Independent Bank Corporation
Buy, Hold or Sell?

Let's analyse Independent Bank Corporation together

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

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

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

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Quick analysis of Independent Bank Corporation (30 sec.)

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

How much money do you get?

$0.91

When do you have the money?

1 year

How often do you get paid?

97.5%

What is your share worth?

Current worth

$19.21

Expected worth in 1 year

$22.08

How sure are you?

75.0%

+ What do you gain per year?

Total Gains per Share

$3.78

Return On Investment

15.1%

For what price can you sell your share?

Current Price per Share

$25.12

Expected price per share

$22.67 - $26.74

How sure are you?

50%

1. Valuation of Independent Bank Corporation (5 min.)

Live pricePrice per Share (EOD)

$25.12

Book Value per Share

$19.21

Intrinsic Value Per Share

$2.68 - $36.68

Total Value Per Share

$21.90 - $55.89

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

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.52) 3Y: ($0.97) TTM: ($0.68)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($-0.02) TTM: ($0.16)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.78	$3.86	$1.71 - $3.96
2	$3.13	$7.69	$1.34 - $4.04
3	$4.08	$11.47	$0.97 - $4.11
4	$4.68	$15.20	$0.60 - $4.19
5	$4.96	$18.90	$0.22 - $4.26
6	$4.95	$22.54	$-0.15 - $4.34
7	$4.69	$26.15	$-0.52 - $4.41
8	$4.21	$29.70	$-0.89 - $4.48
9	$3.54	$33.21	$-1.26 - $4.56
10	$2.68	$36.68	$-1.63 - $4.63

2. Growth of Independent Bank Corporation (5 min.)

Is Independent Bank Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$404.4m	$341.6m	$3.5b	91.2%

How much money is Independent Bank Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$14.7m	$15.8m	-$1m	-7.3%
Net Profit Margin	26.5%	26,345.1%	-	-

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

Quarterly Yearly

3. Financial Health of Independent Bank Corporation (5 min.)

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

Industry Rankings (Banks - Regional)

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

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

What can you expect buying and holding a share of Independent Bank Corporation?

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

Speculation

The Price per Share of Independent Bank Corporation is $25.12. 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 Independent Bank Corporation.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

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

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $19.21. Based on the TTM, the Book Value Change Per Share is $0.72 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.55 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 $0.23 per quarter.

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

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.65	2.6%	0.70	2.8%	0.74	3.0%	0.66	2.6%	0.46	1.8%
Usd Book Value Change Per Share	-220.95	-879.6%	0.72	2.9%	-0.55	-2.2%	0.26	1.1%	0.23	0.9%
Usd Dividend Per Share	0.23	0.9%	0.23	0.9%	0.22	0.9%	0.21	0.8%	0.15	0.6%
Usd Total Gains Per Share	-220.72	-878.7%	0.95	3.8%	-0.34	-1.3%	0.47	1.9%	0.38	1.5%
Usd Price Per Share	26.02	-	19.77	-	21.08	-	20.01	-	18.89	-
Price to Earnings Ratio	9.96	-	7.21	-	7.18	-	8.27	-	13.80	-
Price-to-Total Gains Ratio	-0.12	-	-3.55	-	14.26	-	3.17	-	-117.40	-
Price to Book Ratio	1.35	-	0.39	-	1.31	-	1.07	-	1.29	-
Price-to-Total Gains Ratio	-0.12	-	-3.55	-	14.26	-	3.17	-	-117.40	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	25.12
Number of shares	39

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.23	0.21
Usd Book Value Change Per Share	0.72	0.26
Usd Total Gains Per Share	0.95	0.47
Gains per Quarter (39 shares)	36.88	18.35
Gains per Year (39 shares)	147.54	73.41

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	36	112	138	32	41	63
2	71	224	286	64	82	136
3	107	336	434	97	124	209
4	142	448	582	129	165	282
5	178	560	730	161	206	355
6	214	672	878	193	247	428
7	249	784	1026	225	289	501
8	285	895	1174	257	330	574
9	320	1007	1322	290	371	647
10	356	1119	1470	322	412	720

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	122.0	14.0	0.0	89.7%
Book Value Change Per Share	2.0	2.0	0.0	50.0%	7.0	5.0	0.0	58.3%	13.0	7.0	0.0	65.0%	29.0	11.0	0.0	72.5%	102.0	34.0	0.0	75.0%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	39.0	0.0	1.0	97.5%	119.0	0.0	17.0	87.5%
Total Gains per Share	2.0	2.0	0.0	50.0%	8.0	4.0	0.0	66.7%	14.0	6.0	0.0	70.0%	30.0	10.0	0.0	75.0%	109.0	27.0	0.0	80.1%

Fundamentals of Independent Bank Corporation

About Independent Bank Corporation

https://www.independentbank.com
Banks - Regional
741
4200 East Beltline, Grand Rapids, MI, United States, 49525
Google Maps Bing Maps

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. The company also provides title insurance services and investment services, as well as automatic teller machines, and internet and mobile banking services. In addition, it operates through branches, drive-thru facilities, and loan production offices. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

Fundamental data was last updated by Penke on 2024-04-11 11:19:03.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

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

1.1. Profitability of Independent Bank Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Independent Bank Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
A Net Profit Margin of 17.4% means that $0.17 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Independent Bank Corporation:

The MRQ is 17.4%. The company is making a huge profit. +2
The TTM is 26.5%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	17.4%	TTM	26.5%	-9.1%
TTM	26.5%	YOY	26,345.1%	-26,318.6%
TTM	26.5%	5Y	5,291.7%	-5,265.2%
5Y	5,291.7%	10Y	2,655.6%	+2,636.1%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	17.4%	18.4%	-1.0%
TTM	26.5%	28.0%	-1.5%
YOY	26,345.1%	25.2%	+26,319.9%
5Y	5,291.7%	22.8%	+5,268.9%
10Y	2,655.6%	19.8%	+2,635.8%

Measures how much net profit Independent Bank Corporation earns for each $1 of revenue.

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

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

The net profit margin looks at how much net profit Independent Bank Corporation earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be used to compare companies within the Banks - Regional industry.

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

Why do investors use net profit margin in their analysis

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

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Independent Bank Corporation is 0.17. This means that Independent Bank Corporation earned $0.17 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Banks - Regional industry is 18.4%.
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate net profit margin

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

Real example of Independent Bank Corporation

You need the following data to determine net profit margin:

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

Net income MRQ Independent Bank Corporation = 13,743
Total revenue MRQ Independent Bank Corporation = 79,116
$13,743 / $79,116 = 0.17 or 17.4%

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 Independent Bank Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
0.3% Return on Assets means that Independent Bank Corporation generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Independent Bank Corporation:

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

Trends

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

Compared to industry (Banks - Regional)

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

Shows how efficient Independent Bank Corporation is using its assets to generate profit.

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

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Independent Bank Corporation is using its resources to generate profit. If the return on assets (0.3%) from Independent Bank Corporation are higher than the Banks - Regional mean (0.1%) that means Independent Bank Corporation is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Independent Bank Corporation is 0.3%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Banks - Regional industry is 0.1%.
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on assets

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

Real example Independent Bank Corporation

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

Income statement
Balance sheet

Net income MRQ (income statement) from Independent Bank Corporation = 13,743
Total assets MRQ (balance sheet) from Independent Bank Corporation = 5,276,594
13,743 / 5,276,594 = 0.00 or 0.3%

ROA is an important ratio as it will tell you how effectively Independent Bank Corporation is using its resources to generate profits. Example:

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

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

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

1.1.3. Return on Equity

Shows how efficient Independent Bank Corporation is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
3.4% Return on Equity means Independent Bank Corporation generated $0.03 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Independent Bank Corporation:

The MRQ is 3.4%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 3.9%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	3.4%	TTM	3.9%	-0.5%
TTM	3.9%	YOY	4.6%	-0.7%
TTM	3.9%	5Y	3.9%	-0.1%
5Y	3.9%	10Y	3.1%	+0.9%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	3.4%	1.4%	+2.0%
TTM	3.9%	2.5%	+1.4%
YOY	4.6%	2.7%	+1.9%
5Y	3.9%	2.5%	+1.4%
10Y	3.1%	2.8%	+0.3%

Shows how efficient Independent Bank Corporation is using its investors money to generate profit.

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

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

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

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Independent Bank Corporation is 3.4%. This means Independent Bank Corporation generated $0.03 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks - Regional industry is 1.4%.
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if Independent Bank Corporation existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on equity

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

Real example of Independent Bank Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Independent Bank Corporation = 13,743
Shareholders equity (balance sheet) MRQ Independent Bank Corporation = 404,449
13,743 / 404,449 = 0.03 or 3.4%

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 Independent Bank Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Independent Bank Corporation is operating .

Measures how much profit Independent Bank Corporation makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Independent Bank Corporation:

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

Trends

Current period		Compared to		+/-
MRQ	-	TTM	31.8%	-31.8%
TTM	31.8%	YOY	39,743.2%	-39,711.4%
TTM	31.8%	5Y	7,982.2%	-7,950.5%
5Y	7,982.2%	10Y	4,008.9%	+3,973.3%

Measures how efficient Independent Bank Corporation is operating .

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

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Independent Bank Corporation is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Independent Bank Corporation is 0.0%. This means that Independent Bank Corporation earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Independent Bank Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Independent Bank Corporation = 69,194
Total revenue MRQ Independent Bank Corporation = 79,116
$69,194 / $79,116 = 0.00 or 0.0%

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

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

Operation earnings can be calculated in multiple ways:

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

1.2.2. Operating Ratio

Measures how efficient Independent Bank Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks - Regional industry mean).
An Operation Ratio of 0.13 means that the operating costs are $0.13 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Independent Bank Corporation:

The MRQ is 0.125. The company is very efficient in keeping operating costs low. +2
The TTM is -0.277.

Trends

Current period		Compared to		+/-
MRQ	0.125	TTM	-0.277	+0.403
TTM	-0.277	YOY	5.546	-5.824
TTM	-0.277	5Y	0.976	-1.253
5Y	0.976	10Y	0.407	+0.570

Measures how efficient Independent Bank Corporation is keeping operating costs low.

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

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

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

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Independent Bank Corporation is 12.5%. This means that Independent Bank Corporation earned $0.13 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Independent Bank Corporation

You need the following data to determine operating ratio:

Income statement

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

(cost of revenue + total operating expenses) \ total revenue
(0 +9,922) \ 79,116 = 0.13

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 Independent Bank Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Independent Bank Corporation is able to pay off Short-term Debt.

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

Let's take a look of the Current Ratio trends of Independent Bank Corporation:

The MRQ is 0.070. The company is unable to pay all its short-term debts. -2
The TTM is 0.612. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.070	TTM	0.612	-0.542
TTM	0.612	YOY	4.470	-3.858
TTM	0.612	5Y	22.258	-21.646
5Y	22.258	10Y	21.368	+0.890

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
TTM	0.612	0.124	+0.488
YOY	4.470	0.225	+4.245
5Y	22.258	0.219	+22.039
10Y	21.368	0.131	+21.237

Measures if Independent Bank Corporation is able to pay off Short-term Debt.

How to use current ratio

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

Why do investors use current ratio in their analysis

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

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Independent Bank Corporation is 0.07. This means Independent Bank Corporation has $0.07 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Independent Bank Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
189,394 \ 2,695,559) = 0.07

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

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

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

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

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

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

1.3.2. Quick Ratio

Measures if Independent Bank Corporation is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
A Quick Ratio of 0.23 means the company can pay off $0.23 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Independent Bank Corporation:

The MRQ is 0.227. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 1.898. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.227	TTM	1.898	-1.671
TTM	1.898	YOY	8.069	-6.171
TTM	1.898	5Y	16.854	-14.956
5Y	16.854	10Y	12.504	+4.350

Measures if Independent Bank Corporation is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Independent Bank Corporation can pay off its short term debts. This shows if Independent Bank Corporation can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Independent Bank Corporation is 0.23. This means that Independent Bank Corporation can pay off $0.23 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate quick ratio

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

Real life example Independent Bank Corporation

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Independent Bank Corporation: (-68,208 + 679,350 +0) / 2,695,559 = 0.23

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 Independent Bank Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Independent Bank Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Independent Bank Corporation to Banks - Regional industry mean.
A Debt to Asset Ratio of 0.92 means that Independent Bank Corporation assets are financed with 92.3% credit (debt) and the remaining percentage (100% - 92.3%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Independent Bank Corporation:

The MRQ is 0.923. The company is just able to pay all its debts by selling its assets.
The TTM is 0.252. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.923	TTM	0.252	+0.672
TTM	0.252	YOY	0.930	-0.678
TTM	0.252	5Y	0.781	-0.530
5Y	0.781	10Y	0.839	-0.058

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.923	0.915	+0.008
TTM	0.252	0.917	-0.665
YOY	0.930	0.919	+0.011
5Y	0.781	0.919	-0.138
10Y	0.839	0.927	-0.088

Measures how much % of Independent Bank Corporation assets are financed with debt.

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Independent Bank Corporation to Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

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

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

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Independent Bank Corporation is 0.92. This means means that Independent Bank Corporation is financed with 92.3% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Independent Bank Corporation

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

Balance sheet
Debt to asset ratio = total debt \ total assets
4,872,145 \ 5,276,594 = 92.3% or 0.92.

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 Independent Bank Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Independent Bank Corporation to the Banks - Regional industry mean.
A Debt to Equity ratio of 1,204.6% means that company has $12.05 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Independent Bank Corporation:

The MRQ is 12.046. The company is unable to pay all its debts with equity. -1
The TTM is 3.298. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	12.046	TTM	3.298	+8.748
TTM	3.298	YOY	13.299	-10.001
TTM	3.298	5Y	9.272	-5.974
5Y	9.272	10Y	9.020	+0.252

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	12.046	10.829	+1.217
TTM	3.298	11.013	-7.715
YOY	13.299	11.363	+1.936
5Y	9.272	11.437	-2.165
10Y	9.020	13.038	-4.018

Measures if Independent Bank Corporation is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

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

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

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

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Independent Bank Corporation is 12.05. This means that Independent Bank Corporation can pay off $12.05 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 10.83.
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Independent Bank Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
4,872,145 \ 404,449 = 12.05 or 1,204.6%

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 Independent Bank Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Independent Bank Corporation generates.

Above 15 is considered overpriced but always compare Independent Bank Corporation to the Banks - Regional industry mean.
A PE ratio of 9.96 means the investor is paying $9.96 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Independent Bank Corporation:

The EOD is 9.619. Based on the earnings, the company is underpriced. +1
The MRQ is 9.963. Based on the earnings, the company is underpriced. +1
The TTM is 7.212. Based on the earnings, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	9.619	MRQ	9.963	-0.345
MRQ	9.963	TTM	7.212	+2.751
TTM	7.212	YOY	7.183	+0.029
TTM	7.212	5Y	8.271	-1.059
5Y	8.271	10Y	13.801	-5.530

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	9.619	7.498	+2.121
MRQ	9.963	6.680	+3.283
TTM	7.212	5.295	+1.917
YOY	7.183	6.943	+0.240
5Y	8.271	9.770	-1.499
10Y	13.801	9.943	+3.858

Measures how much money you pay for each share for every $1 in earnings Independent Bank Corporation generates.

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

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Independent Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

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

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

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

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Independent Bank Corporation is 9.96. This means the investor is paying $9.96 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 6.68.
What is the trend?
The trend is important because it shows you how Independent Bank Corporation is performing over time. The most recent quarter might be important if Independent Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Independent Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Independent Bank Corporation

You need the following data to determine the PE ratio:

Balance sheet
Income statement

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

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 21,049 = EPS
PE ratio MRQ = 9.96

* 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 Independent Bank Corporation:

The EOD is 11.575. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 11.990. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 8.409. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	11.575	MRQ	11.990	-0.415
MRQ	11.990	TTM	8.409	+3.581
TTM	8.409	YOY	-10.256	+18.664
TTM	8.409	5Y	2.318	+6.091
5Y	2.318	10Y	16.978	-14.660

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	11.575	-2.096	+13.671
MRQ	11.990	-1.868	+13.858
TTM	8.409	-0.342	+8.751
YOY	-10.256	6.448	-16.704
5Y	2.318	0.429	+1.889
10Y	16.978	0.091	+16.887

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Banks - Regional industry mean).
A PB ratio of 1.35 means the investor is paying $1.35 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Independent Bank Corporation:

The EOD is 1.307. Based on the equity, the company is underpriced. +1
The MRQ is 1.354. Based on the equity, the company is underpriced. +1
The TTM is 0.395. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	1.307	MRQ	1.354	-0.047
MRQ	1.354	TTM	0.395	+0.960
TTM	0.395	YOY	1.312	-0.917
TTM	0.395	5Y	1.067	-0.672
5Y	1.067	10Y	1.286	-0.219

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	1.307	0.433	+0.874
MRQ	1.354	0.386	+0.968
TTM	0.395	0.470	-0.075
YOY	1.312	0.642	+0.670
5Y	1.067	0.795	+0.272
10Y	1.286	1.025	+0.261

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Independent Bank Corporation

Institutions are holding 81.173% of the shares of Independent Bank Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	13.8703	0.0019	2924250	21623	0.7449
2023-09-30	FJ Capital Management LLC	6.1123	2.6747	1288658	0	0
2023-12-31	Vanguard Group Inc	5.0643	0.0006	1067691	31536	3.0436
2023-12-31	Dimensional Fund Advisors, Inc.	4.638	0.0074	977832	13962	1.4485
2023-12-31	FMR Inc	3.7209	0.0016	784481	10613	1.3714
2023-12-31	State Street Corporation	2.845	0.0008	599800	-23267	-3.7343
2023-12-31	Renaissance Technologies Corp	2.7582	0.0234	581500	-39000	-6.2853
2023-12-31	LSV Asset Management	2.5465	0.0305	536870	-37807	-6.5788
2023-12-31	Goldman Sachs Group Inc	2.4206	0.0012	510340	242238	90.3529
2023-12-31	Geode Capital Management, LLC	2.1842	0.0013	460494	19038	4.3125
2023-12-31	JPMorgan Chase & Co	2.1828	0.0012	460195	-2262	-0.4891
2023-12-31	Manufacturers Life Insurance Co	2.0679	0.0068	435969	-17251	-3.8063
2023-12-31	Allspring Global Investments Holdings, LLC	1.8919	0.0172	398871	7455	1.9046
2023-12-31	PL Capital Advisors, LLC	1.5604	2.9586	328985	-12000	-3.5192
2023-12-31	Hotchkis & Wiley Capital Management LLC	1.5544	0.0304	327710	-58380	-15.1208
2023-12-31	Nuveen Asset Management, LLC	1.3382	0.0024	282123	38722	15.9087
2023-12-31	American Century Companies Inc	1.3378	0.0051	282051	47904	20.4589
2023-12-31	Principal Financial Group Inc	1.1392	0.004	240169	-4446	-1.8176
2023-12-31	Northern Trust Corp	1.0645	0.0011	224417	808	0.3613
2023-12-31	Morgan Stanley - Brokerage Accounts	1.062	0.0005	223902	112036	100.152
Total		61.3594	5.7707	12936308	+351522	+2.7%

3.2. Funds holding Independent Bank Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.8665	0.001	599260	0	0
2023-12-31	FIAM Small Cap Core Composite	2.5705	0.3581	537382	-8118	-1.4882
2024-01-31	FIAM Small Cap Core CIT Cl B	2.5242	0.3542	527700	-9682	-1.8017
2024-03-28	iShares Russell 2000 ETF	2.3614	0.0191	493653	237	0.048
2024-02-29	JPMorgan Small Cap Blend A	1.8324	0.6372	383075	0	0
2023-12-31	JPM US Small Cap Value-Composite	1.8324	1.4102	383075	0	0
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.5675	0.0079	327695	-466	-0.142
2024-01-31	Allspring Small Company Val	1.4812	1.4564	309645	-2700	-0.8644
2024-02-29	Allspring Small Company Value Admin	1.4786	1.1021	309099	32948	11.9312
2023-12-31	Foundry Partners Micro Cap Value	1.4601	1.4819	305250	0	0
2024-03-29	Avantis US Small Cap Value ETF	1.4204	0.0694	296935	0	0
2024-01-31	JHancock Regional Bank A	1.0259	0.686	214468	-6880	-3.1082
2024-01-31	Fidelity Small Cap Index	0.9714	0.0208	203081	3734	1.8731
2024-03-28	iShares Russell 2000 Value ETF	0.9439	0.0399	197324	-125	-0.0633
2024-02-29	DFA US Targeted Value I	0.8491	0.0336	177501	0	0
2024-02-29	Principal SmallCap R5	0.7964	0.2552	166500	22500	15.625
2024-01-31	JH Financial Opportunities	0.7843	0.6009	163971	0	0
2024-02-29	Strategic Advisers Fidelity US TtlStk	0.7531	0.0036	157430	12510	8.6323
2023-12-31	Principal U.S. Small Cap Equity	0.6438	0.2893	134600	-4200	-3.0259
2024-01-31	CREF Stock R1	0.6157	0.0028	128720	18520	16.8058
Total		28.7788	8.8296	6016364	+58278	+1.0%

3.3. Insider Transactions

Insiders are holding 4.579% of the shares of Independent Bank Corporation.

Date	Owner	Type	Amount	Price
2023-07-31	Stefanie M Kimball	SELL	218	20.59
2023-05-10	Terance L Beia	BUY	1831	15.62
2023-05-04	Dennis W Archer Jr	BUY	1000	15.58
2023-05-03	Gavin A Mohr	BUY	2200	16.6

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Independent Bank Corporation compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-220.948	0.718	-30893%	-0.553	-100%	0.264	-83681%	0.233	-95119%
Book Value Per Share	-	-	19.215	182.155	-89%	16.041	+20%	49.486	-61%	30.576	-37%
Current Ratio	-	-	0.070	0.612	-89%	4.470	-98%	22.258	-100%	21.368	-100%
Debt To Asset Ratio	-	-	0.923	0.252	+267%	0.930	-1%	0.781	+18%	0.839	+10%
Debt To Equity Ratio	-	-	12.046	3.298	+265%	13.299	-9%	9.272	+30%	9.020	+34%
Dividend Per Share	-	-	0.228	0.228	0%	0.218	+4%	0.206	+10%	0.147	+54%
Eps	-	-	0.653	0.698	-6%	0.744	-12%	0.659	-1%	0.462	+41%
Free Cash Flow Per Share	-	-	0.543	0.676	-20%	1.043	-48%	0.767	-29%	0.520	+4%
Free Cash Flow To Equity Per Share	-	-	2.075	2.830	-27%	4.504	-54%	4.455	-53%	3.079	-33%
Gross Profit Margin	-	-	0.936	0.962	-3%	0.967	-3%	0.957	-2%	0.930	+1%
Intrinsic Value_10Y_max	-	-	36.677	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	2.685	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	3.864	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.784	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	11.467	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	4.080	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	18.895	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	4.955	-	-	-	-	-	-	-	-
Market Cap	525146160.000	-4%	547695760.600	418329072.650	+31%	448845338.480	+22%	438691350.958	+25%	421165784.977	+30%
Net Profit Margin	-	-	0.174	0.265	-34%	263.451	-100%	52.917	-100%	26.556	-99%
Operating Margin	-	-	-	0.318	-100%	397.432	-100%	79.822	-100%	40.089	-100%
Operating Ratio	-	-	0.125	-0.277	+321%	5.546	-98%	0.976	-87%	0.407	-69%
Pb Ratio	1.307	-4%	1.354	0.395	+243%	1.312	+3%	1.067	+27%	1.286	+5%
Pe Ratio	9.619	-4%	9.963	7.212	+38%	7.183	+39%	8.271	+20%	13.801	-28%
Price Per Share	25.120	-4%	26.020	19.773	+32%	21.075	+23%	20.005	+30%	18.885	+38%
Price To Free Cash Flow Ratio	11.575	-4%	11.990	8.409	+43%	-10.256	+186%	2.318	+417%	16.978	-29%
Price To Total Gains Ratio	-0.114	+3%	-0.118	-3.550	+2911%	14.257	-101%	3.166	-104%	-117.403	+99490%
Quick Ratio	-	-	0.227	1.898	-88%	8.069	-97%	16.854	-99%	12.504	-98%
Return On Assets	-	-	0.003	0.003	-9%	0.003	-20%	0.003	-20%	0.003	-6%
Return On Equity	-	-	0.034	0.039	-13%	0.046	-27%	0.039	-14%	0.031	+10%
Total Gains Per Share	-	-	-220.721	0.946	-23438%	-0.335	-100%	0.471	-47006%	0.380	-58199%
Usd Book Value	-	-	404449000.000	3862852500.000	-90%	341621750.000	+18%	1060952800.000	-62%	663355800.000	-39%
Usd Book Value Change Per Share	-	-	-220.948	0.718	-30893%	-0.553	-100%	0.264	-83681%	0.233	-95119%
Usd Book Value Per Share	-	-	19.215	182.155	-89%	16.041	+20%	49.486	-61%	30.576	-37%
Usd Dividend Per Share	-	-	0.228	0.228	0%	0.218	+4%	0.206	+10%	0.147	+54%
Usd Eps	-	-	0.653	0.698	-6%	0.744	-12%	0.659	-1%	0.462	+41%
Usd Free Cash Flow	-	-	11420000.000	14326750.000	-20%	22238250.000	-49%	16670550.000	-31%	11445325.000	0%
Usd Free Cash Flow Per Share	-	-	0.543	0.676	-20%	1.043	-48%	0.767	-29%	0.520	+4%
Usd Free Cash Flow To Equity Per Share	-	-	2.075	2.830	-27%	4.504	-54%	4.455	-53%	3.079	-33%
Usd Market Cap	525146160.000	-4%	547695760.600	418329072.650	+31%	448845338.480	+22%	438691350.958	+25%	421165784.977	+30%
Usd Price Per Share	25.120	-4%	26.020	19.773	+32%	21.075	+23%	20.005	+30%	18.885	+38%
Usd Profit	-	-	13743000.000	14766750.000	-7%	15837750.000	-13%	14395000.000	-5%	10225450.000	+34%
Usd Revenue	-	-	79116000.000	57993250.000	+36%	25235500.000	+214%	44663500.000	+77%	37617800.000	+110%
Usd Total Gains Per Share	-	-	-220.721	0.946	-23438%	-0.335	-100%	0.471	-47006%	0.380	-58199%
	EOD	+5 -3	MRQ	TTM	+5 -31	YOY	+12 -24	5Y	+7 -29	10Y	+17 -19

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	9.619
Price to Book Ratio (EOD)	Between	0-1	1.307
Net Profit Margin (MRQ)	Greater than	0	0.174
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.227
Current Ratio (MRQ)	Greater than	1	0.070
Debt to Asset Ratio (MRQ)	Less than	1	0.923
Debt to Equity Ratio (MRQ)	Less than	1	12.046
Return on Equity (MRQ)	Greater than	0.15	0.034
Return on Assets (MRQ)	Greater than	0.05	0.003
Total			3/10 (30.0%)

