First Merchants Corporation
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Penke I guess you are interested in First Merchants Corporation. 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 First Merchants Corporation. 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 First Merchants Corporation (30 sec.)

What can you expect buying and holding a share of First Merchants Corporation? (30 sec.)

How much money do you get?

$1.38

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$37.74

Expected worth in 1 year

$41.22

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$4.85

Return On Investment

14.2%

For what price can you sell your share?

Current Price per Share

$34.07

Expected price per share

$31.80 - $35.51

How sure are you?

50%

1. Valuation of First Merchants Corporation (5 min.)

Live pricePrice per Share (EOD)

$34.07

Book Value per Share

$37.74

Intrinsic Value Per Share

$8.76 - $39.12

Total Value Per Share

$46.50 - $76.86

My calculation of the intrinsic value of First Merchants Corporation 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: ($0.65) 3Y: ($0.82) TTM: ($1.03)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.02) 3Y: ($0.02) TTM: ($-0.22)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$2.32	$3.36	$2.29 - $3.53
2	$4.23	$6.88	$1.98 - $3.79
3	$5.76	$10.53	$1.67 - $4.05
4	$6.96	$14.31	$1.36 - $4.31
5	$7.85	$18.21	$1.05 - $4.57
6	$8.47	$22.22	$0.74 - $4.83
7	$8.85	$26.32	$0.44 - $5.09
8	$9.01	$30.51	$0.13 - $5.35
9	$8.97	$34.78	$-0.18 - $5.61
10	$8.76	$39.12	$-0.49 - $5.87

2. Growth of First Merchants Corporation (5 min.)

Is First Merchants Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$2.2b	$1.9b	$220.4m	10.2%

How much money is First Merchants Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$55.9m	$55.5m	$424.2k	0.8%
Net Profit Margin	31.5%	323.6%	-	-

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

Quarterly Yearly

3. Financial Health of First Merchants Corporation (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

What can you expect buying and holding a share of First Merchants Corporation? (5 min.)

Welcome investor! First Merchants Corporation's management wants to use your money to grow the business. In return you get a share of First Merchants Corporation.

What can you expect buying and holding a share of First Merchants Corporation?

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

Speculation

The Price per Share of First Merchants Corporation is $34.07. 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 First Merchants Corporation.
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 First Merchants Corporation, 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 $37.74. Based on the TTM, the Book Value Change Per Share is $0.87 per quarter. Based on the YOY, the Book Value Change Per Share is $0.50 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 $0.34 per quarter.

Based on historical numbers we can estimate the returns while holding a share of First Merchants Corporation.

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	0.71	2.1%	0.94	2.7%	0.93	2.7%	0.81	2.4%	0.60	1.8%
Usd Book Value Change Per Share	2.57	7.5%	0.87	2.6%	0.50	1.5%	0.70	2.1%	0.68	2.0%
Usd Dividend Per Share	0.35	1.0%	0.34	1.0%	0.31	0.9%	0.27	0.8%	0.19	0.6%
Usd Total Gains Per Share	2.92	8.6%	1.21	3.6%	0.81	2.4%	0.97	2.9%	0.86	2.5%
Usd Price Per Share	37.08	-	31.52	-	39.25	-	36.18	-	33.85	-
Price to Earnings Ratio	13.00	-	8.75	-	11.04	-	11.52	-	16.32	-
Price-to-Total Gains Ratio	12.69	-	5.30	-	-10.86	-	36.04	-	56.53	-
Price to Book Ratio	0.98	-	0.87	-	1.21	-	1.16	-	1.54	-
Price-to-Total Gains Ratio	12.69	-	5.30	-	-10.86	-	36.04	-	56.53	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	34.07
Number of shares	29

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.34	0.27
Usd Book Value Change Per Share	0.87	0.70
Usd Total Gains Per Share	1.21	0.97
Gains per Quarter (29 shares)	35.19	28.22
Gains per Year (29 shares)	140.76	112.90

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	40	101	131	32	81	103
2	80	202	272	64	162	216
3	120	302	413	95	243	329
4	160	403	554	127	324	442
5	200	504	695	159	406	555
6	240	605	836	191	487	668
7	280	706	977	222	568	781
8	320	807	1118	254	649	894
9	359	907	1259	286	730	1007
10	399	1008	1400	318	811	1120

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%	133.0	6.0	0.0	95.7%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	7.0	5.0	0.0	58.3%	14.0	6.0	0.0	70.0%	34.0	6.0	0.0	85.0%	102.0	34.0	3.0	73.4%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	137.0	0.0	2.0	98.6%
Total Gains per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	16.0	4.0	0.0	80.0%	36.0	4.0	0.0	90.0%	111.0	27.0	1.0	79.9%

Fundamentals of First Merchants Corporation

About First Merchants Corporation

https://www.firstmerchants.com
Banks - Regional
2162
200 East Jackson Street, Muncie, IN, United States, 47305-2814
Google Maps Bing Maps

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. The company offers a range of financial services, including time, savings, and demand deposits; and consumer, commercial, agri-business, public finance, and real estate mortgage loans. It also provides personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. The company operates banking locations in Indiana, Illinois, Ohio, and Michigan counties. It also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

Fundamental data was last updated by Penke on 2024-04-11 08:16:05.

Financial Health

Profitability Details

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

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

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

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of First Merchants Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit First Merchants Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare First Merchants Corporation to the Banks - Regional industry mean.
A Net Profit Margin of 16.2% means that $0.16 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of First Merchants Corporation:

The MRQ is 16.2%. The company is making a huge profit. +2
The TTM is 31.5%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	16.2%	TTM	31.5%	-15.3%
TTM	31.5%	YOY	323.6%	-292.1%
TTM	31.5%	5Y	92.4%	-60.8%
5Y	92.4%	10Y	60.5%	+31.9%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	16.2%	18.4%	-2.2%
TTM	31.5%	28.0%	+3.5%
YOY	323.6%	25.2%	+298.4%
5Y	92.4%	22.8%	+69.6%
10Y	60.5%	19.8%	+40.7%

Measures how much net profit First Merchants Corporation earns for each $1 of revenue.

Revenue is the amount of profit First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional industry mean.
Can be used to compare companies within the Banks - Regional industry.

You typically want a high profit margin. This means that for each $1 in sales, First Merchants Corporation makes more profit. This shows the investor how efficiently First Merchants Corporation is operating in general and compared to other companies in the same industry. First Merchants Corporation operates in the Banks - Regional industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of First Merchants Corporation. If profit margins remain low (compared to the Banks - Regional 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 First Merchants Corporation is 0.16. This means that First Merchants Corporation earned $0.16 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 Banks - Regional industry is 18.4%.
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation with other companies in the same industry (Banks - Regional).
Net profit margin should rise over the years.
Can be influenced when First Merchants Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of First Merchants Corporation 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 First Merchants Corporation

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 First Merchants Corporation = 42,479
Total revenue MRQ First Merchants Corporation = 261,843
$42,479 / $261,843 = 0.16 or 16.2%

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 First Merchants Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare First Merchants Corporation to the Banks - Regional industry mean.
0.2% Return on Assets means that First Merchants Corporation generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of First Merchants Corporation:

The MRQ is 0.2%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.3%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.2%	TTM	0.3%	-0.1%
TTM	0.3%	YOY	0.3%	0.0%
TTM	0.3%	5Y	0.3%	0.0%
5Y	0.3%	10Y	0.3%	+0.0%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.2%	0.1%	+0.1%
TTM	0.3%	0.2%	+0.1%
YOY	0.3%	0.2%	+0.1%
5Y	0.3%	0.2%	+0.1%
10Y	0.3%	0.2%	+0.1%

Shows how efficient First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional 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 First Merchants Corporation is using its resources to generate profit. If the return on assets (0.2%) from First Merchants Corporation are higher than the Banks - Regional mean (0.1%) that means First Merchants Corporation 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 First Merchants Corporation is 0.2%. 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 Banks - Regional industry is 0.1%.
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

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

Income statement
Balance sheet

Net income MRQ (income statement) from First Merchants Corporation = 42,479
Total assets MRQ (balance sheet) from First Merchants Corporation = 18,405,887
42,479 / 18,405,887 = 0.00 or 0.2%

ROA is an important ratio as it will tell you how effectively First Merchants Corporation 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 First Merchants Corporation is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare First Merchants Corporation to the Banks - Regional industry mean.
1.9% Return on Equity means First Merchants Corporation generated $0.02 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of First Merchants Corporation:

The MRQ is 1.9%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 2.6%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	1.9%	TTM	2.6%	-0.7%
TTM	2.6%	YOY	2.9%	-0.3%
TTM	2.6%	5Y	2.6%	+0.0%
5Y	2.6%	10Y	2.4%	+0.1%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	1.9%	1.4%	+0.5%
TTM	2.6%	2.5%	+0.1%
YOY	2.9%	2.7%	+0.2%
5Y	2.6%	2.5%	+0.1%
10Y	2.4%	2.8%	-0.4%

Shows how efficient First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional 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 Banks - Regional 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 First Merchants Corporation is 1.9%. This means First Merchants Corporation generated $0.02 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks - Regional industry is 1.4%.
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation up to 10 years back (depending if First Merchants Corporation 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 First Merchants Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) First Merchants Corporation = 42,479
Shareholders equity (balance sheet) MRQ First Merchants Corporation = 2,247,713
42,479 / 2,247,713 = 0.02 or 1.9%

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 First Merchants Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient First Merchants Corporation is operating .

Measures how much profit First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of First Merchants Corporation:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	41.4%	-41.4%
TTM	41.4%	YOY	492.8%	-451.4%
TTM	41.4%	5Y	141.3%	-99.9%
5Y	141.3%	10Y	95.4%	+45.9%

Measures how efficient First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional 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 First Merchants Corporation 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 First Merchants Corporation is 0.0%. This means that First Merchants Corporation earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ First Merchants Corporation = 0
Total revenue MRQ First Merchants Corporation = 261,843
$0 / $261,843 = 0.00 or 0.0%

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 First Merchants Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks - Regional industry mean).
An Operation Ratio of 0.12 means that the operating costs are $0.12 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of First Merchants Corporation:

The MRQ is 0.116. The company is very efficient in keeping operating costs low. +2
The TTM is -0.259.

Trends

Current period		Compared to		+/-
MRQ	0.116	TTM	-0.259	+0.375
TTM	-0.259	YOY	0.034	-0.293
TTM	-0.259	5Y	-0.104	-0.155
5Y	-0.104	10Y	-0.049	-0.055

Measures how efficient First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional 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 First Merchants Corporation is 11.6%. This means that First Merchants Corporation earned $0.12 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 Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

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
(0 +30,348) \ 261,843 = 0.12

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 First Merchants Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if First Merchants Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Banks - Regional industry mean).
A Current Ratio of 0.07 means the company has $0.07 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of First Merchants Corporation:

The MRQ is 0.072. The company is unable to pay all its short-term debts. -2
The TTM is 28.037. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	0.072	TTM	28.037	-27.965
TTM	28.037	YOY	540.856	-512.819
TTM	28.037	5Y	449.634	-421.597
5Y	449.634	10Y	345.826	+103.808

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
TTM	28.037	0.124	+27.913
YOY	540.856	0.225	+540.631
5Y	449.634	0.219	+449.415
10Y	345.826	0.131	+345.695

Measures if First Merchants Corporation 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 Banks - Regional 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 First Merchants Corporation 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 First Merchants Corporation is 0.07. This means First Merchants Corporation has $0.07 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
751,107 \ 10,394,376) = 0.07

The current ratio measures if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare First Merchants Corporation to the Banks - Regional industry mean.
A Quick Ratio of 0.16 means the company can pay off $0.16 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of First Merchants Corporation:

The MRQ is 0.155. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 118.636. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.155	TTM	118.636	-118.481
TTM	118.636	YOY	1,049.788	-931.151
TTM	118.636	5Y	833.696	-715.060
5Y	833.696	10Y	634.429	+199.267

Measures if First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional 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 First Merchants Corporation can pay off its short term debts. This shows if First Merchants Corporation 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 First Merchants Corporation is 0.16. This means that First Merchants Corporation can pay off $0.16 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

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 First Merchants Corporation: (-112,649 + 1,627,112 +97,664) / 10,394,376 = 0.16

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 First Merchants Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of First Merchants Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare First Merchants Corporation to Banks - Regional industry mean.
A Debt to Asset Ratio of 0.88 means that First Merchants Corporation assets are financed with 87.8% credit (debt) and the remaining percentage (100% - 87.8%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of First Merchants Corporation:

The MRQ is 0.878. The company is just able to pay all its debts by selling its assets.
The TTM is 0.881. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.878	TTM	0.881	-0.003
TTM	0.881	YOY	0.888	-0.006
TTM	0.881	5Y	0.874	+0.008
5Y	0.874	10Y	0.872	+0.002

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.878	0.915	-0.037
TTM	0.881	0.917	-0.036
YOY	0.888	0.919	-0.031
5Y	0.874	0.919	-0.045
10Y	0.872	0.927	-0.055

Measures how much % of First Merchants Corporation assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake First Merchants Corporation than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare First Merchants Corporation to Banks - Regional 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 First Merchants Corporation is 0.88. This means means that First Merchants Corporation is financed with 87.8% 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 Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example First Merchants Corporation

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

Balance sheet
Debt to asset ratio = total debt \ total assets
16,158,174 \ 18,405,887 = 87.8% or 0.88.

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 First Merchants Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare First Merchants Corporation to the Banks - Regional industry mean.
A Debt to Equity ratio of 718.9% means that company has $7.19 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of First Merchants Corporation:

The MRQ is 7.189. The company is unable to pay all its debts with equity. -1
The TTM is 7.432. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	7.189	TTM	7.432	-0.243
TTM	7.432	YOY	7.914	-0.482
TTM	7.432	5Y	6.978	+0.454
5Y	6.978	10Y	6.860	+0.118

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	7.189	10.829	-3.640
TTM	7.432	11.013	-3.581
YOY	7.914	11.363	-3.449
5Y	6.978	11.437	-4.459
10Y	6.860	13.038	-6.178

Measures if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation is 7.19. This means that First Merchants Corporation can pay off $7.19 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 10.83.
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
16,158,174 \ 2,247,713 = 7.19 or 718.9%

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

Common shares.
Preferred shares.
Retained earnings.

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

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

2. Market Valuation of First Merchants Corporation

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 First Merchants Corporation generates.

Above 15 is considered overpriced but always compare First Merchants Corporation to the Banks - Regional industry mean.
A PE ratio of 13.00 means the investor is paying $13.00 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of First Merchants Corporation:

The EOD is 11.942. Based on the earnings, the company is underpriced. +1
The MRQ is 12.997. Based on the earnings, the company is underpriced. +1
The TTM is 8.746. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	11.942	MRQ	12.997	-1.055
MRQ	12.997	TTM	8.746	+4.251
TTM	8.746	YOY	11.037	-2.292
TTM	8.746	5Y	11.518	-2.772
5Y	11.518	10Y	16.317	-4.799

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	11.942	7.604	+4.338
MRQ	12.997	6.680	+6.317
TTM	8.746	5.295	+3.451
YOY	11.037	6.943	+4.094
5Y	11.518	9.770	+1.748
10Y	16.317	9.943	+6.374

Measures how much money you pay for each share for every $1 in earnings First Merchants Corporation 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 First Merchants Corporation to the Banks - Regional 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 First Merchants Corporation is 13.00. This means the investor is paying $13.00 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 6.68.
What is the trend?
The trend is important because it shows you how First Merchants Corporation is performing over time. The most recent quarter might be important if First Merchants Corporation 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 First Merchants Corporation 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 First Merchants Corporation

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 \ 59,556 = EPS
PE ratio MRQ = 13.00

* 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 First Merchants Corporation:

The EOD is 7.096. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 7.723. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 8.181. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	7.096	MRQ	7.723	-0.627
MRQ	7.723	TTM	8.181	-0.458
TTM	8.181	YOY	5.776	+2.405
TTM	8.181	5Y	9.780	-1.598
5Y	9.780	10Y	13.560	-3.780

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	7.096	-2.126	+9.222
MRQ	7.723	-1.868	+9.591
TTM	8.181	-0.342	+8.523
YOY	5.776	6.448	-0.672
5Y	9.780	0.429	+9.351
10Y	13.560	0.091	+13.469

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of First Merchants Corporation is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Banks - Regional industry mean).
A PB ratio of 0.98 means the investor is paying $0.98 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of First Merchants Corporation:

The EOD is 0.903. Based on the equity, the company is cheap. +2
The MRQ is 0.982. Based on the equity, the company is cheap. +2
The TTM is 0.870. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.903	MRQ	0.982	-0.080
MRQ	0.982	TTM	0.870	+0.113
TTM	0.870	YOY	1.209	-0.339
TTM	0.870	5Y	1.158	-0.288
5Y	1.158	10Y	1.545	-0.387

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	0.903	0.439	+0.464
MRQ	0.982	0.386	+0.596
TTM	0.870	0.470	+0.400
YOY	1.209	0.642	+0.567
5Y	1.158	0.795	+0.363
10Y	1.545	1.025	+0.520

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of First Merchants Corporation.

3.1. Institutions holding First Merchants Corporation

Institutions are holding 75.816% of the shares of First Merchants Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	11.0745	0.0053	6571539	32126	0.4913
2023-12-31	BlackRock Inc	8.7238	0.0049	5176638	413194	8.6743
2023-12-31	Dimensional Fund Advisors, Inc.	5.1811	0.0333	3074407	211113	7.3731
2023-12-31	Earnest Partners LLC	4.5076	0.4952	2674803	-116889	-4.187
2023-12-31	State Street Corporation	2.9627	0.0032	1758058	47249	2.7618
2023-12-31	Goldman Sachs Group Inc	2.8752	0.0057	1706150	864917	102.8154
2023-12-31	Cardinal Capital Management Llc	2.6359	2.6644	1564112	-28175	-1.7695
2023-12-31	Geode Capital Management, LLC	2.2354	0.0052	1326503	56423	4.4425
2023-12-31	American Century Companies Inc	2.0872	0.0316	1238555	245807	24.7603
2023-12-31	Victory Capital Management Inc.	1.6489	0.0382	978469	89816	10.107
2023-12-31	Principal Financial Group Inc	1.5596	0.0219	925467	-615	-0.0664
2023-12-31	Boston Partners Global Investors, Inc	1.4503	0.0422	860606	-11350	-1.3017
2023-12-31	William Blair Investment Management, LLC	1.3926	0.0892	826384	-16991	-2.0146
2023-12-31	Bank of New York Mellon Corp	1.2823	0.0057	760921	87184	12.9404
2023-12-31	Nuveen Asset Management, LLC	1.255	0.0089	744695	5294	0.716
2023-12-31	JPMorgan Chase & Co	1.2467	0.0026	739759	60450	8.8987
2023-12-31	Manufacturers Life Insurance Co	1.2354	0.0162	733092	-70687	-8.7943
2023-12-31	Northern Trust Corp	1.1937	0.0048	708358	16950	2.4515
2023-12-31	PL Capital Advisors, LLC	1.187	9.0266	704333	-47000	-6.2555
2023-12-31	Public Employees Retirt Assn Of Colorado	1.1809	0.12	700711	-2354	-0.3348
Total		56.9158	12.6251	33773560	+1836462	+5.4%

3.2. Funds holding First Merchants Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.129	0.004	1855018	-7933	-0.4258
2024-02-29	Vanguard Small Cap Index	2.6021	0.0364	1542618	14308	0.9362
2024-03-28	iShares Russell 2000 ETF	2.5962	0.082	1539153	28415	1.8809
2024-02-29	Vanguard Small Cap Value Index Inv	1.7711	0.0656	1049981	4368	0.4177
2023-12-31	Harbor Small Cap Value Instl	1.7521	1.8381	1038710	-102772	-9.0034
2023-12-31	Cardinal Capital SMID Cap Value Equity	1.5986	2.1735	947706	162589	20.7089
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4784	0.0285	876427	755	0.0862
2023-12-31	American Century Small Cap Value Inv	1.1538	0.4305	684043	-957	-0.1397
2023-12-31	American Century U.S. Small Cap Value	1.1538	0.4312	684043	-957	-0.1397
2024-01-31	Fidelity Small Cap Index	1.0125	0.0819	600267	8882	1.5019
2024-03-28	iShares Russell 2000 Value ETF	0.9731	0.1606	576891	-366	-0.0634
2024-02-29	DFA US Small Cap Value I	0.946	0.1211	560801	34172	6.4888
2023-12-31	Cardinal Capital Mgt Small Cap Value Eq	0.7691	3.562	455980	-115649	-20.2315
2024-03-29	Dimensional US Targeted Value ETF	0.7487	0.1542	443861	0	0
2024-03-29	Avantis US Small Cap Value ETF	0.7081	0.1351	419807	0	0
2023-12-31	Integrity Small-Cap Value Comp	0.6908	0.986	409505	0	0
2023-12-31	Victory Integrity Small-Cap Value A	0.6908	0.9813	409505	0	0
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.6318	0.0298	374569	7100	1.9321
2024-02-29	DFA US Targeted Value I	0.623	0.095	369324	28355	8.316
2024-02-29	Vanguard Dividend Appreciation ETF	0.5824	0.0126	345278	1785	0.5197
Total		25.6114	11.4094	15183487	+62095	+0.4%

3.3. Insider Transactions

Insiders are holding 1.443% of the shares of First Merchants Corporation.

Date	Owner	Type	Amount	Price
2024-03-29	Michael J Stewart	BUY	36	29.67
2024-02-28	Stephan Fluhler	SELL	3193	33.17
2023-12-19	Michael C Rechin	SELL	10000	37.05
2023-07-28	Jason R Sondhi	BUY	458	32.16

4. Summary

4.1. Key Performance Indicators

The key performance indicators of First Merchants Corporation 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	-	-	2.572	0.869	+196%	0.501	+414%	0.699	+268%	0.676	+281%
Book Value Per Share	-	-	37.741	36.177	+4%	32.558	+16%	31.667	+19%	24.003	+57%
Current Ratio	-	-	0.072	28.037	-100%	540.856	-100%	449.634	-100%	345.826	-100%
Debt To Asset Ratio	-	-	0.878	0.881	0%	0.888	-1%	0.874	+0%	0.872	+1%
Debt To Equity Ratio	-	-	7.189	7.432	-3%	7.914	-9%	6.978	+3%	6.860	+5%
Dividend Per Share	-	-	0.350	0.344	+2%	0.312	+12%	0.274	+28%	0.188	+86%
Eps	-	-	0.713	0.937	-24%	0.930	-23%	0.811	-12%	0.600	+19%
Free Cash Flow Per Share	-	-	1.200	1.026	+17%	0.548	+119%	0.813	+48%	0.649	+85%
Free Cash Flow To Equity Per Share	-	-	3.870	1.343	+188%	1.112	+248%	3.912	-1%	2.878	+34%
Gross Profit Margin	-	-	0.938	0.964	-3%	0.967	-3%	0.963	-3%	0.960	-2%
Intrinsic Value_10Y_max	-	-	39.120	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	8.755	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	3.365	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	2.319	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	10.533	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	5.759	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	18.212	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	7.851	-	-	-	-	-	-	-	-
Market Cap	2019799066.000	-9%	2208336480.000	1875124113.068	+18%	2328812930.025	-5%	2146527924.569	+3%	2007472903.634	+10%
Net Profit Margin	-	-	0.162	0.315	-49%	3.236	-95%	0.924	-82%	0.605	-73%
Operating Margin	-	-	-	0.414	-100%	4.928	-100%	1.413	-100%	0.954	-100%
Operating Ratio	-	-	0.116	-0.259	+323%	0.034	+237%	-0.104	+190%	-0.049	+143%
Pb Ratio	0.903	-9%	0.982	0.870	+13%	1.209	-19%	1.158	-15%	1.545	-36%
Pe Ratio	11.942	-9%	12.997	8.746	+49%	11.037	+18%	11.518	+13%	16.317	-20%
Price Per Share	34.070	-9%	37.080	31.520	+18%	39.253	-6%	36.180	+2%	33.848	+10%
Price To Free Cash Flow Ratio	7.096	-9%	7.723	8.181	-6%	5.776	+34%	9.780	-21%	13.560	-43%
Price To Total Gains Ratio	11.661	-9%	12.691	5.299	+139%	-10.862	+186%	36.036	-65%	56.533	-78%
Quick Ratio	-	-	0.155	118.636	-100%	1049.788	-100%	833.696	-100%	634.429	-100%
Return On Assets	-	-	0.002	0.003	-25%	0.003	-28%	0.003	-28%	0.003	-26%
Return On Equity	-	-	0.019	0.026	-28%	0.029	-34%	0.026	-26%	0.024	-23%
Total Gains Per Share	-	-	2.922	1.213	+141%	0.813	+259%	0.973	+200%	0.864	+238%
Usd Book Value	-	-	2247713000.000	2152092500.000	+4%	1931677500.000	+16%	1879134300.000	+20%	1423886750.000	+58%
Usd Book Value Change Per Share	-	-	2.572	0.869	+196%	0.501	+414%	0.699	+268%	0.676	+281%
Usd Book Value Per Share	-	-	37.741	36.177	+4%	32.558	+16%	31.667	+19%	24.003	+57%
Usd Dividend Per Share	-	-	0.350	0.344	+2%	0.312	+12%	0.274	+28%	0.188	+86%
Usd Eps	-	-	0.713	0.937	-24%	0.930	-23%	0.811	-12%	0.600	+19%
Usd Free Cash Flow	-	-	71483000.000	61045250.000	+17%	32566250.000	+120%	48252300.000	+48%	38495875.000	+86%
Usd Free Cash Flow Per Share	-	-	1.200	1.026	+17%	0.548	+119%	0.813	+48%	0.649	+85%
Usd Free Cash Flow To Equity Per Share	-	-	3.870	1.343	+188%	1.112	+248%	3.912	-1%	2.878	+34%
Usd Market Cap	2019799066.000	-9%	2208336480.000	1875124113.068	+18%	2328812930.025	-5%	2146527924.569	+3%	2007472903.634	+10%
Usd Price Per Share	34.070	-9%	37.080	31.520	+18%	39.253	-6%	36.180	+2%	33.848	+10%
Usd Profit	-	-	42479000.000	55946500.000	-24%	55522250.000	-23%	48223300.000	-12%	35656800.000	+19%
Usd Revenue	-	-	261843000.000	189084500.000	+38%	88816500.000	+195%	128350400.000	+104%	103403775.000	+153%
Usd Total Gains Per Share	-	-	2.922	1.213	+141%	0.813	+259%	0.973	+200%	0.864	+238%
	EOD	+4 -4	MRQ	TTM	+22 -14	YOY	+20 -16	5Y	+18 -18	10Y	+24 -12

4.2. Fundamental Score

Let's check the fundamental score of First Merchants Corporation based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	11.942
Price to Book Ratio (EOD)	Between	0-1	0.903
Net Profit Margin (MRQ)	Greater than	0	0.162
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.155
Current Ratio (MRQ)	Greater than	1	0.072
Debt to Asset Ratio (MRQ)	Less than	1	0.878
Debt to Equity Ratio (MRQ)	Less than	1	7.189
Return on Equity (MRQ)	Greater than	0.15	0.019
Return on Assets (MRQ)	Greater than	0.05	0.002
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of First Merchants Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	54.779
Ma 20	Greater than	Ma 50	33.558
Ma 50	Greater than	Ma 100	33.593
Ma 100	Greater than	Ma 200	34.084
Open	Greater than	Close	32.830
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
Other Current Liabilities	-7,530	-4,449	-11,979	-1,616	-13,595	-2,878	-16,473	10,186,813	10,170,340
Inventory	-451,378	-223,497	-674,875	135,227	-539,648	-166,176	-705,824	720,809	14,985
Long-term Assets Other	-111,222	8,152	-103,070	-10,654	-113,724	-21,797	-135,521	551,339	415,818
Cash and Short Term Investments	248,655	229,858	478,513	-150,058	328,455	145,357	473,812	-586,461	-112,649
Net Working Capital	326,195	225,854	552,049	-147,405	404,644	142,706	547,350	-10,190,619	-9,643,269

Latest Balance Sheet

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

Summary

Total Assets	18,405,887
Total Liabilities	16,158,174
Total Stockholder Equity	2,247,713

	As reported
Total Liabilities	16,158,174
Total Stockholder Equity	+ 2,247,713
Total Assets	= 18,405,887

