,010,333
2,996,945
3,154,429
3,250,279
3,198,950
4,596,377
4,934,587
4,624,301
5,060,474
5,175,518
5,675,061
5,321,306
5,470,551
5,826,530
5,737,977
6,351,504
6,669,386
6,771,081
6,771,081
6,723,041
6,849,147
6,457,976
6,683,406
6,765,019
6,770,122
6,733,102

6,733,102

6,770,122

6,765,019

6,683,406

6,457,976

6,849,147

6,723,041

6,771,081

6,669,386

6,351,504

5,737,977

5,826,530

5,470,551

5,321,306

5,675,061

5,175,518

5,060,474

4,624,301

4,934,587

4,596,377

3,198,950

3,250,279

3,154,429

2,996,945

3,010,333

2,920,496

2,850,867

2,784,623

2,818,428

2,738,000

2,777,800

2,724,171

2,676,999

2,581,849

2,624,686

2,782,386

2,827,506

2,812,808

2,659,415

2,738,999

2,841,501

2,774,408

2,813,123

2,760,079

2,722,873

2,861,117

3,040,093

2,792,790

2,699,782

2,731,527

2,709,544

2,605,649

2,403,757

2,289,226

2,131,918

2,196,483

2,188,473

2,182,633

2,081,065

2,133,839

2,168,169

2,350,976

2,225,145

2,160,449

2,029,080

1,269,333

1,186,359

1,251,768

1,156,061

851,848

703,253

600,260

581,468

530,090

567,542

501,513

515,844

519,805

512,902

534,313

482,353

521,751

487,075

468,791

466,927

482,353

470,979

282,220

263,894

282,032

239,100

234,900

200,900

194,700

190,500

176,300

185,400

164,100

163,800

> Total Current Liabilities

0
0
0
146,000
132,500
0
0
154,700
0
140,900
153,400
158,700
160,000
178,700
186,500
224,155
220,512
231,967
381,527
355,400
346,966
347,047
376,851
388,221
355,400
372,991
347,868
365,322
365,322
399,163
395,306
379,017
379,017
358,671
383,264
378,450
378,450
434,010
454,611
612,168
612,168
725,618
720,120
810,591
810,591
1,092,151
1,199,697
1,267,945
1,267,945
1,316,025
1,207,673
1,316,598
1,266,083
1,203,066
815,392
1,221,844
1,182,763
1,258,488
1,237,938
1,366,781
1,445,513
1,458,631
1,476,286
1,597,977
1,622,611
1,601,926
1,505,786
1,509,044
1,526,608
1,524,814
1,469,009
1,435,133
1,460,306
1,481,168
1,607,747
1,624,157
1,634,106
1,519,664
1,591,418
1,637,794
1,676,801
1,726,871
1,950,073
1,925,998
1,954,211
1,988,812
2,115,660
2,088,949
1,899,851
2,087,851
2,061,911
2,910,453
3,291,445
3,048,555
3,093,564
3,172,845
3,693,742
3,101,422
3,337,208
3,622,154
3,607,363
3,984,121
3,910,630
4,024,091
4,024,091
4,358,792
4,504,371
4,277,289
4,562,199
4,906,776
4,845,523
4,783,923

4,783,923

4,845,523

4,906,776

4,562,199

4,277,289

4,504,371

4,358,792

4,024,091

3,910,630

3,984,121

3,607,363

3,622,154

3,337,208

3,101,422

3,693,742

3,172,845

3,093,564

3,048,555

3,291,445

2,910,453

2,061,911

2,087,851

1,899,851

2,088,949

2,115,660

1,988,812

1,954,211

1,925,998

1,950,073

1,726,871

1,676,801

1,637,794

1,591,418

1,519,664

1,634,106

1,624,157

1,607,747

1,481,168

1,460,306

1,435,133

1,469,009

1,524,814

1,526,608

1,509,044

1,505,786

1,601,926

1,622,611

1,597,977

1,476,286

1,458,631

1,445,513

1,366,781

1,237,938

1,258,488

1,182,763

1,221,844

815,392

1,203,066

1,266,083

1,316,598

1,207,673

1,316,025

1,267,945

1,199,697

1,092,151

810,591

720,120

725,618

612,168

454,611

434,010

378,450

383,264

358,671

379,017

395,306

399,163

365,322

347,868

372,991

355,400

388,221

376,851

347,047

346,966

355,400

381,527

231,967

220,512

224,155

186,500

178,700

160,000

158,700

153,400

140,900

154,700

132,500

146,000

Short-term Debt

0
0
0
10,600
400
0
0
1,800
0
0
0
1,600
0
0
0
12,097
0
0
0
0
46,173
52,526
103,140
46,894
51,315
41,247
32,998
30,915
30,915
21,779
41,049
15,327
15,327
13,959
11,727
10,248
10,248
11,495
12,755
37,651
37,651
28,603
35,754
28,001
28,001
36,183
35,424
29,077
29,077
6,674
13,049
15,413
6,542
1,027
833
2,663
2,558
36,857
39,484
58,208
135,584
77,321
125,018
130,625
141,121
187,341
139,811
90,237
76,853
84,496
61,805
63,111
63,753
66,566
127,947
82,515
104,471
115,828
114,246
113,359
116,326
172,137
381,888
233,983
250,356
205,354
359,258
201,306
85,822
132,892
174,644
271,367
628,658
382,249
423,522
470,846
986,393
261,449
389,189
396,485
450,533
571,447
286,724
183,136
183,136
366,877
279,479
260,953
368,127
831,629
911,322
713,317

713,317

911,322

831,629

368,127

260,953

279,479

366,877

183,136

286,724

571,447

450,533

396,485

389,189

261,449

986,393

470,846

423,522

382,249

628,658

271,367

174,644

132,892

85,822

201,306

359,258

205,354

250,356

233,983

381,888

172,137

116,326

113,359

114,246

115,828

104,471

82,515

127,947

66,566

63,753

63,111

61,805

84,496

76,853

90,237

139,811

187,341

141,121

130,625

125,018

77,321

135,584

58,208

39,484

36,857

2,558

2,663

833

1,027

6,542

15,413

13,049

6,674

29,077

35,424

36,183

28,001

35,754

28,603

37,651

12,755

11,495

10,248

11,727

13,959

15,327

41,049

21,779

30,915

32,998

41,247

51,315

46,894

103,140

52,526

46,173

12,097

1,600

1,800

400

10,600

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
665,132
0
0
0
81,958
0
0
0
113,359
0
489,000
561,380
228,956
432,552
451,169
67,777
67,556
66,935
120,137
63,114
62,546
572,900
318,542
359,107
408,281
935,711
203,945
328,329
330,965
385,720
503,139
215,859
106,358
108,474
295,561
208,743
191,631
301,928
767,402
848,476
651,880

651,880

848,476

767,402

301,928

191,631

208,743

295,561

108,474

106,358

215,859

503,139

385,720

330,965

328,329

203,945

935,711

408,281

359,107

318,542

572,900

62,546

63,114

120,137

66,935

67,556

67,777

451,169

432,552

228,956

561,380

489,000

113,359

81,958

665,132

Accounts payable

0
0
0
35,900
34,500
0
0
47,900
0
0
0
51,500
0
0
0
79,950
0
0
0
94,142
86,444
84,753
85,465
111,182
94,142
91,546
85,874
83,463
83,463
123,448
103,244
107,545
107,545
100,495
113,944
118,391
118,391
111,006
128,728
120,260
120,260
134,947
137,933
158,361
158,361
185,787
228,957
273,010
273,010
331,850
347,717
340,315
0
291,040
286,287
299,238
286,603
294,283
317,005
360,736
329,620
322,381
280,908
316,264
272,110
253,489
240,445
260,975
252,927
278,641
304,822
301,480
319,290
328,565
337,934
369,659
348,991
360,173
349,488
347,366
368,504
372,941
403,594
514,106
473,847
490,127
494,678
633,689
520,254
569,587
524,375
776,100
708,791
758,139
793,258
926,338
838,591
816,245
893,841
1,007,237
927,429
925,113
1,091,839
1,023,679
1,023,679
1,070,380
1,124,259
1,067,818
1,126,603
1,058,559
1,100,489
1,243,747

1,243,747

1,100,489

1,058,559

1,126,603

1,067,818

1,124,259

1,070,380

1,023,679

1,091,839

925,113

927,429

1,007,237

893,841

816,245

838,591

926,338

793,258

758,139

708,791

776,100

524,375

569,587

520,254

633,689

494,678

490,127

473,847

514,106

403,594

372,941

368,504

347,366

349,488

360,173

348,991

369,659

337,934

328,565

319,290

301,480

304,822

278,641

252,927

260,975

240,445

253,489

272,110

316,264

280,908

322,381

329,620

360,736

317,005

294,283

286,603

299,238

286,287

291,040

340,315

347,717

331,850

273,010

228,957

185,787

158,361

137,933

134,947

120,260

128,728

111,006

118,391

113,944

100,495

107,545

103,244

123,448

83,463

85,874

91,546

94,142

111,182

85,465

84,753

86,444

94,142

79,950

51,500

47,900

34,500

35,900

Other Current Liabilities

0
0
0
99,500
97,600
0
0
105,000
0
0
0
105,600
0
0
0
132,108
0
0
0
209,943
97,167
92,472
74,368
93,342
94,518
102,873
100,308
250,944
250,944
253,936
251,013
256,145
256,145
244,217
257,593
249,811
249,811
311,509
313,128
454,257
454,257
562,068
546,433
545,715
545,715
870,181
935,316
943,703
943,703
961,947
846,907
951,669
1,259,541
383,405
528,272
928,431
337,104
381,120
868,268
940,231
332,494
-26,302,071
659,828
743,866
772,961
721,729
717,066
704,450
733,022
702,391
700,602
720,544
721,930
689,073
725,271
758,760
767,588
705,738
754,777
739,867
825,448
807,826
819,114
830,516
845,945
871,287
849,981
835,394
824,431
836,968
790,692
1,081,992
1,103,404
1,095,463
1,090,023
1,052,080
1,063,471
1,043,245
1,111,057
1,218,273
1,134,522
1,189,057
1,190,789
1,314,321
1,314,321
1,235,203
1,296,068
1,171,357
1,236,072
1,208,126
1,265,494
1,184,462

1,184,462

1,265,494

1,208,126

1,236,072

1,171,357

1,296,068

1,235,203

1,314,321

1,190,789

1,189,057

1,134,522

1,218,273

1,111,057

1,043,245

1,063,471

1,052,080

1,090,023

1,095,463

1,103,404

1,081,992

790,692

836,968

824,431

835,394

849,981

871,287

845,945

830,516

819,114

807,826

825,448

739,867

754,777

705,738

767,588

758,760

725,271

689,073

721,930

720,544

700,602

702,391

733,022

704,450

717,066

721,729

772,961

743,866

659,828

-26,302,071

332,494

940,231

868,268

381,120

337,104

928,431

528,272

383,405

1,259,541

951,669

846,907

961,947

943,703

935,316

870,181

545,715

546,433

562,068

454,257

313,128

311,509

249,811

257,593

244,217

256,145

251,013

253,936

250,944

100,308

102,873

94,518

93,342

74,368

92,472

97,167

209,943

132,108

105,600

105,000

97,600

99,500

> Long-term Liabilities

0
0
0
17,800
31,600
0
0
30,700
0
35,400
37,100
36,000
40,900
56,200
52,600
57,877
43,382
50,253
89,452
0
119,961
121,744
110,224
133,530
126,953
161,322
165,034
154,483
154,483
116,681
106,207
188,525
188,525
171,419
198,204
221,810
221,810
269,243
397,237
543,893
543,893
526,150
466,239
458,742
458,742
936,929
960,752
957,200
957,200
1,034,951
960,496
817,241
814,982
979,567
1,373,081
974,639
949,155
1,030,738
1,165,819
1,238,868
1,264,031
1,272,896
1,223,496
1,194,813
1,417,482
1,259,191
1,217,087
1,251,035
1,286,515
1,249,594
1,372,492
1,303,866
1,199,109
1,331,640
1,219,759
1,158,229
990,580
1,062,185
1,085,581
1,086,377
1,100,999
1,011,129
868,355
858,625
896,656
931,684
894,673
907,996
1,254,578
1,162,428
1,137,039
1,685,924
1,643,142
1,575,746
1,966,910
2,002,673
1,981,319
2,219,884
2,133,343
2,204,376
2,130,614
2,367,383
2,758,756
2,746,990
2,746,990
2,364,249
2,344,776
2,180,687
2,121,207
1,858,243
1,924,599
1,949,179

1,949,179

1,924,599

1,858,243

2,121,207

2,180,687

2,344,776

2,364,249

2,746,990

2,758,756

2,367,383

2,130,614

2,204,376

2,133,343

2,219,884

1,981,319

2,002,673

1,966,910

1,575,746

1,643,142

1,685,924

1,137,039

1,162,428

1,254,578

907,996

894,673

931,684

896,656

858,625

868,355

1,011,129

1,100,999

1,086,377

1,085,581

1,062,185

990,580

1,158,229

1,219,759

1,331,640

1,199,109

1,303,866

1,372,492

1,249,594

1,286,515

1,251,035

1,217,087

1,259,191

1,417,482

1,194,813

1,223,496

1,272,896

1,264,031

1,238,868

1,165,819

1,030,738

949,155

974,639

1,373,081

979,567

814,982

817,241

960,496

1,034,951

957,200

960,752

936,929

458,742

466,239

526,150

543,893

397,237

269,243

221,810

198,204

171,419

188,525

106,207

116,681

154,483

165,034

161,322

126,953

133,530

110,224

121,744

119,961

89,452

50,253

43,382

57,877

52,600

56,200

40,900

36,000

37,100

35,400

30,700

31,600

17,800

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
523,952
185,844
126,528
475,501
440,124
434,247
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

434,247

440,124

475,501

126,528

185,844

523,952

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
43,382
50,253
89,452
44,748
124,821
121,744
42,648
42,339
42,423
61,014
63,038
64,897
60,559
28,679
24,879
101,571
92,871
96,693
105,555
111,060
140,188
116,480
119,125
287,487
305,277
282,850
306,999
315,836
359,867
540,209
529,441
446,672
523,155
571,451
577,573
486,229
511,868
479,682
494,841
540,360
573,007
590,522
600,685
638,232
682,302
671,015
634,526
625,248
680,142
647,431
654,897
638,041
691,913
713,534
719,932
672,876
687,281
674,317
618,746
618,213
627,551
672,030
688,104
667,288
720,003
694,230
688,863
665,870
714,460
685,869
649,486
645,591
671,581
643,522
617,717
1,161,972
1,147,064
1,129,467
1,159,468
1,239,262
1,212,637
1,257,132
1,213,945
1,397,620
1,349,880
1,435,978
1,489,850
1,475,398
1,587,111
1,223,318
1,207,395
1,156,024
1,156,426
1,125,570
1,208,681
0

1,208,681

1,125,570

1,156,426

1,156,024

1,207,395

1,223,318

1,587,111

1,475,398

1,489,850

1,435,978

1,349,880

1,397,620

1,213,945

1,257,132

1,212,637

1,239,262

1,159,468

1,129,467

1,147,064

1,161,972

617,717

643,522

671,581

645,591

649,486

685,869

714,460

665,870

688,863

694,230

720,003

667,288

688,104

672,030

627,551

618,213

618,746

674,317

687,281

672,876

719,932

713,534

691,913

638,041

654,897

647,431

680,142

625,248

634,526

671,015

682,302

638,232

600,685

590,522

573,007

540,360

494,841

479,682

511,868

486,229

577,573

571,451

523,155

446,672

529,441

540,209

359,867

315,836

306,999

282,850

305,277

287,487

119,125

116,480

140,188

111,060

105,555

96,693

92,871

101,571

24,879

28,679

60,559

64,897

63,038

61,014

42,423

42,339

42,648

121,744

124,821

44,748

89,452

50,253

43,382

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
68,435
0
0
0
44,738
0
0
0
60,098
0
0
0
68,159
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

68,159

60,098

44,738

68,435

> Total Stockholder Equity

0
0
0
77,600
81,200
0
0
135,300
0
146,000
152,000
157,500
162,400
168,300
176,000
172,706
178,839
184,695
313,658
340,728
348,623
357,584
364,763
377,985
340,728
389,611
401,807
411,361
411,361
438,190
442,135
452,079
452,079
477,976
421,691
434,700
434,700
446,973
459,460
450,777
450,777
462,976
478,409
493,878
493,878
497,190
513,610
536,262
536,262
584,363
632,740
723,833
737,124
738,127
787,559
832,868
874,671
904,495
938,040
966,693
937,230
943,281
952,963
898,337
922,444
925,658
952,880
1,017,115
1,044,185
1,074,923
1,121,172
1,177,012
1,210,410
1,242,485
1,257,052
1,226,667
1,260,329
1,312,650
1,335,474
1,394,334
1,451,693
1,471,196
1,530,666
1,559,840
1,602,217
1,641,746
1,672,385
1,708,310
1,740,866
1,809,609
1,863,445
1,832,453
1,883,856
2,103,016
2,161,030
2,141,406
2,177,491
2,240,440
2,238,604
2,218,154
2,282,666
2,390,009
2,481,485
2,531,635
2,531,635
2,539,764
2,600,988
2,755,221
2,778,737
2,792,270
2,842,835
2,923,109

