Herc Holdings Inc
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Let's analyse Herc Holdings Inc together

Penke I guess you are interested in Herc Holdings Inc. 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 Herc Holdings Inc. 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 Herc Holdings Inc (30 sec.)

What can you expect buying and holding a share of Herc Holdings Inc? (30 sec.)

How much money do you get?

$2.54

When do you have the money?

1 year

How often do you get paid?

32.4%

What is your share worth?

Current worth

$44.82

Expected worth in 1 year

$52.57

How sure are you?

73.0%

+ What do you gain per year?

Total Gains per Share

$10.28

Return On Investment

6.8%

For what price can you sell your share?

Current Price per Share

$150.77

Expected price per share

$136.66 - $168.33

How sure are you?

50%

1. Valuation of Herc Holdings Inc (5 min.)

Live pricePrice per Share (EOD)

$150.77

Book Value per Share

$44.82

Intrinsic Value Per Share

$-376.88 - $-174.87

Total Value Per Share

$-332.06 - $-130.05

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

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($-1.14) 3Y: ($-1.82) TTM: ($-3.38)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.58) 3Y: ($-0.20) TTM: ($0.76)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-12.56	$-6.45	$-16.52 - $-7.78
2	$-32.79	$-15.77	$-25.74 - $-11.00
3	$-59.78	$-27.81	$-34.95 - $-14.22
4	$-92.71	$-42.39	$-44.17 - $-17.44
5	$-130.82	$-59.35	$-53.39 - $-20.66
6	$-173.42	$-78.55	$-62.61 - $-23.88
7	$-219.87	$-99.83	$-71.82 - $-27.10
8	$-269.60	$-123.07	$-81.04 - $-30.32
9	$-322.10	$-148.12	$-90.26 - $-33.54
10	$-376.88	$-174.87	$-99.48 - $-36.76

2. Growth of Herc Holdings Inc (5 min.)

Is Herc Holdings Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$1.2b	$1b	$98m	8.4%

How much money is Herc Holdings Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$86.7m	$82.4m	$4.2m	4.9%
Net Profit Margin	10.5%	11.9%	-	-

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

Quarterly Yearly

3. Financial Health of Herc Holdings Inc (5 min.)

4. Comparing to competitors in the Rental & Leasing Services industry (5 min.)

Industry Rankings (Rental & Leasing Services)

Richest
#17 / 87

Most Revenue
#15 / 87

Most Profit
#16 / 87

Most Efficient
#41 / 87

What can you expect buying and holding a share of Herc Holdings Inc? (5 min.)

Welcome investor! Herc Holdings Inc's management wants to use your money to grow the business. In return you get a share of Herc Holdings Inc.

What can you expect buying and holding a share of Herc Holdings Inc?

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

Speculation

The Price per Share of Herc Holdings Inc is $150.77. 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 Herc Holdings Inc.
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 Herc Holdings Inc, 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 $44.82. Based on the TTM, the Book Value Change Per Share is $1.94 per quarter. Based on the YOY, the Book Value Change Per Share is $1.24 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 $0.63 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Herc Holdings Inc.

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	3.20	2.1%	3.03	2.0%	2.73	1.8%	1.73	1.1%	1.60	1.1%
Usd Book Value Change Per Share	2.75	1.8%	1.94	1.3%	1.24	0.8%	1.25	0.8%	1.04	0.7%
Usd Dividend Per Share	0.60	0.4%	0.63	0.4%	0.56	0.4%	0.34	0.2%	0.18	0.1%
Usd Total Gains Per Share	3.35	2.2%	2.57	1.7%	1.80	1.2%	1.58	1.1%	1.23	0.8%
Usd Price Per Share	148.89	-	129.65	-	123.17	-	94.11	-	67.43	-
Price to Earnings Ratio	11.62	-	11.12	-	12.24	-	15.05	-	-26.86	-
Price-to-Total Gains Ratio	44.41	-	83.58	-	72.61	-	48.53	-	6.30	-
Price to Book Ratio	3.32	-	3.20	-	3.51	-	3.03	-	2.70	-
Price-to-Total Gains Ratio	44.41	-	83.58	-	72.61	-	48.53	-	6.30	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	150.77
Number of shares	6

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.63	0.34
Usd Book Value Change Per Share	1.94	1.25
Usd Total Gains Per Share	2.57	1.58
Gains per Quarter (6 shares)	15.43	9.50
Gains per Year (6 shares)	61.70	38.02

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	15	46	52	8	30	28
2	30	93	114	16	60	66
3	46	139	176	24	90	104
4	61	186	238	32	120	142
5	76	232	300	40	150	180
6	91	279	362	49	180	218
7	107	325	424	57	209	256
8	122	372	486	65	239	294
9	137	418	548	73	269	332
10	152	465	610	81	299	370

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%	18.0	2.0	0.0	90.0%	28.0	9.0	0.0	75.7%	36.0	18.0	1.0	65.5%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	17.0	3.0	0.0	85.0%	26.0	11.0	0.0	70.3%	35.0	20.0	0.0	63.6%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	12.0	0.0	8.0	60.0%	12.0	0.0	25.0	32.4%	12.0	0.0	43.0	21.8%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	18.0	2.0	0.0	90.0%	27.0	10.0	0.0	73.0%	36.0	19.0	0.0	65.5%

Fundamentals of Herc Holdings Inc

About Herc Holdings Inc

https://ir.hercrentals.com
Rental & Leasing Services
7200
27500 Riverview Center Boulevard, Bonita Springs, FL, United States, 34134
Google Maps Bing Maps

Herc Holdings Inc., together with its subsidiaries, operates as an equipment rental supplier in the United States and internationally. It rents aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. The company offers ProSolutions, an industry specific solution-based services, which include power generation, climate control, remediation and restoration, pump, trench shoring, and studio and production equipment; and ProContractor professional grade tools. In addition, it provides various services, including repair, maintenance, equipment management, and safety training; and equipment re-rental and on-site support services, as well as ancillary services, such as equipment transport, rental protection, cleaning, refueling, and labor. Further, the company sells used equipment and contractor supplies, such as construction consumables, tools, small equipment, and safety supplies. It serves non-residential and residential construction, specialty trade, restoration, remediation and environment, and facility maintenance contractors; industrial manufacturing industries, including refineries and petrochemical, automotive and aerospace, power, metals and mining, agriculture, pulp, paper and wood, and food and beverage industries; infrastructure and government sectors; and commercial facilities, commercial warehousing, education, healthcare, data centers, hospitality, retail, special event management customers. The company sells its products through its sales team and industry catalogs, as well as through participation and sponsorship of industry events, trade shows, and Internet. Herc Holdings Inc. was incorporated in 1965 and is based in Bonita Springs, Florida.

Fundamental data was last updated by Penke on 2024-04-04 15:54:03.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just 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 fair priced.
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 Herc Holdings Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Herc Holdings Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare Herc Holdings Inc to the Rental & Leasing Services industry mean.
A Net Profit Margin of 10.9% means that $0.11 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Herc Holdings Inc:

The MRQ is 10.9%. The company is making a huge profit. +2
The TTM is 10.5%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	10.9%	TTM	10.5%	+0.5%
TTM	10.5%	YOY	11.9%	-1.4%
TTM	10.5%	5Y	7.8%	+2.7%
5Y	7.8%	10Y	6.1%	+1.8%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	10.9%	9.3%	+1.6%
TTM	10.5%	9.5%	+1.0%
YOY	11.9%	7.1%	+4.8%
5Y	7.8%	5.9%	+1.9%
10Y	6.1%	4.5%	+1.6%

Measures how much net profit Herc Holdings Inc earns for each $1 of revenue.

Revenue is the amount of profit Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services industry mean.
Can be used to compare companies within the Rental & Leasing Services industry.

You typically want a high profit margin. This means that for each $1 in sales, Herc Holdings Inc makes more profit. This shows the investor how efficiently Herc Holdings Inc is operating in general and compared to other companies in the same industry. Herc Holdings Inc operates in the Rental & Leasing Services industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Herc Holdings Inc. If profit margins remain low (compared to the Rental & Leasing Services 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 Herc Holdings Inc is 0.11. This means that Herc Holdings Inc earned $0.11 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 Rental & Leasing Services industry is 9.3%.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc with other companies in the same industry (Rental & Leasing Services).
Net profit margin should rise over the years.
Can be influenced when Herc Holdings Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of Herc Holdings Inc 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 Herc Holdings Inc

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 Herc Holdings Inc = 91,000
Total revenue MRQ Herc Holdings Inc = 832,000
$91,000 / $832,000 = 0.11 or 10.9%

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 Herc Holdings Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare Herc Holdings Inc to the Rental & Leasing Services industry mean.
1.2% Return on Assets means that Herc Holdings Inc generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Herc Holdings Inc:

The MRQ is 1.2%. Using its assets, the company is less efficient in making profit.
The TTM is 1.3%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	1.2%	TTM	1.3%	0.0%
TTM	1.3%	YOY	1.5%	-0.2%
TTM	1.3%	5Y	1.0%	+0.3%
5Y	1.0%	10Y	0.8%	+0.2%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	1.2%	1.4%	-0.2%
TTM	1.3%	1.5%	-0.2%
YOY	1.5%	1.5%	+0.0%
5Y	1.0%	1.0%	0.0%
10Y	0.8%	0.8%	0.0%

Shows how efficient Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services 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 Herc Holdings Inc is using its resources to generate profit. If the return on assets (1.2%) from Herc Holdings Inc are higher than the Rental & Leasing Services mean (1.4%) that means Herc Holdings Inc 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 Herc Holdings Inc is 1.2%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Rental & Leasing Services industry is 1.4%.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

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

Income statement
Balance sheet

Net income MRQ (income statement) from Herc Holdings Inc = 91,000
Total assets MRQ (balance sheet) from Herc Holdings Inc = 7,474,000
91,000 / 7,474,000 = 0.01 or 1.2%

ROA is an important ratio as it will tell you how effectively Herc Holdings Inc 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 Herc Holdings Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Herc Holdings Inc to the Rental & Leasing Services industry mean.
7.1% Return on Equity means Herc Holdings Inc generated $0.07 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Herc Holdings Inc:

The MRQ is 7.1%. Using its investors money, the company is less efficient in making profit.
The TTM is 7.4%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	7.1%	TTM	7.4%	-0.3%
TTM	7.4%	YOY	7.7%	-0.3%
TTM	7.4%	5Y	5.2%	+2.2%
5Y	5.2%	10Y	3.7%	+1.4%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	7.1%	4.8%	+2.3%
TTM	7.4%	4.8%	+2.6%
YOY	7.7%	4.5%	+3.2%
5Y	5.2%	3.2%	+2.0%
10Y	3.7%	3.4%	+0.3%

Shows how efficient Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services 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 Rental & Leasing Services 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 Herc Holdings Inc is 7.1%. This means Herc Holdings Inc generated $0.07 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Rental & Leasing Services industry is 4.8%.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc up to 10 years back (depending if Herc Holdings Inc 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 Herc Holdings Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Herc Holdings Inc = 91,000
Shareholders equity (balance sheet) MRQ Herc Holdings Inc = 1,273,000
91,000 / 1,273,000 = 0.07 or 7.1%

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 Herc Holdings Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Herc Holdings Inc is operating .

Measures how much profit Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services industry mean.
An Operating Margin of 21.5% means the company generated $0.22 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Herc Holdings Inc:

The MRQ is 21.5%. The company is operating efficient. +1
The TTM is 20.1%. The company is operating efficient. +1

Trends

Current period		Compared to		+/-
MRQ	21.5%	TTM	20.1%	+1.4%
TTM	20.1%	YOY	20.0%	+0.1%
TTM	20.1%	5Y	12.9%	+7.2%
5Y	12.9%	10Y	8.8%	+4.1%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	21.5%	13.8%	+7.7%
TTM	20.1%	12.7%	+7.4%
YOY	20.0%	11.6%	+8.4%
5Y	12.9%	10.8%	+2.1%
10Y	8.8%	11.0%	-2.2%

Measures how efficient Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services 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 Herc Holdings Inc 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 Herc Holdings Inc is 21.5%. This means that Herc Holdings Inc earned $0.22 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Rental & Leasing Services industry is 13.8%.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Herc Holdings Inc = 179,000
Total revenue MRQ Herc Holdings Inc = 832,000
$179,000 / $832,000 = 0.22 or 21.5%

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 Herc Holdings Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to Rental & Leasing Services industry mean).
An Operation Ratio of 0.78 means that the operating costs are $0.78 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Herc Holdings Inc:

The MRQ is 0.785. The company is efficient in keeping operating costs low. +1
The TTM is 0.799. The company is efficient in keeping operating costs low. +1

Trends

Current period		Compared to		+/-
MRQ	0.785	TTM	0.799	-0.015
TTM	0.799	YOY	0.799	+0.000
TTM	0.799	5Y	0.837	-0.037
5Y	0.837	10Y	0.878	-0.041

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	0.785	1.006	-0.221
TTM	0.799	0.933	-0.134
YOY	0.799	0.896	-0.097
5Y	0.837	0.940	-0.103
10Y	0.878	0.922	-0.044

Measures how efficient Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services 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 Herc Holdings Inc is 78.5%. This means that Herc Holdings Inc earned $0.78 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 Rental & Leasing Services industry is 1.01.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

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
(537,000 +116,000) \ 832,000 = 0.78

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 Herc Holdings Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Herc Holdings Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Rental & Leasing Services industry mean).
A Current Ratio of 1.44 means the company has $1.44 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Herc Holdings Inc:

The MRQ is 1.441. The company is just able to pay all its short-term debts.
The TTM is 1.208. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.441	TTM	1.208	+0.233
TTM	1.208	YOY	1.063	+0.146
TTM	1.208	5Y	1.108	+0.100
5Y	1.108	10Y	1.066	+0.042

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	1.441	1.276	+0.165
TTM	1.208	1.282	-0.074
YOY	1.063	1.430	-0.367
5Y	1.108	1.354	-0.246
10Y	1.066	1.282	-0.216

Measures if Herc Holdings Inc 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 Rental & Leasing Services 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 Herc Holdings Inc 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 Herc Holdings Inc is 1.44. This means Herc Holdings Inc has $1.44 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Rental & Leasing Services industry is 1.28.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
732,000 \ 508,000) = 1.44

The current ratio measures if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Herc Holdings Inc to the Rental & Leasing Services industry mean.
A Quick Ratio of 1.25 means the company can pay off $1.25 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Herc Holdings Inc:

The MRQ is 1.248. The company is just able to pay all its short-term debts with the most liquid assets.
The TTM is 1.076. The company is just able to pay all its short-term debts with the most liquid assets.

Trends

Current period		Compared to		+/-
MRQ	1.248	TTM	1.076	+0.172
TTM	1.076	YOY	0.954	+0.122
TTM	1.076	5Y	0.993	+0.083
5Y	0.993	10Y	0.946	+0.047

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	1.248	0.716	+0.532
TTM	1.076	0.832	+0.244
YOY	0.954	0.955	-0.001
5Y	0.993	0.993	+0.000
10Y	0.946	0.946	+0.000

Measures if Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services 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 Herc Holdings Inc can pay off its short term debts. This shows if Herc Holdings Inc 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 Herc Holdings Inc is 1.25. This means that Herc Holdings Inc can pay off $1.25 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Rental & Leasing Services industry is 0.72.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

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 Herc Holdings Inc: (71,000 + 0 +563,000) / 508,000 = 1.25

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 Herc Holdings Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Herc Holdings Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Herc Holdings Inc to Rental & Leasing Services industry mean.
A Debt to Asset Ratio of 0.83 means that Herc Holdings Inc assets are financed with 83.0% credit (debt) and the remaining percentage (100% - 83.0%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Herc Holdings Inc:

The MRQ is 0.830. The company is just able to pay all its debts by selling its assets.
The TTM is 0.829. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.830	TTM	0.829	+0.000
TTM	0.829	YOY	0.802	+0.027
TTM	0.829	5Y	0.814	+0.015
5Y	0.814	10Y	0.787	+0.027

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	0.830	0.690	+0.140
TTM	0.829	0.693	+0.136
YOY	0.802	0.679	+0.123
5Y	0.814	0.692	+0.122
10Y	0.787	0.646	+0.141

Measures how much % of Herc Holdings Inc assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Herc Holdings Inc than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Herc Holdings Inc to Rental & Leasing Services 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 Herc Holdings Inc is 0.83. This means means that Herc Holdings Inc is financed with 83.0% 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 Rental & Leasing Services industry is 127.6%.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Herc Holdings Inc

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

Balance sheet
Debt to asset ratio = total debt \ total assets
6,201,000 \ 7,474,000 = 83.0% or 0.83.

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 Herc Holdings Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Herc Holdings Inc to the Rental & Leasing Services industry mean.
A Debt to Equity ratio of 487.1% means that company has $4.87 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Herc Holdings Inc:

The MRQ is 4.871. The company is unable to pay all its debts with equity. -1
The TTM is 4.867. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	4.871	TTM	4.867	+0.004
TTM	4.867	YOY	4.067	+0.800
TTM	4.867	5Y	4.474	+0.393
5Y	4.474	10Y	5.301	-0.827

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	4.871	2.221	+2.650
TTM	4.867	2.278	+2.589
YOY	4.067	2.117	+1.950
5Y	4.474	2.293	+2.181
10Y	5.301	2.254	+3.047

Measures if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc is 4.87. This means that Herc Holdings Inc can pay off $4.87 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Rental & Leasing Services industry is 2.22.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
6,201,000 \ 1,273,000 = 4.87 or 487.1%

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 Herc Holdings Inc

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 Herc Holdings Inc generates.

Above 15 is considered overpriced but always compare Herc Holdings Inc to the Rental & Leasing Services industry mean.
A PE ratio of 11.62 means the investor is paying $11.62 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Herc Holdings Inc:

The EOD is 11.763. Based on the earnings, the company is underpriced. +1
The MRQ is 11.617. Based on the earnings, the company is underpriced. +1
The TTM is 11.121. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	11.763	MRQ	11.617	+0.147
MRQ	11.617	TTM	11.121	+0.495
TTM	11.121	YOY	12.239	-1.118
TTM	11.121	5Y	15.052	-3.931
5Y	15.052	10Y	-26.862	+41.914

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
EOD	11.763	9.772	+1.991
MRQ	11.617	9.884	+1.733
TTM	11.121	10.717	+0.404
YOY	12.239	10.746	+1.493
5Y	15.052	11.355	+3.697
10Y	-26.862	12.176	-39.038

Measures how much money you pay for each share for every $1 in earnings Herc Holdings Inc 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 Herc Holdings Inc to the Rental & Leasing Services 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 Herc Holdings Inc is 11.62. This means the investor is paying $11.62 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Rental & Leasing Services industry is 9.88.
What is the trend?
The trend is important because it shows you how Herc Holdings Inc is performing over time. The most recent quarter might be important if Herc Holdings Inc 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 Herc Holdings Inc 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 Herc Holdings Inc

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 \ 28,400 = EPS
PE ratio MRQ = 11.62

* 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 Herc Holdings Inc:

The EOD is 32.438. Based on how much money comes from the company's main activities, the company is fair priced.
The MRQ is 32.034. Based on how much money comes from the company's main activities, the company is fair priced.
The TTM is 3.241. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	32.438	MRQ	32.034	+0.404
MRQ	32.034	TTM	3.241	+28.793
TTM	3.241	YOY	-11.559	+14.800
TTM	3.241	5Y	3.682	-0.442
5Y	3.682	10Y	0.680	+3.002

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
EOD	32.438	0.649	+31.789
MRQ	32.034	0.451	+31.583
TTM	3.241	1.155	+2.086
YOY	-11.559	-1.334	-10.225
5Y	3.682	0.612	+3.070
10Y	0.680	-0.096	+0.776

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Herc Holdings Inc is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Rental & Leasing Services industry mean).
A PB ratio of 3.32 means the investor is paying $3.32 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Herc Holdings Inc:

The EOD is 3.364. Based on the equity, the company is fair priced.
The MRQ is 3.322. Based on the equity, the company is fair priced.
The TTM is 3.195. Based on the equity, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	3.364	MRQ	3.322	+0.042
MRQ	3.322	TTM	3.195	+0.126
TTM	3.195	YOY	3.507	-0.312
TTM	3.195	5Y	3.034	+0.161
5Y	3.034	10Y	2.697	+0.337

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
EOD	3.364	1.285	+2.079
MRQ	3.322	1.495	+1.827
TTM	3.195	1.460	+1.735
YOY	3.507	1.354	+2.153
5Y	3.034	1.553	+1.481
10Y	2.697	1.662	+1.035

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Herc Holdings Inc.