Assets

Total Assets	18,405,887
Total Current Assets	751,107
Long-term Assets	17,654,780

Total Current Assets

Total Current Assets (as reported)	751,107
Cash And Cash Equivalents	548,729
Short-term Investments	1,627,112
Net Receivables	97,664
Inventory	14,985
Total Current Assets (calculated)	2,288,490
+/-	1,537,383

Long-term Assets

Long-term Assets (as reported)	17,654,780
Property Plant Equipment	152,808
Goodwill	712,002
Long Term Investments	3,811,364
Intangible Assets	27,099
Long-term Assets Other	415,818
Long-term Assets (calculated)	5,119,091
+/-	12,535,689

Liabilities & Shareholders' Equity

Total Current Liabilities	10,394,376
Long-term Liabilities	5,763,798
Total Stockholder Equity	2,247,713

Total Current Liabilities

Total Current Liabilities (as reported)	10,394,376
Short-term Debt	224,036
Accounts payable	18,912
Other Current Liabilities	10,170,340
Total Current Liabilities (calculated)	10,413,288
+/-	18,912

Long-term Liabilities

Long-term Liabilities (as reported)	5,763,798
Long term Debt	871,496
Long-term Liabilities (calculated)	871,496
+/-	4,892,302

Total Stockholder Equity

Total Stockholder Equity (as reported)	2,247,713
Common Stock	7,428
Retained Earnings	1,154,624
Accumulated Other Comprehensive Income	-175,970
Other Stockholders Equity	1,236,506
Total Stockholder Equity (calculated)	2,222,588
+/-	25,125

Other

Capital Stock	32,553
Cash and Short Term Investments	-112,649
Common Stock Shares Outstanding	59,556
Current Deferred Revenue	-18,912
Liabilities and Stockholders Equity	18,405,887
Net Debt	502,382
Net Invested Capital	3,094,084
Net Working Capital	-9,643,269
Property Plant and Equipment Gross	360,357
Short Long Term Debt Total	1,051,111

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

2011-11-09

2011-09-30

2011-08-09

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

1995-12-31

1995-09-30

1995-06-30

1995-03-31

1994-12-31

1994-09-30

1994-06-30

1994-03-31

1993-12-31

1993-09-30

1993-06-30

1993-03-31

1992-12-31

1992-09-30

1992-06-30

1992-03-31

1991-12-31

1991-09-30

1991-06-30

1991-03-31

1990-12-31

1990-09-30

1990-06-30

1990-03-31

1989-12-31

1989-09-30

1989-06-30

1989-03-31

1988-12-31

1988-09-30

1988-06-30

1988-03-31

1987-12-31

1987-09-30

1987-06-30

1987-03-31

> Total Assets

0
0
0
0
0
0
0
0
0
0
501,300
522,800
520,100
527,900
517,100
541,100
539,500
540,100
591,700
596,600
593,800
611,900
600,500
616,900
610,200
645,800
620,800
626,100
630,500
644,300
624,100
644,600
639,700
697,200
686,300
707,900
681,300
704,200
886,700
968,000
987,800
1,010,400
1,007,700
1,020,100
1,017,800
1,077,500
1,113,900
1,177,200
1,176,800
1,407,800
1,428,800
1,474,000
1,446,178
1,610,413
1,600,938
1,621,063
1,621,063
1,636,270
1,761,671
1,787,035
1,787,035
2,663,984
2,629,486
2,678,687
2,999,022
3,056,961
3,011,720
3,076,812
3,025,141
3,128,290
3,181,362
3,191,668
3,187,586
3,201,298
3,238,438
3,237,079
3,269,935
3,408,263
3,472,039
3,554,870
3,554,814
3,669,515
3,754,300
3,782,087
3,767,158
3,822,460
3,864,074
4,784,155
4,886,897
4,717,045
4,476,484
4,480,952
4,375,866
4,183,248
4,180,320
4,170,848
4,117,175
4,094,218
4,094,218
4,180,320
4,118,509
4,173,076
4,236,366
4,232,423
4,250,168
4,304,821
4,252,830
4,338,264
4,325,911
5,437,262
5,452,936
5,615,120
5,591,383
5,824,127
5,877,521
6,140,308
6,189,797
6,761,003
6,798,539
6,906,418
7,022,352
7,211,611
7,326,193
7,805,029
9,049,403
9,367,478
9,472,796
9,734,715
9,787,282
9,884,716
10,210,925
10,737,857
12,325,061
12,457,254
12,693,518
13,819,378
13,737,350
14,067,210
14,629,066
14,923,097
15,060,725
15,453,149
15,465,258
17,780,492
17,718,985
17,938,306
18,178,908
17,968,412
17,996,648
18,405,887

18,405,887

17,996,648

17,968,412

18,178,908

17,938,306

17,718,985

17,780,492

15,465,258

15,453,149

15,060,725

14,923,097

14,629,066

14,067,210

13,737,350

13,819,378

12,693,518

12,457,254

12,325,061

10,737,857

10,210,925

9,884,716

9,787,282

9,734,715

9,472,796

9,367,478

9,049,403

7,805,029

7,326,193

7,211,611

7,022,352

6,906,418

6,798,539

6,761,003

6,189,797

6,140,308

5,877,521

5,824,127

5,591,383

5,615,120

5,452,936

5,437,262

4,325,911

4,338,264

4,252,830

4,304,821

4,250,168

4,232,423

4,236,366

4,173,076

4,118,509

4,180,320

4,094,218

4,117,175

4,170,848

4,180,320

4,183,248

4,375,866

4,480,952

4,476,484

4,717,045

4,886,897

4,784,155

3,864,074

3,822,460

3,767,158

3,782,087

3,754,300

3,669,515

3,554,814

3,554,870

3,472,039

3,408,263

3,269,935

3,237,079

3,238,438

3,201,298

3,187,586

3,191,668

3,181,362

3,128,290

3,025,141

3,076,812

3,011,720

3,056,961

2,999,022

2,678,687

2,629,486

2,663,984

1,787,035

1,761,671

1,636,270

1,621,063

1,600,938

1,610,413

1,446,178

1,474,000

1,428,800

1,407,800

1,176,800

1,177,200

1,113,900

1,077,500

1,017,800

1,020,100

1,007,700

1,010,400

987,800

968,000

886,700

704,200

681,300

707,900

686,300

697,200

639,700

644,600

624,100

644,300

630,500

626,100

620,800

645,800

610,200

616,900

600,500

611,900

593,800

596,600

591,700

540,100

539,500

541,100

517,100

527,900

520,100

522,800

501,300

> Total Current Assets

0
0
0
0
0
0
0
0
0
0
38,900
69,500
39,700
54,600
49,900
50,400
26,900
31,100
45,500
55,800
36,100
48,900
34,900
61,100
40,800
61,300
32,600
32,600
33,900
39,900
28,900
52,000
35,400
72,600
53,300
75,300
40,500
52,500
51,900
43,900
45,300
45,600
40,300
51,600
49,400
81,500
43,900
81,300
44,200
47,800
50,900
71,900
48,743
60,682
58,077
1,576,140
66,581
75,040
62,824
1,727,174
84,638
125,698
102,067
108,552
103,748
114,495
108,547
102,093
86,101
107,799
103,165
79,476
95,247
97,703
111,579
98,855
87,315
99,343
98,304
125,586
72,355
111,434
133,894
183,016
132,453
107,943
107,038
147,048
275,684
139,041
186,386
171,644
229,946
119,940
3,270,514
134,734
123,709
83,740
50,874
189,447
60,166
143,886
112,011
126,759
109,870
672,203
662,225
730,909
735,543
720,921
774,884
778,503
687,067
736,769
730,936
728,634
732,289
817,888
823,273
865,572
833,250
875,753
880,909
961,543
1,146,521
1,229,536
1,194,276
1,307,804
1,398,787
1,360,886
1,475,113
1,702,908
2,124,806
2,134,390
2,123,939
2,557,436
2,315,720
2,558,268
3,040,937
3,087,532
2,966,365
3,043,038
2,763,817
2,714,340
2,175,109
333,725
564,028
418,239
563,823
751,107

751,107

563,823

418,239

564,028

333,725

2,175,109

2,714,340

2,763,817

3,043,038

2,966,365

3,087,532

3,040,937

2,558,268

2,315,720

2,557,436

2,123,939

2,134,390

2,124,806

1,702,908

1,475,113

1,360,886

1,398,787

1,307,804

1,194,276

1,229,536

1,146,521

961,543

880,909

875,753

833,250

865,572

823,273

817,888

732,289

728,634

730,936

736,769

687,067

778,503

774,884

720,921

735,543

730,909

662,225

672,203

109,870

126,759

112,011

143,886

60,166

189,447

50,874

83,740

123,709

134,734

3,270,514

119,940

229,946

171,644

186,386

139,041

275,684

147,048

107,038

107,943

132,453

183,016

133,894

111,434

72,355

125,586

98,304

99,343

87,315

98,855

111,579

97,703

95,247

79,476

103,165

107,799

86,101

102,093

108,547

114,495

103,748

108,552

102,067

125,698

84,638

1,727,174

62,824

75,040

66,581

1,576,140

58,077

60,682

48,743

71,900

50,900

47,800

44,200

81,300

43,900

81,500

49,400

51,600

40,300

45,600

45,300

43,900

51,900

52,500

40,500

75,300

53,300

72,600

35,400

52,000

28,900

39,900

33,900

32,600

61,300

40,800

61,100

34,900

48,900

36,100

55,800

45,500

31,100

26,900

50,400

49,900

54,600

39,700

69,500

38,900

Cash And Cash Equivalents

0
0
0
0
0
0
0
0
0
0
32,400
62,900
33,200
47,700
42,900
43,800
20,000
24,000
37,700
48,800
29,700
42,100
28,300
55,200
35,200
55,100
26,400
26,900
28,600
33,900
23,100
46,400
29,900
66,500
46,900
69,100
34,600
46,200
44,100
35,300
37,000
36,600
31,200
42,600
41,200
72,800
34,500
72,100
35,300
36,700
39,200
60,600
37,900
47,929
44,724
53,446
53,446
63,303
49,268
72,614
72,614
107,997
83,445
91,206
86,959
97,903
91,408
85,253
71,040
92,856
85,571
79,303
78,641
80,753
92,018
79,165
68,280
79,804
74,358
101,241
50,414
89,819
107,940
159,614
111,241
88,263
85,469
123,072
254,901
118,263
164,027
150,826
210,414
101,046
169,137
116,060
106,126
66,739
50,874
169,137
60,166
126,163
95,281
110,253
92,351
139,903
111,999
129,302
111,216
164,503
149,998
143,747
98,408
166,136
172,471
132,597
111,788
134,485
163,191
183,004
133,405
152,386
124,686
190,955
219,557
189,932
153,061
170,492
209,264
176,210
186,550
257,799
432,484
295,464
260,675
609,780
438,568
585,201
580,707
606,459
538,708
641,300
543,539
349,261
299,125
248,655
478,513
328,455
473,812
548,729

548,729

473,812

328,455

478,513

248,655

299,125

349,261

543,539

641,300

538,708

606,459

580,707

585,201

438,568

609,780

260,675

295,464

432,484

257,799

186,550

176,210

209,264

170,492

153,061

189,932

219,557

190,955

124,686

152,386

133,405

183,004

163,191

134,485

111,788

132,597

172,471

166,136

98,408

143,747

149,998

164,503

111,216

129,302

111,999

139,903

92,351

110,253

95,281

126,163

60,166

169,137

50,874

66,739

106,126

116,060

169,137

101,046

210,414

150,826

164,027

118,263

254,901

123,072

85,469

88,263

111,241

159,614

107,940

89,819

50,414

101,241

74,358

79,804

68,280

79,165

92,018

80,753

78,641

79,303

85,571

92,856

71,040

85,253

91,408

97,903

86,959

91,206

83,445

107,997

72,614

49,268

63,303

53,446

44,724

47,929

37,900

60,600

39,200

36,700

35,300

72,100

34,500

72,800

41,200

42,600

31,200

36,600

37,000

35,300

44,100

46,200

34,600

69,100

46,900

66,500

29,900

46,400

23,100

33,900

28,600

26,900

26,400

55,100

35,200

55,200

28,300

42,100

29,700

48,800

37,700

24,000

20,000

43,800

42,900

47,700

33,200

62,900

32,400

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,783
0
0
0
38,156
0
0
0
34,968
0
0
0
40,556
0
0
0
9,343
0
0
0
8,748
0
0
0
11,284
0
0
0
24,931
0
0
0
105,060
426,589
610,731
-52,828
413,607
0
0
0
72,679
575,546
591,212
496,608
496,608
518,491
518,491
547,308
547,551
551,619
513,343
532,867
584,593
606,341
536,201
605,507
615,184
567,996
549,543
538,055
575,415
597,839
658,400
636,785
658,829
675,813
696,862
730,788
742,759
890,721
999,947
1,003,799
1,096,837
1,149,162
1,142,195
1,247,632
1,399,959
1,646,399
1,790,025
1,815,775
1,890,593
1,824,160
1,919,119
2,405,568
2,426,900
2,374,578
2,344,551
2,164,197
2,296,351
1,983,972
1,976,661
1,794,208
1,651,362
1,500,136
1,627,112

1,627,112

1,500,136

1,651,362

1,794,208

1,976,661

1,983,972

2,296,351

2,164,197

2,344,551

2,374,578

2,426,900

2,405,568

1,919,119

1,824,160

1,890,593

1,815,775

1,790,025

1,646,399

1,399,959

1,247,632

1,142,195

1,149,162

1,096,837

1,003,799

999,947

890,721

742,759

730,788

696,862

675,813

658,829

636,785

658,400

597,839

575,415

538,055

549,543

567,996

615,184

605,507

536,201

606,341

584,593

532,867

513,343

551,619

547,551

547,308

518,491

496,608

591,212

575,546

72,679

413,607

-52,828

610,731

426,589

105,060

24,931

11,284

8,748

9,343

40,556

34,968

38,156

15,783

Net Receivables

0
0
0
0
0
0
0
0
0
0
6,500
6,600
6,500
6,900
7,000
6,600
6,900
7,100
7,800
7,000
6,400
6,800
6,600
5,900
5,600
6,200
6,200
5,700
5,300
6,000
5,800
5,600
5,500
6,100
6,400
6,200
5,900
6,300
7,800
8,600
8,300
9,000
9,100
9,000
8,200
8,700
9,400
9,200
8,900
11,100
11,700
11,300
10,843
12,753
13,353
13,135
13,135
11,737
13,556
12,024
12,024
17,701
18,622
17,346
16,789
16,592
17,139
16,840
15,061
14,943
17,594
173
16,606
16,950
19,561
19,690
19,035
19,539
23,946
24,345
21,941
21,615
25,954
23,402
21,212
19,680
21,569
23,976
20,783
20,778
22,359
20,818
19,532
18,894
20,310
18,674
17,583
17,001
17,770
20,310
17,723
17,723
16,730
16,506
17,519
18,957
17,359
17,014
17,986
20,217
19,379
19,572
20,663
21,090
20,410
20,622
22,662
25,003
23,297
23,739
24,032
26,505
25,435
27,829
36,243
39,657
37,416
40,475
40,361
42,481
40,931
45,150
45,923
48,901
47,489
57,063
52,992
53,948
54,662
54,173
53,079
57,187
56,081
68,728
71,605
85,070
85,515
89,784
90,011
97,664

97,664

90,011

89,784

85,515

85,070

71,605

68,728

56,081

57,187

53,079

54,173

54,662

53,948

52,992

57,063

47,489

48,901

45,923

45,150

40,931

42,481

40,361

40,475

37,416

39,657

36,243

27,829

25,435

26,505

24,032

23,739

23,297

25,003

22,662

20,622

20,410

21,090

20,663

19,572

19,379

20,217

17,986

17,014

17,359

18,957

17,519

16,506

16,730

17,723

20,310

17,770

17,001

17,583

18,674

20,310

18,894

19,532

20,818

22,359

20,778

20,783

23,976

21,569

19,680

21,212

23,402

25,954

21,615

21,941

24,345

23,946

19,539

19,035

19,690

19,561

16,950

16,606

173

17,594

14,943

15,061

16,840

17,139

16,592

16,789

17,346

18,622

17,701

12,024

13,556

11,737

13,135

13,353

12,753

10,843

11,300

11,700

11,100

8,900

9,200

9,400

8,700

8,200

9,000

9,100

9,000

8,300

8,600

7,800

6,300

5,900

6,200

6,400

6,100

5,500

5,600

5,800

6,000

5,300

5,700

6,200

5,600

5,900

6,600

6,800

6,400

7,000

7,800

7,100

6,900

6,600

7,000

6,900

6,500

6,600

6,500

Other Current 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
585,200
593,300
584,100
581,100
592,500
612,800
620,900
620,300
628,700
639,400
819,300
907,100
925,500
947,700
950,400
951,500
951,200
975,900
1,049,200
1,075,800
1,112,500
1,337,000
1,355,000
1,379,100
1,374,063
1,504,030
1,497,833
0
1,509,559
1,517,638
1,638,868
0
1,642,536
2,392,372
2,381,487
2,082,211
2,381,495
2,395,387
2,403,198
2,435,560
2,381,227
2,429,900
2,479,196
2,511,119
2,504,416
2,505,871
2,511,995
2,525,708
2,563,766
2,663,487
2,728,484
2,783,036
2,825,151
2,897,618
2,965,272
2,967,603
3,029,068
3,125,731
3,188,125
3,929,508
3,943,378
3,727,060
3,635,417
3,531,647
3,294,876
3,207,346
3,081,067
3,002,848
2,902,701
2,868,444
0
3,081,067
0
2,881,306
2,962,296
2,960,002
3,010,190
2,555,977
2,518,138
2,495,439
2,473,471
3,343,542
3,251,053
3,346,091
3,439,406
3,610,281
3,661,610
3,894,121
3,945,755
4,308,704
4,346,196
4,387,054
4,533,290
4,678,055
4,768,793
5,097,840
5,852,952
6,004,985
6,165,182
6,239,772
6,198,107
6,328,044
6,313,034
6,383,522
7,017,638
7,034,866
7,180,214
7,784,160
7,801,016
7,678,200
7,206,304
7,009,643
6,971,707
9,553,794
60,019
539,475
519,294
451,378
674,875
539,648
705,824
751,107

751,107

705,824

539,648

674,875

451,378

519,294

539,475

60,019

9,553,794

6,971,707

7,009,643

7,206,304

7,678,200

7,801,016

7,784,160

7,180,214

7,034,866

7,017,638

6,383,522

6,313,034

6,328,044

6,198,107

6,239,772

6,165,182

6,004,985

5,852,952

5,097,840

4,768,793

4,678,055

4,533,290

4,387,054

4,346,196

4,308,704

3,945,755

3,894,121

3,661,610

3,610,281

3,439,406

3,346,091

3,251,053

3,343,542

2,473,471

2,495,439

2,518,138

2,555,977

3,010,190

2,960,002

2,962,296

2,881,306

3,081,067

2,868,444

2,902,701

3,002,848

3,081,067

3,207,346

3,294,876

3,531,647

3,635,417

3,727,060

3,943,378

3,929,508

3,188,125

3,125,731

3,029,068

2,967,603

2,965,272

2,897,618

2,825,151

2,783,036

2,728,484

2,663,487

2,563,766

2,525,708

2,511,995

2,505,871

2,504,416

2,511,119

2,479,196

2,429,900

2,381,227

2,435,560

2,403,198

2,395,387

2,381,495

2,082,211

2,381,487

2,392,372

1,642,536

1,638,868

1,517,638

1,509,559

1,497,833

1,504,030

1,374,063

1,379,100

1,355,000

1,337,000

1,112,500

1,075,800

1,049,200

975,900

951,200

951,500

950,400

947,700

925,500

907,100

819,300

639,400

628,700

620,300

620,900

612,800

592,500

581,100

584,100

593,300

585,200

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
193,500
184,000
205,400
198,000
201,000
203,400
222,900
220,300
228,300
218,700
235,900
231,700
229,500
206,100
219,900
226,400
225,300
217,700
221,500
214,200
201,500
188,600
197,000
203,800
225,600
213,600
212,400
209,300
274,300
292,600
290,400
283,200
266,200
264,400
264,700
275,500
333,500
349,500
377,500
399,100
390,700
367,000
341,252
371,991
363,516
0
352,886
305,589
310,001
0
300,183
506,990
491,384
487,924
513,779
547,079
499,975
539,159
557,813
590,591
599,001
601,073
587,923
597,724
614,864
612,516
618,854
645,433
645,251
646,248
657,308
660,463
655,134
631,468
605,637
588,786
568,911
707,599
667,835
850,944
707,509
777,661
851,044
855,962
909,806
1,033,266
1,090,765
1,142,034
35,804
909,806
36,424
1,147,884
1,162,059
1,145,662
1,130,108
1,076,641
1,072,467
1,111,916
1,116,897
1,372,800
1,426,999
1,490,526
1,464,910
1,477,077
1,484,975
1,517,553
1,511,753
1,634,411
1,629,070
1,653,792
1,655,812
1,657,803
1,676,491
1,745,646
2,049,930
2,132,957
2,113,338
2,187,139
2,190,388
2,195,786
2,422,778
2,651,427
3,182,617
3,287,998
3,389,365
3,477,782
3,620,614
3,830,742
4,381,825
4,825,922
5,122,653
5,200,868
5,164,640
5,501,436
1,009,129
5,128,750
4,918,893
4,749,358
4,587,448
17,654,780

17,654,780

4,587,448

4,749,358

4,918,893

5,128,750

1,009,129

5,501,436

5,164,640

5,200,868

5,122,653

4,825,922

4,381,825

3,830,742

3,620,614

3,477,782

3,389,365

3,287,998

3,182,617

2,651,427

2,422,778

2,195,786

2,190,388

2,187,139

2,113,338

2,132,957

2,049,930

1,745,646

1,676,491

1,657,803

1,655,812

1,653,792

1,629,070

1,634,411

1,511,753

1,517,553

1,484,975

1,477,077

1,464,910

1,490,526

1,426,999

1,372,800

1,116,897

1,111,916

1,072,467

1,076,641

1,130,108

1,145,662

1,162,059

1,147,884

36,424

909,806

35,804

1,142,034

1,090,765

1,033,266

909,806

855,962

851,044

777,661

707,509

850,944

667,835

707,599

568,911

588,786

605,637

631,468

655,134

660,463

657,308

646,248

645,251

645,433

618,854

612,516

614,864

597,724

587,923

601,073

599,001

590,591

557,813

539,159

499,975

547,079

513,779

487,924

491,384

506,990

300,183

310,001

305,589

352,886

363,516

371,991

341,252

367,000

390,700

399,100

377,500

349,500

333,500

275,500

264,700

264,400

266,200

283,200

290,400

292,600

274,300

209,300

212,400

213,600

225,600

203,800

197,000

188,600

201,500

214,200

221,500

217,700

225,300

226,400

219,900

206,100

229,500

231,700

235,900

218,700

228,300

220,300

222,900

203,400

201,000

198,000

205,400

184,000

193,500

Property Plant Equipment

0
0
0
0
0
0
0
0
0
0
6,100
6,000
5,900
5,800
5,800
5,900
5,900
6,000
6,900
7,000
7,100
7,100
7,300
7,600
7,800
8,200
9,100
9,400
9,300
9,100
9,100
9,500
9,900
9,900
10,200
10,500
10,300
10,500
13,800
15,300
15,300
15,500
15,300
15,400
15,600
17,100
17,800
17,000
17,100
20,000
20,000
20,100
20,552
24,143
23,810
23,868
23,868
23,062
27,184
27,684
27,684
39,292
39,179
38,645
38,861
39,313
39,475
39,639
38,972
38,437
38,170
38,254
37,525
37,240
38,473
39,417
39,029
41,122
40,511
42,393
43,262
44,126
44,255
44,445
44,526
44,232
44,402
59,641
58,948
58,692
58,482
55,804
54,431
53,437
52,774
52,450
51,818
51,851
70,857
52,774
67,302
51,013
51,541
51,335
51,373
52,749
53,762
54,165
54,386
74,454
74,847
74,856
74,105
77,691
77,468
84,841
83,457
97,648
96,494
95,170
95,540
94,432
91,311
92,637
102,485
95,852
94,741
94,397
93,728
93,420
91,863
91,767
113,446
113,055
114,045
112,548
112,959
111,062
109,432
103,822
104,814
105,655
105,883
117,757
116,306
117,118
115,857
114,402
132,441
152,808

152,808

132,441

114,402

115,857

117,118

116,306

117,757

105,883

105,655

104,814

103,822

109,432

111,062

112,959

112,548

114,045

113,055

113,446

91,767

91,863

93,420

93,728

94,397

94,741

95,852

102,485

92,637

91,311

94,432

95,540

95,170

96,494

97,648

83,457

84,841

77,468

77,691

74,105

74,856

74,847

74,454

54,386

54,165

53,762

52,749

51,373

51,335

51,541

51,013

67,302

52,774

70,857

51,851

51,818

52,450

52,774

53,437

54,431

55,804

58,482

58,692

58,948

59,641

44,402

44,232

44,526

44,445

44,255

44,126

43,262

42,393

40,511

41,122

39,029

39,417

38,473

37,240

37,525

38,254

38,170

38,437

38,972

39,639

39,475

39,313

38,861

38,645

39,179

39,292

27,684

27,184

23,062

23,868

23,810

24,143

20,552

20,100

20,000

17,100

17,000

17,800

17,100

15,600

15,400

15,300

15,500

15,300

13,800

10,500

10,300

10,500

10,200

9,900

9,500

9,100

9,300

9,400

9,100

8,200

7,800

7,600

7,300

7,100

7,000

6,900

6,000

5,900

5,800

5,900

6,000

6,100

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
2,100
2,000
2,000
2,000
1,900
1,900
1,900
1,800
1,800
1,800
1,700
1,700
1,700
1,600
1,700
1,600
1,600
3,000
3,000
3,100
3,000
3,000
2,900
2,900
2,820
21,558
21,218
21,055
20,574
20,530
32,795
32,177
33,551
106,622
106,753
107,217
141,226
144,663
143,648
142,723
141,867
141,014
140,186
141,284
140,578
139,799
139,597
138,833
138,174
137,429
136,666
138,638
137,847
137,056
136,266
135,856
135,056
136,230
135,701
165,974
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,357
141,375
141,375
141,375
141,375
141,375
188,948
188,948
188,948
188,948
202,724
202,724
205,376
205,376
243,129
244,000
244,000
244,000
244,000
244,000
292,188
445,355
445,355
445,355
445,355
445,355
445,355
445,355
445,355
543,199
543,918
543,918
543,918
543,918
543,918
543,918
545,385
545,385
545,385
545,385
713,201
712,568
712,002
712,002
712,002
712,002
712,002

712,002

712,568

713,201

545,385

543,918

543,199

445,355

292,188

244,000

243,129

205,376

202,724

188,948

141,375

141,357

165,974

135,701

136,230

135,056

135,856

136,266

137,056

137,847

138,638

136,666

137,429

138,174

138,833

139,597

139,799

140,578

141,284

140,186

141,014

141,867

142,723

143,648

144,663

141,226

107,217

106,753

106,622

33,551

32,177

32,795

20,530

20,574

21,055

21,218

21,558

2,820

2,900

3,000

3,100

3,000

1,600

1,700

1,600

1,700

1,800

1,900

2,000

2,100

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,015,890
3,093,341
3,093,341
3,088,290
3,088,290
3,157,482
3,139,539
3,171,639
3,216,163
3,174,256
3,190,808
3,172,339
4,129,248
4,098,100
4,260,639
4,335,112
4,499,224
4,560,541
4,821,051
4,871,751
5,259,862
5,285,441
5,387,069
5,536,485
5,684,180
5,804,375
6,147,273
6,992,774
7,244,038
7,369,766
7,528,408
8,637,938
1,657,170
9,084,407
9,528,874
10,716,019
10,984,126
11,210,388
11,967,702
12,053,576
12,263,279
2,409,998
4,148,314
4,445,516
4,524,353
4,489,263
4,630,030
4,294,768
4,263,788
4,057,389
3,891,491
3,713,724
3,811,364