Create your own Stock Scanner

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

4.3. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	59.924
Ma 20	Greater than	Ma 50	24.174
Ma 50	Greater than	Ma 100	24.269
Ma 100	Greater than	Ma 200	24.635
Open	Greater than	Close	25.010
Total			2/5 (40.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Long-term Assets Other		-42,735	-1,202,770	-1,245,505	41,640	-1,203,865	48,481	-1,155,384	5,923,797	4,768,413
Cash and Short Term Investments		853,718	140,827	994,545	-133,576	860,969	-48,867	812,102	-880,310	-68,208

Latest Balance Sheet

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

Summary

Total Assets	5,276,594
Total Liabilities	4,872,145
Total Stockholder Equity	404,449

	As reported
Total Liabilities	4,872,145
Total Stockholder Equity	+ 404,449
Total Assets	= 5,276,594

Assets

Total Assets	5,276,594
Total Current Assets	189,394
Long-term Assets	5,087,200

Total Current Assets

Total Current Assets (as reported)	189,394
Cash And Cash Equivalents	169,781
Short-term Investments	679,350
Total Current Assets (calculated)	849,131
+/-	659,737

Long-term Assets

Long-term Assets (as reported)	5,087,200
Property Plant Equipment	40,434
Goodwill	28,300
Long Term Investments	1,033,338
Intangible Assets	44,247
Long-term Assets Other	4,768,413
Long-term Assets (calculated)	5,914,732
+/-	827,532

Liabilities & Shareholders' Equity

Total Current Liabilities	2,695,559
Long-term Liabilities	2,176,586
Total Stockholder Equity	404,449

Total Current Liabilities

Total Current Liabilities (as reported)	2,695,559
Short-term Debt	1,142
Other Current Liabilities	2,694,417
Total Current Liabilities (calculated)	2,695,559
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	2,176,586
Long term Debt	129,264
Long-term Liabilities (calculated)	129,264
+/-	2,047,322

Total Stockholder Equity

Total Stockholder Equity (as reported)	404,449
Common Stock	317,483
Retained Earnings	159,108
Accumulated Other Comprehensive Income	-72,142
Total Stockholder Equity (calculated)	404,449
+/-	0

Other

Capital Stock	317,483
Cash and Short Term Investments	-68,208
Common Stock Shares Outstanding	21,049
Liabilities and Stockholders Equity	5,276,594
Net Debt	-35,403
Net Invested Capital	533,713
Net Working Capital	-2,506,165
Property Plant and Equipment Gross	156,259
Short Long Term Debt Total	134,378

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

1997-12-31

1997-09-30

1997-06-30

1997-03-31

1996-12-31

1996-09-30

1996-06-30

1996-03-31

1995-12-31

1995-09-30

1995-06-30

1995-03-31

1994-12-31

1994-09-30

1994-06-30

1994-03-31

1993-12-31

1993-09-30

1993-06-30

1993-03-31

1992-12-31

1992-09-30

1992-06-30

1992-03-31

1991-12-31

1991-09-30

1991-06-30

1991-03-31

1990-12-31

1990-09-30

1990-06-30

1990-03-31

1989-12-31

1989-06-30

1989-03-31

1988-03-31

1987-03-31

1986-03-31

> Total Assets

0
0
0
0
318,800
328,300
329,700
327,300
331,800
362,500
368,600
365,100
367,600
371,700
376,100
367,600
361,400
367,500
378,500
369,200
373,400
444,300
486,400
482,000
487,600
516,200
522,300
548,600
575,000
590,100
595,700
777,100
793,200
888,600
912,600
958,400
959,100
983,800
993,100
1,035,000
1,044,400
1,085,300
1,054,500
1,077,300
1,688,400
1,725,200
1,739,012
1,772,229
1,770,672
1,783,791
1,788,353
1,829,721
1,868,157
1,888,457
1,872,920
1,934,637
2,045,062
2,057,562
2,061,493
2,300,281
2,315,762
2,358,557
2,414,265
2,778,659
2,989,679
3,094,027
3,187,347
3,253,148
3,323,864
3,355,848
3,402,774
3,442,721
3,472,599
3,429,898
3,355,571
3,261,257
3,256,284
3,276,082
3,247,411
3,239,035
3,138,620
2,956,245
2,952,981
2,976,629
2,962,028
2,965,364
2,900,770
2,737,161
2,736,772
2,535,248
2,476,204
2,317,608
2,317,373
2,307,406
2,419,278
2,403,465
2,400,832
2,023,867
2,105,347
2,134,674
2,183,504
2,209,943
2,259,639
2,249,864
2,239,857
2,248,730
2,329,296
2,288,954
2,394,861
2,409,066
2,487,120
2,452,696
2,538,319
2,548,950
2,596,482
2,665,367
2,753,446
2,789,355
2,793,119
3,234,522
3,297,124
3,353,281
3,383,606
3,438,302
3,550,837
3,564,694
3,632,387
4,043,315
4,168,944
4,204,013
4,426,440
4,461,272
4,622,340
4,704,740
4,761,983
4,826,209
4,931,377
4,999,787
5,138,934
5,135,564
5,200,018
5,276,594

5,276,594

5,200,018

5,135,564

5,138,934

4,999,787

4,931,377

4,826,209

4,761,983

4,704,740

4,622,340

4,461,272

4,426,440

4,204,013

4,168,944

4,043,315

3,632,387

3,564,694

3,550,837

3,438,302

3,383,606

3,353,281

3,297,124

3,234,522

2,793,119

2,789,355

2,753,446

2,665,367

2,596,482

2,548,950

2,538,319

2,452,696

2,487,120

2,409,066

2,394,861

2,288,954

2,329,296

2,248,730

2,239,857

2,249,864

2,259,639

2,209,943

2,183,504

2,134,674

2,105,347

2,023,867

2,400,832

2,403,465

2,419,278

2,307,406

2,317,373

2,317,608

2,476,204

2,535,248

2,736,772

2,737,161

2,900,770

2,965,364

2,962,028

2,976,629

2,952,981

2,956,245

3,138,620

3,239,035

3,247,411

3,276,082

3,256,284

3,261,257

3,355,571

3,429,898

3,472,599

3,442,721

3,402,774

3,355,848

3,323,864

3,253,148

3,187,347

3,094,027

2,989,679

2,778,659

2,414,265

2,358,557

2,315,762

2,300,281

2,061,493

2,057,562

2,045,062

1,934,637

1,872,920

1,888,457

1,868,157

1,829,721

1,788,353

1,783,791

1,770,672

1,772,229

1,739,012

1,725,200

1,688,400

1,077,300

1,054,500

1,085,300

1,044,400

1,035,000

993,100

983,800

959,100

958,400

912,600

888,600

793,200

777,100

595,700

590,100

575,000

548,600

522,300

516,200

487,600

482,000

486,400

444,300

373,400

369,200

378,500

367,500

361,400

367,600

376,100

371,700

367,600

365,100

368,600

362,500

331,800

327,300

329,700

328,300

318,800

> Total Current Assets

0
0
0
0
17,100
15,800
11,400
13,000
11,700
30,500
21,100
13,700
13,100
26,600
18,900
14,800
13,700
23,700
26,400
21,100
16,500
34,200
41,200
26,900
22,900
23,900
19,900
21,900
18,600
17,200
20,300
32,400
26,600
50,600
29,300
32,400
23,400
30,400
30,800
33,900
30,500
42,800
33,200
33,300
43,000
58,600
45,655
50,630
51,589
58,149
48,871
42,116
51,744
50,525
47,663
57,734
61,971
60,731
59,798
1,803,661
1,810,439
1,836,363
1,890,308
2,194,400
2,383,673
2,419,693
2,514,061
2,597,865
2,687,156
2,742,553
2,799,859
2,857,883
2,891,258
2,870,558
2,767,592
2,689,676
2,716,653
2,756,314
2,719,215
2,761,440
2,744,237
2,624,696
2,624,237
2,663,819
2,662,728
2,703,010
2,653,580
2,531,273
2,536,135
2,375,352
2,272,962
2,150,629
2,138,844
2,068,499
2,033,002
2,087,814
2,106,548
1,753,340
1,758,410
1,716,550
1,703,010
1,681,497
1,671,920
1,668,596
1,643,994
1,654,668
1,698,243
1,671,919
1,732,619
1,765,615
1,842,219
1,799,248
1,881,613
1,882,146
1,931,106
2,025,726
2,149,112
2,209,541
2,245,607
2,686,069
2,762,710
2,830,070
2,829,738
2,918,230
3,023,017
2,955,086
2,952,127
3,103,184
3,099,092
3,046,217
3,086,531
3,039,553
3,181,252
1,588,443
1,596,234
916,220
1,001,128
982,622
1,111,295
860,969
812,102
189,394

189,394

812,102

860,969

1,111,295

982,622

1,001,128

916,220

1,596,234

1,588,443

3,181,252

3,039,553

3,086,531

3,046,217

3,099,092

3,103,184

2,952,127

2,955,086

3,023,017

2,918,230

2,829,738

2,830,070

2,762,710

2,686,069

2,245,607

2,209,541

2,149,112

2,025,726

1,931,106

1,882,146

1,881,613

1,799,248

1,842,219

1,765,615

1,732,619

1,671,919

1,698,243

1,654,668

1,643,994

1,668,596

1,671,920

1,681,497

1,703,010

1,716,550

1,758,410

1,753,340

2,106,548

2,087,814

2,033,002

2,068,499

2,138,844

2,150,629

2,272,962

2,375,352

2,536,135

2,531,273

2,653,580

2,703,010

2,662,728

2,663,819

2,624,237

2,624,696

2,744,237

2,761,440

2,719,215

2,756,314

2,716,653

2,689,676

2,767,592

2,870,558

2,891,258

2,857,883

2,799,859

2,742,553

2,687,156

2,597,865

2,514,061

2,419,693

2,383,673

2,194,400

1,890,308

1,836,363

1,810,439

1,803,661

59,798

60,731

61,971

57,734

47,663

50,525

51,744

42,116

48,871

58,149

51,589

50,630

45,655

58,600

43,000

33,300

33,200

42,800

30,500

33,900

30,800

30,400

23,400

32,400

29,300

50,600

26,600

32,400

20,300

17,200

18,600

21,900

19,900

23,900

22,900

26,900

41,200

34,200

16,500

21,100

26,400

23,700

13,700

14,800

18,900

26,600

13,100

13,700

21,100

30,500

11,700

13,000

11,400

15,800

17,100

Cash And Cash Equivalents

0
0
0
0
17,100
15,800
11,400
13,000
11,700
20,800
21,100
13,700
13,100
26,600
15,500
14,800
13,700
23,700
26,400
21,100
16,500
34,200
41,200
26,900
22,900
23,900
19,900
21,900
18,600
17,200
20,300
32,400
26,600
50,600
29,300
32,400
23,400
30,400
30,800
33,900
30,500
42,800
33,200
33,300
43,000
58,600
45,655
50,630
51,589
58,149
48,871
42,116
51,744
50,525
47,663
57,734
61,971
60,731
59,798
73,114
54,633
61,741
57,268
80,782
77,578
72,815
63,344
74,950
75,027
67,586
62,117
77,776
81,224
73,142
67,209
66,431
76,000
79,289
58,210
69,441
94,316
57,705
62,384
79,352
182,405
288,736
370,434
355,931
434,412
385,374
387,990
320,784
355,804
341,108
352,849
419,758
460,544
179,782
228,603
149,073
147,891
137,080
148,815
120,877
80,092
87,577
113,127
69,170
118,226
97,649
154,887
69,590
121,549
88,785
75,163
65,107
51,092
57,477
44,114
61,189
53,763
70,839
72,119
55,635
82,916
65,654
70,291
55,816
46,556
118,705
130,507
69,254
125,621
109,473
109,821
59,486
70,632
74,371
227,019
129,192
127,461
169,781

169,781

127,461

129,192

227,019

74,371

70,632

59,486

109,821

109,473

125,621

69,254

130,507

118,705

46,556

55,816

70,291

65,654

82,916

55,635

72,119

70,839

53,763

61,189

44,114

57,477

51,092

65,107

75,163

88,785

121,549

69,590

154,887

97,649

118,226

69,170

113,127

87,577

80,092

120,877

148,815

137,080

147,891

149,073

228,603

179,782

460,544

419,758

352,849

341,108

355,804

320,784

387,990

385,374

434,412

355,931

370,434

288,736

182,405

79,352

62,384

57,705

94,316

69,441

58,210

79,289

76,000

66,431

67,209

73,142

81,224

77,776

62,117

67,586

75,027

74,950

63,344

72,815

77,578

80,782

57,268

61,741

54,633

73,114

59,798

60,731

61,971

57,734

47,663

50,525

51,744

42,116

48,871

58,149

51,589

50,630

45,655

58,600

43,000

33,300

33,200

42,800

30,500

33,900

30,800

30,400

23,400

32,400

29,300

50,600

26,600

32,400

20,300

17,200

18,600

21,900

19,900

23,900

22,900

26,900

41,200

34,200

16,500

21,100

26,400

23,700

13,700

14,800

15,500

26,600

13,100

13,700

21,100

20,800

11,700

13,000

11,400

15,800

17,100

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
437,687
0
454,148
0
0
0
0
0
0
0
470,844
0
0
0
430,949
415,677
383,559
0
345,478
308,757
241,910
0
213,463
196,658
0
223,522
149,858
112,947
110,318
336,441
111,936
78,192
94,788
157,444
303,658
247,047
230,186
208,413
283,934
353,775
415,885
462,481
522,935
518,126
533,166
533,178
571,762
557,695
604,662
585,484
589,500
599,755
603,112
610,616
608,964
583,725
548,865
522,925
489,119
450,593
436,957
427,926
461,531
430,305
439,592
518,400
594,284
856,280
985,050
1,072,159
1,247,280
1,330,660
1,348,378
1,412,830
1,400,137
859,704
804,272
779,347
767,526
731,777
684,641
679,350

679,350

684,641

731,777

767,526

779,347

804,272

859,704

1,400,137

1,412,830

1,348,378

1,330,660

1,247,280

1,072,159

985,050

856,280

594,284

518,400

439,592

430,305

461,531

427,926

436,957

450,593

489,119

522,925

548,865

583,725

608,964

610,616

603,112

599,755

589,500

585,484

604,662

557,695

571,762

533,178

533,166

518,126

522,935

462,481

415,885

353,775

283,934

208,413

230,186

247,047

303,658

157,444

94,788

78,192

111,936

336,441

110,318

112,947

149,858

223,522

196,658

213,463

241,910

308,757

345,478

383,559

415,677

430,949

470,844

454,148

437,687

Net Receivables

0
0
0
0
0
0
0
0
0
9,700
0
0
0
0
3,400
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25,376
33,483
37,270
74,045
67,319
67,958
48,116
47,902
28,879
18,773
18,449
18,270
15,091
9,753
7,716
7,096
7,104
6,823
7,237
7,229
7,273
30,879
7,229
3,173
3,036
2,608
35,631
36,974
2,091
40,381
29,551
33,723
32,927
46,385
34,870
43,107
40,414
41,490
42,751
52,499
53,720
56,576
62,456
66,665
67,745
65,946
66,140
86,276
102,999
126,224
128,904
116,750
3,621,577
0
0

3,621,577

116,750

128,904

126,224

102,999

86,276

66,140

65,946

67,745

66,665

62,456

56,576

53,720

52,499

42,751

41,490

40,414

43,107

34,870

46,385

32,927

33,723

29,551

40,381

2,091

36,974

35,631

2,608

3,036

3,173

7,229

30,879

7,273

7,229

7,237

6,823

7,104

7,096

7,716

9,753

15,091

18,270

18,449

18,773

28,879

47,902

48,116

67,958

67,319

74,045

37,270

33,483

25,376

3,400

9,700

Other Current Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,730,547
1,755,806
1,774,622
1,833,040
2,113,618
2,306,095
2,346,878
2,450,717
2,522,915
2,612,129
2,674,967
2,737,742
2,780,107
2,810,034
2,797,416
2,700,383
2,623,245
2,640,653
2,677,025
2,661,005
2,691,999
2,649,921
2,566,991
2,561,853
2,584,467
2,480,323
2,414,274
2,283,146
2,149,966
2,068,240
1,952,708
1,810,927
1,762,526
1,715,082
1,679,275
1,632,251
1,622,201
1,599,928
1,324,539
1,208,273
1,179,966
1,106,139
1,051,658
971,079
1,001,494
997,273
1,003,086
983,328
1,016,318
978,852
1,051,520
1,069,133
1,102,416
1,126,638
1,120,742
1,182,875
1,350,174
1,508,774
1,599,588
1,678,651
2,141,360
2,225,605
2,296,435
2,252,981
2,391,876
2,459,019
2,328,281
2,235,053
2,137,368
2,010,910
1,792,897
1,642,079
1,571,894
1,641,307
1,609,195
115,790
-105,969
85,593
91,339
244,133
147,520
146,133
189,394

189,394

146,133

147,520

244,133

91,339

85,593

-105,969

115,790

1,609,195

1,641,307

1,571,894

1,642,079

1,792,897

2,010,910

2,137,368

2,235,053

2,328,281

2,459,019

2,391,876

2,252,981

2,296,435

2,225,605

2,141,360

1,678,651

1,599,588

1,508,774

1,350,174

1,182,875

1,120,742

1,126,638

1,102,416

1,069,133

1,051,520

978,852

1,016,318

983,328

1,003,086

997,273

1,001,494

971,079

1,051,658

1,106,139

1,179,966

1,208,273

1,324,539

1,599,928

1,622,201

1,632,251

1,679,275

1,715,082

1,762,526

1,810,927

1,952,708

2,068,240

2,149,966

2,283,146

2,414,274

2,480,323

2,584,467

2,561,853

2,566,991

2,649,921

2,691,999

2,661,005

2,677,025

2,640,653

2,623,245

2,700,383

2,797,416

2,810,034

2,780,107

2,737,742

2,674,967

2,612,129

2,522,915

2,450,717

2,346,878

2,306,095

2,113,618

1,833,040

1,774,622

1,755,806

1,730,547

> Long-term Assets

0
0
0
0
87,400
85,400
76,500
80,900
86,300
87,500
96,600
92,500
88,500
85,800
96,500
101,800
37,700
98,400
64,700
66,600
115,300
136,900
150,700
91,700
85,200
143,200
141,100
135,900
132,500
125,400
127,600
170,900
166,000
182,200
200,900
190,800
166,500
154,400
144,900
144,700
147,700
145,100
133,300
154,500
337,000
304,000
309,393
305,114
285,650
272,302
268,477
274,076
332,377
326,247
385,481
418,797
405,243
411,981
427,185
496,620
505,323
522,194
523,957
584,259
606,006
674,334
673,286
655,283
636,708
613,295
602,915
584,838
581,341
559,340
587,979
571,581
539,631
519,768
528,196
477,595
394,383
331,549
328,744
312,810
299,300
262,354
247,190
205,888
200,637
159,896
203,242
166,979
178,529
238,907
386,276
315,651
294,284
270,527
346,937
418,124
480,494
528,446
587,719
581,268
595,863
594,062
631,053
617,035
662,242
643,451
644,901
653,448
656,706
666,804
665,376
639,641
604,334
579,814
547,512
548,453
534,414
523,211
553,868
520,072
527,820
609,608
680,260
940,131
1,069,852
1,157,796
1,339,909
1,421,719
1,441,088
1,507,102
1,504,859
1,348,108
1,293,567
1,263,398
1,245,505
1,203,865
1,155,384
5,087,200

5,087,200

1,155,384

1,203,865

1,245,505

1,263,398

1,293,567

1,348,108

1,504,859

1,507,102

1,441,088

1,421,719

1,339,909

1,157,796

1,069,852

940,131

680,260

609,608

527,820

520,072

553,868

523,211

534,414

548,453

547,512

579,814

604,334

639,641

665,376

666,804

656,706

653,448

644,901

643,451

662,242

617,035

631,053

594,062

595,863

581,268

587,719

528,446

480,494

418,124

346,937

270,527

294,284

315,651

386,276

238,907

178,529

166,979

203,242

159,896

200,637

205,888

247,190

262,354

299,300

312,810

328,744

331,549

394,383

477,595

528,196

519,768

539,631

571,581

587,979

559,340

581,341

584,838

602,915

613,295

636,708

655,283

673,286

674,334

606,006

584,259

523,957

522,194

505,323

496,620

427,185

411,981

405,243

418,797

385,481

326,247

332,377

274,076

268,477

272,302

285,650

305,114

309,393

304,000

337,000

154,500

133,300

145,100

147,700

144,700

144,900

154,400

166,500

190,800

200,900

182,200

166,000

170,900

127,600

125,400

132,500

135,900

141,100

143,200

85,200

91,700

150,700

136,900

115,300

66,600

64,700

98,400

37,700

101,800

96,500

85,800

88,500

92,500

96,600

87,500

86,300

80,900

76,500

85,400

87,400

Property Plant Equipment

0
0
0
0
5,200
5,800
5,800
5,800
5,900
6,300
6,200
6,200
6,100
6,000
6,100
6,100
6,000
6,000
6,100
6,200
6,800
8,800
9,400
9,500
9,500
9,500
9,500
9,600
9,800
9,900
10,200
15,800
16,600
18,500
19,500
20,100
20,700
21,100
21,900
23,200
24,900
27,300
28,400
29,500
37,300
37,600
36,732
35,677
35,087
34,757
34,619
34,187
34,339
35,944
36,325
38,239
39,325
40,735
40,894
42,260
43,330
43,979
46,049
52,209
55,035
56,569
57,659
59,150
61,327
63,173
65,568
67,243
67,985
67,992
72,230
72,020
73,122
73,558
73,343
75,413
72,771
73,318
74,125
73,628
73,355
72,616
71,910
70,277
69,335
68,359
67,033
65,596
64,142
62,548
63,417
50,802
47,062
47,016
47,440
47,450
47,884
48,594
47,872
46,842
46,226
45,948
45,220
44,172
43,359
43,103
42,089
41,044
40,375
40,175
39,509
39,356
38,774
39,149
38,809
39,660
39,012
38,777
37,985
37,703
37,424
38,411
37,776
36,962
36,538
36,127
36,736
36,507
36,623
36,404
37,385
36,148
35,711
35,893
35,764
36,157
35,346
40,434

40,434

35,346

36,157

35,764

35,893

35,711

36,148

37,385

36,404

36,623

36,507

36,736

36,127

36,538

36,962

37,776

38,411

37,424

37,703

37,985

38,777

39,012

39,660

38,809

39,149

38,774

39,356

39,509

40,175

40,375

41,044

42,089

43,103

43,359

44,172

45,220

45,948

46,226

46,842

47,872

48,594

47,884

47,450

47,440

47,016

47,062

50,802

63,417

62,548

64,142

65,596

67,033

68,359

69,335

70,277

71,910

72,616

73,355

73,628

74,125

73,318

72,771

75,413

73,343

73,558

73,122

72,020

72,230

67,992

67,985

67,243

65,568

63,173

61,327

59,150

57,659

56,569

55,035

52,209

46,049

43,979

43,330

42,260

40,894

40,735

39,325

38,239

36,325

35,944

34,339

34,187

34,619

34,757

35,087

35,677

36,732

37,600

37,300

29,500

28,400

27,300

24,900

23,200

21,900

21,100

20,700

20,100

19,500

18,500

16,600

15,800

10,200

9,900

9,800

9,600

9,500

9,400

8,800

6,800

6,200

6,100

6,000

6,100

6,000

6,100

6,200

6,300

5,900

5,800

5,200

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,299
7,299
7,299
16,244
16,289
16,696
16,689
41,925
44,922
53,354
53,656
53,835
55,483
55,946
56,417
55,805
55,805
48,709
66,735
66,754
66,754
66,754
66,754
66,754
66,754
16,734
16,734
16,734
16,734
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29,012
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300
28,300

28,300

29,012

16,734

66,754

66,735

48,709

55,805

56,417

55,946

55,483

53,835

53,656

53,354

44,922

41,925

16,689

16,696

16,289

16,244

7,299

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,641,102
1,597,530
1,562,602
1,519,091
1,449,516
1,425,975
1,422,461
1,387,852
1,385,118
1,373,476
1,363,133
1,345,385
1,373,105
1,394,643
1,407,837
1,429,425
1,456,119
1,469,082
1,520,494
1,544,639
1,591,335
1,623,471
1,624,370
1,688,653
1,837,070
1,963,574
2,036,121
2,082,512
2,494,728
2,579,502
2,602,385
2,636,639
2,743,506
2,783,656
2,768,675
2,750,169
2,915,869
2,919,455
2,790,683
77,799
1,330,660
1,427,109
1,412,830
1,400,137
1,241,312
813,363
1,154,165
1,137,103
1,092,703
1,043,540
1,033,338

1,033,338

1,043,540

1,092,703

1,137,103

1,154,165

813,363

1,241,312

1,400,137

1,412,830

1,427,109

1,330,660

77,799

2,790,683

2,919,455

2,915,869

2,750,169

2,768,675

2,783,656

2,743,506

2,636,639

2,602,385

2,579,502

2,494,728

2,082,512

2,036,121

1,963,574

1,837,070

1,688,653

1,624,370

1,623,471

1,591,335

1,544,639

1,520,494

1,469,082

1,456,119

1,429,425

1,407,837

1,394,643

1,373,105

1,345,385

1,363,133

1,373,476

1,385,118

1,387,852

1,422,461

1,425,975

1,449,516

1,519,091

1,562,602

1,597,530

1,641,102

Intangible Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,706
15,274
14,846
14,422
13,996
13,572
13,785
13,539
13,297
13,719
13,443
24,754
8,017
24,219
7,071
54,690
59,181
66,857
66,465
65,951
66,906
66,675
10,086
65,248
64,605
56,563
18,065
17,130
16,196
82,016
14,469
13,708
12,948
40,890
23,278
25,753
25,117
25,533
25,373
22,637
20,962
23,641
24,168
23,035
19,500
18,838
19,132
17,716
16,998
14,988
15,362
16,606
16,417
16,873
16,302
15,691
15,941
14,733
13,858
14,988
13,996
14,716
13,176
12,437
13,067
15,603
16,572
16,274
16,348
17,285
19,283
28,852
29,860
27,815
26,052
23,764
22,504
24,497
19,900
18,589
19,964
21,210
27,593
26,252
27,787
29,568
39,037
42,348
45,855
45,040
44,338
46,705
48,198
44,247