2,923,109

2,842,835

2,792,270

2,778,737

2,755,221

2,600,988

2,539,764

2,531,635

2,481,485

2,390,009

2,282,666

2,218,154

2,238,604

2,240,440

2,177,491

2,141,406

2,161,030

2,103,016

1,883,856

1,832,453

1,863,445

1,809,609

1,740,866

1,708,310

1,672,385

1,641,746

1,602,217

1,559,840

1,530,666

1,471,196

1,451,693

1,394,334

1,335,474

1,312,650

1,260,329

1,226,667

1,257,052

1,242,485

1,210,410

1,177,012

1,121,172

1,074,923

1,044,185

1,017,115

952,880

925,658

922,444

898,337

952,963

943,281

937,230

966,693

938,040

904,495

874,671

832,868

787,559

738,127

737,124

723,833

632,740

584,363

536,262

513,610

497,190

493,878

478,409

462,976

450,777

459,460

446,973

434,700

421,691

477,976

452,079

442,135

438,190

411,361

401,807

389,611

340,728

377,985

364,763

357,584

348,623

340,728

313,658

184,695

178,839

172,706

176,000

168,300

162,400

157,500

152,000

146,000

135,300

81,200

77,600

Common Stock

0
0
0
0
0
0
0
0
0
0
0
7,600
0
0
0
7,883
0
0
0
10,916
10,937
10,953
10,990
11,054
10,916
11,090
11,099
11,154
11,154
11,231
11,242
11,273
11,273
11,405
11,477
11,548
11,548
11,590
11,604
11,636
11,636
11,670
11,784
11,876
11,876
11,882
11,885
11,886
11,886
11,891
11,892
11,892
0
0
0
12,006
12,000
12,042
0
12,050
0
12,079
0
12,093
0
0
0
12,105
0
0
0
12,302
12,302
0
0
12,330
12,330
0
0
12,341
0
1,471,000
1,530,666
12,345
1,602,217
1,641,746
1,672,385
12,347
1,740,866
1,809,609
1,863,445
12,348
1,883,856
2,103,016
2,161,030
12,742
2,177,491
2,240,440
2,238,604
12,742
2,282,666
2,390,009
2,481,485
12,762
12,762
2,539,764
2,600,988
12,786
2,778,737
2,792,270
2,842,835
12,710

12,710

2,842,835

2,792,270

2,778,737

12,786

2,600,988

2,539,764

12,762

2,481,485

2,390,009

2,282,666

12,742

2,238,604

2,240,440

2,177,491

12,742

2,161,030

2,103,016

1,883,856

12,348

1,863,445

1,809,609

1,740,866

12,347

1,672,385

1,641,746

1,602,217

12,345

1,530,666

1,471,000

12,341

12,330

12,302

12,105

12,093

12,079

12,050

12,042

12,000

12,006

11,892

11,891

11,886

11,885

11,882

11,876

11,784

11,670

11,636

11,604

11,590

11,548

11,477

11,405

11,273

11,242

11,231

11,154

11,099

11,090

10,916

11,054

10,990

10,953

10,937

10,916

7,883

7,600

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

-17,650

-71,558

-97,857

-211,222

-144,963

-94,944

-87,652

-72,181

-71,610

-96,583

-25,219

-33,544

-56,226

-18,460

-22,413

-13,573

-7,032

-27,125

-24,367

-21,434

-16,162

-16,746

-10,113

-8,916

-1,340

-2,522

-5,064

-3,346

-3,717

-3,584

-3,992

-2,025

-738

-2,882

-116,890

-1,900

Capital Surplus

Treasury Stock

-40,428

-14,422

-4,321

-4,300

-4,321

-3,613

Other Stockholders Equity

0
0
0
14,400
14,400
0
0
54,600
0
52,400
51,300
49,400
53,000
51,500
51,400
38,991
45,270
43,460
220,618
0
232,116
232,934
231,771
240,304
231,849
365,401
364,616
244,066
244,066
254,259
251,385
254,712
254,712
264,726
268,055
270,111
270,111
272,140
272,816
274,358
274,358
276,361
280,374
284,705
284,705
287,211
289,122
290,541
290,541
293,314
294,539
295,906
737,124
738,127
787,559
267,806
874,671
904,495
938,040
277,273
937,230
943,281
952,963
217,985
922,444
925,658
952,880
196,806
1,044,185
1,074,923
1,121,172
215,413
1,210,410
1,242,485
1,257,052
219,249
1,260,329
1,312,650
1,335,474
220,993
1,451,693
1,471,196
1,530,666
221,564
1,602,217
1,641,746
1,672,385
221,694
1,740,866
1,809,609
1,863,445
223,128
1,883,856
2,103,016
2,161,030
411,568
2,177,491
2,240,440
2,238,604
415,654
2,282,666
2,390,009
2,481,485
2,531,635
2,531,635
2,539,764
2,600,988
431,429
431,429
0
0
439,899

439,899

431,429

2,600,988

2,539,764

2,531,635

2,481,485

2,390,009

2,282,666

415,654

2,238,604

2,240,440

2,177,491

411,568

2,161,030

2,103,016

1,883,856

223,128

1,863,445

1,809,609

1,740,866

221,694

1,672,385

1,641,746

1,602,217

221,564

1,530,666

1,471,196

1,451,693

220,993

1,335,474

1,312,650

1,260,329

219,249

1,257,052

1,242,485

1,210,410

215,413

1,121,172

1,074,923

1,044,185

196,806

952,880

925,658

922,444

217,985

952,963

943,281

937,230

277,273

938,040

904,495

874,671

267,806

787,559

738,127

737,124

295,906

294,539

293,314

290,541

289,122

287,211

284,705

280,374

276,361

274,358

272,816

272,140

270,111

268,055

264,726

254,712

251,385

254,259

244,066

364,616

365,401

231,849

240,304

231,771

232,934

232,116

220,618

43,460

45,270

38,991

51,400

51,500

53,000

49,400

51,300

52,400

54,600

14,400

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	1996-12-31
Accounts Payable	1,243,747	1,067,818	1,023,679	1,007,237	926,338	776,100	633,689	514,106	347,366	369,659	301,480	260,975	316,264	360,736	299,238	340,315	273,010	158,361	120,260	118,391	107,545	83,463	94,142	94,142	79,950	51,500	47,900	35,900
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
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
Accumulated Other Comprehensive Income	-17,650	-71,558	-97,857	-211,222	-144,963	-94,944	-87,652	-72,181	-71,610	-96,583	-25,219	-33,544	-56,226	-18,460	-22,413	-13,573	-24,367	-16,746	-1,340	-3,346	-3,992	-2,882	0	0	0	-1,900	0	0
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	0	0	0	0	0	0	0
Capital Lease Obligations	430,490	413,907	463,422	463,456	385,852	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	12,816	12,786	12,762	12,742	12,742	12,348	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	0	0	0	411,568	263,556	262,122	261,992	261,421	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	195,795	211,108	258,993	278,794	221,060	208,479	156,074	222,810	299,322	200,407	193,737	199,241	202,577	151,059	140,709	204,670	363,887	84,564	93,887	34,109	76,156	76,280	51,716	51,716	36,497	50,100	51,100	14,500
Cash And Equivalents	0	0	0	0	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	206,226	212,148	260,178	280,318	223,273	224,926	172,571	245,062	332,424	305,926	265,362	264,796	224,270	214,545	280,272	278,043	376,785	86,670	96,169	34,109	76,156	76,280	51,716	0	36,497	50,100	51,100	14,500
Common Stock	12,710	12,786	12,762	12,742	12,742	12,348	12,347	12,345	12,341	12,330	12,302	12,105	12,093	12,050	12,006	11,892	11,886	11,876	11,636	11,548	11,273	11,154	10,916	10,916	7,883	7,600	0	0
Common Stock Shares Outstanding	44,592	44,581	44,278	44,215	43,848	42,789	42,789	42,752	42,733	42,677	42,295	42,277	43,131	43,217	42,983	42,758	42,342	41,880	41,623	41,169	40,230	39,923	31,572	31,572	26,488	26,731	24,130	21,429
Common Stock Total Equity	0	0	0	12,742	12,742	12,348	12,347	12,345	12,341	12,330	12,302	12,105	12,093	12,050	12,006	11,892	11,886	11,876	11,636	11,548	11,273	11,154	0	0	0	0	0	0
Current Deferred Revenue	1,642,397	1,777,161	1,502,955	1,000,159	723,581	780,994	418,560	347,393	437,202	413,223	349,998	453,382	407,222	29,892	7,992	9,201	22,155	78,514	0	0	0	0	115,425	0	0	0	0	0
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
Deferred Long Term Liab	0	0	0	0	0	0	68,159	60,098	44,738	68,435	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
Good Will	1,486,659	1,502,494	1,550,552	1,316,768	1,340,617	1,022,624	646,715	616,997	622,654	504,611	501,793	500,598	499,326	483,071	336,910	323,772	331,810	58,401	63,957	32,847	32,576	0	0	48,087	0	0	0	0
Intangible Assets	390,520	435,061	473,865	290,846	310,796	258,726	105,688	109,401	147,622	132,921	167,957	214,963	263,746	313,593	266,426	270,511	298,925	70,594	142,728	95,987	100,012	105,769	105,283	104,538	0	0	0	0
Inventory	2,279,000	1,946,326	1,670,474	1,316,688	1,219,920	1,141,996	902,954	840,266	837,111	820,576	756,032	751,247	761,269	665,270	569,848	647,561	480,603	371,962	328,428	249,041	249,225	222,844	131,024	131,024	65,835	66,400	87,000	73,300
Liabilities And Stockholders Equity	9,658,976	9,215,651	9,317,344	8,057,897	7,335,358	6,450,785	4,714,917	4,351,864	4,126,558	4,021,281	3,933,168	3,810,705	3,720,510	3,611,100	3,053,677	2,934,147	2,781,492	1,770,082	1,619,745	1,039,300	1,023,736	935,841	828,039	0	456,517	354,200	320,700	241,400
Long Term Debt	384,074	680,078	884,948	408,820	440,124	523,952	244,379	171,541	392,729	514,639	602,021	582,355	537,574	565,396	386,534	269,760	431,312	125,266	224,982	86,234	62,038	73,173	69,202	57,713	0	0	0	0
Long Term Debt Total	0	0	0	0	440,124	523,952	244,379	171,541	392,729	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	152,480	272,129	316,058	195,649	212,063	205,182	182,612	188,353	138,081	135,476	176,266	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
Net Debt	1,258,512	1,074,508	1,195,735	924,447	1,013,197	586,840	289,611	182,714	206,766	396,747	471,395	473,351	465,622	199,188	248,488	80,503	96,502	68,703	168,746	62,373	1,209	27,808	57,312	0	-23,084	-47,000	-46,200	700
Net Invested Capital	3,983,457	3,626,930	3,522,941	2,957,939	2,989,811	2,627,772	2,153,995	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	2,817,186	2,873,303	3,049,352	2,675,892	2,228,574	1,912,063	1,535,509	1,367,906	1,113,272	973,857	974,612	754,460	669,524	702,364	775,380	526,787	451,554	397,498	346,689	228,634	215,426	262,100	223,850	0	130,786	76,000	71,000	66,700
Net Tangible Assets	0	819,994	511,960	621,148	505,466	570,532	955,907	833,442	621,098	589,135	507,262	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	684,234	754,488	955,913	650,744	498,922	368,532	522,085	527,236	645,013	624,887	560,873	375,231	237,110	381,522	403,656	290,006	156,146	117,965	226,956	172,589	198,698	197,552	74,099	0	17,458	41,000	61,500	17,400
Non Current Assets Total	4,196,482	4,183,874	4,337,340	3,784,999	3,663,591	3,171,800	2,103,883	1,898,630	1,843,751	1,772,237	1,937,162	1,926,430	1,885,423	1,862,797	1,428,177	1,327,543	1,357,401	841,526	780,621	488,261	446,021	372,967	398,540	0	214,904	154,500	104,500	78,000
Non Current Liabilities Other	74,032	247,896	155,610	181,741	225,478	170,607	48,692	78,142	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	1,949,179	2,180,687	2,746,990	2,204,376	2,002,673	1,685,924	907,996	858,625	1,086,377	1,158,229	1,303,866	1,251,035	1,194,813	1,238,868	974,639	817,241	957,200	458,742	543,893	221,810	188,525	154,483	126,953	0	57,877	36,000	30,700	17,800
Non Currrent Assets Other	199,997	601,840	617,266	605,813	546,254	941,313	593,986	453,941	422,614	497,400	565,964	543,922	162,762	437,095	36,338	277,973	266,997	417,903	352,896	147,986	116,788	64,237	231,726	0	148,213	114,800	74,700	52,500
Noncontrolling Interest In Consolidated Entity	0	0	0	0	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	0	727,395	682,540	775,608	692,357	1,022,773	664,864	540,686	322,770	351,953	412,066	353,414	328,710	376,644	307,381	276,266	272,231	161,949	150,338	84,648	78,172	9,613	7,229	4,556	0	0	0	0
Other Current Assets	160,082	164,751	280,413	157,854	162,941	96,412	80,198	65,389	74,828	130,215	45,945	103,083	84,989	228,786	54,772	84,801	39,287	23,304	27,065	738	690	1,650	2,883	15,663	8,495	7,200	7,100	8,900
Other Current Liab	1,184,462	1,171,357	1,314,321	1,218,273	1,052,080	1,081,992	835,394	830,516	739,867	758,760	720,544	704,450	743,866	917,945	911,951	951,669	943,703	545,715	454,257	249,811	256,145	250,944	94,518	209,943	132,108	105,600	105,000	99,500
Other Liab	0	1,156,024	1,475,398	1,397,620	1,239,262	1,161,972	663,617	688,884	693,648	618,213	672,876	638,041	625,248	638,232	540,360	486,229	446,672	315,836	287,487	111,060	101,571	64,897	42,339	44,748	0	0	0	0
Other Stockholder Equity	439,899	431,429	420,966	415,654	411,568	223,128	221,694	221,564	220,993	219,249	215,413	196,806	217,985	277,273	267,806	295,906	290,541	284,705	274,358	270,111	254,712	244,066	231,849	0	38,991	49,400	54,600	14,400
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
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	0	0	0
Property Plant And Equipment Gross	2,982,714	1,354,653	1,319,067	1,210,060	1,132,295	686,620	495,716	474,109	449,759	441,535	481,408	501,286	517,608	503,851	404,675	384,086	350,514	294,628	284,997	244,288	229,221	202,961	0	0	0	0	0	0
Property Plant And Equipment Net	1,501,305	1,354,653	1,319,067	1,210,060	1,132,295	686,620	495,716	474,109	449,759	441,535	481,408	501,286	517,608	503,851	404,675	384,086	350,514	294,628	284,997	244,288	229,221	202,961	165,881	0	66,691	39,700	29,800	25,500
Property Plant Equipment	0	1,354,653	1,319,067	1,210,060	1,132,295	686,620	495,716	474,109	449,759	441,535	481,408	501,286	517,608	503,851	404,675	384,086	350,514	294,628	284,997	244,288	229,221	202,961	184,774	165,881	0	0	0	0
Retained Earnings	2,488,150	2,382,564	2,195,764	2,000,980	1,862,059	1,691,921	1,561,921	1,398,112	1,232,610	1,091,671	974,516	841,748	724,485	695,830	575,469	429,608	258,202	214,043	166,123	156,387	190,086	159,023	97,963	97,963	125,832	102,400	80,700	63,200
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
Short Long Term Debt	651,880	191,631	106,358	330,965	408,281	271,367	201,306	233,983	113,359	81,958	665,132	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	1,454,308	1,285,616	1,454,728	1,203,241	1,234,257	795,319	445,685	405,524	506,088	597,154	665,132	672,592	668,199	350,247	389,197	285,173	460,389	153,267	262,633	96,482	77,365	104,088	109,028	0	13,413	3,100	4,900	15,200
Short Term Debt	713,317	260,953	183,136	396,485	470,846	271,367	201,306	233,983	113,359	82,515	63,111	90,237	130,625	58,208	2,663	15,413	29,077	28,001	37,651	10,248	15,327	30,915	51,315	0	12,097	1,600	1,800	10,600
Short Term Investments	10,431	1,040	1,185	1,524	2,213	16,447	16,497	22,252	33,102	105,519	71,625	65,555	21,693	63,486	139,563	73,373	12,898	2,106	2,282	738	690	1,650	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
Total Assets	9,658,976	9,215,651	9,317,344	8,057,897	7,335,358	6,450,785	4,714,917	4,351,864	4,126,558	4,021,281	3,933,168	3,810,705	3,720,510	3,611,100	3,053,677	2,934,147	2,781,492	1,770,082	1,619,745	1,039,300	1,023,736	935,841	828,039	828,039	456,517	354,200	320,700	241,400
Total Current Assets	5,462,494	5,031,777	4,980,004	4,272,898	3,671,767	3,278,985	2,611,034	2,453,234	2,282,807	2,249,044	1,996,006	1,884,275	1,835,087	1,748,303	1,625,500	1,606,604	1,424,091	928,556	839,124	551,039	577,715	562,874	429,499	0	241,613	199,700	216,200	163,400
Total Current Liabilities	4,783,923	4,277,289	4,024,091	3,622,154	3,172,845	2,910,453	2,088,949	1,925,998	1,637,794	1,624,157	1,435,133	1,509,044	1,597,977	1,366,781	1,221,844	1,316,598	1,267,945	810,591	612,168	378,450	379,017	365,322	355,400	355,400	224,155	158,700	154,700	146,000
Total Liab	6,733,102	6,457,976	6,771,081	5,826,530	5,175,518	4,596,377	2,996,945	2,784,623	2,724,171	2,782,386	2,738,999	2,760,079	2,792,790	2,605,649	2,196,483	2,133,839	2,225,145	1,269,333	1,156,061	600,260	567,542	519,805	482,353	482,353	282,032	194,700	185,400	163,800
Total Permanent 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
Total Stockholder Equity	2,923,109	2,755,221	2,531,635	2,218,154	2,141,406	1,832,453	1,708,310	1,559,840	1,394,334	1,226,667	1,177,012	1,017,115	898,337	966,693	832,868	723,833	536,262	493,878	450,777	434,700	452,079	411,361	340,728	340,728	172,706	157,500	135,300	77,600
Treasury Stock	0	0	0	0	0	-40,428	-40,428	-40,428	-40,428	-40,428	-40,428	-40,428	-14,422	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-3,613	0	0	0	0
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