3,811,364

3,713,724

3,891,491

4,057,389

4,263,788

4,294,768

4,630,030

4,489,263

4,524,353

4,445,516

4,148,314

2,409,998

12,263,279

12,053,576

11,967,702

11,210,388

10,984,126

10,716,019

9,528,874

9,084,407

1,657,170

8,637,938

7,528,408

7,369,766

7,244,038

6,992,774

6,147,273

5,804,375

5,684,180

5,536,485

5,387,069

5,285,441

5,259,862

4,871,751

4,821,051

4,560,541

4,499,224

4,335,112

4,260,639

4,098,100

4,129,248

3,172,339

3,190,808

3,174,256

3,216,163

3,171,639

3,139,539

3,157,482

3,088,290

3,093,341

3,015,890

Intangible 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
2,820
21,558
21,218
21,055
20,574
20,530
32,795
32,177
33,551
106,622
106,753
107,217
141,226
144,663
143,648
142,723
141,867
141,014
140,186
141,284
140,578
139,799
139,597
138,833
138,174
137,429
136,666
138,638
137,847
137,056
136,266
135,856
135,056
136,230
135,701
165,974
21,214
19,937
18,660
17,383
16,175
14,983
13,823
12,662
11,561
10,460
10,460
13,823
9,705
9,114
9,129
8,649
8,644
8,154
7,767
7,384
7,001
13,818
13,227
12,635
12,043
16,031
15,310
14,820
14,127
16,635
17,799
16,821
15,844
14,866
13,963
17,498
33,203
31,148
29,422
27,704
26,054
24,429
22,901
21,381
36,552
34,962
33,448
31,937
30,451
28,975
27,618
28,401
26,938
25,475
24,109
40,448
38,145
35,842
33,645
31,463
29,281
27,099

27,099

29,281

31,463

33,645

35,842

38,145

40,448

24,109

25,475

26,938

28,401

27,618

28,975

30,451

31,937

33,448

34,962

36,552

21,381

22,901

24,429

26,054

27,704

29,422

31,148

33,203

17,498

13,963

14,866

15,844

16,821

17,799

16,635

14,127

14,820

15,310

16,031

12,043

12,635

13,227

13,818

7,001

7,384

7,767

8,154

8,644

8,649

9,129

9,114

9,705

13,823

10,460

11,561

12,662

13,823

14,983

16,175

17,383

18,660

19,937

21,214

165,974

135,701

136,230

135,056

135,856

136,266

137,056

137,847

138,638

136,666

137,429

138,174

138,833

139,597

139,799

140,578

141,284

140,186

141,014

141,867

142,723

143,648

144,663

141,226

107,217

106,753

106,622

33,551

32,177

32,795

20,530

20,574

21,055

21,218

21,558

2,820

Earning Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,961,284
2,252,980
2,794,066
2,779,954
2,943,435
3,199,037
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3,199,037

2,943,435

2,779,954

2,794,066

2,252,980

1,961,284

Other Assets

0
0
0
0
0
0
0
0
0
0
268,900
269,300
275,000
275,300
266,200
287,300
289,700
288,700
317,900
322,100
321,800
331,300
336,100
349,700
349,500
358,100
362,900
375,800
375,100
390,200
393,700
404,000
407,300
420,800
407,400
419,000
428,400
442,400
560,500
631,500
652,100
681,600
701,200
704,100
703,700
720,500
736,500
746,400
755,100
960,900
987,200
1,035,100
1,056,183
1,177,740
1,179,345
365,717
1,201,596
1,255,641
1,388,846
307,700
1,402,214
2,031,296
2,036,035
2,082,211
2,381,495
2,395,387
2,403,198
2,435,560
2,381,227
2,429,900
2,479,196
2,511,119
2,504,416
2,505,871
2,511,995
2,525,708
2,563,766
2,663,487
2,728,484
2,783,036
2,825,151
2,897,618
2,965,272
2,967,603
3,029,068
3,125,731
3,188,125
3,929,508
3,943,378
3,727,060
3,582,589
3,531,647
3,294,876
3,207,346
5,090,126
3,002,848
2,902,701
2,868,444
0
3,081,067
0
2,881,306
2,962,296
2,960,002
3,010,190
2,555,977
2,518,138
2,495,439
2,473,471
3,343,541
3,251,053
3,346,091
3,439,406
3,610,281
3,661,610
3,894,121
3,945,755
4,308,704
4,346,196
4,387,054
4,533,290
4,678,055
4,768,793
5,097,840
5,852,952
6,004,985
6,165,182
6,239,772
6,198,107
6,328,044
6,313,034
6,383,522
7,017,638
7,034,866
7,180,214
7,784,160
7,801,016
7,678,200
7,206,304
7,009,643
6,971,707
7,209,243
7,536,801
9,564,716
14,534,747
12,475,831
12,695,987
12,800,815
12,845,377
0

12,845,377

12,800,815

12,695,987

12,475,831

14,534,747

9,564,716

7,536,801

7,209,243

6,971,707

7,009,643

7,206,304

7,678,200

7,801,016

7,784,160

7,180,214

7,034,866

7,017,638

6,383,522

6,313,034

6,328,044

6,198,107

6,239,772

6,165,182

6,004,985

5,852,952

5,097,840

4,768,793

4,678,055

4,533,290

4,387,054

4,346,196

4,308,704

3,945,755

3,894,121

3,661,610

3,610,281

3,439,406

3,346,091

3,251,053

3,343,541

2,473,471

2,495,439

2,518,138

2,555,977

3,010,190

2,960,002

2,962,296

2,881,306

3,081,067

2,868,444

2,902,701

3,002,848

5,090,126

3,207,346

3,294,876

3,531,647

3,582,589

3,727,060

3,943,378

3,929,508

3,188,125

3,125,731

3,029,068

2,967,603

2,965,272

2,897,618

2,825,151

2,783,036

2,728,484

2,663,487

2,563,766

2,525,708

2,511,995

2,505,871

2,504,416

2,511,119

2,479,196

2,429,900

2,381,227

2,435,560

2,403,198

2,395,387

2,381,495

2,082,211

2,036,035

2,031,296

1,402,214

307,700

1,388,846

1,255,641

1,201,596

365,717

1,179,345

1,177,740

1,056,183

1,035,100

987,200

960,900

755,100

746,400

736,500

720,500

703,700

704,100

701,200

681,600

652,100

631,500

560,500

442,400

428,400

419,000

407,400

420,800

407,300

404,000

393,700

390,200

375,100

375,800

362,900

358,100

349,500

349,700

336,100

331,300

321,800

322,100

317,900

288,700

289,700

287,300

266,200

275,300

275,000

269,300

268,900

> Total Liabilities

0
0
0
0
0
0
0
0
0
0
454,000
63,000
470,900
477,700
466,500
56,200
487,500
487,000
534,200
49,100
533,900
1,800
537,800
38,600
35,400
52,500
45,900
48,100
62,000
53,600
43,700
40,500
38,400
54,600
68,100
35,000
37,600
41,600
91,000
54,200
84,100
65,800
888,000
898,100
893,700
951,300
984,100
1,045,700
1,044,200
1,252,400
1,272,000
1,347,700
1,321,390
1,463,200
1,448,068
1,465,000
1,465,000
1,477,005
1,584,086
1,607,907
1,607,907
2,412,554
2,369,613
2,417,558
2,709,398
2,755,951
2,710,519
2,772,847
2,715,994
2,824,022
2,867,700
2,877,065
2,876,988
2,887,940
2,920,048
2,923,683
2,953,197
3,095,259
3,149,748
3,227,545
3,226,166
3,342,135
3,421,559
3,442,151
3,418,317
3,475,068
3,511,981
4,388,252
4,378,792
4,243,667
4,000,584
4,017,167
3,886,925
3,725,719
3,717,855
3,716,440
3,654,653
3,625,740
3,625,740
3,717,855
3,605,964
3,658,609
3,708,425
3,696,747
3,703,313
3,752,585
3,714,272
3,798,971
3,812,442
4,802,339
4,800,825
4,944,524
4,906,830
5,097,300
5,137,863
5,390,353
5,422,813
5,910,494
5,931,276
6,018,868
6,121,487
6,309,954
6,396,723
6,769,913
7,766,283
8,064,015
8,159,723
8,394,387
8,425,856
8,476,456
8,755,077
9,236,221
10,576,049
10,670,817
10,915,558
12,010,283
11,903,694
12,191,565
12,823,210
13,051,297
13,192,635
13,540,578
13,657,625
15,802,851
15,812,319
15,903,536
16,056,460
15,822,847
15,904,004
16,158,174

16,158,174

15,904,004

15,822,847

16,056,460

15,903,536

15,812,319

15,802,851

13,657,625

13,540,578

13,192,635

13,051,297

12,823,210

12,191,565

11,903,694

12,010,283

10,915,558

10,670,817

10,576,049

9,236,221

8,755,077

8,476,456

8,425,856

8,394,387

8,159,723

8,064,015

7,766,283

6,769,913

6,396,723

6,309,954

6,121,487

6,018,868

5,931,276

5,910,494

5,422,813

5,390,353

5,137,863

5,097,300

4,906,830

4,944,524

4,800,825

4,802,339

3,812,442

3,798,971

3,714,272

3,752,585

3,703,313

3,696,747

3,708,425

3,658,609

3,605,964

3,717,855

3,625,740

3,654,653

3,716,440

3,717,855

3,725,719

3,886,925

4,017,167

4,000,584

4,243,667

4,378,792

4,388,252

3,511,981

3,475,068

3,418,317

3,442,151

3,421,559

3,342,135

3,226,166

3,227,545

3,149,748

3,095,259

2,953,197

2,923,683

2,920,048

2,887,940

2,876,988

2,877,065

2,867,700

2,824,022

2,715,994

2,772,847

2,710,519

2,755,951

2,709,398

2,417,558

2,369,613

2,412,554

1,607,907

1,584,086

1,477,005

1,465,000

1,448,068

1,463,200

1,321,390

1,347,700

1,272,000

1,252,400

1,044,200

1,045,700

984,100

951,300

893,700

898,100

888,000

65,800

84,100

54,200

91,000

41,600

37,600

35,000

68,100

54,600

38,400

40,500

43,700

53,600

62,000

48,100

45,900

52,500

35,400

38,600

537,800

1,800

533,900

49,100

534,200

487,000

487,500

56,200

466,500

477,700

470,900

63,000

454,000

> Total Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
63,000
0
0
0
56,200
0
0
0
49,100
0
1,800
0
38,600
35,400
52,500
45,900
48,100
62,000
53,600
43,700
40,500
38,400
54,600
68,100
35,000
37,600
41,600
91,000
54,200
84,100
65,800
72,800
26,800
25,100
39,900
11,300
3,600
3,600
86,900
4,100
4,600
5,114
5,388
6,062
0
6,335
6,304
6,593
0
5,488
7,248
6,813
87,607
5,694
5,494
5,200
4,680
4,542
4,216
5,706
4,411
5,296
5,068
5,643
5,874
6,412
6,927
10,236
9,326
10,834
10,417
9,170
8,325
7,621
6,658
6,529
8,844
8,278
7,351
5,722
5,711
4,812
4,911
3,490,000
4,262
3,117
3,601
3,575,204
4,011
3,626,954
2,925
2,094
2,168
1,591
1,841
1,348
1,150
1,155
1,771
3,192
2,489
3,819
3,201
3,685
3,211
3,710
3,092
3,910
3,051
3,733
3,110
3,875
3,477
4,956
4,390
5,376
4,807
5,920
5,607
7,313
6,740
7,855
6,754
7,746
5,587
5,038
3,287
4,020
2,929
3,736
2,762
3,589
2,978
4,971
7,530
11,979
13,595
16,473
10,394,376

10,394,376

16,473

13,595

11,979

7,530

4,971

2,978

3,589

2,762

3,736

2,929

4,020

3,287

5,038

5,587

7,746

6,754

7,855

6,740

7,313

5,607

5,920

4,807

5,376

4,390

4,956

3,477

3,875

3,110

3,733

3,051

3,910

3,092

3,710

3,211

3,685

3,201

3,819

2,489

3,192

1,771

1,155

1,150

1,348

1,841

1,591

2,168

2,094

2,925

3,626,954

4,011

3,575,204

3,601

3,117

4,262

3,490,000

4,911

4,812

5,711

5,722

7,351

8,278

8,844

6,529

6,658

7,621

8,325

9,170

10,417

10,834

9,326

10,236

6,927

6,412

5,874

5,643

5,068

5,296

4,411

5,706

4,216

4,542

4,680

5,200

5,494

5,694

87,607

6,813

7,248

5,488

6,593

6,304

6,335

6,062

5,388

5,114

4,600

4,100

86,900

3,600

11,300

39,900

25,100

26,800

72,800

65,800

84,100

54,200

91,000

41,600

37,600

35,000

68,100

54,600

38,400

40,500

43,700

53,600

62,000

48,100

45,900

52,500

35,400

38,600

1,800

49,100

56,200

63,000

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
63,000
0
0
0
56,200
0
0
0
49,100
0
0
0
37,100
33,900
51,100
44,600
46,900
60,800
52,400
42,500
39,200
36,900
52,900
66,200
35,000
37,600
41,600
91,000
54,200
84,100
65,800
72,800
26,800
25,100
36,200
7,400
0
0
82,500
0
0
0
0
0
0
0
0
0
0
0
0
0
81,588
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
194,783
0
194,790
0
0
0
0
226,400
447,844
508,768
508,768
489,374
489,374
115,969
373,577
468,114
367,089
366,760
423,385
524,014
523,264
483,797
580,776
561,617
411,994
427,224
552,557
566,510
568,544
541,847
557,034
622,339
694,197
708,788
703,949
788,613
834,387
776,626
839,126
732,690
670,961
615,315
793,290
684,842
229,316
0
0
0
81,588
81,588
0
0
0
0
662,778
810,779
803,518
515,342
288,748
278,958
224,036

224,036

278,958

288,748

515,342

803,518

810,779

662,778

81,588

229,316

684,842

793,290

615,315

670,961

732,690

839,126

776,626

834,387

788,613

703,949

708,788

694,197

622,339

557,034

541,847

568,544

566,510

552,557

427,224

411,994

561,617

580,776

483,797

523,264

524,014

423,385

366,760

367,089

468,114

373,577

115,969

489,374

508,768

447,844

226,400

194,790

194,783

81,588

82,500

7,400

36,200

25,100

26,800

72,800

65,800

84,100

54,200

91,000

41,600

37,600

35,000

66,200

52,900

36,900

39,200

42,500

52,400

60,800

46,900

44,600

51,100

33,900

37,100

49,100

56,200

63,000

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
124,539
0
0
0
246,766
414,324
429,356
494,051
313,548
579,926
712,183
219,550
308,014
265,343
268,788
181,296
227,225
225,523
248,443
204,110
229,316
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

229,316

204,110

248,443

225,523

227,225

181,296

268,788

265,343

308,014

219,550

712,183

579,926

313,548

494,051

429,356

414,324

246,766

124,539

Accounts payable

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,800
0
1,500
1,500
1,400
1,300
1,200
1,200
1,200
1,200
1,300
1,500
1,700
1,900
0
0
0
0
0
0
0
0
0
0
3,700
3,900
3,600
3,600
4,400
4,100
4,600
5,114
5,388
6,062
1,288,299
6,335
6,304
6,593
1,421,251
5,488
7,248
6,813
6,019
5,694
5,494
5,200
4,680
4,542
4,216
5,706
4,411
5,296
5,068
5,643
5,874
6,412
6,927
10,236
9,326
10,834
10,417
9,170
8,325
7,621
6,658
6,529
8,844
8,278
7,351
5,722
5,711
4,812
4,911
4,011
4,262
3,117
3,601
2,186
4,011
2,925
2,925
2,094
2,168
1,591
1,841
1,348
1,150
1,155
1,771
3,192
2,489
3,819
3,201
3,685
3,211
3,710
3,092
3,910
3,051
3,733
3,110
3,875
3,477
4,956
4,390
5,376
4,807
5,920
5,607
7,313
6,740
7,855
6,754
7,746
5,587
5,038
3,287
4,020
2,929
3,736
2,762
3,589
2,978
4,971
7,530
11,979
13,595
16,473
18,912

18,912

16,473

13,595

11,979

7,530

4,971

2,978

3,589

2,762

3,736

2,929

4,020

3,287

5,038

5,587

7,746

6,754

7,855

6,740

7,313

5,607

5,920

4,807

5,376

4,390

4,956

3,477

3,875

3,110

3,733

3,051

3,910

3,092

3,710

3,211

3,685

3,201

3,819

2,489

3,192

1,771

1,155

1,150

1,348

1,841

1,591

2,168

2,094

2,925

4,011

2,186

3,601

3,117

4,262

4,011

4,911

4,812

5,711

5,722

7,351

8,278

8,844

6,529

6,658

7,621

8,325

9,170

10,417

10,834

9,326

10,236

6,927

6,412

5,874

5,643

5,068

5,296

4,411

5,706

4,216

4,542

4,680

5,200

5,494

5,694

6,019

6,813

7,248

5,488

1,421,251

6,593

6,304

6,335

1,288,299

6,062

5,388

5,114

4,600

4,100

4,400

3,600

3,900

3,700

1,900

1,700

1,500

1,300

1,200

1,300

1,400

1,500

1,800

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
-63,000
0
0
0
-56,200
0
0
0
-49,100
0
-1,800
0
-38,600
-35,400
-52,500
-45,900
-48,100
-62,000
-53,600
-43,700
-40,500
-38,400
-54,600
-68,100
-35,000
-37,600
-41,600
-91,000
-54,200
-84,100
-65,800
-72,800
-26,800
-25,100
-39,900
-11,300
-3,600
-3,600
-86,900
-4,100
-4,600
-5,114
-5,388
-6,062
0
-6,335
-6,304
-6,593
0
-5,488
-7,248
-6,813
-87,607
-5,694
-5,494
-5,200
-4,680
-4,542
-4,216
-5,706
-4,411
-5,296
-5,068
-5,643
-5,874
-6,412
-6,927
-10,236
-9,326
-10,834
-10,417
-9,170
-8,325
-7,621
-6,658
-6,529
-8,844
-8,278
-7,351
-5,722
-5,711
-4,812
-4,911
0
-4,262
-3,117
-3,601
3,064,250
-4,011
3,134,655
-2,925
-2,094
-2,168
-1,591
-1,841
-1,348
-1,150
-1,155
-1,771
-3,192
-2,489
-3,819
-3,201
-3,685
-3,211
-3,710
-3,092
-3,910
-3,051
-3,733
-3,110
-3,875
-3,477
-4,956
-4,390
-5,376
-4,807
-5,920
-5,607
-7,313
-6,740
-7,855
-6,754
-7,746
-5,587
-5,038
-3,287
-4,020
-2,929
-3,736
-2,762
-3,589
-2,978
-4,971
-7,530
-11,979
-13,595
-16,473
10,170,340

10,170,340

-16,473

-13,595

-11,979

-7,530

-4,971

-2,978

-3,589

-2,762

-3,736

-2,929

-4,020

-3,287

-5,038

-5,587

-7,746

-6,754

-7,855

-6,740

-7,313

-5,607

-5,920

-4,807

-5,376

-4,390

-4,956

-3,477

-3,875

-3,110

-3,733

-3,051

-3,910

-3,092

-3,710

-3,211

-3,685

-3,201

-3,819

-2,489

-3,192

-1,771

-1,155

-1,150

-1,348

-1,841

-1,591

-2,168

-2,094

-2,925

3,134,655

-4,011

3,064,250

-3,601

-3,117

-4,262

-4,911

-4,812

-5,711

-5,722

-7,351

-8,278

-8,844

-6,529

-6,658

-7,621

-8,325

-9,170

-10,417

-10,834

-9,326

-10,236

-6,927

-6,412

-5,874

-5,643

-5,068

-5,296

-4,411

-5,706

-4,216

-4,542

-4,680

-5,200

-5,494

-5,694

-87,607

-6,813

-7,248

-5,488

-6,593

-6,304

-6,335

-6,062

-5,388

-5,114

-4,600

-4,100

-86,900

-3,600

-11,300

-39,900

-25,100

-26,800

-72,800

-65,800

-84,100

-54,200

-91,000

-41,600

-37,600

-35,000

-68,100

-54,600

-38,400

-40,500

-43,700

-53,600

-62,000

-48,100

-45,900

-52,500

-35,400

-38,600

-1,800

-49,100

-56,200

-63,000

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18,700
20,700
24,700
24,700
29,700
111,400
154,800
68,700
63,500
189,900
166,312
207,617
195,652
0
163,581
174,432
182,455
0
174,404
337,525
328,933
275,339
388,821
417,669
374,051
383,170
372,356
422,885
379,922
440,891
391,193
454,400
423,959
508,236
469,002
527,347
419,146
341,864
346,465
370,886
420,926
568,774
360,294
586,250
571,308
496,043
483,362
463,721
324,811
324,539
318,055
326,407
320,142
309,124
331,097
300,630
30,760
320,142
31,655
333,069
247,465
212,798
257,636
206,399
204,947
204,521
284,141
248,947
298,059
347,639
382,297
272,074
293,201
374,569
359,792
363,498
391,111
396,257
425,310
427,368
467,781
441,457
546,506
553,726
587,716
607,613
523,866
453,449
483,532
598,616
493,239
489,757
609,736
686,014
517,842
507,810
477,776
452,741
452,707
452,673
427,637
750,164
4,971
7,530
11,979
874,805
872,049
5,763,798

5,763,798

872,049

874,805

11,979

7,530

4,971

750,164

427,637

452,673

452,707

452,741

477,776

507,810

517,842

686,014

609,736

489,757

493,239

598,616

483,532

453,449

523,866

607,613

587,716

553,726

546,506

441,457

467,781

427,368

425,310

396,257

391,111

363,498

359,792

374,569

293,201

272,074

382,297

347,639

298,059

248,947

284,141

204,521

204,947

206,399

257,636

212,798

247,465

333,069

31,655

320,142

30,760

300,630

331,097

309,124

320,142

326,407

318,055

324,539

324,811

463,721

483,362

496,043

571,308

586,250

360,294

568,774

420,926

370,886

346,465

341,864

419,146

527,347

469,002

508,236

423,959

454,400

391,193

440,891

379,922

422,885

372,356

383,170

374,051

417,669

388,821

275,339

328,933

337,525

174,404

182,455

174,432

163,581

195,652

207,617

166,312

189,900

63,500

68,700

154,800

111,400

29,700

24,700

20,700

18,700

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
138,463
138,519
138,574
138,630
138,685
840,053
867,164
785,574
684,912
663,497
599,645
636,296
634,250
597,334
1,036,632
1,174,552
1,313,945
1,153,976
1,027,277
0
0

1,027,277

1,153,976

1,313,945

1,174,552

1,036,632

597,334

634,250

636,296

599,645

663,497

684,912

785,574

867,164

840,053

138,685

138,630

138,574

138,519

138,463

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,315
10,607
11,295
13,120
14,457
12,610
13,061
12,252
14,188
18,488
20,945
23,943
33,906
24,954
26,264
27,576
30,218
29,027
30,959
28,024
33,576
29,262
30,796
32,871
38,123
32,512
36,311
36,243
41,590
34,960
41,915
29,256
30,728
25,183
26,390
51,087
97,360
58,970
38,233
30,405
58,258
30,844
33,715
28,565
55,536
35,363
0
32,946
0
34,580
31,138
34,272
40,448
39,113
36,704
42,793
32,582
47,607
33,849
34,138
35,090
44,612
62,564
48,219
41,714
52,303
78,359
54,280
54,908
59,259
52,626
48,860
66,651
57,098
55,462
33,025
39,944
32,659
46,310
67,592
56,164
40,684
91,654
59,654
98,892
141,756
130,558
245,323
203,914
170,989
150,749
192,372
197,971
81,230
113,304
108,601
0
0

108,601

113,304

81,230

197,971

192,372

150,749

170,989

203,914

245,323

130,558

141,756

98,892

59,654

91,654

40,684

56,164

67,592

46,310

32,659

39,944

33,025

55,462

57,098

66,651

48,860

52,626

59,259

54,908

54,280

78,359

52,303

41,714

48,219

62,564

44,612

35,090

34,138

33,849

47,607

32,582

42,793

36,704

39,113

40,448

34,272

31,138

34,580

32,946

35,363

55,536

28,565

33,715

30,844

58,258

30,405

38,233

58,970

97,360

51,087

26,390

25,183

30,728

29,256

41,915

34,960

41,590

36,243

36,311

32,512

38,123

32,871

30,796

29,262

33,576

28,024

30,959

29,027

30,218

27,576

26,264

24,954

33,906

23,943

20,945

18,488

14,188

12,252

13,061

12,610

14,457

13,120

11,295

10,607

11,315

> Total Stockholder Equity

0
0
0
0
0
0
0
0
0
0
47,300
48,200
49,200
50,200
50,600
51,300
52,000
53,100
57,500
58,500
59,900
61,300
62,700
63,900
65,600
67,300
68,800
68,800
69,500
69,900
71,300
71,000
73,700
76,600
78,200
80,500
81,300
82,500
100,600
112,700
113,800
116,900
119,700
122,000
124,100
126,200
129,800
131,500
132,600
155,400
156,800
126,300
124,788
147,213
152,870
156,063
156,063
159,265
177,585
179,128
179,128
251,430
259,873
261,129
289,624
301,010
301,201
303,965
309,147
304,268
313,662
314,603
310,598
313,358
318,390
313,396
316,738
313,004
322,291
327,325
328,648
327,380
332,741
339,936
348,841
347,392
352,093
395,903
508,105
473,378
475,900
463,785
488,941
457,529
462,465
454,408
462,522
468,478
468,478
462,465
512,545
514,467
527,941
535,676
546,855
552,236
538,558
539,293
513,469
634,923
652,111
670,596
684,553
726,827
739,658
749,955
766,984
850,509
867,263
887,550
900,865
901,657
929,470
1,035,116
1,283,120
1,303,463
1,313,073
1,340,328
1,361,426
1,408,260
1,455,848
1,501,636
1,749,012
1,786,437
1,777,960
1,809,095
1,833,656
1,875,645
1,805,856
1,871,800
1,868,090
1,912,571
1,807,633
1,977,641
1,906,666
2,034,770
2,122,448
2,145,565
2,092,644
2,247,713

2,247,713

2,092,644

2,145,565

2,122,448

2,034,770

1,906,666

1,977,641

1,807,633

1,912,571

1,868,090

1,871,800

1,805,856

1,875,645

1,833,656

1,809,095

1,777,960

1,786,437

1,749,012

1,501,636

1,455,848

1,408,260

1,361,426

1,340,328

1,313,073

1,303,463

1,283,120

1,035,116

929,470

901,657

900,865

887,550

867,263

850,509

766,984

749,955

739,658

726,827

684,553

670,596

652,111

634,923

513,469

539,293

538,558

552,236

546,855

535,676

527,941

514,467

512,545

462,465

468,478

462,522

454,408

462,465

457,529

488,941

463,785

475,900

473,378

508,105

395,903

352,093

347,392

348,841

339,936

332,741

327,380

328,648

327,325

322,291

313,004

316,738

313,396

318,390

313,358

310,598

314,603

313,662

304,268

309,147

303,965

301,201

301,010

289,624

261,129

259,873

251,430

179,128

177,585

159,265

156,063

152,870

147,213

124,788

126,300

156,800

155,400

132,600

131,500

129,800

126,200

124,100

122,000

119,700

116,900

113,800

112,700

100,600

82,500

81,300

80,500

78,200

76,600

73,700

71,000

71,300

69,900

69,500

68,800

67,300

65,600

63,900

62,700

61,300

59,900

58,500

57,500

53,100

52,000

51,300

50,600

50,200

49,200

48,200

47,300

Common Stock

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,400
1,351
1,458
1,461
1,451
1,451
1,430
1,584
1,584
1,584
1,930
2,039
2,040
2,188
2,191
2,311
2,314
2,317
2,310
2,320
2,322
2,312
2,302
2,313
2,302
2,305
2,282
2,292
2,305
2,289
2,286
2,269
2,250
2,247
2,258
2,266
2,647
2,632
2,633
2,648
2,653
3,187
3,191
3,194
3,197
3,206
3,211
3,567
3,194
3,570
3,570
3,578
3,580
3,584
3,587
3,598
3,600
3,603
4,490
4,502
4,507
4,509
4,709
4,723
4,728
4,734
5,083
5,094
5,097
5,100
5,114
5,131
5,394
6,143
6,145
6,155
6,160
6,163
6,169
6,179
6,182
6,918
6,921
6,719
6,724
6,736
6,740
6,744
6,747
6,689
6,676
6,678
7,383
7,393
7,396
7,407
7,412
7,425
7,428