44,247

48,198

46,705

44,338

45,040

45,855

42,348

39,037

29,568

27,787

26,252

27,593

21,210

19,964

18,589

19,900

24,497

22,504

23,764

26,052

27,815

29,860

28,852

19,283

17,285

16,348

16,274

16,572

15,603

13,067

12,437

13,176

14,716

13,996

14,988

13,858

14,733

15,941

15,691

16,302

16,873

16,417

16,606

15,362

14,988

16,998

17,716

19,132

18,838

19,500

23,035

24,168

23,641

20,962

22,637

25,373

25,533

25,117

25,753

23,278

40,890

12,948

13,708

14,469

82,016

16,196

17,130

18,065

56,563

64,605

65,248

10,086

66,675

66,906

65,951

66,465

66,857

59,181

54,690

7,071

24,219

8,017

24,754

13,443

13,719

13,297

13,539

13,785

13,572

13,996

14,422

14,846

15,274

15,706

Earning Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
561,860
532,721
626,185
618,918
698,730
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

698,730

618,918

626,185

532,721

561,860

Other Assets

0
0
0
0
214,300
227,100
241,800
233,400
233,800
244,500
250,900
258,900
266,000
259,300
260,700
251,000
310,000
245,400
287,400
281,500
241,600
273,200
294,500
363,400
379,500
349,100
361,300
390,800
423,900
447,500
447,800
573,800
600,600
655,800
682,400
735,200
769,200
799,000
817,400
856,400
866,200
897,400
888,000
889,500
1,308,400
1,362,600
1,383,964
1,416,485
1,433,433
1,453,340
1,471,005
1,513,529
1,484,036
1,511,685
1,439,776
1,458,106
1,577,848
1,584,850
1,574,510
2,796,901
2,821,085
2,880,751
2,938,222
3,362,918
3,595,685
3,768,361
3,860,633
3,908,431
3,960,572
3,969,143
4,005,689
4,027,559
4,053,940
3,989,238
3,943,550
3,832,838
3,795,915
3,795,850
3,775,607
3,716,630
3,533,003
3,287,794
3,281,725
3,289,439
3,261,328
3,227,718
3,147,960
2,943,049
2,937,409
2,695,144
2,679,446
2,484,587
2,495,902
2,546,313
2,805,554
2,719,116
2,695,116
2,294,394
2,452,284
2,552,798
2,663,998
2,738,389
2,847,358
2,831,132
2,835,720
2,842,792
2,960,349
2,905,989
3,057,103
3,052,517
3,132,021
3,106,144
3,195,025
3,215,754
3,261,858
3,305,008
3,357,780
3,369,169
3,340,631
3,782,975
3,831,538
3,876,492
3,937,474
3,958,374
4,078,657
4,174,302
3,632,387
4,043,315
4,168,944
4,204,013
4,426,440
4,461,272
4,622,340
1,609,195
1,660,890
2,561,881
2,636,682
2,753,767
2,782,134
3,070,730
3,232,532
0

3,232,532

3,070,730

2,782,134

2,753,767

2,636,682

2,561,881

1,660,890

1,609,195

4,622,340

4,461,272

4,426,440

4,204,013

4,168,944

4,043,315

3,632,387

4,174,302

4,078,657

3,958,374

3,937,474

3,876,492

3,831,538

3,782,975

3,340,631

3,369,169

3,357,780

3,305,008

3,261,858

3,215,754

3,195,025

3,106,144

3,132,021

3,052,517

3,057,103

2,905,989

2,960,349

2,842,792

2,835,720

2,831,132

2,847,358

2,738,389

2,663,998

2,552,798

2,452,284

2,294,394

2,695,116

2,719,116

2,805,554

2,546,313

2,495,902

2,484,587

2,679,446

2,695,144

2,937,409

2,943,049

3,147,960

3,227,718

3,261,328

3,289,439

3,281,725

3,287,794

3,533,003

3,716,630

3,775,607

3,795,850

3,795,915

3,832,838

3,943,550

3,989,238

4,053,940

4,027,559

4,005,689

3,969,143

3,960,572

3,908,431

3,860,633

3,768,361

3,595,685

3,362,918

2,938,222

2,880,751

2,821,085

2,796,901

1,574,510

1,584,850

1,577,848

1,458,106

1,439,776

1,511,685

1,484,036

1,513,529

1,471,005

1,453,340

1,433,433

1,416,485

1,383,964

1,362,600

1,308,400

889,500

888,000

897,400

866,200

856,400

817,400

799,000

769,200

735,200

682,400

655,800

600,600

573,800

447,800

447,500

423,900

390,800

361,300

349,100

379,500

363,400

294,500

273,200

241,600

281,500

287,400

245,400

310,000

251,000

260,700

259,300

266,000

258,900

250,900

244,500

233,800

233,400

241,800

227,100

214,300

> Total Liabilities

0
0
0
0
296,800
305,500
306,600
303,900
307,600
337,800
343,200
338,300
340,200
343,700
347,100
337,700
330,500
335,700
345,200
334,900
338,200
408,100
446,900
442,000
447,500
475,900
479,900
505,000
530,100
543,100
547,200
727,700
742,500
836,800
859,500
902,900
901,500
924,300
931,000
969,300
976,400
1,015,600
982,600
1,004,300
1,571,000
1,611,500
1,622,504
1,652,434
1,646,334
1,655,455
1,659,976
1,698,299
1,736,533
1,756,554
1,739,744
1,793,702
1,906,648
1,919,515
1,916,100
2,146,773
2,161,113
2,196,341
2,241,729
2,578,425
2,767,365
2,863,735
2,948,223
3,009,070
3,072,154
3,107,589
3,154,007
3,186,207
3,212,184
3,171,731
3,103,754
3,017,223
3,011,851
3,035,580
3,008,871
3,000,765
2,913,335
2,761,368
2,775,545
2,801,393
2,803,687
2,855,503
2,803,559
2,607,489
2,611,677
2,416,163
2,363,266
2,203,167
2,206,571
2,204,779
2,314,246
2,290,293
2,279,304
1,888,892
1,961,262
1,925,839
1,956,903
1,978,362
2,023,053
2,006,903
1,992,790
1,998,359
2,075,671
2,034,579
2,141,881
2,157,974
2,247,575
2,205,773
2,287,417
2,299,970
2,341,007
2,402,914
2,485,736
2,524,422
2,525,202
2,897,439
2,951,920
3,014,287
3,038,880
3,107,456
3,210,592
3,214,525
3,296,769
3,688,192
3,795,852
3,814,491
4,039,111
4,065,298
4,222,309
4,306,256
4,406,534
4,495,075
4,599,069
4,652,191
129,158
169,181
129,216
4,872,145

4,872,145

129,216

169,181

129,158

4,652,191

4,599,069

4,495,075

4,406,534

4,306,256

4,222,309

4,065,298

4,039,111

3,814,491

3,795,852

3,688,192

3,296,769

3,214,525

3,210,592

3,107,456

3,038,880

3,014,287

2,951,920

2,897,439

2,525,202

2,524,422

2,485,736

2,402,914

2,341,007

2,299,970

2,287,417

2,205,773

2,247,575

2,157,974

2,141,881

2,034,579

2,075,671

1,998,359

1,992,790

2,006,903

2,023,053

1,978,362

1,956,903

1,925,839

1,961,262

1,888,892

2,279,304

2,290,293

2,314,246

2,204,779

2,206,571

2,203,167

2,363,266

2,416,163

2,611,677

2,607,489

2,803,559

2,855,503

2,803,687

2,801,393

2,775,545

2,761,368

2,913,335

3,000,765

3,008,871

3,035,580

3,011,851

3,017,223

3,103,754

3,171,731

3,212,184

3,186,207

3,154,007

3,107,589

3,072,154

3,009,070

2,948,223

2,863,735

2,767,365

2,578,425

2,241,729

2,196,341

2,161,113

2,146,773

1,916,100

1,919,515

1,906,648

1,793,702

1,739,744

1,756,554

1,736,533

1,698,299

1,659,976

1,655,455

1,646,334

1,652,434

1,622,504

1,611,500

1,571,000

1,004,300

982,600

1,015,600

976,400

969,300

931,000

924,300

901,500

902,900

859,500

836,800

742,500

727,700

547,200

543,100

530,100

505,000

479,900

475,900

447,500

442,000

446,900

408,100

338,200

334,900

345,200

335,700

330,500

337,700

347,100

343,700

340,200

338,300

343,200

337,800

307,600

303,900

306,600

305,500

296,800

> Total Current Liabilities

0
0
0
0
3,800
0
2,500
2,300
3,100
5,700
7,000
9,900
9,000
0
0
8,300
0
5,200
0
0
0
5,000
5,700
7,900
0
0
0
505,000
530,100
543,100
547,200
727,700
742,400
819,500
842,100
885,600
884,200
907,000
913,700
952,000
959,100
1,526,600
965,400
987,000
1,553,700
1,594,200
1,605,200
1,635,100
1,629,000
1,638,200
1,642,700
1,681,000
1,719,200
1,739,300
1,722,400
1,776,400
1,889,300
1,902,200
1,848,200
2,096,200
2,110,500
2,146,600
2,189,500
2,518,500
2,703,200
2,799,500
2,884,000
2,944,900
3,008,000
3,043,400
3,089,800
3,122,000
3,148,000
3,107,500
3,039,600
2,944,900
2,919,000
2,914,100
2,916,000
2,907,900
2,820,400
2,668,500
2,682,600
2,708,500
2,710,800
2,762,600
2,710,700
2,557,300
2,561,500
2,366,000
13,668
14,597
9,934
6,633
6,813
7,118
8,414
1,838,700
1,911,100
1,875,600
1,889,400
4,240
1,969,400
1,939,600
1,925,800
1,962,800
2,027,700
1,986,700
2,094,300
2,110,500
2,200,100
2,158,400
2,240,300
2,255,000
2,296,000
2,281,800
2,377,300
19,910
2,461,800
2,817,500
2,832,800
10,000
2,973,761
3,068,034
3,171,153
28,645
3,257,296
3,609,419
39,261
39,281
39,300
3,949,040
39,338
4,197,298
4,297,543
1,359,201
1,378,651
61,000
1,197,546
1,160,817
1,148,441
2,695,559

2,695,559

1,148,441

1,160,817

1,197,546

61,000

1,378,651

1,359,201

4,297,543

4,197,298

39,338

3,949,040

39,300

39,281

39,261

3,609,419

3,257,296

28,645

3,171,153

3,068,034

2,973,761

10,000

2,832,800

2,817,500

2,461,800

19,910

2,377,300

2,281,800

2,296,000

2,255,000

2,240,300

2,158,400

2,200,100

2,110,500

2,094,300

1,986,700

2,027,700

1,962,800

1,925,800

1,939,600

1,969,400

4,240

1,889,400

1,875,600

1,911,100

1,838,700

8,414

7,118

6,813

6,633

9,934

14,597

13,668

2,366,000

2,561,500

2,557,300

2,710,700

2,762,600

2,710,800

2,708,500

2,682,600

2,668,500

2,820,400

2,907,900

2,916,000

2,914,100

2,919,000

2,944,900

3,039,600

3,107,500

3,148,000

3,122,000

3,089,800

3,043,400

3,008,000

2,944,900

2,884,000

2,799,500

2,703,200

2,518,500

2,189,500

2,146,600

2,110,500

2,096,200

1,848,200

1,902,200

1,889,300

1,776,400

1,722,400

1,739,300

1,719,200

1,681,000

1,642,700

1,638,200

1,629,000

1,635,100

1,605,200

1,594,200

1,553,700

987,000

965,400

1,526,600

959,100

952,000

913,700

907,000

884,200

885,600

842,100

819,500

742,400

727,700

547,200

543,100

530,100

505,000

7,900

5,700

5,000

5,200

8,300

9,000

9,900

7,000

5,700

3,100

2,300

2,500

3,800

Short-term Debt

0
0
0
0
3,800
0
2,500
2,300
3,100
5,700
7,000
9,900
9,000
0
0
8,300
0
5,200
0
0
0
5,000
5,700
7,900
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17,300
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,240
4,240
0
0
48,405
0
0
0
48,142
0
11,797
11,527
45,977
9,433
122,209
112,491
19,910
19,910
82,511
0
10,000
10,000
0
0
28,645
28,645
0
39,261
28,645
28,645
0
39,338
0
0
789
428
61,000
1,065
712
351
1,142

1,142

351

712

1,065

61,000

428

789

39,338

28,645

39,261

28,645

10,000

82,511

19,910

112,491

122,209

9,433

45,977

11,527

11,797

48,142

48,405

4,240

17,300

7,900

5,700

5,000

5,200

8,300

9,000

9,900

7,000

5,700

3,100

2,300

2,500

3,800

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48,405
0
0
0
48,142
0
11,797
11,527
45,977
9,433
122,209
112,491
30,042
65,472
82,511
0
10,143
0
0
0
28,645
0
0
0
0
0
0
0
0
0
0
0
61,000
0
0
0
0

61,000

28,645

10,143

82,511

65,472

30,042

112,491

122,209

9,433

45,977

11,527

11,797

48,142

48,405

Accounts payable

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,348,989
1,370,012
1,388,794
1,389,900
1,353,792
1,301,832
1,372,091
1,387,367
1,465,452
1,495,984
1,526,786
1,535,603
1,560,345
1,653,396
1,639,358
1,702,806
1,712,213
1,967,091
2,212,951
2,176,947
2,348,057
2,353,973
2,542,677
2,641,057
2,690,977
2,710,336
2,826,207
2,602,791
2,903,532
2,794,151
2,725,329
2,505,127
2,251,799
2,080,138
2,160,541
2,066,479
2,161,028
2,368,924
2,485,834
2,565,768
2,497,542
2,377,151
2,378,500
2,251,838
13,668
14,597
9,934
6,633
6,813
7,118
8,414
1,779,537
1,850,793
1,816,089
1,849,318
1,884,806
1,938,742
1,908,071
1,895,895
1,924,302
2,000,473
1,961,417
2,060,962
2,085,963
2,154,706
2,128,292
2,206,960
2,225,719
2,263,059
2,246,219
2,343,761
2,400,534
2,430,401
2,780,516
2,798,643
2,913,428
2,934,225
2,978,885
3,052,312
3,036,727
3,083,564
3,485,125
3,597,745
3,637,355
3,858,575
3,862,466
4,012,068
4,117,090
4,205,498
4,290,574
4,327,028
4,379,069
4,544,749
0
0
0

4,544,749

4,379,069

4,327,028

4,290,574

4,205,498

4,117,090

4,012,068

3,862,466

3,858,575

3,637,355

3,597,745

3,485,125

3,083,564

3,036,727

3,052,312

2,978,885

2,934,225

2,913,428

2,798,643

2,780,516

2,430,401

2,400,534

2,343,761

2,246,219

2,263,059

2,225,719

2,206,960

2,128,292

2,154,706

2,085,963

2,060,962

1,961,417

2,000,473

1,924,302

1,895,895

1,908,071

1,938,742

1,884,806

1,849,318

1,816,089

1,850,793

1,779,537

8,414

7,118

6,813

6,633

9,934

14,597

13,668

2,251,838

2,378,500

2,377,151

2,497,542

2,565,768

2,485,834

2,368,924

2,161,028

2,066,479

2,160,541

2,080,138

2,251,799

2,505,127

2,725,329

2,794,151

2,903,532

2,602,791

2,826,207

2,710,336

2,690,977

2,641,057

2,542,677

2,353,973

2,348,057

2,176,947

2,212,951

1,967,091

1,712,213

1,702,806

1,639,358

1,653,396

1,560,345

1,535,603

1,526,786

1,495,984

1,465,452

1,387,367

1,372,091

1,301,832

1,353,792

1,389,900

1,388,794

1,370,012

1,348,989

Other Current Liabilities

0
0
0
0
-3,800
0
-2,500
-2,300
-3,100
-5,700
-7,000
-9,900
-9,000
0
0
-8,300
0
-5,200
0
0
0
-5,000
-5,700
-7,900
0
0
0
505,000
530,100
543,100
547,200
727,700
742,400
819,500
842,100
885,600
884,200
907,000
913,700
934,700
959,100
1,526,600
965,400
987,000
1,553,700
1,594,200
1,605,200
1,635,100
1,629,000
1,638,200
1,642,700
1,681,000
1,719,200
1,739,300
1,722,400
1,776,400
1,889,300
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
-13,668
-14,597
-9,934
-6,633
-6,813
-7,118
-8,414
1,779,537
1,850,793
1,816,089
1,849,318
1,884,806
1,938,742
1,908,071
1,895,895
1,924,302
2,000,473
1,961,417
2,060,962
2,085,963
2,154,706
2,128,292
2,206,960
2,226,437
2,264,494
2,246,219
2,346,761
2,400,534
2,430,401
2,780,516
2,798,643
2,913,428
2,934,225
2,978,885
3,052,312
3,036,727
3,083,564
3,485,125
39,261
39,281
39,300
3,862,466
4,012,068
4,117,090
4,205,498
1,358,412
1,378,223
-61,000
1,196,481
1,160,105
1,148,090
2,694,417

2,694,417

1,148,090

1,160,105

1,196,481

-61,000

1,378,223

1,358,412

4,205,498

4,117,090

4,012,068

3,862,466

39,300

39,281

39,261

3,485,125

3,083,564

3,036,727

3,052,312

2,978,885

2,934,225

2,913,428

2,798,643

2,780,516

2,430,401

2,400,534

2,346,761

2,246,219

2,264,494

2,226,437

2,206,960

2,128,292

2,154,706

2,085,963

2,060,962

1,961,417

2,000,473

1,924,302

1,895,895

1,908,071

1,938,742

1,884,806

1,849,318

1,816,089

1,850,793

1,779,537

-8,414

-7,118

-6,813

-6,633

-9,934

-14,597

-13,668

1,889,300

1,776,400

1,722,400

1,739,300

1,719,200

1,681,000

1,642,700

1,638,200

1,629,000

1,635,100

1,605,200

1,594,200

1,553,700

987,000

965,400

1,526,600

959,100

934,700

913,700

907,000

884,200

885,600

842,100

819,500

742,400

727,700

547,200

543,100

530,100

505,000

-7,900

-5,700

-5,000

-5,200

-8,300

-9,000

-9,900

-7,000

-5,700

-3,100

-2,300

-2,500

-3,800

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
7,500
0
0
5,100
0
7,400
6,500
0
0
0
0
0
47,700
34,800
76,000
93,300
110,900
108,100
127,200
153,900
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
17,300
327,663
293,106
392,059
396,790
382,419
410,218
454,743
385,416
469,583
378,838
419,251
333,104
291,244
234,360
265,538
200,501
227,878
124,633
127,497
200,333
395,427
636,068
794,947
704,534
634,874
537,276
350,146
255,229
224,070
250,412
183,577
183,388
121,207
96,190
91,084
85,901
83,562
83,214
68,104
67,895
67,800
67,805
67,678
67,457
53,671
53,666
67,337
66,951
48,039
48,037
47,894
47,639
47,523
47,522
47,366
47,096
45,002
45,002
121,093
108,418
63,509
63,416
79,938
119,059
55,088
65,119
80,566
103,413
74,457
141,427
128,775
108,773
108,817
108,847
108,882
108,920
108,958
108,991
104,528
4,599,069
61,000
129,158
169,181
129,216
2,176,586

2,176,586

129,216

169,181

129,158

61,000

4,599,069

104,528

108,991

108,958

108,920

108,882

108,847

108,817

108,773

128,775

141,427

74,457

103,413

80,566

65,119

55,088

119,059

79,938

63,416

63,509

108,418

121,093

45,002

47,096

47,366

47,522

47,523

47,639

47,894

48,037

48,039

66,951

67,337

53,666

53,671

67,457

67,678

67,805

67,800

67,895

68,104

83,214

83,562

85,901

91,084

96,190

121,207

183,388

183,577

250,412

224,070

255,229

350,146

537,276

634,874

704,534

794,947

636,068

395,427

200,333

127,497

124,633

227,878

200,501

265,538

234,360

291,244

333,104

419,251

378,838

469,583

385,416

454,743

410,218

382,419

396,790

392,059

293,106

327,663

17,300

153,900

127,200

108,100

110,900

93,300

76,000

34,800

47,700

6,500

7,400

5,100

7,500

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
50,175
50,175
50,175
50,175
50,175
50,175
50,175
50,175
50,175
50,175
40,723
40,723
40,723
66,951
48,039
48,037
47,894
47,639
47,523
47,522
47,366
47,096
45,002
45,002
121,093
108,418
90,169
63,416
79,938
119,059
65,088
65,119
80,566
103,413
128,102
141,427
128,775
108,773
108,817
108,847
108,882
108,920
108,958
108,991
104,528
165,764
165,099
129,158
169,181
0
0

169,181

129,158

165,099

165,764

104,528

108,991

108,958

108,920

108,882

108,847

108,817

108,773

128,775

141,427

128,102

103,413

80,566

65,119

65,088

119,059

79,938

63,416

90,169

108,418

121,093

45,002

47,096

47,366

47,522

47,523

47,639

47,894

48,037

48,039

66,951

40,723

50,175

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20,161
20,739
24,197
24,723
30,540
27,602
35,788
28,827
31,535
29,616
32,987
32,409
37,404
59,018
57,505
57,231
74,093
75,331
83,143
99,653
92,298
92,031
88,144
94,989
95,455
102,136
84,690
256,981
75,589
78,058
86,189
80,574
75,173
85,009
48,260
59,265
77,241
82,323
62,624
65,665
55,605
46,761
49,789
43,118
44,109
47,398
42,029
35,092
46,720
456,853
446,753
41,555
42,664
42,072
40,128
35,645
30,645
31,495
29,944
26,018
27,161
25,268
33,280
24,488
45,347
30,115
33,361
29,249
32,946
35,602
30,557
33,719
31,385
810
850
780
800
830
850
880
920
990
980
1,000
1,050
1,080
1,120
0
0
0
0
0
0
0
0
0

1,120

1,080

1,050

1,000

980

990

920

880

850

830

800

780

850

810

31,385

33,719

30,557

35,602

32,946

29,249

33,361

30,115

45,347

24,488

33,280

25,268

27,161

26,018

29,944

31,495

30,645

35,645

40,128

42,072

42,664

41,555

446,753

456,853

46,720

35,092

42,029

47,398

44,109

43,118

49,789

46,761

55,605

65,665

62,624

82,323

77,241

59,265

48,260

85,009

75,173

80,574

86,189

78,058

75,589

256,981

84,690

102,136

95,455

94,989

88,144

92,031

92,298

99,653

83,143

75,331

74,093

57,231

57,505

59,018

37,404

32,409

32,987

29,616

31,535

28,827

35,788

27,602

30,540

24,723

24,197

20,739

20,161

> Total Stockholder Equity

0
0
0
0
22,000
22,800
23,100
23,400
24,200
24,700
25,400
26,800
27,400
28,000
29,000
29,900
30,900
31,800
33,300
34,300
35,200
36,200
39,500
40,000
40,100
40,300
42,400
43,600
44,900
47,000
48,500
49,400
50,700
51,800
53,100
55,500
57,600
59,500
62,100
65,700
68,000
69,700
71,900
73,000
117,400
113,700
116,508
119,795
124,338
128,336
128,377
131,422
131,624
131,903
133,176
140,935
138,414
138,047
145,393
153,508
154,649
162,216
172,536
200,234
222,314
230,292
239,124
244,078
251,710
248,259
248,767
256,514
260,415
258,167
251,817
244,034
244,433
240,502
238,540
238,270
225,285
194,877
177,436
175,236
158,341
109,861
97,211
129,672
125,095
119,085
112,938
114,441
110,802
102,627
105,032
113,172
121,528
134,975
144,085
208,835
226,601
231,581
236,586
242,961
247,067
250,371
253,625
254,375
252,980
251,092
239,545
246,923
250,902
248,980
255,475
262,453
267,710
264,933
267,917
337,083
345,204
338,994
344,726
330,846
340,245
350,169
335,618
355,123
373,092
389,522
387,329
395,974
400,031
398,484
355,449
331,134
332,308
347,596
367,714
375,162
374,998
404,449

404,449

374,998

375,162

367,714

347,596

332,308

331,134

355,449

398,484

400,031

395,974

387,329

389,522

373,092

355,123

335,618

350,169

340,245

330,846

344,726

338,994

345,204

337,083

267,917

264,933

267,710

262,453

255,475

248,980

250,902

246,923

239,545

251,092

252,980

254,375

253,625

250,371

247,067

242,961

236,586

231,581

226,601

208,835

144,085

134,975

121,528

113,172

105,032

102,627

110,802

114,441

112,938

119,085

125,095

129,672

97,211

109,861

158,341

175,236

177,436

194,877

225,285

238,270

238,540

240,502

244,433

244,034

251,817

258,167

260,415

256,514

248,767

248,259

251,710

244,078

239,124

230,292

222,314

200,234

172,536

162,216

154,649

153,508

145,393

138,047

138,414

140,935

133,176

131,903

131,624

131,422

128,377

128,336

124,338

119,795

116,508

113,700

117,400

73,000

71,900

69,700

68,000

65,700

62,100

59,500

57,600

55,500

53,100

51,800

50,700

49,400

48,500

47,000

44,900

43,600

42,400

40,300

40,100

40,000

39,500

36,200

35,200

34,300

33,300

31,800

30,900

29,900

29,000

28,000

27,400

26,800

25,400

24,700

24,200

23,400

23,100

22,800

22,000

Common Stock

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,500
11,200
11,222
11,238
11,732
11,610
11,488
11,497
11,940
11,865
11,733
11,723
11,967
17,822
17,922
17,881
19,526
19,569
19,691
20,766
21,113
21,195
21,271
21,180
22,232
21,991
21,725
21,862
22,855
22,865
22,584
22,586
22,599
22,601
22,765
22,773
22,782
22,791
23,816
23,824
23,832
23,863
23,884
250,737
250,861
246,407
247,406
248,198
248,505
248,950
248,995
249,751
250,080
251,237
253,437
255,114
350,926
351,173
351,439
351,791
352,129
352,462
351,881
349,580
343,601
339,462
324,328
324,268
323,303
323,745
323,775
324,231
324,607
324,986
324,517
389,195
389,689
377,372
374,678
351,894
351,839
352,344
338,528
338,989
339,408
339,353
335,704
332,457
326,390
323,401
321,981
319,885
320,437
320,991
321,026
318,241
317,145
317,483