3.1. Institutions holding Herc Holdings Inc

Institutions are holding 95.696% of the shares of Herc Holdings Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	10.2335	0.0094	2898147	60715	2.1398
2023-12-31	BlackRock Inc	7.8829	0.0085	2232451	16335	0.7371
2023-12-31	Amvescap Plc.	7.0032	0.0703	1983318	316063	18.9571
2023-12-31	Gamco Investors, Inc. Et Al	5.6875	2.5596	1610708	-44528	-2.6901
2023-12-31	AllianceBernstein L.P.	3.7237	0.0604	1054556	-7901	-0.7437
2023-12-31	Wellington Management Company LLP	2.9854	0.0235	845472	-45809	-5.1397
2023-12-31	Dimensional Fund Advisors, Inc.	2.9616	0.0365	838720	-20679	-2.4062
2023-12-31	Theleme Partners LLP	2.888	5.8074	817891	169886	26.2168
2023-12-31	T. Rowe Price Investment Management,Inc.	2.317	0.0635	656185	45895	7.5202
2023-12-31	State Street Corporation	2.254	0.0046	638333	28013	4.5899
2023-12-31	Goldman Sachs Group Inc	2.1675	0.0082	613832	279763	83.7441
2023-12-31	Electron Capital Partners, LLC	2.1377	3.7966	605387	20358	3.4798
2023-12-31	Geode Capital Management, LLC	2.0946	0.0092	593194	31287	5.568
2023-12-31	Gabelli Funds LLC	1.8931	0.6147	536137	-806	-0.1501
2023-12-31	Dorsey Asset Management, LLC	1.8252	9.8927	516894	83755	19.3367
2023-12-31	Channing Capital Management, LLC	1.7638	2.1947	499502	45952	10.1316
2023-12-31	Impax Asset Management Group PLC	1.7156	0.2879	485868	-3932	-0.8028
2023-12-31	Jennison Associates LLC	1.6459	0.0517	466119	11408	2.5088
2023-12-31	Franklin Resources Inc	1.5958	0.0315	451930	-256108	-36.1715
2023-12-31	Fisher Asset Management, LLC	1.4762	0.0329	418063	-115220	-21.6058
Total		66.2522	25.5638	18762707	+614447	+3.3%

3.2. Funds holding Herc Holdings Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.9753	0.0086	842609	-2386	-0.2824
2024-01-31	1290 VT GAMCO Small Company Value IB	2.8107	3.4013	796000	-3000	-0.3755
2023-06-23	Invesco World Dev Countries Eq Mother	2.6416	2.1102	748114	272177	57.1876
2024-02-29	Vanguard Small Cap Index	2.4436	0.0781	692027	6286	0.9167
2024-02-29	iShares Russell 2000 ETF	2.424	0.1747	686488	-112	-0.0163
2023-12-31	Vanguard Explorer Inv	2.1701	0.4279	614578	7758	1.2785
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4716	0.0648	416750	-1334	-0.3191
2024-02-29	Avantis US Small Cap Value ETF	1.4278	0.63	404352	210	0.052
2024-02-29	Vanguard Small Cap Growth Index Inv	1.3716	0.1766	388426	5532	1.4448
2024-01-31	Impax Specialists Strategy Composite	1.2407	1.45	351356	0	0
2024-01-31	Fidelity Value	1.173	0.5534	332200	17900	5.6952
2023-12-31	Franklin Small Cap Value SMA Composite	1.0805	1.0778	306013	-180522	-37.1036
2023-12-31	Franklin US Small Cap Value Equity	1.0805	1.0778	306013	-180522	-37.1036
2023-12-31	Fidelity Small Cap Index	0.9943	0.165	281591	3522	1.2666
2023-09-30	UBS: US Equity Small Cap Growth	0.9467	1.485	268118	0	0
2023-12-31	T. Rowe Price Small-Cap Value	0.9351	0.3728	264810	-1100	-0.4137
2023-12-31	American Funds SMALLCAP World A	0.914	0.0536	258858	258858	0
2024-01-31	AB Discovery Value Advisor	0.8879	1.422	251441	-23290	-8.4774
2024-02-29	iShares Russell 2000 Growth ETF	0.877	0.3471	248356	441	0.1779
2024-02-29	Franklin Small Cap Value A	0.8526	0.9238	241447	-64566	-21.0991
Total		30.7186	16.0005	8699547	+115852	+1.3%

3.3. Insider Transactions

Insiders are holding 1.435% of the shares of Herc Holdings Inc.

Date	Owner	Type	Amount	Price
2024-03-15	Tamir Peres	SELL	3545	159.1
2023-09-11	Lawrence Harris Silber	SELL	3054	128.94
2023-06-15	Christian J Cunningham	SELL	9973	125.27

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Herc Holdings Inc 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	-	-	2.754	1.936	+42%	1.236	+123%	1.247	+121%	1.043	+164%
Book Value Per Share	-	-	44.824	40.600	+10%	35.346	+27%	29.625	+51%	31.953	+40%
Current Ratio	-	-	1.441	1.208	+19%	1.063	+36%	1.108	+30%	1.066	+35%
Debt To Asset Ratio	-	-	0.830	0.829	+0%	0.802	+3%	0.814	+2%	0.787	+5%
Debt To Equity Ratio	-	-	4.871	4.867	+0%	4.067	+20%	4.474	+9%	5.301	-8%
Dividend Per Share	-	-	0.599	0.635	-6%	0.564	+6%	0.337	+78%	0.182	+228%
Eps	-	-	3.204	3.026	+6%	2.734	+17%	1.726	+86%	1.603	+100%
Free Cash Flow Per Share	-	-	1.162	-3.381	+391%	-2.937	+353%	-0.815	+170%	-1.140	+198%
Free Cash Flow To Equity Per Share	-	-	-	1.049	-100%	3.540	-100%	0.749	-100%	-0.470	0%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.006	-1%
Intrinsic Value_10Y_max	-	-	-174.871	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-376.882	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-6.447	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-12.555	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-27.811	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-59.782	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-59.353	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-130.824	-	-	-	-	-	-	-	-
Market Cap	4275822123.000	+1%	4228476000.000	3720209000.000	+14%	3720550000.000	+14%	2792338350.000	+51%	1981416830.541	+113%
Net Profit Margin	-	-	0.109	0.105	+4%	0.119	-8%	0.078	+40%	0.061	+81%
Operating Margin	-	-	0.215	0.201	+7%	0.200	+7%	0.129	+67%	0.088	+144%
Operating Ratio	-	-	0.785	0.799	-2%	0.799	-2%	0.837	-6%	0.878	-11%
Pb Ratio	3.364	+1%	3.322	3.195	+4%	3.507	-5%	3.034	+9%	2.697	+23%
Pe Ratio	11.763	+1%	11.617	11.121	+4%	12.239	-5%	15.052	-23%	-26.862	+331%
Price Per Share	150.770	+1%	148.890	129.645	+15%	123.173	+21%	94.108	+58%	67.434	+121%
Price To Free Cash Flow Ratio	32.438	+1%	32.034	3.241	+889%	-11.559	+136%	3.682	+770%	0.680	+4608%
Price To Total Gains Ratio	44.974	+1%	44.413	83.582	-47%	72.614	-39%	48.533	-8%	6.305	+604%
Quick Ratio	-	-	1.248	1.076	+16%	0.954	+31%	0.993	+26%	0.946	+32%
Return On Assets	-	-	0.012	0.013	-4%	0.015	-19%	0.010	+22%	0.008	+53%
Return On Equity	-	-	0.071	0.074	-4%	0.077	-7%	0.052	+38%	0.037	+92%
Total Gains Per Share	-	-	3.352	2.571	+30%	1.800	+86%	1.584	+112%	1.226	+174%
Usd Book Value	-	-	1273000000.000	1165250000.000	+9%	1067200000.000	+19%	874925000.000	+45%	925802702.703	+38%
Usd Book Value Change Per Share	-	-	2.754	1.936	+42%	1.236	+123%	1.247	+121%	1.043	+164%
Usd Book Value Per Share	-	-	44.824	40.600	+10%	35.346	+27%	29.625	+51%	31.953	+40%
Usd Dividend Per Share	-	-	0.599	0.635	-6%	0.564	+6%	0.337	+78%	0.182	+228%
Usd Eps	-	-	3.204	3.026	+6%	2.734	+17%	1.726	+86%	1.603	+100%
Usd Free Cash Flow	-	-	33000000.000	-97500000.000	+395%	-88875000.000	+369%	-23880000.000	+172%	-32905405.405	+200%
Usd Free Cash Flow Per Share	-	-	1.162	-3.381	+391%	-2.937	+353%	-0.815	+170%	-1.140	+198%
Usd Free Cash Flow To Equity Per Share	-	-	-	1.049	-100%	3.540	-100%	0.749	-100%	-0.470	0%
Usd Market Cap	4275822123.000	+1%	4228476000.000	3720209000.000	+14%	3720550000.000	+14%	2792338350.000	+51%	1981416830.541	+113%
Usd Price Per Share	150.770	+1%	148.890	129.645	+15%	123.173	+21%	94.108	+58%	67.434	+121%
Usd Profit	-	-	91000000.000	86750000.000	+5%	82475000.000	+10%	51110000.000	+78%	36918918.919	+146%
Usd Revenue	-	-	832000000.000	820500000.000	+1%	684700000.000	+22%	593710000.000	+40%	523754054.054	+59%
Usd Total Gains Per Share	-	-	3.352	2.571	+30%	1.800	+86%	1.584	+112%	1.226	+174%
	EOD	+4 -4	MRQ	TTM	+22 -13	YOY	+25 -10	5Y	+27 -8	10Y	+28 -6

4.2. Fundamental Score

Let's check the fundamental score of Herc Holdings Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	11.763
Price to Book Ratio (EOD)	Between	0-1	3.364
Net Profit Margin (MRQ)	Greater than	0	0.109
Operating Margin (MRQ)	Greater than	0	0.215
Quick Ratio (MRQ)	Greater than	1	1.248
Current Ratio (MRQ)	Greater than	1	1.441
Debt to Asset Ratio (MRQ)	Less than	1	0.830
Debt to Equity Ratio (MRQ)	Less than	1	4.871
Return on Equity (MRQ)	Greater than	0.15	0.071
Return on Assets (MRQ)	Greater than	0.05	0.012
Total			6/10 (60.0%)

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4.3. Technical Score

Let's check the technical score of Herc Holdings Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	35.223
Ma 20	Greater than	Ma 50	163.185
Ma 50	Greater than	Ma 100	158.291
Ma 100	Greater than	Ma 200	149.349
Open	Greater than	Close	153.840
Total			4/5 (80.0%)

Create your own Symbol Scanner

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Latest Balance Sheet

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

Summary

Total Assets	7,474,000
Total Liabilities	6,201,000
Total Stockholder Equity	1,273,000

	As reported
Total Liabilities	6,201,000
Total Stockholder Equity	+ 1,273,000
Total Assets	= 7,474,000

Assets

Total Assets	7,474,000
Total Current Assets	732,000
Long-term Assets	6,742,000

Total Current Assets

Total Current Assets (as reported)	732,000
Cash And Cash Equivalents	71,000
Net Receivables	563,000
Other Current Assets	98,000
Total Current Assets (calculated)	732,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	6,742,000
Property Plant Equipment	4,961,000
Goodwill	483,000
Intangible Assets	467,000
Long-term Assets Other	418,000
Long-term Assets (calculated)	6,329,000
+/-	413,000

Liabilities & Shareholders' Equity

Total Current Liabilities	508,000
Long-term Liabilities	5,693,000
Total Stockholder Equity	1,273,000

Total Current Liabilities

Total Current Liabilities (as reported)	508,000
Short-term Debt	56,000
Short Long Term Debt	19,000
Accounts payable	212,000
Other Current Liabilities	222,000
Total Current Liabilities (calculated)	509,000
+/-	1,000

Long-term Liabilities

Long-term Liabilities (as reported)	5,693,000
Long term Debt	3,673,000
Capital Lease Obligations	787,000
Long-term Liabilities Other	46,000
Long-term Liabilities (calculated)	4,506,000
+/-	1,187,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	1,273,000
Retained Earnings	498,000
Accumulated Other Comprehensive Income	-118,000
Other Stockholders Equity	893,000
Total Stockholder Equity (calculated)	1,273,000
+/-	0

Other

Cash and Short Term Investments	71,000
Common Stock Shares Outstanding	28,400
Current Deferred Revenue	18,000
Liabilities and Stockholders Equity	7,474,000
Net Debt	4,408,000
Net Invested Capital	4,965,000
Net Working Capital	224,000
Property Plant and Equipment Gross	7,337,000
Short Long Term Debt Total	4,479,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

> Total Assets

18,662,588,000
18,526,803,000
19,852,351,000
20,225,201,000
19,255,662,000
19,362,920,000
20,690,915,000
19,894,959,000
16,451,367,000
14,667,913,000
15,633,459,000
16,139,488,000
15,985,126,000
16,260,469,000
17,837,914,000
18,109,021,000
17,315,719,000
16,807,435,000
18,292,897,000
19,069,459,000
17,673,508,000
18,280,089,000
19,429,470,000
19,539,086,000
23,286,019,000
24,076,229,000
25,932,300
25,571,800
24,588,400
0
0
0
3,611,300
24,602,000
3,611,300
3,730,300
3,406,800
3,355,100
3,533,900
3,578,000
3,463,300
3,444,500
3,525,100
3,588,900
3,549,700
3,573,900
3,729,600
3,770,800
3,610,200
3,666,400
3,801,500
3,903,100
3,817,000
3,767,200
3,711,700
3,662,000
3,588,400
3,576,000
3,682,600
4,132,600
4,490,400
4,717,600
5,310,000
5,684,000
5,956,800
6,276,000
6,695,000
6,893,000
7,474,000

7,474,000

6,893,000

6,695,000

6,276,000

5,956,800

5,684,000

5,310,000

4,717,600

4,490,400

4,132,600

3,682,600

3,576,000

3,588,400

3,662,000

3,711,700

3,767,200

3,817,000

3,903,100

3,801,500

3,666,400

3,610,200

3,770,800

3,729,600

3,573,900

3,549,700

3,588,900

3,525,100

3,444,500

3,463,300

3,578,000

3,533,900

3,355,100

3,406,800

3,730,300

3,611,300

24,602,000

3,611,300

24,588,400

25,571,800

25,932,300

24,076,229,000

23,286,019,000

19,539,086,000

19,429,470,000

18,280,089,000

17,673,508,000

19,069,459,000

18,292,897,000

16,807,435,000

17,315,719,000

18,109,021,000

17,837,914,000

16,260,469,000

15,985,126,000

16,139,488,000

15,633,459,000

14,667,913,000

16,451,367,000

19,894,959,000

20,690,915,000

19,362,920,000

19,255,662,000

20,225,201,000

19,852,351,000

18,526,803,000

18,662,588,000

> Total Current Assets

2,443,210,000
2,030,907,000
1,943,265,000
2,355,434,000
2,540,156,000
2,386,729,000
2,561,949,000
2,763,738,000
2,601,537,000
1,719,361,000
1,730,591,000
2,292,917,000
2,404,389,000
2,340,055,000
2,385,959,000
3,245,881,000
3,818,152,000
2,774,986,000
2,294,751,000
2,476,302,000
2,632,139,000
2,092,930,000
2,136,184,000
2,291,138,000
2,525,579,000
2,319,256,000
2,267,400
2,356,300
2,028,100
0
0
0
481,400
2,371,000
481,400
578,900
371,300
340,200
377,600
390,800
371,700
368,200
385,200
424,400
474,500
436,200
435,600
433,900
400,400
374,400
367,500
381,800
399,700
395,500
374,800
385,000
367,100
364,000
379,700
448,400
469,700
475,200
566,800
634,700
643,500
625,000
644,000
729,000
732,000

732,000

729,000

644,000

625,000

643,500

634,700

566,800

475,200

469,700

448,400

379,700

364,000

367,100

385,000

374,800

395,500

399,700

381,800

367,500

374,400

400,400

433,900

435,600

436,200

474,500

424,400

385,200

368,200

371,700

390,800

377,600

340,200

371,300

578,900

481,400

2,371,000

481,400

2,028,100

2,356,300

2,267,400

2,319,256,000

2,525,579,000

2,291,138,000

2,136,184,000

2,092,930,000

2,632,139,000

2,476,302,000

2,294,751,000

2,774,986,000

3,818,152,000

3,245,881,000

2,385,959,000

2,340,055,000

2,404,389,000

2,292,917,000

1,730,591,000

1,719,361,000

2,601,537,000

2,763,738,000

2,561,949,000

2,386,729,000

2,540,156,000

2,355,434,000

1,943,265,000

2,030,907,000

2,443,210,000

Cash And Cash Equivalents

674,549,000
476,883,000
401,630,000
397,263,000
730,203,000
728,869,000
811,394,000
731,539,000
594,266,000
557,071,000
570,889,000
926,717,000
985,642,000
800,749,000
896,848,000
1,483,320,000
2,374,170,000
1,365,759,000
747,582,000
385,788,000
931,779,000
594,701,000
586,201,000
453,361,000
533,255,000
653,783,000
483,100
548,700
423,200
0
0
0
18,900
996,000
18,900
16,700
15,700
12,300
42,600
51,900
11,600
24,300
12,000
19,100
41,500
43,000
44,000
18,000
27,800
24,500
27,900
34,500
33,000
55,800
83,200
53,800
33,000
32,900
34,600
35,200
35,100
22,800
52,100
56,900
53,500
40,000
37,000
71,000
71,000

71,000

37,000

40,000

53,500

56,900

52,100

22,800

35,100

35,200

34,600

32,900

33,000

53,800

83,200

55,800

33,000

34,500

27,900

24,500

27,800

18,000

44,000

43,000

41,500

19,100

12,000

24,300

11,600

51,900

42,600

12,300

15,700

16,700

18,900

996,000

18,900

423,200

548,700

483,100

653,783,000

533,255,000

453,361,000

586,201,000

594,701,000

931,779,000

385,788,000

747,582,000

1,365,759,000

2,374,170,000

1,483,320,000

896,848,000

800,749,000

985,642,000

926,717,000

570,889,000

557,071,000

594,266,000

731,539,000

811,394,000

728,869,000

730,203,000

397,263,000

401,630,000

476,883,000

674,549,000

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
19,300
0
0
13,100
16,000
11,700
13,900
4,700
19,400
5,600
10,300
7,100
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-100
0
0
0
0
0
0
0
0

-100

7,100

10,300

5,600

19,400

4,700

13,900

11,700

16,000

13,100

19,300

Net Receivables

1,656,542,000
1,439,251,000
1,411,789,000
1,834,067,000
1,690,956,000
1,526,560,000
1,608,626,000
1,902,541,000
1,911,084,000
1,069,172,000
1,057,120,000
1,266,926,000
1,325,332,000
1,446,373,000
1,400,306,000
1,674,946,000
1,356,553,000
1,311,755,000
1,447,170,000
1,996,038,000
1,616,382,000
1,398,702,000
1,448,271,000
1,731,795,000
1,886,596,000
1,555,520,000
1,656,000
1,700,900
1,512,600
0
0
0
374,100
1,304,000
374,100
333,600
296,500
275,900
287,900
297,500
293,300
297,900
319,900
352,300
386,300
347,000
350,300
373,500
332,400
316,400
308,400
316,400
306,700
288,800
247,000
293,300
301,200
299,600
312,800
373,700
388,100
399,100
457,800
519,000
522,500
514,000
541,000
595,000
563,000