	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	1996-12-31	1996-09-30	1996-06-30	1996-03-31
Accounts Payable	1,243,747	1,100,489	1,058,559	1,126,603	1,067,818	1,124,259	1,070,380	1,023,679	1,023,679	1,091,839	925,113	927,429	1,007,237	893,841	816,245	838,591	926,338	793,258	758,139	708,791	776,100	524,375	569,587	520,254	633,689	494,678	490,127	473,847	514,106	403,594	372,941	368,504	347,366	349,488	360,173	348,991	369,659	337,934	328,565	319,290	301,480	304,822	278,641	252,927	260,975	240,445	253,489	272,110	316,264	280,908	322,381	329,620	360,736	317,005	294,283	286,603	299,238	286,287	291,040	0	340,315	347,717	331,850	273,010	273,010	228,957	185,787	158,361	158,361	137,933	134,947	120,260	120,260	128,728	111,006	118,391	118,391	113,944	100,495	107,545	107,545	103,244	123,448	83,463	83,463	85,874	91,546	94,142	111,182	85,465	84,753	86,444	94,142	0	0	0	79,950	0	-	0	51,500	0	-	-	47,900	-	-	34,500	35,900	-	-	-
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	-	-	-	-
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	-	-	-	-
Accumulated Other Comprehensive Income	-17,650	0	0	-71,558	-71,558	0	0	-97,857	-97,857	0	0	0	-211,222	0	0	0	-144,963	0	0	0	-94,944	0	0	0	-87,652	0	0	0	-72,181	0	0	0	-71,610	0	0	-96,583	-96,583	0	0	-25,219	-25,219	0	0	0	-33,544	0	0	0	-56,226	0	0	0	-18,460	0	0	0	-22,413	0	0	0	-13,573	-7,032	-27,125	-24,367	-24,367	-21,434	-16,162	-16,746	-16,746	-10,113	-8,916	-1,340	-1,340	-2,522	-5,064	-3,346	-3,346	-3,717	-3,584	-3,992	-3,992	-2,025	-738	-2,882	-2,882	-116,890	-116,890	-116,890	0	0	0	0	0	0	0	0	-	0	-	0	-1,900	0	-	-	-	-	-	0	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	430,490	409,744	418,736	395,552	413,907	414,352	416,911	456,667	463,422	447,592	451,038	445,186	463,456	441,627	432,718	385,117	385,852	396,356	383,458	365,992	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	12,816	0	0	0	12,786	0	0	0	12,762	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	195,795	120,288	111,680	151,473	211,108	248,181	247,272	258,993	258,993	203,139	211,423	206,959	278,794	287,151	339,103	684,345	221,060	165,680	191,810	184,659	208,479	152,229	186,977	214,495	156,074	124,055	149,483	136,245	222,810	162,231	155,681	265,614	299,322	170,484	152,488	173,982	200,407	177,406	173,842	189,531	193,737	148,333	134,678	176,368	199,241	144,929	328,449	173,873	202,577	91,229	68,830	138,641	151,059	255,046	243,781	167,451	140,709	154,529	174,361	268,800	204,670	270,608	395,090	363,887	363,887	306,923	112,198	84,564	84,564	67,838	117,949	93,887	93,887	150,063	53,855	34,109	34,109	59,623	90,336	76,156	76,156	45,947	47,000	76,280	76,280	48,163	62,451	51,716	44,064	37,304	33,615	45,208	51,716	62,088	58,556	68,699	36,497	68,300	62,400	59,100	50,100	54,000	56,600	-	51,100	-	-	13,800	14,500	-	-	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	206,226	146,870	138,115	153,534	212,148	249,275	248,381	260,178	260,178	204,576	219,149	208,450	280,318	288,309	340,810	685,489	223,273	169,845	202,635	196,662	224,926	155,259	190,245	220,173	172,571	142,661	171,386	166,211	245,062	187,943	186,455	304,323	332,424	214,141	217,502	239,891	305,926	273,967	276,618	242,611	265,362	215,570	203,523	251,057	264,796	219,298	349,185	457,976	224,270	116,126	101,183	238,373	214,545	388,590	367,648	319,295	280,272	282,092	293,126	268,800	278,043	290,376	427,278	376,785	376,785	402,220	343,266	86,670	86,670	70,173	120,263	96,169	96,169	150,063	55,051	34,109	34,109	60,277	90,901	76,156	76,156	47,456	47,000	76,280	76,280	48,163	62,451	51,716	44,064	37,304	33,615	45,208	0	62,088	58,556	68,699	36,497	68,300	62,400	59,100	50,100	54,000	56,600	-	51,100	-	-	13,800	14,500	-	-	-
Common Stock	12,710	2,842,835	2,792,270	2,778,737	12,786	2,600,988	2,539,764	12,762	12,762	2,481,485	2,390,009	2,282,666	12,742	2,238,604	2,240,440	2,177,491	12,742	2,161,030	2,103,016	1,883,856	12,348	1,863,445	1,809,609	1,740,866	12,347	1,672,385	1,641,746	1,602,217	12,345	1,530,666	1,471,000	0	12,341	0	0	12,330	12,330	0	0	12,302	12,302	0	0	0	12,105	0	0	0	12,093	0	12,079	0	12,050	0	12,042	12,000	12,006	0	0	0	11,892	11,892	11,891	11,886	11,886	11,885	11,882	11,876	11,876	11,784	11,670	11,636	11,636	11,604	11,590	11,548	11,548	11,477	11,405	11,273	11,273	11,242	11,231	11,154	11,154	11,099	11,090	10,916	11,054	10,990	10,953	10,937	10,916	0	0	0	7,883	0	-	0	7,600	0	-	-	-	-	-	0	-	-	-	-
Common Stock Shares Outstanding	44,630	44,642	44,637	44,459	44,583	44,638	44,580	44,278	44,278	44,270	44,247	44,247	44,198	44,221	44,236	44,204	44,287	44,253	44,062	42,792	42,753	42,755	42,755	42,753	42,753	42,753	42,755	42,751	42,755	42,753	42,752	42,748	42,745	42,740	42,734	42,713	42,702	42,686	42,682	42,639	42,542	42,348	42,217	42,057	41,693	41,693	42,412	42,663	42,809	43,074	43,248	43,223	42,671	43,165	43,234	43,286	42,426	43,233	42,924	42,534	42,078	42,813	42,678	42,045	42,045	42,307	42,629	41,360	41,360	41,913	41,808	40,775	40,775	41,614	41,617	40,060	40,060	41,161	40,892	39,168	39,168	40,406	40,396	38,515	38,515	39,772	39,791	37,815	38,004	39,579	39,071	38,611	37,815	37,815	26,374	26,741	25,484	26,333	26,071	25,926	24,483	27,308	27,200	26,522	22,500	22,500	22,174	22,381	21,111	21,111	21,667	21,111
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	12,742	0	0	0	12,742	0	0	0	12,348	0	0	0	12,347	0	0	0	12,345	0	0	0	12,341	0	0	12,330	12,330	0	0	12,302	12,302	0	0	0	12,105	0	0	0	12,093	0	0	0	12,050	0	0	0	12,006	0	0	0	11,892	11,892	11,891	11,889	11,886	11,885	11,882	11,878	11,876	11,784	11,670	11,653	11,636	11,604	11,590	11,576	11,548	11,477	11,405	11,358	11,273	11,242	11,231	11,162	11,154	11,099	11,090	11,079	0	0	0	0	0	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Current Deferred Revenue	1,642,397	1,568,218	1,808,462	1,831,397	1,777,161	1,804,565	1,686,332	1,502,955	1,502,955	1,341,278	1,298,504	1,094,879	1,000,159	943,121	980,483	805,287	723,581	786,761	812,704	850,592	780,994	572,200	548,404	469,344	418,560	411,743	422,044	384,063	347,393	345,477	373,967	366,523	437,202	372,907	337,925	413,056	413,223	416,595	396,964	355,333	349,998	401,780	459,286	463,806	453,382	408,464	439,367	436,419	407,222	410,532	27,361,000	647,815	7,606	13,181	546,228	556,498	-8,488	0	527,594	0	9,201	0	15,554	22,155	22,155	0	0	78,514	78,514	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	128,688	137,325	115,425	136,803	113,878	117,296	117,182	0	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	68,159	0	0	0	60,098	0	0	0	44,738	0	0	0	68,435	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-	-	-	-
Good Will	1,486,659	0	0	1,502,494	1,502,494	0	0	1,550,552	1,550,552	0	0	0	1,316,768	0	0	0	1,340,617	0	1,293,647	1,285,659	1,022,624	0	0	0	646,715	0	0	0	616,997	617,000	617,000	0	622,654	0	0	504,611	504,611	0	0	501,793	501,793	0	0	0	500,598	0	0	0	499,326	498,705,000	0	0	483,071	355,595	0	0	336,910	0	0	0	323,772	336,704	331,609	331,810	331,810	331,674	319,189	58,401	58,401	58,593	58,593	63,957	63,957	34,057	33,716	33,716	32,847	32,844	32,576	32,576	32,576	0	0	0	0	0	0	0	0	0	0	0	48,087	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Intangible Assets	390,520	0	1,903,678	1,914,660	435,061	1,936,747	1,933,208	473,865	473,865	0	0	0	290,846	0	0	1,601,750	310,796	1,628,136	1,293,647	1,285,659	258,726	806,846	814,345	755,824	105,688	760,223	763,964	722,809	109,401	738,175	750,418	759,385	147,622	778,167	637,590	626,293	132,921	649,931	663,461	673,364	167,957	681,154	690,345	702,154	214,963	728,228	739,346	752,420	263,746	292,622,000	791,327	786,572	313,593	268,707	624,302	591,107	266,426	580,700	590,820	601,802	270,511	272,016	283,839	298,925	298,925	309,271	307,915	70,594	70,594	72,567	74,645	142,728	142,728	93,403	94,017	95,987	95,987	96,189	96,620	100,012	100,012	102,084	102,417	105,769	105,769	106,488	0	105,283	105,283	0	0	0	48,087	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Inventory	2,279,000	2,291,626	2,215,706	2,171,691	1,946,326	1,912,883	1,813,316	1,670,474	1,670,474	1,644,228	1,547,116	1,436,333	1,316,688	1,325,800	1,337,072	1,297,575	1,219,920	1,375,883	1,276,806	1,214,498	1,141,996	1,069,005	1,074,318	994,105	902,954	925,929	893,458	891,603	840,266	892,288	865,015	861,873	837,111	872,042	877,553	897,881	820,576	866,417	820,992	788,668	756,032	782,038	787,332	771,993	751,247	782,985	807,683	819,679	761,269	789,461	738,872	723,176	665,270	620,891	617,602	575,124	569,848	600,509	626,097	637,860	647,561	632,072	583,544	480,603	480,603	435,548	428,644	371,962	371,962	359,787	369,567	328,428	328,428	294,069	296,603	249,041	249,041	267,652	241,868	249,225	249,225	280,542	268,447	222,844	222,844	219,587	213,432	131,024	185,090	174,477	170,595	148,121	131,024	130,769	78,452	58,879	65,835	64,200	64,800	61,900	66,400	68,400	73,200	-	87,000	-	-	57,000	73,300	-	-	-
Liabilities And Stockholders Equity	9,658,976	9,615,251	9,559,505	9,464,749	9,215,651	9,452,280	9,265,108	9,317,344	9,317,344	9,164,082	8,754,716	8,033,713	8,057,897	7,727,162	7,579,497	7,869,802	7,335,358	7,243,477	6,750,209	6,840,898	6,450,785	5,072,720	5,069,614	4,905,578	4,714,917	4,691,792	4,570,770	4,460,885	4,351,864	4,356,140	4,217,668	4,237,921	4,126,558	4,023,494	3,904,850	3,897,681	4,021,281	4,102,220	4,070,604	3,890,703	3,933,168	3,992,625	3,876,105	3,889,990	3,810,705	3,707,650	3,816,641	3,992,389	3,720,510	3,681,874	3,701,825	3,672,224	3,611,100	3,372,309	3,222,238	3,032,376	3,053,677	2,997,195	2,941,189	2,901,275	2,934,147	2,858,000	2,982,108	2,781,492	2,781,492	2,685,971	2,534,856	1,770,082	1,770,082	1,676,263	1,727,526	1,619,745	1,619,745	1,315,223	1,154,293	1,039,300	1,039,300	1,006,858	1,012,038	1,023,736	1,023,736	947,944	958,061	935,841	935,841	921,091	930,854	828,039	905,730	859,339	831,069	820,410	0	788,862	466,915	442,733	456,517	416,900	403,200	363,300	354,200	342,500	322,300	-	320,700	-	-	245,300	241,400	-	-	-
Long Term Debt	384,074	369,020	378,164	635,428	680,078	793,765	795,336	906,894	884,948	892,179	548,675	400,361	408,820	538,631	587,538	434,247	440,124	475,501	126,528	185,844	523,952	519,322	518,906	582,997	244,379	245,187	245,815	182,196	171,541	179,492	316,899	380,996	392,729	397,477	390,155	363,029	514,639	601,013	657,323	511,828	602,021	652,560	536,060	594,602	582,355	562,190	611,760	737,340	537,574	588,970	601,881	581,729	565,396	565,134	440,216	376,148	386,534	429,203	431,455	303,114	269,760	382,923	463,500	397,679	431,312	431,311	396,720	125,251	125,266	136,064	219,129	161,296	224,982	253,637	128,681	73,628	86,234	66,705	48,711	59,077	62,038	66,792	73,079	68,407	73,173	77,840	78,252	70,157	69,202	46,743	0	0	57,713	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	434,247	440,124	475,501	126,528	185,844	523,952	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	152,480	244,407	251,938	254,158	272,129	336,125	294,190	315,184	316,058	250,014	257,155	247,513	195,649	238,404	226,830	261,987	212,063	270,550	275,893	240,805	200,486	246,765	248,976	211,864	190,900	211,518	197,266	213,429	189,773	204,294	183,000	0	138,081	0	0	0	135,476	0	0	0	176,266	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-	-	-	-
Net Debt	1,258,512	1,506,952	1,452,622	1,181,435	1,074,508	1,168,679	1,260,536	1,195,735	1,195,735	1,352,491	1,291,429	1,024,308	924,447	1,021,436	885,098	1,070,730	1,013,197	1,065,284	636,718	940,077	586,840	541,737	464,821	454,324	289,611	480,390	301,686	296,307	182,714	399,149	333,355	231,708	206,766	341,239	353,495	293,518	396,747	551,554	550,047	386,050	471,395	566,032	485,878	495,087	473,351	557,072	470,652	704,588	465,622	382,031	363,353	578,672	472,545	79,527	-14,267	211,255	248,488	275,507	258,121	40,856	80,503	125,364	75,084	96,502	96,502	159,812	320,705	68,703	68,703	103,980	129,783	168,746	168,746	116,329	86,321	62,373	62,373	18,809	-27,666	1,209	1,209	61,894	47,858	27,808	27,808	62,675	57,048	57,312	72,032	112,579	68,884	57,256	0	-62,088	-58,556	-68,699	-23,084	-68,300	-62,400	-59,100	-47,000	-54,000	-56,600	-	-46,200	-	-	-8,800	700	-	-	-
Net Invested Capital	3,983,457	4,060,331	3,937,836	3,716,093	3,626,930	3,603,496	3,630,661	3,572,649	3,522,941	3,589,523	3,441,823	3,068,747	2,957,939	3,105,564	3,031,923	3,547,449	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,817,186	2,977,505	3,068,779	3,043,631	2,873,303	3,039,447	3,021,855	3,049,352	3,049,352	3,090,084	2,687,054	2,649,423	2,675,892	2,489,785	2,300,545	2,262,098	2,228,574	2,054,512	2,037,295	1,880,901	1,912,063	1,645,004	1,568,534	1,530,566	1,535,509	1,591,931	1,506,754	1,440,035	1,367,906	1,388,431	1,309,109	1,240,961	1,113,272	1,079,476	1,055,477	1,024,168	973,857	1,130,710	1,066,166	962,111	974,612	1,046,218	976,674	946,618	754,460	695,420	645,342	796,468	669,524	699,775	743,246	855,170	868,488	822,389	753,685	685,346	659,524	730,273	658,067	669,199	526,787	545,694	579,887	451,554	451,554	523,928	486,439	397,498	397,498	415,952	419,257	346,689	346,689	288,632	243,654	228,634	228,634	231,021	227,079	215,426	215,426	252,710	277,819	262,100	262,100	270,909	269,846	223,850	253,725	280,958	259,134	236,505	0	231,930	155,459	123,076	130,786	87,100	87,100	80,400	76,000	63,900	59,000	-	71,000	-	-	72,600	66,700	-	-	-
Net Tangible Assets	0	949,942	888,592	864,077	819,994	664,241	606,556	558,546	511,960	439,872	338,770	716,084	621,148	673,022	667,103	575,741	505,466	532,894	809,369	598,197	570,532	1,056,599	995,264	985,042	955,907	912,162	877,782	879,408	833,442	0	0	0	621,098	0	0	0	589,135	0	0	0	507,262	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	684,234	570,478	515,824	806,657	754,488	697,234	724,760	1,130,626	955,913	1,028,258	469,198	686,843	650,744	766,686	877,005	551,420	498,922	506,676	468,181	334,741	368,532	807,357	745,246	844,993	522,085	544,861	582,786	543,638	527,236	518,589	633,708	730,356	645,013	574,241	630,868	527,834	624,887	663,347	682,608	533,084	560,873	574,817	442,715	443,060	375,231	350,098	344,937	451,512	237,110	292,252	321,513	371,206	381,522	593,932	480,447	397,002	403,656	797,482	374,224	309,736	290,006	260,469	274,684	156,146	156,146	176,463	166,198	117,965	117,965	127,126	185,337	226,956	226,956	279,039	161,298	172,589	172,589	175,686	201,177	198,698	198,698	185,402	196,363	197,552	197,552	194,415	172,738	74,099	123,927	118,843	119,154	85,696	0	43,260	60,500	30,142	-	33,000	-	41,400	41,000	33,000	-	-	-	-	-	24,400	-	-	-	-