7,428

7,425

7,412

7,407

7,396

7,393

7,383

6,678

6,676

6,689

6,747

6,744

6,740

6,736

6,724

6,719

6,921

6,918

6,182

6,179

6,169

6,163

6,160

6,155

6,145

6,143

5,394

5,131

5,114

5,100

5,097

5,094

5,083

4,734

4,728

4,723

4,709

4,509

4,507

4,502

4,490

3,603

3,600

3,598

3,587

3,584

3,580

3,578

3,570

3,194

3,567

3,211

3,206

3,197

3,194

3,191

3,187

2,653

2,648

2,633

2,632

2,647

2,266

2,258

2,247

2,250

2,269

2,286

2,289

2,305

2,292

2,282

2,305

2,302

2,313

2,302

2,312

2,322

2,320

2,310

2,317

2,314

2,311

2,191

2,188

2,040

2,039

1,930

1,584

1,430

1,451

1,461

1,458

1,351

1,400

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
169,313
162,669
162,669
168,717
168,717
181,664
188,863
198,094
206,397
216,530
225,034
233,546
242,935
254,735
266,980
280,187
292,403
305,526
319,298
332,162
342,133
355,317
369,568
384,868
400,981
417,983
434,309
449,759
465,231
493,624
522,362
552,551
583,336
611,220
639,362
663,173
696,520
716,518
735,439
757,550
788,578
755,877
795,666
832,728
864,839
897,818
917,311
961,542
1,012,774
1,057,298
1,097,399
0
0

1,097,399

1,057,298

1,012,774

961,542

917,311

897,818

864,839

832,728

795,666

755,877

788,578

757,550

735,439

716,518

696,520

663,173

639,362

611,220

583,336

552,551

522,362

493,624

465,231

449,759

434,309

417,983

400,981

384,868

369,568

355,317

342,133

332,162

319,298

305,526

292,403

280,187

266,980

254,735

242,935

233,546

225,034

216,530

206,397

198,094

188,863

181,664

168,717

162,669

169,313

Accumulated Other Comprehensive Income

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-1,600
-1,700
-2,500
-1,400
100
300
1,200
200
-200
200
1,000
0
800
1,400
1,500
1,400
1,400
0
0
0
0
0
-4,200
-5,046
-5,969
-3,012
0
-297
1,545
3,473
0
2,598
4,118
6,364
4,476
4,078
5,956
1,521
2,245
4,380
-2,112
2,345
-40
-3,822
-2,453
-3,346
-9,305
-9,916
-12,357
-8,244
-9,405
-8,789
-11,683
-7,779
-2,865
2,126
-4,308
-2,680
-15,664
-15,988
-18,480
-9,241
-8,826
-8,289
-2,926
1,329
-10,157
-6,914
-5,833
-5,833
1,329
600
-3,602
-3,325
-3,307
-2,021
-5,499
-6,748
-15,179
-16,198
-6,410
-1,016
4,210
4,150
-1,630
-1,915
-6,490
-3,614
-1,362
2,066
7,035
3,924
-13,581
-3,722
1,384
-6,358
-2,908
-21,725
-24,868
-35,409
-21,422
-1,595
14,602
25,648
27,874
53,656
63,845
65,468
74,836
35,810
60,080
39,889
55,113
-84,392
-198,556
-314,089
-239,151
-198,914
-217,964
-307,270
-175,970

-175,970

-307,270

-217,964

-198,914

-239,151

-314,089

-198,556

-84,392

55,113

39,889

60,080

35,810

74,836

65,468

63,845

53,656

27,874

25,648

14,602

-1,595

-21,422

-35,409

-24,868

-21,725

-2,908

-6,358

1,384

-3,722

-13,581

3,924

7,035

2,066

-1,362

-3,614

-6,490

-1,915

-1,630

4,150

4,210

-1,016

-6,410

-16,198

-15,179

-6,748

-5,499

-2,021

-3,307

-3,325

-3,602

600

1,329

-5,833

-6,914

-10,157

1,329

-2,926

-8,289

-8,826

-9,241

-18,480

-15,988

-15,664

-2,680

-4,308

2,126

-2,865

-7,779

-11,683

-8,789

-9,405

-8,244

-12,357

-9,916

-9,305

-3,346

-2,453

-3,822

-40

2,345

-2,112

4,380

2,245

1,521

5,956

4,078

4,476

6,364

4,118

2,598

3,473

1,545

-297

-3,012

-5,969

-5,046

-4,200

1,400

1,500

1,400

800

1,000

200

-200

200

1,200

300

100

-1,400

-2,500

-1,700

-1,600

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
233,544
254,801
254,801
254,874
254,874
255,116
255,632
256,290
256,843
256,966
257,626
258,350
393,783
393,765
394,774
395,582
431,220
431,199
432,294
433,577
504,530
504,661
505,725
506,848
509,018
509,953
593,904
833,451
834,870
834,894
836,549
837,996
840,052
839,919
841,365
1,053,148
1,054,997
1,000,942
1,002,962
1,003,777
1,005,366
1,007,300
1,009,182
988,659
985,818
987,404
1,226,378
1,226,695
1,228,626
1,231,532
1,233,593
0
0

1,233,593

1,231,532

1,228,626

1,226,695

1,226,378

987,404

985,818

988,659

1,009,182

1,007,300

1,005,366

1,003,777

1,002,962

1,000,942

1,054,997

1,053,148

841,365

839,919

840,052

837,996

836,549

834,894

834,870

833,451

593,904

509,953

509,018

506,848

505,725

504,661

504,530

433,577

432,294

431,199

431,220

395,582

394,774

393,765

393,783

258,350

257,626

256,966

256,843

256,290

255,632

255,116

254,874

254,801

233,544

Treasury Stock

Other Stockholders Equity

0
0
0
0
0
0
0
0
0
0
15,300
15,200
15,300
15,200
14,700
14,600
14,200
14,200
17,500
17,600
17,700
17,700
18,100
18,100
18,200
18,400
18,700
17,500
16,800
17,300
17,500
16,600
16,800
16,600
16,600
16,500
16,700
16,700
20,100
23,700
24,000
24,200
24,700
25,100
25,300
25,500
28,600
28,400
27,600
31,600
30,800
25,500
22,419
43,224
43,332
0
41,665
37,658
50,817
0
50,642
114,160
116,204
116,503
143,615
148,406
149,810
150,310
150,679
149,194
148,993
150,862
148,347
146,057
148,004
145,682
146,374
142,037
143,688
146,460
143,672
143,317
140,642
137,801
275,266
280,516
283,554
404,598
407,778
632,824
411,518
413,200
461,528
462,744
231,979
465,006
466,064
467,088
600
463,958
-3,602
509,748
510,232
511,264
512,580
513,686
513,932
515,252
516,700
760,780
787,530
789,548
791,164
862,440
862,398
864,588
867,154
1,009,060
1,009,322
1,011,450
1,013,696
1,018,036
1,019,906
1,187,808
1,666,902
1,669,740
1,669,788
1,673,098
1,675,992
1,680,104
1,679,838
1,682,730
2,106,296
2,109,994
2,001,884
2,005,924
2,007,554
2,010,732
2,014,600
2,018,364
1,977,318
1,971,636
987,404
1,226,378
1,226,695
1,228,626
1,231,532
1,233,593
1,234,402
1,236,506

1,236,506

1,234,402

1,233,593

1,231,532

1,228,626

1,226,695

1,226,378

987,404

1,971,636

1,977,318

2,018,364

2,014,600

2,010,732

2,007,554

2,005,924

2,001,884

2,109,994

2,106,296

1,682,730

1,679,838

1,680,104

1,675,992

1,673,098

1,669,788

1,669,740

1,666,902

1,187,808

1,019,906

1,018,036

1,013,696

1,011,450

1,009,322

1,009,060

867,154

864,588

862,398

862,440

791,164

789,548

787,530

760,780

516,700

515,252

513,932

513,686

512,580

511,264

510,232

509,748

-3,602

463,958

600

467,088

466,064

465,006

231,979

462,744

461,528

413,200

411,518

632,824

407,778

404,598

283,554

280,516

275,266

137,801

140,642

143,317

143,672

146,460

143,688

142,037

146,374

145,682

148,004

146,057

148,347

150,862

148,993

149,194

150,679

150,310

149,810

148,406

143,615

116,503

116,204

114,160

50,642

50,817

37,658

41,665

43,332

43,224

22,419

25,500

30,800

31,600

27,600

28,400

28,600

25,500

25,300

25,100

24,700

24,200

24,000

23,700

20,100

16,700

16,500

16,600

16,800

16,600

17,500

17,300

16,800

17,500

18,700

18,400

18,200

18,100

17,700

17,600

17,500

14,200

14,600

14,700

15,200

15,300

15,200

15,300

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31	1988-12-31	1987-12-31
Accounts Payable	18,912	7,530	2,762	3,287	6,754	5,607	4,390	3,110	3,092	3,201	1,771	1,841	2,925	4,262	5,711	8,844	8,325	9,326	5,874	4,411	4,680	6,019	5,488	6,335	4,600	3,600	0	0	0	1,300	1,200	1,500	0	0	0	-	-
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	-	-
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	-	-
Accumulated Other Comprehensive Income	-175,970	-239,151	55,113	74,836	27,874	-21,422	-2,908	-13,581	-1,362	-1,630	-6,410	-5,499	-3,602	-10,157	-8,826	-15,664	-2,865	-9,405	-9,305	-40	2,245	4,476	2,598	-297	-4,200	0	1,500	1,000	1,200	-2,500	0	0	0	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	-	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	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	32,553	32,521	6,801	6,865	7,046	6,294	0	0	0	0	0	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	1,228,626	985,818	1,005,366	1,054,997	840,052	834,870	509,018	504,530	431,220	393,783	256,843	254,874	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Cash	548,729	248,655	641,300	585,201	295,464	176,210	189,932	152,386	134,485	166,136	164,503	139,903	126,163	123,523	150,826	123,072	159,614	101,241	79,165	79,303	85,253	91,206	72,614	53,446	60,600	72,100	42,600	35,300	69,100	46,400	26,900	55,200	48,800	43,800	62,900	-	-
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	-	-
Cash And Short Term Investments	-112,649	248,655	2,985,851	2,504,320	2,085,489	1,318,405	1,189,879	849,248	792,885	715,679	700,704	653,246	126,163	116,060	150,826	123,072	159,614	101,241	79,165	79,303	85,253	91,206	72,614	53,446	60,600	72,100	42,600	35,300	69,100	46,400	26,900	55,200	48,800	43,800	62,900	-	-
Common Stock	7,428	7,396	6,676	6,740	6,921	6,169	6,145	5,114	5,083	4,709	4,490	3,587	3,570	3,197	2,653	2,647	2,250	2,305	2,302	2,322	2,314	2,040	1,584	1,451	1,400	0	0	0	0	0	0	0	0	0	0	-	-
Common Stock Shares Outstanding	59,489	57,950	53,984	54,220	51,561	49,471	45,403	41,013	38,088	36,555	30,008	28,847	26,694	24,642	21,117	18,162	18,288	18,413	18,552	18,615	18,381	16,513	13,756	13,190	13,994	14,001	13,886	11,428	8,778	8,816	8,845	8,863	8,475	8,279	8,363	7,183	7,175
Common Stock Total Equity	0	7,396	6,676	6,740	6,921	6,169	6,145	5,114	5,083	4,709	4,490	3,587	3,570	3,197	2,653	2,647	2,250	2,305	2,302	2,322	2,314	2,040	1,584	1,451	1,400	0	0	0	0	0	0	0	0	0	0	-	-
Current Deferred Revenue	-18,912	-795,988	-370,954	-232,454	-280,996	0	0	0	0	0	0	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 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	-	-
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	0	0	0	0	0	0	0	0	0	0	0	-	-
Earning Assets	0	0	0	0	2,779,954	1,699,046	1,626,688	1,349,872	1,356,877	0	0	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	712,002	712,002	545,385	543,918	543,918	445,355	445,355	244,000	243,129	202,724	188,948	141,375	141,357	141,357	141,357	165,974	135,856	138,638	138,833	141,284	142,723	107,217	32,177	21,055	2,900	3,100	1,600	1,700	1,800	2,000	0	0	0	0	0	-	-
Intangible Assets	27,099	35,842	25,475	28,975	34,962	24,429	31,148	14,866	16,635	16,031	13,818	8,154	9,114	12,662	17,383	165,974	135,856	138,638	138,833	141,284	142,723	107,217	32,177	21,055	0	0	0	0	0	0	0	0	0	0	0	-	-
Inventory	14,985	-451,378	-734,686	-652,429	-364,057	2,179	10,373	8,966	17,257	26,528	27,577	35,563	34,153	42,396	22,915	22,753	6,308	7,573	7,745	5,017	4,442	23,236	307	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Liabilities And Stockholders Equity	18,405,887	17,938,306	15,453,149	14,067,210	12,457,254	9,884,716	9,367,478	7,211,611	6,761,003	5,824,127	5,437,262	4,304,821	4,173,076	4,170,242	4,480,952	4,784,155	3,782,087	3,554,870	3,237,079	3,191,668	3,076,812	2,678,687	1,787,035	1,621,063	1,474,000	1,177,200	1,020,100	968,000	707,900	644,600	626,100	616,900	596,600	541,100	522,800	-	-
Long Term Debt	871,496	974,972	452,673	684,912	138,685	453,449	553,726	427,368	127,846	241,265	222,510	214,506	293,284	314,172	302,939	373,278	335,779	271,869	280,486	279,462	312,075	290,965	83,982	47,800	0	0	0	0	0	0	0	0	0	0	0	-	-
Long Term Debt Total	0	1,313,945	634,250	684,912	138,685	138,463	139,349	128,445	127,846	0	0	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	3,811,364	4,263,788	4,524,353	12,263,279	10,984,126	1,632,582	7,244,038	5,684,180	5,259,862	4,499,224	4,129,248	3,216,163	3,088,290	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	-	-
Net Debt	502,382	726,317	-188,627	-77,391	194,293	277,239	363,794	274,982	229,013	105,938	84,444	66,496	206,906	185,601	173,713	372,971	409,160	240,623	429,071	361,588	297,917	265,721	101,790	110,135	129,300	39,300	4,900	18,900	-34,100	-7,200	20,000	-18,100	300	12,400	100	-	-
Net Invested Capital	3,094,084	2,984,617	2,365,119	2,383,330	2,276,069	1,861,584	1,857,064	0	0	0	0	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	97,664	85,070	57,187	53,948	48,901	42,481	39,657	26,505	25,003	21,090	20,217	18,957	17,723	18,674	20,818	23,976	23,402	24,345	19,690	173	16,840	17,346	12,024	13,135	11,300	9,200	9,000	8,600	6,200	5,600	5,700	5,900	7,000	6,600	6,600	-	-
Net Tangible Assets	0	1,261,801	1,341,586	1,302,627	1,207,432	938,351	826,835	642,666	590,620	507,947	432,032	311,799	273,088	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	-9,643,269	326,195	3,040,276	2,554,981	2,127,636	7,683,323	7,230,131	5,550,698	5,123,500	4,343,849	4,062,692	3,226,339	3,022,267	2,911,142	3,508,501	4,067,712	3,142,294	2,899,296	2,618,689	2,586,184	2,532,973	2,103,156	1,721,686	1,569,805	1,446,400	1,153,500	976,300	896,800	660,600	592,600	-15,500	22,500	6,700	-5,800	6,500	-	-
Non Current Assets Total	17,654,780	5,128,750	5,200,868	3,830,742	3,287,998	2,195,786	2,132,957	1,657,803	1,634,411	1,477,077	1,372,799	1,076,641	1,147,884	1,033,266	777,661	707,599	631,468	646,248	612,516	601,073	539,159	487,924	59,861	44,923	23,000	20,100	17,000	17,000	12,300	11,500	217,700	206,100	218,700	203,400	184,000	-	-
Non Current Liabilities Other	0	199,316	170,989	141,756	630,422	0	52,708	56,149	49,211	41,411	45,836	37,272	31,655	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	5,763,798	7,530	452,673	507,810	489,757	453,449	553,726	427,368	363,498	272,074	248,947	206,399	333,069	309,124	324,539	496,043	568,774	341,864	508,236	440,891	383,170	275,339	174,404	163,581	189,900	111,400	20,700	0	0	0	0	0	0	0	0	-	-
Non Currrent Assets Other	415,818	-111,222	-5,200,868	-12,340	-12,165	-23,668	-23,983	-39,384	-46,977	-41,960	-56,615	-30,867	-36,424	-45,623	-64,394	165,974	135,856	138,638	138,833	141,284	142,723	107,217	32,177	21,055	2,900	3,100	1,600	1,700	1,800	2,000	-217,700	-206,100	-218,700	-203,400	-184,000	-	-
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	-	-
Other Assets	0	12,475,831	7,209,243	7,678,200	7,034,866	12,080,502	11,500,435	8,869,414	8,395,414	7,301,204	6,810,061	5,381,462	5,320,960	-606	5,258,613	5,491,754	4,413,555	4,201,118	3,849,595	3,792,741	3,615,971	3,166,611	27,158	29,514	0	0	0	0	0	0	375,800	349,700	322,100	287,300	269,300	-	-
Other Current Assets	751,107	451,378	734,686	652,429	364,057	6,328,044	6,004,985	4,678,055	4,308,704	3,610,281	3,343,542	2,555,977	2,881,306	3,002,848	3,531,647	3,929,508	2,967,603	2,783,036	2,525,708	2,511,119	2,435,560	2,082,211	1,642,536	1,509,559	1,379,100	1,075,800	951,500	907,100	620,300	581,100	0	0	0	0	0	-	-
Other Current Liab	10,170,340	-7,530	-2,762	-3,287	-6,754	-5,607	-4,390	-3,110	-3,092	-3,201	-1,771	-1,841	-2,925	-4,262	-5,711	-8,844	-8,325	-9,326	-5,874	-4,411	-4,680	0	-5,488	-6,335	-4,600	-3,600	0	0	0	0	-48,100	-38,600	-49,100	-56,200	-63,000	-	-
Other Liab	0	81,230	170,989	141,756	40,684	32,659	44,020	47,672	41,141	44,612	47,607	39,113	34,580	28,565	30,405	51,087	29,256	36,243	32,871	28,024	27,576	23,943	12,252	13,120	0	0	0	0	0	0	0	0	0	0	0	-	-
Other Stockholder Equity	1,236,506	1,228,626	985,818	1,005,366	1,054,997	840,052	834,870	509,018	504,530	431,220	380,390	256,843	254,874	232,503	206,600	202,299	137,801	146,460	145,682	150,862	150,310	116,503	53,240	41,368	21,300	28,400	25,100	23,700	16,500	16,600	17,500	18,100	17,600	14,600	15,200	-	-
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	-	-
Preferred Stock Total Equity	0	25,125	125	125	125	125	125	125	125	125	125	90,908	90,908	68,005	112,498	125	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Property Plant And Equipment Gross	360,357	344,718	312,644	111,062	113,055	93,420	95,852	94,432	97,648	77,691	74,454	52,749	51,013	52,450	55,804	59,641	44,445	42,393	39,417	38,254	39,639	38,645	27,684	23,868	20,100	17,000	15,400	15,300	10,500	9,500	9,400	7,600	7,000	5,900	6,000	-	-
Property Plant And Equipment Net	152,808	117,118	105,655	111,062	113,055	93,420	95,852	94,432	97,648	77,691	74,454	52,749	51,013	52,450	55,804	59,641	44,445	42,393	39,417	38,254	39,639	38,645	27,684	23,868	20,100	17,000	15,400	15,300	10,500	9,500	9,400	7,600	7,000	5,900	6,000	-	-
Property Plant Equipment	0	123,549	105,655	112,002	120,582	93,420	106,225	103,398	114,905	96,984	96,700	66,012	67,302	52,450	55,804	59,641	44,445	42,393	39,417	38,254	39,639	38,645	27,684	23,868	0	0	0	0	0	0	0	0	0	0	0	-	-
Retained Earnings	1,154,624	1,012,774	864,839	788,578	696,520	583,336	465,231	400,981	342,133	292,403	256,328	206,397	168,717	160,254	150,860	206,496	202,750	187,965	174,717	161,459	149,096	138,110	124,304	113,244	103,600	103,100	95,400	88,000	62,800	56,900	51,300	45,800	40,900	36,700	33,000	-	-
Retained Earnings Total Equity	0	1,012,774	864,839	788,578	696,520	0	465,231	400,981	342,133	292,403	242,935	206,397	168,717	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	0	0	0	0	229,316	113,512	308,014	313,548	246,766	124,539	0	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	1,051,111	974,972	452,673	507,810	489,757	453,449	553,726	427,368	363,498	272,074	248,947	206,399	333,069	309,124	324,539	496,043	568,774	341,864	508,236	440,891	383,170	356,927	174,404	163,581	189,900	111,400	47,500	54,200	35,000	39,200	46,900	37,100	49,100	56,200	63,000	-	-
Short Term Debt	224,036	803,518	373,716	235,741	287,750	113,512	834,387	694,197	568,544	411,994	523,264	367,089	489,374	226,440	194,790	0	0	0	0	0	0	81,588	0	0	0	0	26,800	54,200	35,000	39,200	46,900	37,100	49,100	56,200	63,000	-	-
Short Term Investments	1,627,112	1,976,661	2,344,551	1,919,119	1,790,025	1,142,195	999,947	696,862	658,400	549,543	536,201	513,343	518,491	539,370	413,607	105,060	24,931	11,284	8,748	9,343	40,556	34,968	38,156	15,783	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	-	-
Total Assets	18,405,887	17,938,306	15,453,149	14,067,210	12,457,254	9,884,716	9,367,478	7,211,611	6,761,003	5,824,127	5,437,262	4,304,821	4,173,076	4,170,242	4,480,952	4,784,155	3,782,087	3,554,870	3,237,079	3,191,668	3,076,812	2,678,687	1,787,035	1,621,063	1,474,000	1,177,200	1,020,100	968,000	707,900	644,600	626,100	616,900	596,600	541,100	522,800	-	-
Total Current Assets	751,107	333,725	3,043,038	2,558,268	2,134,390	7,688,930	7,234,521	5,553,808	5,126,592	4,347,050	4,064,463	3,228,180	3,025,192	3,137,582	3,703,291	4,076,556	3,150,619	2,908,622	2,624,563	2,590,595	2,537,653	2,190,763	1,727,174	1,576,140	1,451,000	1,157,100	1,003,100	951,000	695,600	633,100	32,600	61,100	55,800	50,400	69,500	-	-
Total Current Liabilities	10,394,376	7,530	2,762	3,287	6,754	5,607	4,390	3,110	3,092	3,201	1,771	1,841	2,925	226,440	194,790	8,844	8,325	9,326	5,874	4,411	4,680	87,607	5,488	6,335	4,600	3,600	26,800	54,200	35,000	40,500	48,100	38,600	49,100	56,200	63,000	-	-
Total Liab	16,158,174	15,903,536	13,540,578	12,191,565	10,670,817	8,476,456	8,064,015	6,309,954	5,910,494	5,097,300	4,802,339	3,752,585	3,658,609	3,716,440	4,017,167	4,388,252	3,442,151	3,227,545	2,923,683	2,877,065	2,772,847	2,417,558	1,607,907	1,465,000	1,347,700	1,045,700	898,100	855,300	627,400	573,600	557,300	553,000	538,100	489,800	474,600	-	-
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	-	-
Total Stockholder Equity	2,247,713	2,034,770	1,912,571	1,875,645	1,786,437	1,408,260	1,303,463	901,657	850,509	726,827	634,923	552,236	514,467	453,802	463,785	395,903	339,936	327,325	313,396	314,603	303,965	261,129	179,128	156,063	126,300	131,500	122,000	112,700	80,500	71,000	68,800	63,900	58,500	51,300	48,200	-	-
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	0	0	0	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	-	-