563,000

595,000

541,000

514,000

522,500

519,000

457,800

399,100

388,100

373,700

312,800

299,600

301,200

293,300

247,000

288,800

306,700

316,400

308,400

316,400

332,400

373,500

350,300

347,000

386,300

352,300

319,900

297,900

293,300

297,500

287,900

275,900

296,500

333,600

374,100

1,304,000

374,100

1,512,600

1,700,900

1,656,000

1,555,520,000

1,886,596,000

1,731,795,000

1,448,271,000

1,398,702,000

1,616,382,000

1,996,038,000

1,447,170,000

1,311,755,000

1,356,553,000

1,674,946,000

1,400,306,000

1,446,373,000

1,325,332,000

1,266,926,000

1,057,120,000

1,069,172,000

1,911,084,000

1,902,541,000

1,608,626,000

1,526,560,000

1,690,956,000

1,834,067,000

1,411,789,000

1,439,251,000

1,656,542,000

Inventory

112,119,000
114,773,000
129,846,000
124,104,000
118,997,000
131,300,000
141,929,000
129,658,000
96,187,000
93,118,000
102,582,000
99,274,000
93,415,000
92,933,000
88,805,000
87,615,000
87,429,000
97,472,000
99,999,000
94,476,000
83,978,000
99,527,000
101,712,000
105,982,000
105,728,000
109,953,000
128,300
106,700
92,300
0
0
0
29,300
71,000
29,300
26,600
22,300
20,000
24,300
24,500
24,100
25,700
25,900
26,700
23,700
22,200
20,700
20,200
17,900
0
0
0
0
28,400
10,700
0
0
0
0
0
0
0
0
0
0
0
0
0
0

10,700

28,400

17,900

20,200

20,700

22,200

23,700

26,700

25,900

25,700

24,100

24,500

24,300

20,000

22,300

26,600

29,300

71,000

29,300

92,300

106,700

128,300

109,953,000

105,728,000

105,982,000

101,712,000

99,527,000

83,978,000

94,476,000

99,999,000

97,472,000

87,429,000

87,615,000

88,805,000

92,933,000

93,415,000

99,274,000

102,582,000

93,118,000

96,187,000

129,658,000

141,929,000

131,300,000

118,997,000

124,104,000

129,846,000

114,773,000

112,119,000

> Long-term Assets

5,506,245,000
5,491,145,000
7,312,871,000
7,334,378,000
7,226,107,000
7,182,740,000
7,240,222,000
7,156,732,000
5,622,073,000
5,551,006,000
5,677,180,000
5,662,014,000
5,552,095,000
5,470,916,000
5,457,026,000
5,416,544,000
5,506,091,000
5,482,371,000
5,505,488,000
5,840,734,000
5,894,660,000
6,005,563,000
5,968,654,000
6,061,419,000
6,810,369,000
9,550,693,000
9,595,200
9,660,700
6,789,800
0
0
0
3,129,900
7,638,000
3,129,900
3,151,400
3,035,500
3,014,900
3,156,300
3,187,200
3,091,600
3,076,300
3,139,900
3,164,500
3,075,200
3,137,700
3,294,000
3,336,900
3,209,800
3,292,000
3,434,000
3,521,300
3,417,300
3,371,700
3,336,900
3,277,000
3,221,300
3,212,000
3,302,900
3,684,200
4,020,700
4,242,400
4,743,200
5,049,300
5,313,300
5,651,000
6,051,000
6,164,000
6,742,000

6,742,000

6,164,000

6,051,000

5,651,000

5,313,300

5,049,300

4,743,200

4,242,400

4,020,700

3,684,200

3,302,900

3,212,000

3,221,300

3,277,000

3,336,900

3,371,700

3,417,300

3,521,300

3,434,000

3,292,000

3,209,800

3,336,900

3,294,000

3,137,700

3,075,200

3,164,500

3,139,900

3,076,300

3,091,600

3,187,200

3,156,300

3,014,900

3,035,500

3,151,400

3,129,900

7,638,000

3,129,900

6,789,800

9,660,700

9,595,200

9,550,693,000

6,810,369,000

6,061,419,000

5,968,654,000

6,005,563,000

5,894,660,000

5,840,734,000

5,505,488,000

5,482,371,000

5,506,091,000

5,416,544,000

5,457,026,000

5,470,916,000

5,552,095,000

5,662,014,000

5,677,180,000

5,551,006,000

5,622,073,000

7,156,732,000

7,240,222,000

7,182,740,000

7,226,107,000

7,334,378,000

7,312,871,000

5,491,145,000

5,506,245,000

Property Plant Equipment

1,368,057,000
1,353,654,000
1,361,290,000
1,364,405,000
1,345,548,000
1,350,050,000
1,351,081,000
1,320,614,000
1,254,560,000
1,218,039,000
1,215,132,000
1,190,083,000
1,188,129,000
1,169,989,000
1,156,668,000
1,160,500,000
1,163,569,000
1,186,509,000
1,218,542,000
1,242,046,000
1,251,854,000
1,265,924,000
1,264,269,000
1,279,721,000
1,436,386,000
1,457,197,000
1,465,600
1,490,900
1,514,300
0
0
0
2,693,400
1,314,000
2,693,400
2,733,700
2,629,100
2,605,000
2,727,300
2,757,300
2,662,000
2,641,200
2,730,300
2,752,800
2,660,900
2,718,300
2,871,600
2,907,800
2,787,200
2,872,500
3,024,900
3,114,500
3,009,100
2,965,700
2,934,400
2,875,200
2,806,700
2,798,200
2,875,300
3,168,700
3,387,400
3,543,700
3,969,300
4,206,900
4,429,100
4,711,000
5,043,000
5,133,000
4,961,000

4,961,000

5,133,000

5,043,000

4,711,000

4,429,100

4,206,900

3,969,300

3,543,700

3,387,400

3,168,700

2,875,300

2,798,200

2,806,700

2,875,200

2,934,400

2,965,700

3,009,100

3,114,500

3,024,900

2,872,500

2,787,200

2,907,800

2,871,600

2,718,300

2,660,900

2,752,800

2,730,300

2,641,200

2,662,000

2,757,300

2,727,300

2,605,000

2,629,100

2,733,700

2,693,400

1,314,000

2,693,400

1,514,300

1,490,900

1,465,600

1,457,197,000

1,436,386,000

1,279,721,000

1,264,269,000

1,265,924,000

1,251,854,000

1,242,046,000

1,218,542,000

1,186,509,000

1,163,569,000

1,160,500,000

1,156,668,000

1,169,989,000

1,188,129,000

1,190,083,000

1,215,132,000

1,218,039,000

1,254,560,000

1,320,614,000

1,351,081,000

1,350,050,000

1,345,548,000

1,364,405,000

1,361,290,000

1,353,654,000

1,368,057,000

Goodwill

964,693,000
978,983,000
985,347,000
991,918,000
959,993,000
980,909,000
988,176,000
974,655,000
264,061,000
262,451,000
287,414,000
285,588,000
295,350,000
290,311,000
290,550,000
295,825,000
300,174,000
309,495,000
307,212,000
379,861,000
392,094,000
471,430,000
452,408,000
454,663,000
1,341,872,000
1,352,694,000
1,366,300
1,366,300
1,347,500
0
0
0
95,100
1,356,000
95,100
92,600
91,000
91,000
91,000
91,000
394,900
91,000
91,000
91,100
374,900
91,000
91,000
91,000
384,500
91,000
91,000
91,000
385,100
93,600
93,600
93,600
396,400
395,200
108,200
150,600
231,500
272,500
325,500
379,100
418,700
460,000
492,000
508,000
483,000

483,000

508,000

492,000

460,000

418,700

379,100

325,500

272,500

231,500

150,600

108,200

395,200

396,400

93,600

385,100

91,000

384,500

91,000

374,900

91,100

91,000

394,900

91,000

92,600

95,100

1,356,000

95,100

1,347,500

1,366,300

1,352,694,000

1,341,872,000

454,663,000

452,408,000

471,430,000

392,094,000

379,861,000

307,212,000

309,495,000

300,174,000

295,825,000

290,550,000

290,311,000

295,350,000

285,588,000

287,414,000

262,451,000

264,061,000

974,655,000

988,176,000

980,909,000

959,993,000

991,918,000

985,347,000

978,983,000

964,693,000

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
2,100
4,400
5,100
5,300
3,600
2,400
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,400

3,600

5,300

5,100

4,400

2,100

Intangible Assets

3,173,495,000
3,158,508,000
3,143,263,000
3,137,668,000
3,123,467,000
3,118,386,000
3,103,037,000
3,089,387,000
2,621,586,000
2,612,708,000
2,634,667,000
2,620,289,000
2,597,682,000
2,580,697,000
2,563,709,000
2,554,929,000
2,550,559,000
2,535,570,000
2,522,540,000
2,579,345,000
2,562,234,000
2,564,222,000
2,544,011,000
2,531,522,000
4,032,111,000
4,002,046,000
3,968,500
3,944,700
3,928,000
0
0
0
329,400
3,978,000
329,400
308,400
300,500
302,900
302,800
303,700
303,900
309,500
283,600
284,400
283,900
286,300
289,300
294,500
293,500
292,900
292,600
292,100
291,500
290,200
289,900
289,400
295,900
294,600
303,200
349,200
388,700
398,600
415,900
424,500
431,400
447,000
468,000
468,000
467,000

467,000

468,000

447,000

431,400

424,500

415,900

398,600

388,700

349,200

303,200

294,600

295,900

289,400

289,900

290,200

291,500

292,100

292,600

292,900

293,500

294,500

289,300

286,300

283,900

284,400

283,600

309,500

303,900

303,700

302,800

302,900

300,500

308,400

329,400

3,978,000

329,400

3,928,000

3,944,700

3,968,500

4,002,046,000

4,032,111,000

2,531,522,000

2,544,011,000

2,564,222,000

2,562,234,000

2,579,345,000

2,522,540,000

2,535,570,000

2,550,559,000

2,554,929,000

2,563,709,000

2,580,697,000

2,597,682,000

2,620,289,000

2,634,667,000

2,612,708,000

2,621,586,000

3,089,387,000

3,103,037,000

3,118,386,000

3,123,467,000

3,137,668,000

3,143,263,000

3,158,508,000

3,173,495,000

Long-term Assets Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
352,782
428,879
464,947
441,073
0
0
0
0
470,120
550,670
765,300
677,000
717,200
0
0
0
12,000
990,000
12,000
16,700
14,900
16,000
35,200
35,200
34,700
34,600
35,000
36,200
38,100
42,100
42,100
43,600
38,100
35,600
25,500
23,700
23,100
22,200
19,000
18,800
18,200
18,600
16,200
15,700
13,100
27,600
32,500
38,800
34,100
33,000
48,000
55,000
418,000

418,000

55,000

48,000

33,000

34,100

38,800

32,500

27,600

13,100

15,700

16,200

18,600

18,200

18,800

19,000

22,200

23,100

23,700

25,500

35,600

38,100

43,600

42,100

38,100

36,200

35,000

34,600

34,700

35,200

16,000

14,900

16,700

12,000

990,000

12,000

717,200

677,000

765,300

550,670

470,120

441,073

464,947

428,879

352,782

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
1,300
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,300

> Total Liabilities

16,128,026,000
0
17,198,312,000
17,375,596,000
16,321,245,000
16,482,631,000
17,689,577,000
17,006,381,000
14,963,085,000
13,377,785,000
13,856,915,000
14,035,751,000
13,904,978,000
14,338,330,000
15,942,143,000
15,983,246,000
15,200,898,000
14,792,892,000
16,175,996,000
16,824,359,000
15,438,852,000
16,074,615,000
17,163,551,000
16,996,794,000
20,778,733,000
22,039,086,000
23,768,100
22,750,900
21,817,200
0
0
0
1,906,000
22,253,000
1,906,000
1,749,800
1,095,000
1,135,300
3,186,500
3,225,600
3,140,900
3,162,800
3,266,300
3,300,100
3,039,300
3,073,600
3,234,300
3,216,500
3,037,500
3,100,600
3,217,800
3,310,100
3,172,700
3,147,300
3,077,700
2,975,500
2,846,400
2,798,000
2,847,200
3,223,400
3,513,500
3,705,900
4,244,700
4,600,900
4,848,100
5,189,000
5,593,000
5,694,000
6,201,000

6,201,000

5,694,000

5,593,000

5,189,000

4,848,100

4,600,900

4,244,700

3,705,900

3,513,500

3,223,400

2,847,200

2,798,000

2,846,400

2,975,500

3,077,700

3,147,300

3,172,700

3,310,100

3,217,800

3,100,600

3,037,500

3,216,500

3,234,300

3,073,600

3,039,300

3,300,100

3,266,300

3,162,800

3,140,900

3,225,600

3,186,500

1,135,300

1,095,000

1,749,800

1,906,000

22,253,000

1,906,000

21,817,200

22,750,900

23,768,100

22,039,086,000

20,778,733,000

16,996,794,000

17,163,551,000

16,074,615,000

15,438,852,000

16,824,359,000

16,175,996,000

14,792,892,000

15,200,898,000

15,983,246,000

15,942,143,000

14,338,330,000

13,904,978,000

14,035,751,000

13,856,915,000

13,377,785,000

14,963,085,000

17,006,381,000

17,689,577,000

16,482,631,000

16,321,245,000

17,375,596,000

17,198,312,000

16,128,026,000

> Total Current Liabilities

2,455,400,000
0
1,511,908,000
1,009,077,000
1,064,878,000
1,592,954,000
1,707,949,000
860,190,000
931,336,000
932,727,000
1,184,588,000
747,326,000
658,671,000
1,223,859,000
1,467,148,000
928,108,000
944,973,000
1,204,927,000
1,560,856,000
997,287,000
897,489,000
1,320,805,000
1,487,086,000
975,098,000
3,698,729,000
1,304,849,000
1,484,500
952,400
3,915,000
0
0
0
758,900
19,416,000
758,900
698,500
282,300
325,300
363,900
393,200
243,300
328,300
424,900
387,700
290,700
413,700
518,500
381,800
299,200
335,500
458,100
396,200
323,100
299,100
310,500
301,700
328,000
322,800
392,200
426,700
529,900
463,300
528,300
584,100
604,000
593,000
655,000
538,000
508,000

508,000

538,000

655,000

593,000

604,000

584,100

528,300

463,300

529,900

426,700

392,200

322,800

328,000

301,700

310,500

299,100

323,100

396,200

458,100

335,500

299,200

381,800

518,500

413,700

290,700

387,700

424,900

328,300

243,300

393,200

363,900

325,300

282,300

698,500

758,900

19,416,000

758,900

3,915,000

952,400

1,484,500

1,304,849,000

3,698,729,000

975,098,000

1,487,086,000

1,320,805,000

897,489,000

997,287,000

1,560,856,000

1,204,927,000

944,973,000

928,108,000

1,467,148,000

1,223,859,000

658,671,000

747,326,000

1,184,588,000

932,727,000

931,336,000

860,190,000

1,707,949,000

1,592,954,000

1,064,878,000

1,009,077,000

1,511,908,000

2,455,400,000

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,306,429
10,750,019
11,693,593
12,506,251
0
0
0
0
15,448,624
16,316,982
17,842,000
17,136,200
16,309,400
0
0
0
482,900
16,351,000
482,900
394,700
83,400
84,000
15,800
15,500
15,700
15,600
16,000
17,200
25,400
23,700
26,900
28,900
29,900
53,000
57,200
63,300
60,900
56,600
50,700
49,600
47,900
49,300
48,800
52,100
53,900
54,700
56,300
56,900
58,000
59,000
59,000
61,000
56,000

56,000

61,000

59,000

58,000

56,900

56,300

54,700

53,900

52,100

48,800

49,300

47,900

49,600

50,700

56,600

60,900

63,300

57,200

53,000

29,900

28,900

26,900

23,700

25,400

17,200

16,000

15,600

15,700

15,500

15,800

84,000

83,400

394,700

482,900

16,351,000

482,900

16,309,400

17,136,200

17,842,000

16,316,982

15,448,624

12,506,251

11,693,593

10,750,019

11,306,429

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
10,600
0
0
0
136,700
16,072,000
15,800
15,500
15,700
15,600
2,162,400
17,600
25,400
23,700
26,900
28,900
6,300
26,900
28,700
33,000
27,000
25,700
18,900
17,700
15,800
15,300
13,900
15,800
15,200
14,600
14,900
11,200
16,100
16,000
16,000
18,000
19,000

19,000

18,000

16,000

16,100

11,200

14,900

14,600

15,200

15,800

13,900

15,300

15,800

17,700

18,900

25,700

27,000

33,000

28,700

26,900

6,300

28,900

26,900

23,700

25,400

17,600

2,162,400

15,600

15,700

15,500

15,800

16,072,000

136,700

10,600

Accounts payable

654,327,000
0
1,511,908,000
1,009,077,000
1,064,878,000
1,592,954,000
1,707,949,000
860,190,000
931,336,000
932,727,000
1,184,588,000
747,326,000
658,671,000
1,223,859,000
1,467,148,000
928,108,000
944,973,000
1,204,927,000
1,560,856,000
997,287,000
897,489,000
1,320,805,000
1,487,086,000
975,098,000
999,061,000
1,304,849,000
1,484,500
952,400
967,900
0
0
0
173,300
2,696,000
173,300
158,500
109,500
148,900
268,400
262,900
139,000
202,100
314,800
246,300
152,000
266,600
387,800
233,800
147,000
162,200
296,200
212,000
126,500
135,400
138,100
132,700
125,800
146,000
190,600
201,800
280,600
239,400
286,900
326,600
318,300
348,000
363,000
247,000
212,000

212,000

247,000

363,000

348,000

318,300

326,600

286,900

239,400

280,600

201,800

190,600

146,000

125,800

132,700

138,100

135,400

126,500

212,000

296,200

162,200

147,000

233,800

387,800

266,600

152,000

246,300

314,800

202,100

139,000

262,900

268,400

148,900

109,500

158,500

173,300

2,696,000

173,300

967,900

952,400

1,484,500

1,304,849,000

999,061,000

975,098,000

1,487,086,000

1,320,805,000

897,489,000

997,287,000

1,560,856,000

1,204,927,000

944,973,000

928,108,000

1,467,148,000

1,223,859,000

658,671,000

747,326,000

1,184,588,000

932,727,000

931,336,000

860,190,000

1,707,949,000

1,592,954,000

1,064,878,000

1,009,077,000

1,511,908,000

654,327,000

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278,685
282,127
286,018
289,430
0
0
0
0
332,232
321,003
327,500
346,600
347,700
0
0
0
62,300
369,000
62,300
25,400
-2,787,600
51,800
65,400
102,500
78,200
99,200
79,600
105,600
105,600
123,400
103,800
119,100
112,700
26,100
104,700
120,900
124,400
107,100
121,700
119,400
140,800
127,500
152,800
172,800
181,700
169,200
185,100
200,600
208,300
186,000
292,000
291,000
222,000

222,000

291,000

292,000

186,000

208,300

200,600

185,100

169,200

181,700

172,800

152,800

127,500

140,800

119,400

121,700

107,100

124,400

120,900

104,700

26,100

112,700

119,100

103,800

123,400

105,600

79,600

99,200

78,200

102,500

65,400

51,800

-2,787,600

25,400

62,300

369,000

62,300

347,700

346,600

327,500

321,003

332,232

289,430

286,018

282,127

278,685

> Long-term Liabilities

13,672,626,000
0
15,686,404,000
16,366,519,000
15,256,367,000
14,889,677,000
15,981,628,000
16,146,191,000
14,031,749,000
12,445,058,000
12,672,327,000
13,288,425,000
13,246,307,000
13,114,471,000
14,474,995,000
15,055,138,000
14,255,925,000
13,587,965,000
14,615,140,000
15,827,072,000
14,541,363,000
14,753,810,000
15,676,465,000
16,021,696,000
17,080,004,000
20,734,237,000
22,283,600
21,798,500
17,902,200
0
0
0
1,147,100
2,837,000
1,147,100
1,051,300
812,700
810,000
2,822,600
2,832,400
2,897,600
2,834,500
2,841,400
2,912,400
2,748,600
2,659,900
2,715,800
2,834,700
2,738,300
2,765,100
2,759,700
2,913,900
2,849,600
2,848,200
2,767,200
2,673,800
2,518,400
2,475,200
2,455,000
2,796,700
2,983,600
3,242,600
3,716,400
4,016,800
4,244,100
4,596,000
4,938,000
5,156,000
5,693,000