Non Current Assets Total	4,196,482	4,199,250	4,136,905	4,095,893	4,183,874	4,250,675	4,181,556	4,337,340	4,337,340	4,225,194	4,301,397	3,739,507	3,784,999	3,623,268	3,601,070	3,624,640	3,663,591	3,643,237	3,233,473	3,214,712	3,171,800	2,203,452	2,236,517	2,160,734	2,103,883	2,031,271	1,999,172	1,963,036	1,898,630	1,887,478	1,857,089	1,830,764	1,843,751	1,857,835	1,754,318	1,735,741	1,772,237	1,831,126	1,906,828	1,897,313	1,937,162	1,948,799	1,908,576	1,920,322	1,926,430	1,851,766	1,869,778	1,918,266	1,885,423	1,913,336	1,921,681	1,855,505	1,862,797	1,540,439	1,483,303	1,452,611	1,428,177	1,384,321	1,363,899	1,325,456	1,327,543	1,389,858	1,391,399	1,357,401	1,357,401	1,309,811	1,276,507	841,526	841,526	829,017	816,571	780,621	780,621	581,573	558,985	488,261	488,261	447,908	452,190	446,021	446,021	367,236	362,535	372,967	372,967	378,808	385,125	398,540	393,582	363,645	364,868	387,748	0	364,075	174,448	192,079	214,904	197,400	188,900	161,900	154,500	156,100	133,500	-	104,500	-	-	88,400	78,000	-	-	-
Non Current Liabilities Other	74,032	281,289	279,459	274,936	247,896	196,612	198,980	180,103	155,610	185,080	182,615	178,579	181,741	180,949	243,590	223,669	225,478	208,781	202,558	182,759	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,949,179	1,924,599	1,858,243	2,121,207	2,180,687	2,344,776	2,364,249	2,746,990	2,746,990	2,758,756	2,367,383	2,130,614	2,204,376	2,133,343	2,219,884	1,981,319	2,002,673	1,966,910	1,575,746	1,643,142	1,685,924	1,137,039	1,162,428	1,254,578	907,996	894,673	931,684	896,656	858,625	868,355	1,011,129	1,100,999	1,086,377	1,085,581	1,062,185	990,580	1,158,229	1,219,759	1,331,640	1,199,109	1,303,866	1,372,492	1,249,594	1,286,515	1,251,035	1,217,087	1,259,191	1,417,482	1,194,813	1,223,496	1,272,896	1,264,031	1,238,868	1,165,819	1,030,738	949,155	974,639	1,373,081	979,567	814,982	817,241	960,496	1,034,951	957,200	957,200	960,752	936,929	458,742	458,742	466,239	526,150	543,893	543,893	397,237	269,243	221,810	221,810	198,204	171,419	188,525	188,525	106,207	116,681	154,483	154,483	165,034	161,322	126,953	133,530	110,224	121,744	119,961	0	89,452	50,253	43,382	57,877	52,600	56,200	40,900	36,000	37,100	35,400	-	30,700	-	-	31,600	17,800	-	-	-
Non Currrent Assets Other	199,997	558,558	520,789	536,431	601,840	624,168	616,010	617,266	617,266	580,409	653,424	600,618	605,813	528,140	528,371	530,652	546,254	573,650	540,425	589,862	941,313	591,693	606,722	645,590	593,986	489,613	468,836	462,357	453,941	421,945	404,096	395,744	422,614	438,393	469,346	464,701	497,400	538,790	553,139	527,525	565,964	568,082	539,866	533,556	543,922	173,187	175,851	505,253	162,762	475,935	473,902	114,582	134,744	71,795	51,115	56,292	36,338	44,327	59,040	876,050	277,973	298,560	301,876	266,997	266,997	249,863	245,715	417,903	417,903	409,025	397,886	352,896	352,896	235,859	211,978	147,986	147,986	118,033	118,366	116,788	116,788	45,270	44,758	64,237	64,237	183,980	195,281	231,726	103,525	185,918	192,830	220,131	0	207,686	89,104	109,190	148,213	144,900	134,900	122,400	114,800	119,100	100,200	-	74,700	-	-	62,900	52,500	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	581,327	547,271	559,760	727,395	647,301	667,768	668,077	682,540	671,841	745,737	720,740	775,608	636,068	635,676	622,200	692,357	618,585	583,741	377,798	1,022,773	635,410	654,045	696,721	1,608,167	1,541,976	1,510,960	1,477,585	1,424,521	1,406,026	1,382,912	1,380,599	1,393,992	1,416,919	1,308,155	1,294,578	1,330,702	1,388,391	1,445,160	1,423,967	1,455,754	1,459,841	1,421,452	1,426,863	1,425,144	1,346,964	1,360,642	1,405,229	1,367,815	1,396,182	1,392,631	1,337,675	1,358,946	1,095,272	1,054,702	1,042,368	1,023,502	986,303	972,019	940,948	943,457	1,004,326	1,021,188	995,785	1,006,887	973,528	950,024	550,040	546,898	540,185	531,124	501,326	495,624	329,262	305,995	251,498	243,973	214,222	214,986	212,533	216,800	147,354	147,175	157,986	170,006	183,980	195,281	203,825	208,808	186,405	193,284	387,748	232,659	207,686	174,448	192,079	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Other Current Assets	160,082	281,966	297,116	314,574	164,751	334,777	296,917	280,413	280,413	0	0	0	60,594	0	0	0	81,216	0	0	334,125	96,412	139,405	141,111	127,473	80,198	145,644	156,955	163,228	65,389	180,479	150,954	204,064	74,828	165,906	161,772	79,369	79,369	178,751	159,526	45,945	45,945	172,574	49,633	204,807,000	113,772	158,181	144,653	427,694,000	180,024	163,176	196,843	168,696	65,827	256,593	149,447	123,278	54,772	170,900	669,199	268,760	84,801	111,866	185,651	39,287	39,287	14,464	106,668	23,304	23,304	1,334	1,868	27,065	27,065	886	54,055	738	738	47,833	46,749	690	690	252,710	2,260	1,650	1,650	3,624	269,846	2,883	2,940	2,955	2,857	2,828	15,663	0	0	0	8,495	-100	-	0	7,200	100	-	-	7,100	-	-	13,500	8,900	-	-	-
Other Current Liab	1,184,462	1,265,494	1,208,126	1,236,072	1,171,357	1,296,068	1,235,203	1,314,321	1,314,321	1,190,789	1,189,057	1,134,522	1,218,273	1,111,057	1,043,245	1,063,471	1,052,080	1,090,023	1,095,463	1,103,404	1,081,992	790,692	836,968	824,431	835,394	849,981	871,287	845,945	830,516	819,114	807,826	825,448	739,867	754,777	705,738	767,588	758,760	725,271	689,073	721,930	720,544	700,602	702,391	733,022	704,450	717,066	721,729	772,961	743,866	659,828	-26,302,071	332,494	940,231	868,268	381,120	337,104	928,431	528,272	383,405	1,259,541	951,669	846,907	961,947	943,703	943,703	935,316	870,181	545,715	545,715	546,433	562,068	454,257	454,257	313,128	311,509	249,811	249,811	257,593	244,217	256,145	256,145	251,013	253,936	250,944	250,944	100,308	102,873	94,518	93,342	74,368	92,472	97,167	209,943	0	0	0	132,108	0	-	0	105,600	0	-	-	105,000	-	-	97,600	99,500	-	-	-
Other Liab	0	1,208,681	1,125,570	1,156,426	1,156,024	1,207,395	1,223,318	1,587,111	1,475,398	1,489,850	1,435,978	1,349,880	1,397,620	1,213,945	1,257,132	1,212,637	1,239,262	1,159,468	1,129,467	1,147,064	1,161,972	617,717	643,522	671,581	645,591	649,486	685,869	714,460	665,870	688,863	694,230	720,003	667,288	688,104	672,030	627,551	618,213	618,746	674,317	687,281	672,876	719,932	713,534	691,913	638,041	654,897	647,431	680,142	625,248	634,526	671,015	682,302	638,232	600,685	590,522	573,007	540,360	494,841	479,682	511,868	486,229	577,573	571,451	523,155	446,672	529,441	540,209	359,867	315,836	306,999	282,850	305,277	287,487	119,125	116,480	140,188	111,060	105,555	96,693	92,871	101,571	24,879	28,679	60,559	64,897	63,038	61,014	42,423	42,339	42,648	121,744	124,821	44,748	89,452	50,253	43,382	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Other Stockholder Equity	439,899	0	0	431,429	431,429	2,600,988	2,539,764	2,531,635	2,531,635	2,481,485	2,390,009	2,282,666	415,654	2,238,604	2,240,440	2,177,491	411,568	2,161,030	2,103,016	1,883,856	223,128	1,863,445	1,809,609	1,740,866	221,694	1,672,385	1,641,746	1,602,217	221,564	1,530,666	1,471,196	1,451,693	220,993	1,335,474	1,312,650	1,260,329	219,249	1,257,052	1,242,485	1,210,410	215,413	1,121,172	1,074,923	1,044,185	196,806	952,880	925,658	922,444	217,985	952,963	943,281	937,230	277,273	938,040	904,495	874,671	267,806	787,559	738,127	737,124	295,906	294,539	293,314	290,541	290,541	289,122	287,211	284,705	284,705	280,374	276,361	274,358	274,358	272,816	272,140	270,111	270,111	268,055	264,726	254,712	254,712	251,385	254,259	244,066	244,066	364,616	365,401	231,849	240,304	231,771	232,934	232,116	0	220,618	43,460	45,270	38,991	51,400	51,500	53,000	49,400	51,300	52,400	-	54,600	-	-	14,400	14,400	-	-	-
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	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,982,714	1,480,623	1,434,018	1,367,315	1,354,653	1,330,502	0	0	0	0	1,247,266	1,204,672	1,210,060	1,183,214	1,165,227	1,138,703	1,132,295	1,125,966	1,080,192	1,055,166	686,620	514,431	519,151	496,325	495,716	489,295	488,212	485,451	474,109	481,452	474,177	450,165	449,759	440,916	446,163	441,535	441,535	442,735	461,668	481,408	481,408	488,958	487,124	493,459	501,286	504,802	509,136	513,037	517,608	517,154	529,050	517,830	503,851	445,167	428,601	410,243	404,675	398,018	391,880	384,508	384,086	385,532	370,211	359,741	350,514	336,283	326,483	294,090	294,628	288,832	285,447	285,979	284,997	252,311	252,990	249,902	244,288	233,686	237,204	231,026	229,221	219,882	215,360	208,854	202,961	194,828	189,844	187,475	0	0	0	0	0	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Property Plant And Equipment Net	1,501,305	1,480,623	1,434,018	1,367,315	1,354,653	1,330,502	1,286,390	1,319,067	1,319,067	1,261,726	1,247,266	1,204,672	1,210,060	1,183,214	1,165,227	1,138,703	1,132,295	1,125,966	1,080,192	1,055,166	686,620	514,431	519,151	496,325	495,716	489,295	488,212	485,451	474,109	481,452	474,177	450,165	449,759	440,916	446,163	441,163	441,535	442,735	461,668	473,346	481,408	488,958	487,124	493,459	501,286	504,802	509,136	513,037	517,608	517,154	529,050	517,830	503,851	445,167	428,601	410,243	404,675	398,018	391,880	384,508	384,086	385,532	370,211	350,514	350,514	336,283	326,483	294,628	294,628	288,832	285,447	284,997	284,997	252,311	252,990	244,288	244,288	233,686	237,204	229,221	229,221	219,882	215,360	202,961	202,961	194,828	189,844	165,881	184,774	177,240	171,584	166,526	0	156,389	85,344	82,889	66,691	52,500	54,000	39,500	39,700	37,000	33,300	-	29,800	-	-	25,500	25,500	-	-	-
Property Plant Equipment	0	1,480,623	1,434,018	1,367,315	1,354,653	1,330,502	1,286,390	1,332,819	1,319,067	1,261,726	1,247,266	1,204,672	1,210,060	1,183,214	1,165,227	1,138,703	1,132,295	1,125,966	1,080,192	1,055,166	686,620	514,431	519,151	496,325	495,716	489,295	488,212	485,451	474,109	481,452	474,177	450,165	449,759	440,916	446,163	441,163	441,535	442,735	461,668	473,346	481,408	488,958	487,124	493,459	501,286	504,802	509,136	513,037	517,608	517,154	529,050	517,830	503,851	445,167	428,601	410,243	404,675	398,018	391,880	384,508	384,086	385,532	370,211	359,741	350,514	336,283	326,483	294,090	294,628	288,832	285,447	285,979	284,997	252,311	252,990	249,902	244,288	233,686	237,204	231,026	229,221	219,882	215,360	208,854	202,961	194,828	189,844	187,475	184,774	177,240	171,584	0	165,881	156,389	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Retained Earnings	2,488,150	0	0	2,382,564	2,382,564	0	0	2,195,764	2,195,764	0	0	0	2,000,980	0	0	0	1,862,059	0	0	0	1,691,921	0	0	0	1,561,921	0	0	0	1,398,112	1,398,000	1,398,000	0	1,232,610	0	0	1,091,671	1,091,671	0	0	974,516	974,516	0	0	0	841,748	0	0	0	724,485	0	705,987	0	695,830	0	619,171	591,571	575,469	0	0	0	429,608	333,341	306,283	258,202	258,202	234,037	214,259	214,043	214,043	196,364	183,861	166,123	166,123	177,562	168,307	156,387	156,387	145,876	205,429	190,086	190,086	181,533	173,438	159,023	159,023	149,364	136,940	97,963	126,627	122,002	113,697	105,570	97,963	93,040	141,235	133,569	125,832	124,600	116,800	109,400	102,400	100,700	93,600	-	80,700	-	-	66,800	63,200	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	651,880	848,476	767,402	301,928	191,631	208,743	295,561	108,474	106,358	215,859	503,139	385,720	330,965	328,329	203,945	935,711	408,281	359,107	318,542	572,900	62,546	63,114	120,137	66,935	67,556	67,777	451,169	432,552	228,956	561,380	489,000	0	113,359	0	0	0	81,958	0	0	0	665,132	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,454,308	1,627,240	1,564,302	1,332,908	1,285,616	1,416,860	1,507,808	1,454,728	1,454,728	1,555,630	1,502,852	1,231,267	1,203,241	1,308,587	1,224,201	1,755,075	1,234,257	1,230,964	828,528	1,124,736	795,319	693,966	651,798	668,819	445,685	604,445	451,169	432,552	405,524	561,380	489,036	497,322	506,088	511,723	505,983	467,500	597,154	728,960	723,889	575,581	665,132	714,365	620,556	671,455	672,592	702,001	799,101	878,461	668,199	473,260	432,183	717,313	623,604	334,573	229,514	378,706	389,197	430,036	432,482	309,656	285,173	395,972	470,174	460,389	460,389	466,735	432,903	153,267	153,267	171,818	247,732	262,633	262,633	266,392	140,176	96,482	96,482	78,432	62,670	77,365	77,365	107,841	94,858	104,088	104,088	110,838	119,499	109,028	116,096	149,883	102,499	102,464	0	0	0	0	13,413	0	-	0	3,100	0	-	-	4,900	-	-	5,000	15,200	-	-	-
Short Term Debt	713,317	911,322	831,629	368,127	260,953	279,479	366,877	183,136	183,136	286,724	571,447	450,533	396,485	389,189	261,449	986,393	470,846	423,522	382,249	628,658	271,367	174,644	132,892	85,822	201,306	359,258	205,354	250,356	233,983	381,888	172,137	116,326	113,359	114,246	115,828	104,471	82,515	127,947	66,566	63,753	63,111	61,805	84,496	76,853	90,237	139,811	187,341	141,121	130,625	125,018	77,321	135,584	58,208	39,484	36,857	2,558	2,663	833	1,027	6,542	15,413	13,049	6,674	29,077	29,077	35,424	36,183	28,001	28,001	35,754	28,603	37,651	37,651	12,755	11,495	10,248	10,248	11,727	13,959	15,327	15,327	41,049	21,779	30,915	30,915	32,998	41,247	51,315	46,894	103,140	52,526	46,173	0	0	0	0	12,097	0	-	0	1,600	0	-	-	1,800	-	-	400	10,600	-	-	-
Short Term Investments	10,431	26,582	26,435	2,061	1,040	1,094	1,109	1,185	1,185	1,437	7,726	1,491	1,524	1,158	1,707	1,144	2,213	4,165	10,825	12,003	16,447	3,030	3,268	5,678	16,497	18,606	21,903	29,966	22,252	25,712	30,774	38,709	33,102	43,657	65,014	65,909	105,519	96,561	102,776	53,080	71,625	67,237	68,845	74,689	65,555	74,369	20,736	284,103	21,693	24,897	32,353	99,732	63,486	133,544	123,867	151,844	139,563	127,563	118,765	0	73,373	19,768	32,188	12,898	12,898	95,297	231,068	2,106	2,106	2,335	2,314	2,282	2,282	0	1,196	0	738	654	565	600	690	1,509	0	0	1,650	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	9,658,976	9,615,251	9,559,505	9,464,749	9,215,651	9,452,280	9,265,108	9,317,344	9,317,344	9,164,082	8,754,716	8,033,713	8,057,897	7,727,162	7,579,497	7,869,802	7,335,358	7,243,477	6,750,209	6,840,898	6,450,785	5,072,720	5,069,614	4,905,578	4,714,917	4,691,792	4,570,770	4,460,885	4,351,864	4,356,140	4,217,668	4,237,921	4,126,558	4,023,494	3,904,850	3,897,681	4,021,281	4,102,220	4,070,604	3,890,703	3,933,168	3,992,625	3,876,105	3,889,990	3,810,705	3,707,650	3,816,641	3,992,389	3,720,510	3,681,874	3,701,825	3,672,224	3,611,100	3,372,309	3,222,238	3,032,376	3,053,677	2,997,195	2,941,189	2,901,275	2,934,147	2,858,000	2,982,108	2,781,492	2,781,492	2,685,971	2,534,856	1,770,082	1,770,082	1,676,263	1,727,526	1,619,745	1,619,745	1,315,223	1,154,293	1,039,300	1,039,300	1,006,858	1,012,038	1,023,736	1,023,736	947,944	958,061	935,841	935,841	921,091	930,854	828,039	905,730	859,339	831,069	820,410	828,039	788,862	466,915	442,733	456,517	416,900	403,200	363,300	354,200	342,500	322,300	-	320,700	-	-	245,300	241,400	-	-	-