	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	2011-11-09	2011-09-30	2011-08-09	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	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31	1990-12-31	1990-09-30	1990-06-30	1990-03-31	1989-12-31	1989-09-30	1989-06-30	1989-03-31	1988-12-31	1988-09-30	1988-06-30	1988-03-31	1987-12-31	1987-09-30	1987-06-30	1987-03-31
Accounts Payable	18,912	16,473	13,595	11,979	7,530	4,971	2,978	3,589	2,762	3,736	2,929	4,020	3,287	5,038	5,587	7,746	6,754	7,855	6,740	7,313	5,607	5,920	4,807	5,376	4,390	4,956	3,477	3,875	3,110	3,733	3,051	3,910	3,092	3,710	3,211	3,685	3,201	3,819	2,489	3,192	1,771	1,155	1,150	1,348	1,841	1,591	2,168	2,094	2,925	2,925	4,011	2,186	3,601	3,117	4,262	4,011	4,911	4,812	5,711	5,722	7,351	8,278	8,844	6,529	6,658	7,621	8,325	9,170	10,417	10,834	9,326	10,236	6,927	6,412	5,874	5,643	5,068	5,296	4,411	5,706	4,216	4,542	4,680	5,200	5,494	5,694	6,019	6,813	7,248	5,488	1,421,251	6,593	6,304	6,335	1,288,299	6,062	5,388	5,114	4,600	4,100	4,400	3,600	3,600	3,900	3,700	0	0	0	0	0	0	0	0	0	0	1,900	1,700	1,500	1,300	1,200	1,200	1,200	1,200	1,300	1,400	1,500	1,500	0	1,800	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-175,970	-307,270	-217,964	-198,914	-239,151	-314,089	-198,556	-84,392	55,113	39,889	60,080	35,810	74,836	65,468	63,845	53,656	27,874	25,648	14,602	-1,595	-21,422	-35,409	-24,868	-21,725	-2,908	-6,358	1,384	-3,722	-13,581	3,924	7,035	2,066	-1,362	-3,614	-6,490	-1,915	-1,630	4,150	4,210	-1,016	-6,410	-16,198	-15,179	-6,748	-5,499	-2,021	-3,307	-3,325	-3,602	600	1,329	-5,833	-5,833	-6,914	-10,157	1,329	-2,926	-8,289	-8,826	-9,241	-18,480	-15,988	-15,664	-2,680	-4,308	2,126	-2,865	-7,779	-11,683	-8,789	-9,405	-8,244	-12,357	-9,916	-9,305	-3,346	-2,453	-3,822	-40	2,345	-2,112	4,380	2,245	1,521	5,956	4,078	4,476	6,364	4,118	2,598	0	3,473	1,545	-297	0	-3,012	-5,969	-5,046	-4,200	0	0	0	0	0	1,400	1,400	1,500	1,400	800	0	1,000	200	-200	200	1,200	300	100	-1,400	-2,500	-1,700	-1,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	32,553	32,550	32,537	32,532	32,521	32,518	32,508	6,803	6,801	6,814	6,872	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,233,593	1,231,532	1,228,626	1,226,695	1,226,378	987,404	985,818	988,659	1,009,182	1,007,300	1,005,366	1,003,777	1,002,962	1,000,942	1,054,997	1,053,148	841,365	839,919	840,052	837,996	836,549	834,894	834,870	833,451	593,904	509,953	509,018	506,848	505,725	504,661	504,530	433,577	432,294	431,199	431,220	395,582	394,774	393,765	393,783	258,350	257,626	256,966	256,843	256,290	255,632	255,116	254,874	254,874	254,801	254,801	233,544	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	548,729	473,812	328,455	478,513	248,655	299,125	349,261	543,539	641,300	538,708	606,459	580,707	585,201	438,568	609,780	260,675	295,464	432,484	257,799	186,550	176,210	209,264	170,492	153,061	189,932	219,557	190,955	124,686	152,386	133,405	183,004	163,191	134,485	111,788	132,597	172,471	166,136	98,408	143,747	149,998	164,503	111,216	129,302	111,999	139,903	92,351	110,253	95,281	126,163	60,166	169,137	50,874	66,739	106,126	116,060	169,137	101,046	210,414	150,826	164,027	118,263	254,901	123,072	85,469	88,263	111,241	159,614	107,940	89,819	50,414	101,241	74,358	79,804	68,280	79,165	92,018	80,753	78,641	79,303	85,571	92,856	71,040	85,253	91,408	97,903	86,959	91,206	83,445	107,997	72,614	72,614	49,268	63,303	53,446	53,446	44,724	47,929	37,900	60,600	39,200	36,700	35,300	72,100	34,500	72,800	41,200	42,600	31,200	36,600	37,000	35,300	44,100	46,200	34,600	69,100	46,900	66,500	29,900	46,400	23,100	33,900	28,600	26,900	26,400	55,100	35,200	55,200	28,300	42,100	29,700	48,800	37,700	24,000	20,000	43,800	42,900	47,700	33,200	62,900	32,400	-	-	-	-	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-112,649	473,812	328,455	478,513	248,655	2,103,504	2,645,612	2,707,736	2,985,851	2,913,286	3,033,359	2,986,275	2,504,320	2,262,728	2,500,373	2,076,450	2,085,489	2,078,883	1,657,758	1,434,182	1,318,405	1,358,426	1,267,329	1,156,860	1,189,879	1,110,278	933,714	855,474	849,248	809,218	841,833	799,976	792,885	709,627	708,012	710,526	715,679	666,404	758,931	755,505	700,704	717,557	713,895	644,866	653,246	92,351	110,253	95,281	126,163	644,654	169,137	572,889	66,739	106,126	116,060	169,137	101,046	210,414	150,826	164,027	118,263	254,901	123,072	85,469	88,263	111,241	159,614	107,940	89,819	50,414	101,241	74,358	79,804	68,280	79,165	92,018	80,753	78,641	79,303	85,571	92,856	71,040	85,253	91,408	97,903	86,959	91,206	83,445	107,997	72,614	0	49,268	63,303	53,446	0	44,724	47,929	37,900	60,600	39,200	36,700	35,300	72,100	34,500	72,800	41,200	42,600	31,200	36,600	37,000	35,300	44,100	46,200	34,600	69,100	46,900	66,500	29,900	46,400	23,100	33,900	28,600	26,900	26,400	55,100	35,200	55,200	28,300	42,100	29,700	48,800	37,700	24,000	20,000	43,800	42,900	47,700	33,200	62,900	32,400	-	-	-	-	-	-	-	-	-	-
Common Stock	7,428	7,425	7,412	7,407	7,396	7,393	7,383	6,678	6,676	6,689	6,747	6,744	6,740	6,736	6,724	6,719	6,921	6,918	6,182	6,179	6,169	6,163	6,160	6,155	6,145	6,143	5,394	5,131	5,114	5,100	5,097	5,094	5,083	4,734	4,728	4,723	4,709	4,509	4,507	4,502	4,490	3,603	3,600	3,598	3,587	3,584	3,580	3,578	3,570	3,570	3,194	3,567	3,211	3,206	3,197	3,194	3,191	3,187	2,653	2,648	2,633	2,632	2,647	2,266	2,258	2,247	2,250	2,269	2,286	2,289	2,305	2,292	2,282	2,305	2,302	2,313	2,302	2,312	2,322	2,320	2,310	2,317	2,314	2,311	2,191	2,188	2,040	2,039	1,930	1,584	1,584	1,584	1,430	1,451	1,451	1,461	1,458	1,351	1,400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Common Stock Shares Outstanding	59,556	59,503	59,448	59,441	59,384	59,339	59,308	53,616	53,660	53,960	54,184	54,134	54,380	53,971	53,943	54,918	55,520	51,770	49,550	49,541	49,511	49,534	49,543	49,428	49,761	48,716	42,344	41,221	41,124	41,292	40,969	41,147	38,316	38,118	38,230	38,000	37,323	36,329	36,294	36,261	32,959	29,081	29,024	28,971	28,930	28,888	28,815	28,755	26,367	0	25,686	0	25,783	25,763	25,554	25,686	25,633	25,496	25,496	21,267	21,120	21,093	21,023	18,196	18,159	18,058	18,058	18,152	18,259	18,502	18,502	18,426	18,695	18,315	18,315	18,682	18,421	18,763	18,763	18,666	18,388	18,743	18,743	18,844	18,365	17,473	17,473	17,122	17,164	14,048	14,048	14,121	13,443	13,434	13,434	13,570	12,870	12,681	12,681	14,198	13,670	13,798	11,590	14,030	13,783	11,903	11,590	11,590	11,590	11,590	11,259	10,537	9,417	11,239	9,132	8,693	8,780	8,973	8,973	8,793	8,973	8,793	8,916	8,916	8,886	8,886	9,071	9,071	8,585	8,916	8,567	8,567	8,210	8,210	8,279	8,279	8,831	8,279	8,540	8,540	8,318	8,318	8,323	8,323	8,323	8,323	7,187	7,187	7,187	7,187
Common Stock Total Equity	0	0	7,412	7,407	7,396	7,393	7,383	6,678	6,676	6,689	6,747	6,744	6,740	6,736	6,724	6,719	6,921	6,918	6,182	6,179	6,169	6,163	6,160	6,155	6,145	6,143	5,394	5,131	5,114	5,100	5,097	5,094	5,083	4,734	4,728	4,723	4,709	4,509	4,507	4,502	4,490	3,603	3,600	3,598	3,587	3,584	3,580	3,578	3,570	3,570	3,567	3,567	3,211	3,206	3,197	3,194	3,191	3,187	2,653	2,648	2,633	2,632	2,647	2,266	2,258	2,247	2,250	2,269	2,286	2,289	2,305	2,292	2,282	2,305	2,302	2,313	2,302	2,312	2,322	2,320	2,310	2,317	2,314	2,311	2,191	2,188	2,040	2,039	1,930	1,584	1,584	1,451	1,430	1,445	1,451	1,461	1,458	1,351	1,400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Current Deferred Revenue	-18,912	-262,485	-275,153	-503,363	-795,988	-805,808	-659,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,199,037	2,943,435	2,779,954	2,794,066	2,252,980	1,961,284	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	712,002	712,002	712,002	712,002	712,002	712,568	713,201	545,385	545,385	545,385	545,385	543,918	543,918	543,918	543,918	543,918	543,918	543,199	445,355	445,355	445,355	445,355	445,355	445,355	445,355	445,355	292,188	244,000	244,000	244,000	244,000	244,000	243,129	205,376	205,376	202,724	202,724	188,948	188,948	188,948	188,948	141,375	141,375	141,375	141,375	141,375	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	141,357	165,974	135,701	136,230	135,056	135,856	136,266	137,056	137,847	138,638	136,666	137,429	138,174	138,833	139,597	139,799	140,578	141,284	140,186	141,014	141,867	142,723	143,648	144,663	141,226	107,217	106,753	106,622	33,551	32,177	32,795	20,530	20,574	21,055	21,218	21,558	2,820	2,900	2,900	3,000	3,000	3,100	3,000	3,000	1,600	1,600	1,700	1,600	1,700	1,700	1,700	1,800	1,800	1,800	1,900	1,900	1,900	2,000	2,000	2,000	2,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	27,099	29,281	31,463	33,645	35,842	38,145	40,448	24,109	25,475	26,938	28,401	27,618	28,975	30,451	31,937	33,448	34,962	36,552	21,381	22,901	24,429	26,054	27,704	29,422	31,148	33,203	17,498	13,963	14,866	15,844	16,821	17,799	16,635	14,127	14,820	15,310	16,031	12,043	12,635	13,227	13,818	7,001	7,384	7,767	8,154	8,644	8,649	9,129	9,114	9,705	13,823	10,460	10,460	11,561	12,662	13,823	14,983	16,175	17,383	18,660	19,937	21,214	165,974	135,701	136,230	135,056	135,856	136,266	137,056	137,847	138,638	136,666	137,429	138,174	138,833	139,597	139,799	140,578	141,284	140,186	141,014	141,867	142,723	143,648	144,663	141,226	107,217	106,753	106,622	33,551	32,177	32,795	20,530	20,574	21,055	21,218	21,558	2,820	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Inventory	14,985	-705,824	-539,648	-674,875	-451,378	-519,294	-539,475	6,271	558	698	601	604	940	6,942	7,367	7,972	7,527	7,156	1,131	1,877	2,179	8,859	9,071	14,167	17,589	16,426	15,929	9,555	11,895	11,724	32,073	19,254	27,151	16,752	27,537	25,465	26,528	20,963	25,991	27,663	27,577	17,364	26,296	39,685	35,563	41,491	29,461	37,766	34,153	0	31,682	0	20,283	19,167	42,396	36,936	27,724	21,914	22,915	46,951	43,297	30,736	22,753	18,978	20,477	10,866	6,308	6,409	5,116	5,834	7,573	5,589	7,835	8,379	7,745	8,049	3,160	5,087	5,017	4,261	5,654	5,454	4,442	13,589	17,502	15,399	23,236	14,957	7,416	163	307	0	810	460	0	0	0	227	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Liabilities And Stockholders Equity	18,405,887	17,996,648	17,968,412	18,178,908	17,938,306	17,718,985	17,780,492	15,465,258	15,453,149	15,060,725	14,923,097	14,629,066	14,067,210	13,737,350	13,819,378	12,693,518	12,457,254	12,325,061	10,737,857	10,210,925	9,884,716	9,787,282	9,734,715	9,472,796	9,367,478	9,049,403	7,805,029	7,326,193	7,211,611	7,022,352	6,906,418	6,798,539	6,761,003	6,189,797	6,140,308	5,877,521	5,824,127	5,591,383	5,615,120	5,452,936	5,437,262	4,325,911	4,338,264	4,252,830	4,304,821	4,250,168	4,232,423	4,236,366	4,173,076	4,173,076	4,180,320	4,118,509	4,094,218	4,117,175	4,170,848	4,180,320	4,183,248	4,375,866	4,480,952	4,476,484	4,717,045	4,886,897	4,784,155	3,864,074	3,822,460	3,767,158	3,782,087	3,754,300	3,669,515	3,554,814	3,554,870	3,472,039	3,408,263	3,269,935	3,237,079	3,238,438	3,201,298	3,187,586	3,191,668	3,181,362	3,128,290	3,025,141	3,076,812	3,011,720	3,056,961	2,999,022	2,678,687	2,629,486	2,663,984	1,787,035	1,787,035	1,761,671	1,636,270	1,621,063	1,621,063	1,600,938	1,610,413	1,446,178	1,474,000	1,428,800	1,407,800	1,176,800	1,177,200	1,113,900	1,077,500	1,017,800	1,020,100	1,007,700	1,010,400	987,800	968,000	886,700	704,200	681,300	707,900	686,300	697,200	639,700	644,600	624,100	644,300	630,500	626,100	620,800	645,800	610,200	616,900	600,500	611,900	593,800	596,600	591,700	540,100	539,500	541,100	517,100	527,900	520,100	522,800	501,300	-	-	-	-	-	-	-	-	-	-
Long Term Debt	871,496	872,049	874,805	974,889	974,972	795,070	750,164	427,637	452,673	452,707	452,741	663,497	684,912	785,574	867,164	840,053	138,685	493,239	598,616	483,532	339,736	461,394	461,338	587,716	553,726	546,506	441,457	467,781	427,368	425,310	396,257	391,111	363,498	359,792	374,569	293,201	272,074	382,297	347,639	298,059	248,947	294,141	214,521	214,947	216,399	267,636	222,798	257,465	343,069	0	363,725	0	300,630	331,097	333,374	320,142	326,407	318,055	348,789	324,811	463,721	483,362	510,293	413,481	344,022	360,294	444,177	420,926	370,886	346,465	341,864	329,185	355,535	327,596	351,821	333,904	336,097	323,306	321,189	319,422	320,985	327,056	312,075	0	0	0	290,965	0	0	0	118,272	0	0	0	98,150	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Debt Total	0	0	1,027,277	1,153,976	1,313,945	1,174,552	1,036,632	597,334	634,250	636,296	599,645	663,497	684,912	785,574	867,164	840,053	138,685	138,630	138,574	138,519	138,463	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,811,364	3,713,724	3,891,491	4,057,389	4,263,788	4,294,768	4,630,030	4,489,263	4,524,353	4,445,516	4,148,314	2,409,998	12,263,279	12,053,576	11,967,702	11,210,388	10,984,126	10,716,019	9,528,874	9,084,407	1,657,170	8,637,938	7,528,408	7,369,766	7,244,038	6,992,774	6,147,273	5,804,375	5,684,180	5,536,485	5,387,069	5,285,441	5,259,862	4,871,751	4,821,051	4,560,541	4,499,224	4,335,112	4,260,639	4,098,100	4,129,248	3,172,339	3,190,808	3,174,256	3,216,163	3,171,639	3,139,539	3,157,482	3,088,290	3,088,290	3,093,341	3,093,341	3,015,890	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	502,382	398,237	546,350	496,376	726,317	495,945	400,903	-115,902	-188,627	-86,001	-153,718	-102,931	-77,391	79,274	76,234	349,061	194,293	60,755	340,817	296,982	277,239	314,602	437,121	434,655	363,794	326,949	250,502	343,095	274,982	291,905	213,253	227,920	229,013	248,004	241,972	120,730	105,938	283,889	203,892	148,061	84,444	172,925	75,219	92,948	66,496	165,285	102,545	152,184	206,906	0	151,005	0	233,891	224,971	193,064	151,005	225,361	107,641	173,713	160,784	345,458	228,461	372,971	485,839	497,987	249,053	409,160	312,986	281,067	296,051	240,623	344,788	447,543	400,722	429,071	331,941	373,647	312,552	361,588	294,351	330,029	301,316	297,917	282,643	319,766	301,862	265,721	245,488	229,528	101,790	101,790	133,187	111,129	110,135	110,135	150,928	159,688	128,412	129,300	24,300	114,500	119,500	39,300	2,600	-11,900	8,600	4,900	60,300	29,200	47,100	18,900	46,900	-4,600	3,000	-34,100	19,300	-13,600	7,000	-7,200	19,400	18,500	32,200	20,000	18,200	-4,000	-1,300	-18,100	-28,300	-42,100	-29,700	300	-37,700	-24,000	-20,000	12,400	-42,900	-47,700	-33,200	100	-32,400	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	3,094,084	2,939,568	2,995,245	3,072,212	2,984,617	2,676,611	2,702,680	2,235,145	2,365,119	2,320,672	2,324,416	2,283,507	2,383,330	2,351,373	2,494,984	2,387,571	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	97,664	90,011	89,784	85,515	85,070	71,605	68,728	56,081	57,187	53,079	54,173	54,662	53,948	52,992	57,063	47,489	48,901	45,923	45,150	40,931	42,481	40,361	40,475	37,416	39,657	36,243	27,829	25,435	26,505	24,032	23,739	23,297	25,003	22,662	20,622	20,410	21,090	20,663	19,572	19,379	20,217	17,986	17,014	17,359	18,957	17,519	16,506	16,730	17,723	17,723	20,310	17,770	17,001	17,583	18,674	20,310	18,894	19,532	20,818	22,359	20,778	20,783	23,976	21,569	19,680	21,212	23,402	25,954	21,615	21,941	24,345	23,946	19,539	19,035	19,690	19,561	16,950	16,606	173	17,594	14,943	15,061	16,840	17,139	16,592	16,789	17,346	18,622	17,701	12,024	12,024	13,556	11,737	13,135	13,135	13,353	12,753	10,843	11,300	11,700	11,100	8,900	9,200	9,400	8,700	8,200	9,000	9,100	9,000	8,300	8,600	7,800	6,300	5,900	6,200	6,400	6,100	5,500	5,600	5,800	6,000	5,300	5,700	6,200	6,200	5,600	5,900	6,600	6,800	6,400	7,000	7,800	7,100	6,900	6,600	7,000	6,900	6,500	6,600	6,500	-	-	-	-	-	-	-	-	-	-
Net Tangible Assets	0	0	1,376,975	1,351,676	1,261,801	1,130,828	1,198,867	1,238,014	1,341,586	1,295,642	1,297,889	1,234,195	1,302,627	1,259,162	1,233,115	1,200,469	1,207,432	1,169,136	1,034,775	987,467	938,351	889,892	867,144	838,171	826,835	804,437	725,305	671,382	642,666	640,896	626,604	605,339	590,620	547,356	529,634	521,499	507,947	483,437	468,888	449,811	432,032	330,925	322,322	321,204	311,799	305,928	294,762	195,764	273,088	273,088	270,575	270,575	248,418	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-9,643,269	547,350	404,644	552,049	326,195	2,170,138	2,711,362	2,760,228	3,040,276	2,962,629	3,084,603	3,036,917	2,554,981	2,310,682	2,551,849	2,116,193	2,127,636	2,116,951	1,696,168	1,467,800	1,355,279	1,392,867	1,302,997	1,188,900	1,225,146	1,141,565	958,066	877,034	872,643	829,517	862,521	819,363	814,796	728,579	725,423	727,251	733,568	683,248	776,014	771,692	719,150	734,388	729,759	660,877	670,362	108,279	124,591	109,917	140,961	-3,566,788	185,436	-3,524,330	80,139	120,592	130,472	-219,486	115,029	225,134	165,933	180,664	131,690	267,406	138,204	100,509	101,285	124,832	174,691	124,724	101,017	61,521	116,260	88,068	92,416	80,903	92,981	105,936	92,635	89,951	75,065	97,459	103,583	81,559	97,413	103,347	109,001	98,054	20,945	95,254	118,450	79,150	0	56,231	68,736	60,246	0	52,015	55,294	43,629	67,300	46,800	-39,100	40,600	77,700	32,600	41,600	24,300	24,800	-32,500	-20,200	-38,800	-10,300	-39,100	10,900	2,900	40,300	-14,800	18,000	-3,000	11,500	-14,800	-13,700	-28,100	-15,500	-13,300	8,800	5,400	22,500	0	47,100	0	6,700	0	0	0	-5,800	0	0	0	6,500	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	17,654,780	4,587,448	4,749,358	4,918,893	5,128,750	1,009,129	5,501,436	5,164,640	5,200,868	5,122,653	4,825,922	4,381,825	3,830,742	3,620,614	3,477,782	3,389,365	3,287,998	3,182,617	2,651,427	2,422,778	2,195,786	2,190,388	2,187,139	2,113,338	2,132,957	2,049,930	1,745,646	1,676,491	1,657,803	1,655,812	1,653,792	1,629,070	1,634,411	1,511,753	1,517,553	1,484,975	1,477,077	1,464,910	1,490,526	1,426,999	1,372,800	1,116,897	1,111,916	1,072,467	1,076,641	1,130,108	1,145,662	1,162,059	1,147,884	36,424	909,806	35,804	1,142,034	1,090,765	1,033,266	909,806	855,962	851,044	777,661	707,509	850,944	667,835	707,599	568,911	588,786	605,637	631,468	655,134	660,463	657,308	646,248	645,251	645,433	618,854	612,516	614,864	597,724	587,923	601,073	599,001	590,591	557,813	539,159	499,975	547,079	513,779	487,924	491,384	506,990	300,183	0	310,001	305,589	352,886	0	363,516	371,991	341,252	367,000	390,700	399,100	377,500	349,500	333,500	275,500	264,700	264,400	266,200	283,200	290,400	292,600	274,300	209,300	212,400	213,600	225,600	203,800	197,000	188,600	201,500	214,200	221,500	217,700	225,300	226,400	219,900	206,100	229,500	231,700	235,900	218,700	228,300	220,300	222,900	203,400	201,000	198,000	205,400	184,000	193,500	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	0	0	200,820	187,218	199,316	197,971	192,372	150,749	170,989	203,914	245,323	203,913	141,756	206,929	171,544	197,275	630,422	117,901	116,863	84,651	45,295	54,094	46,639	50,086	52,708	61,695	45,383	48,751	56,149	51,175	51,229	74,449	49,211	38,004	45,008	58,879	41,411	31,271	31,649	30,657	45,836	31,427	41,643	35,356	37,272	38,857	32,104	29,044	31,655	31,655	30,760	30,760	31,762	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	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	5,763,798	872,049	874,805	11,979	7,530	4,971	750,164	427,637	452,673	452,707	452,741	477,776	507,810	517,842	686,014	609,736	489,757	493,239	598,616	483,532	453,449	523,866	607,613	587,716	553,726	546,506	441,457	467,781	427,368	425,310	396,257	391,111	363,498	359,792	374,569	293,201	272,074	382,297	347,639	298,059	248,947	284,141	204,521	204,947	206,399	257,636	212,798	247,465	333,069	31,655	320,142	30,760	300,630	331,097	309,124	320,142	326,407	318,055	324,539	324,811	463,721	483,362	496,043	571,308	586,250	360,294	568,774	420,926	370,886	346,465	341,864	419,146	527,347	469,002	508,236	423,959	454,400	391,193	440,891	379,922	422,885	372,356	383,170	374,051	417,669	388,821	275,339	328,933	337,525	174,404	0	182,455	174,432	163,581	0	195,652	207,617	166,312	189,900	63,500	68,700	154,800	111,400	29,700	24,700	24,700	20,700	18,700	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	415,818	-135,521	-113,724	-103,070	-111,222	-4,294,768	-5,501,436	-5,164,640	-5,200,868	-5,122,653	-4,825,922	-4,381,825	-3,830,742	-3,620,614	-3,477,782	-3,389,365	-3,287,998	-3,182,617	-2,651,427	-2,422,778	-2,195,786	-2,190,388	-2,187,139	-2,113,338	-2,132,957	-2,049,930	-1,745,646	-1,676,491	-1,657,803	-1,655,812	-1,653,792	-1,629,070	-1,634,411	-1,511,753	-1,517,553	-1,484,975	-1,477,077	-1,464,910	-1,490,526	-1,426,999	-1,372,800	-1,116,897	-1,111,916	-1,072,467	-1,076,641	-1,130,108	-1,145,662	-1,162,059	-1,147,884	168,212	-909,806	176,786	-1,142,034	-1,090,765	-1,033,266	-701,852	-855,962	-851,044	-777,661	-707,509	-850,944	-667,835	-707,599	-568,911	-588,786	-605,637	-631,468	-655,134	-660,463	-657,308	-646,248	-645,251	-645,433	-618,854	-612,516	-614,864	-597,724	-587,923	-601,073	-599,001	-590,591	-557,813	-539,159	-499,975	-547,079	-513,779	-487,924	-491,384	-506,990	-300,183	0	-310,001	-305,589	-352,886	0	-363,516	-371,991	-341,252	-367,000	-390,700	-399,100	-377,500	-349,500	-333,500	-275,500	-264,700	-264,400	-266,200	-283,200	-290,400	-292,600	-274,300	-209,300	-212,400	-213,600	-225,600	-203,800	-197,000	-188,600	-201,500	-214,200	-221,500	-217,700	-225,300	-226,400	-219,900	-206,100	-229,500	-231,700	-235,900	-218,700	-228,300	-220,300	-222,900	-203,400	-201,000	-198,000	-205,400	-184,000	-193,500	-	-	-	-	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	12,845,377	12,800,815	12,695,987	12,475,831	14,534,747	9,564,716	7,536,801	7,209,243	6,971,707	7,009,643	7,206,304	7,678,200	7,801,016	7,784,160	7,180,214	7,034,866	7,017,638	6,383,522	6,313,034	6,328,044	6,198,107	6,239,772	6,165,182	6,004,985	5,852,952	5,097,840	4,768,793	4,678,055	4,533,290	4,387,054	4,346,196	4,308,704	3,945,755	3,894,121	3,661,610	3,610,281	3,439,406	3,346,091	3,251,053	3,343,541	2,473,471	2,495,439	2,518,138	2,555,977	3,010,190	2,960,002	2,962,296	2,881,306	0	3,081,067	0	2,868,444	2,902,701	3,002,848	5,090,126	3,207,346	3,294,876	3,531,647	3,582,589	3,727,060	3,943,378	3,929,508	3,188,125	3,125,731	3,029,068	2,967,603	2,965,272	2,897,618	2,825,151	2,783,036	2,728,484	2,663,487	2,563,766	2,525,708	2,511,995	2,505,871	2,504,416	2,511,119	2,479,196	2,429,900	2,381,227	2,435,560	2,403,198	2,395,387	2,381,495	2,082,211	2,036,035	2,031,296	1,402,214	307,700	1,388,846	1,255,641	1,201,596	365,717	1,179,345	1,177,740	1,056,183	1,035,100	987,200	960,900	755,100	746,400	736,500	720,500	703,700	704,100	701,200	681,600	652,100	631,500	560,500	442,400	428,400	419,000	407,400	420,800	407,300	404,000	393,700	390,200	375,100	375,800	362,900	358,100	349,500	349,700	336,100	331,300	321,800	322,100	317,900	288,700	289,700	287,300	266,200	275,300	275,000	269,300	268,900	-	-	-	-	-	-	-	-	-	-
Other Current Assets	751,107	705,824	539,648	674,875	451,378	519,294	539,475	60,019	9,553,794	6,971,707	7,009,643	7,206,304	7,678,200	7,801,016	7,784,160	7,180,214	7,034,866	7,017,638	6,383,522	6,313,034	6,328,044	6,198,107	6,239,772	6,165,182	6,004,985	5,852,952	5,097,840	4,768,793	4,678,055	4,533,290	4,387,054	4,346,196	4,308,704	3,945,755	3,894,121	3,661,610	3,610,281	3,439,406	3,346,091	3,251,053	3,343,542	2,473,471	2,495,439	2,518,138	2,555,977	3,010,190	2,960,002	2,962,296	2,881,306	0	3,081,067	0	2,868,444	2,902,701	3,002,848	3,081,067	3,207,346	3,294,876	3,531,647	3,635,417	3,727,060	3,943,378	3,929,508	3,188,125	3,125,731	3,029,068	2,967,603	2,965,272	2,897,618	2,825,151	2,783,036	2,728,484	2,663,487	2,563,766	2,525,708	2,511,995	2,505,871	2,504,416	2,511,119	2,479,196	2,429,900	2,381,227	2,435,560	2,403,198	2,395,387	2,381,495	2,082,211	2,381,487	2,392,372	1,642,536	0	1,638,868	1,517,638	1,509,559	0	1,497,833	1,504,030	1,374,063	1,379,100	1,355,000	1,337,000	1,112,500	1,075,800	1,049,200	975,900	951,200	951,500	950,400	947,700	925,500	907,100	819,300	639,400	628,700	620,300	620,900	612,800	592,500	581,100	584,100	593,300	585,200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Other Current Liab	10,170,340	-16,473	-13,595	-11,979	-7,530	-4,971	-2,978	-3,589	-2,762	-3,736	-2,929	-4,020	-3,287	-5,038	-5,587	-7,746	-6,754	-7,855	-6,740	-7,313	-5,607	-5,920	-4,807	-5,376	-4,390	-4,956	-3,477	-3,875	-3,110	-3,733	-3,051	-3,910	-3,092	-3,710	-3,211	-3,685	-3,201	-3,819	-2,489	-3,192	-1,771	-1,155	-1,150	-1,348	-1,841	-1,591	-2,168	-2,094	-2,925	3,134,655	-4,011	3,064,250	-3,601	-3,117	-4,262	0	-4,911	-4,812	-5,711	-5,722	-7,351	-8,278	-8,844	-6,529	-6,658	-7,621	-8,325	-9,170	-10,417	-10,834	-9,326	-10,236	-6,927	-6,412	-5,874	-5,643	-5,068	-5,296	-4,411	-5,706	-4,216	-4,542	-4,680	-5,200	-5,494	-5,694	-87,607	-6,813	-7,248	-5,488	0	-6,593	-6,304	-6,335	0	-6,062	-5,388	-5,114	-4,600	-4,100	-86,900	-3,600	-3,600	-11,300	-39,900	-25,100	-26,800	-72,800	-65,800	-84,100	-54,200	-91,000	-41,600	-37,600	-35,000	-68,100	-54,600	-38,400	-40,500	-43,700	-53,600	-62,000	-48,100	-45,900	-52,500	-35,400	-38,600	0	-1,800	0	-49,100	0	0	0	-56,200	0	0	0	-63,000	-	-	-	-	-	-	-	-	-	-	-
Other Liab	0	0	108,601	113,304	81,230	197,971	192,372	150,749	170,989	203,914	245,323	130,558	141,756	98,892	59,654	91,654	40,684	56,164	67,592	46,310	32,659	39,944	33,025	55,462	57,098	66,651	48,860	52,626	59,259	54,908	54,280	78,359	52,303	41,714	48,219	62,564	44,612	35,090	34,138	33,849	47,607	32,582	42,793	36,704	39,113	40,448	34,272	31,138	34,580	0	32,946	0	35,363	55,536	28,565	33,715	30,844	58,258	30,405	38,233	58,970	97,360	51,087	26,390	25,183	30,728	29,256	41,915	34,960	41,590	36,243	36,311	32,512	38,123	32,871	30,796	29,262	33,576	28,024	30,959	29,027	30,218	27,576	26,264	24,954	33,906	23,943	20,945	18,488	14,188	12,252	13,061	12,610	14,457	13,120	11,295	10,607	11,315	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Stockholder Equity	1,236,506	1,234,402	1,233,593	1,231,532	1,228,626	1,226,695	1,226,378	987,404	1,971,636	1,977,318	2,018,364	2,014,600	2,010,732	2,007,554	2,005,924	2,001,884	2,109,994	2,106,296	1,682,730	1,679,838	1,680,104	1,675,992	1,673,098	1,669,788	1,669,740	1,666,902	1,187,808	1,019,906	1,018,036	1,013,696	1,011,450	1,009,322	1,009,060	867,154	864,588	862,398	862,440	791,164	789,548	787,530	760,780	516,700	515,252	513,932	513,686	512,580	511,264	510,232	509,748	-3,602	463,958	600	467,088	466,064	465,006	231,979	462,744	461,528	413,200	411,518	632,824	407,778	404,598	283,554	280,516	275,266	137,801	140,642	143,317	143,672	146,460	143,688	142,037	146,374	145,682	148,004	146,057	148,347	150,862	148,993	149,194	150,679	150,310	149,810	148,406	143,615	116,503	116,204	114,160	50,642	0	50,817	37,658	41,665	0	43,332	43,224	22,419	25,500	30,800	31,600	27,600	28,400	28,600	25,500	25,300	25,100	24,700	24,200	24,000	23,700	20,100	16,700	16,700	16,500	16,600	16,600	16,800	16,600	17,500	17,300	16,800	17,500	18,700	18,400	18,200	18,100	18,100	17,700	17,700	17,600	17,500	14,200	14,200	14,600	14,700	15,200	15,300	15,200	15,300	-	-	-	-	-	-	-	-	-	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	25,125	25,125	25,125	25,125	25,125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	125	34,168	68,212	68,212	90,908	90,908	90,908	181,691	90,908	90,908	90,908	90,908	68,243	68,123	68,005	67,889	67,774	112,684	112,498	112,315	112,134	111,956	125	125	125	125	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	360,357	0	0	0	344,718	0	0	0	0	0	103,822	109,432	111,062	112,959	112,548	114,045	113,055	113,446	91,767	91,863	93,420	93,728	94,397	94,741	95,852	102,485	92,637	91,311	94,432	95,540	95,170	96,494	97,648	83,457	84,841	77,468	77,691	74,105	74,856	74,847	74,454	54,386	54,165	53,762	52,749	51,373	51,335	51,541	51,013	0	51,432	0	51,851	51,818	52,450	52,774	53,437	54,431	55,804	58,482	58,692	58,948	59,641	44,402	44,232	44,526	44,445	44,255	44,126	43,262	42,393	40,511	41,122	39,029	39,417	38,473	37,240	37,525	38,254	38,170	38,437	38,972	39,639	39,475	39,313	38,861	38,645	39,179	39,292	27,684	27,684	23,868	23,062	23,466	23,868	23,810	24,143	20,552	20,100	20,000	20,000	17,100	17,000	17,800	17,100	15,600	15,400	15,300	15,500	15,300	15,300	13,800	10,500	10,300	10,500	10,200	9,900	9,900	9,500	9,100	9,100	9,300	9,400	9,100	8,200	7,800	7,600	7,300	7,100	7,100	7,000	6,900	6,000	5,900	5,900	5,800	5,800	5,900	6,000	6,100	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Net	152,808	132,441	114,402	115,857	117,118	116,306	117,757	105,883	105,655	104,814	103,822	109,432	111,062	112,959	112,548	114,045	113,055	113,446	91,767	91,863	93,420	93,728	94,397	94,741	95,852	102,485	92,637	91,311	94,432	95,540	95,170	96,494	97,648	83,457	84,841	77,468	77,691	74,105	74,856	74,847	74,454	54,386	54,165	53,762	52,749	51,373	51,335	51,541	51,013	0	52,774	0	51,851	51,818	52,450	52,774	53,437	54,431	55,804	58,482	58,692	58,948	59,641	44,402	44,232	44,526	44,445	44,255	44,126	43,262	42,393	40,511	41,122	39,029	39,417	38,473	37,240	37,525	38,254	38,170	38,437	38,972	39,639	39,475	39,313	38,861	38,645	39,179	39,292	27,684	0	27,184	23,062	23,868	0	23,810	24,143	20,552	20,100	20,000	20,000	17,100	17,000	17,800	17,100	15,600	15,400	15,300	15,500	15,300	15,300	13,800	10,500	10,300	10,500	10,200	9,900	9,900	9,500	9,100	9,100	9,300	9,400	9,100	8,200	7,800	7,600	7,300	7,100	7,100	7,000	6,900	6,000	5,900	5,900	5,800	5,800	5,900	6,000	6,100	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	0	0	122,087	123,634	123,549	116,306	117,757	105,883	105,655	104,814	103,822	110,036	112,002	119,901	119,915	122,017	120,582	120,602	92,898	93,740	93,420	102,587	103,468	104,439	106,225	114,397	104,530	99,604	103,398	105,782	108,389	112,120	114,905	98,266	104,083	96,541	96,984	88,645	93,477	95,924	96,700	66,438	65,930	66,892	66,012	65,153	65,518	67,169	67,302	67,302	70,857	70,857	67,288	51,818	52,450	52,774	53,437	54,431	55,804	58,482	58,692	58,948	59,641	44,402	44,232	44,526	44,445	44,255	44,126	43,262	42,393	40,511	41,122	39,029	39,417	38,473	37,240	37,525	38,254	38,170	38,437	38,972	39,639	39,475	39,313	38,861	38,645	39,179	39,292	28,426	27,684	27,184	23,062	23,466	23,868	23,810	24,143	20,552	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Retained Earnings	1,154,624	1,132,962	1,097,399	1,057,298	1,012,774	961,542	917,311	897,818	864,839	832,728	795,666	755,877	788,578	757,550	735,439	716,518	696,520	663,173	639,362	611,220	583,336	552,551	522,362	493,624	465,231	449,759	434,309	417,983	400,981	384,868	369,568	355,317	342,133	332,162	319,298	305,526	292,403	280,187	266,980	254,735	256,328	233,546	225,034	216,530	206,397	198,094	188,863	181,664	168,717	162,669	158,074	169,313	169,313	165,075	160,860	158,074	158,118	150,595	150,860	164,419	172,688	205,616	206,496	210,605	209,059	206,710	202,750	197,609	193,460	191,476	187,965	184,555	181,042	177,975	174,717	171,419	167,452	163,761	161,459	160,004	154,876	151,771	149,096	147,559	144,457	139,743	138,110	135,266	131,222	124,304	124,304	121,711	118,632	113,244	113,244	111,089	108,500	106,064	103,600	126,000	123,800	105,000	103,100	101,200	99,300	97,400	95,400	93,600	91,900	89,800	88,000	80,300	66,000	64,400	62,800	61,300	59,900	58,300	56,900	55,500	54,200	52,700	51,300	50,100	48,900	47,400	45,800	44,600	43,600	42,200	40,900	40,000	38,900	37,800	36,700	35,900	35,000	33,900	33,000	32,000	-	-	-	-	-	-	-	-	-	-
Retained Earnings Total Equity	0	0	1,097,399	1,057,298	1,012,774	961,542	917,311	897,818	864,839	832,728	795,666	755,877	788,578	757,550	735,439	716,518	696,520	663,173	639,362	611,220	583,336	552,551	522,362	493,624	465,231	449,759	434,309	417,983	400,981	384,868	369,568	355,317	342,133	332,162	319,298	305,526	292,403	280,187	266,980	254,735	242,935	233,546	225,034	216,530	206,397	198,094	188,863	181,664	168,717	168,717	162,669	162,669	169,313	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	229,316	204,110	248,443	225,523	227,225	181,296	268,788	265,343	308,014	219,550	712,183	579,926	313,548	494,051	429,356	414,324	246,766	0	0	0	124,539	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,051,111	872,049	874,805	974,889	974,972	795,070	750,164	427,637	452,673	452,707	452,741	477,776	507,810	517,842	686,014	609,736	489,757	493,239	598,616	483,532	453,449	523,866	607,613	587,716	553,726	546,506	441,457	467,781	427,368	425,310	396,257	391,111	363,498	359,792	374,569	293,201	272,074	382,297	347,639	298,059	248,947	284,141	204,521	204,947	206,399	257,636	212,798	247,465	333,069	0	320,142	0	300,630	331,097	309,124	320,142	326,407	318,055	324,539	324,811	463,721	483,362	496,043	571,308	586,250	360,294	568,774	420,926	370,886	346,465	341,864	419,146	527,347	469,002	508,236	423,959	454,400	391,193	440,891	379,922	422,885	372,356	383,170	374,051	417,669	388,821	356,927	328,933	337,525	174,404	174,404	182,455	174,432	163,581	163,581	195,652	207,617	166,312	189,900	63,500	151,200	154,800	111,400	37,100	60,900	49,800	47,500	91,500	65,800	84,100	54,200	91,000	41,600	37,600	35,000	66,200	52,900	36,900	39,200	42,500	52,400	60,800	46,900	44,600	51,100	33,900	37,100	0	0	0	49,100	0	0	0	56,200	0	0	0	63,000	-	-	-	-	-	-	-	-	-	-	-
Short Term Debt	224,036	278,958	288,748	515,342	803,518	810,779	662,778	0	0	0	0	81,588	81,588	0	0	0	229,316	684,842	793,290	615,315	670,961	732,690	839,126	776,626	834,387	788,613	703,949	708,788	694,197	622,339	557,034	541,847	568,544	566,510	552,557	427,224	411,994	561,617	580,776	483,797	523,264	524,014	423,385	366,760	367,089	468,114	373,577	115,969	489,374	489,374	508,768	508,768	447,844	226,400	0	0	0	0	194,790	0	194,783	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	81,588	0	0	0	0	0	0	0	0	0	0	0	0	0	82,500	0	0	7,400	36,200	25,100	26,800	72,800	65,800	84,100	54,200	91,000	41,600	37,600	35,000	66,200	52,900	36,900	39,200	42,500	52,400	60,800	46,900	44,600	51,100	33,900	37,100	0	0	0	49,100	0	0	0	56,200	0	0	0	63,000	-	-	-	-	-	-	-	-	-	-	-
Short Term Investments	1,627,112	1,500,136	1,651,362	1,794,208	1,976,661	1,983,972	2,296,351	2,164,197	2,344,551	2,374,578	2,426,900	2,405,568	1,919,119	1,824,160	1,890,593	1,815,775	1,790,025	1,646,399	1,399,959	1,247,632	1,142,195	1,149,162	1,096,837	1,003,799	999,947	890,721	742,759	730,788	696,862	675,813	658,829	636,785	658,400	597,839	575,415	538,055	549,543	567,996	615,184	605,507	536,201	606,341	584,593	532,867	513,343	551,619	547,551	547,308	518,491	518,491	496,608	496,608	591,212	575,546	72,679	0	0	0	413,607	-52,828	610,731	426,589	105,060	0	0	0	24,931	0	0	0	11,284	0	0	0	8,748	0	0	0	9,343	0	0	0	40,556	0	0	0	34,968	0	0	0	38,156	0	0	0	15,783	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	18,405,887	17,996,648	17,968,412	18,178,908	17,938,306	17,718,985	17,780,492	15,465,258	15,453,149	15,060,725	14,923,097	14,629,066	14,067,210	13,737,350	13,819,378	12,693,518	12,457,254	12,325,061	10,737,857	10,210,925	9,884,716	9,787,282	9,734,715	9,472,796	9,367,478	9,049,403	7,805,029	7,326,193	7,211,611	7,022,352	6,906,418	6,798,539	6,761,003	6,189,797	6,140,308	5,877,521	5,824,127	5,591,383	5,615,120	5,452,936	5,437,262	4,325,911	4,338,264	4,252,830	4,304,821	4,250,168	4,232,423	4,236,366	4,173,076	4,118,509	4,180,320	4,094,218	4,094,218	4,117,175	4,170,848	4,180,320	4,183,248	4,375,866	4,480,952	4,476,484	4,717,045	4,886,897	4,784,155	3,864,074	3,822,460	3,767,158	3,782,087	3,754,300	3,669,515	3,554,814	3,554,870	3,472,039	3,408,263	3,269,935	3,237,079	3,238,438	3,201,298	3,187,586	3,191,668	3,181,362	3,128,290	3,025,141	3,076,812	3,011,720	3,056,961	2,999,022	2,678,687	2,629,486	2,663,984	1,787,035	1,787,035	1,761,671	1,636,270	1,621,063	1,621,063	1,600,938	1,610,413	1,446,178	1,474,000	1,428,800	1,407,800	1,176,800	1,177,200	1,113,900	1,077,500	1,017,800	1,020,100	1,007,700	1,010,400	987,800	968,000	886,700	704,200	681,300	707,900	686,300	697,200	639,700	644,600	624,100	644,300	630,500	626,100	620,800	645,800	610,200	616,900	600,500	611,900	593,800	596,600	591,700	540,100	539,500	541,100	517,100	527,900	520,100	522,800	501,300	-	-	-	-	-	-	-	-	-	-