5,693,000

5,156,000

4,938,000

4,596,000

4,244,100

4,016,800

3,716,400

3,242,600

2,983,600

2,796,700

2,455,000

2,475,200

2,518,400

2,673,800

2,767,200

2,848,200

2,849,600

2,913,900

2,759,700

2,765,100

2,738,300

2,834,700

2,715,800

2,659,900

2,748,600

2,912,400

2,841,400

2,834,500

2,897,600

2,832,400

2,822,600

810,000

812,700

1,051,300

1,147,100

2,837,000

1,147,100

17,902,200

21,798,500

22,283,600

20,734,237,000

17,080,004,000

16,021,696,000

15,676,465,000

14,753,810,000

14,541,363,000

15,827,072,000

14,615,140,000

13,587,965,000

14,255,925,000

15,055,138,000

14,474,995,000

13,114,471,000

13,246,307,000

13,288,425,000

12,672,327,000

12,445,058,000

14,031,749,000

16,146,191,000

15,981,628,000

14,889,677,000

15,256,367,000

16,366,519,000

15,686,404,000

13,672,626,000

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
2,114,600
2,124,400
2,178,600
2,122,900
2,145,400
2,212,300
2,137,100
2,054,700
2,109,600
2,229,000
2,129,900
2,019,400
2,004,600
2,149,100
2,051,500
2,041,600
1,931,300
1,827,900
1,651,500
1,585,200
1,539,200
1,792,000
1,916,100
2,142,100
2,503,300
2,761,900
2,921,900
3,215,000
3,493,000
3,665,000
0

3,665,000

3,493,000

3,215,000

2,921,900

2,761,900

2,503,300

2,142,100

1,916,100

1,792,000

1,539,200

1,585,200

1,651,500

1,827,900

1,931,300

2,041,600

2,051,500

2,149,100

2,004,600

2,019,400

2,129,900

2,229,000

2,109,600

2,054,700

2,137,100

2,212,300

2,145,400

2,122,900

2,178,600

2,124,400

2,114,600

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
1,300
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,300

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
27,400
0
0
25,500
32,100
31,900
42,100
41,300
32,000
32,600
38,800
38,300
35,800
493,000
494,700
494,800
492,100
487,800
491,600
485,100
498,300
496,000
501,600
512,700
518,300
525,300
536,100
555,200
568,900
574,400
612,500
642,200
686,700
701,000
0
738,000
0

738,000

701,000

686,700

642,200

612,500

574,400

568,900

555,200

536,100

525,300

518,300

512,700

501,600

496,000

498,300

485,100

491,600

487,800

492,100

494,800

494,700

493,000

35,800

38,300

38,800

32,600

32,000

41,300

42,100

31,900

32,100

25,500

27,400

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,491,789
1,450,797
1,457,194
1,639,482
0
0
0
0
2,699,668
2,738,756
2,794,800
2,858,800
2,947,100
0
0
0
2,853,000
2,837,000
2,868,000
2,962,000
2,877,000
2,867,000
665,900
666,700
692,100
679,000
657,200
661,800
575,700
568,900
569,700
569,300
564,600
563,600
565,100
559,400
576,900
573,700
575,700
584,400
474,000
480,600
491,400
6,400
536,800
543,200
4,100
11,000
646,500
655,000
673,000
9,000
0

9,000

673,000

655,000

646,500

11,000

4,100

543,200

536,800

6,400

491,400

480,600

474,000

584,400

575,700

573,700

576,900

559,400

565,100

563,600

564,600

569,300

569,700

568,900

575,700

661,800

657,200

679,000

692,100

666,700

665,900

2,867,000

2,877,000

2,962,000

2,868,000

2,837,000

2,853,000

2,947,100

2,858,800

2,794,800

2,738,756

2,699,668

1,639,482

1,457,194

1,450,797

1,491,789

> Total Stockholder Equity

2,534,562,000
0
2,633,870,000
2,826,162,000
2,913,389,000
2,854,427,000
2,975,755,000
2,864,354,000
1,470,618,000
1,290,128,000
1,776,544,000
2,103,737,000
2,080,148,000
1,922,139,000
1,895,771,000
2,125,775,000
2,114,821,000
2,014,543,000
2,116,901,000
2,245,100,000
2,234,656,000
2,205,474,000
2,265,919,000
2,542,292,000
2,507,286,000
2,037,143,000
2,164,200
2,820,900
2,771,200
0
0
0
1,705,300
2,349,000
1,705,300
1,980,500
2,311,800
2,219,800
347,400
352,400
322,400
281,700
258,800
288,800
510,400
500,300
495,300
554,300
572,700
565,800
583,700
593,000
644,300
619,900
634,000
686,500
742,000
778,000
835,400
909,200
976,900
1,011,700
1,065,300
1,083,100
1,108,700
1,087,000
1,102,000
1,199,000
1,273,000

1,273,000

1,199,000

1,102,000

1,087,000

1,108,700

1,083,100

1,065,300

1,011,700

976,900

909,200

835,400

778,000

742,000

686,500

634,000

619,900

644,300

593,000

583,700

565,800

572,700

554,300

495,300

500,300

510,400

288,800

258,800

281,700

322,400

352,400

347,400

2,219,800

2,311,800

1,980,500

1,705,300

2,349,000

1,705,300

2,771,200

2,820,900

2,164,200

2,037,143,000

2,507,286,000

2,542,292,000

2,265,919,000

2,205,474,000

2,234,656,000

2,245,100,000

2,116,901,000

2,014,543,000

2,114,821,000

2,125,775,000

1,895,771,000

1,922,139,000

2,080,148,000

2,103,737,000

1,776,544,000

1,290,128,000

1,470,618,000

2,864,354,000

2,975,755,000

2,854,427,000

2,913,389,000

2,826,162,000

2,633,870,000

2,534,562,000

Common Stock

3,206,000
0
3,214,000
3,216,000
3,219,000
3,225,000
3,227,000
3,230,000
3,230,000
3,234,000
3,769,000
4,096,000
4,102,000
4,114,000
4,120,000
4,123,000
4,135,000
4,149,000
4,164,000
4,167,000
4,170,000
4,197,000
4,203,000
0
4,215
4,230,000
4,200
4,500
4,500
0
0
0
4,600
5,000
4,600
4,600
4,600
4,600
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
331
331
0

331

300

4,600

5,000

4,600

4,500

4,200

4,230,000

4,215

4,203,000

4,197,000

4,170,000

4,167,000

4,164,000

4,149,000

4,135,000

4,123,000

4,120,000

4,114,000

4,102,000

4,096,000

3,769,000

3,234,000

3,230,000

3,227,000

3,225,000

3,219,000

3,216,000

3,214,000

3,206,000

Retained Earnings

9,535,000
0
26,999,000
189,707,000
270,450,000
212,746,000
263,993,000
281,657,000
-936,296,000
-1,099,805,000
-1,095,943,000
-1,031,415,000
-1,062,318,000
-1,212,723,000
-1,237,844,000
-1,081,203,000
-1,110,362,000
-1,242,975,000
-1,187,977,000
-994,113,000
-947,064,000
-1,003,395,000
-910,508,000
-667,588,000
-703,985,000
-686,022,000
-564,600
-349,900
-378,800
0
0
0
-716,800
-734,000
-716,800
-683,700
-605,500
-607,000
-615,000
-612,000
-625,200
-664,400
-692,000
-679,200
-462,400
-472,500
-472,800
-426,600
-391,100
-405,400
-395,700
-386,300
-351,200
-354,900
-352,900
-313,000
-277,500
-244,600
-197,500
-125,200
-53,400
5,100
59,600
143,400
224,100
272,000
330,000
425,000
498,000

498,000

425,000

330,000

272,000

224,100

143,400

59,600

5,100

-53,400

-125,200

-197,500

-244,600

-277,500

-313,000

-352,900

-354,900

-351,200

-386,300

-395,700

-405,400

-391,100

-426,600

-472,800

-472,500

-462,400

-679,200

-692,000

-664,400

-625,200

-612,000

-615,000

-607,000

-605,500

-683,700

-716,800

-734,000

-716,800

-378,800

-349,900

-564,600

-686,022,000

-703,985,000

-667,588,000

-910,508,000

-1,003,395,000

-947,064,000

-994,113,000

-1,187,977,000

-1,242,975,000

-1,110,362,000

-1,081,203,000

-1,237,844,000

-1,212,723,000

-1,062,318,000

-1,031,415,000

-1,095,943,000

-1,099,805,000

-936,296,000

281,657,000

263,993,000

212,746,000

270,450,000

189,707,000

26,999,000

9,535,000

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,183,225
3,184,496
3,203,452
3,213,201
0
0
0
0
3,233,948
3,237,348
3,265,100
3,217,700
3,225,900
0
0
0
3,325,000
3,326,000
3,330,000
3,334,000
3,343,000
3,359,000
1,769,900
1,772,200
1,753,300
1,754,800
1,754,100
1,758,100
1,763,100
1,766,600
1,770,000
1,773,800
1,777,900
1,780,600
1,785,800
1,789,200
1,796,900
1,798,200
1,800,200
1,807,400
1,818,200
1,818,500
1,825,300
1,830,900
1,822,200
1,796,600
1,802,300
1,811,900
1,820,000
1,801,000
1,808,000
1,816,000
0

1,816,000

1,808,000

1,801,000

1,820,000

1,811,900

1,802,300

1,796,600

1,822,200

1,830,900

1,825,300

1,818,500

1,818,200

1,807,400

1,800,200

1,798,200

1,796,900

1,789,200

1,785,800

1,780,600

1,777,900

1,773,800

1,770,000

1,766,600

1,763,100

1,758,100

1,754,100

1,754,800

1,753,300

1,772,200

1,769,900

3,359,000

3,343,000

3,334,000

3,330,000

3,326,000

3,325,000

3,225,900

3,217,700

3,265,100

3,237,348

3,233,948

3,213,201

3,203,452

3,184,496

3,183,225

Treasury Stock

-751,200

-692,000

-349,000

-87,000

-87,500

-467,200

-467,248

Other Stockholders Equity

2,521,821,000
0
2,449,044,000
2,458,846,000
2,469,213,000
2,480,069,000
2,489,502,000
2,497,593,000
2,503,819,000
2,513,095,000
2,922,893,000
3,135,299,000
3,141,695,000
3,146,981,000
3,160,278,000
3,170,761,000
3,183,225,000
3,184,496,000
3,203,452,000
3,213,201,000
3,205,964,000
3,200,750,000
3,210,281,000
3,224,709,000
3,211,271,000
2,770,100,000
2,797,900
3,217,700
3,145,500
0
0
0
2,519,900
-161,000
2,519,900
2,832,900
3,151,100
3,027,600
1,077,900
1,080,200
1,061,300
1,062,800
1,062,100
1,066,100
1,071,100
1,074,600
1,078,000
1,081,800
1,085,900
1,088,600
1,093,800
1,097,200
1,104,900
1,106,200
1,108,200
1,115,400
1,126,200
1,126,500
1,133,300
1,138,900
1,129,000
1,104,600
1,110,300
1,060,700
1,012,800
942,000
894,000
902,000
893,000

893,000

902,000

894,000

942,000

1,012,800

1,060,700

1,110,300

1,104,600

1,129,000

1,138,900

1,133,300

1,126,500

1,126,200

1,115,400

1,108,200

1,106,200

1,104,900

1,097,200

1,093,800

1,088,600

1,085,900

1,081,800

1,078,000

1,074,600

1,071,100

1,066,100

1,062,100

1,062,800

1,061,300

1,080,200

1,077,900

3,027,600

3,151,100

2,832,900

2,519,900

-161,000

2,519,900

3,145,500

3,217,700

2,797,900

2,770,100,000

3,211,271,000

3,224,709,000

3,210,281,000

3,200,750,000

3,205,964,000

3,213,201,000

3,203,452,000

3,184,496,000

3,183,225,000

3,170,761,000

3,160,278,000

3,146,981,000

3,141,695,000

3,135,299,000

2,922,893,000

2,513,095,000

2,503,819,000

2,497,593,000

2,489,502,000

2,480,069,000

2,469,213,000

2,458,846,000

2,449,044,000

2,521,821,000

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
Accounts Payable	212,000	318,300	280,600	125,800	126,500	147,000	152,000	139,000	173,300	2,290,000	246,200	999,061,000	897,489,000	944,973,000	658,671,000	931,336,000	1,064,878,000	654,327,000
Accumulated Amortization	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	-1,174,000	-1,094,000	-1,104,800	-1,113,496	0	-808,689	0	0	0	0
Accumulated Other Comprehensive Income	-118,000	-128,500	-100,200	-107,000	-109,700	-122,400	-98,600	-118,700	-102,400	-1,345,500	-45,700	-26,892,000	-28,414,000	37,823,000	-3,331,000	-100,135,000	170,507,000	94,528,000
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	787,000	745,900	593,700	425,100	333,700	116,300	112,900	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	0	300	300	300	300	300	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	1,820,000	1,822,200	1,818,200	1,796,900	1,777,900	1,763,100	1,753,300	3,343,000	3,325,000	3,225,900	3,233,948	0	3,183,225	0	0	0	0
Cash	71,000	53,500	35,100	33,000	33,000	27,800	41,500	11,600	18,900	18,900	15,400	533,255,000	931,779,000	2,374,170,000	985,642,000	594,266,000	730,203,000	674,549,000
Cash And Equivalents	0	53,500	35,100	33,000	33,000	27,800	41,500	11,600	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	71,000	53,500	35,100	33,000	33,000	27,800	41,500	11,600	18,900	1,061,000	15,400	533,255,000	931,779,000	2,374,170,000	985,642,000	594,266,000	730,203,000	674,549,000
Common Stock	0	300	300	300	300	300	300	300	4,600	5,000	4,500	4,215	4,170,000	4,135,000	4,102,000	3,230,000	3,219,000	3,206,000
Common Stock Shares Outstanding	28,700	30,200	30,400	29,400	29,100	28,900	28,600	28,300	28,307	28,307	28,307	28,300	444,778	411,941	371,456	322,701	325,487	243,354
Common Stock Total Equity	0	300	300	300	300	300	300	300	4,600	4,600	4,500	4,215	0	4,135	0	0	0	0
Current Deferred Revenue	18,000	19,400	13,700	13,500	11,300	9,600	7,700	10,400	40,400	0	41,800	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	1,300	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	646,500	536,800	474,000	576,900	564,600	575,700	692,100	2,877,000	2,853,000	2,947,100	2,699,668	0	1,491,789	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	483,000	418,700	231,500	396,400	385,100	384,500	374,900	394,900	95,100	95,100	95,500	1,341,872,000	392,094,000	300,174,000	295,350,000	264,061,000	959,993,000	964,693,000
Intangible Assets	467,000	431,400	388,700	295,900	291,500	293,500	283,900	303,900	329,400	329,400	361,300	4,032,111,000	2,562,234,000	2,550,559,000	2,597,682,000	2,621,586,000	3,123,467,000	3,173,495,000
Inventory	0	0	0	0	0	17,900	23,700	24,100	29,300	29,300	39,200	105,728,000	83,978,000	87,429,000	93,415,000	96,187,000	118,997,000	112,119,000
Liabilities And Stockholders Equity	7,474,000	5,956,800	4,490,400	3,588,400	3,817,000	3,610,200	3,549,700	3,463,300	3,611,300	3,611,300	4,132,100	23,286,019,000	17,673,508,000	17,315,719,000	15,985,126,000	16,451,367,000	19,255,662,000	18,677,401,000
Long Term Debt	3,673,000	2,869,500	1,874,900	1,622,900	2,051,500	2,129,900	2,137,100	2,178,600	53,300	406,500	0	0	0	0	0	0	0	0
Long Term Debt Total	0	2,921,900	1,916,100	1,651,500	2,051,500	2,129,900	2,137,100	2,178,600	53,300	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	0	0	3,600	2,100	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
Net Debt	4,408,000	3,561,900	2,433,500	2,015,000	2,379,200	2,248,300	2,233,900	2,182,700	870,500	870,500	1,151,100	-533,255,000	-931,779,000	-2,374,170,000	-985,642,000	-594,266,000	-730,203,000	-674,549,000
Net Invested Capital	4,965,000	3,978,200	2,851,800	2,364,900	2,722,800	2,732,500	2,672,900	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	563,000	522,500	388,100	301,200	306,700	332,400	386,300	293,300	374,100	374,100	831,500	1,886,596,000	1,616,382,000	1,356,553,000	1,325,332,000	1,911,084,000	1,690,956,000	1,656,542,000
Net Tangible Assets	0	258,600	356,700	345,600	259,200	188,200	135,500	-77,200	-3,157,000	-2,904,000	-2,504,300	-2,866,697	0	-735,912	0	0	0	0
Net Working Capital	224,000	39,500	-60,200	39,100	76,600	101,200	183,800	128,400	-277,500	-277,500	-184,500	1,526,518,000	1,734,650,000	2,873,179,000	1,745,718,000	1,670,201,000	1,475,278,000	1,788,883,000
Non Current Assets Total	6,742,000	5,313,300	4,020,700	3,221,300	3,417,300	3,209,800	3,075,200	3,091,600	3,129,900	7,607,000	3,142,100	9,510,037,000	5,894,660,000	5,506,091,000	5,552,095,000	5,622,073,000	7,226,107,000	7,307,318,000
Non Current Liabilities Other	46,000	40,200	530,700	392,900	221,200	43,800	35,800	32,000	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	5,693,000	4,244,100	2,983,600	2,518,400	2,849,600	2,738,300	2,748,600	2,897,600	1,147,100	2,853,000	1,080,200	19,779,672,000	14,541,363,000	14,255,925,000	13,246,307,000	14,031,749,000	15,256,367,000	15,473,699,000
Non Currrent Assets Other	418,000	34,100	13,100	18,200	23,100	38,100	38,100	34,700	12,000	12,000	12,200	470,120	0	352,782	0	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	19	0	16,502	0	0	0	0
Other Assets	0	34,100	2,678,400	2,536,000	2,513,100	2,542,800	2,411,900	2,427,400	14,900	14,700	0	11,250,403,000	9,146,709,000	7,991,476,000	8,028,642,000	8,227,757,000	9,489,399,000	8,926,873,000
Other Current Assets	98,000	67,500	46,500	32,900	60,000	22,300	23,000	35,300	13,600	67,800	103,900	0	0	0	0	0	0	0
Other Current Liab	222,000	208,300	181,700	140,800	124,400	112,700	105,600	78,200	62,300	385,000	76,200	332,232	0	278,685	0	0	0	0
Other Liab	0	686,700	568,900	518,300	498,300	492,100	498,600	726,800	759,400	27,400	0	0	0	0	0	0	0	0
Other Stockholder Equity	893,000	1,012,800	1,130,200	1,126,200	1,104,900	1,085,900	1,071,100	1,061,300	2,519,900	-115,000	2,725,100	3,238,163,000	3,205,964,000	3,183,225,000	3,141,695,000	2,503,819,000	2,469,213,000	2,427,293,000
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	7,337,000	4,429,100	3,387,400	2,806,700	3,009,100	2,787,200	2,660,900	2,662,000	2,693,400	2,693,400	2,673,100	2,549,882	0	1,972,258	0	0	0	0
Property Plant And Equipment Net	4,961,000	4,429,100	3,387,400	2,806,700	3,009,100	2,787,200	2,660,900	2,662,000	2,693,400	0	2,673,100	1,436,386,000	1,251,854,000	1,163,569,000	1,188,129,000	1,254,560,000	1,345,548,000	1,368,057,000
Property Plant Equipment	0	3,485,200	2,665,300	2,260,400	311,800	282,500	286,300	272,000	1,248,000	1,322,000	1,514,300	1,436,386	0	1,163,569	0	0	0	0
Retained Earnings	498,000	224,100	-53,400	-277,500	-351,200	-391,100	-462,400	-625,200	-716,800	-716,800	-806,500	-703,985,000	-947,064,000	-1,110,362,000	-1,062,318,000	-936,296,000	270,450,000	9,535,000
Retained Earnings Total Equity	0	224,100	-53,400	-277,500	-351,200	-391,100	-462,400	-625,200	-391,000	-664,000	-378,800	-703,985	0	-1,110,362	0	0	0	0
Short Long Term Debt	19,000	16,100	15,200	15,800	27,000	29,900	25,400	15,700	136,700	10,600	0	0	0	0	0	0	0	0
Short Long Term Debt Total	4,479,000	3,615,400	2,468,600	2,048,000	2,412,200	2,276,100	2,275,400	2,194,300	889,400	889,400	1,166,500	0	0	0	0	0	0	0
Short Term Debt	56,000	58,000	53,900	47,900	60,900	29,900	25,400	15,700	482,900	15,993,000	810,300	15,448,624	0	11,306,429	0	0	0	0
Short Term Investments	0	0	0	0	0	0	0	19,400	16,000	19,300	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
Total Assets	7,474,000	5,956,800	4,490,400	3,588,400	3,817,000	3,610,200	3,549,700	3,463,300	3,611,300	3,611,300	4,132,100	23,286,019,000	17,673,508,000	17,315,719,000	15,985,126,000	16,451,367,000	19,255,662,000	18,677,401,000
Total Current Assets	732,000	643,500	469,700	367,100	399,700	400,400	474,500	371,700	481,400	481,400	990,000	2,525,579,000	2,632,139,000	3,818,152,000	2,404,389,000	2,601,537,000	2,540,156,000	2,443,210,000
Total Current Liabilities	508,000	604,000	529,900	328,000	323,100	299,200	290,700	243,300	758,900	758,900	1,174,500	999,061,000	897,489,000	944,973,000	658,671,000	931,336,000	1,064,878,000	654,327,000
Total Liab	6,201,000	4,848,100	3,513,500	2,846,400	3,172,700	3,037,500	3,039,300	3,140,900	1,906,000	1,906,000	2,254,700	20,778,733,000	15,438,852,000	15,200,898,000	13,904,978,000	14,963,085,000	16,321,245,000	16,128,026,000
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	1,273,000	1,108,700	976,900	742,000	644,300	572,700	510,400	322,400	1,705,300	2,551,000	1,877,400	2,507,286,000	2,234,656,000	2,114,821,000	2,080,148,000	1,470,618,000	2,913,389,000	2,534,562,000
Treasury Stock	0	0	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-87,000	-87,500	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