Total Current Assets	5,462,494	5,416,001	5,422,600	5,368,856	5,031,777	5,201,605	5,083,552	4,980,004	4,980,004	4,938,888	4,453,319	4,294,206	4,272,898	4,103,894	3,978,427	4,245,162	3,671,767	3,600,240	3,516,736	3,626,186	3,278,985	2,869,268	2,833,097	2,744,844	2,611,034	2,660,521	2,571,598	2,497,849	2,453,234	2,468,662	2,360,579	2,407,157	2,282,807	2,165,659	2,150,532	2,161,940	2,249,044	2,271,094	2,163,776	1,993,390	1,996,006	2,043,826	1,967,529	1,969,668	1,884,275	1,855,884	1,946,863	2,074,123	1,835,087	1,768,538	1,780,144	1,816,719	1,748,303	1,831,870	1,738,935	1,579,765	1,625,500	1,612,874	1,577,290	1,575,819	1,606,604	1,468,142	1,590,709	1,424,091	1,424,091	1,376,160	1,258,349	928,556	928,556	847,246	910,955	839,124	839,124	733,650	595,308	551,039	551,039	558,950	559,848	577,715	577,715	580,708	595,526	562,874	562,874	542,283	545,729	429,499	512,148	495,694	466,201	432,662	0	424,787	292,467	250,654	241,613	219,500	214,300	201,400	199,700	186,400	188,800	-	216,200	-	-	156,900	163,400	-	-	-
Total Current Liabilities	4,783,923	4,845,523	4,906,776	4,562,199	4,277,289	4,504,371	4,358,792	4,024,091	4,024,091	3,910,630	3,984,121	3,607,363	3,622,154	3,337,208	3,101,422	3,693,742	3,172,845	3,093,564	3,048,555	3,291,445	2,910,453	2,061,911	2,087,851	1,899,851	2,088,949	2,115,660	1,988,812	1,954,211	1,925,998	1,950,073	1,726,871	1,676,801	1,637,794	1,591,418	1,519,664	1,634,106	1,624,157	1,607,747	1,481,168	1,460,306	1,435,133	1,469,009	1,524,814	1,526,608	1,509,044	1,505,786	1,601,926	1,622,611	1,597,977	1,476,286	1,458,631	1,445,513	1,366,781	1,237,938	1,258,488	1,182,763	1,221,844	815,392	1,203,066	1,266,083	1,316,598	1,207,673	1,316,025	1,267,945	1,267,945	1,199,697	1,092,151	810,591	810,591	720,120	725,618	612,168	612,168	454,611	434,010	378,450	378,450	383,264	358,671	379,017	379,017	395,306	399,163	365,322	365,322	347,868	372,991	355,400	388,221	376,851	347,047	346,966	355,400	381,527	231,967	220,512	224,155	186,500	178,700	160,000	158,700	153,400	140,900	-	154,700	-	-	132,500	146,000	-	-	-
Total Liab	6,733,102	6,770,122	6,765,019	6,683,406	6,457,976	6,849,147	6,723,041	6,771,081	6,771,081	6,669,386	6,351,504	5,737,977	5,826,530	5,470,551	5,321,306	5,675,061	5,175,518	5,060,474	4,624,301	4,934,587	4,596,377	3,198,950	3,250,279	3,154,429	2,996,945	3,010,333	2,920,496	2,850,867	2,784,623	2,818,428	2,738,000	2,777,800	2,724,171	2,676,999	2,581,849	2,624,686	2,782,386	2,827,506	2,812,808	2,659,415	2,738,999	2,841,501	2,774,408	2,813,123	2,760,079	2,722,873	2,861,117	3,040,093	2,792,790	2,699,782	2,731,527	2,709,544	2,605,649	2,403,757	2,289,226	2,131,918	2,196,483	2,188,473	2,182,633	2,081,065	2,133,839	2,168,169	2,350,976	2,225,145	2,225,145	2,160,449	2,029,080	1,269,333	1,269,333	1,186,359	1,251,768	1,156,061	1,156,061	851,848	703,253	600,260	600,260	581,468	530,090	567,542	567,542	501,513	515,844	519,805	519,805	512,902	534,313	482,353	521,751	487,075	468,791	466,927	482,353	470,979	282,220	263,894	282,032	239,100	234,900	200,900	194,700	190,500	176,300	-	185,400	-	-	164,100	163,800	-	-	-
Total Permanent 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,923,109	2,842,835	2,792,270	2,778,737	2,755,221	2,600,988	2,539,764	2,531,635	2,531,635	2,481,485	2,390,009	2,282,666	2,218,154	2,238,604	2,240,440	2,177,491	2,141,406	2,161,030	2,103,016	1,883,856	1,832,453	1,863,445	1,809,609	1,740,866	1,708,310	1,672,385	1,641,746	1,602,217	1,559,840	1,530,666	1,471,196	1,451,693	1,394,334	1,335,474	1,312,650	1,260,329	1,226,667	1,257,052	1,242,485	1,210,410	1,177,012	1,121,172	1,074,923	1,044,185	1,017,115	952,880	925,658	922,444	898,337	952,963	943,281	937,230	966,693	938,040	904,495	874,671	832,868	787,559	738,127	737,124	723,833	632,740	584,363	536,262	536,262	513,610	497,190	493,878	493,878	478,409	462,976	450,777	450,777	459,460	446,973	434,700	434,700	421,691	477,976	452,079	452,079	442,135	438,190	411,361	411,361	401,807	389,611	340,728	377,985	364,763	357,584	348,623	340,728	313,658	184,695	178,839	172,706	176,000	168,300	162,400	157,500	152,000	146,000	-	135,300	-	-	81,200	77,600	-	-	-
Treasury 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	-40,428	0	0	0	-40,428	0	0	0	-40,428	0	0	0	-40,428	0	0	0	-40,428	0	0	0	-40,428	0	0	0	-14,422	0	-4,321	0	-4,321	0	-4,321	-4,300	-4,321	0	0	0	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	-4,321	0	0	-3,613	0	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
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	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	1996-12-31
Begin Period Cash Flow	211,677	258,993	278,794	221,060	208,479	156,074	222,810	299,322	200,407	191,737	199,241	202,577	151,059	140,709	204,670	362,802	84,564	93,887	34,109	76,156	76,280	40,583	36,497	36,497	50,069	51,100	14,500	5,400
Capital Expenditures	189,976	205,110	188,624	132,210	137,604	102,301	107,880	124,221	99,175	71,211	63,019	81,637	121,977	138,644	107,893	129,241	104,205	64,809	58,735	53,008	61,287	46,003	40,374	40,374	28,670	18,300	14,200	9,200
Cash And Cash Equivalents Changes	0	0	0	0	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	0	0	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	-15,882	-47,885	-19,801	57,734	12,581	52,405	-66,736	-76,512	98,915	8,670	-5,504	-3,336	51,518	10,350	-63,961	-158,132	279,323	-9,323	59,778	-42,047	-124	35,697	15,219	15,219	-13,572	-1,000	26,200	9,200
Change In Working Capital	-285,300	-190,721	-33,742	-43,848	-378,097	-141,741	-279,372	-134,632	67,864	-75,985	-155,809	-120,341	-59,375	-97,188	-135,967	-125,848	80,791	89,946	76,121	-15,666	9,694	36,323	-58,355	-58,355	3,920	-23,000	-25,600	-25,000
Change Receivables	0	0	0	0	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	-98,112	97,151	-430,296	-508,057	-267,924	-89,099	-315,236	-297,439	31,860	-67,177	-108,337	-91,988	-65,062	-92,035	-136,224	-39,698	-69,087	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	-357,120	-305,058	-336,221	-69,762	-55,841	-117,221	-59,699	-8,040	39,801	-112,747	-4,785	10,022	-95,363	-49,724	75,431	-169,482	-124,381	-69,974	-43,679	2,932	-38,651	-55,106	-25,228	-25,228	14,113	24,300	-20,100	-7,300
Change To Liabilities	0	68,875	722,941	502,577	-58,961	95,942	93,560	170,532	-2,998	97,657	-39,092	0	0	0	0	0	0	0	0	20,522	32,147	0	38,013	0	0	0	0	0
Change To Netincome	0	-6,722	22,834	-59,396	-40,224	8,457	27,139	-17,163	42,101	-39,566	10,019	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-51,689	9,834	31,394	4,629	-31,363	2,003	315	-799	6,282	-3,595	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	167,389	161,290	153,091	144,420	137,146	118,205	114,017	122,888	122,354	122,408	129,348	138,796	150,618	132,141	123,473	129,437	99,414	58,500	57,718	42,261	42,631	32,011	20,818	20,818	16,633	8,700	8,500	7,600
Dividends Paid	-90,651	86,813	79,175	78,194	62,578	75,305	75,300	68,447	69,792	68,277	75,549	50,616	61,633	63,137	76,172	32,770	27,410	24,322	21,631	86,692	14,882	12,717	9,430	9,430	8,989	4,900	3,400	1,000
End Period Cash Flow	195,795	211,108	258,993	278,794	221,060	208,479	156,074	222,810	299,322	200,407	193,737	199,241	202,577	151,059	140,709	204,670	363,887	84,564	93,887	34,109	76,156	76,280	51,716	51,716	36,497	50,100	40,700	14,600
Exchange Rate Changes	0	0	0	0	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	-74,480	34,958	228,308	146,624	-190,922	89,358	-6,987	83,781	335,653	106,626	103,956	116,745	68,938	47,017	101,829	80,187	157,503	136,159	128,881	28,475	30,069	69,991	-54,815	-54,815	19,142	-300	-9,200	-9,300
Investments	-268,468	-151,982	20,248	36,971	-106,789	-592,870	-115,569	-117,817	47,160	-34,657	-12,748	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	24	2	1	184,840	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	-49,182	230,143	-120,039	50,426	528,873	23,121	-98,755	-86,174	-24,314	-44,001	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	218,512	275,469	274,663	237,986	228,655	208,655	240,622	238,808	206,861	179,413	191,419	170,487	89,780	194,667	228,513	204,176	76,709	72,242	32,487	52,993	45,945	45,113	-20,531	-20,531	31,035	27,800	22,200	18,000
Other Cashflows From Financing Activities	0	138,550	766,225	305,860	349,282	585,228	246,197	5,532	197,609	380,599	260,430	-1,874	-71,000	673,041	155,975	-163,271	307,213	-107,221	131,989	22,800	-28,063	-20,745	54,119	54,119	-1,104	-1,800	-8,700	10,200
Other Cashflows From Investing Activities	0	186	481	221	344,875	-101	-1,220	477	-82,388	-6	-1,281	2,070	39,787	15,756	0	0	0	0	0	304	4,218	2,193	0	0	0	0	0	0
Other Non Cash Items	16,126	-14,214	-21,487	-58,465	-29,957	-8,571	-3,161	-21,815	21,682	-865	1,356	-465	16,673	-21,008	-19,037	5,084	33,154	-5,002	14,739	-1,228	-6,949	8,167	50,109	50,109	1,822	-200	1,100	-600
Sale Purchase Of Stock	0	0	-20	0	184,840	48	119	505	1,616	3,542	18,364	-26,006	-10,101	0	0	0	0	0	0	0	0	0	-708	0	0	0	0	0
Stock Based Compensation	12,141	10,463	5,312	4,086	3,994	1,387	13	70	139	322	440	3,326	1,996	5,211	5,134	5,067	4,778	-10,059	0	2,970	0	0	0	0	0	3,200	0	0
Total Cash From Financing Activities	84,520	-135,971	150,988	-198,233	172,688	453,616	-52,060	-166,697	-154,350	-89,049	-101,186	-84,081	-84,331	80,275	-76,380	-195,853	280,230	-123,295	113,869	-52,632	-37,679	-29,322	45,476	45,476	-8,731	-6,300	26,200	9,200
Total Cash From Operating Activities	115,496	240,068	416,932	278,834	-53,318	191,659	100,893	208,002	434,828	177,837	166,975	198,382	190,915	185,661	209,722	209,428	261,708	200,968	187,616	81,483	91,356	115,994	-14,441	-14,441	47,812	18,000	5,000	-100
Total Cashflows From Investing Activities	0	-151,982	-587,721	-22,867	-106,789	-592,870	-115,569	-117,817	-181,563	-80,118	-73,293	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	1999-09-30	1999-03-31	1998-12-31	1998-09-30	1997-03-31
Begin Period Cash Flow	119,860	111,680	151,473	211,108	248,181	247,272	275,871	203,139	203,139	211,423	206,959	278,794	287,151	339,103	684,345	221,060	165,680	191,810	184,659	208,479	152,229	186,977	214,495	156,074	124,055	149,483	136,245	222,810	162,231	155,681	265,614	299,322	170,484	152,488	173,982	200,407	177,406	173,842	189,531	193,737	148,333	134,678	176,368	199,241	144,929	328,450	173,873	202,577	91,229	68,830	138,641	151,059	255,046	243,781	167,451	140,709	154,529	174,361	134,387	204,670	270,608	395,090	325,103	306,923	306,923	112,198	154,705	67,838	67,838	117,949	87,569	150,063	150,063	53,855	49,609	59,623	59,623	90,336	90,253	45,947	45,947	47,000	70,237	48,163	48,163	59,488	54,889	6,240	37,304	33,615	45,208	51,716	0	0	0	0	0	50,100	56,400	4,100	14,500
Capital Expenditures	32,447	60,550	60,425	36,812	16,755	81,089	62,283	72,751	72,751	45,315	37,754	32,804	39,265	34,397	26,231	32,317	39,706	32,994	37,764	27,140	35,637	18,290	23,107	25,267	29,744	22,720	23,862	31,554	24,285	31,805	46,460	21,671	29,294	19,779	22,770	27,332	28,603	15,620	13,072	13,916	8,032	22,037	17,339	15,611	21,884	20,599	19,386	19,768	29,493	19,040	35,614	37,830	33,247	37,913	41,333	26,151	29,839	30,989	47,065	422	25,850	38,468	31,305	38,302	38,302	21,161	30,709	20,532	20,532	17,963	11,686	17,298	17,298	11,420	14,782	20,394	20,394	6,352	15,369	17,793	17,793	14,347	14,553	15,587	15,587	12,058	9,928	11,857	11,857	14,387	6,967	12,085	9,492	0	0	0	0	0	0	0	1,700
Cash And Cash Equivalents Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	75,935	8,608	-39,793	-59,635	-37,073	909	-28,599	55,854	55,854	-8,284	4,464	-71,835	-8,357	-51,952	-345,242	463,285	55,380	-26,130	7,151	-23,820	56,250	-34,748	-27,518	58,421	32,019	-25,428	13,238	-86,565	60,579	6,550	-109,933	-33,708	128,838	17,996	-21,494	-26,425	23,001	3,564	-15,689	-4,206	45,404	13,655	-41,690	-22,873	54,312	-183,521	154,577	-28,704	111,348	22,399	-69,811	-12,418	-103,987	11,265	76,330	26,742	-13,820	-19,832	39,974	-70,283	-65,938	-124,482	69,987	56,964	56,964	194,725	-42,507	16,726	16,726	-50,111	30,380	-56,176	-56,176	96,208	4,246	-25,514	-25,514	-30,713	83	30,209	30,209	-1,053	-23,237	28,117	28,117	-11,325	4,599	45,476	6,760	3,689	-11,593	-6,508	45,476	0	0	0	0	0	-6,300	0	-10,400
Change In Working Capital	241,827	-107,345	-239,752	-180,892	56,483	80,559	-273,866	185,001	185,001	-133,522	38,430	-123,651	64,876	-114,243	111,439	-105,920	22,109	-130,133	-228,662	-41,411	138,945	-122,282	68,440	-226,844	115,027	-235,912	-35,302	-123,185	146,747	-106,985	-121,388	-53,006	74,310	56,206	-73,084	10,432	141,487	-75,038	-146,222	3,788	62,165	-109,330	-49,140	-59,504	37,123	-71,241	-72,875	-13,348	151,598	-89,101	-87,660	-34,212	48,479	-105,497	-35,403	2,561	-15,416	-50,829	-5,463	-64,259	17,023	-102,239	-20,882	-23,511	-23,511	29,147	21,025	18,142	18,142	19,750	242	52,707	52,707	-14,079	8,593	-25,384	-25,384	4,753	3,890	55,578	55,578	-14,058	-33,439	28,112	28,112	1,254	39,124	35,214	35,214	-49,002	-12,803	-11,079	0	-17,240	30,358	-2,858	-8,400	400	8,000	8,600	8,400
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-32,775	43,876	-7,673	-101,647	217,380	-59,220	-70,624	-430,296	-430,296	-322,752	-138,439	86,098	-508,057	-175,262	-37,863	-29,869	-267,924	-42,605	-140,824	62,262	-50,639	-56,537	-4,582	22,659	-42,916	-114,913	-62,127	-95,280	-28,606	-90,298	-87,492	-91,043	-36,660	28,664	-24,916	64,772	80,082	-63,819	-126,222	42,782	87,319	-81,836	-43,812	-70,008	-106,714	0	0	14,726	11,765	10,583	29,328,000	0	-18,749	0	0	0	0	0	0	0	-39,698	0	-10,922	-69,087	-69,087	0	0	0	0	0	0	0	0	0	0	0	0	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 Inventory	-12,482	-75,920	-43,915	-225,366	-30,851	-95,933	-97,510	-47,007	-47,007	-97,112	-72,457	-119,645	9,112	11,272	-12,491	-77,655	140,016	-61,487	-62,308	-72,062	14,414	5,314	-51,053	-85,896	22,975	-32,471	1,133	-51,336	51,521	-26,772	-8,027	-24,762	35,826	9,039	24,019	-29,083	-2,381	-45,425	-32,324	-32,617	26,006	5,294	-15,339	-20,746	31,738	24,698	11,996	-58,410	28,192	-50,589	-14,718	-58,248	-1,442	-3,289	-39,717	-5,276	30,518	34,241	10,672	0	7,942	-40,372	-86,170	-72,342	-72,342	-5,671	-13,376	-10,195	-10,195	-14,073	-24,773	15,795	15,795	4,055	-34,751	27,154	27,154	-19,160	1,891	14,258	14,258	-10,911	-22,493	-280	-280	-8,690	-30,373	-12,670	-12,670	-6,722	-38,547	-14,226	0	0	0	0	0	0	0	0	8,100