Total Current Assets	751,107	563,823	418,239	564,028	333,725	2,175,109	2,714,340	2,763,817	3,043,038	2,966,365	3,087,532	3,040,937	2,558,268	2,315,720	2,557,436	2,123,939	2,134,390	2,124,806	1,702,908	1,475,113	1,360,886	1,398,787	1,307,804	1,194,276	1,229,536	1,146,521	961,543	880,909	875,753	833,250	865,572	823,273	817,888	732,289	728,634	730,936	736,769	687,067	778,503	774,884	720,921	735,543	730,909	662,225	672,203	109,870	126,759	112,011	143,886	60,166	189,447	50,874	83,740	123,709	134,734	3,270,514	119,940	229,946	171,644	186,386	139,041	275,684	147,048	107,038	107,943	132,453	183,016	133,894	111,434	72,355	125,586	98,304	99,343	87,315	98,855	111,579	97,703	95,247	79,476	103,165	107,799	86,101	102,093	108,547	114,495	103,748	108,552	102,067	125,698	84,638	1,727,174	62,824	75,040	66,581	1,576,140	58,077	60,682	48,743	71,900	50,900	47,800	44,200	81,300	43,900	81,500	49,400	51,600	40,300	45,600	45,300	43,900	51,900	52,500	40,500	75,300	53,300	72,600	35,400	52,000	28,900	39,900	33,900	32,600	32,600	61,300	40,800	61,100	34,900	48,900	36,100	55,800	45,500	31,100	26,900	50,400	49,900	54,600	39,700	69,500	38,900	-	-	-	-	-	-	-	-	-	-
Total Current Liabilities	10,394,376	16,473	13,595	11,979	7,530	4,971	2,978	3,589	2,762	3,736	2,929	4,020	3,287	5,038	5,587	7,746	6,754	7,855	6,740	7,313	5,607	5,920	4,807	5,376	4,390	4,956	3,477	3,875	3,110	3,733	3,051	3,910	3,092	3,710	3,211	3,685	3,201	3,819	2,489	3,192	1,771	1,155	1,150	1,348	1,841	1,591	2,168	2,094	2,925	3,626,954	4,011	3,575,204	3,601	3,117	4,262	3,490,000	4,911	4,812	5,711	5,722	7,351	8,278	8,844	6,529	6,658	7,621	8,325	9,170	10,417	10,834	9,326	10,236	6,927	6,412	5,874	5,643	5,068	5,296	4,411	5,706	4,216	4,542	4,680	5,200	5,494	5,694	87,607	6,813	7,248	5,488	0	6,593	6,304	6,335	0	6,062	5,388	5,114	4,600	4,100	86,900	3,600	3,600	11,300	39,900	25,100	26,800	72,800	65,800	84,100	54,200	91,000	41,600	37,600	35,000	68,100	54,600	38,400	40,500	43,700	53,600	62,000	48,100	45,900	52,500	35,400	38,600	0	1,800	0	49,100	0	0	0	56,200	0	0	0	63,000	-	-	-	-	-	-	-	-	-	-	-
Total Liab	16,158,174	15,904,004	15,822,847	16,056,460	15,903,536	15,812,319	15,802,851	13,657,625	13,540,578	13,192,635	13,051,297	12,823,210	12,191,565	11,903,694	12,010,283	10,915,558	10,670,817	10,576,049	9,236,221	8,755,077	8,476,456	8,425,856	8,394,387	8,159,723	8,064,015	7,766,283	6,769,913	6,396,723	6,309,954	6,121,487	6,018,868	5,931,276	5,910,494	5,422,813	5,390,353	5,137,863	5,097,300	4,906,830	4,944,524	4,800,825	4,802,339	3,812,442	3,798,971	3,714,272	3,752,585	3,703,313	3,696,747	3,708,425	3,658,609	3,605,964	3,717,855	3,625,740	3,625,740	3,654,653	3,716,440	3,717,855	3,725,719	3,886,925	4,017,167	4,000,584	4,243,667	4,378,792	4,388,252	3,511,981	3,475,068	3,418,317	3,442,151	3,421,559	3,342,135	3,226,166	3,227,545	3,149,748	3,095,259	2,953,197	2,923,683	2,920,048	2,887,940	2,876,988	2,877,065	2,867,700	2,824,022	2,715,994	2,772,847	2,710,519	2,755,951	2,709,398	2,417,558	2,369,613	2,412,554	1,607,907	1,607,907	1,584,086	1,477,005	1,465,000	1,465,000	1,448,068	1,463,200	1,321,390	1,347,700	1,272,000	1,252,400	1,044,200	1,045,700	984,100	951,300	893,700	898,100	888,000	65,800	84,100	54,200	91,000	41,600	37,600	35,000	68,100	54,600	38,400	40,500	43,700	53,600	62,000	48,100	45,900	52,500	35,400	38,600	537,800	1,800	533,900	49,100	534,200	487,000	487,500	56,200	466,500	477,700	470,900	63,000	454,000	-	-	-	-	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,247,713	2,092,644	2,145,565	2,122,448	2,034,770	1,906,666	1,977,641	1,807,633	1,912,571	1,868,090	1,871,800	1,805,856	1,875,645	1,833,656	1,809,095	1,777,960	1,786,437	1,749,012	1,501,636	1,455,848	1,408,260	1,361,426	1,340,328	1,313,073	1,303,463	1,283,120	1,035,116	929,470	901,657	900,865	887,550	867,263	850,509	766,984	749,955	739,658	726,827	684,553	670,596	652,111	634,923	513,469	539,293	538,558	552,236	546,855	535,676	527,941	514,467	512,545	462,465	468,478	468,478	462,522	454,408	462,465	457,529	488,941	463,785	475,900	473,378	508,105	395,903	352,093	347,392	348,841	339,936	332,741	327,380	328,648	327,325	322,291	313,004	316,738	313,396	318,390	313,358	310,598	314,603	313,662	304,268	309,147	303,965	301,201	301,010	289,624	261,129	259,873	251,430	179,128	179,128	177,585	159,265	156,063	156,063	152,870	147,213	124,788	126,300	156,800	155,400	132,600	131,500	129,800	126,200	124,100	122,000	119,700	116,900	113,800	112,700	100,600	82,500	81,300	80,500	78,200	76,600	73,700	71,000	71,300	69,900	69,500	68,800	68,800	67,300	65,600	63,900	62,700	61,300	59,900	58,500	57,500	53,100	52,000	51,300	50,600	50,200	49,200	48,200	47,300	-	-	-	-	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Begin Period Cash Flow	122,594	167,146	192,896	177,201	139,247	154,905	127,927	102,170	118,616	109,434	101,460	73,312	58,307	179,147	150,486	134,683	89,957	70,417	69,960	109,527	119,038	103,028	67,463	84,293	80,800	42,200	35,000	77,900	46,400	26,600	53,700	47,300	41,300	58,900	33,000
Capital Expenditures	0	17,894	64,271	-8,580	312,436	9,121	432,064	9,974	325,370	146,034	53,892	108,628	13,612	-3,354	-3,837	15,196	2,052	2,976	1,163	-1,385	994	4,854	2,438	4,409	3,700	4,400	2,200	2,100	2,100	1,200	2,600	1,400	1,100	500	700
Cash And Cash Equivalents Changes	0	-44,552	-25,750	15,695	37,954	-15,658	26,978	25,757	-16,446	9,182	7,974	28,148	15,005	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	-11,531	-24,084	-27,812	-10,643	-9,492	-8,581	-5,918	0	0	110,032	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	-9,945	-44,552	-25,750	15,695	37,954	-15,658	26,978	25,757	-16,446	9,182	7,974	28,148	15,005	-120,840	28,661	15,803	44,726	19,540	457	-39,567	-9,511	16,010	35,565	-16,830	3,500	140,400	37,000	13,900	50,000	11,400	300	12,900	900	12,300	26,200
Change In Working Capital	19,336	-22,202	-8,637	-13,554	-8,087	-6,554	-10,713	-1,761	-2,995	787	109,133	433	-386	695	-61,812	3,300	1,620	-1,706	-909	-747	-327	-555	787	654	293,900	-200	-100	400	1,000	100	-100	700	12,500	-12,300	100
Change Receivables	0	-20,695	-3,239	-5,047	-4,659	-3,751	-6,838	-1,779	-2,833	-545	-535	1,884	951	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	-12,594	-20,695	-3,239	-5,047	-4,659	-3,751	-6,838	-1,779	-2,833	-545	-535	1,884	951	2,144	3,158	2,858	943	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	23,785	0	0	0	0	0	9,843	12,883	0	0	17,158	0	3,605	0	0	1,659	1,678	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	3,703	-525	-3,467	1,090	3,524	31	18	-162	1,332	-364	-1,451	-1,337	0	0	0	0	3,452	1,463	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	-199,725	18,998	81,528	18,776	15,284	37,853	26,327	-11,991	8,884	24,798	20,242	55,460	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	-1,507	-5,398	-8,507	-3,428	-2,803	-3,875	-3,612	-3,089	1,332	0	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	11,711	11,815	10,701	11,009	9,383	8,842	7,967	7,161	6,262	6,007	4,670	4,472	5,158	5,702	5,962	4,613	4,331	5,382	5,070	5,064	4,769	7,290	4,674	4,166	3,100	2,200	1,900	1,900	1,900	2,400	1,800	800	600	600	500
Dividends Paid	-81,936	74,154	61,230	56,542	51,276	41,660	31,820	22,203	15,654	10,694	7,992	7,442	4,729	5,920	14,254	16,775	16,854	16,951	16,981	17,048	16,557	13,995	11,127	10,331	9,800	7,800	6,900	5,400	3,900	3,600	3,200	2,900	2,600	2,200	2,000
End Period Cash Flow	112,649	122,594	167,146	192,896	177,201	139,247	154,905	127,927	102,170	118,616	109,434	101,460	73,312	58,307	179,147	150,486	134,683	89,957	70,417	69,960	109,527	119,038	103,028	67,463	84,300	182,600	72,000	91,800	96,400	38,000	54,000	60,200	42,200	71,200	59,200
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
Free Cash Flow	260,194	268,045	143,111	204,811	-134,029	180,235	-305,562	106,860	-268,710	-70,194	237,023	-38,359	85,484	81,051	17,610	39,013	49,614	36,277	46,494	39,951	65,669	12,841	28,774	25,376	22,000	11,800	14,300	14,700	9,700	11,300	8,700	9,300	8,400	7,300	6,900
Investments	-275,587	-595,844	-1,464,305	-1,552,003	-1,010,917	-575,576	-704,058	-457,329	-360,186	-136,037	-158,732	-19,590	-25,062	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	2,123	2,056	1,880	1,726	1,531	1,211	0	0	0	0	0	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	485,500	-50,662	-47,791	-43,871	-162,334	64,023	125,346	120,847	-111,273	131,699	-132,878	54,026	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	223,786	222,089	205,531	148,600	164,460	159,139	96,070	81,051	65,384	60,162	44,530	45,122	25,252	6,909	-40,763	20,638	31,639	30,198	30,239	29,411	27,571	27,836	22,209	19,940	19,100	15,400	14,400	13,100	9,900	9,200	8,500	7,800	6,800	6,000	5,700
Other Cashflows From Financing Activities	438,708	1,538,831	1,417,312	2,096,165	1,579,581	2,099,894	1,592,084	1,376,539	654,731	860,134	225,784	224,473	214,290	-241,174	60,372	1,192,689	540,558	548,141	159,791	226,119	56,594	144,872	38,623	177,137	394,900	148,200	43,900	19,300	53,900	15,000	3,500	15,800	3,500	14,500	28,200
Other Cashflows From Investing Activities	0	70,079	-8,366	-22	4,503	2,877	68,716	5,484	5,295	-4,162	20,570	31,476	-3,101	18,293	37,470	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-6,396	42,626	-11,958	63,891	3,571	11,692	14,828	9,198	-18,705	-16,344	9,086	2,860	45,889	67,805	122,787	10,462	12,024	2,403	12,094	6,223	33,656	-15,627	2,726	5,897	4,600	-1,200	300	1,100	-1,400	900	2,000	1,200	2,500	1,700	1,400
Sale Purchase Of Stock	0	3,120	-25,444	-56,892	-20,721	-1,902	-1,283	-1,980	-1,640	-1,067	-91,274	-235	-126	-76	-193	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	5,158	4,652	4,762	4,600	4,115	3,592	2,827	2,600	2,270	2,177	1,773	1,492	1,315	1,750	2,294	0	0	0	0	0	0	-746	200	-105	0	0	0	-100	100	0	-400	800	0	0	0
Total Cash From Financing Activities	75,647	133,844	1,236,314	1,362,909	865,946	379,683	535,806	370,742	267,285	59,333	-36,995	-54,007	-42,316	-311,744	-247,438	127,753	192,688	281,263	19,153	84,308	28,585	98,830	-23,117	-14,704	97,000	140,400	37,000	13,900	50,000	11,400	300	12,900	900	12,300	26,200
Total Cash From Operating Activities	260,194	268,045	207,382	204,811	178,407	180,235	126,502	106,860	56,660	75,840	183,131	70,269	85,484	81,051	17,610	39,013	49,614	36,277	46,494	39,951	65,669	17,695	31,212	29,785	25,700	16,200	16,500	16,800	11,800	12,500	11,300	10,700	9,500	7,800	7,600
Total Cashflows From Investing Activities	0	-446,441	-1,469,446	-1,552,025	-1,006,399	-575,576	-635,330	-451,845	-340,391	-125,991	-138,162	11,886	-28,163	109,853	258,489	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	2011-11-09	2011-09-30	2011-08-09	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	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31	1990-12-31	1990-09-30	1990-06-30	1990-03-31	1989-12-31
Begin Period Cash Flow	125,173	108,975	125,818	122,594	119,532	212,559	148,277	167,146	169,261	167,596	187,901	192,896	164,632	229,759	127,731	177,201	202,383	128,185	115,878	139,247	142,501	133,893	128,828	154,905	146,607	142,650	104,247	127,927	99,602	120,471	85,738	102,170	84,677	105,928	89,243	118,616	74,237	115,891	112,920	109,434	92,341	69,404	51,592	101,460	57,027	68,493	60,991	73,312	60,166	60,166	64,324	50,874	50,375	58,307	61,128	64,324	59,723	179,147	119,715	73,668	185,888	150,486	77,664	80,996	89,961	134,683	85,645	80,921	43,629	89,957	65,641	71,275	59,176	70,417	81,310	71,498	89,979	69,960	96,067	72,432	60,366	109,527	87,619	103,276	136,714	119,038	81,973	137,007	65,253	64,674	64,674	94,378	23,594	44,223	44,223	52,729	39,218	84,293	39,400	68,400	24,500	71,200	30,200	57,600	34,400	42,200	0	19,600	50,900	35,000	18,400	20,900	39,000	68,900	0	54,700	35,800	46,300	0	12,900	29,400	26,600	0	34,100	44,100	53,700	0	17,200	42,200	47,300	1,600	0	37,700	41,300	0	7,400	53,900	58,900	0
Capital Expenditures	0	0	-1,547	85	7,243	-1,451	137,780	228	841	992	-6,214	303	303	-14	-2,102	303	489	744	539	288	7,052	323	926	820	1,538	78,791	3,475	1,228	1,869	3,472	2,549	2,084	50,099	3,850	1,645	2,799	2,381	5,631	3,554	2,675	6,772	844	2,194	2,536	133	52,273	1,454	38,847	3,696	-3,555	4,567	3,569	833	6,182	-324	-663	-994	-1,373	-2,678	-210	-256	-693	15,239	170	-294	81	190	129	864	869	1,882	-611	2,093	-388	944	1,233	-285	-729	84	-267	-535	-667	164	162	452	216	675	1,075	1,582	1,182	1,182	550	382	912	912	731	1,187	1,579	700	700	1,600	700	200	1,300	2,000	900	900	300	600	400	700	800	400	200	500	700	300	600	700	200	200	100	500	1,200	600	300	500	400	200	300	300	500	100	200	300	0	100	100	200
Cash And Cash Equivalents Changes	0	0	-16,843	3,224	3,062	-93,027	64,282	-18,869	-2,115	1,665	-20,305	-4,995	28,264	-65,127	102,028	-49,470	-25,182	74,198	12,307	-23,369	-3,254	8,608	5,065	-26,077	8,298	3,957	38,403	-23,680	28,325	-20,869	34,733	-16,432	17,493	-21,251	16,685	-29,373	44,379	-41,654	2,971	3,486	17,093	22,937	17,812	-49,868	44,433	-11,466	7,502	-12,321	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-1,549	722	-715	-6,959	-1,369	-2,488	-3,630	-6,048	-9,171	-5,235	-7,005	-6,873	-6,391	-7,543	-3,086	-2,310	-3,211	-2,036	-1,487	-5,334	-1,234	-1,437	-1,829	-2,378	-3,418	-956	-1,580	-4,338	0	0	0	0	0	0	0	0	0	0	110,032	0	0	0	0	0	0	-9,124	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-12,524	16,198	-16,843	3,224	3,062	-93,027	64,282	-18,869	-2,115	1,665	-20,305	-4,995	28,264	-65,127	102,028	-49,470	-25,182	74,198	12,307	-23,369	-3,254	8,608	5,065	-26,077	8,298	3,957	38,403	-23,680	28,325	-20,869	34,733	-16,432	17,493	-21,251	16,685	-29,373	44,379	-41,654	2,971	3,486	17,093	22,937	17,812	-49,868	44,433	-11,466	7,502	-12,321	13,146	0	-3,196	0	499	-7,932	-2,821	-3,196	4,601	-119,424	59,432	46,047	-112,220	35,402	72,822	-3,332	-8,965	-44,722	49,038	4,724	37,292	-46,328	24,316	-5,634	12,099	-11,241	-10,893	9,812	-18,481	20,019	-26,107	23,635	12,066	-49,161	21,908	-15,657	-33,438	17,676	37,065	-55,034	71,754	38,354	38,354	-29,704	70,784	23,240	23,240	-8,506	13,511	-45,075	44,900	-29,000	43,900	-5,200	60,400	30,200	57,600	-7,800	8,800	-7,300	19,600	15,900	4,500	18,400	20,900	-29,900	18,400	-12,600	54,700	-10,500	19,000	-23,300	12,900	2,800	3,300	-27,500	34,100	-9,600	14,700	-13,900	17,200	-5,100	3,700	1,600	-800	-3,600	22,700	-12,800	7,400	-5,000	20,000
Change In Working Capital	23,950	-227	-3,969	2,717	-12,285	-2,260	-8,414	757	-6,363	703	-1,807	-1,170	-3,986	2,352	-12,964	1,044	-5,537	2,502	-5,719	667	-3,737	151	-4,783	1,815	-6,463	-1,908	-4,127	1,785	-3,165	381	-1,374	2,397	-1,703	-1,669	-534	911	-478	216	-1,043	2,092	109,623	-980	-38	528	1,402	-1,590	298	323	786	-3,752,224	-11,756	-3,604,469	1,066	-54	1,887	-11,756	2,883	7,681	-6,648	-27,524	-30,267	2,627	1,590	-846	829	1,727	2,300	-7,072	-201	6,593	-3,325	844	-418	1,193	102	-2,036	-572	1,597	-1,019	-1,161	-208	1,641	-221	-841	-3	738	482	-1,356	-482	427	25,482	-1,007	-49	491	20,230	74	168	-79	45,100	-800	-300	200	-100	-400	-500	800	12,400	-2,600	22,500	500	79,800	179,300	22,700	400	21,400	-11,200	57,500	400	300	200	-1,000	600	200	-100	-600	400	400	0	0	500	0	-200	-100	-200	0	500	-1,500	700	-600
Change Receivables	0	0	-4,269	-445	-13,465	-2,877	-5,459	1,106	-4,108	1,094	489	-714	-956	4,071	-9,574	1,412	-2,978	2,588	-4,219	-50	-2,350	-1	-3,307	1,907	-4,764	-1,324	-1,770	1,020	-2,542	-301	-515	1,579	-1,061	-2,168	-31	427	238	-1,114	-340	671	-731	-985	160	1,021	1,152	-1,013	224	1,521	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-7,653	-227	-4,269	-445	-13,465	-2,877	-5,459	1,106	-4,108	1,094	489	-714	-956	4,071	-9,574	1,412	-2,978	2,588	-4,219	-50	-2,350	-1	-3,307	1,907	-4,764	-1,324	-1,770	1,020	-2,542	-301	-515	1,579	-1,061	-2,168	-31	427	238	-1,114	-340	671	-731	-985	160	1,021	1,884	732	1,745	1,521	951	0	-769	0	-640	1,091	2,144	-1,416	638	1,286	3,158	1,617	3,198	3,193	2,858	1,833	3,722	2,190	943	0	2,730	2,404	0	0	151	655	0	0	368	712	0	0	0	1,779	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	28,588	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7,985	7,643	4,086	9,843	10,716	8,739	2,623	12,883	12,750	0	6,266	0	5,292	0	843	0	0	0	0	17,158	16,988	7,769	0	0	0	2,586	0	3,605	0	9,212	0	16,623	19,358	0	0	436	4,390	0	0	0	0	1,659	1,673	501	241	1,678	1,085	2,571	2,681	0	1,513	0	0	0	0	2,011	283	0	328	1,897	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Liabilities	0	0	1,616	4,449	2,559	1,993	-1,676	827	-974	807	1,900	733	-1,751	-549	-2,159	992	-1,101	1,058	-573	1,706	-226	1,113	-569	986	-566	474	-642	765	-623	682	-859	818	-642	499	-503	484	-716	1,330	-703	1,421	322	5	-198	-493	250	-577	74	-1,198	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,091	1,508	3,452	4,362	1,053	538	1,463	1,232	657	885	0	1,026	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Netincome	0	0	-23,621	6,088	-201,180	-9,368	11,301	-478	4,220	15,142	-16,039	5,809	21,366	-5,119	25,586	39,695	-1,433	13,070	-4,156	11,295	4,118	15,321	14,005	-9,351	27,644	-1,289	2,022	9,476	4,649	29,435	-10,628	2,871	-11,419	662	-315	-919	7,143	5,928	6,434	-10,621	-4,938	11,269	20,088	-1,621	10,328	-1,112	7,229	3,797	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	300	3,162	1,180	617	-2,955	-349	-2,255	-391	-2,296	-456	-3,030	-1,719	-3,390	-368	-2,559	-86	-1,500	717	-1,387	152	-1,476	-92	-3,875	-584	-2,357	0	-3,612	0	0	0	-3,089	0	0	0	1,332	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,045	2,867	2,835	2,964	3,013	3,079	3,055	2,668	2,614	2,645	2,694	2,748	2,795	2,779	2,761	2,674	2,646	2,358	2,170	2,209	2,212	2,221	2,196	2,213	2,271	2,027	1,839	1,830	1,798	1,759	1,769	1,835	1,555	1,584	1,589	1,534	1,502	1,505	1,507	1,493	738	1,770	1,093	1,069	1,040	1,084	1,199	1,149	1,160	0	1,400	0	1,255	1,316	1,413	1,400	1,442	1,447	1,579	1,465	1,454	1,464	1,111	1,244	1,132	1,126	1,091	883	1,207	1,150	-1,113	1,198	3,974	1,323	1,241	1,366	187	2,276	1,254	1,261	1,261	1,288	1,274	1,241	1,170	1,084	2,062	2,083	2,306	1,371	1,371	1,352	823	1,214	1,214	1,314	814	824	600	900	1,000	600	700	500	500	500	600	300	400	600	500	600	500	300	500	300	500	600	700	1,100	300	300	500	900	200	200	200	200	200	200	-100	300	200	200	100	200	100	200	100
Dividends Paid	-20,817	20,803	20,761	19,555	19,528	19,521	19,498	15,607	15,622	15,708	15,770	14,130	14,107	14,099	14,071	14,265	14,483	12,946	12,914	10,933	10,928	10,924	10,896	8,912	8,911	8,908	7,810	6,191	6,180	5,759	5,755	4,509	4,206	4,202	4,197	3,049	3,044	2,915	2,915	1,820	2,058	1,891	2,311	1,732	2,007	2,005	2,006	1,424	1,424	0	1,564	0	1,130	1,128	694	1,564	1,997	1,665	3,154	3,159	3,020	4,921	4,214	4,203	4,192	4,166	4,170	4,201	4,248	4,235	4,250	4,226	4,224	4,251	4,233	4,254	4,230	4,264	4,271	4,267	4,250	4,260	3,953	4,421	4,159	4,024	3,752	3,749	3,555	2,894	2,894	2,939	2,629	2,687	2,687	2,681	2,571	2,392	2,700	2,600	2,500	2,000	2,000	2,100	1,800	1,900	1,900	1,800	1,600	1,600	1,800	1,600	1,000	1,000	1,000	1,000	1,000	900	300	1,600	900	800	800	900	700	800	800	700	700	700	700	700	600	600	500	600	600	500	600
End Period Cash Flow	112,649	125,173	108,975	125,818	122,594	119,532	212,559	148,277	167,146	169,261	167,596	187,901	192,896	164,632	229,759	127,731	177,201	202,383	128,185	115,878	139,247	142,501	133,893	128,828	154,905	146,607	142,650	104,247	127,927	99,602	120,471	85,738	102,170	84,677	105,928	89,243	118,616	74,237	115,891	112,920	109,434	92,341	69,404	51,592	101,460	57,027	68,493	60,991	73,312	60,166	61,128	50,874	50,874	50,375	58,307	61,128	64,324	59,723	179,147	119,715	73,668	185,888	150,486	77,664	80,996	89,961	134,683	85,645	80,921	43,629	89,957	65,641	71,275	59,176	70,417	81,310	71,498	89,979	69,960	96,067	72,432	60,366	109,527	87,619	103,276	136,714	119,038	81,973	137,007	103,028	103,028	64,674	94,378	67,463	67,463	44,223	52,729	39,218	84,300	39,400	68,400	66,000	60,400	30,200	57,600	34,400	8,800	-7,300	19,600	50,900	4,500	18,400	20,900	39,000	18,400	-12,600	54,700	35,800	19,000	-23,300	12,900	29,400	3,300	-27,500	34,100	44,100	14,700	-13,900	17,200	42,200	3,700	1,600	-800	37,700	22,700	-12,800	7,400	53,900	20,000
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	71,483	58,967	35,874	77,857	123,361	49,620	-92,937	50,221	45,855	66,410	42,307	52,810	59,584	30,519	43,215	71,493	41,878	53,521	31,067	51,941	44,080	54,433	50,725	30,997	47,139	100,659	22,167	35,328	23,995	48,296	9,773	24,796	-47,489	17,644	18,708	17,698	23,427	23,771	22,058	6,584	116,870	22,462	31,958	11,841	23,080	-42,655	27,055	49,363	18,338	70,701	14,208	53,885	12,616	44,838	20,633	14,208	15,350	30,860	16,626	-4,277	10,047	-4,786	-5,290	30,851	-3,002	16,454	11,317	11,787	7,617	18,893	20,065	-7,164	9,715	13,661	12,821	8,597	9,575	15,501	6,569	11,674	11,453	10,255	22,031	16,504	1,171	25,963	431	-2,413	8,084	9,010	9,010	8,204	4,753	8,577	8,577	8,818	1,703	6,278	6,600	4,800	4,500	6,100	3,500	1,800	1,300	5,200	2,900	4,000	1,500	5,900	4,000	4,800	1,000	4,900	2,000	2,600	1,300	3,800	2,900	3,200	1,800	3,400	3,300	1,000	1,400	3,000	2,400	2,700	1,800	2,400	2,700	1,800	2,200	1,700	1,700	2,800	0	2,800	1,300
Investments	-257,650	-85,445	213,203	-216,226	-185,032	-146,135	-76,092	-188,585	-409,494	-212,399	-426,350	-611,713	-379,448	62,666	-1,049,491	-185,730	-173,555	-82,813	-454,387	-300,162	34,086	-58,305	-277,330	-150,424	-326,659	-71,676	-156,964	-148,759	-176,155	-166,667	-83,390	-31,117	-57,972	-79,236	-155,446	-67,532	80,298	-39,202	-162,378	-14,755	-79,083	13,694	-91,369	-1,974	-25,137	-33,712	-3,868	43,127	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	577	539	550	514	520	528	537	471	475	474	488	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	-126,699	-159,969	139,393	137,920	245,103	-36,916	-2,046	36,651	-63,852	-21,415	-100,662	-81,590	27,111	107,350	47,861	-214,053	177,971	-55,650	-61,733	-106,440	62,496	-56,657	35,580	18,869	-4,659	14,233	71,761	64,754	15,092	-26,261	-22,853	15,149	113,386	15,165	-149,559	-19,159	97,277	-39,832	-25,538	100,558	56,625	54	-101,017	94,195	-24,114	-101,942	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	42,479	56,366	60,862	64,079	70,760	63,752	38,991	48,586	47,733	52,770	55,559	49,469	45,135	36,210	32,992	34,263	47,830	36,757	41,056	38,817	41,713	41,113	39,634	36,679	24,383	24,358	24,136	23,193	22,293	21,059	20,006	17,693	14,177	17,067	17,968	16,172	15,260	16,122	15,160	13,620	11,447	10,403	10,815	11,865	10,310	11,236	9,205	14,371	7,561	17,691	1,635	10,949	5,488	5,461	4,031	1,635	-343	1,586	-10,221	-4,930	-29,729	4,117	221	5,749	6,542	8,126	9,310	8,350	6,208	7,771	7,659	7,739	7,291	7,509	7,531	8,220	7,921	6,567	7,468	7,653	7,355	6,935	5,819	7,349	8,745	5,658	6,596	7,827	7,934	5,509	5,509	6,020	5,574	4,842	4,842	5,275	5,003	4,820	4,900	4,900	5,400	3,900	3,900	3,900	3,800	3,800	3,700	3,600	3,700	3,400	4,100	3,800	2,600	2,600	2,600	2,400	2,500	2,400	2,400	2,200	2,400	2,200	2,100	2,000	2,300	2,100	2,000	1,800	2,000	2,000	1,700	1,700	1,700	1,700	1,400	1,500	1,600	1,500	1,500
Other Cashflows From Financing Activities	174,877	73,626	138,208	808,465	853,187	252,232	259,940	173,472	384,108	182,173	252,356	599,606	465,728	36,957	1,382,885	210,595	138,771	342,598	509,733	588,479	186,197	679,708	340,843	893,146	455,253	228,953	347,580	560,298	574,494	405,361	266,177	130,507	170,122	239,700	177,546	67,363	393,950	65,637	198,400	202,147	99,912	62,078	79,213	-15,419	152,294	12,292	30,139	29,950	-989	0	-4,464	0	169	292	14,755	-4,464	-136,821	-114,644	-6,407	-29,899	-65,319	162,139	375,188	528,257	257,926	31,318	207,278	176,073	141,104	16,103	94,187	185,841	167,966	100,147	6,801	32,096	12,965	41,544	130,970	43,403	107,849	-48,310	70,477	-44,870	56,223	-21,133	45,372	-44,300	168,501	24,433	6,623	-44,911	75,872	13,426	7,201	-15,529	27,802	-6,522	43,200	20,400	46,400	-3,200	62,400	32,300	59,400	-5,900	10,700	-5,500	21,200	17,500	6,300	20,000	21,900	-28,900	19,400	-11,600	55,700	-9,600	19,300	-21,700	13,800	3,600	4,100	-26,600	34,800	-8,800	15,500	-13,200	17,900	-4,400	4,400	2,300	-200	-3,000	23,200	-12,200	8,000	-4,500	20,600
Other Cashflows From Investing Activities	0	0	2,841	-1,148	-83,104	20,402	134,647	-1,866	-3,919	1,616	-1,690	-1,475	6,879	-2,480	-1,052	-3,369	-2,012	8,746	-1,565	-666	-1,904	-50	3,008	4,655	-840	11,518	55,519	2,519	1,179	1,343	2,104	858	-7,414	3,650	7,571	1,488	-23,389	15,080	2,038	2,109	20,565	-1,147	698	454	-2,283	14,338	957	18,464	9,892	7,984	0	0	8,278	498	18,293	12,821	7,562	5,469	37,470	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Non Cash Items	-1,999	-266	-27,055	10,295	54,262	-21,528	11,117	-1,225	-6,962	8,599	-17,247	3,652	7,328	-13,451	30,060	39,954	-10,351	11,541	-6,146	8,527	3,072	9,348	10,814	-11,542	14,024	-3,277	-847	4,928	630	23,131	-13,517	-1,046	2,836	-12,175	-2,126	-7,240	-442	-1,318	2,320	-16,904	-6,718	6,230	17,143	-7,569	5,286	-5,314	13,223	-10,335	311	0	22,493	0	2,392	12,858	16,199	22,493	10,920	19,661	31,307	26,119	68,041	-24,211	-8,212	24,704	-11,505	5,475	-1,384	9,626	403	3,379	16,844	-16,945	-1,132	3,636	3,947	1,047	2,039	5,061	-1,134	3,921	3,045	391	15,159	8,755	-8,741	18,483	-8,034	-9,892	-92	2,885	2,166	2,389	-1,213	2,942	3,889	2,886	-3,095	2,292	1,800	500	800	2,100	-800	-900	-500	1,000	-500	400	-2,000	1,800	100	1,200	-1,700	1,800	-600	600	-1,400	1,000	200	-100	300	400	1,000	-600	100	600	300	1,100	-200	-200	1,400	500	500	200	500	600	-100	500	500
Sale Purchase Of Stock	8,380	-539	831	1,723	728	731	1,153	508	-4,637	-20,807	-488	-443	-83	-889	-8	-55,912	-5	-19,041	-17	-1,658	-13	-78	-26	-1,785	-26	-320,801	-3	-1,254	-1,139	-1	-29	-811	-5	-403	-75	-1,157	-8	-7	-9	-1,043	-34,050	-34,049	-5	-23,170	-202	-5	-6	-224	1	0	-9	0	-2	-122	1	-9	1	-69	-2	-1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,366	1,360	1,235	1,197	1,222	1,186	1,144	1,100	1,147	1,217	1,208	1,190	1,032	1,135	1,213	1,220	1,228	1,062	844	981	1,046	893	778	875	943	823	488	573	717	648	642	593	583	557	613	517	566	552	554	505	488	475	436	374	391	415	360	326	306	0	436	0	350	368	381	436	448	485	609	593	548	544	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	158,991	42,676	-268,761	142,741	68,513	-16,914	-39,116	121,361	362,218	146,038	172,675	555,383	341,249	-155,832	1,109,356	68,136	108,507	94,729	437,192	225,518	49,796	12,530	228,662	88,695	288,658	42,235	117,681	87,232	179,306	96,159	106,246	-10,969	65,769	36,691	145,852	18,973	-50,165	-41,303	141,253	9,548	-41,259	-12,072	76,525	-60,189	48,773	-1,710	-16,642	-84,428	49,348	-91,664	-13,768	-99,551	-9,879	-89,672	4,265	-13,768	-166,694	-135,547	-9,596	-206,237	-87,984	56,379	57,569	41,327	58,811	-29,954	25,862	63,339	117,527	-14,040	73,904	47,915	138,932	20,512	-5,006	27,842	8,735	-12,418	6,577	39,136	103,599	-65,004	57,263	-49,291	52,064	-31,451	41,620	-48,049	164,946	21,539	21,539	-47,850	73,243	10,739	10,739	-18,210	25,231	-32,464	40,500	17,800	43,900	-5,200	60,400	30,200	57,600	-7,800	8,800	-7,300	19,600	15,900	4,500	18,400	20,900	-29,900	18,400	-12,600	54,700	-10,500	19,000	-23,300	12,900	2,800	3,300	-27,500	34,100	-9,600	14,700	-13,900	17,200	-5,100	3,700	1,600	-800	-3,600	22,700	-12,800	7,400	-5,000	20,000
Total Cash From Operating Activities	71,483	58,967	35,874	77,857	123,361	49,620	44,843	50,221	45,855	66,410	42,307	52,810	59,584	30,519	43,215	71,493	41,878	53,521	31,067	51,941	44,080	54,433	50,725	30,997	47,139	21,868	22,167	35,328	23,995	48,296	9,773	24,796	2,610	17,644	18,708	17,698	23,427	23,771	22,058	6,584	116,870	22,462	31,958	11,841	23,080	9,618	27,055	10,516	18,338	67,146	14,208	57,454	12,616	44,838	20,633	14,208	15,350	30,860	16,626	-4,277	10,047	-4,786	-5,290	30,851	-3,002	16,454	11,317	11,787	7,617	18,893	20,065	-7,164	9,715	13,661	12,821	8,597	9,575	15,501	6,569	11,674	11,453	10,255	22,031	16,504	1,171	25,963	1,106	-1,338	9,666	10,192	10,192	8,754	5,135	9,489	9,489	9,549	2,890	7,857	7,300	5,500	6,100	6,800	3,700	3,100	3,300	6,100	3,800	4,300	2,100	6,300	4,700	5,600	1,400	5,100	2,500	3,300	1,600	4,400	3,600	3,400	2,000	3,500	3,800	2,200	2,000	3,300	2,900	3,100	2,000	2,700	3,000	2,300	2,300	1,900	2,000	2,800	100	2,900	1,500
Total Cashflows From Investing Activities	0	0	216,044	-217,374	-188,812	-125,733	58,555	-190,451	-410,188	-210,783	-235,287	-613,188	-372,569	60,186	-1,050,543	-189,099	-175,567	-74,052	-455,952	-300,828	-97,130	-58,355	-274,322	-145,769	-327,499	-60,146	-101,445	-146,240	-174,976	-165,324	-81,286	-30,259	-50,886	-75,586	-147,875	-66,044	71,117	-24,122	-160,340	-12,646	-58,518	12,547	-90,671	-1,520	-27,420	-19,374	-2,911	61,591	-28,163	26,377	26,377	34,664	34,664	36,902	109,853	137,572	141,208	0	258,489	206,087	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16,936	0	0	0	5,588	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31	1988-12-31	1987-12-31
Cost Of Revenue	0	0	0	0	0	76,314	46,755	32,496	1,250	24,402	23,217	42,147	60,520	102,492	199,269	118,327	126,120	104,769	74,434	57,290	61,865	60,933	59,650	63,171	0	0	0	0	0	0	0	0	0	0	0	-	-
Depreciation And Amortization	11,711	8,275	5,747	5,987	5,994	6,719	5,647	3,910	2,835	2,445	1,649	1,927	5,158	5,702	5,962	4,613	4,331	5,382	5,070	5,064	4,769	7,290	4,674	4,166	3,100	2,200	1,900	1,900	1,900	2,400	1,800	800	600	600	500	-	-
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	-	-
Ebit	-2,968	340,477	240,790	169,975	193,785	259,348	173,526	138,750	119,270	106,956	78,797	87,147	71,797	59,328	7,906	118,810	160,595	140,904	109,615	94,181	90,676	95,576	90,207	90,454	76,100	61,600	57,700	52,500	37,400	30,200	29,600	32,500	36,600	37,200	35,400	4,400	3,900
Ebitda	8,743	348,752	246,537	175,962	199,779	266,067	179,173	142,660	122,105	109,401	80,446	89,074	76,955	65,030	13,868	123,423	164,926	146,286	114,685	99,245	95,445	102,866	94,881	94,620	79,200	63,800	59,600	54,400	39,300	32,600	31,400	33,300	37,200	37,800	35,900	4,400	3,900
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	-	-
Extraordinary Items	0	0	0	0	0	0	-5,120	0	0	0	0	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	996,170	628,144	520,003	492,053	443,348	415,316	348,293	291,676	259,420	252,704	209,074	216,638	192,875	193,657	211,276	165,751	153,671	144,708	145,846	139,943	139,044	120,000	82,904	72,616	68,200	53,400	49,000	45,400	34,800	33,300	32,100	30,800	27,200	23,800	22,800	-	-
Income Before Tax	259,232	255,674	240,790	169,975	193,785	188,138	133,594	108,660	91,049	81,552	59,207	60,989	33,907	3,319	-69,187	28,721	42,982	42,393	43,535	42,596	38,288	41,817	34,133	29,908	29,200	23,500	22,000	20,100	15,300	14,100	12,900	11,800	10,000	9,000	7,900	-	-
Income Tax Expense	35,446	33,585	35,259	21,375	29,325	28,999	37,524	27,609	25,665	21,390	14,677	15,867	8,655	-2,984	-28,424	8,083	11,343	12,195	13,296	13,185	10,717	13,981	11,924	9,968	10,100	8,100	7,600	7,000	5,400	4,900	4,400	4,000	3,200	3,000	2,200	-4,400	-3,900
Interest Expense	37,522	84,803	35,952	66,381	108,745	69,087	37,612	26,839	24,794	21,842	16,569	23,613	37,890	56,009	77,093	90,089	117,613	98,511	66,080	51,585	52,388	53,759	56,074	60,546	46,900	38,100	35,700	32,400	22,100	16,100	16,500	20,700	26,600	28,200	27,500	0	0
Interest Income	847,878	605,006	446,632	448,508	465,405	407,944	314,896	253,312	221,198	0	0	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	0	0	0	0	0	0	0	0	0	0	0	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	223,786	222,089	205,531	148,600	164,460	159,139	96,070	81,051	65,384	60,162	44,530	45,122	25,252	6,303	-40,763	20,638	31,639	30,198	30,239	29,411	27,571	27,836	22,209	19,940	19,100	15,400	14,400	13,100	9,900	9,200	8,700	7,800	6,800	6,000	5,700	4,400	3,900
Net Income Applicable To Common Shares	0	220,683	205,531	148,600	164,460	159,139	96,070	81,051	65,384	60,162	42,150	40,583	9,013	11,722	0	20,638	31,639	30,198	30,239	29,411	27,571	27,836	22,209	19,940	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Income From Continuing Ops	252,067	222,089	205,531	148,600	164,460	159,139	96,070	81,051	65,384	60,162	44,530	45,122	25,252	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	564,293	520,203	410,680	382,127	356,660	338,857	277,284	226,473	196,404	0	0	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	-	-
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	-	-
Operating Income	-2,968	340,477	240,790	169,975	193,785	257,225	173,526	138,750	119,270	106,956	78,797	87,147	71,797	59,328	7,906	118,810	160,595	140,904	109,615	94,181	90,676	95,576	90,207	90,454	76,100	61,600	57,700	52,500	37,400	30,200	29,600	32,500	36,600	37,200	35,400	4,400	3,900
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	-	-
Other Operating Expenses	736,938	-287,667	-279,213	-322,078	249,563	158,091	174,767	152,926	1,250	145,748	130,277	129,491	89,581	91,240	92,793	46,941	6,924	3,804	36,231	45,762	48,368	24,424	7,303	17,838	7,900	8,200	8,700	7,100	2,600	3,100	2,500	1,700	9,400	13,400	12,600	4,400	3,900
Preferred Stock And Other Adjustments	0	1,406	0	0	0	0	0	0	0	0	2,380	4,539	3,981	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Reconciled Depreciation	11,679	8,275	5,747	11,009	9,383	8,842	7,967	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Selling And Marketing Expenses	7,427	7,708	5,762	6,609	6,650	4,681	3,739	3,008	3,493	3,464	2,236	2,158	2,002	1,970	2,134	2,311	2,205	1,932	2,012	1,709	1,797	1,495	1,072	1,010	900	800	900	0	600	500	500	0	0	0	0	-	-
Selling General Administrative	243,419	217,128	173,238	161,741	144,754	134,624	122,376	105,588	105,563	100,237	88,275	82,907	87,179	87,726	83,930	63,006	58,843	56,125	54,059	52,479	50,484	39,150	24,711	21,418	19,800	15,600	14,300	13,400	10,600	10,100	9,100	8,800	7,700	6,700	6,500	-	-
Tax Provision	43,668	33,585	35,259	21,375	29,325	28,999	37,524	27,609	25,665	0	0	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	102,235	-287,667	-279,213	-322,078	-249,563	-158,091	-174,767	-152,926	-140,150	-145,748	-130,277	-129,491	89,581	91,240	92,793	-46,941	6,924	-3,804	-36,231	-45,762	-48,368	-24,424	7,303	17,838	7,900	8,200	8,700	7,100	2,600	-3,100	-2,500	1,700	9,400	13,400	12,600	4,400	3,900
Total Other Income Expense Net	259,232	-84,803	240,790	169,975	193,785	-69,087	-39,932	-30,090	-28,221	-25,404	-19,590	-26,158	-37,890	-56,009	-77,093	-90,089	-117,613	-98,511	-66,080	-51,585	-52,388	-53,759	-56,074	-60,546	-46,900	-38,100	-35,700	-32,400	-22,100	-16,100	-16,700	-20,700	-26,600	-28,200	-27,500	-	-
Total Revenue	996,170	628,144	520,003	492,053	443,348	415,316	348,293	291,676	260,670	252,704	209,074	216,638	192,875	193,657	211,276	165,751	153,671	144,708	145,846	139,943	139,044	120,000	82,904	72,616	68,200	53,400	49,000	45,400	34,800	33,300	32,100	30,800	27,200	23,800	22,800	-	-