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31
Accounts Payable	212,000	247,000	363,000	348,000	318,300	326,600	286,900	239,400	280,600	201,800	190,600	146,000	125,800	132,700	138,100	135,400	126,500	212,000	296,200	162,200	147,000	233,800	387,800	266,600	152,000	246,300	314,800	202,100	139,000	262,900	268,400	148,900	109,500	158,500	173,300	2,696,000	173,300	-	-	-	967,900	952,400	1,484,500	1,304,849,000	999,061,000	975,098,000	1,487,086,000	1,320,805,000	897,489,000	997,287,000	1,560,856,000	1,204,927,000	944,973,000	928,108,000	1,467,148,000	1,223,859,000	658,671,000	747,326,000	1,184,588,000	932,727,000	931,336,000	860,190,000	1,707,949,000	1,592,954,000	1,064,878,000	1,009,077,000	1,511,908,000	0	654,327,000
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	-
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	-1,210,000	-1,174,000	-1,083,000	-1,129,000	-985,000	-1,094,000	-	-	-	-1,104,800	-1,080,200	-1,125,900	-1,087,176	-1,113,496	0	0	0	0	-922,601	-902,437	-860,537	-808,689	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Accumulated Other Comprehensive Income	-118,000	-128,000	-122,000	-127,000	-128,500	-121,300	-104,900	-98,300	-100,200	-104,800	-100,700	-104,200	-107,000	-116,200	-121,600	-131,700	-109,700	-118,200	-114,700	-117,700	-122,400	-101,200	-110,200	-102,100	-98,600	-98,400	-111,600	-117,000	-118,700	-116,100	-115,800	-205,400	-238,400	-173,300	-102,400	0	-102,400	-	-	-	0	-51,400	-73,300	-51,165,000	0	-14,829,000	-38,057,000	3,922,000	-28,414,000	21,845,000	97,262,000	68,873,000	37,823,000	32,094,000	-30,783,000	-16,233,000	-3,331,000	-4,243,000	-54,175,000	-126,396,000	-100,135,000	81,874,000	219,033,000	158,387,000	170,507,000	174,393,000	154,613,000	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	-
Capital Lease Obligations	787,000	796,000	767,000	723,000	745,900	658,400	642,000	566,200	593,700	485,800	414,600	398,700	425,100	365,100	366,100	341,500	333,700	310,000	292,000	284,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Capital Stock	0	0	0	0	300	300	300	300	300	300	300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,816,000	1,808,000	1,801,000	1,820,000	1,811,900	1,802,300	1,796,600	1,822,200	1,830,900	1,825,300	1,818,500	1,818,200	1,807,400	1,800,200	1,798,200	1,796,900	1,789,200	1,785,800	1,780,600	1,777,900	1,773,800	1,770,000	1,766,600	1,763,100	1,758,100	1,754,100	1,754,800	1,753,300	1,772,200	1,769,900	3,359,000	3,343,000	3,334,000	3,330,000	3,326,000	3,325,000	-	-	-	3,225,900	3,217,700	3,265,100	3,237,348	3,233,948	0	0	0	0	3,213,201	3,203,452	3,184,496	3,183,225	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Cash	71,000	71,000	37,000	40,000	53,500	56,900	52,100	22,800	35,100	35,200	34,600	32,900	33,000	53,800	83,200	55,800	33,000	34,500	27,900	24,500	27,800	18,000	44,000	43,000	41,500	19,100	12,000	24,300	11,600	51,900	42,600	12,300	15,700	16,700	18,900	996,000	18,900	-	-	-	423,200	548,700	483,100	653,783,000	533,255,000	453,361,000	586,201,000	594,701,000	931,779,000	385,788,000	747,582,000	1,365,759,000	2,374,170,000	1,483,320,000	896,848,000	800,749,000	985,642,000	926,717,000	570,889,000	557,071,000	594,266,000	731,539,000	811,394,000	728,869,000	730,203,000	397,263,000	401,630,000	476,883,000	674,549,000
Cash And Equivalents	0	71,000	37,000	40,000	53,500	56,900	52,100	22,800	35,100	35,200	34,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	71,000	71,000	37,000	40,000	53,500	56,900	52,100	22,800	35,100	35,200	34,600	32,900	33,000	53,800	83,200	55,800	33,000	34,500	27,900	24,500	27,800	18,000	44,000	43,000	41,500	19,100	12,000	24,300	11,600	51,900	42,600	12,300	15,700	16,700	18,900	996,000	18,900	-	-	-	423,200	548,700	483,100	653,783,000	533,255,000	453,361,000	586,201,000	594,701,000	931,779,000	385,788,000	747,582,000	1,365,759,000	2,374,170,000	1,483,320,000	896,848,000	800,749,000	985,642,000	926,717,000	570,889,000	557,071,000	594,266,000	731,539,000	811,394,000	728,869,000	730,203,000	397,263,000	401,630,000	476,883,000	674,549,000
Common Stock	0	331	331	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	4,600	4,600	4,600	4,600	5,000	4,600	-	-	-	4,500	4,500	4,200	4,230,000	4,215	0	4,203,000	4,197,000	4,170,000	4,167,000	4,164,000	4,149,000	4,135,000	4,123,000	4,120,000	4,114,000	4,102,000	4,096,000	3,769,000	3,234,000	3,230,000	3,230,000	3,227,000	3,225,000	3,219,000	3,216,000	3,214,000	0	3,206,000
Common Stock Shares Outstanding	28,400	28,500	28,600	29,400	29,900	30,200	30,300	30,400	30,400	30,500	30,400	30,200	29,800	29,500	29,200	28,900	29,300	29,100	29,100	28,600	28,800	28,900	28,400	28,400	28,800	28,600	28,300	28,300	28,300	28,300	28,300	28,307	28,307	28,307	28,307	28,307	28,307	31,000	31,000	30,000	445,800	465,000	465,100	460,897	421,486	445,490	447,448	418,076	444,800	440,908	451,818	414,065	413,463	430,385	411,834	410,740	-	425,171	349,153	323,371	-	322,886	322,687	322,222	-	327,507	327,628	320,625	-
Common Stock Total Equity	0	0	0	0	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	300	4,600	4,600	4,600	5,000	5,000	4,600	-	-	-	4,500	4,500	4,200	4,230	4,215	0	0	0	0	4,167	4,164	4,149	4,135	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Current Deferred Revenue	18,000	-61,000	-59,000	0	19,400	0	0	0	13,700	0	0	0	13,500	0	0	0	11,300	0	0	94,200	9,600	0	0	0	7,700	18,600	14,500	11,400	10,400	12,300	14,300	40,600	2,877,000	119,900	40,400	0	0	-	-	-	2,947,100	0	0	0	2,699,668,000	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	1,801,073,000
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	1,300	0	0	0	0	0	0	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	9,000	673,000	655,000	646,500	11,000	4,100	543,200	536,800	6,400	491,400	480,600	474,000	584,400	575,700	573,700	576,900	559,400	565,100	563,600	564,600	569,300	569,700	568,900	575,700	661,800	657,200	679,000	692,100	666,700	665,900	2,867,000	2,877,000	2,962,000	2,868,000	2,837,000	2,853,000	-	-	-	2,947,100	2,858,800	2,794,800	2,738,756	2,699,668	0	0	0	0	1,639,482	1,457,194	1,450,797	1,491,789	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Good Will	483,000	508,000	492,000	460,000	418,700	379,100	325,500	272,500	231,500	150,600	108,200	395,200	396,400	93,600	93,600	93,600	385,100	91,000	91,000	91,000	384,500	91,000	91,000	91,000	374,900	91,100	91,000	91,000	394,900	91,000	91,000	91,000	91,000	92,600	95,100	1,356,000	95,100	-	-	-	1,347,500	1,366,300	1,366,300	1,352,694,000	1,341,872,000	454,663,000	452,408,000	471,430,000	392,094,000	379,861,000	307,212,000	309,495,000	300,174,000	295,825,000	290,550,000	290,311,000	295,350,000	285,588,000	287,414,000	262,451,000	264,061,000	974,655,000	988,176,000	980,909,000	959,993,000	991,918,000	985,347,000	978,983,000	964,693,000
Intangible Assets	467,000	468,000	468,000	447,000	431,400	424,500	415,900	398,600	388,700	349,200	303,200	294,600	295,900	289,400	289,900	290,200	291,500	292,100	292,600	292,900	293,500	294,500	289,300	286,300	283,900	284,400	283,600	309,500	303,900	303,700	302,800	302,900	300,500	308,400	329,400	3,978,000	329,400	-	-	-	3,928,000	3,944,700	3,968,500	4,002,046,000	4,032,111,000	2,531,522,000	2,544,011,000	2,564,222,000	2,562,234,000	2,579,345,000	2,522,540,000	2,535,570,000	2,550,559,000	2,554,929,000	2,563,709,000	2,580,697,000	2,597,682,000	2,620,289,000	2,634,667,000	2,612,708,000	2,621,586,000	3,089,387,000	3,103,037,000	3,118,386,000	3,123,467,000	3,137,668,000	3,143,263,000	3,158,508,000	3,173,495,000
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,700	28,400	0	0	0	0	17,900	20,200	20,700	22,200	23,700	26,700	25,900	25,700	24,100	24,500	24,300	20,000	22,300	26,600	29,300	71,000	29,300	-	-	-	92,300	106,700	128,300	109,953,000	105,728,000	105,982,000	101,712,000	99,527,000	83,978,000	94,476,000	99,999,000	97,472,000	87,429,000	87,615,000	88,805,000	92,933,000	93,415,000	99,274,000	102,582,000	93,118,000	96,187,000	129,658,000	141,929,000	131,300,000	118,997,000	124,104,000	129,846,000	114,773,000	112,119,000
Liabilities And Stockholders Equity	7,474,000	6,893,000	6,695,000	6,276,000	5,956,800	5,684,000	5,310,000	4,717,600	4,490,400	4,132,600	3,682,600	3,576,000	3,588,400	3,662,000	3,711,700	3,767,200	3,817,000	3,903,100	3,801,500	3,666,400	3,610,200	3,770,800	3,729,600	3,573,900	3,549,700	3,588,900	3,525,100	3,444,500	3,463,300	3,578,000	3,533,900	3,355,100	3,406,800	3,730,300	3,611,300	24,602,000	3,611,300	-	-	-	24,588,400	25,571,800	25,932,300	24,076,229,000	23,286,019,000	19,539,086,000	19,429,470,000	18,280,089,000	17,673,508,000	19,069,459,000	18,292,897,000	16,807,435,000	17,315,719,000	18,109,021,000	17,837,914,000	16,260,469,000	15,985,126,000	16,139,488,000	15,633,459,000	14,667,913,000	16,451,367,000	19,894,959,000	20,690,915,000	19,362,920,000	19,255,662,000	20,225,201,000	19,852,351,000	18,526,803,000	18,662,588,000
Long Term Debt	3,673,000	3,665,000	3,493,000	3,215,000	2,869,500	2,761,900	2,503,300	2,142,100	1,874,900	1,792,000	1,539,200	1,585,200	1,622,900	1,827,900	1,931,300	2,041,600	2,051,500	2,149,100	2,004,600	2,019,400	2,231,700	2,339,900	2,221,100	2,166,900	2,250,000	2,212,300	2,145,400	2,122,900	2,178,600	2,124,400	2,114,600	50,700	53,300	285,000	0	0	406,500	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Long Term Debt Total	0	3,665,000	3,493,000	3,215,000	2,921,900	2,761,900	2,503,300	2,142,100	1,916,100	1,792,000	1,539,200	1,585,200	1,651,500	1,827,900	1,931,300	2,041,600	2,051,500	2,149,100	2,004,600	2,019,400	2,129,900	2,229,000	2,109,600	2,054,700	2,137,100	2,212,300	2,145,400	2,122,900	2,178,600	2,124,400	2,114,600	0	0	0	0	0	0	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,400	3,600	5,300	5,100	4,400	2,100	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
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	-
Net Debt	4,408,000	4,408,000	4,239,000	3,914,000	3,561,900	3,374,600	3,108,100	2,700,100	2,433,500	2,258,400	1,933,100	1,966,300	2,015,000	2,156,900	2,233,100	2,353,000	2,379,200	2,457,600	2,297,400	2,305,800	2,248,300	2,350,800	2,204,000	2,147,600	2,233,900	2,210,400	2,149,400	2,114,200	2,182,700	2,088,000	2,087,800	122,400	121,000	663,000	870,500	0	870,500	-	-	-	-423,200	-548,700	-483,100	-653,783,000	-533,255,000	-453,361,000	-586,201,000	-594,701,000	-931,779,000	-385,788,000	-747,582,000	-1,365,759,000	-2,374,170,000	-1,483,320,000	-896,848,000	-800,749,000	-985,642,000	-926,717,000	-570,889,000	-557,071,000	-594,266,000	-731,539,000	-811,394,000	-728,869,000	-730,203,000	-397,263,000	-401,630,000	-476,883,000	-674,549,000
Net Invested Capital	4,965,000	3,683,000	4,611,000	3,231,000	3,978,200	3,856,200	3,583,500	3,168,400	2,851,800	2,717,000	2,388,500	2,378,500	2,364,900	2,532,100	2,584,200	2,687,200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	563,000	595,000	541,000	514,000	522,500	519,000	457,800	399,100	388,100	373,700	312,800	299,600	301,200	293,300	247,000	288,800	306,700	316,400	308,400	316,400	332,400	373,500	350,300	347,000	386,300	352,300	319,900	297,900	293,300	297,500	287,900	275,900	296,500	333,600	374,100	1,304,000	374,100	-	-	-	1,512,600	1,700,900	1,656,000	1,555,520,000	1,886,596,000	1,731,795,000	1,448,271,000	1,398,702,000	1,616,382,000	1,996,038,000	1,447,170,000	1,311,755,000	1,356,553,000	1,674,946,000	1,400,306,000	1,446,373,000	1,325,332,000	1,266,926,000	1,057,120,000	1,069,172,000	1,911,084,000	1,902,541,000	1,608,626,000	1,526,560,000	1,690,956,000	1,834,067,000	1,411,789,000	1,439,251,000	1,656,542,000
Net Tangible Assets	0	223,000	142,000	180,000	258,600	279,500	323,900	340,600	356,700	409,400	424,000	382,800	345,600	303,500	250,500	236,100	259,200	209,900	200,100	181,900	188,200	168,800	115,000	123,000	135,500	-86,700	-115,800	-118,800	-77,200	-42,300	-46,400	-3,119,000	-3,157,000	-2,920,000	-2,905,000	-2,985,000	-2,904,000	-	-	-	-2,504,300	-2,490,100	-3,170,600	-3,317,597	-2,866,697	0	0	0	0	-714,106	-712,851	-830,522	-735,912	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Net Working Capital	224,000	191,000	-11,000	32,000	39,500	50,600	38,500	11,900	-60,200	21,700	-12,500	41,200	39,100	83,300	64,300	96,400	76,600	-14,400	-90,600	38,900	101,200	52,100	-82,900	22,500	183,800	36,700	-39,700	39,900	128,400	-2,400	13,700	14,900	89,000	-119,600	-277,500	-17,045,000	-277,500	-	-	-	-1,886,900	1,403,900	782,900	1,014,407,000	-1,173,150,000	1,316,040,000	649,098,000	772,125,000	1,734,650,000	1,479,015,000	733,895,000	1,570,059,000	-	2,317,773,000	918,811,000	1,116,196,000	-	-	-	786,634,000	-	-	-	793,775,000	-	-	-	0	-
Non Current Assets Total	6,742,000	6,164,000	6,051,000	5,651,000	5,313,300	5,049,300	4,743,200	4,242,400	4,020,700	3,684,200	3,302,900	3,212,000	3,221,300	3,277,000	3,336,900	3,371,700	3,417,300	3,521,300	3,434,000	3,292,000	3,209,800	3,336,900	3,294,000	3,137,700	3,075,200	3,164,500	3,139,900	3,076,300	3,091,600	3,187,200	3,156,300	3,014,900	3,035,500	3,151,400	3,129,900	7,638,000	3,129,900	-	-	-	6,789,800	9,660,700	9,595,200	9,550,693,000	6,810,369,000	6,061,419,000	5,968,654,000	6,005,563,000	5,894,660,000	5,840,734,000	5,505,488,000	5,482,371,000	5,506,091,000	5,416,544,000	5,457,026,000	5,470,916,000	5,552,095,000	5,662,014,000	5,677,180,000	5,551,006,000	5,622,073,000	7,156,732,000	7,240,222,000	7,182,740,000	7,226,107,000	7,334,378,000	7,312,871,000	5,491,145,000	5,506,245,000
Non Current Liabilities Other	46,000	45,000	772,000	726,000	40,200	642,700	32,400	557,300	530,700	43,300	424,400	409,400	392,900	261,500	260,200	232,900	221,200	205,400	190,000	182,100	43,800	36,400	36,500	36,300	35,800	38,300	38,800	32,600	32,000	41,300	42,100	0	0	0	0	0	0	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Non Current Liabilities Total	5,693,000	5,156,000	4,938,000	4,596,000	4,244,100	4,016,800	3,716,400	3,242,600	2,983,600	2,796,700	2,455,000	2,475,200	2,518,400	2,673,800	2,767,200	2,848,200	2,849,600	2,913,900	2,759,700	2,765,100	2,738,300	2,834,700	2,715,800	2,659,900	2,748,600	2,912,400	2,841,400	2,834,500	2,897,600	2,832,400	2,822,600	810,000	812,700	1,051,300	1,147,100	2,837,000	1,147,100	-	-	-	17,902,200	21,798,500	22,283,600	20,734,237,000	17,080,004,000	16,021,696,000	15,676,465,000	14,753,810,000	14,541,363,000	15,827,072,000	14,615,140,000	13,587,965,000	14,255,925,000	15,055,138,000	14,474,995,000	13,114,471,000	13,246,307,000	13,288,425,000	12,672,327,000	12,445,058,000	14,031,749,000	16,146,191,000	15,981,628,000	14,889,677,000	15,256,367,000	16,366,519,000	15,686,404,000	0	13,672,626,000
Non Currrent Assets Other	418,000	55,000	48,000	33,000	34,100	38,800	32,500	27,600	13,100	15,700	16,200	18,600	18,200	18,800	19,000	22,200	23,100	23,700	25,500	35,600	38,100	43,600	42,100	42,100	38,100	36,200	35,000	34,600	34,700	35,200	35,200	16,000	14,900	16,700	12,000	990,000	12,000	-	-	-	717,200	677,000	765,300	550,670	470,120	0	0	0	0	441,073	464,947	428,879	352,782	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
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	19	19	0	0	0	0	20,507	14,737	20,150	16,502	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Other Assets	0	55,000	48,000	33,000	34,100	3,350,100	3,148,400	2,819,800	2,678,400	2,521,800	2,324,900	2,258,900	2,536,000	2,364,300	2,415,700	2,462,600	2,513,100	2,648,700	25,500	2,470,500	2,539,200	2,659,100	2,622,400	2,472,900	414,300	411,700	409,600	435,100	429,600	429,900	429,000	409,900	406,400	417,700	13,157,000	0	439,200	-	-	-	15,770,500	13,554,800	14,069,700	12,206,280,000	13,950,071,000	11,186,529,000	11,324,632,000	10,181,596,000	9,146,709,000	10,752,423,000	10,492,658,000	8,550,078,000	7,991,476,000	9,446,596,000	9,994,929,000	8,449,498,000	8,028,642,000	8,184,557,000	8,225,688,000	7,397,546,000	8,227,757,000	9,974,489,000	10,888,744,000	9,793,451,000	9,489,399,000	10,535,389,000	10,596,215,000	11,004,751,000	10,713,133,000
Other Current Assets	98,000	63,000	66,000	71,000	67,500	58,800	56,900	53,300	46,500	39,500	32,300	31,500	32,900	37,900	33,900	22,500	60,000	30,900	31,200	33,500	22,300	22,200	20,600	24,000	23,000	26,300	27,400	20,300	35,300	16,900	22,800	32,000	36,800	140,200	13,600	0	59,100	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Other Current Liab	222,000	291,000	292,000	186,000	208,300	200,600	185,100	169,200	181,700	172,800	152,800	127,500	140,800	119,400	121,700	107,100	124,400	120,900	104,700	26,100	112,700	119,100	103,800	123,400	105,600	105,600	79,600	99,200	78,200	102,500	65,400	51,800	-2,787,600	25,400	62,300	369,000	62,300	-	-	-	347,700	346,600	327,500	321,003	332,232	0	0	0	0	289,430	286,018	282,127	278,685	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Other Liab	0	738,000	0	701,000	686,700	642,200	612,500	574,400	568,900	555,200	536,100	525,300	518,300	512,700	501,600	496,000	498,300	485,100	491,600	487,800	492,100	494,800	494,700	493,000	35,800	38,300	38,800	32,600	32,000	41,300	42,100	31,900	32,100	25,500	0	0	27,400	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Other Stockholder Equity	893,000	902,000	894,000	942,000	1,012,800	1,060,700	1,110,300	1,104,600	1,129,000	1,138,900	1,133,300	1,126,500	1,126,200	1,115,400	1,108,200	1,106,200	1,104,900	1,097,200	1,093,800	1,088,600	1,085,900	1,081,800	1,078,000	1,074,600	1,071,100	1,066,100	1,062,100	1,062,800	1,061,300	1,080,200	1,077,900	3,027,600	3,151,100	2,832,900	2,519,900	-161,000	2,519,900	-	-	-	3,145,500	3,217,700	2,797,900	2,770,100,000	3,211,271,000	3,224,709,000	3,210,281,000	3,200,750,000	3,205,964,000	3,213,201,000	3,203,452,000	3,184,496,000	3,183,225,000	3,170,761,000	3,160,278,000	3,146,981,000	3,141,695,000	3,135,299,000	2,922,893,000	2,513,095,000	2,503,819,000	2,497,593,000	2,489,502,000	2,480,069,000	2,469,213,000	2,458,846,000	2,449,044,000	0	2,521,821,000
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	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Property Plant And Equipment Gross	7,337,000	5,133,000	7,077,000	4,711,000	4,429,100	6,064,800	0	0	0	0	2,875,300	2,798,200	2,806,700	2,875,200	2,934,400	2,965,700	3,009,100	3,114,500	3,024,900	2,872,500	2,787,200	2,907,800	2,871,600	2,718,300	2,660,900	2,752,800	2,730,300	2,641,200	2,662,000	2,757,300	2,727,300	2,605,000	2,629,100	2,733,700	2,439,000	2,299,000	2,693,400	-	-	-	2,619,100	2,571,100	2,591,500	2,544,373	2,549,882	0	0	0	0	2,164,647	2,120,979	2,047,046	1,972,258	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Property Plant And Equipment Net	4,961,000	5,133,000	5,043,000	4,711,000	4,429,100	4,206,900	3,969,300	3,543,700	3,387,400	3,168,700	2,875,300	2,798,200	2,806,700	2,875,200	2,934,400	2,965,700	3,009,100	3,114,500	3,024,900	2,872,500	2,787,200	2,907,800	2,871,600	2,718,300	2,660,900	2,752,800	2,730,300	2,641,200	2,662,000	2,757,300	2,727,300	2,605,000	2,629,100	2,733,700	2,693,400	0	2,693,400	-	-	-	1,514,300	1,490,900	1,465,600	1,457,197,000	1,436,386,000	1,279,721,000	1,264,269,000	1,265,924,000	1,251,854,000	1,242,046,000	1,218,542,000	1,186,509,000	1,163,569,000	1,160,500,000	1,156,668,000	1,169,989,000	1,188,129,000	1,190,083,000	1,215,132,000	1,218,039,000	1,254,560,000	1,320,614,000	1,351,081,000	1,350,050,000	1,345,548,000	1,364,405,000	1,361,290,000	1,353,654,000	1,368,057,000
Property Plant Equipment	0	5,133,000	3,957,000	3,699,000	3,485,200	895,600	853,400	2,792,200	2,665,300	662,600	2,308,700	2,240,300	2,260,400	289,000	296,700	306,200	311,800	302,700	270,600	273,500	282,500	287,000	286,200	283,100	286,300	287,300	281,300	268,900	272,000	270,200	2,727,300	1,214,000	1,248,000	1,277,000	1,310,000	1,314,000	1,322,000	-	-	-	1,514,300	1,490,900	1,465,600	1,457,197	1,436,386	0	0	0	0	1,242,046	1,218,542	1,186,509	1,163,569	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Retained Earnings	498,000	425,000	330,000	272,000	224,100	143,400	59,600	5,100	-53,400	-125,200	-197,500	-244,600	-277,500	-313,000	-352,900	-354,900	-351,200	-386,300	-395,700	-405,400	-391,100	-426,600	-472,800	-472,500	-462,400	-679,200	-692,000	-664,400	-625,200	-612,000	-615,000	-607,000	-605,500	-683,700	-716,800	-734,000	-716,800	-	-	-	-378,800	-349,900	-564,600	-686,022,000	-703,985,000	-667,588,000	-910,508,000	-1,003,395,000	-947,064,000	-994,113,000	-1,187,977,000	-1,242,975,000	-1,110,362,000	-1,081,203,000	-1,237,844,000	-1,212,723,000	-1,062,318,000	-1,031,415,000	-1,095,943,000	-1,099,805,000	-936,296,000	281,657,000	263,993,000	212,746,000	270,450,000	189,707,000	26,999,000	0	9,535,000
Retained Earnings Total Equity	0	0	330,000	272,000	224,100	143,400	59,600	5,100	-53,400	-125,200	-197,500	-244,600	-277,500	-313,000	-352,900	-354,900	-351,200	-386,300	-395,700	-405,400	-391,100	-426,600	-472,800	-472,500	-462,400	-679,200	-692,000	-664,400	-625,200	-612,000	-615,000	-442,000	-391,000	-461,000	-698,000	-734,000	-664,000	-	-	-	-378,800	-349,900	-564,600	-686,022	-703,985	0	0	0	0	-994,113	-1,187,977	-1,242,975	-1,110,362	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Short Long Term Debt	19,000	18,000	16,000	16,000	16,100	11,200	14,900	14,600	15,200	15,800	13,900	15,300	15,800	17,700	18,900	25,700	27,000	33,000	28,700	26,900	6,300	28,900	26,900	23,700	25,400	17,600	2,162,400	15,600	15,700	15,500	15,800	16,072,000	136,700	0	0	0	10,600	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Short Long Term Debt Total	4,479,000	4,479,000	4,276,000	3,954,000	3,615,400	3,431,500	3,160,200	2,722,900	2,468,600	2,293,600	1,967,700	1,999,200	2,048,000	2,210,700	2,316,300	2,408,800	2,412,200	2,492,100	2,325,300	2,330,300	2,276,100	2,368,800	2,248,000	2,190,600	2,275,400	2,229,500	2,161,400	2,138,500	2,194,300	2,139,900	2,130,400	134,700	136,700	679,700	889,400	0	889,400	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Short Term Debt	56,000	61,000	59,000	59,000	58,000	56,900	56,300	54,700	53,900	52,100	48,800	49,300	47,900	49,600	50,700	56,600	60,900	63,300	57,200	53,000	29,900	28,900	26,900	23,700	25,400	17,200	16,000	15,600	15,700	15,500	15,800	84,000	83,400	394,700	482,900	16,351,000	482,900	-	-	-	16,309,400	17,136,200	17,842,000	16,316,982	15,448,624	0	0	0	0	12,506,251	11,693,593	10,750,019	11,306,429	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0	-
Short Term Investments	0	0	0	0	0	0	0	0	-100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7,100	10,300	5,600	19,400	4,700	13,900	11,700	16,000	13,100	0	0	19,300	-	-	-	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	-
Total Assets	7,474,000	6,893,000	6,695,000	6,276,000	5,956,800	5,684,000	5,310,000	4,717,600	4,490,400	4,132,600	3,682,600	3,576,000	3,588,400	3,662,000	3,711,700	3,767,200	3,817,000	3,903,100	3,801,500	3,666,400	3,610,200	3,770,800	3,729,600	3,573,900	3,549,700	3,588,900	3,525,100	3,444,500	3,463,300	3,578,000	3,533,900	3,355,100	3,406,800	3,730,300	3,611,300	24,602,000	3,611,300	-	-	-	24,588,400	25,571,800	25,932,300	24,076,229,000	23,286,019,000	19,539,086,000	19,429,470,000	18,280,089,000	17,673,508,000	19,069,459,000	18,292,897,000	16,807,435,000	17,315,719,000	18,109,021,000	17,837,914,000	16,260,469,000	15,985,126,000	16,139,488,000	15,633,459,000	14,667,913,000	16,451,367,000	19,894,959,000	20,690,915,000	19,362,920,000	19,255,662,000	20,225,201,000	19,852,351,000	18,526,803,000	18,662,588,000
Total Current Assets	732,000	729,000	644,000	625,000	643,500	634,700	566,800	475,200	469,700	448,400	379,700	364,000	367,100	385,000	374,800	395,500	399,700	381,800	367,500	374,400	400,400	433,900	435,600	436,200	474,500	424,400	385,200	368,200	371,700	390,800	377,600	340,200	371,300	578,900	481,400	2,371,000	481,400	-	-	-	2,028,100	2,356,300	2,267,400	2,319,256,000	2,525,579,000	2,291,138,000	2,136,184,000	2,092,930,000	2,632,139,000	2,476,302,000	2,294,751,000	2,774,986,000	3,818,152,000	3,245,881,000	2,385,959,000	2,340,055,000	2,404,389,000	2,292,917,000	1,730,591,000	1,719,361,000	2,601,537,000	2,763,738,000	2,561,949,000	2,386,729,000	2,540,156,000	2,355,434,000	1,943,265,000	2,030,907,000	2,443,210,000
Total Current Liabilities	508,000	538,000	655,000	593,000	604,000	584,100	528,300	463,300	529,900	426,700	392,200	322,800	328,000	301,700	310,500	299,100	323,100	396,200	458,100	335,500	299,200	381,800	518,500	413,700	290,700	387,700	424,900	328,300	243,300	393,200	363,900	325,300	282,300	698,500	758,900	19,416,000	758,900	-	-	-	3,915,000	952,400	1,484,500	1,304,849,000	3,698,729,000	975,098,000	1,487,086,000	1,320,805,000	897,489,000	997,287,000	1,560,856,000	1,204,927,000	944,973,000	928,108,000	1,467,148,000	1,223,859,000	658,671,000	747,326,000	1,184,588,000	932,727,000	931,336,000	860,190,000	1,707,949,000	1,592,954,000	1,064,878,000	1,009,077,000	1,511,908,000	0	2,455,400,000
Total Liab	6,201,000	5,694,000	5,593,000	5,189,000	4,848,100	4,600,900	4,244,700	3,705,900	3,513,500	3,223,400	2,847,200	2,798,000	2,846,400	2,975,500	3,077,700	3,147,300	3,172,700	3,310,100	3,217,800	3,100,600	3,037,500	3,216,500	3,234,300	3,073,600	3,039,300	3,300,100	3,266,300	3,162,800	3,140,900	3,225,600	3,186,500	1,135,300	1,095,000	1,749,800	1,906,000	22,253,000	1,906,000	-	-	-	21,817,200	22,750,900	23,768,100	22,039,086,000	20,778,733,000	16,996,794,000	17,163,551,000	16,074,615,000	15,438,852,000	16,824,359,000	16,175,996,000	14,792,892,000	15,200,898,000	15,983,246,000	15,942,143,000	14,338,330,000	13,904,978,000	14,035,751,000	13,856,915,000	13,377,785,000	14,963,085,000	17,006,381,000	17,689,577,000	16,482,631,000	16,321,245,000	17,375,596,000	17,198,312,000	0	16,128,026,000
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	-
Total Stockholder Equity	1,273,000	1,199,000	1,102,000	1,087,000	1,108,700	1,083,100	1,065,300	1,011,700	976,900	909,200	835,400	778,000	742,000	686,500	634,000	619,900	644,300	593,000	583,700	565,800	572,700	554,300	495,300	500,300	510,400	288,800	258,800	281,700	322,400	352,400	347,400	2,219,800	2,311,800	1,980,500	1,705,300	2,349,000	1,705,300	-	-	-	2,771,200	2,820,900	2,164,200	2,037,143,000	2,507,286,000	2,542,292,000	2,265,919,000	2,205,474,000	2,234,656,000	2,245,100,000	2,116,901,000	2,014,543,000	2,114,821,000	2,125,775,000	1,895,771,000	1,922,139,000	2,080,148,000	2,103,737,000	1,776,544,000	1,290,128,000	1,470,618,000	2,864,354,000	2,975,755,000	2,854,427,000	2,913,389,000	2,826,162,000	2,633,870,000	0	2,534,562,000
Treasury Stock	0	0	0	0	0	-751,200	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-692,000	-349,000	-87,000	-87,000	-87,000	-	-	-	-87,500	0	-467,200	-467,248	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	-