Change To Liabilities	0	-67,746	-185,442	156,736	-139,010	242,389	-59,494	24,990	279,416	283,186	240,093	-79,754	285,559	45,542	149,823	21,653	33,221	-32,029	-23,416	-36,737	199,176	-63,263	124,972	-164,943	93,560	-75,124	16,318	19,955	170,532	0	0	0	-2,998	0	0	0	97,657	0	0	0	-39,092	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	20,522	9,882	0	0	32,147	27,740	47,075	5,879	0	0	0	0	38,013	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	14,464	-138	4,587	13,302	1,898	-18,949	-2,973	25,960	2,314	-8,677	3,454	4,047	-368	-60,144	-2,931	-25,550	-22,146	3,207	4,265	38,614	10,554	-42,281	1,570	27,139	3,260	-1,973	-1,453	-17,163	0	0	0	42,101	0	0	0	-39,566	0	0	0	10,019	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-7,555	-2,722	-10,615	8,964	-6,677	-46,238	-7,738	7,795	3,156	9,233	-10,350	35,268	4,205	11,970	-20,049	-4,371	5,988	-2,114	5,126	-24,006	-7,796	-897	1,336	2,003	-13,404	9,374	3,476	315	-2,040	-2,000	0	-799	0	0	0	6,282	0	0	0	-3,595	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	43,498	42,742	39,677	41,058	40,162	39,254	42,503	40,615	40,615	39,156	38,739	34,581	35,380	35,069	38,571	35,400	38,866	31,426	33,648	33,206	33,231	28,561	28,647	27,766	29,133	28,524	28,644	27,716	33,702	30,148	29,797	29,241	31,736	34,322	28,460	27,836	29,556	30,247	30,590	32,015	32,777	32,096	31,644	32,831	35,496	34,484	33,331	35,485	38,611	37,375	37,477	37,155	38,472	32,681	31,305	29,683	30,284	29,993	33,165	30,031	34,181	33,994	30,617	33,434	33,434	27,510	23,097	14,669	14,669	15,701	13,481	19,946	19,946	13,670	13,308	6,594	6,594	11,624	13,314	11,631	11,631	6,127	13,881	7,629	7,629	9,312	7,826	15,233	15,233	10,599	1,786	13,759	0	0	0	0	0	0	0	0	1,700
Dividends Paid	-23,727	22,176	22,686	22,171	22,169	22,161	22,145	20,338	20,338	20,333	39,395	19,447	3,886	19,447	34,915	19,946	3,656	20,649	38,273	38,273	18,826	37,652	18,827	18,827	18,825	18,826	37,649	37,649	17,111	17,112	34,224	0	19,542	15,828	34,422	19,874	19,874	13,671	34,732	28,621	28,621	12,674	34,254	90,000	12,573	12,597	25,446	2,570,000	15,398	15,399	30,836	0	15,147	15,487	30,850	1,653	15,275	15,058	45,839	0	9,005	8,539	3,685	7,763	7,763	6,595	13,052	6,281	6,281	6,240	11,801	5,763	5,763	5,309	10,559	4,736	4,736	73,260	8,696	3,920	3,920	3,911	7,051	3,468	3,468	3,080	6,169	3,044	3,044	3,032	5,348	708	9,430	0	0	0	0	0	0	0	200
End Period Cash Flow	195,795	120,288	111,680	151,473	211,108	248,181	247,272	258,993	258,993	203,139	211,423	206,959	278,794	287,151	339,103	684,345	221,060	165,680	191,810	184,659	208,479	152,229	186,977	214,495	156,074	124,055	149,483	136,245	222,810	162,231	155,681	265,614	299,322	170,484	152,488	173,982	200,407	177,406	173,842	189,531	193,737	148,333	134,678	176,368	199,241	144,929	328,450	173,873	202,577	91,229	68,830	138,641	151,059	255,046	243,781	167,451	140,709	154,529	174,361	134,387	204,670	270,608	395,090	363,887	363,887	306,923	112,198	84,564	84,564	67,838	117,949	93,887	93,887	150,063	53,855	34,109	34,109	59,623	90,336	76,156	76,156	45,947	47,000	76,280	76,280	48,163	59,488	51,716	44,064	37,304	33,615	45,208	51,716	0	0	0	0	0	50,100	56,400	4,100
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	282,754	-49,852	-198,129	-109,837	178,669	97,025	-231,223	187,193	187,193	-45,460	132,465	-45,890	132,861	-96,965	152,932	-42,204	47,233	-81,780	-175,752	19,377	176,278	-37,404	123,625	-173,141	211,134	-165,376	30,091	-82,836	216,101	-49,087	-86,023	2,790	149,847	119,401	9,875	56,530	149,430	-31,575	-78,087	66,858	134,838	-58,826	29,751	-1,807	115,449	-15,755	-15,015	32,066	150,240	-31,172	-52,363	2,233	77,967	-65,900	-3,686	37,829	52,860	2,445	88,140	5,449	70,671	-55,369	33,296	9,172	9,172	63,396	12,147	29,504	29,504	28,608	17,264	73,876	73,876	-815	21,492	-24,275	-24,275	24,323	14,025	60,862	60,862	-12,839	-26,087	37,561	37,561	10,934	42,718	-14,441	44,627	-38,809	-7,732	332	-54,815	0	0	0	0	0	18,000	0	14,000
Investments	-14,601	-62,436	-94,940	-38,623	-72,469	-72,007	-11,658	11,362	-1,486	8,536	13,529	-331	4,024	-43,698	86,016	-30,559	-42,436	-344,685	308,505	-28,173	6,463	-3,322	-874	10,158	12,701	3,477	19,902	-7,899	-8,280	0	0	0	47,160	0	0	0	-34,657	0	0	0	-12,748	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	14	0	1	2	1	10	11	20	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	82,508	215,537	74,183	-137,861	-83,038	137,370	34,347	-134,424	48,574	261,733	54,260	-141,971	73,761	-575,506	523,677	14,533	387,990	-309,933	-42,164	266,267	43,243	-5,760	225,123	23,121	153,906	16,616	10,868	-98,755	0	0	0	-86,174	0	0	0	-24,314	0	0	0	-44,001	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	31,590	60,858	62,423	62,173	85,471	56,228	80,822	8,282	8,282	91,772	102,012	72,597	67,916	17,047	89,478	63,545	51,249	72,330	54,253	50,823	2,073	64,723	91,982	49,877	69,930	61,752	62,996	45,944	67,814	63,574	54,611	52,809	63,794	50,634	46,972	45,461	45,185	37,833	46,197	50,198	45,858	50,486	52,179	42,896	58,983	39,894	39,490	32,120	-12,649	33,081	40,431	28,917	48,601	46,350	47,085	52,631	67,282	58,257	59,720	43,254	105,272	35,596	31,155	31,926	31,926	26,375	-691	23,960	23,960	18,743	15,071	-5,676	-5,676	14,564	10,458	15,247	15,247	13,707	11,312	12,473	12,473	12,006	9,211	13,127	13,127	15,504	4,772	12,261	7,669	11,337	11,153	10,637	12,261	-48,195	7,166	7,737	7,900	7,000	7,800	7,100	4,700
Other Cashflows From Financing Activities	-18,231	102,563	466,723	111,549	-45,432	-57,317	206,334	-111,656	-111,656	494,254	328,706	54,900	22,473	124,460	-470,375	629,302	15,417	388,446	133,257	-41,271	267,003	98,786	-5,746	225,185	-157,723	180,059	189,069	34,792	-144,018	89,077	60,051	422	11,833	107,077	78,548	151	136,156	44,540	197,213	2,690	32,231	202,696	13,768	101,735	1,124	-73,268	25,077	1,889	-27,826	78,330	16,814	27,886	228,563	105,154	302,056	36,902	-72,480	52,596	78,952	24,101	-98,265	-74,202	45,017	-6,381	-6,381	33,912	270,958	-16,407	-16,407	-75,914	42,465	-38,031	-38,031	126,059	46,886	17,904	17,904	18,253	-17,557	-29,455	-29,455	13,066	-3,409	-7,260	-7,260	-17,900	-35,760	45,476	-37,977	47,496	-785	-6,564	45,476	0	0	0	0	0	-6,300	0	-10,200
Other Cashflows From Investing Activities	0	0	53	30	54	16	57	59	289	59	35	98	382	382	-1	-160	-99	-99	344,974	-1,033	-62	113	-113	-113	-1,220	-215	-327	-313	477	552	159	65	325	197	76	53	-6	0	199	0	-1,281	0	0	0	2,070	184	186	91	39,787	23,102	3,011	1,616	15,756	11,393	22,734	4,063	0	0	0	0	0	0	0	0	0	0	0	10	0	0	0	0	0	0	0	176	304	305	864	160	4,218	7,637	4,781	1,532	2,193	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	13,267	6,999	-2,290	561	13,834	-8,410	-15,166	1,010	1,010	-4,361	-19,042	906	-4,496	-2,643	-46,104	-5,222	1,320	-26,731	-3,283	-1,263	29,503	-23	-23	-23	-23	-23	-3,453	-2,662	4,638	-11,551	-4,053	-10,849	-914	-93	21,838	851	-1,364	436	6,229	-6,166	4,050	1,046	-2,173	-1,567	1,805	502	-871	-1,901	-2,398	11,038	808	7,225	-6,201	-3,132	-6,951	-12,859	-13,176	-4,760	718	-3,577	-62,249	102	23,403	12,823	12,823	-807	16,148	-3,706	-3,706	-9,508	1,973	17,044	17,044	-4,752	4,741	1,014	1,014	360	447	-1,261	-1,261	-3,904	-288	10,282	10,282	-2,630	530	-26,702	-3,188	3,506	-1,032	2,619	-26,702	48,195	0	-7,737	-7,900	-7,000	10,200	-7,100	900
Sale Purchase Of Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	184,840	184,840	184,840	0	48	0	0	48	119	56	8	55	505	0	0	0	1,616	0	0	0	3,542	0	0	0	18,364	0	0	0	26,006	-12,775	-3,227	-10,004	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,409	2,971	3,345	3,416	1,071	5,663	1,388	1,698	1,698	1,698	895	1,021	1,022	1,022	1,021	1,021	1,021	1,022	861	1,090	1,040	4,611	-41,007	-1,262	4,957	-1,957	2	11	12	15	18	25	26	25	26	62	72	66	92	92	-656	844	62	190	2,832	130	148	216	1,165	232	243	356	957	1,650	1,269	1,335	1,295	1,276	0	0	5,067	17,068	1,250	4,778	4,778	-581	-934	5,232	0	0	0	-3,722	0	0	451	-2,790	0	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 Cash From Financing Activities	-220,192	60,346	192,851	52,013	-160,028	-105,198	115,235	-134,406	-134,406	28,242	222,338	34,814	-145,857	54,314	-610,421	503,731	10,877	367,341	-163,366	-42,164	247,441	5,591	-24,587	225,171	-177,094	135,136	-21,025	10,923	-162,059	48,505	-29,696	-23,447	-18,842	1,749	-11,406	-125,851	-121,991	18,303	106,949	-92,310	-83,375	70,022	-77,689	-10,144	-67,657	-121,669	-93,083	198,328	-60,696	27,586	-76,427	25,206	-70,067	87,046	74,266	-11,336	-168,343	-11,090	78,952	24,101	-107,320	-82,712	41,376	-14,360	-14,360	27,673	271,083	-19,562	-19,562	-78,929	43,907	-42,467	-42,467	121,347	47,398	15,859	15,859	-52,154	-15,478	-32,005	-32,005	9,636	-422	-8,499	-8,499	-20,659	-35,294	45,476	-38,896	45,016	-5,777	-7,005	45,476	0	0	0	0	0	-6,300	0	-10,400
Total Cash From Operating Activities	315,201	10,698	-137,704	-73,025	195,424	178,114	-168,940	259,944	259,944	-145	170,219	-13,086	172,126	-62,568	179,163	-9,887	86,939	-48,786	-137,988	46,517	211,915	-19,114	146,732	-147,874	240,878	-142,656	53,953	-51,282	240,386	-17,282	-39,563	24,461	179,141	139,180	32,645	83,862	178,033	-15,955	-65,015	80,774	142,870	-36,789	47,090	13,804	137,333	4,844	4,371	51,834	179,733	-12,132	-16,749	40,063	111,214	-27,987	37,647	63,980	82,699	33,434	88,140	5,449	96,521	-16,901	64,601	47,474	47,474	84,557	42,856	50,036	50,036	46,571	28,950	91,174	91,174	10,605	36,274	-3,881	-3,881	30,675	29,394	78,655	78,655	1,508	-11,534	53,148	53,148	22,992	52,646	-14,441	56,484	-24,422	-765	12,417	-14,441	0	0	0	0	0	18,000	0	15,700
Total Cashflows From Investing Activities	0	-62,436	-94,940	-38,623	-72,469	-72,007	25,106	-32,612	-69,684	-36,381	-388,093	-93,563	-34,626	-43,698	86,016	-30,559	-42,436	-344,685	308,505	-28,173	-403,106	-21,225	-149,663	-18,876	-115,569	-17,908	-19,690	-46,206	-117,817	-24,673	-41,000	0	-181,563	0	0	15,564	-80,118	0	0	7,330	-73,293	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1996-12-31
Cost Of Revenue	4,562,382	4,138,266	3,920,473	3,497,465	3,371,933	2,707,505	2,379,905	2,300,636	2,210,528	2,133,151	2,100,304	2,072,742	2,085,451	1,872,263	1,982,954	1,870,830	1,454,913	1,149,768	786,616	689,626	673,561	605,313	411,706	411,706	297,676	291,300	263,300	223,800
Depreciation And Amortization	167,389	137,728	158,427	151,828	130,903	118,205	114,017	122,888	122,354	122,408	129,348	138,796	150,618	132,141	123,473	129,437	99,414	58,500	57,718	42,261	42,631	32,011	20,818	20,818	16,633	8,700	8,500	7,600
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	681	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	375,340	367,484	418,508	325,687	321,610	281,383	319,348	302,943	268,794	225,573	240,329	197,379	118,243	194,343	262,457	172,479	176,487	94,792	90,594	64,939	52,577	58,253	125,840	-7,896	40,184	38,500	31,000	22,400
Ebitda	542,729	505,212	576,935	477,515	452,513	399,588	433,365	425,831	391,148	347,981	369,677	336,175	268,861	326,484	385,930	301,916	275,901	153,292	148,312	107,200	95,208	90,264	146,658	12,922	56,817	47,200	39,500	30,000
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
Extraordinary Items	0	0	0	0	0	0	-10,950	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	1,506,260	1,373,283	1,358,048	1,165,107	1,136,467	976,179	997,920	959,583	897,053	825,097	824,847	815,865	732,014	797,870	849,483	767,441	526,848	373,475	283,260	250,299	224,419	222,143	179,378	179,378	138,354	123,400	109,000	83,700
Income Before Tax	230,054	292,558	383,451	261,825	246,295	237,322	284,846	279,201	248,554	199,488	203,019	177,042	104,004	199,361	247,330	306,480	88,992	72,216	50,516	60,627	49,513	54,294	-14,304	-14,304	40,778	37,100	30,500	23,800
Income Tax Expense	23,273	24,131	131,387	36,443	19,414	26,445	55,585	45,617	46,235	25,624	25,313	17,099	13,624	-24,037	38,109	54,367	13,810	20,694	16,335	15,219	11,334	9,348	6,227	6,227	9,743	9,300	8,300	5,800
Interest Expense	76,467	51,364	40,393	71,270	69,072	44,061	34,502	23,742	20,240	13,569	37,310	20,463	16,769	12,997	15,585	21,043	25,114	22,293	11,472	5,852	4,870	3,035	6,408	6,408	0	0	0	0
Interest Income	2,359	383	469	1,075	1,595	1,115	751	933	17,139	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-506	-21	-313	13,213	18,434	21,955	9,662	7,401	8,053	8,433	8,140	2,858	5,979	11,169	13,566	62,372	13,038	0	58	180	0	508	0	217	0	0	0	0
Net Income	215,131	275,448	274,350	237,658	227,857	206,738	239,109	236,909	202,509	170,980	183,417	167,879	90,288	183,498	214,947	204,176	76,709	72,242	32,487	52,993	45,945	45,113	-20,531	-20,531	31,035	27,800	22,200	18,000
Net Income Applicable To Common Shares	0	275,448	274,350	237,658	227,857	206,738	239,109	236,909	202,509	170,980	182,598	168,245	99,778	183,498	214,947	204,176	76,709	72,242	32,487	52,993	45,945	45,113	40,796	0	0	0	0	0
Net Income From Continuing Ops	270,925	275,469	274,663	237,986	228,655	208,655	240,622	238,808	206,861	179,413	190,738	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-118,750	-51,364	-40,393	-71,270	-44,465	-40,699	-30,015	-21,518	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	0	0	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
Operating Income	375,340	367,484	418,508	325,687	321,610	292,832	319,300	298,976	268,578	246,866	239,392	203,050	115,664	207,353	262,457	249,001	107,953	91,858	67,314	65,709	53,480	57,791	-12,776	-12,776	40,020	38,300	31,100	23,000
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
Other Operating Expenses	5,693,301	5,144,065	4,860,013	4,336,885	4,186,790	3,390,852	3,058,525	2,961,243	2,839,003	2,711,382	2,685,759	2,685,557	2,701,801	2,467,536	2,569,980	2,388,270	1,836,284	1,431,385	995,586	874,216	844,500	769,665	527,341	527,341	396,010	376,400	341,200	284,500
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	0	0	0	0	0
Reconciled Depreciation	163,639	161,290	153,091	144,420	137,146	118,205	114,017	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	510,554	435,650	395,087	359,745	331,757	287,352	265,060	255,792	243,416	228,011	220,482	233,387	241,092	234,131	216,752	184,984	126,995	92,232	71,903	66,846	54,919	57,010	44,274	44,274	32,655	31,600	27,900	21,800
Selling And Marketing Expenses	359,141	326,020	291,751	290,703	301,400	281,014	280,246	271,037	239,366	216,537	235,466	241,911	235,909	229,942	250,963	198,274	157,411	0	0	0	0	0	3,130	3,130	0	0	0	0
Selling General Administrative	336,881	313,047	267,362	223,935	214,749	160,348	133,314	151,353	145,693	139,634	129,507	137,517	139,349	131,200	119,311	332,456	264,858	189,385	133,065	117,744	116,020	107,342	62,700	62,700	0	0	0	0
Tax Provision	23,410	24,131	131,387	36,443	19,414	26,445	55,585	45,617	46,235	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	1,130,919	1,005,799	939,540	839,420	814,857	683,347	678,620	660,607	628,475	578,231	585,455	612,815	616,350	595,273	587,026	517,440	381,371	281,617	208,970	184,590	170,939	164,352	115,635	115,635	98,334	85,100	77,900	60,700
Total Other Income Expense Net	-145,287	-74,926	-35,057	-63,862	-75,315	-11,449	48	3,967	216	-12,396	937	204	2,530	18,015	458	91,957	-16,445	11,809	-17,940	8,535	8,112	213	-63,526	-1,528	-164	-200	100	600
Total Revenue	6,068,641	5,511,549	5,278,521	4,662,572	4,508,400	3,683,684	3,377,825	3,260,219	3,107,581	2,958,248	2,925,151	2,888,607	2,817,465	2,670,133	2,832,437	2,638,271	1,981,761	1,523,243	1,069,876	939,925	897,980	827,456	591,084	591,084	436,030	414,700	372,300	307,500