317,483

317,145

318,241

321,026

320,991

320,437

319,885

321,981

323,401

326,390

332,457

335,704

339,353

339,408

338,989

338,528

352,344

351,839

351,894

374,678

377,372

389,689

389,195

324,517

324,986

324,607

324,231

323,775

323,745

323,303

324,268

324,328

339,462

343,601

349,580

351,881

352,462

352,129

351,791

351,439

351,173

350,926

255,114

253,437

251,237

250,080

249,751

248,995

248,950

248,505

248,198

247,406

246,407

250,861

250,737

23,884

23,863

23,832

23,824

23,816

22,791

22,782

22,773

22,765

22,601

22,599

22,586

22,584

22,865

22,855

21,862

21,725

21,991

22,232

21,180

21,271

21,195

21,113

20,766

19,691

19,569

19,526

17,881

17,922

17,822

11,967

11,723

11,733

11,865

11,940

11,497

11,488

11,610

11,732

11,238

11,222

11,200

11,500

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-199,326
-204,491
-214,259
-211,811
-208,569
-203,217
-192,408
-187,698
-125,464
-115,155
-110,347
-107,209
-102,532
-98,979
-96,455
-94,054
-89,815
-86,125
-82,334
-79,984
-74,062
-69,386
-65,657
-61,764
-57,966
-53,240
-54,054
-48,098
-42,898
-34,596
-28,270
-23,135
-16,617
-8,221
1,611
1,944
12,338
27,538
40,145
47,287
55,101
66,543
74,582
87,882
96,252
108,916
119,368
127,499
137,431
0
0

137,431

127,499

119,368

108,916

96,252

87,882

74,582

66,543

55,101

47,287

40,145

27,538

12,338

1,944

1,611

-8,221

-16,617

-23,135

-28,270

-34,596

-42,898

-48,098

-54,054

-53,240

-57,966

-61,764

-65,657

-69,386

-74,062

-79,984

-82,334

-86,125

-89,815

-94,054

-96,455

-98,979

-102,532

-107,209

-110,347

-115,155

-125,464

-187,698

-192,408

-203,217

-208,569

-211,811

-214,259

-204,491

-199,326

Accumulated Other Comprehensive Income

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-2,100
-1,100
-400
-300
700
500
100
200
1,000
200
1,000
1,500
1,700
1,600
0
2,000
0
0
0
-2,000
-3,100
-2,651
-2,437
-446
1,927
1,381
344
86
-1,829
-443
3,158
6,179
3,364
3,527
6,924
4,595
6,341
9,759
3,262
9,174
8,505
8,871
8,306
8,204
4,869
4,569
2,852
3,909
3,641
3,407
296
1,534
-171
38
-3,500
-11,072
-23,208
-22,275
-18,348
-15,965
-15,679
-13,749
-14,281
-12,371
-13,120
-12,865
-12,190
-12,014
-11,921
-13,065
-10,014
-8,432
-8,058
-6,953
-7,270
-9,170
-9,245
-7,644
-6,298
-6,083
-5,636
-4,202
-5,390
-4,496
-6,036
-4,799
-3,283
-3,015
-9,108
-6,536
-3,812
-3,657
-5,963
-8,502
-9,214
-9,889
-10,108
-6,817
-4,431
-3,373
-3,786
-4,854
3,796
6,146
10,024
4,338
8,416
7,098
501
-54,414
-85,003
-97,045
-92,763
-80,811
-80,510
-92,304
-72,142

-72,142

-92,304

-80,510

-80,811

-92,763

-97,045

-85,003

-54,414

501

7,098

8,416

4,338

10,024

6,146

3,796

-4,854

-3,786

-3,373

-4,431

-6,817

-10,108

-9,889

-9,214

-8,502

-5,963

-3,657

-3,812

-6,536

-9,108

-3,015

-3,283

-4,799

-6,036

-4,496

-5,390

-4,202

-5,636

-6,083

-6,298

-7,644

-9,245

-9,170

-7,270

-6,953

-8,058

-8,432

-10,014

-13,065

-11,921

-12,014

-12,190

-12,865

-13,120

-12,371

-14,281

-13,749

-15,679

-15,965

-18,348

-22,275

-23,208

-11,072

-3,500

-171

1,534

296

3,407

3,641

3,909

2,852

4,569

4,869

8,204

8,306

8,871

8,505

9,174

3,262

9,759

6,341

4,595

6,924

3,527

3,364

6,179

3,158

-443

-1,829

344

1,381

1,927

-446

-2,437

-2,651

-3,100

-2,000

2,000

1,600

1,700

1,500

1,000

200

1,000

200

100

500

700

-300

-400

-1,100

-2,100

Capital Surplus

Treasury Stock

Other Stockholders Equity

0
0
0
0
14,700
14,700
14,900
14,900
14,900
14,800
15,000
15,800
15,800
18,300
18,600
18,600
18,500
18,500
19,000
19,000
18,900
19,000
19,700
19,200
18,300
19,500
19,700
19,100
22,700
22,600
23,100
23,200
26,200
26,100
26,900
27,100
34,300
34,600
35,700
39,300
44,900
47,000
47,400
46,700
73,500
68,600
68,565
68,883
78,749
79,182
75,927
74,553
84,820
80,683
77,093
79,683
90,105
75,076
75,863
74,352
119,434
119,353
120,841
148,300
157,454
158,797
159,932
157,444
186,846
179,913
172,772
176,109
200,035
200,241
194,902
195,014
195,206
195,302
196,675
196,819
196,954
200,687
201,025
201,192
201,360
201,618
201,754
250,737
250,861
246,407
247,406
248,198
248,505
248,950
248,995
249,751
250,080
-8,058
-6,953
-7,270
-9,170
-9,245
-7,644
-6,298
352,129
-5,636
-4,202
-5,390
-4,496
-6,036
-4,799
-3,283
-3,015
-9,108
-6,536
-3,812
-3,657
-5,999
-8,502
-9,214
-9,889
-10,108
-6,817
-4,431
-3,373
-3,786
-4,854
3,796
146
10,024
4,338
8,416
7,098
501
-54,414
-85,003
-97,045
-92,763
-80,811
-80,510
0
0