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
Begin Period Cash Flow	53,500	35,100	33,000	33,000	27,800	41,500	24,000	15,700	15,400	15,400	23,200	45,100	2,374,170,000	985,642,000	594,266,000	730,203,000	2,718,000	0
Capital Expenditures	1,476,000	1,272,200	641,800	385,500	695,300	849,000	576,000	516,100	658,200	658,200	734,800	816,900	53,263,000	37,379,000	38,210,000	0	0	0
Cash And Cash Equivalents Changes	0	19,000	2,300	-2,600	4,900	-12,100	17,500	-4,100	-4,000	79,000	-122,300	-398,524	0	1,388,528	0	0	0	0
Cash Flows Other Operating	0	520,200	411,300	396,000	-4,100	1,800	0	0	2,704,000	2,946,000	2,413,300	2,024,765	0	-44,496	0	0	0	0
Change In Cash	17,500	18,400	2,100	-2,600	5,200	-13,700	17,500	-4,100	3,500	3,500	-7,800	-21,900	-1,442,391,000	1,388,528,000	391,376,000	-135,937,000	-2,208,000	2,718,000
Change In Working Capital	-99,000	-179,900	-62,900	-17,500	-28,400	-12,200	-124,300	-37,800	-112,800	-93,000	8,900	-45,700	-80,990,000	110,552,000	-188,845,000	-293,093,000	-1,001,000	1,045,000
Change Receivables	0	-171,900	-92,700	-24,600	-38,300	-29,900	-131,600	-59,200	-58,000	-90,000	-34,700	-157,732	0	-7,459	0	0	0	0
Change To Account Receivables	-98,000	-171,900	-92,700	-24,600	-38,300	-29,900	-131,600	-59,200	-70,800	-59,500	158,400	13,220,000	-79,851,000	-7,459,000	38,634,000	-329,708,000	26,000	-31,000
Change To Inventory	0	0	92,700	24,600	38,300	1,800	-2,100	-20,300	-8,200	-8,200	-7,900	-13,500	0	0	0	0	0	0
Change To Liabilities	0	7,700	39,200	15,000	-31,600	15,900	9,400	41,700	50,000	158,000	72,900	30,143	0	64,838	0	0	0	0
Change To Netincome	0	132,600	90,900	84,900	57,400	51,100	-131,100	90,000	-49,000	108,000	356,800	238,020	0	103,989	0	0	0	0
Change To Operating Activities	0	14,400	6,900	13,500	22,800	15,700	17,300	31,200	-4,300	-11,300	0	0	0	0	0	0	0	0
Depreciation	755,000	630,800	488,700	466,400	470,100	444,800	430,400	395,300	415,100	415,100	394,200	361,300	1,879,648,000	1,854,616,000	1,997,417,000	2,260,446,000	0	505,000
Dividends Paid	73,000	68,100	14,800	4,900	500	14,800	0	0	0	0	2,473,100	0	0	0	0	0	0	15,471,000
End Period Cash Flow	71,000	53,500	35,100	33,000	33,000	27,800	41,500	11,600	18,900	18,900	15,400	23,200	931,779,000	2,374,170,000	985,642,000	594,266,000	510,000	2,718,000
Exchange Rate Changes	0	0	0	0	0	0	1,300	-400	-31,000	-31,000	0	5,739	0	-10,337	0	0	0	0
Free Cash Flow	-390,000	-355,500	102,200	225,400	-59,700	-289,900	-234,300	-66,400	-189,000	-189,000	-162,100	-406,700	2,286,602,000	2,246,058,000	1,813,208,000	2,095,502,000	-4,080,000	-16,761,000
Investments	-1,689,800	-1,681,800	-961,300	-207,500	-463,600	-567,000	-403,000	-398,400	236,000	-30,000	0	0	0	3,491	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	2,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	994,000	251,500	-397,000	-166,600	-5,600	203,300	2,091,100	64,000	-163,000	661,600	1,667,108	0	148,940	0	0	0	0
Net Income	347,000	329,900	224,100	73,700	47,500	69,100	160,300	-19,700	89,700	89,700	98,100	61,400	195,730,000	-30,661,000	-111,343,000	-1,206,746,000	264,559,000	131,414,000
Other Cashflows From Financing Activities	1,446,000	2,598,300	1,127,300	532,600	2,380,400	738,300	665,300	826,000	2,397,500	-100,500	5,377,100	2,898,300	-1,486,743,000	133,747,000	-657,829,000	-695,462,000	-2,883,000	-1,249,552,000
Other Cashflows From Investing Activities	0	-409,600	-319,500	178,000	231,700	282,000	173,000	117,700	-2,674,000	-2,779,000	-3,525,000	-4,433,985	0	-767,850	0	0	0	0
Other Non Cash Items	-24,000	25,000	17,400	60,000	116,200	54,500	93,600	94,100	42,400	4,800	32,700	18,900	139,720,000	263,735,000	-68,928,000	1,541,682,000	-267,598,000	-132,948,000
Sale Purchase Of Stock	-145,000	-115,200	4,800	-3,000	-3,700	2,500	1,800	10,000	-604,500	0	-554,700	-22,505	0	-7,357	0	0	0	0
Stock Based Compensation	18,000	27,100	23,300	16,400	19,500	13,400	10,100	5,500	1,400	0	5,300	4,800	31,093,000	36,560,000	35,464,000	28,023,000	0	-1,045,000
Total Cash From Financing Activities	512,000	784,100	219,600	-406,000	-167,100	-4,200	77,500	-55,000	-34,000	-34,000	10,300	337,600	-1,486,666,000	133,754,000	-129,071,000	-695,324,000	1,872,000	19,480,000
Total Cash From Operating Activities	1,086,000	916,700	744,000	610,900	635,600	559,100	341,700	449,700	469,200	469,200	572,700	410,200	2,233,339,000	2,208,679,000	1,774,998,000	2,095,502,000	-4,080,000	-16,761,000
Total Cashflows From Investing Activities	0	-1,681,800	-961,300	-207,500	-463,600	-567,000	-403,000	-398,400	-2,765,000	-3,183,000	-3,838,800	-4,746,771	-2,192,902	-943,568	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	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-03-31	2008-03-31	2007-03-31
Begin Period Cash Flow	71,000	37,000	40,000	54,000	56,900	52,100	22,800	35,100	35,200	34,600	32,900	33,000	53,800	83,200	55,800	33,000	34,500	27,900	24,500	27,800	18,000	44,000	43,000	41,500	19,100	12,000	24,300	24,000	51,900	42,600	12,300	15,700	16,700	9,300	26,500	18,900	26,500	0	0	0	0	0	0	594,701,000	931,779,000	0	0	1,365,759,000	2,374,170,000	0	800,749,000	985,642,000	1,128,194,000	1,124,767,000	0
Capital Expenditures	257,000	439,000	415,000	365,000	349,300	340,100	283,100	299,700	163,700	217,900	155,900	104,300	80,300	118,200	88,500	98,500	153,700	264,000	183,600	94,000	173,000	342,300	236,800	96,900	162,600	226,600	112,700	74,100	161,200	199,000	114,500	41,400	75,600	207,300	150,400	140,200	150,400	67,400	78,300	88,040	80,060	0	0	0	41,917,000	0	76,906	68,600	38,782,000	0	0	26,164,000	0	0	0
Cash And Cash Equivalents Changes	0	0	-3,000	-14,000	-3,600	5,400	29,500	-12,300	0	1,100	1,500	-300	-22,900	-29,800	26,700	23,400	-1,700	6,900	3,200	-3,500	10,100	-26,600	2,400	2,000	22,400	7,100	-12,300	300	-40,300	9,300	-344,100	371,000	-23,000	-28,000	-48,000	95,000	0	-137,700	2,982,800	-1,600,820	-1,366,580	0	0	0	0	0	-361,794	-618,177	-1,008,411	0	0	0	0	0	0
Cash Flows Other Operating	0	0	164,000	150,000	141,800	136,300	131,300	110,800	110,300	99,300	101,900	99,800	400,400	-1,800	800	-3,400	-6,900	-10,300	10,800	2,300	4,000	-1,400	1,000	-1,800	0	-4,400	1,100	-3,400	0	-7,400	-684,000	680,000	692,000	721,000	667,000	624,000	0	590,800	2,943,900	-601,567	-519,833	0	0	0	0	0	554,982	823,479	-53,006	0	0	0	0	0	0
Change In Cash	166,000	34,000	-3,000	-14,000	-3,400	4,800	29,300	-12,300	-100	600	1,700	-100	-20,800	-29,400	27,400	22,800	-1,500	6,600	3,400	-3,300	9,800	-26,000	1,000	1,500	22,400	7,100	-12,300	300	-40,300	9,300	30,300	-3,400	-1,000	7,400	-7,600	-2,300	-7,600	-139,400	2,976,300	-1,600,178	-188,763,000	0	0	0	-337,078,000	0	-344,179	-628,092	-1,008,411,000	0	0	-184,893,000	966,213,000	1,128,194,000	1,124,767,000
Change In Working Capital	-44,000	-49,000	2,000	-8,000	4,700	-56,400	-59,400	-68,800	8,800	-50,800	7,900	-28,800	16,500	-35,900	41,900	-40,000	5,100	-31,200	-8,900	6,600	29,900	-40,800	-27,700	26,400	-50,400	-24,700	-69,300	20,100	-69,100	42,800	-5,000	-6,500	-72,500	24,800	-95,700	27,900	-95,700	-3,290,800	621,000	-1,013,624,100	5,078,000	-2,489,190,000	666,942,000	-123,027,000	518,231,000	255,635,000	745,120,000	-836,164,000	487,921,000	1,398,962,000	-197,385,000	709,052,000	830,227,000	720,492,000	725,856,000
Change Receivables	0	0	-37,000	13,000	-16,400	-72,500	-59,500	-23,500	-11,500	-53,400	-21,300	-6,500	-10,100	-46,800	26,300	6,000	-1,300	-24,300	-16,400	3,700	16,800	-48,100	-18,400	19,800	-33,000	-66,900	-34,100	2,400	-18,800	-30,300	38,900	-49,000	44,000	62,000	-151,000	-13,000	0	130,400	-392,500	194,189	33,211	0	0	0	0	0	37,606	-161,783	-26,035	0	0	0	0	0	0
Change To Account Receivables	-19,000	-55,000	-55,000	13,000	-88,900	-72,500	-59,500	-23,500	-11,500	-53,400	-21,300	400	3,000	28,000	26,300	1,900	-38,300	-24,300	-16,400	7,500	16,800	-45,300	-21,200	19,800	12,600	-40,700	-55,200	5,500	-40,200	6,000	-16,000	-6,900	-158,400	164,800	299,600	13,000	-59,500	34,700	165,100	227,400	-33,211,000	157,732	232,336	226,556	0	79,851	150,212	187,818	0	97,820	105,472	0	812,237,000	223,005,000	223,912,000
Change To Inventory	0	55,000	37,000	0	0	72,500	0	0	0	0	0	-73,500	0	0	0	-126,900	-21,900	0	0	-37,500	4,000	-1,400	1,000	-1,800	4,600	-4,400	1,100	-3,400	-8,900	-7,400	-6,000	2,000	-9,600	5,700	-25,200	-6,100	-25,200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	16,000	36,000	-19,000	26,100	21,400	-14,000	-36,800	23,800	1,500	28,400	-21,700	3,700	15,700	-24,200	19,800	-27,700	-1,200	-3,300	600	9,100	27,100	-28,700	8,400	-22,000	46,600	-36,300	21,100	-41,400	80,500	34,600	-32,000	-75,000	41,000	-45,000	129,000	-28,800	-175,500	343,300	-9,191	-85,709	0	0	0	0	0	18,234	113,554	-133,000	0	0	0	0	0	0
Change To Netincome	0	19,000	13,000	-3,000	17,300	53,400	49,400	12,500	26,500	30,500	20,300	13,600	47,000	-4,100	20,300	21,700	54,700	-35,400	23,400	14,700	4,900	16,900	25,000	4,300	-183,000	28,000	24,800	-900	36,100	14,300	102,600	-63,000	-173,000	48,000	66,000	10,000	71,000	100,100	387,700	-76,840	-54,160	0	0	0	0	0	59,103	15,067	-20,259	0	0	0	0	0	0
Change To Operating Activities	0	-10,000	-10,000	-29,000	42,100	-5,300	14,100	-36,500	5,100	1,100	26,100	-25,400	31,100	-3,300	20,300	-34,600	17,700	6,400	-6,500	5,200	7,300	20,000	-18,400	8,700	19,400	26,200	-21,100	17,800	31,200	0	0	0	-4,300	0	0	0	-11,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	192,000	196,000	189,000	178,000	172,800	165,100	152,900	140,000	132,900	122,500	117,100	116,200	115,700	117,400	117,100	116,200	122,000	117,600	115,500	115,000	114,400	112,600	110,700	107,100	109,200	109,700	106,900	104,600	107,300	100,900	94,800	92,300	105,200	108,100	106,600	101,900	106,600	100,100	494,300	-100,200	602,250,000	0	0	0	0	0	79,203	-329,135	526,882	0	0	0	505,342,000	550,228,000	483,199,000
Dividends Paid	17,000	18,000	18,000	20,000	16,600	17,200	17,200	17,100	14,800	14,800	14,800	14,800	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
End Period Cash Flow	71,000	71,000	37,000	40,000	53,500	56,900	52,100	22,800	35,100	35,200	34,600	32,900	33,000	53,800	83,200	55,800	33,000	34,500	27,900	24,500	27,800	18,000	44,000	43,000	41,500	19,100	12,000	24,300	11,600	51,900	42,600	12,300	15,700	16,700	18,900	16,600	18,900	26,500	0	0	-188,763,000	0	0	0	594,701,000	931,779,000	0	0	1,365,759,000	2,374,170,000	0	800,749,000	966,213,000	1,128,194,000	1,124,767,000
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	800	400	100	-800	-100	-11,500	12,000	-10,000	-4,000	3,000	-20,000	0	0	6,500	-642	-7,558	0	0	0	0	0	-17,615	9,915	21,687	0	0	0	0	0	0
Free Cash Flow	33,000	-159,000	-134,000	-130,000	-55,800	-75,800	-67,200	-156,700	77,100	-42,600	37,300	30,400	106,600	25,400	90,400	3,000	40,700	-95,400	-42,200	37,200	11,100	-200,200	-133,100	32,300	-70,800	-99,300	-76,300	12,100	-98,700	-36,200	-8,500	60,700	14,100	-47,100	-48,500	-3,000	-48,500	670,600	4,231,900	-803,086	743,554,000	2,717,983	2,129,948	1,158,412	-223,764,000	2,233,339	884,731	452,667	-138,305,000	1,786,580	1,050,577	-224,355,000	966,213,000	1,128,194,000	1,124,767,000
Investments	-257,000	-394,000	-479,000	-451,000	-366,100	-442,900	-526,100	-346,700	-347,500	-409,100	-142,500	-62,200	-35,900	-70,000	-39,300	-62,300	-87,900	-227,800	-124,400	-23,500	0	0	0	0	0	0	0	0	0	0	0	233,000	236,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-32,891	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	164,000	278,000	293,000	150,000	261,100	356,300	226,600	123,700	234,900	-45,000	-65,000	-164,900	-105,000	-113,200	-13,900	-108,900	67,000	-14,800	-109,900	-90,600	112,600	57,500	-85,100	171,200	67,700	22,900	-58,500	54,300	9,000	1,836,800	191,000	-673,000	-1,036,000	1,270,000	503,000	45,100	-993,200	-566,600	1,432,378	789,022	0	0	0	0	0	-20,231	724,889	-883,729	0	0	0	0	0	0
Net Income	91,000	113,000	76,000	67,000	97,800	101,400	72,200	58,500	71,800	72,300	47,100	32,900	35,500	39,900	2,000	-3,700	35,100	9,400	9,700	-6,700	33,300	46,200	-300	-10,100	214,300	12,800	-27,600	-39,200	-13,200	3,000	-8,000	-1,500	78,200	20,800	17,100	1,700	17,100	-7,900	493,500	-121,437	17,963,000	0	0	0	0	0	212,509	60,085	-128,942	-18,886	-175,526	0	-160,420,000	-57,704,000	-62,566,000
Other Cashflows From Financing Activities	-1,000	467,000	652,000	616,000	538,700	1,199,400	528,400	330,800	-200	317,900	94,700	65,000	54,300	86,600	127,300	259,100	110,200	2,025,500	191,800	65,200	94,100	460,100	134,100	51,300	275,900	126,700	105,900	173,800	136,600	27,900	424,600	255,600	976,300	471,700	587,500	546,100	587,500	-100	467,000	-1,310	-932,317,000	0	0	0	-121,271,000	0	-43	-646	-891,833,000	0	0	72,108,000	0	0	0
Other Cashflows From Investing Activities	0	-105,000	-64,000	-86,000	-16,800	-102,800	-18,000	-47,000	-183,800	-135,700	13,400	42,100	59,700	48,200	33,900	36,200	65,800	36,200	59,200	70,500	89,000	60,500	78,400	54,100	48,700	37,300	40,400	46,600	3,300	35,300	443,100	-364,000	190,000	122,000	-1,917,000	-1,069,000	33,500	264,200	-693,200	-2,243,743	-852,257	0	0	0	0	0	-1,210,321	-1,772,309	-247,175	0	0	0	0	0	0
Other Non Cash Items	-166,000	-7,000	-8,000	-9,000	5,100	10,800	7,200	1,900	5,900	4,700	3,900	2,900	13,900	5,100	16,000	25,000	8,900	72,800	18,800	15,700	7,100	22,900	16,400	8,100	13,000	20,700	45,600	14,300	32,500	11,300	17,100	16,900	-44,400	6,700	-4,000	5,400	40,700	0	0	0	74,287,000	0	0	0	-783,912,000	0	0	0	-665,008,000	0	0	-959,571,000	-223,556,000	-78,081,000	-3,619,000
Sale Purchase Of Stock	-13,000	-101,000	-63,000	-44,000	-61,900	-53,400	800	800	647,800	3,500	800	2,100	6,200	500	600	600	700	900	1,100	500	600	500	600	800	900	600	300	0	0	0	10,000	0	-342,800	0	0	0	0	-80,900	-462,800	15,583	5,417	0	0	0	0	0	1,685	198	2,599	0	0	0	0	0	0
Stock Based Compensation	3,000	6,000	5,000	4,000	7,200	8,600	5,100	6,200	5,400	5,500	7,100	5,300	6,100	5,400	1,700	3,200	7,000	4,300	4,300	3,900	3,500	3,300	3,800	2,800	2,600	3,000	3,000	1,500	1,700	1,100	1,700	1,000	400	1,400	44,700	200	0	0	0	0	7,984,000	0	0	0	0	0	0	0	0	0	0	0	7,364,000	6,033,000	6,099,000
Total Cash From Financing Activities	-33,000	148,000	195,000	202,000	69,000	184,000	339,700	191,400	106,700	234,900	-49,200	-72,800	-173,900	-103,400	-112,900	-15,800	-108,200	66,100	-13,800	-111,200	-90,000	113,100	57,100	-84,400	44,500	68,300	23,200	-58,500	55,900	10,300	7,000	-111,900	-32,100	-99,800	-4,600	-75,500	-4,600	-1,074,200	-562,400	1,446,651	316,849	1,624,525	646,260	704,471	-121,267,000	-1,486,666	-18,589	724,441	-891,793,000	1,295,595	1,419,473	72,149,000	0	0	0
Total Cash From Operating Activities	290,000	280,000	281,000	235,000	293,500	264,300	215,900	143,000	240,800	175,300	193,200	134,700	186,900	143,600	178,900	101,500	194,400	168,600	141,400	131,200	184,100	142,100	103,700	129,200	91,800	127,300	36,400	86,200	62,500	162,800	106,000	102,100	89,700	160,200	101,900	137,200	101,900	738,000	4,310,200	-715,046	743,554,000	2,717,983	2,129,948	1,158,412	-265,681,000	2,233,339	961,637	521,267	-177,087,000	1,786,580	1,050,577	-250,519,000	966,213,000	1,128,194,000	1,124,767,000
Total Cashflows From Investing Activities	0	-1,324,000	-479,000	-451,000	-366,100	-442,900	-526,100	-346,700	-347,500	-409,100	-142,500	-62,200	-35,900	-70,000	-39,300	-62,300	-87,900	-227,800	-124,400	-23,500	-84,000	-281,800	-158,400	-42,800	-113,900	-189,300	-72,300	-27,500	-157,900	-163,700	340,200	-417,000	349,000	42,000	-1,990,000	-1,166,000	-429,300	196,800	-771,500	-2,331,783	-932,317	-4,746,771	-3,255,670	-2,203,648	0	-2,192,902	-1,287,227	-1,873,800	-303,945	-2,550,158	-2,483,008	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
Cost Of Revenue	2,171,000	1,674,700	1,384,600	1,317,200	1,456,700	1,458,400	1,332,000	1,198,900	1,322,000	1,322,000	1,260,600	6,943,946,000	6,472,117,000	6,150,498,000	6,015,534,000	7,124,182,000	6,647,508,000	6,233,176,000
Depreciation And Amortization	755,000	630,800	488,700	466,400	470,100	444,800	430,400	395,300	415,100	340,000	394,200	361,300	0	0	0	0	0	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	663,000	558,900	379,900	202,800	249,900	205,900	105,300	-312,000	201,200	197,000	236,100	183,300	1,080,985,000	747,524,000	444,825,000	631,241,000	1,262,242,000	1,101,308,000
Ebitda	1,418,000	1,189,700	868,600	669,200	720,000	650,700	535,700	83,300	616,300	537,000	630,300	544,600	1,080,985,000	747,524,000	444,825,000	631,241,000	1,262,242,000	1,101,308,000
Effect Of Accounting Charges	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	20,800	207,100	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	1,111,000	1,064,100	688,500	464,100	542,300	518,300	422,500	355,900	448,400	448,400	475,000	-6,942,337,700	1,826,263,000	1,412,036,000	1,085,973,000	1,400,873,000	2,038,123,000	1,825,229,000
Income Before Tax	447,000	433,400	290,400	94,100	63,600	68,800	-64,400	-4,900	144,500	144,500	153,100	88,600	324,270,000	-13,593,000	-171,009,000	-1,009,899,000	161,988,000	47,949,000
Income Tax Expense	100,000	103,500	66,300	20,400	16,100	-300	-224,700	15,600	54,800	54,800	55,000	-207,466,000	-128,540,000	-17,068,000	59,666,000	196,847,000	-102,571,000	-67,994,000
Interest Expense	224,000	122,000	86,300	92,600	173,500	137,000	140,000	84,200	41,400	0	72,900	649,892,000	699,718,000	773,427,000	680,273,000	0	0	0
Interest Income	0	122,000	86,300	92,600	173,500	137,200	136,000	89,200	27,000	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	17,383	0	0	0	0
Net Income	347,000	330,000	224,000	73,700	47,500	69,100	160,300	-20,500	89,700	89,700	98,100	61,400	452,810,000	-48,044,000	-126,022,000	-1,206,746,000	264,559,000	115,943,000
Net Income Applicable To Common Shares	0	329,900	224,100	73,700	47,500	69,100	160,300	-19,700	409,000	36,000	346,200	243,079	0	-48,044	0	0	0	0
Net Income From Continuing Ops	353,900	329,900	224,100	73,700	47,500	69,100	160,300	-19,700	409,000	36,000	980,000	658,011	0	-30,661	0	0	0	0
Net Interest Income	-203,000	-122,000	-86,300	-92,600	-173,500	-137,000	-140,000	-84,200	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	-200	2,200	-3,900	2,400	200	3,400	2,400	131,000	15,000	93,100	30,640	0	12,310	0	0	0	0
Non Recurring	0	3,500	3,200	16,100	12,800	100	29,700	4,000	29,700	15,300	0	0	0	0	0	0	0	0
Operating Income	663,000	558,900	379,900	202,800	249,900	205,700	101,900	80,900	197,000	197,000	270,700	176,400	1,080,985,000	747,524,000	444,825,000	631,241,000	1,262,242,000	1,101,308,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	2,619,000	2,179,700	1,695,400	1,574,600	1,751,500	1,771,000	1,652,600	1,473,900	1,573,400	1,573,400	1,464,900	1,431,900	7,217,395,000	6,815,010,000	6,656,682,000	7,893,814,000	7,423,389,000	6,957,097,000
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	735,800	630,800	488,700	466,400	470,100	444,800	430,400	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
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	444,100	410,100	731,500	257,400	294,800	312,600	320,600	275,000	270,500	1,088,000	1,022,200	945,784	745,278	664,512	0	0	0	0
Tax Provision	103,500	103,500	66,300	20,400	16,100	-300	-224,700	14,800	45,600	0	0	0	0	0	0	0	0	0
Total Operating Expenses	448,000	505,000	310,800	257,400	294,800	312,600	320,600	275,000	251,400	4,122,000	204,300	502,400	745,278,000	664,512,000	641,148,000	769,632,000	775,881,000	723,921,000
Total Other Income Expense Net	-216,000	-125,500	-89,500	-108,700	-186,300	100	-26,300	-1,600	-11,100	-11,100	-44,700	-6,900	-756,715,000	-761,117,000	-615,834,000	-1,641,140,000	-1,100,254,000	-1,053,359,000
Total Revenue	3,282,000	2,738,800	2,073,100	1,781,300	1,999,000	1,976,700	1,754,500	1,554,800	1,770,400	1,770,400	1,735,600	1,608,300	8,298,380,000	7,562,534,000	7,101,507,000	8,525,055,000	8,685,631,000	8,058,405,000