	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	1996-12-31	1996-09-30	1996-06-30	1996-03-31
Cost Of Revenue	1,309,168	1,134,393	1,081,739	1,031,972	1,125,800	1,022,959	963,647	1,119,924	1,119,924	1,000,439	963,171	836,939	1,019,899	896,780	798,940	781,846	1,037,211	815,032	775,588	744,101	842,988	639,231	642,180	583,104	726,143	549,753	575,971	528,037	672,888	550,403	568,375	508,971	633,256	541,491	530,351	505,424	620,741	519,701	503,291	489,415	589,911	523,187	499,727	487,479	604,879	486,023	486,803	495,037	700,164	459,577	491,097	434,613	566,891	452,000	419,716	433,656	502,652	515,219	516,420	448,664	494,496	472,860	455,764	434,891	434,891	378,755	341,204	367,163	367,163	280,538	255,237	239,826	239,826	199,969	177,695	197,428	197,428	162,319	173,127	208,679	208,679	158,078	161,405	180,898	180,898	150,738	140,144	129,259	145,853	134,211	120,219	129,198	129,259	129,710	76,043	76,694	66,276	79,400	75,200	76,700	71,100	73,300	72,600	-	-	-	-	65,800	-	-	-	-
Depreciation And Amortization	43,498	42,742	39,677	41,058	25,696	44,076	30,412	40,615	40,615	39,156	38,739	34,581	35,380	35,069	38,571	35,400	38,866	31,426	33,648	33,206	33,231	28,561	28,647	27,766	29,133	28,524	28,644	27,716	33,702	30,148	29,797	29,241	31,736	34,322	28,460	27,836	29,556	30,247	30,590	32,015	32,777	32,096	31,644	32,831	35,496	34,484	33,331	35,485	38,611	37,375	37,477	37,155	38,472	32,681	31,305	29,683	30,284	29,993	33,165	30,031	34,181	33,994	30,617	33,434	33,434	27,510	23,097	14,669	14,669	15,701	13,481	19,946	19,946	13,670	13,308	6,594	6,594	11,624	13,314	11,631	11,631	6,127	13,881	7,629	7,629	9,312	7,826	75,926	15,233	10,599	1,786	13,759	0	62,671	-120	-169	264	0	-100	0	600	0	-400	-	-	-	-	1,700	-	-	-	-
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	681	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	71,137	104,199	99,904	93,898	120,331	73,421	115,114	76,334	76,334	110,589	115,713	80,593	61,913	24,055	130,114	81,632	23,111	98,877	81,914	72,600	-973	79,079	106,694	63,353	74,476	82,169	75,328	58,245	53,794	78,306	69,957	67,180	46,392	65,255	65,503	59,911	34,536	60,276	62,673	59,949	25,088	61,939	66,798	53,730	64,571	49,023	42,102	40,753	-30,165	55,228	52,440	40,740	75,364	52,057	48,971	36,219	64,269	65,886	65,882	76,679	-10,112	78,316	59,866	42,272	42,272	35,363	72,209	24,777	24,777	24,203	25,873	35,476	35,476	20,054	17,695	17,804	17,804	17,382	14,134	10,194	10,194	14,830	12,752	2,548	2,548	16,121	24,786	-43,339	32,611	12,703	14,573	15,809	0	12,978	8,983	8,602	10,320	0	9,400	0	10,100	0	9,700	-	-	-	-	6,100	-	-	-	-
Ebitda	114,635	146,941	139,581	134,956	146,027	117,497	145,526	116,949	116,949	149,745	154,452	115,174	97,293	59,124	168,685	117,032	61,977	130,303	115,562	105,806	32,258	107,640	135,341	91,119	103,609	110,693	103,972	85,961	87,496	108,454	99,754	96,421	78,128	99,577	93,963	87,747	64,092	90,523	93,263	91,964	57,865	94,035	98,442	86,561	100,067	83,507	75,433	76,238	8,446	92,603	89,917	77,895	113,836	84,738	80,276	65,902	94,553	95,879	99,047	106,710	24,069	112,310	90,483	75,706	75,706	62,873	95,306	39,446	39,446	39,904	39,354	55,422	55,422	33,724	31,003	24,398	24,398	29,006	27,448	21,825	21,825	20,957	26,633	10,177	10,177	25,433	32,612	32,587	47,844	23,302	16,359	29,568	16,357	75,649	8,863	8,433	10,584	10,700	9,300	9,700	10,700	10,400	9,300	103,100	-239,000	91,100	87,200	7,800	-187,900	77,700	66,600	66,600
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	-	-	-	-
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	-	-	-	-
Gross Profit	402,228	367,174	372,156	361,516	380,630	325,981	339,727	374,349	374,349	363,157	339,202	281,340	357,833	237,389	280,508	289,377	284,295	286,158	288,393	277,622	234,852	255,919	249,986	235,424	283,461	250,981	242,328	221,151	280,834	230,373	236,135	212,240	253,324	223,284	219,252	201,198	229,543	203,003	199,356	193,198	221,549	207,444	203,149	192,709	239,038	191,447	189,629	195,751	141,699	204,135	200,535	185,645	231,858	197,906	183,561	184,545	212,044	217,301	211,869	208,268	203,358	198,327	197,403	156,165	156,165	140,192	126,954	100,225	100,225	96,132	89,578	81,934	81,934	73,677	66,087	73,347	73,347	61,514	58,518	54,078	54,078	56,197	57,353	57,415	57,415	59,417	53,058	72,412	78,917	53,746	49,810	52,547	72,412	47,138	29,508	30,320	49,154	30,400	28,800	30,000	39,000	28,000	27,700	103,100	102,200	91,100	87,200	26,000	96,600	77,700	66,600	66,600
Income Before Tax	23,507	68,477	67,847	67,840	79,106	61,847	93,733	97,335	97,335	97,105	108,640	80,371	64,768	14,382	113,562	69,112	45,620	80,416	61,585	58,675	17,339	70,934	95,949	53,105	93,916	72,836	68,495	49,600	78,250	71,003	64,482	65,459	75,803	59,201	59,311	54,238	52,879	36,926	54,402	55,287	47,830	55,305	54,080	45,808	59,682	43,827	38,736	34,798	-23,994	54,082	43,450	30,466	44,894	47,236	48,185	59,046	52,200	64,878	72,800	57,450	148,485	62,267	47,727	27,877	27,877	34,601	2,573	16,782	16,782	20,220	17,700	2,055	2,055	16,966	16,079	16,492	16,492	15,851	12,714	5,539	5,539	15,906	12,167	15,498	15,498	17,069	6,103	16,357	9,797	13,436	14,122	14,444	16,357	-50,419	9,963	9,795	11,078	10,600	9,700	9,500	9,300	9,900	9,700	-	-	-	-	6,100	-	-	-	-
Income Tax Expense	-5,311	10,014	9,248	8,695	-4,547	7,932	12,776	92,175	92,175	8,319	20,091	10,802	1,878	2,215	23,637	8,713	-9,129	7,619	10,825	10,099	3,902	8,904	7,277	6,362	25,434	14,579	10,321	5,251	9,805	8,856	14,286	12,670	15,353	10,257	11,976	8,649	9,474	105	9,859	6,186	8,114	7,532	5,064	4,604	2,896	4,890	2,755	6,560	-6,941	9,846	5,419	5,300	2,431	4,791	6,489	10,327	413	11,448	14,036	12,212	26,278	16,405	3,762	-7,501	-7,501	9,189	5,389	4,049	4,049	7,279	4,762	4,046	4,046	4,246	4,056	3,787	3,787	4,031	3,207	832	832	3,900	2,956	2,538	2,538	1,565	1,331	4,096	2,128	2,099	2,969	3,807	4,096	-2,224	2,297	2,058	2,243	2,700	2,400	2,500	1,500	2,800	2,900	-6,100	-7,000	-5,400	-5,100	1,400	-6,500	-3,800	-3,900	-3,800
Interest Expense	-15,524	35,722	32,057	23,134	26,759	16,396	9,290	19,614	19,614	13,484	7,073	222	32,525	9,673	16,552	12,520	16,357	18,461	20,329	13,925	14,919	8,145	10,745	10,248	9,693	9,333	6,833	8,645	9,246	7,303	5,475	1,721	2,325	6,054	6,192	5,673	11,213	23,350	8,271	4,662	10,035	6,634	12,718	7,922	4,939	5,456	2,252	7,815	27,608	0	0	0	17,392	0	0	0	22,428	0	0	0	12,013	16,083	12,373	16,416	16,416	736	5,034	6,930	6,930	4,445	6,677	5,199	5,199	3,076	1,466	2,974	2,974	1,577	822	1,403	1,403	161	2,030	2,345	2,345	595	103	8,106	8,106	134	345	899	5,068	715	0	0	-	0	-	0	0	100	-	-	-	-	-	0	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12,520	16,357	18,461	20,329	13,925	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-394	-155	-72	-104	-175	-7	345	-184	-96	135	13,203	13,070	13,213	18,007	17,751	17,250	18,434	21,973	22,892	22,455	21,955	10,325	9,726	10,283	517	280	412	304	702	195	514	488	810	968	1,678	896	1,206	2,867	2,315	2,045	2,312	1,577	2,965	1,286	1,812	408	1,336	0	535	2,737	1,720	987	4,915	1,099	2,306	2,849	2,968	1,377	2,461	6,760	23,299	12,391	16,191	10,491	7,996	3,285	248	1,509	0	0	-709	709	710	0	0	0	638	0	-5	5	-234	234	0	0	777	-418	418	0	437	0	0	0	504	11	0	0	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Net Income	30,008	60,703	62,351	62,069	85,296	56,221	81,167	8,187	8,187	91,906	101,727	72,530	67,822	16,974	89,297	63,564	51,516	72,065	53,820	50,457	1,127	64,055	91,930	49,634	69,408	61,477	62,584	45,640	67,112	63,378	54,091	52,321	62,983	49,666	45,294	44,565	43,985	34,966	43,882	48,153	42,869	49,589	49,555	41,407	57,210	39,524	38,263	32,881	-13,042	36,506	38,895	27,929	43,686	45,251	44,779	49,782	53,716	58,255	59,720	43,254	105,272	35,596	31,155	31,926	31,926	26,375	-691	23,960	23,960	18,743	15,071	-5,676	-5,676	14,564	10,909	15,247	15,247	13,707	11,312	12,473	12,473	12,006	9,211	13,127	13,127	15,504	4,772	12,261	7,669	11,337	11,153	10,637	12,261	-48,195	7,666	7,737	8,835	7,900	7,300	7,000	7,800	7,100	6,800	6,100	7,000	5,400	5,100	4,700	6,500	3,800	3,900	3,800
Net Income Applicable To Common Shares	0	60,703	62,351	62,069	85,296	56,221	81,167	52,764	8,187	91,906	101,727	72,530	67,823	16,974	89,297	63,564	51,514	72,065	53,820	50,457	1,125	64,055	91,930	49,634	69,413	61,477	62,579	45,640	67,112	63,379	54,091	52,327	62,984	49,666	45,294	44,565	43,985	34,960	43,882	48,153	42,865	49,590	48,533	41,610	57,268	39,578	38,425	32,974	54,254	45,524	39,030	28,061	43,686	45,251	44,779	49,782	53,716	58,257	59,720	43,254	105,272	35,596	31,155	32,153	31,926	26,375	-19,099	19,099	23,960	18,743	15,071	14,468	17,923	14,564	10,909	12,690	14,125	13,314	13,302	12,252	12,473	12,006	9,211	12,255	13,127	15,504	4,772	11,710	7,669	11,337	11,153	10,637	13,274	-7,166	7,166	7,737	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Net Income From Continuing Ops	30,402	60,858	62,423	62,173	85,471	56,228	80,822	52,948	8,283	91,771	102,012	72,597	67,916	17,047	89,478	63,545	51,249	72,328	54,254	50,823	2,073	64,725	91,983	49,877	104,029	257,373	-166,724	45,944	238,808	0	0	0	206,861	0	0	0	179,413	0	0	0	190,738	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-45,836	-35,722	-32,057	-24,212	-26,759	-16,396	-9,290	1,081	-19,614	-13,484	-7,073	-222	-32,525	-9,673	-16,552	-12,520	8,250	-18,461	-20,329	-13,925	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-	-	-	-
Operating Income	71,137	106,050	101,582	93,898	120,331	73,421	115,114	107,272	107,272	110,265	117,132	83,839	104,625	23,530	117,129	80,402	63,602	101,688	80,291	76,030	38,644	79,054	111,804	63,331	103,598	82,164	75,323	58,213	87,471	78,274	69,944	63,284	77,981	65,263	65,493	59,844	64,226	60,144	62,585	59,915	57,853	61,058	66,745	53,739	70,242	49,023	42,102	41,683	-34,099	56,209	52,620	40,934	56,667	52,407	49,079	49,200	58,294	65,664	61,914	76,584	62,180	78,333	59,983	38,222	38,222	35,350	7,625	21,452	21,452	24,434	25,125	12,388	12,388	20,048	17,620	18,635	18,635	17,405	13,835	10,765	10,765	15,071	12,734	22,212	22,212	16,006	4,921	-43,339	9,384	12,391	14,225	15,994	-43,339	12,978	8,983	8,602	10,320	10,700	9,400	9,700	10,100	10,400	9,700	103,100	-239,000	91,100	87,200	6,200	-187,900	77,700	66,600	66,600
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	-	-	-	-
Other Operating Expenses	1,640,259	1,395,517	1,352,313	1,299,590	1,386,099	1,275,519	1,188,260	1,387,001	1,387,001	1,253,331	1,185,241	1,034,440	1,273,107	1,110,639	962,319	990,821	1,257,904	999,502	983,690	945,693	1,039,196	816,096	780,362	755,197	906,006	718,570	742,976	690,975	866,251	702,502	734,566	657,927	808,598	699,512	684,110	646,778	786,058	662,560	640,062	622,698	753,607	669,573	636,131	626,449	773,675	628,447	634,330	649,105	875,962	607,503	639,012	579,324	742,082	597,499	554,198	569,001	656,402	666,856	666,375	580,348	634,674	592,854	593,184	552,834	552,834	483,597	423,009	445,936	445,936	352,236	319,690	302,396	302,396	253,598	226,162	252,140	252,140	206,428	217,810	251,992	251,992	199,204	206,024	225,902	225,902	194,149	178,480	168,491	190,910	175,566	155,804	165,751	168,491	163,870	96,568	98,412	105,110	99,100	94,600	97,000	100,000	90,900	90,600	-	341,200	-	-	85,600	284,500	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	41,322	42,742	39,677	41,058	40,162	39,254	42,503	39,371	40,615	39,156	38,739	34,581	35,380	35,069	38,571	35,400	38,866	31,426	33,648	33,206	33,231	28,561	28,647	27,766	29,133	28,524	28,644	27,716	33,702	30,148	29,797	29,241	31,736	34,322	28,460	29,556	29,556	30,247	30,590	32,777	32,777	32,096	31,644	32,831	35,496	34,484	33,331	35,485	38,611	37,375	37,477	37,155	38,472	32,681	31,305	29,683	30,284	29,993	33,165	30,031	34,181	33,994	30,617	30,645	33,434	27,510	23,097	15,373	14,669	15,701	13,481	14,649	19,946	13,670	13,308	10,794	6,594	11,624	13,314	10,729	11,631	6,127	13,881	10,992	7,629	9,312	7,826	7,244	15,233	10,599	1,786	13,759	0	0	0	0	-	0	-	0	0	0	-	-	-	-	-	1,700	-	-	-	-
Research Development	123,534	103,315	93,432	110,318	125,425	113,193	96,353	113,950	113,950	101,467	95,412	84,258	109,062	91,282	78,965	80,436	97,631	79,468	77,303	77,354	72,986	69,626	76,555	68,185	72,462	67,092	67,069	58,437	66,978	65,578	67,189	56,047	69,295	61,004	57,505	55,613	71,023	55,827	52,219	48,942	63,927	54,012	51,494	51,049	68,273	50,703	55,645	58,766	75,956	55,533	55,389	54,214	68,471	56,149	56,846	52,665	61,842	56,022	53,008	45,880	63,875	44,985	38,089	39,401	39,401	34,520	28,981	27,869	27,869	24,574	18,351	18,460	18,460	20,482	17,795	23,207	23,207	16,518	13,857	11,913	11,913	14,518	13,586	16,061	16,061	15,185	12,682	13,930	19,071	15,302	11,735	13,995	13,930	12,905	8,643	8,796	7,855	7,400	8,300	9,100	8,100	6,500	7,300	-	-	-	-	8,400	-	-	-	-
Selling And Marketing Expenses	91,296	85,967	101,718	80,160	87,745	68,521	82,779	80,754	80,754	84,140	75,373	51,484	81,226	71,557	67,377	70,544	80,484	75,512	73,573	71,832	73,455	69,442	69,949	68,168	81,244	66,934	66,291	65,778	88,786	60,926	60,330	60,997	66,862	60,606	60,569	51,329	59,500	51,775	50,283	54,978	60,711	61,906	57,095	55,754	61,586	59,044	59,920	61,361	65,080	58,401	57,441	54,987	65,889	59,122	50,336	54,595	59,402	67,096	67,549	56,916	0	0	49,664	157,411	157,411	0	0	0	0	0	0	0	0	0	0	0	0	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	112,475	71,842	75,424	77,140	75,773	80,220	72,730	72,373	72,373	67,285	65,945	61,759	62,920	51,020	52,000	57,995	46,363	57,520	57,226	53,640	49,767	37,797	37,045	35,740	26,157	34,791	33,645	38,723	37,599	36,138	38,672	38,944	39,185	36,411	35,685	34,412	34,794	35,257	34,269	35,314	39,058	30,468	27,815	32,167	38,937	32,677	31,962	33,941	34,762	33,992	35,085	35,510	40,831	30,228	32,056	28,085	32,506	28,519	29,398	28,888	76,303	75,009	99,331	78,542	78,542	70,322	63,306	50,904	50,904	47,124	46,102	40,108	40,108	33,147	30,672	31,505	31,505	27,591	30,826	31,400	31,400	26,608	31,033	28,943	28,943	28,226	25,654	24,519	48,883	39,476	33,449	35,043	38,269	28,442	20,545	21,718	-	0	-	0	0	0	-	-	-	-	-	0	-	-	-	-
Tax Provision	-5,044	10,014	9,248	8,695	-4,547	7,932	12,776	7,969	92,175	8,319	20,091	10,802	1,878	2,215	23,637	8,713	-9,129	7,619	10,825	10,099	3,903	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	331,091	261,124	270,574	267,618	260,299	252,560	224,613	267,077	267,077	252,892	222,070	197,501	253,208	213,859	163,379	208,975	220,693	184,470	208,102	201,592	196,208	176,865	138,182	172,093	179,863	168,817	167,005	162,938	193,363	152,099	166,191	148,956	175,342	158,021	153,759	141,354	165,317	142,859	136,771	133,283	163,696	146,386	136,404	138,970	168,796	142,424	147,527	154,068	175,798	147,926	147,915	144,711	175,191	145,499	134,482	135,345	153,750	151,637	149,955	131,684	140,178	119,994	137,420	117,943	117,943	104,842	81,805	78,773	78,773	71,698	64,453	62,570	62,570	53,629	48,467	54,712	54,712	44,109	44,683	43,313	43,313	41,126	44,619	45,004	45,004	43,411	38,336	39,232	45,057	41,355	35,585	36,553	39,232	34,160	20,525	21,718	38,834	19,700	19,400	20,300	28,900	17,600	18,000	-	-341,200	-	-	19,800	-284,500	-	-	-
Total Other Income Expense Net	-47,630	-1,851	-1,678	-26,058	-41,225	-11,574	-21,381	9,677	9,677	324	-1,419	-3,246	-7,332	525	12,985	1,230	-1,625	-2,811	1,623	-3,430	-6,386	25	-5,110	22	11	5	5	32	25	32	13	3,896	146	-8	10	67	-134	132	88	34	12	881	53	-9	128	260	-1,114	930	1,175	981	180	194	-180	350	108	12,981	1,326	-222	-551	-95	79,656	2,142	3,498	494	494	4,235	-24,687	3,229	3,229	4,806	599	-19,087	-19,087	1,459	-1,243	4,011	4,011	1,639	1,313	3,842	3,842	1,230	1,030	7,984	7,984	999	-8,621	-836	1,080	281	-531	-654	59,696	-62,671	120	169	-264	-100	100	-200	-600	-500	400	-	-	-	-	100	-	-	-	-
Total Revenue	1,711,397	1,501,567	1,453,895	1,393,488	1,506,430	1,348,940	1,303,374	1,494,273	1,494,273	1,363,596	1,302,373	1,118,279	1,377,732	1,134,169	1,079,448	1,071,223	1,321,506	1,101,190	1,063,981	1,021,723	1,077,840	895,150	892,166	818,528	1,009,604	800,734	818,299	749,188	953,722	780,776	804,510	721,211	886,580	764,775	749,603	706,622	850,284	722,704	702,647	682,613	811,460	730,631	702,876	680,188	843,917	677,470	676,432	690,788	841,863	663,712	691,632	620,258	798,749	649,906	603,277	618,201	714,696	732,520	728,289	656,932	697,854	671,187	653,167	591,056	591,056	518,947	468,158	467,388	467,388	376,670	344,815	321,760	321,760	273,646	243,782	270,775	270,775	223,833	231,645	262,757	262,757	214,275	218,758	238,313	238,313	210,155	193,202	201,671	224,770	187,957	170,029	181,745	201,671	176,848	105,551	107,014	115,430	109,800	104,000	106,700	110,100	101,300	100,300	103,100	102,200	91,100	87,200	91,800	96,600	77,700	66,600	66,600