-80,510

-80,811

-92,763

-97,045

-85,003

-54,414

501

7,098

8,416

4,338

10,024

146

3,796

-4,854

-3,786

-3,373

-4,431

-6,817

-10,108

-9,889

-9,214

-8,502

-5,999

-3,657

-3,812

-6,536

-9,108

-3,015

-3,283

-4,799

-6,036

-4,496

-5,390

-4,202

-5,636

352,129

-6,298

-7,644

-9,245

-9,170

-7,270

-6,953

-8,058

250,080

249,751

248,995

248,950

248,505

248,198

247,406

246,407

250,861

250,737

201,754

201,618

201,360

201,192

201,025

200,687

196,954

196,819

196,675

195,302

195,206

195,014

194,902

200,241

200,035

176,109

172,772

179,913

186,846

157,444

159,932

158,797

157,454

148,300

120,841

119,353

119,434

74,352

75,863

75,076

90,105

79,683

77,093

80,683

84,820

74,553

75,927

79,182

78,749

68,883

68,565

68,600

73,500

46,700

47,400

47,000

44,900

39,300

35,700

34,600

34,300

27,100

26,900

26,100

26,200

23,200

23,100

22,600

22,700

19,100

19,700

19,500

18,300

19,200

19,700

19,000

18,900

19,000

18,500

18,600

18,300

15,800

15,000

14,800

14,900

14,700

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31	1988-12-31	1987-12-31	1986-12-31
Accounts Payable	0	4,379,069	4,117,090	3,637,355	3,036,727	2,913,428	2,400,534	2,225,719	2,085,963	1,924,302	1,884,806	1,779,537	6,633	2,251,838	2,565,768	2,066,479	2,505,127	2,602,791	2,641,057	2,176,947	1,702,806	1,535,603	1,387,367	1,389,900	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Other Comprehensive Income	-72,142	-92,763	501	10,024	-3,786	-10,108	-5,963	-9,108	-6,036	-5,636	-9,245	-8,058	-11,921	-13,120	-15,679	-23,208	-171	3,641	4,869	8,505	6,341	3,364	-1,829	1,927	-3,100	0	1,700	1,000	700	-2,100	0	0	0	0	0	-	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Stock	317,483	320,991	323,401	339,353	352,344	377,372	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Surpluse	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Cash	169,781	74,371	109,473	118,705	65,654	70,839	57,477	88,785	97,649	87,577	137,080	179,782	341,108	385,374	288,736	57,705	79,289	73,142	67,586	72,815	61,741	60,731	50,525	58,149	58,600	42,800	30,400	50,600	17,200	23,900	34,200	23,700	26,600	20,800	15,800	-	-	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Cash And Short Term Investments	-68,208	853,718	1,522,303	1,190,864	584,054	498,765	580,402	699,401	683,133	620,755	599,561	388,195	341,108	385,374	288,736	57,705	79,289	73,142	67,586	72,815	61,741	60,731	50,525	58,149	58,600	42,800	30,400	50,600	17,200	23,900	34,200	23,700	26,600	20,800	15,800	-	-	-
Common Stock	317,483	320,991	323,401	339,353	352,344	377,372	324,986	323,745	339,462	352,462	351,173	251,237	248,950	246,407	23,863	22,791	22,601	22,865	21,991	21,195	19,569	17,822	11,865	11,610	11,200	0	0	0	0	0	0	0	0	0	0	-	-	-
Common Stock Shares Outstanding	21,170	21,296	21,807	22,221	23,183	23,769	21,650	21,682	23,180	23,471	21,864	32,885	69,687	41,468	2,394	2,305	2,283	2,322	2,436	2,525	2,438	2,389	2,455	2,493	2,545	1,632	1,597	1,593	1,567	1,570	1,433	1,433	1,420	1,152	1,141	1,123	798	790
Common Stock Total Equity	0	320,991	323,401	339,353	352,344	377,372	324,986	323,745	339,462	352,462	351,173	251,237	248,950	0	23,863	22,791	22,601	22,865	21,991	21,195	19,569	17,822	11,865	11,610	11,200	0	0	0	0	0	0	0	0	0	0	-	-	-
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Earning Assets	0	0	0	0	618,918	580,391	598,842	716,062	672,358	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Good Will	28,300	28,300	28,300	28,300	28,300	28,300	0	0	0	0	0	0	0	0	0	16,734	66,754	48,709	55,946	53,354	16,696	7,299	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Intangible Assets	44,247	45,040	29,568	21,210	24,497	27,815	17,285	15,603	14,716	14,733	16,873	14,988	18,838	23,641	25,533	40,890	82,016	56,563	66,675	66,857	24,219	13,719	13,572	15,274	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Inventory	0	-91,339	-122,583	-131,786	-77,627	1,299	1,643	26,372	23,733	23,590	22,562	22,157	44,801	89,511	65,768	47,601	43,683	34,999	30,716	40,869	35,898	133,485	78,830	22,991	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Liabilities And Stockholders Equity	5,276,594	4,999,787	4,704,740	4,204,013	3,564,694	3,353,281	2,789,355	2,548,950	2,409,066	2,248,730	2,209,943	2,023,867	2,307,406	2,535,248	2,965,364	2,956,245	3,276,082	3,429,898	3,355,848	3,094,027	2,358,557	2,057,562	1,888,457	1,783,791	1,725,200	1,085,300	983,800	888,600	590,100	516,200	444,300	367,500	371,700	362,500	328,300	-	-	-
Long Term Debt	129,264	165,099	108,958	108,817	128,102	65,088	90,169	45,002	47,523	48,039	40,723	50,175	50,175	76,957	183,070	531,874	154,430	125,450	152,130	299,773	241,450	228,951	250,297	85,707	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Long Term Debt Total	0	165,099	108,958	108,817	128,102	65,088	90,169	45,002	47,523	48,039	40,723	50,175	50,175	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	1,033,338	1,154,165	1,412,830	2,790,683	2,768,675	2,602,385	2,036,121	1,624,370	1,520,494	1,407,837	1,363,133	1,422,461	1,562,602	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Debt	-35,403	151,728	-515	-9,888	62,448	-5,751	32,692	-43,783	-50,126	-39,538	-79,169	-111,982	-257,546	-264,167	-64,666	577,169	316,138	154,736	223,658	396,768	320,678	266,932	254,735	137,883	166,000	105,500	154,000	102,000	93,700	23,800	-29,200	-18,500	-19,100	-15,100	-15,800	-	-	-
Net Invested Capital	533,713	512,695	507,442	498,339	453,271	404,082	348,352	0	0	0	0	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	0	128,904	66,140	62,456	42,751	34,870	29,551	35,631	7,229	7,237	7,716	18,449	48,116	37,270	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,700	0	-	-	-
Net Tangible Assets	0	316,745	366,848	356,916	316,543	304,279	263,347	247,048	248,812	247,744	228,418	46,796	15,161	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Working Capital	-2,506,165	921,622	-4,374	97,577	598,160	2,820,070	2,189,631	-382,250	-356,785	-308,132	1,677,257	-85,360	2,061,866	9,352	-59,590	-43,804	-157,786	-236,942	-300,847	-379,807	-310,237	-1,841,469	-1,688,775	-1,580,051	-1,535,600	-1,483,800	-876,600	-768,900	-525,900	0	29,200	18,500	0	24,800	0	-	-	-
Non Current Assets Total	5,087,200	1,263,398	1,507,102	1,157,796	609,608	523,211	579,814	666,804	643,451	594,062	528,446	270,527	238,907	159,896	262,354	331,549	519,768	559,340	613,295	674,334	522,194	411,981	326,247	272,302	304,000	145,100	154,400	182,200	125,400	143,200	136,900	98,400	85,800	87,500	85,400	-	-	-
Non Current Liabilities Other	0	108,023	80,208	68,319	49,696	35,771	33,719	28,531	24,488	26,018	52,833	59,180	68,479	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	2,176,586	61,000	108,958	108,817	128,102	55,088	63,509	45,002	47,523	48,039	53,671	67,800	83,562	121,207	224,070	634,874	395,427	227,878	291,244	469,583	382,419	327,663	17,300	17,300	17,300	17,300	17,300	17,300	110,900	47,700	0	0	7,500	0	0	-	-	-
Non Currrent Assets Other	4,768,413	-42,735	-15,635	-12,091	-11,046	2,759,411	1,631,877	1,185,972	1,094,343	1,043,080	1,095,414	1,365,043	1,569,947	-82,557	-179,478	40,890	82,016	56,563	66,675	66,857	24,219	-411,981	-326,247	-272,302	-304,000	-145,100	-154,400	-182,200	-125,400	-143,200	-136,900	-98,400	-85,800	-87,500	-85,400	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Assets	0	2,753,767	1,609,195	1,792,897	2,328,281	3,876,492	3,369,169	3,215,754	3,052,517	2,842,792	2,738,389	2,294,394	2,546,313	2,695,144	3,227,718	3,287,794	3,795,850	3,989,238	3,969,143	3,768,361	2,880,751	1,584,850	1,511,685	1,453,340	1,362,600	897,400	799,000	655,800	447,500	349,100	273,200	245,400	259,300	244,500	227,100	-	-	-
Other Current Assets	189,394	91,339	122,583	131,786	77,627	2,296,435	1,599,588	1,120,742	1,051,520	1,003,086	1,051,658	1,324,539	1,679,275	1,952,708	2,414,274	2,566,991	2,677,025	2,797,416	2,674,967	2,346,878	1,774,622	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Current Liab	2,694,417	-61,000	1,591,198	1,154,074	-28,645	2,964,895	2,468,934	2,226,437	2,085,963	1,924,302	1,884,806	1,779,537	-6,633	0	0	0	0	0	0	0	0	0	1,739,300	1,638,200	1,594,200	1,526,600	907,000	819,500	543,100	0	-5,000	-5,200	0	-5,700	0	-	-	-
Other Liab	0	0	0	1,000	880	780	670	600	500	26,018	35,645	41,555	35,092	43,118	65,665	59,265	80,574	256,981	94,989	99,653	57,231	32,409	28,827	24,723	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Stockholder Equity	0	-92,763	501	10,024	214	-10,108	1	-9,108	-6,036	-5,636	-9,245	-8,058	248,950	246,407	201,618	200,687	195,302	200,241	179,913	158,797	119,353	75,076	80,683	79,182	68,600	47,000	34,600	26,100	22,600	19,500	19,000	18,500	18,300	14,800	14,700	-	-	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	84,204	79,857	75,700	69,157	68,456	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Property Plant And Equipment Gross	156,259	153,913	151,010	36,127	38,411	38,777	39,149	40,175	43,103	45,948	48,594	47,016	62,548	68,359	72,616	73,318	73,558	67,992	63,173	56,569	43,979	40,735	35,944	34,757	37,600	27,300	21,100	18,500	9,900	9,500	8,800	6,000	6,000	6,300	5,800	-	-	-
Property Plant And Equipment Net	40,434	35,893	36,404	36,127	38,411	38,777	39,149	40,175	43,103	45,948	48,594	47,016	62,548	68,359	72,616	73,318	73,558	67,992	63,173	56,569	43,979	40,735	35,944	34,757	37,600	27,300	21,100	18,500	9,900	9,500	8,800	6,000	6,000	6,300	5,800	-	-	-
Property Plant Equipment	0	35,893	36,404	36,127	38,411	38,777	39,149	40,175	43,103	45,948	48,594	47,016	62,548	68,359	72,616	73,318	73,558	67,992	63,173	56,569	43,979	40,735	35,944	34,757	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Retained Earnings	159,108	119,368	74,582	40,145	1,611	-28,270	-54,090	-65,657	-82,334	-96,455	-110,347	-192,408	-214,259	-189,902	-169,098	-73,849	22,770	31,420	41,486	41,795	16,953	41,785	39,355	37,544	33,900	22,700	23,200	24,700	23,700	22,900	17,200	13,300	9,700	7,200	5,400	-	-	-
Retained Earnings Total Equity	0	119,368	74,582	40,145	1,611	-28,270	-54,054	-65,657	-82,334	-96,455	-110,347	-192,408	-214,259	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Short Long Term Debt	0	61,000	0	0	28,645	10,000	19,910	45,977	48,142	48,405	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Short Long Term Debt Total	134,378	226,099	108,958	108,817	128,102	65,088	90,169	45,002	47,523	48,039	57,911	67,800	83,562	121,207	224,070	634,874	395,427	227,878	291,244	469,583	382,419	327,663	305,260	196,032	224,600	148,300	184,400	152,600	110,900	47,700	5,000	5,200	7,500	5,700	0	-	-	-
Short Term Debt	1,142	61,000	1,619	1,669	28,645	10,000	19,910	45,977	48,142	48,405	4,240	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,000	5,200	0	5,700	0	-	-	-
Short Term Investments	679,350	779,347	1,412,830	1,072,159	518,400	427,926	522,925	610,616	585,484	533,178	462,481	208,413	157,444	336,441	223,522	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Assets	5,276,594	4,999,787	4,704,740	4,204,013	3,564,694	3,353,281	2,789,355	2,548,950	2,409,066	2,248,730	2,209,943	2,023,867	2,307,406	2,535,248	2,965,364	2,956,245	3,276,082	3,429,898	3,355,848	3,094,027	2,358,557	2,057,562	1,888,457	1,783,791	1,725,200	1,085,300	983,800	888,600	590,100	516,200	444,300	367,500	371,700	362,500	328,300	-	-	-
Total Current Assets	189,394	982,622	1,588,443	1,253,320	626,805	2,830,070	2,209,541	1,882,146	1,765,615	1,654,668	1,681,497	1,753,340	2,068,499	2,375,352	2,703,010	2,624,696	2,756,314	2,870,558	2,742,553	2,419,693	1,836,363	60,731	50,525	58,149	58,600	42,800	30,400	50,600	17,200	23,900	34,200	23,700	26,600	30,500	15,800	-	-	-
Total Current Liabilities	2,695,559	61,000	1,592,817	1,155,743	28,645	10,000	19,910	2,264,396	2,122,400	1,962,800	4,240	1,838,700	6,633	2,366,000	2,762,600	2,668,500	2,914,100	3,107,500	3,043,400	2,799,500	2,146,600	1,902,200	1,739,300	1,638,200	1,594,200	1,526,600	907,000	819,500	543,100	0	5,000	5,200	0	5,700	0	-	-	-
Total Liab	4,872,145	4,652,191	108,958	108,817	3,214,525	3,014,287	2,524,422	2,299,970	2,157,974	1,998,359	1,978,362	1,888,892	2,204,779	2,416,163	2,855,503	2,761,368	3,035,580	3,171,731	3,107,589	2,863,735	2,196,341	1,919,515	1,756,554	1,655,455	1,611,500	1,015,600	924,300	836,800	543,100	475,900	408,100	335,700	343,700	337,800	305,500	-	-	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Stockholder Equity	404,449	347,596	398,484	389,522	350,169	338,994	264,933	248,980	251,092	250,371	231,581	134,975	102,627	119,085	109,861	194,877	240,502	258,167	248,259	230,292	162,216	138,047	131,903	128,336	113,700	69,700	59,500	51,800	47,000	40,300	36,200	31,800	28,000	24,700	22,800	-	-	-
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31	1990-12-31	1990-09-30	1990-06-30	1990-03-31	1989-12-31	1989-06-30	1989-03-31	1988-03-31	1987-03-31	1986-03-31
Accounts Payable	0	0	0	4,544,749	4,379,069	4,327,028	4,290,574	4,205,498	4,117,090	4,012,068	3,862,466	3,858,575	3,637,355	3,597,745	3,485,125	3,083,564	3,036,727	3,052,312	2,978,885	2,934,225	2,913,428	2,798,643	2,780,516	2,430,401	2,400,534	2,343,761	2,246,219	2,263,059	2,225,719	2,206,960	2,128,292	2,154,706	2,085,963	2,060,962	1,961,417	2,000,473	1,924,302	1,895,895	1,908,071	1,938,742	1,884,806	1,849,318	1,816,089	1,850,793	1,779,537	8,414	7,118	6,813	6,633	9,934	14,597	13,668	2,251,838	2,378,500	2,377,151	2,497,542	2,565,768	2,485,834	2,368,924	2,161,028	2,066,479	2,160,541	2,080,138	2,251,799	2,505,127	2,725,329	2,794,151	2,903,532	2,602,791	2,826,207	2,710,336	2,690,977	2,641,057	2,542,677	2,353,973	2,348,057	2,176,947	2,212,951	1,967,091	1,712,213	1,702,806	1,639,358	1,653,396	1,560,345	1,535,603	1,526,786	1,495,984	1,465,452	1,387,367	1,372,091	1,301,832	1,353,792	1,389,900	1,388,794	1,370,012	1,348,989	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Accumulated Other Comprehensive Income	-72,142	-92,304	-80,510	-80,811	-92,763	-97,045	-85,003	-54,414	501	7,098	8,416	4,338	10,024	6,146	3,796	-4,854	-3,786	-3,373	-4,431	-6,817	-10,108	-9,889	-9,214	-8,502	-5,963	-3,657	-3,812	-6,536	-9,108	-3,015	-3,283	-4,799	-6,036	-4,496	-5,390	-4,202	-5,636	-6,083	-6,298	-7,644	-9,245	-9,170	-7,270	-6,953	-8,058	-8,432	-10,014	-13,065	-11,921	-12,014	-12,190	-12,865	-13,120	-12,371	-14,281	-13,749	-15,679	-15,965	-18,348	-22,275	-23,208	-11,072	-3,500	38	-171	1,534	296	3,407	3,641	3,909	2,852	4,569	4,869	8,204	8,306	8,871	8,505	9,174	3,262	9,759	6,341	4,595	6,924	3,527	3,364	6,179	3,158	-443	-1,829	86	344	1,381	1,927	-446	-2,437	-2,651	-3,100	-2,000	0	0	0	2,000	0	1,600	1,700	1,500	1,000	200	1,000	200	100	500	700	-300	-400	-1,100	-2,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Capital Stock	317,483	317,145	318,241	321,026	320,991	320,437	319,885	321,981	323,401	326,390	332,457	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Capital Surpluse	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	169,781	127,461	129,192	227,019	74,371	70,632	59,486	109,821	109,473	125,621	69,254	130,507	118,705	46,556	55,816	70,291	65,654	82,916	55,635	72,119	70,839	53,763	61,189	44,114	57,477	51,092	65,107	75,163	88,785	121,549	69,590	154,887	97,649	118,226	69,170	113,127	87,577	80,092	120,877	148,815	137,080	147,891	149,073	228,603	179,782	460,544	419,758	352,849	341,108	355,804	320,784	387,990	385,374	434,412	355,931	370,434	288,736	182,405	79,352	62,384	57,705	94,316	69,441	58,210	79,289	76,000	66,431	67,209	73,142	81,224	77,776	62,117	67,586	75,027	74,950	63,344	72,815	77,578	80,782	57,268	61,741	54,633	73,114	59,798	60,731	61,971	57,734	47,663	50,525	51,744	42,116	48,871	58,149	51,589	50,630	45,655	58,600	43,000	33,300	33,200	42,800	30,500	33,900	30,800	30,400	23,400	32,400	29,300	50,600	26,600	32,400	20,300	17,200	18,600	21,900	19,900	23,900	22,900	26,900	41,200	34,200	16,500	21,100	26,400	23,700	13,700	14,800	15,500	26,600	13,100	13,700	21,100	20,800	11,700	13,000	11,400	15,800	17,100	-	-	-	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Cash And Short Term Investments	-68,208	812,102	860,969	994,545	853,718	874,904	919,190	1,509,958	1,522,303	1,473,999	1,399,914	1,377,787	1,190,864	1,031,606	912,096	664,575	584,054	522,508	485,940	533,650	498,765	490,720	511,782	533,233	580,402	599,957	648,832	684,127	699,401	724,661	669,345	744,387	683,133	722,888	626,865	684,889	620,755	613,258	639,003	671,750	599,561	563,776	502,848	512,537	388,195	460,544	419,758	352,849	341,108	355,804	320,784	387,990	385,374	434,412	355,931	370,434	288,736	182,405	79,352	62,384	57,705	94,316	69,441	58,210	79,289	76,000	66,431	67,209	73,142	81,224	77,776	62,117	67,586	75,027	74,950	63,344	72,815	77,578	80,782	57,268	61,741	54,633	73,114	59,798	60,731	61,971	57,734	47,663	50,525	51,744	42,116	48,871	58,149	51,589	50,630	45,655	58,600	43,000	33,300	33,200	42,800	30,500	33,900	30,800	30,400	23,400	32,400	29,300	50,600	26,600	32,400	20,300	17,200	18,600	21,900	19,900	23,900	22,900	26,900	41,200	34,200	16,500	21,100	26,400	23,700	13,700	14,800	15,500	26,600	13,100	13,700	21,100	20,800	11,700	13,000	11,400	15,800	17,100	-	-	-	-
Common Stock	317,483	317,145	318,241	321,026	320,991	320,437	319,885	321,981	323,401	326,390	332,457	335,704	339,353	339,408	338,989	338,528	352,344	351,839	351,894	374,678	377,372	389,689	389,195	324,517	324,986	324,607	324,231	323,775	323,745	323,303	324,268	324,328	339,462	343,601	349,580	351,881	352,462	352,129	351,791	351,439	351,173	350,926	255,114	253,437	251,237	250,080	249,751	248,995	248,950	248,505	248,198	247,406	246,407	250,861	250,737	23,884	23,863	23,832	23,824	23,816	22,791	22,782	22,773	22,765	22,601	22,599	22,586	22,584	22,865	22,855	21,862	21,725	21,991	22,232	21,180	21,271	21,195	21,113	20,766	19,691	19,569	19,526	17,881	17,922	17,822	11,967	11,723	11,733	11,865	11,940	11,497	11,488	11,610	11,732	11,238	11,222	11,200	11,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Common Stock Shares Outstanding	21,049	21,114	21,223	21,297	21,267	21,252	21,266	21,398	21,474	21,726	21,967	22,059	22,113	22,115	22,113	22,529	22,777	22,770	23,313	23,885	24,340	24,515	24,510	21,674	21,661	21,652	21,647	21,639	21,685	21,549	21,639	22,062	22,629	23,133	23,440	23,538	23,491	23,478	23,466	23,436	23,361	21,170	24,031	21,831	33,301	39,675	40,799	47,318	8,534	51,000	49,640	32,555	7,933	56,407	17,607	2,410	2,403	2,410	2,410	2,343	2,337	2,284	2,283	1,705	1,705	2,273	2,162	2,357	2,048	2,314	2,474	2,587	2,274	2,480	2,522	2,492	2,351	2,370	2,251	2,216	2,165	2,454	2,215	2,182	2,182	2,384	2,282	2,301	2,263	4,566	2,321	4,615	2,292	2,499	2,381	2,362	2,362	1,653	5,375	5,359	1,642	1,630	1,631	1,611	1,611	1,592	1,590	1,587	1,587	1,569	1,569	1,568	1,568	1,199	1,561	1,573	1,581	1,581	1,594	1,592	1,446	1,446	1,446	1,446	1,433	1,433	1,433	1,433	1,218	1,218	1,213	1,156	1,153	1,153	1,150	1,148	-	1,137	1,134	798	798	790
Common Stock Total Equity	0	0	318,241	321,026	320,991	320,437	319,885	321,981	323,401	326,390	332,457	335,704	339,353	339,408	338,989	338,528	352,344	351,839	351,894	374,678	377,372	389,689	389,195	324,517	324,986	324,607	324,231	323,775	323,745	323,303	324,268	324,328	339,462	343,601	349,580	351,881	352,462	352,129	351,791	351,439	351,173	350,926	255,114	253,437	251,237	250,080	249,751	248,995	248,950	248,505	248,198	0	0	0	0	23,884	23,863	23,832	23,824	23,816	22,791	22,782	22,773	22,765	22,601	22,599	22,586	22,584	22,865	22,855	21,862	21,725	21,991	22,232	21,180	21,271	21,195	21,113	20,766	19,691	19,569	19,526	17,881	17,922	17,822	11,967	11,723	11,733	11,865	11,940	11,497	11,488	11,610	11,732	11,238	11,222	11,200	11,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	698,730	618,918	626,185	532,721	561,860	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	28,300	29,012	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16,734	16,734	16,734	16,734	66,754	66,754	66,754	66,754	66,754	66,754	66,735	48,709	55,805	55,805	56,417	55,946	55,483	53,835	53,656	53,354	44,922	41,925	16,689	16,696	16,289	16,244	7,299	7,299	7,299	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Intangible Assets	44,247	48,198	46,705	44,338	45,040	45,855	42,348	39,037	29,568	27,787	26,252	27,593	21,210	19,964	18,589	19,900	24,497	22,504	23,764	26,052	27,815	29,860	28,852	19,283	17,285	16,348	16,274	16,572	15,603	13,067	12,437	13,176	14,716	13,996	14,988	13,858	14,733	15,941	15,691	16,302	16,873	16,417	16,606	15,362	14,988	16,998	17,716	19,132	18,838	19,500	23,035	24,168	23,641	20,962	22,637	25,373	25,533	25,117	25,753	23,278	40,890	12,948	13,708	14,469	82,016	16,196	17,130	18,065	56,563	64,605	65,248	10,086	66,675	66,906	65,951	66,465	66,857	59,181	54,690	7,071	24,219	8,017	24,754	13,443	13,719	13,297	13,539	13,785	13,572	13,996	14,422	14,846	15,274	15,706	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Inventory	0	0	0	-244,133	-91,339	-85,593	508	438	245	224	296	346	766	1,487	1,569	1,494	1,865	1,789	1,990	1,338	1,299	1,445	1,689	34,148	39,559	47,611	24,629	27,130	26,372	27,706	24,451	25,526	23,733	25,462	21,463	22,797	23,590	26,640	20,995	21,995	22,562	23,342	18,645	19,330	22,157	27,303	16,976	40,321	44,801	28,709	26,308	57,864	89,511	59,719	32,786	70,815	65,768	55,303	96,196	60,214	47,601	44,860	37,286	45,645	43,683	27,384	44,428	37,590	34,999	34,934	33,240	32,242	30,716	41,392	40,856	44,302	40,869	40,991	40,199	57,436	35,898	72,880	134,494	110,605	133,485	122,270	35,702	29,640	78,830	39,880	41,637	43,505	22,991	17,342	19,626	14,443	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Liabilities And Stockholders Equity	5,276,594	5,200,018	5,135,564	5,138,934	4,999,787	4,931,377	4,826,209	4,761,983	4,704,740	4,622,340	4,461,272	4,426,440	4,204,013	4,168,944	4,043,315	3,632,387	3,564,694	3,550,837	3,438,302	3,383,606	3,353,281	3,297,124	3,234,522	2,793,119	2,789,355	2,753,446	2,665,367	2,596,482	2,548,950	2,538,319	2,452,696	2,487,120	2,409,066	2,394,861	2,288,954	2,329,296	2,248,730	2,239,857	2,249,864	2,259,639	2,209,943	2,183,504	2,134,674	2,105,347	2,023,867	2,400,832	2,403,465	2,419,278	2,307,406	2,317,373	2,317,608	2,476,204	2,535,248	2,736,772	2,737,161	2,900,770	2,965,364	2,962,028	2,976,629	2,952,981	2,956,245	3,138,620	3,239,035	3,247,411	3,276,082	3,256,284	3,261,257	3,355,571	3,429,898	3,472,599	3,442,721	3,402,774	3,355,848	3,323,864	3,253,148	3,187,347	3,094,027	2,989,679	2,778,659	2,414,265	2,358,557	2,315,762	2,300,281	2,061,493	2,057,562	2,045,062	1,934,637	1,872,920	1,888,457	1,868,157	1,829,721	1,788,353	1,783,791	1,770,672	1,772,229	1,739,012	1,725,200	1,688,400	1,077,300	1,054,500	1,085,300	1,044,400	1,035,000	993,100	983,800	959,100	958,400	912,600	888,600	793,200	777,100	595,700	590,100	575,000	548,600	522,300	516,200	487,600	482,000	486,400	444,300	373,400	369,200	378,500	367,500	361,400	367,600	376,100	371,700	367,600	365,100	368,600	362,500	331,800	327,300	329,700	328,300	318,800	-	-	-	-
Long Term Debt	129,264	129,216	169,181	129,158	165,099	165,764	104,528	108,991	108,958	108,920	108,882	108,847	108,817	108,773	128,775	141,427	128,102	103,413	80,566	65,119	65,088	119,059	79,938	63,416	90,169	108,418	121,093	45,002	45,002	47,096	47,366	47,522	47,523	47,639	47,894	48,037	48,039	66,951	40,723	40,723	40,723	50,175	50,175	50,175	50,175	50,175	50,175	50,175	50,175	50,175	50,175	96,190	121,207	148,388	148,577	215,412	189,070	255,229	350,146	537,276	599,874	704,534	794,947	636,068	360,427	200,333	127,497	124,633	144,447	200,501	265,538	234,360	180,141	333,104	419,251	378,838	299,773	385,416	454,743	410,218	241,450	396,790	392,059	293,106	228,951	296,700	234,452	223,457	250,297	302,954	355,015	268,194	213,282	195,643	215,283	221,905	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Long Term Debt Total	0	0	169,181	129,158	165,099	165,764	104,528	108,991	108,958	108,920	108,882	108,847	108,817	108,773	128,775	141,427	128,102	103,413	80,566	65,119	65,088	119,059	79,938	63,416	90,169	108,418	121,093	45,002	45,002	47,096	47,366	47,522	47,523	47,639	47,894	48,037	48,039	66,951	40,723	40,723	40,723	50,175	50,175	50,175	50,175	50,175	50,175	50,175	50,175	50,175	50,175	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,033,338	1,043,540	1,092,703	1,137,103	1,154,165	813,363	1,241,312	1,400,137	1,412,830	1,427,109	1,330,660	77,799	2,790,683	2,919,455	2,915,869	2,750,169	2,768,675	2,783,656	2,743,506	2,636,639	2,602,385	2,579,502	2,494,728	2,082,512	2,036,121	1,963,574	1,837,070	1,688,653	1,624,370	1,623,471	1,591,335	1,544,639	1,520,494	1,469,082	1,456,119	1,429,425	1,407,837	1,394,643	1,373,105	1,345,385	1,363,133	1,373,476	1,385,118	1,387,852	1,422,461	1,425,975	1,449,516	1,519,091	1,562,602	1,597,530	1,641,102	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Net Debt	-35,403	1,755	39,989	-97,861	151,728	95,132	45,042	-830	-515	-16,701	39,628	-21,660	-9,888	62,217	72,959	71,136	62,448	20,497	24,931	-7,000	-5,751	65,296	18,749	19,302	32,692	60,326	55,986	-30,161	-43,783	-74,453	-22,224	-107,365	-50,126	-70,587	-21,276	-65,090	-39,538	-13,141	-53,540	-95,149	-79,169	-80,434	-81,395	-160,798	-111,982	-392,649	-351,654	-269,635	-257,546	-269,903	-229,700	-291,800	-264,167	-251,024	-172,354	-120,022	-64,666	72,824	270,794	474,892	577,169	610,218	725,506	577,858	316,138	124,333	61,066	57,424	154,736	119,277	187,762	172,243	223,658	258,077	344,301	315,494	396,768	307,838	373,961	352,950	320,678	342,157	318,945	233,308	266,932	234,729	176,718	175,794	254,735	233,960	295,649	202,073	137,883	144,054	147,403	159,000	166,000	169,700	88,200	102,900	105,500	129,800	137,300	150,900	154,000	164,900	163,600	114,500	102,000	127,300	94,800	87,800	93,700	74,700	54,100	14,900	23,800	-22,900	-19,000	-35,500	-29,200	-16,500	-14,600	-19,000	-18,500	-8,600	-6,500	-15,500	-19,100	-4,100	-3,800	-14,100	-15,100	-8,600	-10,700	-8,900	-15,800	-13,300	-	-	-	-
Net Invested Capital	533,713	504,214	544,343	496,872	512,695	498,072	435,662	464,440	507,442	508,951	504,856	496,176	498,339	481,865	483,898	477,045	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	3,621,577	116,750	128,904	126,224	102,999	86,276	66,140	65,946	67,745	66,665	62,456	56,576	53,720	52,499	42,751	41,490	40,414	43,107	34,870	46,385	32,927	33,723	29,551	40,381	2,091	36,974	35,631	2,608	3,036	3,173	7,229	30,879	7,273	7,229	7,237	6,823	7,104	7,096	7,716	9,753	15,091	18,270	18,449	18,773	28,879	47,902	48,116	67,958	67,319	74,045	37,270	33,483	25,376	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,400	0	0	0	0	9,700	0	0	0	-	-	-	-	-	-
Net Tangible Assets	0	0	344,584	336,999	316,745	301,311	299,963	324,045	366,848	368,152	363,853	354,966	356,916	340,231	322,007	302,247	316,543	306,347	296,676	310,283	304,279	310,195	301,067	266,417	263,347	266,037	260,694	253,630	247,048	248,883	244,817	237,352	248,812	250,614	251,922	251,085	247,744	244,306	240,066	233,557	228,418	223,235	118,811	55,014	46,796	31,638	24,103	16,782	15,161	24,049	28,388	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Net Working Capital	-2,506,165	-336,339	-299,848	-86,251	921,622	-377,523	-442,981	-2,701,309	-2,608,855	3,141,914	-909,487	3,047,231	3,006,936	3,059,831	-506,235	-305,169	2,926,441	-148,136	-149,804	-144,023	2,820,070	-70,090	-131,431	-216,193	2,189,631	-228,188	-256,074	-364,894	-372,854	-358,687	-359,152	-357,881	-344,885	-361,681	-314,781	-329,457	-308,132	-281,806	-271,004	-297,480	1,677,257	-186,390	-159,050	-152,690	-85,360	2,098,134	2,080,696	2,026,189	2,061,866	2,128,910	2,136,032	2,259,294	9,352	-25,365	-26,027	-57,120	-59,590	-48,072	-44,681	-58,363	-43,804	-76,163	-146,460	-196,785	-157,786	-202,347	-255,224	-272,008	-236,942	-256,742	-264,117	-289,941	-300,847	-320,844	-347,035	-369,939	-379,807	-319,527	-324,100	-299,192	-310,237	-300,061	-292,539	-1,788,402	-1,841,469	-1,827,329	-1,718,666	-1,674,737	-1,688,775	-1,667,456	-1,638,884	-1,593,829	-1,580,051	-1,577,411	-1,584,470	-1,559,545	-1,535,600	-1,510,700	-953,700	-932,200	-1,483,800	-928,600	-918,100	-882,900	-876,600	-860,800	-853,200	-812,800	-768,900	-715,800	-695,300	-526,900	-525,900	-511,500	-483,100	0	0	0	19,000	35,500	29,200	0	0	0	18,500	0	6,500	0	0	4,100	3,800	14,100	24,800	8,600	10,700	8,900	-	-	-	-	-	-
Non Current Assets Total	5,087,200	1,155,384	1,203,865	1,245,505	1,263,398	1,293,567	1,348,108	1,504,859	1,507,102	1,441,088	1,421,719	1,339,909	1,157,796	1,069,852	940,131	680,260	609,608	527,820	520,072	553,868	523,211	534,414	548,453	547,512	579,814	604,334	639,641	665,376	666,804	656,706	653,448	644,901	643,451	662,242	617,035	631,053	594,062	595,863	581,268	587,719	528,446	480,494	418,124	346,937	270,527	294,284	315,651	386,276	238,907	178,529	166,979	203,242	159,896	200,637	205,888	247,190	262,354	299,300	312,810	328,744	331,549	394,383	477,595	528,196	519,768	539,631	571,581	587,979	559,340	581,341	584,838	602,915	613,295	636,708	655,283	673,286	674,334	606,006	584,259	523,957	522,194	505,323	496,620	427,185	411,981	405,243	418,797	385,481	326,247	332,377	274,076	268,477	272,302	285,650	305,114	309,393	304,000	337,000	154,500	133,300	145,100	147,700	144,700	144,900	154,400	166,500	190,800	200,900	182,200	166,000	170,900	127,600	125,400	132,500	135,900	141,100	143,200	85,200	91,700	150,700	136,900	115,300	66,600	64,700	98,400	37,700	101,800	96,500	85,800	88,500	92,500	96,600	87,500	86,300	80,900	76,500	85,400	87,400	-	-	-	-
Non Current Liabilities Other	0	0	103,585	97,313	108,023	106,277	99,973	92,045	80,208	101,321	93,950	71,689	68,319	89,334	74,292	71,778	49,696	54,867	48,005	39,536	35,771	34,218	36,985	31,385	33,719	30,557	35,602	31,511	28,531	33,361	30,115	45,347	24,488	33,280	25,268	27,161	26,018	29,944	58,109	43,588	52,833	57,410	59,575	60,294	59,180	464,473	474,782	79,759	68,479	77,755	88,307	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,176,586	129,216	169,181	129,158	61,000	4,599,069	104,528	108,991	108,958	108,920	108,882	108,847	108,817	108,773	128,775	141,427	74,457	103,413	80,566	65,119	55,088	119,059	79,938	63,416	63,509	108,418	121,093	45,002	45,002	47,096	47,366	47,522	47,523	47,639	47,894	48,037	48,039	66,951	67,337	53,666	53,671	67,457	67,678	67,805	67,800	67,895	68,104	83,214	83,562	85,901	91,084	96,190	121,207	183,388	183,577	250,412	224,070	255,229	350,146	537,276	634,874	704,534	794,947	636,068	395,427	200,333	127,497	124,633	227,878	200,501	265,538	234,360	291,244	333,104	419,251	378,838	469,583	385,416	454,743	410,218	382,419	396,790	392,059	293,106	327,663	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	17,300	153,900	127,200	108,100	110,900	93,300	76,000	34,800	47,700	0	0	0	0	0	6,500	7,400	0	5,100	0	0	7,500	0	0	0	0	0	0	0	-	-	-	-	-	-