	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	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31
Cost Of Revenue	537,000	561,000	506,000	484,000	468,800	439,600	420,400	389,300	373,400	351,500	333,700	326,000	377,300	322,000	280,800	337,100	381,800	344,300	349,800	380,800	388,300	354,400	375,400	340,300	357,100	323,900	325,700	325,300	308,700	298,300	295,000	299,900	315,400	322,900	371,800	313,300	371,800	-10,034,490	2,202,100	2,047,000	1,938,217,000	0	1,241,082,000	1,708,683,000	1,629,264,000	0	1,770,900,000	1,606,975,000	1,509,754,000	1,658,494,000	1,531,757,000	1,472,172,000	1,617,646,000	1,467,923,000	1,445,148,000	1,946,806,000	1,808,353,000	1,705,383,000	1,751,153,000	1,660,751,000	1,582,141,000
Depreciation And Amortization	192,000	196,000	189,000	178,000	26,000	165,100	152,900	140,000	132,900	122,500	117,100	116,200	115,700	117,400	117,100	116,200	122,000	117,600	115,500	115,000	114,400	112,600	110,700	107,100	109,200	109,700	106,900	104,600	107,300	100,900	94,800	92,300	105,200	108,100	106,600	101,900	106,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
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
Ebit	179,000	206,000	157,000	123,000	176,800	168,600	122,700	89,600	-16,200	117,500	83,200	62,500	-42,300	74,000	27,300	28,100	-37,400	87,100	54,400	23,100	-42,100	83,800	33,000	16,800	-49,500	51,000	11,100	-16,500	-82,100	39,100	13,700	5,300	101,000	47,300	42,800	16,200	32,600	19,009,386	510,600	395,700	249,014	0	0	0	0	0	465,028	260,472	38,007	0	0	0	-	-	0	-	-	0	-	-	0
Ebitda	371,000	402,000	346,000	301,000	202,800	333,700	275,600	229,600	116,700	240,000	200,300	178,700	73,400	191,400	144,400	144,300	84,600	204,700	169,900	138,100	72,300	196,400	143,700	123,900	59,700	160,700	118,000	88,100	25,200	140,000	108,500	97,600	206,200	155,400	149,400	118,100	139,200	0	590,500	392,600	246,582,000	0	1,074,118,000	309,896,000	123,909,000	0	463,809,000	269,727,000	88,028,000	359,093,000	175,844,000	20,973,000	243,991,000	145,051,000	-46,986,000	240,747,000	298,898,000	140,381,000	495,276,000	332,473,000	139,014,000
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-3,700	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Gross Profit	295,000	347,000	296,000	256,000	317,200	305,500	220,000	178,000	204,600	198,900	157,200	127,800	143,100	134,700	87,200	99,100	158,300	163,800	125,300	94,900	155,400	161,800	110,100	91,000	134,600	133,700	90,100	64,100	96,500	105,300	85,400	65,700	107,000	108,900	109,800	88,000	109,800	12,585,882	867,300	667,600	498,291,000	0	1,275,140,000	516,465,000	331,661,000	0	661,366,000	465,318,000	270,249,000	527,810,000	347,829,000	188,716,000	423,769,000	286,561,000	119,738,000	475,068,000	466,924,000	333,778,000	698,459,000	514,913,000	339,391,000
Income Before Tax	123,000	146,000	103,000	75,000	133,200	135,600	97,500	67,100	91,400	96,100	61,800	41,100	45,000	51,600	100	-2,600	53,200	5,200	15,000	-9,800	38,300	45,200	500	-15,200	21,100	18,600	-49,800	-54,300	-7,400	6,700	-2,700	-1,500	95,100	35,500	21,500	6,700	21,500	50,668	328,300	211,900	72,232,000	0	368,893,000	158,734,000	-36,809,000	0	295,689,000	94,646,000	-158,882,000	158,290,000	-6,238,000	-157,847,000	75,763,000	30,727,000	-210,074,000	14,809,000	15,180,000	-57,704,000	75,837,000	31,137,000	-62,566,000
Income Tax Expense	32,000	33,000	27,000	8,000	35,400	34,200	25,300	8,600	19,600	23,800	14,700	8,200	9,500	11,700	-1,900	1,100	18,100	-4,200	5,300	-3,100	5,000	-1,000	800	-5,100	-193,200	5,800	-22,200	-15,100	6,600	3,700	5,300	18,000	16,900	14,700	4,400	5,000	4,400	-575,269	-113,600	-90,500	-54,269,000	81,493	-125,973,000	-65,847,000	-19,524,000	45,359	-83,180,000	-34,561,000	-26,267,000	3,014,000	-14,210,000	-7,442,000	-6,792,000	-22,989,000	-46,565,000	-2,855,000	-36,067,000	0	-86,870,000	-52,538,000	0
Interest Expense	62,000	60,000	54,000	48,000	41,300	33,000	25,200	22,500	22,500	21,400	21,000	21,400	22,500	22,400	23,300	24,400	27,100	81,900	31,600	32,900	34,000	38,600	32,400	32,000	38,200	32,400	31,600	37,800	32,100	32,300	13,300	6,500	5,100	9,300	11,100	9,500	11,100	1,258,882	182,300	183,800	176,782,000	494,968	154,925,000	152,184,000	162,267,000	530,379	169,339,000	165,826,000	196,889,000	202,158,000	188,873,000	181,098,000	169,294,000	163,835,000	0	-	-	0	-	-	0
Interest Income	0	60,000	54,000	48,000	41,300	33,000	25,200	22,500	22,500	21,400	21,000	21,400	22,500	22,400	23,300	24,400	27,100	81,900	31,600	0	0	0	0	0	0	0	0	0	0	0	0	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	5,771	5,087	3,673	0	0	0	-	-	0	-	-	0	-	-	0
Net Income	91,000	113,000	76,000	67,000	97,800	101,400	72,200	58,500	71,800	72,300	47,100	32,900	35,500	39,900	2,000	-3,700	35,100	9,400	9,700	-6,700	33,300	46,200	-300	-10,100	214,300	12,800	-27,600	-39,200	-14,000	3,000	-8,000	-1,500	78,200	20,800	17,100	1,700	17,100	625,937	441,900	302,400	126,501,000	0	494,866,000	224,581,000	-56,333,000	-77,617	206,738,000	129,207,000	-132,615,000	156,640,000	-25,121,000	-150,405,000	64,528,000	53,716,000	-163,509,000	17,664,000	51,247,000	-57,704,000	162,707,000	83,675,000	-62,566,000
Net Income Applicable To Common Shares	0	113,000	76,000	67,000	97,800	101,400	72,200	58,500	71,800	72,300	47,100	32,900	35,500	39,900	2,000	-3,700	35,100	9,400	9,700	-6,700	33,300	46,200	-300	-10,100	214,300	12,800	-27,600	-39,200	36,300	3,000	-8,000	-51,000	206,000	237,000	36,000	-70,000	89,700	-7,863	214,700	121,400	17,963	0	0	0	0	0	206,738	54,998	-132,615	0	0	0	-	-	0	-	-	0	-	-	0
Net Income From Continuing Ops	91,000	113,000	76,000	67,000	97,800	101,400	72,200	58,500	71,800	72,300	47,100	32,900	15,900	63,300	-1,800	-3,700	35,100	9,400	9,700	-6,700	33,300	46,200	-300	-10,100	214,300	12,800	-27,600	-39,200	36,300	3,000	-8,000	-51,000	206,000	237,000	36,000	-70,000	89,700	625,937	214,700	121,400	17,963	0	0	0	0	0	212,509	60,085	-128,942	0	0	0	-	-	0	-	-	0	-	-	0
Net Interest Income	-62,000	-60,000	-54,000	-48,000	-41,300	-33,000	-25,200	-22,500	-22,500	-21,400	-21,000	-21,400	-22,500	-22,400	-23,300	-24,400	-27,100	-81,900	-31,600	-32,900	0	0	0	0	0	0	0	0	0	0	0	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	-1,000	-1,000	100	-300	1,000	1,900	100	0	200	-5,500	-300	3,100	-1,200	600	-500	2,600	-300	-700	400	200	300	1,100	1,900	-200	600	-89,900	800	500	91,000	97,000	29,000	10,000	-5,000	0	167,468	-79,900	3,100	2,432	0	0	0	0	0	1,219	-9,255	-50,021	0	0	0	-	-	0	-	-	0	-	-	0
Non Recurring	0	0	0	0	3,500	0	0	0	2,800	0	400	0	5,900	0	3,900	6,300	5,000	0	7,800	0	0	0	100	0	400	400	29,300	29,300	800	100	3,100	100	29,700	0	0	0	15,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Operating Income	179,000	232,000	103,000	123,000	176,800	168,600	122,700	89,600	74,000	117,400	83,200	62,300	73,300	73,700	30,400	29,300	84,700	87,600	51,800	23,400	73,000	83,400	32,800	16,500	58,600	49,100	11,300	-17,100	25,000	38,300	13,200	4,400	48,700	46,100	40,700	15,900	40,700	18,841,918	590,500	392,600	246,582,000	0	1,074,118,000	309,896,000	123,909,000	0	463,809,000	269,727,000	88,028,000	359,093,000	175,844,000	20,973,000	243,991,000	145,051,000	-46,986,000	240,747,000	298,898,000	140,381,000	495,276,000	332,473,000	139,014,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	653,000	705,000	645,000	616,000	607,000	576,600	517,400	478,700	463,200	433,000	407,700	391,500	447,100	383,000	337,600	406,900	455,400	420,500	423,300	452,300	470,700	432,800	452,700	414,800	433,100	408,500	404,500	406,500	380,200	365,300	367,200	361,200	373,700	385,700	440,900	385,400	440,900	4,430,327	2,478,900	2,322,000	2,189,926,000	0	1,442,104,000	1,915,252,000	1,837,016,000	0	1,968,457,000	1,802,566,000	1,691,975,000	1,827,211,000	1,703,742,000	1,639,915,000	1,797,424,000	1,609,433,000	1,611,872,000	2,181,127,000	1,976,379,000	1,898,780,000	1,954,336,000	1,843,191,000	1,782,518,000
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Reconciled Depreciation	192,000	196,000	189,000	178,000	172,800	165,100	152,900	140,000	132,900	122,500	117,100	116,200	115,700	117,400	117,100	116,200	122,000	117,600	115,500	115,000	114,400	112,600	110,700	107,100	109,200	109,700	106,900	104,600	107,300	100,900	94,800	92,300	105,200	108,100	105,700	101,900	106,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Selling General Administrative	116,000	115,000	272,000	258,000	112,200	251,100	97,000	208,700	203,600	107,600	175,100	165,900	69,800	61,000	56,800	69,800	73,600	76,200	73,500	71,500	82,400	78,400	77,300	74,500	76,000	84,600	78,800	81,200	74,500	67,000	72,200	61,300	58,300	259,000	295,000	266,000	248,600	1,825,709	276,800	275,000	251,709	744,762	213,299	414,321	0	547,721	197,557	195,591	182,221	508,445	339,728	0	-	-	0	-	-	0	-	-	0
Tax Provision	32,000	33,000	27,000	8,000	35,400	34,200	25,300	8,600	19,600	23,800	14,700	8,200	9,500	11,700	-1,900	1,100	18,100	-4,200	5,300	-3,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	0	-	-	0	-	-	0
Total Operating Expenses	116,000	144,000	139,000	132,000	138,200	137,000	97,000	89,400	89,800	81,500	74,000	65,500	69,800	61,000	56,800	69,800	73,600	76,200	73,500	71,500	82,400	78,400	77,300	74,500	76,000	84,600	78,800	81,200	71,500	67,000	72,200	61,300	58,300	62,800	69,100	72,100	69,100	-6,256,036	276,800	275,000	251,709,000	0	201,022,000	206,569,000	207,752,000	0	197,557,000	195,591,000	182,221,000	168,717,000	171,985,000	167,743,000	179,778,000	141,510,000	166,724,000	234,321,000	168,026,000	193,397,000	203,183,000	182,440,000	200,377,000
Total Other Income Expense Net	-56,000	3,000	-82,000	-48,000	-43,600	-33,000	-25,200	-22,500	-900	100	-400	200	-5,800	300	-7,000	-7,500	-4,400	-500	-5,200	-300	-700	400	100	300	700	1,900	-29,500	600	-300	700	-2,600	600	51,500	-1,300	-8,100	-9,200	-19,200	0	-262,200	-180,700	-174,350,000	0	-705,225,000	-151,162,000	-160,718,000	0	-168,120,000	-175,081,000	-246,910,000	-200,803,000	-182,082,000	-178,820,000	-168,228,000	-114,324,000	-163,088,000	-225,938,000	-283,718,000	-198,085,000	-419,439,000	-301,336,000	-201,580,000
Total Revenue	832,000	908,000	802,000	740,000	786,000	745,100	640,400	567,300	578,000	550,400	490,900	453,800	520,400	456,700	368,000	436,200	540,100	508,100	475,100	475,700	543,700	516,200	485,500	431,300	491,700	457,600	415,800	389,400	405,200	403,600	380,400	365,600	422,400	431,800	481,600	401,300	481,600	2,551,392	3,069,400	2,714,600	2,436,508,000	6,504,586	2,516,222,000	2,225,148,000	1,960,925,000	5,866,114	2,432,266,000	2,072,293,000	1,780,003,000	2,186,304,000	1,879,586,000	1,660,888,000	2,041,415,000	1,754,484,000	1,564,886,000	2,421,874,000	2,275,277,000	2,039,161,000	2,449,612,000	2,175,664,000	1,921,532,000