	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	2011-11-09	2011-09-30	2011-08-09	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	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31	1990-12-31	1990-09-30	1990-06-30	1990-03-31	1989-12-31	1989-09-30
Cost Of Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	22,433	19,714	17,963	16,204	13,383	12,510	11,242	9,620	9,048	8,594	7,532	7,322	1,250	6,215	6,588	5,968	6,853	7,024	5,408	5,117	5,588	5,247	6,000	6,382	9,204	10,054	10,661	12,228	13,748	-14,790	14,790	0	207,453	16,483	19,542	24,270	29,327	29,353	42,524	-1,227	-885	34,549	30,839	28,818	29,003	29,667	31,882	33,432	31,041	29,765	29,301	28,259	25,010	22,199	20,633	19,221	17,540	17,040	14,965	14,389	13,972	13,964	13,780	14,791	15,722	17,572	17,007	16,641	15,880	11,405	13,588	15,319	14,691	16,052	17,614	16,805	14,972	13,780	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 And Amortization	2,182	2,182	2,182	2,197	2,303	2,303	2,303	1,366	1,463	1,463	1,464	1,357	1,476	1,486	1,511	1,514	1,590	1,356	1,520	1,528	1,625	1,650	1,718	1,726	2,055	1,698	991	903	977	978	977	978	692	693	729	721	669	592	592	592	496	383	383	387	489	1,084	1,199	1,149	1,160	0	1,400	0	1,255	1,316	1,413	1,400	1,442	1,447	1,579	1,465	1,454	1,464	1,111	1,244	1,132	1,126	1,091	883	1,207	1,150	-1,113	1,198	3,974	1,323	1,241	1,366	187	2,276	1,254	1,261	1,261	1,288	1,274	1,241	1,170	1,084	2,062	2,083	2,306	1,371	1,371	1,352	823	1,214	1,214	1,314	814	824	600	900	1,000	600	700	500	500	500	600	300	400	600	500	600	500	300	500	300	500	600	700	1,100	300	300	500	900	200	200	200	200	200	200	-100	300	200	200	100	200	100	200	100	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	65,371	71,561	137,675	125,433	99,939	55,355	64,414	64,555	71,847	76,094	69,200	65,008	56,428	55,099	64,843	85,421	73,296	76,816	70,386	69,018	68,476	64,373	57,481	51,392	43,053	40,558	38,523	37,595	36,003	34,256	30,896	25,898	30,730	33,855	28,787	27,503	28,321	27,125	24,007	19,448	18,171	19,683	21,495	18,713	20,607	18,609	27,224	17,753	0	14,820	-1,554	16,758	18,749	16,279	14,820	12,075	16,154	-2,051	9,621	-26,627	26,963	20,771	29,989	30,966	37,084	41,763	42,193	37,387	39,252	38,277	37,647	33,835	31,145	29,772	29,252	27,128	23,463	24,622	24,042	23,013	22,504	20,633	23,169	25,649	21,225	23,724	26,786	26,507	20,982	8,599	23,186	22,684	24,212	7,476	24,199	21,650	20,393	20,100	19,300	18,700	15,300	15,800	15,700	15,200	14,800	15,000	14,400	14,600	13,600	16,600	12,100	9,500	9,700	10,200	9,600	9,200	8,400	7,900	7,600	7,500	7,200	7,100	7,100	7,800	7,700	7,600	7,800	8,400	8,700	8,900	9,200	9,100	9,400	9,100	9,300	9,500	9,200	9,100	1,900
Ebitda	2,182	67,553	73,743	139,872	127,736	102,242	57,658	65,780	66,018	73,310	77,558	70,557	66,484	57,914	56,610	66,357	87,011	74,652	78,336	71,914	70,643	70,126	66,091	59,207	53,447	44,751	41,549	39,426	38,572	36,981	35,233	31,874	26,590	31,423	34,584	29,508	28,172	28,913	27,717	24,599	19,944	18,554	20,066	21,882	19,202	21,691	19,808	28,373	18,913	0	16,220	0	18,013	20,065	17,692	16,220	13,517	17,601	-472	11,086	-25,173	28,427	21,882	31,233	32,098	38,210	42,854	43,076	38,594	40,402	37,164	38,845	37,809	32,468	31,013	30,618	27,315	25,739	25,876	25,303	24,274	23,792	21,907	24,410	26,819	22,309	25,786	28,869	28,813	22,353	0	24,538	23,507	25,426	0	25,513	22,464	21,217	20,700	20,200	19,700	15,900	16,500	16,200	15,700	15,300	15,600	14,700	15,000	14,200	17,100	12,700	10,000	10,000	10,700	9,900	9,700	9,000	8,600	8,700	7,800	7,500	7,600	8,000	8,000	7,900	7,800	8,000	8,600	8,900	8,800	9,500	9,300	9,600	9,200	9,500	9,600	9,400	9,200	9,100
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,178	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	261,843	161,225	164,154	169,116	173,106	6,585	156,938	18,637	127,120	133,216	135,148	124,519	129,794	119,084	119,499	123,676	121,829	111,048	106,892	103,579	107,064	106,013	102,762	99,477	97,826	93,088	81,534	75,845	74,494	74,543	72,347	70,776	63,591	67,222	65,399	63,208	63,414	66,160	62,052	61,078	56,208	48,822	50,709	53,335	52,471	54,175	51,218	58,774	49,151	0	47,383	43,525	46,908	47,735	49,086	47,383	47,521	49,667	50,101	55,758	50,809	52,970	39,434	42,474	42,507	41,336	40,028	39,383	37,381	36,879	35,886	36,459	36,177	36,186	36,255	36,920	36,683	35,988	35,789	35,203	35,103	33,848	32,890	34,750	37,108	34,296	32,351	32,974	32,133	22,040	79,328	21,893	19,887	18,956	69,991	18,793	17,889	16,978	17,400	17,300	17,200	13,900	14,100	13,500	13,000	12,900	12,700	12,200	12,500	11,600	14,200	10,600	9,000	8,800	8,800	8,900	8,600	8,500	8,600	8,400	8,400	8,000	8,100	7,800	8,400	7,900	7,800	7,600	7,800	7,700	7,200	6,900	6,700	6,300	6,100	5,900	5,900	5,900	5,900	5,600
Income Before Tax	46,904	65,371	71,561	75,396	83,407	73,545	42,870	55,852	54,684	61,832	65,853	58,421	52,776	41,831	37,615	37,753	56,128	43,094	48,805	45,758	47,662	49,591	47,595	43,290	39,593	32,297	31,343	30,361	30,143	28,528	26,722	23,267	18,595	23,624	26,824	22,006	20,777	21,984	20,802	17,989	14,634	13,070	14,970	16,533	13,463	15,162	12,493	19,871	9,860	-9,303	1,071	9,303	6,884	7,860	3,815	1,071	-2,237	670	-18,555	-8,704	-47,263	5,335	183	8,265	9,033	11,240	12,331	11,571	7,994	11,086	10,221	10,946	10,554	10,672	11,084	11,825	11,536	9,090	10,890	11,033	10,761	9,912	7,900	10,084	12,050	8,254	9,594	11,966	11,911	8,599	8,599	8,890	8,687	7,476	7,476	7,997	7,343	7,092	7,400	7,500	7,200	5,900	5,800	6,000	5,800	5,800	5,700	5,300	5,700	5,200	6,400	4,500	4,000	4,000	4,000	3,800	3,800	3,700	3,700	3,400	3,600	3,400	3,200	3,000	3,500	3,200	2,900	2,700	3,100	3,100	2,400	2,500	2,500	2,600	2,000	2,200	2,400	2,300	2,000	1,900
Income Tax Expense	4,425	9,005	10,699	11,317	12,647	9,793	3,879	7,266	6,951	9,062	10,294	8,952	7,641	5,621	4,623	3,490	8,298	6,337	7,749	6,941	5,949	8,478	7,961	6,611	15,210	7,939	7,207	7,168	7,850	7,469	6,716	5,574	4,418	6,557	8,856	5,834	5,517	5,862	5,642	4,369	3,187	2,667	4,155	4,668	3,153	3,926	3,288	5,500	2,299	3,795	-564	2,561	1,396	2,399	-216	-564	-1,894	-916	-8,334	-3,774	-17,534	1,218	-38	2,516	2,491	3,114	3,021	3,221	1,786	3,315	2,562	3,207	3,263	3,163	3,553	3,605	3,615	2,523	3,422	3,380	3,406	2,977	2,081	2,735	3,305	2,596	2,998	4,139	3,971	3,090	3,090	2,870	3,113	2,634	2,634	2,722	2,340	2,272	2,500	2,600	2,600	2,000	1,900	2,100	2,000	2,000	2,000	1,800	2,000	1,800	2,300	1,500	1,400	1,400	1,400	1,400	1,300	1,300	1,300	1,200	1,200	1,200	1,100	1,000	1,200	1,100	900	900	1,100	1,100	700	800	800	900	600	700	800	800	500	500
Interest Expense	9,444	95,750	83,530	62,279	42,026	23,032	12,485	7,260	8,720	8,833	9,011	9,388	10,913	13,304	16,234	25,930	28,237	29,200	27,361	23,947	20,769	18,314	16,300	13,704	11,583	10,427	8,367	7,235	6,631	6,694	6,742	6,772	6,440	6,215	6,171	5,968	5,893	5,424	5,408	5,117	4,572	3,714	4,003	4,280	4,699	5,445	6,116	7,353	7,893	29,997	13,749	20,763	9,874	10,889	12,464	13,749	14,312	15,484	16,504	18,325	20,636	21,628	20,588	21,724	21,933	25,844	29,432	30,622	29,393	28,166	28,056	26,701	23,281	20,473	18,688	17,427	15,592	14,373	13,732	13,009	12,252	12,592	12,733	13,085	13,599	12,971	14,130	14,820	14,596	12,383	12,383	14,296	13,997	16,736	16,736	16,202	14,307	13,301	12,700	11,800	11,500	9,400	10,000	9,700	9,400	9,000	9,300	9,100	8,900	8,400	10,200	7,600	5,500	5,700	6,200	5,800	5,400	4,700	4,200	4,200	3,900	3,800	3,900	4,100	4,300	4,300	4,700	5,100	5,300	5,600	6,500	6,700	6,600	6,800	7,100	7,100	7,100	6,900	7,100	7,200
Interest Income	236,990	229,133	221,365	206,398	190,982	163,338	141,146	109,540	109,993	113,548	113,275	109,816	113,224	106,225	109,252	119,807	125,821	118,132	112,639	108,813	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	42,479	56,366	60,862	64,079	70,760	63,752	38,991	48,586	47,733	52,770	55,559	49,469	45,135	36,210	32,992	34,263	47,830	36,757	41,056	38,817	41,713	41,113	39,634	36,679	24,383	24,358	24,136	23,193	22,293	21,059	20,006	17,693	14,177	17,067	17,968	16,172	15,260	16,122	15,160	13,620	11,447	10,403	10,815	11,865	10,310	11,236	9,205	14,371	7,561	10,949	1,635	6,742	5,488	5,461	4,031	1,635	-343	1,586	-10,221	-4,930	-29,729	4,117	221	5,749	6,542	8,126	9,310	8,350	6,208	7,771	7,659	7,739	7,291	7,509	7,531	8,220	7,921	6,567	7,468	7,653	7,355	6,935	5,819	7,349	8,745	5,658	6,596	7,827	7,940	5,509	5,509	6,020	5,574	4,842	4,842	5,275	5,003	4,820	4,900	4,900	4,600	3,900	3,900	3,900	3,800	3,800	3,700	3,500	3,700	3,400	4,100	3,000	2,600	2,600	2,600	2,400	2,500	2,400	2,400	2,200	2,400	2,200	2,100	2,000	2,300	2,300	2,000	1,800	2,000	2,000	1,700	1,700	1,700	1,700	1,400	1,500	1,600	1,500	1,500	1,400
Net Income Applicable To Common Shares	0	0	60,393	63,610	70,292	63,283	38,522	48,586	47,733	52,770	55,559	49,469	45,135	36,210	32,992	34,263	47,830	36,757	41,056	38,817	41,713	41,113	39,634	36,679	24,383	24,358	24,136	23,193	22,293	21,059	20,006	17,693	14,177	17,067	17,968	16,172	15,260	16,122	15,160	13,620	11,206	9,973	9,963	11,008	9,175	10,102	8,070	13,236	6,426	-5,874	-6,384	-6,384	4,498	4,473	2,555	765	8,266	136	0	0	-3,489	3,489	221	5,749	6,542	8,126	9,310	8,350	6,208	7,771	7,659	7,739	7,291	7,509	7,531	8,220	7,921	6,567	7,468	7,653	7,355	6,935	5,819	7,349	8,745	5,658	6,596	7,827	7,940	5,473	5,509	6,020	5,574	5,106	4,842	5,275	5,003	4,820	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income From Continuing Ops	42,479	56,366	60,862	64,079	70,760	63,752	38,991	48,586	47,733	52,770	55,559	49,469	45,135	36,210	32,992	34,263	47,830	36,757	41,056	38,817	41,713	41,113	39,634	36,679	24,383	24,358	24,136	23,193	22,293	21,059	20,006	17,693	-15,203	17,067	35,680	27,840	15,260	16,122	15,160	13,620	11,447	10,403	10,815	11,865	10,310	11,236	9,205	14,371	0	0	6,742	6,742	5,488	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	130,063	133,383	137,835	144,119	148,956	140,306	128,661	102,280	101,273	104,715	104,264	100,428	102,311	92,921	93,018	93,877	97,584	88,932	85,278	84,866	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-10,857	-10,857	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	65,371	71,561	137,675	125,433	99,939	55,355	64,414	63,404	71,847	76,094	69,200	65,008	56,428	55,099	64,843	85,421	73,296	76,816	70,386	69,018	68,476	64,373	57,481	51,392	43,053	40,558	38,523	37,595	36,003	34,256	30,896	25,898	30,730	33,855	28,787	27,503	28,321	27,125	24,007	19,448	18,171	19,683	21,495	18,713	20,607	18,609	27,224	17,753	-17,942	14,820	9,303	16,758	18,749	16,279	406	12,075	16,154	-2,051	9,621	-26,627	26,963	20,771	29,989	30,966	37,084	41,763	42,193	37,387	39,252	38,277	37,647	33,835	31,145	29,772	29,252	27,128	23,463	24,622	24,042	23,013	22,504	20,633	23,169	25,649	21,225	23,724	26,786	26,507	20,982	19,599	23,186	22,684	24,212	16,900	24,199	21,650	20,393	20,100	19,300	18,700	15,300	15,800	15,700	15,200	14,800	15,000	14,400	14,600	13,600	16,600	12,100	9,500	9,700	10,200	9,600	9,200	8,400	7,900	7,600	7,500	7,200	7,100	7,100	7,800	7,700	7,600	7,800	8,400	8,700	8,900	9,200	9,100	9,400	9,100	9,300	9,500	9,200	9,100	9,100
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	214,939	-95,854	-92,593	1,309	47,673	2,401	1,414	736	63,716	1,676	1,122	1,124	64,786	1,311	2,092	1,443	36,408	1,332	2,752	1,074	38,046	1,216	1,474	884	46,434	1,021	792	565	36,899	630	851	737	1,250	847	951	780	35,911	1,070	789	769	70,947	559	535	467	33,758	536	564	442	31,398	0	23,032	0	30,150	382	32,807	519	22,712	21,799	27,222	719	321	549	18,663	12,485	11,541	4,252	1,735	2,810	6	2,373	2,391	1,188	2,342	5,041	6,483	7,668	9,555	12,525	11,167	11,161	12,090	11,344	12,257	11,581	11,459	13,071	8,627	6,188	5,626	1,058	0	1,293	2,797	5,256	0	5,406	3,761	3,415	2,700	2,000	1,500	1,400	1,700	2,200	2,200	1,900	2,300	2,200	2,100	2,000	2,400	1,500	500	900	1,400	700	600	100	700	800	900	800	1,000	700	600	200	200	200	600	1,000	1,700	2,300	2,400	3,100	3,000	3,400	3,600	3,300	3,200	3,500
Preferred Stock And Other Adjustments	0	0	469	469	468	469	469	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	241	430	852	857	1,135	1,134	1,135	1,135	0	0	868	868	990	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,045	2,182	2,182	2,197	2,303	2,303	2,303	1,366	1,463	1,463	1,464	1,357	2,795	2,779	2,761	2,674	2,646	2,358	2,170	2,209	2,212	2,221	2,196	2,213	2,271	2,027	1,839	1,830	1,798	1,759	1,769	1,835	1,555	1,584	1,589	1,534	1,502	1,505	1,507	1,493	738	1,770	1,093	1,069	1,040	1,084	1,199	1,149	1,160	0	1,427	0	1,255	1,316	1,413	1,400	1,442	1,447	1,579	1,465	1,454	1,464	1,111	1,244	1,132	1,126	1,091	883	1,207	1,150	-1,113	1,198	3,974	1,323	1,241	1,366	187	2,276	1,254	1,261	1,261	1,288	1,274	1,241	1,170	1,084	2,062	2,083	2,306	1,371	1,371	1,214	823	1,128	1,214	1,314	814	824	600	900	1,000	600	700	500	500	500	600	300	400	600	500	600	500	300	500	300	500	600	700	1,100	300	300	500	900	200	200	200	200	200	200	-100	300	200	200	100	200	100	200	100	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 And Marketing Expenses	2,647	2,369	1,102	1,309	3,157	2,401	1,414	736	1,840	1,676	1,122	1,124	1,763	1,311	2,092	1,443	1,492	1,332	2,752	1,074	1,107	1,216	1,474	884	1,361	1,021	792	565	790	630	851	737	915	847	951	780	836	1,070	789	769	675	559	535	467	616	536	564	442	650	0	519	0	436	382	527	519	495	429	513	508	564	549	610	605	612	484	2,205	0	0	0	1,932	0	0	0	2,012	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	68,524	58,547	57,493	58,855	54,626	58,826	58,965	44,711	44,294	44,866	43,899	40,179	43,369	40,436	37,170	40,766	39,358	38,274	33,387	33,735	34,984	33,792	32,903	32,945	34,471	33,948	27,655	26,302	23,544	27,185	26,572	28,287	26,735	26,095	27,329	25,404	24,490	25,093	24,293	26,361	24,237	21,293	21,210	21,535	21,058	22,575	22,303	22,114	21,527	24,156	21,857	34,222	21,782	21,013	23,170	21,857	21,817	20,882	23,730	19,605	21,487	22,311	15,880	15,330	15,698	16,098	14,738	14,583	14,796	14,726	14,157	14,033	13,543	14,392	12,596	13,384	13,258	18,054	16,516	16,331	16,348	16,257	16,230	16,391	16,118	14,712	13,643	13,485	13,280	9,083	31,961	0	0	0	28,188	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Tax Provision	4,425	9,005	10,699	11,317	12,647	9,793	3,879	7,266	6,951	9,062	10,294	8,952	7,641	5,621	4,623	3,490	8,298	6,337	7,749	6,941	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	30,348	-95,854	-92,593	1,309	-47,673	2,401	1,414	736	-63,716	1,676	1,122	1,124	-64,786	1,311	2,092	1,443	-36,408	1,332	2,752	1,074	-38,046	1,216	1,474	884	-46,434	1,021	792	565	-36,899	630	851	737	-37,693	847	951	780	-35,911	1,070	789	769	-70,947	559	535	467	-33,758	536	564	442	-31,398	0	23,032	34,222	-30,150	382	-32,807	59,000	22,712	21,799	27,222	508	564	549	-18,663	-12,485	-11,541	-4,252	1,735	2,810	6	2,373	2,391	1,188	-2,342	-5,041	-6,483	-7,668	-9,555	-12,525	-11,167	-11,161	-12,090	-11,344	-12,257	-11,581	-11,459	-13,071	-8,627	-6,188	-5,626	-1,058	0	1,293	2,797	5,256	0	5,406	3,761	3,415	2,700	2,000	1,500	1,400	1,700	2,200	2,200	1,900	2,300	2,200	2,100	2,000	2,400	1,500	500	900	1,400	700	600	-100	-700	-800	-900	-800	-1,000	-700	-600	-200	-200	200	600	1,000	1,700	2,300	2,400	3,100	3,000	3,400	3,600	3,300	3,200	3,500
Total Other Income Expense Net	46,904	65,371	71,561	-62,279	-42,026	-26,394	-12,485	-8,562	-8,720	-10,015	-10,241	-10,779	-12,232	-14,597	-17,484	-27,090	-29,293	-30,202	-28,011	-24,628	-21,356	-18,885	-16,778	-14,191	-11,799	-10,756	-9,215	-8,162	-7,452	-7,475	-7,534	-7,629	-7,303	-7,106	-7,031	-6,781	-6,726	-6,337	-6,323	-6,018	-4,814	-5,101	-4,713	-4,962	-5,250	-5,445	-6,116	-7,353	-7,893	0	-13,749	0	-9,874	-10,889	-12,464	406	-14,312	-15,484	-16,504	-18,325	-20,636	-21,628	-20,588	-21,724	-21,933	-25,844	-29,432	-30,622	-29,393	-28,166	-28,056	-26,701	-23,281	-20,473	-18,688	-17,427	-15,592	-14,373	-13,732	-13,009	-12,252	-12,592	-12,733	-13,085	-13,599	-12,971	-14,130	-14,820	-14,596	-12,383	0	-14,296	-13,997	-16,736	0	-16,202	-14,307	-13,301	-12,700	-11,800	-11,500	-9,400	-10,000	-9,700	-9,400	-9,000	-9,300	-9,100	-8,900	-8,400	-10,200	-7,600	-5,500	-5,700	-6,200	-5,800	-5,400	-4,700	-4,200	-4,200	-3,900	-3,800	-3,900	-4,100	-4,300	-4,500	-4,700	-5,100	-5,300	-5,600	-6,500	-6,700	-6,600	-6,800	-7,100	-7,100	-7,100	-6,900	-7,100	-7,200
Total Revenue	261,843	161,225	164,154	169,116	173,106	6,585	156,938	18,637	127,120	133,216	135,148	124,519	129,794	119,084	119,499	123,676	121,829	111,048	106,892	103,579	107,064	106,013	102,762	99,477	97,826	93,088	81,534	75,845	74,494	74,543	72,347	70,776	64,841	67,222	65,399	63,208	63,414	66,160	62,052	61,078	56,208	48,822	50,709	53,335	52,471	54,175	51,218	58,774	49,151	0	47,383	43,525	46,908	47,735	49,086	47,383	47,521	49,667	50,101	54,531	49,924	52,970	39,434	42,474	42,507	41,336	40,028	39,383	37,381	36,879	35,886	36,459	36,177	36,186	36,255	36,920	36,683	35,988	35,789	35,203	35,103	33,848	32,890	34,750	37,108	34,296	32,351	32,974	32,133	22,040	22,040	21,893	19,887	18,956	18,956	18,793	17,889	16,978	17,400	17,300	17,200	13,900	14,100	13,500	13,000	12,900	12,700	12,200	12,500	11,600	14,200	10,600	9,000	8,800	8,800	8,900	8,600	8,500	8,600	8,400	8,400	8,000	8,100	7,800	8,400	7,900	7,800	7,600	7,800	7,700	7,200	6,900	6,700	6,300	6,100	5,900	5,900	5,900	5,900	5,600