Non Currrent Assets Other	4,768,413	-1,155,384	-1,203,865	-1,245,505	-42,735	-1,293,567	150,265	159,351	174,902	-1,372,586	-1,421,719	-1,270,810	-1,089,063	-1,572	-2,483	-4,280	-537,571	-2,773	-2,746	-2,866	2,759,411	-8,449	-11,426	-13,715	1,631,877	-22,433	-25,201	-28,954	1,185,972	-32,156	-35,257	-37,167	1,094,343	-41,422	-44,157	-46,190	1,043,080	-50,332	-52,676	-55,248	1,095,414	-58,807	-58,066	1,252,717	1,365,043	1,415,667	1,420,959	1,376,495	1,569,947	1,688,252	1,751,653	-127,572	-82,557	-122,007	-125,996	-165,342	-179,478	-198,428	-211,233	-226,196	40,890	79,702	80,462	96,520	82,016	82,950	83,884	84,800	56,563	64,605	65,248	66,503	66,675	66,906	65,951	66,465	66,857	59,181	54,690	23,760	24,219	24,306	24,754	-427,185	-411,981	-405,243	-418,797	-385,481	-326,247	-332,377	-274,076	-268,477	-272,302	-285,650	-305,114	-309,393	-304,000	-337,000	-154,500	-133,300	-145,100	-147,700	-144,700	-144,900	-154,400	-166,500	-190,800	-200,900	-182,200	-166,000	-170,900	-127,600	-125,400	-132,500	-135,900	-141,100	-143,200	-85,200	-91,700	-150,700	-136,900	-115,300	-66,600	-64,700	-98,400	-37,700	-101,800	-96,500	-85,800	-88,500	-92,500	-96,600	-87,500	-86,300	-80,900	-76,500	-85,400	-87,400	-	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Other Assets	0	3,232,532	3,070,730	2,782,134	2,753,767	2,636,682	2,561,881	1,660,890	1,609,195	4,622,340	4,461,272	4,426,440	4,204,013	4,168,944	4,043,315	3,632,387	4,174,302	4,078,657	3,958,374	3,937,474	3,876,492	3,831,538	3,782,975	3,340,631	3,369,169	3,357,780	3,305,008	3,261,858	3,215,754	3,195,025	3,106,144	3,132,021	3,052,517	3,057,103	2,905,989	2,960,349	2,842,792	2,835,720	2,831,132	2,847,358	2,738,389	2,663,998	2,552,798	2,452,284	2,294,394	2,695,116	2,719,116	2,805,554	2,546,313	2,495,902	2,484,587	2,679,446	2,695,144	2,937,409	2,943,049	3,147,960	3,227,718	3,261,328	3,289,439	3,281,725	3,287,794	3,533,003	3,716,630	3,775,607	3,795,850	3,795,915	3,832,838	3,943,550	3,989,238	4,053,940	4,027,559	4,005,689	3,969,143	3,960,572	3,908,431	3,860,633	3,768,361	3,595,685	3,362,918	2,938,222	2,880,751	2,821,085	2,796,901	1,574,510	1,584,850	1,577,848	1,458,106	1,439,776	1,511,685	1,484,036	1,513,529	1,471,005	1,453,340	1,433,433	1,416,485	1,383,964	1,362,600	1,308,400	889,500	888,000	897,400	866,200	856,400	817,400	799,000	769,200	735,200	682,400	655,800	600,600	573,800	447,800	447,500	423,900	390,800	361,300	349,100	379,500	363,400	294,500	273,200	241,600	281,500	287,400	245,400	310,000	251,000	260,700	259,300	266,000	258,900	250,900	244,500	233,800	233,400	241,800	227,100	214,300	-	-	-	-
Other Current Assets	189,394	146,133	147,520	244,133	91,339	85,593	-105,969	115,790	1,609,195	1,641,307	1,571,894	1,642,079	1,792,897	2,010,910	2,137,368	2,235,053	2,328,281	2,459,019	2,391,876	2,252,981	2,296,435	2,225,605	2,141,360	1,678,651	1,599,588	1,508,774	1,350,174	1,182,875	1,120,742	1,126,638	1,102,416	1,069,133	1,051,520	978,852	1,016,318	983,328	1,003,086	997,273	1,001,494	971,079	1,051,658	1,106,139	1,179,966	1,208,273	1,324,539	1,599,928	1,622,201	1,632,251	1,679,275	1,715,082	1,762,526	1,810,927	1,952,708	2,068,240	2,149,966	2,283,146	2,414,274	2,480,323	2,584,467	2,561,853	2,566,991	2,649,921	2,691,999	2,661,005	2,677,025	2,640,653	2,623,245	2,700,383	2,797,416	2,810,034	2,780,107	2,737,742	2,674,967	2,612,129	2,522,915	2,450,717	2,346,878	2,306,095	2,113,618	1,833,040	1,774,622	1,755,806	1,730,547	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Current Liab	2,694,417	1,148,090	1,160,105	1,196,481	-61,000	1,378,223	1,358,412	4,205,498	4,117,090	4,012,068	3,862,466	39,300	39,281	39,261	3,485,125	3,083,564	3,036,727	3,052,312	2,978,885	2,934,225	2,913,428	2,798,643	2,780,516	2,430,401	2,400,534	2,346,761	2,246,219	2,264,494	2,226,437	2,206,960	2,128,292	2,154,706	2,085,963	2,060,962	1,961,417	2,000,473	1,924,302	1,895,895	1,908,071	1,938,742	1,884,806	1,849,318	1,816,089	1,850,793	1,779,537	-8,414	-7,118	-6,813	-6,633	-9,934	-14,597	-13,668	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,889,300	1,776,400	1,722,400	1,739,300	1,719,200	1,681,000	1,642,700	1,638,200	1,629,000	1,635,100	1,605,200	1,594,200	1,553,700	987,000	965,400	1,526,600	959,100	934,700	913,700	907,000	884,200	885,600	842,100	819,500	742,400	727,700	547,200	543,100	530,100	505,000	0	0	0	-7,900	-5,700	-5,000	0	0	0	-5,200	0	-8,300	0	0	-9,000	-9,900	-7,000	-5,700	-3,100	-2,300	-2,500	-	-3,800	-	-	-	-
Other Liab	0	0	0	0	0	0	0	0	0	1,120	1,080	1,050	1,000	980	990	920	880	850	830	800	780	850	810	31,385	33,719	30,557	35,602	32,946	29,249	33,361	30,115	45,347	24,488	33,280	25,268	27,161	26,018	29,944	31,495	30,645	35,645	40,128	42,072	42,664	41,555	446,753	456,853	46,720	35,092	42,029	47,398	44,109	43,118	49,789	46,761	55,605	65,665	62,624	82,323	77,241	59,265	48,260	85,009	75,173	80,574	86,189	78,058	75,589	256,981	84,690	102,136	95,455	94,989	88,144	92,031	92,298	99,653	83,143	75,331	74,093	57,231	57,505	59,018	37,404	32,409	32,987	29,616	31,535	28,827	35,788	27,602	30,540	24,723	24,197	20,739	20,161	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Other Stockholder Equity	0	0	-80,510	-80,811	-92,763	-97,045	-85,003	-54,414	501	7,098	8,416	4,338	10,024	146	3,796	-4,854	-3,786	-3,373	-4,431	-6,817	-10,108	-9,889	-9,214	-8,502	-5,999	-3,657	-3,812	-6,536	-9,108	-3,015	-3,283	-4,799	-6,036	-4,496	-5,390	-4,202	-5,636	352,129	-6,298	-7,644	-9,245	-9,170	-7,270	-6,953	-8,058	250,080	249,751	248,995	248,950	248,505	248,198	247,406	246,407	250,861	250,737	201,754	201,618	201,360	201,192	201,025	200,687	196,954	196,819	196,675	195,302	195,206	195,014	194,902	200,241	200,035	176,109	172,772	179,913	186,846	157,444	159,932	158,797	157,454	148,300	120,841	119,353	119,434	74,352	75,863	75,076	90,105	79,683	77,093	80,683	84,820	74,553	75,927	79,182	78,749	68,883	68,565	68,600	73,500	46,700	47,400	47,000	44,900	39,300	35,700	34,600	34,300	27,100	26,900	26,100	26,200	23,200	23,100	22,600	22,700	19,100	19,700	19,500	18,300	19,200	19,700	19,000	18,900	19,000	19,000	18,500	18,500	18,600	18,600	18,300	15,800	15,800	15,000	14,800	14,900	14,900	14,900	14,700	14,700	-	-	-	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
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	86,455	85,299	84,204	83,097	82,004	80,913	79,857	78,802	77,759	76,708	75,700	71,566	70,458	69,334	69,157	68,982	68,806	68,631	68,456	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	156,259	0	0	0	153,913	0	0	0	0	0	36,507	36,736	36,127	36,538	36,962	37,776	38,411	37,424	37,703	37,985	38,777	39,012	39,660	38,809	39,149	38,774	39,356	39,509	40,175	40,375	41,044	42,089	43,103	43,359	44,172	45,220	45,948	46,226	46,842	47,872	48,594	47,884	47,450	47,440	47,016	47,062	50,802	63,417	62,548	64,142	65,596	67,033	68,359	69,335	70,277	71,910	72,616	73,355	73,628	74,125	73,318	72,771	75,413	73,343	73,558	73,122	72,020	72,230	67,992	67,985	67,243	65,568	63,173	61,327	59,150	57,659	56,569	55,035	52,209	46,049	43,979	43,330	42,260	40,894	40,735	39,325	38,239	36,325	35,944	34,339	34,187	34,619	34,757	35,087	35,677	36,732	37,600	37,300	29,500	28,400	27,300	24,900	23,200	21,900	21,100	20,700	20,100	19,500	18,500	16,600	15,800	10,200	9,900	9,800	9,600	9,500	9,500	9,500	9,500	9,400	8,800	6,800	6,200	6,100	6,000	6,000	6,100	6,100	6,000	6,100	6,200	6,200	6,300	5,900	5,800	5,800	5,800	5,200	-	-	-	-
Property Plant And Equipment Net	40,434	35,346	36,157	35,764	35,893	35,711	36,148	37,385	36,404	36,623	36,507	36,736	36,127	36,538	36,962	37,776	38,411	37,424	37,703	37,985	38,777	39,012	39,660	38,809	39,149	38,774	39,356	39,509	40,175	40,375	41,044	42,089	43,103	43,359	44,172	45,220	45,948	46,226	46,842	47,872	48,594	47,884	47,450	47,440	47,016	47,062	50,802	63,417	62,548	64,142	65,596	67,033	68,359	69,335	70,277	71,910	72,616	73,355	73,628	74,125	73,318	72,771	75,413	73,343	73,558	73,122	72,020	72,230	67,992	67,985	67,243	65,568	63,173	61,327	59,150	57,659	56,569	55,035	52,209	46,049	43,979	43,330	42,260	40,894	40,735	39,325	38,239	36,325	35,944	34,339	34,187	34,619	34,757	35,087	35,677	36,732	37,600	37,300	29,500	28,400	27,300	24,900	23,200	21,900	21,100	20,700	20,100	19,500	18,500	16,600	15,800	10,200	9,900	9,800	9,600	9,500	9,500	9,500	9,500	9,400	8,800	6,800	6,200	6,100	6,000	6,000	6,100	6,100	6,000	6,100	6,200	6,200	6,300	5,900	5,800	5,800	5,800	5,200	-	-	-	-
Property Plant Equipment	0	0	36,157	35,764	35,893	35,711	36,148	37,385	36,404	36,623	43,484	36,736	36,127	36,538	36,962	37,776	38,411	37,424	37,703	37,985	38,777	39,012	39,660	38,809	39,149	38,774	39,356	39,509	40,175	40,375	41,044	42,089	43,103	43,359	44,172	45,220	45,948	46,226	46,842	47,872	48,594	47,884	47,450	47,440	47,016	57,210	59,293	63,417	62,548	64,142	65,596	67,033	68,359	69,335	70,277	71,910	72,616	73,355	73,628	74,125	73,318	72,771	72,413	73,343	73,558	73,122	72,020	72,230	67,992	67,985	67,243	65,568	63,173	61,327	59,150	57,659	56,569	55,035	52,209	46,049	43,979	43,330	42,260	40,894	40,735	39,325	38,239	36,325	35,944	34,339	34,187	34,619	34,757	35,087	35,677	36,732	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Retained Earnings	159,108	150,157	137,431	127,499	119,368	108,916	96,252	87,882	74,582	66,543	55,101	47,287	40,145	27,538	12,338	1,944	1,611	-8,221	-16,617	-23,135	-28,270	-34,596	-42,898	-48,098	-54,090	-53,240	-57,966	-61,764	-65,657	-69,386	-74,062	-79,984	-82,334	-86,125	-89,815	-94,054	-96,455	-98,979	-102,532	-107,209	-110,347	-115,155	-125,464	-187,698	-192,408	-203,217	-208,569	-211,811	-214,259	-204,491	-199,326	-198,311	-189,902	-184,961	-177,242	-184,012	-169,098	-119,868	-100,238	-93,761	-73,849	16,621	22,178	19,062	22,770	25,094	26,138	30,924	31,420	33,616	55,691	49,701	41,486	34,428	57,148	49,050	41,795	34,573	27,906	22,245	16,953	11,094	54,351	48,081	41,785	36,342	49,529	44,350	39,355	34,864	45,372	40,962	37,544	33,857	39,674	36,721	33,900	32,400	26,300	24,500	22,700	21,100	26,400	24,800	23,200	21,800	27,400	26,000	24,700	24,300	26,100	24,900	23,700	22,500	24,900	23,800	22,900	21,800	20,800	19,800	17,200	16,300	15,300	14,300	13,300	12,400	11,300	10,400	9,700	9,000	8,300	7,700	7,200	6,600	5,800	5,500	5,400	4,600	-	-	-	-
Retained Earnings Total Equity	0	0	137,431	127,499	119,368	108,916	96,252	87,882	74,582	66,543	55,101	47,287	40,145	27,538	12,338	1,944	1,611	-8,221	-16,617	-23,135	-28,270	-34,596	-42,898	-48,098	-54,054	-53,240	-57,966	-61,764	-65,657	-69,386	-74,062	-79,984	-82,334	-86,125	-89,815	-94,054	-96,455	-98,979	-102,532	-107,209	-110,347	-115,155	-125,464	-187,698	-192,408	-203,217	-208,569	-211,811	-214,259	-204,491	-199,326	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Short Long Term Debt	0	0	0	0	61,000	0	0	0	0	0	0	0	0	0	0	0	28,645	0	0	0	10,143	0	82,511	65,472	30,042	112,491	122,209	9,433	45,977	11,527	11,797	0	48,142	0	0	0	48,405	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Short Long Term Debt Total	134,378	129,216	169,181	129,158	226,099	165,764	104,528	108,991	108,958	108,920	108,882	108,847	108,817	108,773	128,775	141,427	128,102	103,413	80,566	65,119	65,088	119,059	79,938	63,416	90,169	111,418	121,093	45,002	45,002	47,096	47,366	47,522	47,523	47,639	47,894	48,037	48,039	66,951	67,337	53,666	57,911	67,457	67,678	67,805	67,800	67,895	68,104	83,214	83,562	85,901	91,084	96,190	121,207	183,388	183,577	250,412	224,070	255,229	350,146	537,276	634,874	704,534	794,947	636,068	395,427	200,333	127,497	124,633	227,878	200,501	265,538	234,360	291,244	333,104	419,251	378,838	469,583	385,416	454,743	410,218	382,419	396,790	392,059	293,106	327,663	296,700	234,452	223,457	305,260	285,704	337,765	250,944	196,032	195,643	198,033	204,655	224,600	212,700	121,500	136,100	148,300	160,300	171,200	181,700	184,400	188,300	196,000	143,800	152,600	153,900	127,200	108,100	110,900	93,300	76,000	34,800	47,700	0	7,900	5,700	5,000	0	6,500	7,400	5,200	5,100	8,300	0	7,500	9,000	9,900	7,000	5,700	3,100	2,300	2,500	-	3,800	-	-	-	-
Short Term Debt	1,142	351	712	1,065	61,000	428	789	0	0	39,338	0	28,645	28,645	39,261	0	28,645	28,645	0	0	10,000	10,000	0	82,511	19,910	19,910	112,491	122,209	9,433	45,977	11,527	11,797	0	48,142	0	0	0	48,405	0	0	4,240	4,240	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	17,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7,900	5,700	5,000	0	0	0	5,200	0	8,300	0	0	9,000	9,900	7,000	5,700	3,100	2,300	2,500	-	3,800	-	-	-	-
Short Term Investments	679,350	684,641	731,777	767,526	779,347	804,272	859,704	1,400,137	1,412,830	1,348,378	1,330,660	1,247,280	1,072,159	985,050	856,280	594,284	518,400	439,592	430,305	461,531	427,926	436,957	450,593	489,119	522,925	548,865	583,725	608,964	610,616	603,112	599,755	589,500	585,484	604,662	557,695	571,762	533,178	533,166	518,126	522,935	462,481	415,885	353,775	283,934	208,413	230,186	247,047	303,658	157,444	94,788	78,192	111,936	336,441	110,318	112,947	149,858	223,522	0	196,658	213,463	0	241,910	308,757	345,478	0	383,559	415,677	430,949	0	0	0	470,844	0	0	0	0	0	0	0	454,148	0	437,687	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Total Assets	5,276,594	5,200,018	5,135,564	5,138,934	4,999,787	4,931,377	4,826,209	4,761,983	4,704,740	4,622,340	4,461,272	4,426,440	4,204,013	4,168,944	4,043,315	3,632,387	3,564,694	3,550,837	3,438,302	3,383,606	3,353,281	3,297,124	3,234,522	2,793,119	2,789,355	2,753,446	2,665,367	2,596,482	2,548,950	2,538,319	2,452,696	2,487,120	2,409,066	2,394,861	2,288,954	2,329,296	2,248,730	2,239,857	2,249,864	2,259,639	2,209,943	2,183,504	2,134,674	2,105,347	2,023,867	2,400,832	2,403,465	2,419,278	2,307,406	2,317,373	2,317,608	2,476,204	2,535,248	2,736,772	2,737,161	2,900,770	2,965,364	2,962,028	2,976,629	2,952,981	2,956,245	3,138,620	3,239,035	3,247,411	3,276,082	3,256,284	3,261,257	3,355,571	3,429,898	3,472,599	3,442,721	3,402,774	3,355,848	3,323,864	3,253,148	3,187,347	3,094,027	2,989,679	2,778,659	2,414,265	2,358,557	2,315,762	2,300,281	2,061,493	2,057,562	2,045,062	1,934,637	1,872,920	1,888,457	1,868,157	1,829,721	1,788,353	1,783,791	1,770,672	1,772,229	1,739,012	1,725,200	1,688,400	1,077,300	1,054,500	1,085,300	1,044,400	1,035,000	993,100	983,800	959,100	958,400	912,600	888,600	793,200	777,100	595,700	590,100	575,000	548,600	522,300	516,200	487,600	482,000	486,400	444,300	373,400	369,200	378,500	367,500	361,400	367,600	376,100	371,700	367,600	365,100	368,600	362,500	331,800	327,300	329,700	328,300	318,800	-	-	-	-
Total Current Assets	189,394	812,102	860,969	1,111,295	982,622	1,001,128	916,220	1,596,234	1,588,443	3,181,252	3,039,553	3,086,531	3,046,217	3,099,092	3,103,184	2,952,127	2,955,086	3,023,017	2,918,230	2,829,738	2,830,070	2,762,710	2,686,069	2,245,607	2,209,541	2,149,112	2,025,726	1,931,106	1,882,146	1,881,613	1,799,248	1,842,219	1,765,615	1,732,619	1,671,919	1,698,243	1,654,668	1,643,994	1,668,596	1,671,920	1,681,497	1,703,010	1,716,550	1,758,410	1,753,340	2,106,548	2,087,814	2,033,002	2,068,499	2,138,844	2,150,629	2,272,962	2,375,352	2,536,135	2,531,273	2,653,580	2,703,010	2,662,728	2,663,819	2,624,237	2,624,696	2,744,237	2,761,440	2,719,215	2,756,314	2,716,653	2,689,676	2,767,592	2,870,558	2,891,258	2,857,883	2,799,859	2,742,553	2,687,156	2,597,865	2,514,061	2,419,693	2,383,673	2,194,400	1,890,308	1,836,363	1,810,439	1,803,661	59,798	60,731	61,971	57,734	47,663	50,525	51,744	42,116	48,871	58,149	51,589	50,630	45,655	58,600	43,000	33,300	33,200	42,800	30,500	33,900	30,800	30,400	23,400	32,400	29,300	50,600	26,600	32,400	20,300	17,200	18,600	21,900	19,900	23,900	22,900	26,900	41,200	34,200	16,500	21,100	26,400	23,700	13,700	14,800	18,900	26,600	13,100	13,700	21,100	30,500	11,700	13,000	11,400	15,800	17,100	-	-	-	-
Total Current Liabilities	2,695,559	1,148,441	1,160,817	1,197,546	61,000	1,378,651	1,359,201	4,297,543	4,197,298	39,338	3,949,040	39,300	39,281	39,261	3,609,419	3,257,296	28,645	3,171,153	3,068,034	2,973,761	10,000	2,832,800	2,817,500	2,461,800	19,910	2,377,300	2,281,800	2,296,000	2,255,000	2,240,300	2,158,400	2,200,100	2,110,500	2,094,300	1,986,700	2,027,700	1,962,800	1,925,800	1,939,600	1,969,400	4,240	1,889,400	1,875,600	1,911,100	1,838,700	8,414	7,118	6,813	6,633	9,934	14,597	13,668	2,366,000	2,561,500	2,557,300	2,710,700	2,762,600	2,710,800	2,708,500	2,682,600	2,668,500	2,820,400	2,907,900	2,916,000	2,914,100	2,919,000	2,944,900	3,039,600	3,107,500	3,148,000	3,122,000	3,089,800	3,043,400	3,008,000	2,944,900	2,884,000	2,799,500	2,703,200	2,518,500	2,189,500	2,146,600	2,110,500	2,096,200	1,848,200	1,902,200	1,889,300	1,776,400	1,722,400	1,739,300	1,719,200	1,681,000	1,642,700	1,638,200	1,629,000	1,635,100	1,605,200	1,594,200	1,553,700	987,000	965,400	1,526,600	959,100	952,000	913,700	907,000	884,200	885,600	842,100	819,500	742,400	727,700	547,200	543,100	530,100	505,000	0	0	0	7,900	5,700	5,000	0	0	0	5,200	0	8,300	0	0	9,000	9,900	7,000	5,700	3,100	2,300	2,500	-	3,800	-	-	-	-
Total Liab	4,872,145	129,216	169,181	129,158	4,652,191	4,599,069	4,495,075	4,406,534	4,306,256	4,222,309	4,065,298	4,039,111	3,814,491	3,795,852	3,688,192	3,296,769	3,214,525	3,210,592	3,107,456	3,038,880	3,014,287	2,951,920	2,897,439	2,525,202	2,524,422	2,485,736	2,402,914	2,341,007	2,299,970	2,287,417	2,205,773	2,247,575	2,157,974	2,141,881	2,034,579	2,075,671	1,998,359	1,992,790	2,006,903	2,023,053	1,978,362	1,956,903	1,925,839	1,961,262	1,888,892	2,279,304	2,290,293	2,314,246	2,204,779	2,206,571	2,203,167	2,363,266	2,416,163	2,611,677	2,607,489	2,803,559	2,855,503	2,803,687	2,801,393	2,775,545	2,761,368	2,913,335	3,000,765	3,008,871	3,035,580	3,011,851	3,017,223	3,103,754	3,171,731	3,212,184	3,186,207	3,154,007	3,107,589	3,072,154	3,009,070	2,948,223	2,863,735	2,767,365	2,578,425	2,241,729	2,196,341	2,161,113	2,146,773	1,916,100	1,919,515	1,906,648	1,793,702	1,739,744	1,756,554	1,736,533	1,698,299	1,659,976	1,655,455	1,646,334	1,652,434	1,622,504	1,611,500	1,571,000	1,004,300	982,600	1,015,600	976,400	969,300	931,000	924,300	901,500	902,900	859,500	836,800	742,500	727,700	547,200	543,100	530,100	505,000	479,900	475,900	447,500	442,000	446,900	408,100	338,200	334,900	345,200	335,700	330,500	337,700	347,100	343,700	340,200	338,300	343,200	337,800	307,600	303,900	306,600	305,500	296,800	-	-	-	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	404,449	374,998	375,162	367,714	347,596	332,308	331,134	355,449	398,484	400,031	395,974	387,329	389,522	373,092	355,123	335,618	350,169	340,245	330,846	344,726	338,994	345,204	337,083	267,917	264,933	267,710	262,453	255,475	248,980	250,902	246,923	239,545	251,092	252,980	254,375	253,625	250,371	247,067	242,961	236,586	231,581	226,601	208,835	144,085	134,975	121,528	113,172	105,032	102,627	110,802	114,441	112,938	119,085	125,095	129,672	97,211	109,861	158,341	175,236	177,436	194,877	225,285	238,270	238,540	240,502	244,433	244,034	251,817	258,167	260,415	256,514	248,767	248,259	251,710	244,078	239,124	230,292	222,314	200,234	172,536	162,216	154,649	153,508	145,393	138,047	138,414	140,935	133,176	131,903	131,624	131,422	128,377	128,336	124,338	119,795	116,508	113,700	117,400	73,000	71,900	69,700	68,000	65,700	62,100	59,500	57,600	55,500	53,100	51,800	50,700	49,400	48,500	47,000	44,900	43,600	42,400	40,300	40,100	40,000	39,500	36,200	35,200	34,300	33,300	31,800	30,900	29,900	29,000	28,000	27,400	26,800	25,400	24,700	24,200	23,400	23,100	22,800	22,000	-	-	-	-
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Begin Period Cash Flow	74,371	109,473	118,705	65,304	70,244	54,738	83,194	85,783	74,016	119,081	179,782	341,108	385,374	288,736	57,705	79,289	73,142	67,522	72,815	61,741	60,731	50,525	58,149	58,646	53,900	30,400	50,600	17,200	23,700	37,400	23,300	21,900	20,800	15,800	16,400
Capital Expenditures	6,024	5,679	5,837	4,383	4,936	3,862	4,242	3,459	4,354	4,298	8,371	5,293	2,557	4,429	7,995	8,128	10,342	13,316	13,899	11,720	7,272	9,480	5,640	1,645	6,500	8,300	5,000	3,700	1,600	1,300	2,000	700	400	600	1,700
Cash And Cash Equivalents Changes	0	-35,102	-9,232	0	-4,940	15,506	-28,456	-2,589	11,767	-45,065	-60,701	-161,326	-44,266	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	95,410	-35,102	-9,232	53,401	-4,940	15,506	-28,456	-2,589	11,767	-45,065	-60,701	-161,326	-44,266	96,638	231,031	-21,584	6,147	5,620	-5,229	11,074	1,010	10,206	-7,624	-497	4,700	12,500	-20,300	33,400	-6,500	-13,700	10,500	1,500	1,100	5,000	-500
Change In Working Capital	-18,214	-11,195	5,502	1,698	5,540	-4,650	1,734	-4,640	-1,583	-9,792	4,239	4,329	15,323	2,325	-32,538	-3,494	-14,014	-15,233	-5,477	28,934	-11,056	-3,213	2,077	8,241	-6,200	800	2,600	-7,500	2,900	2,300	300	-1,100	1,400	-800	-300
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	0	-25,843	-11,669	-7,966	-6,061	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	0	0	0	0	0	0	8,272	2,486	3,244	2,356	37,119	14,637	14,559	0	6,429	11,538	2,203	1,316	15,557	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	31,281	47,259	-7,683	-12,455	5,082	18,132	1,217	4,018	-4,950	-25,439	3,195	55,608	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	14,648	17,171	10,175	12,113	240	5,442	559	-1,376	-7,213	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	5,747	10,827	12,130	9,161	6,059	6,033	6,957	5,216	4,553	3,014	-2,197	-4,718	-11,301	-27,720	-43,337	-22,778	-12,555	-9,839	-12,498	-3,001	7,770	6,511	6,559	6,540	6,100	4,500	4,200	2,800	2,200	500	1,600	1,000	400	400	700
Dividends Paid	-19,327	-18,565	-18,155	-17,618	16,554	14,055	8,960	7,274	5,896	4,129	104,860	0	0	0	3,384	7,769	18,874	17,547	15,320	12,500	11,040	8,406	7,236	6,615	4,600	3,600	3,200	2,700	2,400	1,900	1,400	1,200	1,200	1,100	1,100
End Period Cash Flow	169,781	74,371	109,473	118,705	65,304	70,244	54,738	83,194	85,783	74,016	119,081	179,782	341,108	385,374	288,736	57,705	79,289	73,142	67,586	72,815	61,741	60,731	50,525	58,149	58,600	42,900	30,300	50,600	17,200	23,700	33,800	23,400	21,900	20,800	15,900
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	47,532	88,953	104,317	53,790	29,044	41,059	34,365	20,524	19,681	8,773	43,699	24,100	32,851	-7,091	-57,163	19,586	7,472	8,916	34,448	52,704	132,588	-24,073	-26,556	29,166	39,700	-8,800	2,300	7,800	7,000	8,800	5,300	1,300	6,100	2,700	2,900
Investments	-199,992	184,000	-353,222	-553,397	35,748	-209,112	-313,562	-132,455	-128,790	-100,797	-243,059	42,691	109,761	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	74	77	61	15	284	267	0	0	0	0	0	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	55,997	-3	-19,414	62,859	-43,297	45,167	-2,521	-516	-9,372	-9,889	-15,762	-37,645	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	59,067	63,351	62,895	56,152	46,435	39,839	20,475	22,766	20,017	18,021	77,509	26,198	-20,200	-16,709	-90,227	-91,664	10,357	33,203	46,912	38,558	37,592	29,467	24,398	20,009	8,700	10,200	8,900	7,900	6,800	6,000	5,400	4,800	3,900	2,900	2,700
Other Cashflows From Financing Activities	243,160	612,356	579,044	878,363	258,419	1,495,718	802,990	138,850	168,142	37,483	101,224	109,520	-139,819	-328,296	544,764	602,656	-141,943	349,653	1,041,133	758,309	810,307	138,753	1,044,299	68,796	297,200	201,700	160,900	28,400	49,600	35,200	10,600	-5,200	17,900	10,500	13,500
Other Cashflows From Investing Activities	0	-602,913	-204,005	1,884	-212,454	29,607	40,226	-2,941	-27,369	22,979	30,362	-311,293	20,251	36,318	12,336	0	175,901	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	4,512	29,865	25,768	-8,688	-26,996	-7,326	-8,316	-9,043	-9,426	-8,282	28,831	2,715	50,177	40,433	113,979	134,714	40,373	16,429	16,391	-2,252	101,126	-48,332	-52,864	-4,916	36,700	-15,200	-8,000	8,500	-2,100	800	600	-2,300	1,100	800	1,500
Sale Purchase Of Stock	-5,157	-4,010	-17,269	-14,231	-26,284	-12,681	803,569	-16,854	-13,498	39,595	-81,000	1,418	1,335	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	2,229	2,143	1,947	1,980	1,854	1,731	1,748	1,620	1,477	1,192	1,238	869	1,208	542	809	9,780	-3,612	-4,764	-6,854	-6,812	-15,490	-8,154	-6,828	-2,218	-3,300	-5,100	-300	200	100	200	0	-4,100	0	0	0
Total Cash From Financing Activities	182,766	294,858	443,678	548,625	142,722	153,952	210,515	112,283	148,245	23,980	108,297	83,176	-207,129	-384,192	79,024	-178,508	-387,388	49,322	216,686	241,284	148,343	130,347	79,309	26,403	62,200	67,500	83,700	24,700	47,200	30,500	8,900	-8,200	14,500	7,000	12,400
Total Cash From Operating Activities	53,556	94,632	110,154	58,173	33,980	44,921	38,607	23,983	24,035	13,071	52,070	29,393	35,408	-2,662	-49,168	27,714	17,814	22,232	48,347	64,424	139,860	-14,593	-20,916	30,811	46,200	-500	7,300	11,500	8,600	10,100	7,300	2,000	6,500	3,300	4,600
Total Cashflows From Investing Activities	0	-424,592	-563,064	-553,397	-181,642	-183,367	-277,578	-138,855	-160,513	-82,116	-221,068	-273,895	127,455	483,492	201,175	129,210	375,721	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31	1990-12-31	1990-09-30	1990-06-30	1990-03-31
Begin Period Cash Flow	127,461	129,192	227,019	74,371	70,632	59,486	109,821	109,473	125,621	69,254	130,507	118,705	46,556	55,816	70,291	65,304	82,417	55,137	71,623	70,244	53,170	58,711	42,376	54,738	47,603	59,768	69,823	83,194	114,316	61,030	144,709	85,783	105,197	58,317	101,552	74,016	65,488	105,537	131,940	119,081	130,945	140,375	221,630	179,782	460,544	419,758	352,849	341,108	355,804	320,784	387,990	385,374	434,412	355,931	370,434	288,736	182,405	79,352	62,384	57,705	94,566	69,441	58,210	79,289	81,811	66,431	161,870	73,142	81,224	77,776	62,117	67,586	75,027	74,950	63,344	72,815	77,578	80,782	57,268	61,741	54,633	73,114	59,798	60,731	61,971	57,734	47,663	50,525	51,744	42,116	48,871	58,149	51,589	50,630	45,655	58,646	43,000	33,300	12,900	42,800	4,500	19,400	35,200	30,400	0	41,600	73,000	50,600	32,500	18,400	20,700	17,200	9,600	24,300	24,700	23,700	4,500	0	40,500	37,400	3,900	0	31,800	23,300	0	0	26,300	21,900	1,100	0	26,400	20,800	2,900	0	17,000	15,800
Capital Expenditures	1,513	1,440	1,746	1,325	1,710	1,003	585	2,381	1,299	1,457	1,134	1,947	1,780	950	893	760	2,349	1,045	1,031	511	1,050	779	1,112	921	1,650	688	1,224	680	1,742	727	379	611	1,429	1,027	923	975	1,638	1,054	642	964	2,379	2,111	1,762	2,119	1,518	518	430	2,827	433	570	797	757	1,354	1,058	585	1,432	1,466	1,771	1,770	2,988	2,587	2,327	1,297	1,917	2,673	3,069	1,958	2,642	2,235	2,592	3,910	4,579	3,946	3,908	3,258	2,787	3,210	2,001	2,988	3,521	2,114	2,308	1,428	1,422	2,750	2,184	3,293	1,253	2,761	1,227	594	1,058	662	668	100	215	1,300	1,400	1,900	1,900	3,100	2,400	1,400	1,400	1,100	1,100	1,200	1,600	1,100	1,300	700	600	400	0	0	400	300	400	0	0	700	700	400	200	200	100	100	300	0	200	100	100	0	300	100	200
Cash And Cash Equivalents Changes	0	0	-97,827	152,648	3,739	11,146	-50,335	348	-16,148	56,367	-61,253	11,802	0	-9,260	-14,475	4,987	-17,113	27,280	-16,486	1,379	17,074	-5,541	16,335	-12,362	7,135	-12,165	-10,055	-13,371	-31,122	53,286	-83,679	58,926	-19,414	46,880	-43,235	27,536	8,528	-40,049	-26,403	12,859	-11,864	-9,430	-81,255	41,848	-280,762	40,786	66,909	11,741	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	42,320	-1,731	-97,827	152,648	3,739	11,146	-50,335	348	-16,148	56,367	-61,253	11,802	72,149	-9,260	-14,475	4,987	-17,113	27,280	-16,486	1,379	17,074	-5,541	16,335	-12,362	7,135	-12,165	-10,055	-13,371	-31,122	53,286	-83,679	58,926	-19,414	46,880	-43,235	27,536	8,528	-40,049	-26,403	12,859	-11,864	-9,430	-81,255	41,848	-280,762	40,786	66,909	11,741	-14,696	35,020	-67,206	2,616	-49,038	78,481	-14,503	81,698	106,331	103,053	16,968	4,679	-36,861	25,125	11,231	-21,079	-2,522	15,380	-95,439	88,728	-8,082	3,448	15,659	-5,469	-7,441	77	11,606	-9,471	-4,763	-3,204	23,514	-4,473	7,108	-18,481	13,316	-933	-1,240	4,237	10,071	-2,862	-1,219	9,628	-6,755	-9,278	6,560	959	4,975	-12,991	15,600	9,700	20,400	-33,500	38,800	4,500	19,400	4,800	20,800	-1,100	41,600	22,400	-29,700	32,500	18,400	3,500	12,300	9,600	24,300	1,000	28,100	4,500	-5,200	3,100	8,100	3,900	-11,600	8,500	6,100	-7,600	-11,100	4,400	12,900	1,100	-5,100	5,600	5,800	2,900	-2,900	1,200
Change In Working Capital	-1,685	-3,205	-7,178	-6,146	-1,301	-10,705	8,554	-7,743	6,454	2,872	4,542	-8,366	-4,135	-10,649	10,788	5,694	-5,399	3,926	12,665	-5,652	14,205	-17,082	9,613	-11,386	12,619	-12,922	8,103	-6,066	-509	-5,719	3,805	-2,217	-540	-700	1,525	-1,868	2,116	-9,304	2,085	-4,689	-3,386	-5,813	10,042	3,396	5,806	-9,027	6,908	642	7,592	1,349	5,123	1,259	-3,512	-1,721	14,533	-6,975	-14,865	-17,504	-3,051	2,882	16,728	-18,624	4,424	-6,022	-6,923	8,537	-10,976	-4,652	3,767	-8,451	-1,077	-9,472	7,301	-5,096	-388	-7,294	6,474	5,439	963	16,058	-8,152	-459	-4,075	1,630	-5,775	1,820	1,935	-1,193	-80	4,228	-7,253	5,182	899	1,813	3,200	2,329	-8,000	1,700	1,100	-1,000	1,300	-1,200	-800	1,500	1,600	-1,000	1,600	400	-800	-7,700	800	200	1,700	-800	1,200	800	800	-100	300	1,300	-300	-600	300	900	-1,200	-100	900	-700	400	500	200	300	-700	100	600	-800
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	0	-4,483	-12,119	1,960	-8,367	-8,929	-3,156	0	0	0	0	511	511	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8,024	0	7,859	8,272	0	0	904	2,486	0	324	1,492	3,244	3,935	0	0	2,356	1,692	0	6,834	37,119	28,280	18,803	13,570	14,637	15,773	8,854	8,340	14,559	27,142	27,518	31,682	0	0	5,663	5,546	6,429	12,423	0	0	11,538	13,070	10,780	2,771	2,203	11,175	0	0	1,316	0	0	0	15,557	1,567	595	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To 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	-3,218	0	-1,499	3,252	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	-5,001	10,568	-15,822	16,946	9,553	20,604	41,734	-26,648	14,464	13,028	10,267	-25,299	6,899	17,472	14,041	-20,322	-6,924	750	14,357	-4,595	-2,407	-2,273	30,683	-13,694	3,929	-2,786	5,022	-7,769	3,031	933	-1,095	6,731	4,473	-6,091	2,901	-6,819	-5,255	4,223	5,910	1,452	-45,462	12,661	6,607	-17,939	4,688	9,839	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	0	7,066	-3,339	11,710	-789	7,586	4,204	5,286	95	2,778	-5,489	12,287	599	-975	2,963	7,670	2,455	2,170	-3,534	7,315	-5,711	5,442	-1,685	6,460	-2,848	559	-4,376	79	0	-1,376	0	0	0	-7,213	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	2,541	2,529	2,524	2,425	2,487	2,606	2,866	2,868	2,854	2,997	3,121	3,158	3,199	1,838	2,329	1,795	1,632	1,521	1,427	1,479	1,473	1,368	1,373	1,819	1,878	1,960	1,840	1,279	1,385	1,324	1,201	1,306	1,208	1,117	1,049	1,179	1,158	837	646	373	-29	-433	-695	-1,040	-1,186	-1,181	-1,038	-1,313	-1,998	-2,861	-2,706	-3,736	-4,660	-6,135	-7,604	-9,321	-11,197	-12,388	-10,943	-8,809	-7,101	-5,868	-5,285	-4,524	-3,718	-3,629	-2,624	-2,584	-2,983	-1,583	-2,577	-2,696	-3,016	-3,472	-3,230	-2,780	-9,889	2,409	2,044	2,435	2,185	1,938	1,940	1,707	1,827	1,524	1,862	1,298	1,744	1,596	1,519	1,700	1,489	2,205	1,241	1,605	1,400	2,200	1,300	1,200	1,200	1,100	1,200	1,000	1,100	900	1,100	1,100	900	800	500	600	500	600	500	600	200	200	0	100	600	600	200	200	300	300	200	200	-200	200	200	200	0	100	100	200
Dividends Paid	-4,792	-4,817	-4,858	-4,860	4,634	4,633	4,631	4,667	4,469	4,520	4,574	4,592	4,379	4,384	4,378	4,477	4,047	4,049	4,212	4,246	3,609	3,623	3,617	3,206	2,560	2,134	2,133	2,133	2,125	1,698	1,701	1,750	1,778	1,358	1,378	1,382	1,377	1,377	1,375	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	241	1,141	1,141	861	231	231	2,537	4,770	4,769	4,767	4,754	4,584	4,583	4,377	4,399	4,188	4,230	3,849	3,837	3,404	3,402	3,197	2,967	2,934	3,125	2,913	2,508	2,494	2,051	2,107	2,113	2,135	1,818	1,839	1,839	1,740	1,674	1,686	1,683	1,572	1,600	1,000	1,000	1,000	900	900	1,000	800	800	800	900	700	800	600	700	600	600	700	600	500	500	500	500	400	400	300	400	300	300	300	300	300	300	300	300	300	200	300	300	300