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

Gross Profit (+$)
totalRevenue	3,282,000
Cost of Revenue	-2,171,000
Gross Profit	1,111,000	1,111,000

Operating Income (+$)
Gross Profit	1,111,000
Operating Expense	-448,000
Operating Income	663,000	663,000

Operating Expense (+$)
Research Development	0
Selling General Administrative	444,100
Selling And Marketing Expenses	0
Operating Expense	448,000	444,100

Net Interest Income (+$)
Interest Income	0
Interest Expense	-224,000
Other Finance Cost	-21,000
Net Interest Income	-203,000

Pretax Income (+$)
Operating Income	663,000
Net Interest Income	-203,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	447,000	879,000 EBIT - interestExpense = 439,000 447,000 571,000
Interest Expense	224,000
Earnings Before Interest and Taxes (EBIT)	663,000	671,000
Earnings Before Interest and Taxes (EBITDA)	1,418,000

After tax Income (+$)
Income Before Tax	447,000
Tax Provision	-103,500
Net Income From Continuing Ops	353,900	343,500
Net Income	347,000
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	2,619,000
Total Other Income/Expenses Net	-216,000	203,000

Technical Analysis of Herc Holdings Inc
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 Herc Holdings Inc. The general trend of Herc Holdings Inc is BULLISH with 57.1% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Herc Holdings Inc's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (57.1%)		Bearish trend (-57.1%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

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

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

Score

Let's take a look at the Support & Resistance of Herc Holdings Inc.

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

Around resistance: The price is trading arround resistance levels. This can be considered as a potential exit level. -1

The bullish price targets are: 152.06 < 160.77 < 168.33.

The bearish price targets are: 140.55 > 138.81 > 136.66.

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Herc Holdings Inc 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 Herc Holdings Inc. The current mas is .

The long score for the Moving Averages is 11/14.
The longshort score for the Moving Averages is 8/(-14 +14).

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

Herc Holdings Inc 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 Herc Holdings Inc. The current macd is -1.2087457.

The long score for the Moving Average Convergence/Divergence (MACD) is 0/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -4/(-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 Herc Holdings Inc price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Herc Holdings Inc. 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 Herc Holdings Inc 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 down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Herc Holdings Inc 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 Herc Holdings Inc. The current adx is 16.63.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -2/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Herc Holdings Inc shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending up: The ADX is below 25 and indicates a weak or no trend. However, the ADX is rising and a new bearish trend could be forming. -1

Herc Holdings Inc 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 Herc Holdings Inc. The current sar is 165.35.

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

Herc Holdings Inc 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 Herc Holdings Inc. The current rsi is 35.22. The current phase is Correction in bull market.

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

Correction in bull market: Moderate price decline, potential pause in the uptrend. Reassess the market, wait for signs of stabilization.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Herc Holdings Inc 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 Herc Holdings Inc. The current phase is Oversold in bull market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -4/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D 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 Herc Holdings Inc price going down in the near term. -2
Trending up: The STOCH %K is trending up. +1

Herc Holdings Inc 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 Herc Holdings Inc. The current cci is -193.38023822.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

Herc Holdings Inc 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 Herc Holdings Inc. The current cmo is -46.50224474.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Herc Holdings Inc 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 Herc Holdings Inc. The current willr is -98.22198276.

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

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

Herc Holdings Inc 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 Herc Holdings Inc.

Herc Holdings Inc 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 Herc Holdings Inc. The current atr is 4.67190007.

Herc Holdings Inc 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 Herc Holdings Inc. The current obv is 8,633,896.

Herc Holdings Inc 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 Herc Holdings Inc. The current mfi is 14.45.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -2/(-2 +2).

MFI < 50: -1
MFI < 20: -1

Herc Holdings Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Herc Holdings Inc.

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.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-11-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
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).
2023-12-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	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).
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-11	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.
	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).
2023-12-12	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.
	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).
2023-12-14	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-28	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-04	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-08	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.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-29	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-31	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-02	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-12	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-13	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-16	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-22	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-23	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-28	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-29	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-04	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-06	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-08	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-11	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
2024-03-12	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-15	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-21	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.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	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).
2024-04-11	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-12	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).
2024-04-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside

6.3. Candlestick Patterns

Herc Holdings Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Herc Holdings Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	35.223
Ma 20	Greater than	Ma 50	163.185
Ma 50	Greater than	Ma 100	158.291
Ma 100	Greater than	Ma 200	149.349
Open	Greater than	Close	153.840
Total			4/5 (80.0%)

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Quick analysis of Herc Holdings Inc (30 sec.)

What can you expect buying and holding a share of Herc Holdings Inc? (30 sec.)

How much money do you get?

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1. Valuation of Herc Holdings Inc (5 min.)

$150.77

$44.82

$-376.88 - $-174.87

$-332.06 - $-130.05

2. Growth of Herc Holdings Inc (5 min.)

Is Herc Holdings Inc growing?

How much money is Herc Holdings Inc making?

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

3. Financial Health of Herc Holdings Inc (5 min.)

4. Comparing to competitors in the Rental & Leasing Services industry (5 min.)

Industry Rankings (Rental & Leasing Services)

What can you expect buying and holding a share of Herc Holdings Inc? (5 min.)

What can you expect buying and holding a share of Herc Holdings Inc?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Herc Holdings Inc

About Herc Holdings Inc

Financial Health

Valuation

1.1. Profitability of Herc Holdings Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Rental & Leasing Services)

1.1.2. Return on Assets

Trends

Compared to industry (Rental & Leasing Services)

1.1.3. Return on Equity

Trends

Compared to industry (Rental & Leasing Services)

1.2. Operating Efficiency of Herc Holdings Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Rental & Leasing Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.3. Liquidity of Herc Holdings Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.4. Solvency of Herc Holdings Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Rental & Leasing Services)

2. Market Valuation of Herc Holdings Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Rental & Leasing Services)

Herc Holdings Inc
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