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

Gross Profit (+$)
totalRevenue	996,170
Cost of Revenue	-0
Gross Profit	996,170	996,170

Operating Income (+$)
Gross Profit	996,170
Operating Expense	-102,235
Operating Income	-2,968	893,935

Operating Expense (+$)
Research Development	0
Selling General Administrative	243,419
Selling And Marketing Expenses	7,427
Operating Expense	102,235	250,846

Net Interest Income (+$)
Interest Income	847,878
Interest Expense	-37,522
Other Finance Cost	-246,063
Net Interest Income	564,293

Pretax Income (+$)
Operating Income	-2,968
Net Interest Income	564,293
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	259,232	-262,200 EBIT - interestExpense = -40,490 259,232 261,308
Interest Expense	37,522
Earnings Before Interest and Taxes (EBIT)	-2,968	296,754
Earnings Before Interest and Taxes (EBITDA)	8,743

After tax Income (+$)
Income Before Tax	259,232
Tax Provision	-43,668
Net Income From Continuing Ops	252,067	215,564
Net Income	223,786
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	736,938
Total Other Income/Expenses Net	259,232	-564,293

Technical Analysis of First Merchants Corporation
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 First Merchants Corporation. The general trend of First Merchants Corporation is BULLISH with 28.6% 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 First Merchants Corporation'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 (28.6%)		Bearish trend (-28.6%)
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 First Merchants Corporation.

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: 34.66 < 35.20 < 35.51.

The bearish price targets are: 32.16 > 32.09 > 31.80.

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First Merchants Corporation 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 First Merchants Corporation. The current mas is .

The long score for the Moving Averages is 9/14.
The longshort score for the Moving Averages is 4/(-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 higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above 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 up: The MA 100 is trending up. +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 up: The MA 200 is trending up. +1
Close > MA 200: The price is above 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.

First Merchants Corporation 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 First Merchants Corporation. The current macd is -0.17329426.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the First Merchants Corporation price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for First Merchants Corporation. 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 First Merchants Corporation 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

First Merchants Corporation 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 First Merchants Corporation. The current adx is 9.79488967.

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

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy First Merchants Corporation shares, leading to potential upward 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.

First Merchants Corporation 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 First Merchants Corporation. The current sar is 34.50.

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

First Merchants Corporation 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 First Merchants Corporation. The current rsi is 54.78. The current phase is Continuation in bull market.

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

Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
Trending up: The RSI is trending up. +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.

First Merchants Corporation 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 First Merchants Corporation. The current phase is Continuation in bull market.

The long score for the Stochastic Oscillator is 4/6.
The longshort score for the Stochastic Oscillator is 4/(-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 First Merchants Corporation price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

First Merchants Corporation 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 First Merchants Corporation. The current cci is 9.35499671.

First Merchants Corporation 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 First Merchants Corporation. The current cmo is 18.05.

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

First Merchants Corporation 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 First Merchants Corporation. The current willr is -24.73572939.

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 First Merchants Corporation is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

First Merchants Corporation 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 First Merchants Corporation.

First Merchants Corporation 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 First Merchants Corporation. The current atr is 0.88247149.

First Merchants Corporation 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 First Merchants Corporation. The current obv is 741,048.

First Merchants Corporation 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 First Merchants Corporation. The current mfi is 55.14.

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

First Merchants Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for First Merchants Corporation.

6.2. Trading Signals

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

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

6.3. Candlestick Patterns

First Merchants Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of First Merchants Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	54.779
Ma 20	Greater than	Ma 50	33.558
Ma 50	Greater than	Ma 100	33.593
Ma 100	Greater than	Ma 200	34.084
Open	Greater than	Close	32.830
Total			2/5 (40.0%)

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Quick analysis of First Merchants Corporation (30 sec.)

What can you expect buying and holding a share of First Merchants Corporation? (30 sec.)

How much money do you get?

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1. Valuation of First Merchants Corporation (5 min.)

$34.07

$37.74

$8.76 - $39.12

$46.50 - $76.86

2. Growth of First Merchants Corporation (5 min.)

Is First Merchants Corporation growing?

How much money is First Merchants Corporation making?

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

3. Financial Health of First Merchants Corporation (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

What can you expect buying and holding a share of First Merchants Corporation? (5 min.)

What can you expect buying and holding a share of First Merchants Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of First Merchants Corporation

About First Merchants Corporation

Financial Health

Valuation

1.1. Profitability of First Merchants Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Banks - Regional)

1.1.2. Return on Assets

Trends

Compared to industry (Banks - Regional)

1.1.3. Return on Equity

Trends

Compared to industry (Banks - Regional)

1.2. Operating Efficiency of First Merchants Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of First Merchants Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Banks - Regional)

1.3.2. Quick Ratio

Trends

1.4. Solvency of First Merchants Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Banks - Regional)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Banks - Regional)

2. Market Valuation of First Merchants Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks - Regional)

First Merchants Corporation
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