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

Gross Profit (+$)
totalRevenue	6,068,641
Cost of Revenue	-4,562,382
Gross Profit	1,506,260	1,506,260

Operating Income (+$)
Gross Profit	1,506,260
Operating Expense	-1,130,919
Operating Income	375,340	375,340

Operating Expense (+$)
Research Development	510,554
Selling General Administrative	336,881
Selling And Marketing Expenses	359,141
Operating Expense	1,130,919	1,206,576

Net Interest Income (+$)
Interest Income	2,359
Interest Expense	-76,467
Other Finance Cost	-44,642
Net Interest Income	-118,750

Pretax Income (+$)
Operating Income	375,340
Net Interest Income	-118,750
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	230,054	520,627 EBIT - interestExpense = 298,873 238,404 291,598
Interest Expense	76,467
Earnings Before Interest and Taxes (EBIT)	375,340	306,521
Earnings Before Interest and Taxes (EBITDA)	542,729

After tax Income (+$)
Income Before Tax	230,054
Tax Provision	-23,410
Net Income From Continuing Ops	270,925	206,644
Net Income	215,131
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	5,693,301
Total Other Income/Expenses Net	-145,287	118,750

Technical Analysis of Elbit Systems Ltd
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 Elbit Systems Ltd. The general trend of Elbit Systems Ltd is BEARISH with 57.1% 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 Elbit Systems Ltd'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 zone transitions	Bullish trend (-57.1%)		Bearish trend (57.1%)
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 Elbit Systems Ltd.

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: 211.30 < 225.64 < 241.05.

The bearish price targets are: 195.21 > 193.87 > 185.08.

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Elbit Systems Ltd 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 Elbit Systems Ltd. The current mas is .

The long score for the Moving Averages is 3/14.
The longshort score for the Moving Averages is -8/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close > MA 20: The price is above the MA 20. +1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	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.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current macd is -1.2740551.

The long score for the Moving Average Convergence/Divergence (MACD) is 3/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is 2/(-4 +4).

MACD line > signal line: The MACD line is above the signal line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Elbit Systems Ltd price going up in the near term. +2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Elbit Systems Ltd. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Elbit Systems Ltd price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Elbit Systems Ltd 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 Elbit Systems Ltd. The current adx is 11.53.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -1/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Elbit Systems Ltd shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending down: The ADX is below 25 and indicates a weak or no trend. Also, the ADX is declining so there is no trend indication.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current sar is 204.51.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Elbit Systems Ltd 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 Elbit Systems Ltd. The current rsi is 49.69. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -4/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.
Trending down: The RSI is trending down. -1

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.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current phase is Correction in bear market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 2/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Elbit Systems Ltd price going up in the near term. +2
Trending down: The STOCH %K is trending down. -1

Elbit Systems Ltd 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 Elbit Systems Ltd. The current cci is 0.75576088.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current cmo is 5.27836956.

The long score for the Chande Momentum Oscillator (CMO) is 1/1.
The longshort score for the Chande Momentum Oscillator (CMO) is 1/(-1 +1).

CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1

Elbit Systems Ltd 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 Elbit Systems Ltd. The current willr is -33.89261745.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that Elbit Systems Ltd is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

Elbit Systems Ltd 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 Elbit Systems Ltd.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current atr is 3.62076702.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current obv is -314,545.

Elbit Systems Ltd 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 Elbit Systems Ltd. The current mfi is 51.64.

The long score for the Money Flow Index (MFI) is 1/2.
The longshort score for the Money Flow Index (MFI) is 1/(-2 +2).

MFI > 50: +1

Elbit Systems Ltd Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Elbit Systems Ltd.

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
2023-12-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-13	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-15	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	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).
2023-12-19	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-28	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-02	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-03	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-08	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-17	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
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-19	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-23	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
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	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).
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-29	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	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).
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-31	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-01	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	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
2024-02-02	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).
2024-02-05	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.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-06	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-07	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	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).
2024-02-08	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
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-09	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-13	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-14	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.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-15	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-23	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-28	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-04	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).
2024-03-05	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-06	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-07	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	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-08	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-11	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	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).
2024-03-12	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-03	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-04	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-08	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-09	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	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).
2024-04-10	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	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.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-16	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-17	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
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside

6.3. Candlestick Patterns

Elbit Systems Ltd Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Elbit Systems Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	49.692
Ma 20	Greater than	Ma 50	202.992
Ma 50	Greater than	Ma 100	206.750
Ma 100	Greater than	Ma 200	207.477
Open	Greater than	Close	204.030
Total			2/5 (40.0%)

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Quick analysis of Elbit Systems Ltd (30 sec.)

What can you expect buying and holding a share of Elbit Systems Ltd? (30 sec.)

How much money do you get?

What is your share worth?

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1. Valuation of Elbit Systems Ltd (5 min.)

$203.09

$65.56

$62.20 - $212.72

$127.76 - $278.28

2. Growth of Elbit Systems Ltd (5 min.)

Is Elbit Systems Ltd growing?

How much money is Elbit Systems Ltd making?

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

3. Financial Health of Elbit Systems Ltd (5 min.)

4. Comparing to competitors in the Aerospace & Defense industry (5 min.)

Industry Rankings (Aerospace & Defense)

What can you expect buying and holding a share of Elbit Systems Ltd? (5 min.)

What can you expect buying and holding a share of Elbit Systems Ltd?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Elbit Systems Ltd

About Elbit Systems Ltd

Financial Health

Valuation

1.1. Profitability of Elbit Systems Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Aerospace & Defense)

1.1.2. Return on Assets

Trends

Compared to industry (Aerospace & Defense)

1.1.3. Return on Equity

Trends

Compared to industry (Aerospace & Defense)

1.2. Operating Efficiency of Elbit Systems Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Aerospace & Defense)

1.2.2. Operating Ratio

Trends

Compared to industry (Aerospace & Defense)

1.3. Liquidity of Elbit Systems Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Aerospace & Defense)

1.3.2. Quick Ratio

Trends

Compared to industry (Aerospace & Defense)

1.4. Solvency of Elbit Systems Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Aerospace & Defense)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Aerospace & Defense)

2. Market Valuation of Elbit Systems Ltd

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Aerospace & Defense)

Elbit Systems Ltd
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