End Period Cash Flow	169,781	127,461	129,192	227,019	74,371	70,632	59,486	109,821	109,473	125,621	69,254	130,507	118,705	46,556	55,816	70,291	65,304	82,417	55,137	71,623	70,244	53,170	58,711	42,376	54,738	47,603	59,768	69,823	83,194	114,316	61,030	144,709	85,783	105,197	58,317	101,552	74,016	65,488	105,537	131,940	119,081	130,945	140,375	221,630	179,782	460,544	419,758	352,849	341,108	355,804	320,784	387,990	385,374	434,412	355,931	370,434	288,736	182,405	79,352	62,384	57,705	94,566	69,441	58,210	79,289	81,811	66,431	161,870	73,142	81,224	77,776	62,117	67,586	75,027	74,950	63,344	72,815	77,578	80,782	57,268	61,741	54,633	73,114	59,798	60,731	61,971	57,734	47,663	50,525	51,744	42,116	48,871	58,149	51,589	50,630	45,655	58,600	43,000	33,300	9,300	38,800	4,500	19,400	35,200	20,800	-1,100	41,600	73,000	-29,700	32,500	18,400	20,700	12,300	9,600	24,300	24,700	28,100	4,500	-5,200	40,500	8,100	3,900	-11,600	31,800	6,100	-7,600	-11,100	26,300	12,900	1,100	-5,100	26,400	5,800	2,900	-2,900	17,000
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	11,420	15,610	8,043	22,234	-2,446	33,240	21,969	36,190	52,943	-12,143	30,399	33,118	18,155	-6,665	20,778	21,522	25,571	-8,922	2,775	9,620	23,243	6,551	5,298	5,967	30,744	-7,523	8,636	2,508	9,135	-2,123	9,090	4,422	3,046	10,751	9,169	-3,285	5,165	-2,944	155	6,397	8,340	2,846	16,164	16,349	17,004	-12,011	8,591	10,516	-3,710	400	2,167	33,994	11,416	-24,870	14,787	-8,424	-39,405	11,605	-26,942	-2,421	2,101	-4,450	22,427	-492	-6,620	14,216	-1,702	1,578	6,871	819	5,171	-3,945	29,935	530	7,114	-3,131	6,462	15,860	28,009	2,373	44,532	72,784	-19,121	34,393	-6,146	-77,528	2,863	56,738	-34,551	13,709	2,858	-8,572	3,302	11,723	5,282	8,859	1,000	15,700	11,200	11,800	-5,600	10,100	3,900	-17,200	-1,400	-300	100	3,900	0	-8,100	12,700	3,200	-1,500	3,300	-400	6,400	-19,400	6,500	10,900	11,400	-24,400	5,500	20,500	3,700	-3,700	1,600	2,600	800	1,400	1,700	1,600	1,400	100	1,200	1,400	0
Investments	-6,747	-78,609	50,915	72,191	42,278	58,026	105,234	-21,538	-102,888	-7,658	-61,035	-181,641	17,505	-105,772	-260,357	-36,669	-46,452	4,294	99,753	-21,847	-51,952	-66,619	-72,097	-18,444	-58,280	-91,005	-114,079	-50,198	-56,074	-6,966	-66,447	-2,968	-13,446	-57,857	-12,290	-45,197	-14,653	-32,499	-9,282	-44,363	-46,944	-67,844	-75,862	-52,409	37,333	40,119	67,541	-102,302	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	-1	0	23	48	3	42	19	13	6	6	30	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	39,986	-35,977	-701	61,200	-4,499	-3	2	2	-1	-6	7	-20,038	-12,679	13,296	24,647	22,805	15,405	2	-54,003	39,086	-1,627	-26,753	-21,249	-9,675	76,091	76,091	-2,094	-270	-156	-1	-116	-255	-143	-2	-18,412	-386	13,671	-4,245	-9,546	-221	-127	5	-95	-209	-15,110	-348	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	13,743	17,543	14,790	12,991	15,086	17,297	13,001	17,967	12,508	15,962	12,388	22,037	16,986	19,584	14,772	4,810	13,879	12,445	10,730	9,381	9,936	11,925	8,817	9,161	1,711	6,859	5,931	5,974	5,855	6,373	6,438	4,100	5,570	5,047	5,619	3,781	3,902	4,929	6,052	3,138	4,809	3,505	63,388	5,807	11,915	6,446	4,333	3,504	-8,714	-4,122	37	-7,401	-4,146	-6,610	7,884	-13,837	-48,155	-18,314	-5,161	-18,597	-90,025	-5,326	3,346	341	2,432	3,725	-43	4,243	307	9,951	10,602	12,343	11,437	12,048	12,126	11,301	10,814	10,318	8,983	8,443	9,324	10,320	9,131	8,817	7,957	7,113	7,288	7,109	6,646	6,245	6,249	5,258	5,428	5,459	4,636	4,486	3,100	-1,200	2,800	2,800	2,600	2,600	2,600	2,400	2,300	2,300	2,200	2,100	2,100	2,000	1,900	1,900	1,800	1,800	1,600	1,600	1,600	1,600	1,400	1,400	1,300	1,400	1,300	1,400	1,200	1,300	1,200	1,100	1,100	900	1,000	900	800	1,000	700	400
Other Cashflows From Financing Activities	37,265	-27	-17,128	260,098	176,337	227,629	120,542	87,848	205,022	149,522	3,793	220,711	64,525	112,504	488,791	212,543	-3	-13	72,208	40,732	-140	-6	-433	-888	-43	319,496	-60	36,913	-20	78,145	-181	69,127	23,947	106,818	-39,063	76,440	-811	-300	-18,920	53,608	34,084	-49,079	-34,760	69,979	-3,100	654	2,090	110,373	16,183	21,293	-154,353	-22,942	-165,671	3,424	-123,712	-41,874	70,998	99,298	150,811	223,657	132,046	173,289	169,762	-2,766	195,582	-4,385	-80,037	-247,182	64,728	90,498	123,212	80,180	232,629	302,653	241,809	264,042	182,131	202,753	217,639	155,786	175,924	504,483	120,173	-7,523	10,316	212,091	54,632	-25,142	981,288	343,790	187,062	167,953	40,803	-9,537	177,303	155,889	272,100	66,200	42,900	-21,000	168,800	45,900	50,900	17,100	94,100	200	43,000	23,600	-28,400	33,100	19,100	4,100	12,900	10,300	24,900	1,500	30,600	5,300	-4,500	3,800	8,500	4,200	-11,200	8,800	6,800	-7,300	-10,800	4,700	13,200	3,500	-4,800	5,900	6,300	3,200	-2,600	1,500
Other Cashflows From Investing Activities	0	0	-131,538	-66,086	-82,799	-173,158	-250,845	-96,111	-63,268	-62,350	-26,181	-52,206	511	15,057	-159,399	-21,159	-1,246	-59,760	-151,615	167	1,366	888	26,271	1,082	1,735	679	38,298	-486	1,276	-12,458	2,667	5,574	-26,504	-5,885	3,172	1,848	10,178	9,604	1,746	1,451	2,287	7,678	13,422	6,975	-332,768	12,167	3,800	5,508	20,251	15,679	10,755	5,063	36,318	23,086	8,986	4,008	12,336	8,093	4,107	1,714	0	0	0	0	175,901	175,901	175,901	175,901	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-1,619	-7	-643	12,284	-15,281	25,268	-2,916	22,794	30,833	-34,087	13,295	15,727	3,401	-17,272	-6,178	11,361	17,430	-25,921	-20,969	2,464	-4,081	8,220	-16,313	4,848	7,193	-2,991	-10,251	-2,267	4,388	-6,850	-5,547	-1,034	-3,874	3,198	-533	-8,217	-2,374	-1,006	-10,884	5,982	7,832	7,864	8,461	14,482	-348,804	358,285	533	8,714	-264,771	244,409	-3,039	34,000	-168,314	-144,768	-99,145	-83,592	-103,994	-104,631	-188,453	-148,909	85,086	27,695	23,217	11,334	4,262	8,652	15,265	7,213	8,015	3,494	2,133	459	18,159	958	1,864	-1,571	2,273	-305	19,007	-21,042	43,289	63,293	-24,689	23,661	-7,405	-85,801	-4,929	50,777	-40,100	2,867	2,937	-19,654	-3,852	2,914	-3,695	654	5,800	14,400	7,900	10,700	-7,600	10,000	2,300	-20,700	-5,300	-1,400	-3,600	1,900	-1,100	-1,900	10,200	1,100	-5,100	1,700	-3,700	3,800	-21,700	5,200	9,200	8,600	-25,300	4,800	19,100	1,400	-3,800	200	400	500	100	300	300	100	100	300	100	200
Sale Purchase Of Stock	-194	-1,693	-3,270	48	3	42	-2,626	-1,384	-3,496	-6,488	-3,684	-3,601	-447	-13,784	0	-13,784	45,062	-502	-23,252	-2,530	153,201	198,123	1,070,066	63,114	221,524	61	225,160	25	18,754	-1,344	-26,975	-15,510	-4,473	-5,357	-2,766	-902	14,857	-12,326	26	11	-79	97,188	3	954	861	60	497	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	130,274	0	0	0	-5,989	0	0	0	-9,178	0	0	0	0	0	0	0	-569	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	559	624	477	569	554	535	543	511	501	499	505	442	474	497	462	547	506	460	468	420	438	445	441	407	406	426	484	432	420	375	415	410	324	381	399	373	301	310	326	255	236	575	191	236	297	268	259	45	446	307	302	153	127	123	135	157	289	175	175	170	0	0	1,443	148	0	0	1,153	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	32,266	51,438	-25,247	124,309	46,706	93,038	73,307	81,807	97,065	138,518	-4,436	212,531	34,709	88,120	384,503	41,293	5,014	91,668	32,601	13,439	44,417	53,639	56,863	-967	32,936	85,684	57,090	34,805	14,541	74,833	-28,989	51,898	17,490	99,871	-43,286	74,170	7,838	-14,210	-19,022	49,374	24,453	47,890	-34,979	70,933	-2,331	511	-13,023	98,019	1,844	4,110	-161,970	-51,113	-192,750	3,250	-145,886	-48,806	39,684	11,996	18,581	8,763	-90,748	-50,090	-8,205	-29,465	19,247	-9,784	-89,661	-307,190	-44,239	21,498	30,797	41,266	11,338	62,567	53,631	89,150	75,214	28,061	113,413	24,596	31,952	8,743	117,665	-10,017	8,265	96,840	52,519	-27,277	22,716	24,054	43,176	-10,637	4,851	-11,723	27,789	5,486	41,600	33,700	20,400	-33,500	38,800	4,500	19,400	4,800	20,800	-1,100	41,600	22,400	-29,700	32,500	18,400	3,500	12,300	9,600	24,300	1,000	28,100	4,500	-5,200	3,100	8,100	3,900	-11,600	8,500	6,100	-7,600	-11,100	4,400	12,900	1,100	-5,100	5,600	5,800	2,900	-2,900	1,200
Total Cash From Operating Activities	12,933	17,050	9,789	23,559	-736	34,243	22,554	38,571	54,242	-10,686	31,533	35,065	19,935	-5,715	21,671	22,282	27,920	-7,877	3,806	10,131	24,293	7,330	6,410	6,888	32,394	-6,835	9,860	3,188	10,877	-1,396	9,469	5,033	4,475	11,778	10,092	-2,310	6,803	-1,890	797	7,361	10,719	4,957	17,926	18,468	18,522	-11,493	9,021	13,343	-3,277	970	2,964	34,751	12,770	-23,812	15,372	-6,992	-37,939	13,376	-25,172	567	4,688	-2,123	23,724	1,425	-3,947	17,285	256	4,220	9,106	3,411	9,081	634	33,881	4,438	10,372	-344	9,672	17,861	30,997	5,894	46,646	75,092	-17,693	35,815	-3,396	-75,344	6,156	57,991	-31,790	14,936	3,452	-7,514	3,964	12,391	5,382	9,074	2,300	17,100	13,100	13,700	-2,500	12,500	5,300	-15,800	-300	800	1,300	5,500	1,100	-6,800	13,400	3,800	-1,100	3,300	-400	6,800	-19,100	6,900	10,900	11,400	-23,700	6,200	20,900	3,900	-3,500	1,700	2,700	1,100	1,400	1,900	1,700	1,500	100	1,500	1,500	200
Total Cashflows From Investing Activities	0	0	-82,369	4,780	-42,231	-116,135	-146,196	-120,030	-167,455	-71,465	-88,350	-235,794	17,505	-91,665	-420,649	-58,588	-50,047	-56,511	-52,893	-22,191	-51,636	-66,510	-46,938	-18,283	-58,195	-91,014	-77,005	-51,364	-56,540	-20,151	-64,159	1,995	-41,379	-64,769	-10,041	-44,324	-6,113	-23,949	-8,178	-43,876	-47,036	-62,277	-64,202	-47,553	-296,953	51,768	70,911	-99,621	127,455	140,718	110,778	18,978	483,492	352,550	253,507	137,496	201,175	96,589	18,908	0	129,210	80,011	2,673	6,961	375,721	393,376	385,664	391,698	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31	1988-12-31	1987-12-31	1986-12-31
Cost Of Revenue	-4,856	0	0	0	0	18,994	10,322	5,573	3,142	4,163	5,174	20,030	48,139	83,963	153,565	145,874	145,823	110,042	76,626	49,323	48,145	51,570	66,197	71,152	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Depreciation And Amortization	5,747	10,827	12,130	9,161	6,059	6,033	6,957	5,216	4,553	3,014	-2,197	-4,718	-11,301	-27,720	-43,337	-22,778	-12,555	-9,839	-12,498	-3,001	7,770	6,511	6,559	6,540	6,100	4,500	4,200	2,800	2,200	500	1,600	1,000	400	400	700	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Ebit	0	97,235	77,313	69,481	57,760	66,624	47,561	39,783	35,236	32,515	31,820	39,341	-219	18,899	-42,904	-15,014	111,917	138,563	133,674	97,368	95,432	88,871	96,146	95,140	70,700	51,200	47,300	36,000	27,400	20,900	18,800	20,500	24,100	23,400	22,000	1,800	1,500	1,400
Ebitda	5,747	108,062	89,443	78,642	63,819	72,657	54,518	44,999	39,789	35,529	29,623	34,623	-11,520	-8,821	-86,241	-37,792	99,362	128,724	121,176	94,367	103,202	95,382	102,705	101,680	76,800	55,700	51,500	38,800	29,600	21,400	20,400	21,500	24,500	23,800	22,700	1,800	1,500	1,400
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Extraordinary Items	0	0	0	0	0	0	-6,000	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	-	-	-
Gross Profit	294,555	204,571	199,032	197,519	164,096	152,971	128,410	117,275	108,572	104,402	111,757	127,709	141,482	165,862	197,264	159,870	167,736	165,247	178,614	155,331	137,857	112,718	105,984	89,511	84,100	63,000	51,100	40,300	31,900	28,300	24,000	22,200	19,400	17,000	15,700	-	-	-
Income Before Tax	73,676	77,788	77,313	69,481	57,760	49,133	38,438	32,901	29,380	25,216	22,658	26,198	-20,412	-18,299	-93,437	-88,601	8,852	45,487	65,119	52,354	51,319	40,863	33,721	27,275	12,000	14,300	12,500	11,200	9,500	8,300	7,500	6,700	5,400	4,000	3,400	-	-	-
Income Tax Expense	14,609	14,437	14,418	13,329	11,325	9,294	17,963	10,135	9,363	7,195	-54,851	0	-212	-1,590	-3,210	3,063	-1,103	11,662	18,207	13,796	13,727	11,396	9,288	7,266	3,300	4,100	3,600	3,300	2,700	2,300	2,100	1,900	1,500	1,100	700	-1,800	-1,500	-1,400
Interest Expense	8,273	19,447	8,315	16,217	26,347	17,491	9,123	6,882	5,856	7,299	9,162	13,143	20,193	37,198	50,533	73,587	102,663	93,698	68,555	45,014	44,113	48,008	62,460	67,865	58,700	36,900	34,800	24,800	17,900	12,600	11,300	13,800	18,800	19,400	18,600	0	0	0
Interest Income	225,294	169,008	138,080	139,829	148,928	130,773	98,309	86,523	80,842	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Income	59,067	63,351	62,895	56,152	46,435	39,839	20,475	22,766	20,017	18,021	77,509	26,198	-20,200	-16,709	-90,227	-91,664	10,357	33,203	46,912	38,558	37,592	29,467	24,398	20,009	8,700	10,200	8,900	7,900	6,800	6,000	5,400	4,800	3,800	2,900	2,700	1,800	1,500	1,400
Net Income Applicable To Common Shares	0	63,351	62,895	56,152	46,435	39,839	20,475	22,766	20,017	18,021	82,062	21,851	-24,357	0	0	0	9,955	33,825	46,912	38,558	37,592	29,467	24,433	20,009	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Income From Continuing Ops	60,410	63,351	62,895	56,152	46,435	39,839	20,475	22,766	20,017	18,021	77,509	26,198	-20,200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Interest Income	156,820	149,561	129,765	123,612	122,581	113,282	89,186	79,641	74,986	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Recurring	0	0	0	0	0	0	2,176	4,042	2,013	1,969	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Operating Income	258,065	97,235	77,313	69,481	57,760	66,624	47,561	39,783	35,236	32,515	31,820	39,341	-219	18,899	-42,904	-15,014	111,917	138,563	133,674	97,368	95,432	88,871	96,146	95,140	70,700	51,200	47,300	36,000	27,400	20,900	18,800	20,500	24,100	23,400	22,000	1,800	1,500	1,400
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Operating Expenses	216,023	-107,336	-121,719	-128,038	106,336	86,347	80,849	77,492	73,336	71,887	79,937	88,368	141,701	53,178	67,167	174,884	55,819	26,684	44,940	57,963	42,425	23,847	9,838	5,629	13,400	11,800	3,800	4,300	4,500	7,400	5,200	1,700	4,700	6,400	6,300	1,800	1,500	1,400
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	-3,001	4,347	4,157	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	9,965	10,827	12,130	9,161	6,059	6,033	6,957	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling And Marketing Expenses	2,165	2,074	1,918	2,230	2,450	2,155	1,905	1,856	2,121	2,193	2,433	2,494	2,503	2,712	5,696	5,534	5,514	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling General Administrative	81,970	83,149	95,268	88,105	80,038	74,269	66,324	61,722	60,453	59,246	61,297	68,567	70,950	68,070	61,389	55,179	55,811	50,801	53,695	50,081	43,558	37,343	37,906	33,513	34,300	26,000	20,300	15,700	12,200	10,600	8,500	7,400	6,300	5,600	5,200	-	-	-
Tax Provision	13,908	14,437	14,418	13,329	11,325	9,294	17,963	10,135	9,363	0	0	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	36,027	-107,336	-121,719	-128,038	-106,336	-86,347	-80,849	-77,492	-73,336	-71,887	-79,937	-88,368	-141,701	53,178	67,167	-174,884	-55,819	-26,684	-44,940	-57,963	-42,425	-23,847	-9,838	5,629	-13,400	-11,800	-3,800	-4,300	-4,500	-7,400	-5,200	-1,700	4,700	6,400	6,300	1,800	1,500	1,400
Total Other Income Expense Net	73,676	-19,447	77,313	69,481	57,760	-17,491	-9,123	-6,882	-5,856	-7,299	-9,162	-13,143	-20,193	-37,198	-50,533	-73,587	-103,065	-93,076	-68,555	-45,014	-44,113	-48,008	-62,425	-67,865	-58,700	-36,900	-34,800	-24,800	-17,900	-12,600	-11,300	-13,800	-18,700	-19,400	-18,600	-	-	-
Total Revenue	289,699	204,571	199,032	197,519	164,096	152,971	128,410	117,275	108,572	104,402	111,757	127,709	141,482	165,862	197,264	159,870	167,736	165,247	178,614	155,331	137,857	112,718	105,984	89,511	84,100	63,000	51,100	40,300	31,900	28,300	24,000	22,200	19,400	17,000	15,700	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31	1990-12-31	1990-09-30	1990-06-30	1990-03-31	1989-06-30
Cost Of Revenue	0	0	0	0	0	0	0	0	0	-49	26	-32	-666	41	111	-208	-138	-152	101	-222	-309	217	4	102	132	-30	-91	-11	2,037	1,572	903	1,061	-1,208	1,208	1,296	802	703	1,253	-2,233	2,233	1,339	1,900	232	1,703	13,069	70	85	8,727	10,686	10,584	9,899	16,970	14,890	18,245	22,601	28,227	37,160	34,931	37,418	44,056	44,927	36,464	30,518	33,965	35,099	36,289	40,584	33,851	33,898	29,318	25,189	21,637	22,671	19,714	18,499	15,742	13,120	14,469	10,693	11,041	12,350	11,281	12,701	11,813	12,508	12,703	13,178	13,181	14,302	16,669	17,477	17,749	18,551	18,225	17,972	16,404	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Depreciation And Amortization	2,541	2,529	2,524	2,425	2,487	2,606	2,866	2,868	2,854	2,997	3,121	3,158	3,199	1,838	2,329	1,795	1,632	1,521	1,427	1,479	1,473	1,368	1,373	1,819	1,878	1,960	1,840	1,279	1,385	1,324	1,201	1,306	1,208	1,117	1,049	1,179	1,158	837	646	373	-29	-433	-695	-1,040	-1,186	-1,181	-1,038	-1,313	-1,998	-2,861	-2,706	-3,736	-4,660	-6,135	-7,604	-9,321	-11,197	-12,388	-10,943	-8,809	-7,101	-5,868	-5,285	-4,524	-3,718	-3,629	-2,624	-2,584	-2,983	-1,583	-2,577	-2,696	-3,016	-3,472	-3,230	-2,780	-9,889	2,409	2,044	2,435	2,185	1,938	1,940	1,707	1,827	1,524	1,862	1,298	1,744	1,596	1,519	1,700	1,489	2,205	1,241	1,605	1,400	2,200	1,300	1,200	1,200	1,100	1,200	1,000	1,100	900	1,100	1,100	900	800	500	600	500	600	500	600	200	200	0	100	600	600	200	200	300	300	200	200	-200	200	200	200	0	100	100	200	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Ebit	0	19,123	15,678	28,945	28,965	26,275	18,183	23,812	17,411	21,697	17,159	29,361	25,539	27,429	21,587	11,143	23,423	22,509	20,234	17,941	17,956	19,601	15,007	14,060	13,941	12,477	10,635	10,508	10,350	11,099	10,686	7,648	9,764	8,777	9,673	7,022	7,228	9,159	9,718	6,410	8,304	6,042	9,238	8,236	14,755	9,728	7,758	7,100	-4,409	-191	5,522	-1,141	2,712	1,114	17,961	-2,888	-37,567	-6,756	6,505	-5,086	-63,581	5,627	21,981	20,959	28,123	29,439	24,095	29,909	19,831	41,199	39,740	37,793	36,153	34,730	33,041	29,750	27,385	26,326	22,064	21,593	23,018	24,922	24,512	22,980	22,717	21,807	22,170	22,177	22,906	24,339	24,435	24,467	25,376	25,076	22,807	21,881	19,000	13,100	12,500	12,700	13,000	13,100	12,600	12,400	12,400	12,200	11,800	11,000	10,200	9,800	8,300	7,700	7,600	7,300	6,500	6,100	5,600	5,200	2,100	5,000	4,800	4,400	4,700	4,900	4,600	5,100	5,300	5,500	5,800	6,100	6,200	6,200	1,200	6,200	5,700	5,300	900
Ebitda	2,541	21,652	18,202	31,370	31,452	28,881	21,049	26,680	20,265	24,694	20,280	32,519	28,738	29,267	23,916	12,938	25,055	24,030	21,661	19,420	19,429	20,969	16,380	15,879	15,819	14,437	12,475	11,787	11,735	12,423	11,887	8,954	10,972	9,894	10,722	8,201	8,386	9,996	10,364	6,783	8,275	5,609	8,543	7,196	13,569	8,547	6,720	5,787	-6,407	-3,052	2,816	-4,877	-1,948	-5,021	10,357	-12,209	-48,764	-19,144	-4,438	-13,895	-70,682	-241	16,696	16,435	24,405	25,810	21,471	27,325	16,848	39,616	37,163	35,097	33,137	31,258	29,811	26,970	17,496	28,735	24,108	24,028	25,203	26,860	26,452	24,687	24,544	23,331	24,032	23,475	24,650	25,935	25,954	26,167	26,865	27,281	24,048	23,486	20,400	15,300	13,800	13,900	14,200	14,200	13,800	13,400	13,500	13,100	12,900	12,100	11,100	10,600	8,800	8,300	8,100	7,900	7,000	6,700	5,800	5,400	5,100	5,100	5,400	5,000	4,900	5,100	4,900	5,400	5,500	5,700	5,600	6,300	6,400	6,400	6,100	6,300	5,800	5,500	5,400
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	79,116	53,399	52,093	47,365	50,349	18	141	50,434	48,182	51,561	43,957	55,063	51,703	57,190	49,151	39,323	44,667	41,542	39,280	38,658	38,059	40,287	39,836	34,278	34,316	32,306	30,840	30,907	32,246	30,396	28,333	26,300	28,290	26,470	28,368	25,444	25,348	27,026	26,638	25,390	28,049	26,943	29,763	27,002	20,160	35,993	34,872	36,684	35,452	33,029	35,840	37,303	44,548	39,349	39,799	42,166	46,769	48,040	56,530	45,925	33,240	39,395	47,358	39,877	41,241	42,944	43,249	40,302	35,039	42,661	44,247	45,874	44,547	45,217	45,604	43,246	41,213	42,290	39,016	32,812	35,684	37,073	33,878	31,222	30,613	27,685	27,828	26,592	29,045	27,270	26,527	23,142	22,956	22,873	22,380	21,302	20,300	21,400	16,800	16,600	16,900	16,100	15,600	14,400	13,900	13,200	12,400	11,600	11,200	10,700	9,700	8,600	8,500	8,300	7,800	7,200	7,000	7,300	7,000	7,000	6,600	5,800	5,700	5,800	5,500	5,900	5,500	5,300	5,300	4,900	4,800	4,500	4,400	4,700	4,200	3,700	4,000
Income Before Tax	17,947	21,652	18,202	15,875	18,589	21,247	15,880	22,072	15,472	19,645	15,053	27,143	21,070	24,361	18,295	5,755	17,225	15,570	13,417	11,548	12,204	14,846	10,884	11,199	11,231	10,018	8,594	8,595	8,443	9,352	9,049	6,057	8,251	7,325	8,243	5,561	5,438	7,274	7,899	4,605	6,130	3,787	6,899	5,842	11,915	6,446	4,333	3,504	-8,178	-4,604	-221	-7,409	-4,650	-7,588	8,040	-14,101	-49,611	-19,402	-6,120	-18,304	-79,677	-11,049	3,815	-1,690	2,263	3,837	-1,445	4,197	1,492	13,807	14,690	15,498	15,831	16,604	17,070	15,614	14,608	14,313	12,080	11,353	12,421	14,210	12,521	12,167	10,926	9,856	10,158	9,923	9,386	8,731	8,219	7,386	7,506	7,508	6,227	6,034	3,900	-1,600	3,900	3,900	3,700	3,600	3,500	3,400	3,200	3,200	3,100	3,000	2,900	2,800	2,800	2,700	2,600	2,500	2,200	2,200	2,200	2,200	2,100	1,900	1,800	1,800	1,900	2,000	1,600	1,800	1,700	1,500	1,600	1,400	1,400	1,200	1,200	1,400	900	500	900
Income Tax Expense	4,204	4,109	3,412	2,884	3,503	3,950	2,879	4,105	2,964	3,683	2,665	5,106	4,084	4,777	3,523	945	3,346	3,125	2,687	2,167	2,268	2,921	2,067	2,038	9,520	3,159	2,663	2,621	2,588	2,979	2,611	1,957	2,681	2,278	2,624	1,780	1,536	2,345	1,847	1,467	1,321	282	-56,489	35	0	0	0	536	536	-482	-258	-8	-504	-978	156	-264	-1,456	-1,088	-959	293	10,348	-5,723	469	-2,031	-15	160	-1,553	305	563	3,856	4,088	3,155	4,394	4,556	4,944	4,313	3,794	3,995	3,097	2,910	3,097	3,890	3,390	3,350	2,969	2,743	2,870	2,814	2,740	2,486	1,970	2,093	2,078	2,049	1,591	1,548	800	-400	1,100	1,100	1,100	1,000	1,000	1,000	900	900	900	900	800	800	800	800	800	700	600	600	600	600	600	500	500	500	500	600	400	500	500	400	500	400	400	300	400	400	200	100	200
Interest Expense	2,139	23,005	19,598	15,495	10,376	5,028	2,303	1,740	1,939	2,052	2,106	2,218	4,469	3,068	3,292	5,388	6,198	6,939	6,817	6,393	5,752	4,755	4,123	2,861	2,710	2,459	2,041	1,913	1,907	1,747	1,637	1,591	1,513	1,452	1,430	1,461	1,790	1,885	1,819	1,805	2,174	2,255	2,339	2,394	2,840	3,282	3,425	3,596	3,769	4,413	5,743	6,268	7,362	8,702	9,921	11,213	12,044	12,646	12,625	13,218	16,096	16,676	18,166	22,649	25,706	25,554	25,691	25,712	18,961	27,392	25,050	22,295	20,322	18,126	15,971	14,136	12,777	12,013	9,984	10,240	10,597	10,712	11,991	10,813	11,791	11,951	12,012	12,254	13,520	15,608	16,216	17,116	17,870	17,568	16,580	15,847	15,100	14,700	8,600	8,800	9,300	9,500	9,100	9,000	9,200	9,000	8,700	8,000	7,300	7,000	5,500	5,000	5,000	4,800	4,300	3,900	3,400	3,000	3,000	3,100	3,000	2,600	2,800	2,900	3,000	3,300	3,600	4,000	4,300	4,700	4,800	5,000	4,900	4,800	4,800	4,800	4,500
Interest Income	65,361	62,432	57,948	53,936	50,978	44,925	38,364	34,741	36,224	35,855	33,499	32,502	35,462	35,034	33,754	35,579	36,908	37,811	37,573	36,636	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income	13,743	17,543	14,790	12,991	15,086	17,297	13,001	17,967	12,508	15,962	12,388	22,037	16,986	19,584	14,772	4,810	13,879	12,445	10,730	9,381	9,936	11,925	8,817	9,161	1,711	6,859	5,931	5,974	5,855	6,373	6,438	4,100	5,570	5,047	5,619	3,781	3,902	4,929	6,052	3,138	4,809	3,505	63,388	5,807	11,915	6,446	4,333	3,504	-8,714	-4,122	37	-7,401	-4,146	-6,610	7,884	-13,837	-48,155	-18,314	-5,161	-18,597	-90,025	-5,326	3,346	341	2,432	3,725	-43	3,892	307	9,951	10,602	12,343	11,437	12,048	12,126	11,301	10,814	10,318	8,983	8,443	9,324	10,320	9,131	8,817	7,957	7,113	7,288	7,109	6,646	6,245	6,249	5,258	5,428	5,459	4,636	4,486	3,100	-1,200	2,800	2,800	2,600	2,600	2,500	2,400	2,300	2,300	2,200	2,100	2,100	2,000	2,000	1,900	1,800	1,800	1,600	1,600	1,600	1,600	1,500	1,400	1,300	1,300	1,400	1,400	1,200	1,300	1,200	1,100	1,000	1,000	1,000	900	800	1,000	700	400	700
Net Income Applicable To Common Shares	0	0	14,790	12,991	15,086	17,297	13,001	17,967	12,508	15,962	12,388	22,037	16,986	19,584	14,772	4,810	13,879	12,445	10,730	9,381	9,936	11,925	8,817	9,161	1,711	6,859	5,931	5,974	5,855	6,373	6,438	4,100	5,570	5,047	5,619	3,781	3,902	4,929	6,052	3,138	4,809	10,310	62,231	4,712	10,809	5,353	3,241	2,448	0	-5,165	-1,014	0	0	-6,771	6,771	0	0	0	0	0	0	-3,346	3,346	341	2,278	3,677	108	3,892	963	9,384	10,422	13,056	11,437	12,048	12,126	11,301	10,814	10,318	8,983	8,443	9,324	10,320	9,131	8,817	7,957	7,113	7,288	7,109	6,646	6,245	6,249	5,293	5,428	5,459	4,636	4,486	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income From Continuing Ops	13,743	17,543	14,790	12,991	15,086	17,297	13,001	17,967	12,508	15,962	12,388	22,037	16,986	19,584	14,772	4,810	13,879	12,445	10,730	9,381	9,936	11,925	8,817	9,161	1,711	6,859	5,931	5,974	5,855	6,373	6,438	4,100	5,570	5,047	5,619	3,781	3,902	4,929	6,052	3,138	4,809	3,505	63,388	5,807	11,915	6,446	4,333	3,504	0	-4,122	37	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Interest Income	40,111	39,427	38,350	38,441	40,602	39,897	36,061	33,001	34,285	33,803	31,393	30,284	30,993	31,966	30,462	30,191	30,710	30,872	30,756	30,243	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-552	552	1,482	1,616	-1,359	437	4,657	-960	345	0	2,013	0	0	0	1,969	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Operating Income	69,194	21,652	18,202	28,945	28,965	26,275	18,183	23,812	17,411	21,697	17,159	29,361	25,539	27,429	21,587	11,143	23,423	22,509	20,234	17,941	17,956	19,601	15,007	14,060	13,941	12,477	10,635	10,508	10,350	11,099	10,686	7,648	9,764	8,777	9,673	7,022	7,228	9,159	9,718	6,410	8,304	6,042	9,238	8,236	14,755	9,728	7,758	7,100	-4,409	-191	5,522	-1,141	2,712	1,114	17,961	-2,888	-37,567	-6,756	6,505	-5,086	-63,581	-5,326	3,346	341	28,123	3,677	108	3,892	19,831	41,199	39,740	37,793	36,153	34,730	33,041	29,750	27,385	26,326	22,064	21,593	23,018	24,922	24,512	22,980	22,717	21,807	22,170	22,177	22,906	24,339	24,435	24,467	25,376	25,076	22,807	21,881	19,000	13,100	12,500	12,700	13,000	13,100	12,600	12,400	12,400	12,200	11,800	11,000	10,200	9,800	8,300	7,700	7,600	7,300	6,500	6,100	5,600	5,200	5,100	5,000	4,800	4,400	4,700	4,900	4,600	5,100	5,300	5,500	5,800	6,100	6,200	6,200	6,100	6,200	5,700	5,300	5,400
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	61,169	-31,747	-33,891	495	21,384	345	560	26,622	30,771	617	190	457	666	630	475	475	138	484	728	450	309	811	547	543	132	496	428	11	21,896	455	478	477	18,526	406	448	484	18,120	427	601	519	19,745	652	659	570	13,069	717	724	556	39,861	740	670	1,332	18,058	692	674	779	84,336	1,335	1,421	1,442	96,821	1,575	1,168	1,100	13,118	1,472	1,341	1,152	15,208	1,462	4,507	8,081	8,394	10,487	12,563	13,496	13,828	15,964	16,952	11,219	12,666	12,151	9,366	8,242	7,896	5,878	5,658	4,415	6,139	2,931	2,092	1,325	2,420	2,203	427	579	1,300	8,300	4,300	3,900	3,900	3,000	3,000	2,000	1,500	1,000	600	600	1,000	900	1,400	900	900	1,000	1,300	1,100	1,400	2,100	1,900	2,000	1,800	1,400	1,000	900	900	800	200	200	500	1,200	1,400	1,700	1,700	1,500	1,500	1,600	1,400
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	1,552	-6,805	1,157	1,095	1,106	1,093	1,092	1,056	0	1,043	1,051	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,541	2,529	2,524	2,425	2,487	2,606	2,866	2,868	2,854	2,997	3,121	3,158	3,199	1,838	2,329	1,795	1,632	1,521	1,427	1,479	1,473	1,368	1,373	1,819	1,878	1,960	1,840	1,279	1,385	1,324	1,201	1,306	1,208	1,117	1,049	1,179	1,158	837	646	373	-29	-433	-695	-1,040	-1,186	-1,181	-1,038	-1,313	-1,998	-2,861	-2,706	-3,736	-4,660	-6,135	-7,604	-9,321	-11,197	-12,388	-10,943	-8,809	-7,101	-5,868	-5,285	-4,524	-3,718	-3,629	-2,624	-2,584	-2,983	-1,583	-2,577	-2,696	-3,016	-3,472	-3,230	-2,780	-9,889	2,409	2,044	2,435	2,185	1,938	1,940	1,707	1,827	1,524	1,862	1,298	1,744	1,596	1,519	1,700	1,489	2,205	1,241	1,605	1,400	2,200	1,300	1,200	1,200	1,100	1,200	1,000	1,100	900	1,100	1,100	900	800	500	600	500	600	500	600	200	200	0	100	600	600	200	200	300	300	200	200	-200	200	200	200	0	100	100	200	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling And Marketing Expenses	879	360	431	495	489	345	560	680	599	666	164	489	594	589	364	683	515	636	627	672	577	594	543	441	354	526	519	506	446	455	478	477	783	406	448	484	646	427	601	519	552	652	659	570	652	647	639	556	539	740	670	554	567	692	674	779	1,498	1,335	1,421	1,442	1,691	1,575	1,168	1,100	1,549	1,472	1,341	1,152	3,136	1,061	1,055	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	19,845	20,652	21,986	20,790	20,966	24,568	23,745	23,625	23,908	25,710	23,543	22,107	23,583	25,386	19,099	20,037	21,544	19,701	19,161	19,632	18,722	19,217	19,074	17,068	16,896	16,266	16,197	16,965	15,670	15,859	14,989	15,204	15,662	15,134	14,863	14,794	15,372	14,616	14,728	14,530	15,405	16,061	15,198	14,633	18,034	17,703	17,598	17,204	20,219	16,904	17,998	17,889	17,463	16,255	17,232	15,318	15,409	15,969	15,338	14,673	13,164	14,023	13,808	14,184	13,438	13,621	14,784	13,968	12,259	11,846	12,693	14,003	12,837	14,202	13,177	13,479	14,525	12,603	11,854	11,099	11,881	11,241	10,795	9,641	9,673	9,620	9,262	8,788	9,908	9,585	9,791	8,622	8,386	8,438	8,297	8,392	8,400	8,800	7,000	6,800	7,000	6,700	6,400	5,900	5,400	5,200	5,000	4,700	4,300	4,200	3,800	3,300	3,300	3,200	3,000	2,700	2,500	2,700	2,700	2,700	2,500	2,100	2,000	1,900	1,800	1,900	1,900	1,800	1,700	1,700	1,500	1,500	1,400	1,400	1,400	1,400	1,300
Tax Provision	4,204	4,109	3,412	2,884	3,503	3,950	2,879	4,105	2,964	3,683	2,665	5,106	4,084	4,777	3,523	945	3,346	3,125	2,687	2,167	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	9,922	-31,747	-33,891	495	-21,384	345	560	-26,622	-30,771	666	164	489	-26,830	589	364	683	-21,382	636	627	672	-20,412	594	543	441	-20,375	526	519	-20,410	-21,896	455	478	477	-18,526	406	448	484	-18,120	427	601	519	-19,745	652	659	570	-5,405	647	639	556	-39,861	740	670	1,332	18,058	692	674	779	-84,336	1,335	1,421	1,442	-96,821	1,575	1,168	1,100	-13,118	1,472	1,341	1,152	-15,208	-1,462	-4,507	-8,081	-8,394	-10,487	-12,563	-13,496	-13,828	-15,964	-16,952	-11,219	-12,666	-12,151	-9,366	-8,242	-7,896	-5,878	-5,658	-4,415	-6,139	-2,931	-2,092	1,325	2,420	2,203	427	579	-1,300	-8,300	-4,300	-3,900	-3,900	-3,000	-3,000	-2,000	-1,500	-1,000	-600	-600	-1,000	-900	-1,400	-900	-900	-1,000	-1,300	-1,100	-1,400	-2,100	-1,900	-2,000	-1,800	-1,400	-1,000	-900	-900	-800	-200	200	500	1,200	1,400	1,700	1,700	1,500	1,500	1,600	1,400
Total Other Income Expense Net	17,947	21,652	18,202	-13,070	-10,376	-5,028	-2,303	-1,740	-1,939	-2,052	-2,106	-2,218	-4,469	-3,068	-3,292	-5,388	-6,198	-6,939	-6,817	-6,393	-5,752	-4,755	-4,123	-2,861	-2,710	-2,459	-2,041	-1,913	-1,907	-1,747	-1,637	-1,591	-1,513	-1,452	-1,430	-1,461	-1,790	-1,885	-1,819	-1,805	-2,174	-2,255	-2,339	-2,394	-2,840	-3,282	-3,425	-3,596	-3,769	-4,413	-5,743	-6,268	-7,362	-8,702	-9,921	-11,213	-12,044	-12,646	-12,625	-13,218	-16,096	-5,723	469	-2,031	-25,860	160	-1,553	305	-18,339	-27,392	-25,050	-22,295	-20,322	-18,126	-15,971	-14,136	-12,777	-12,013	-9,984	-10,240	-10,597	-10,712	-11,991	-10,813	-11,791	-11,951	-12,012	-12,254	-13,520	-15,608	-16,216	-17,081	-17,870	-17,568	-16,580	-15,847	-15,100	-14,700	-8,600	-8,800	-9,300	-9,500	-9,100	-9,000	-9,200	-9,000	-8,700	-8,000	-7,300	-7,000	-5,500	-5,000	-5,000	-4,800	-4,300	-3,900	-3,400	-3,000	-3,000	-3,100	-3,000	-2,600	-2,800	-2,900	-3,000	-3,300	-3,600	-4,000	-4,200	-4,700	-4,800	-5,000	-4,900	-4,800	-4,800	-4,800	-4,500
Total Revenue	79,116	53,399	52,093	47,365	50,349	18	141	50,434	48,182	51,512	43,983	55,063	51,703	57,231	49,262	39,323	44,667	41,390	39,381	38,658	38,059	40,504	39,840	34,380	34,448	32,306	30,749	30,907	32,246	30,396	28,333	26,300	28,290	26,470	28,368	25,444	25,348	27,026	26,638	25,390	28,049	26,943	29,763	27,002	33,229	36,063	34,957	36,684	35,452	33,029	35,840	37,303	44,548	39,349	39,799	42,166	46,769	48,040	56,530	45,925	33,240	39,395	47,358	39,877	41,241	42,944	43,249	40,302	35,039	42,661	44,247	45,874	44,547	45,217	45,604	43,246	41,213	42,290	39,016	32,812	35,684	37,073	33,878	31,222	30,613	27,685	27,828	26,592	29,045	27,270	26,527	23,142	22,956	22,873	22,380	21,302	20,300	21,400	16,800	16,600	16,900	16,100	15,600	14,400	13,900	13,200	12,400	11,600	11,200	10,700	9,700	8,600	8,500	8,300	7,800	7,200	7,000	7,300	7,000	7,000	6,600	5,800	5,700	5,800	5,500	5,900	5,500	5,300	5,300	4,900	4,800	4,500	4,400	4,700	4,200	3,700	4,000

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

Gross Profit (+$)
totalRevenue	289,699
Cost of Revenue	--4,856
Gross Profit	294,555	294,555

Operating Income (+$)
Gross Profit	294,555
Operating Expense	-36,027
Operating Income	258,065	258,528

Operating Expense (+$)
Research Development	0
Selling General Administrative	81,970
Selling And Marketing Expenses	2,165
Operating Expense	36,027	84,135

Net Interest Income (+$)
Interest Income	225,294
Interest Expense	-8,273
Other Finance Cost	-60,201
Net Interest Income	156,820

Pretax Income (+$)
Operating Income	258,065
Net Interest Income	156,820
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	73,676	184,389 EBIT - interestExpense = -8,273 73,676 67,340
Interest Expense	8,273
Earnings Before Interest and Taxes (EBIT)	0	81,949
Earnings Before Interest and Taxes (EBITDA)	5,747

After tax Income (+$)
Income Before Tax	73,676
Tax Provision	-13,908
Net Income From Continuing Ops	60,410	59,768
Net Income	59,067
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	216,023
Total Other Income/Expenses Net	73,676	-156,820

Technical Analysis of Independent Bank Corporation
The psychology behind the price

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

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Independent Bank Corporation. The general trend of Independent Bank Corporation 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 Independent Bank Corporation's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (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 Independent Bank Corporation.

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: 25.43 < 25.64 < 26.74.

The bearish price targets are: 22.80 > 22.76 > 22.67.

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Independent Bank Corporation Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

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

Score

Let's take a look at the Moving Averages of Independent Bank Corporation. 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 up: The MA 20 is trending up. +1
Close > MA 20: The price is above the MA 20. +1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above the MA 50. +1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close > MA 100: The price is 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.

Independent Bank Corporation Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

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

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

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Independent Bank Corporation. The current macd is 0.05807379.

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

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

Independent Bank Corporation Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

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

Score

Let's take a look at the Directional Movement Index (DMI) of Independent Bank Corporation. The current adx is 15.64.

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

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy Independent Bank Corporation shares, leading to potential upward 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 bullish trend could be forming. +1

Independent Bank Corporation Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

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

Score

Let's take a look at the Parabolic SAR of Independent Bank Corporation. The current sar is 22.90.

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

Close > SAR: The price is above the SAR. It's generally considered a bullish signal. +1

Independent Bank Corporation Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

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

Score

Let's take a look at the Relative Strength Index (RSI) of Independent Bank Corporation. The current rsi is 59.92. The current phase is Continuation in bull market.

The long score for the Relative Strength Index (RSI) is 3/13.
The longshort score for the Relative Strength Index (RSI) is 2/(-13 +13).

Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Independent Bank Corporation Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

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

Score

Let's take a look at the Stochastic Oscillator of Independent Bank Corporation. The current phase is Overbought in bull market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 0/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH > 80: The STOCH %K is above 80 and overbought. +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 Independent Bank Corporation price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Independent Bank Corporation Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

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

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

Score

Let's take a look at the Commodity Channel Index (CCI) of Independent Bank Corporation. The current cci is 101.58.

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

CCI > 100: The CCI is above 100, it indicates that the price is significantly above its average, suggesting a potential overbought condition. +1

Independent Bank Corporation Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

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

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

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Independent Bank Corporation. The current cmo is 32.03.

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

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

Independent Bank Corporation Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

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

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

Score

Let's take a look at the Williams %R of Independent Bank Corporation. The current willr is -10.24667932.

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

WILLR > -20: The Williams %R is above -20. This indicates that the price is in overbought territory, suggesting a potential price correction or trend reversal to the downside. +1

Independent Bank Corporation Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

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

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

Score

Let's take a look at the Bollinger Bands of Independent Bank Corporation.

Independent Bank Corporation Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

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

Score

Let's take a look at the Average True Range (ATR) of Independent Bank Corporation. The current atr is 0.67339012.

Independent Bank Corporation Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

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

Score

Let's take a look at the On-Balance Volume (OBV) of Independent Bank Corporation. The current obv is -53,816.

Independent Bank Corporation Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

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

Score

Let's take a look at the Money Flow Index (MFI) of Independent Bank Corporation. The current mfi is 51.23.

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

MFI > 50: +1

Independent Bank Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Independent Bank Corporation.

6.2. Trading Signals

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

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

6.3. Candlestick Patterns

Independent Bank Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	59.924
Ma 20	Greater than	Ma 50	24.174
Ma 50	Greater than	Ma 100	24.269
Ma 100	Greater than	Ma 200	24.635
Open	Greater than	Close	25.010
Total			2/5 (40.0%)

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Quick analysis of Independent Bank Corporation (30 sec.)

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

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Independent Bank Corporation (5 min.)

$25.12

$19.21

$2.68 - $36.68

$21.90 - $55.89

2. Growth of Independent Bank Corporation (5 min.)

Is Independent Bank Corporation growing?

How much money is Independent Bank Corporation making?

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

3. Financial Health of Independent Bank Corporation (5 min.)

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

Industry Rankings (Banks - Regional)

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

What can you expect buying and holding a share of Independent Bank Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Independent Bank Corporation

About Independent Bank Corporation

Financial Health

Valuation

1.1. Profitability of Independent Bank Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Banks - Regional)

1.1.2. Return on Assets

Trends

Compared to industry (Banks - Regional)

1.1.3. Return on Equity

Trends

Compared to industry (Banks - Regional)

1.2. Operating Efficiency of Independent Bank Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Independent Bank Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Banks - Regional)

1.3.2. Quick Ratio

Trends

1.4. Solvency of Independent Bank Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Banks - Regional)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Banks - Regional)

2. Market Valuation of Independent Bank Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks - Regional)

Independent Bank Corporation
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