Bank of N.T. Butterfield & Son Ltd
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Penke I guess you are interested in Bank of N.T. Butterfield & Son Ltd. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

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

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Quick analysis of Bank of N.T. Butterfield & Son Ltd (30 sec.)

What can you expect buying and holding a share of Bank of N.T. Butterfield & Son Ltd? (30 sec.)

How much money do you get?

$1.75

When do you have the money?

1 year

How often do you get paid?

87.5%

What is your share worth?

Current worth

$20.87

Expected worth in 1 year

$24.42

How sure are you?

77.5%

+ What do you gain per year?

Total Gains per Share

$5.30

Return On Investment

17.4%

For what price can you sell your share?

Current Price per Share

$30.46

Expected price per share

$28.58 - $35.47

How sure are you?

50%

1. Valuation of Bank of N.T. Butterfield & Son Ltd (5 min.)

Live pricePrice per Share (EOD)

$30.46

Book Value per Share

$20.87

Intrinsic Value Per Share

$80.74 - $95.29

Total Value Per Share

$101.61 - $116.16

My calculation of the intrinsic value of Bank of N.T. Butterfield & Son Ltd is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 3Y: ($1.13) TTM: ($1.25)
The change per quarter (trend) of the Free Cash Flow Per Share is 3Y: ($0.08) TTM: ($0.10)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$5.16	$5.26	$5.86 - $5.86
2	$11.25	$11.64	$7.20 - $7.20
3	$18.14	$19.07	$8.54 - $8.54
4	$25.73	$27.49	$9.87 - $9.87
5	$33.90	$36.83	$11.21 - $11.21
6	$42.58	$47.02	$12.55 - $12.55
7	$51.67	$58.02	$13.88 - $13.88
8	$61.11	$69.77	$15.22 - $15.22
9	$70.82	$82.21	$16.56 - $16.56
10	$80.74	$95.29	$17.89 - $17.89

2. Growth of Bank of N.T. Butterfield & Son Ltd (5 min.)

Is Bank of N.T. Butterfield & Son Ltd growing?

	Current year	Previous year	Grow	Grow %
How rich?	$1b	$816m	$137.3m	14.4%

How much money is Bank of N.T. Butterfield & Son Ltd making?

	Current year	Previous year	Grow	Grow %
Making money	$56.3m	$53.5m	$2.8m	5.1%
Net Profit Margin	38.6%	38.6%	-	-

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

Quarterly Yearly

3. Financial Health of Bank of N.T. Butterfield & Son Ltd (5 min.)

What can you expect buying and holding a share of Bank of N.T. Butterfield & Son Ltd? (5 min.)

Welcome investor! Bank of N.T. Butterfield & Son Ltd's management wants to use your money to grow the business. In return you get a share of Bank of N.T. Butterfield & Son Ltd.

What can you expect buying and holding a share of Bank of N.T. Butterfield & Son Ltd?

First you should know what it really means to hold a share of Bank of N.T. Butterfield & Son Ltd. And how you can make/lose money.

Speculation

The Price per Share of Bank of N.T. Butterfield & Son Ltd is $30.46. 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 Bank of N.T. Butterfield & Son Ltd.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

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

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $20.87. Based on the TTM, the Book Value Change Per Share is $0.89 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.58 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 $0.44 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Bank of N.T. Butterfield & Son Ltd.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	1.11	3.7%	1.14	3.7%	1.10	3.6%	0.92	3.0%	0.83	2.7%
Usd Book Value Change Per Share	2.08	6.8%	0.89	2.9%	-0.58	-1.9%	0.25	0.8%	0.09	0.3%
Usd Dividend Per Share	0.44	1.4%	0.44	1.4%	0.44	1.4%	0.44	1.4%	0.34	1.1%
Usd Total Gains Per Share	2.52	8.3%	1.33	4.3%	-0.14	-0.5%	0.68	2.2%	0.43	1.4%
Usd Price Per Share	32.01	-	28.36	-	32.34	-	31.07	-	24.76	-
Price to Earnings Ratio	7.19	-	6.26	-	7.49	-	8.74	-	7.58	-
Price-to-Total Gains Ratio	12.71	-	55.22	-	-39.21	-	23.00	-	31.97	-
Price to Book Ratio	1.53	-	1.46	-	1.98	-	1.71	-	1.47	-
Price-to-Total Gains Ratio	12.71	-	55.22	-	-39.21	-	23.00	-	31.97	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	30.46
Number of shares	32

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.44	0.44
Usd Book Value Change Per Share	0.89	0.25
Usd Total Gains Per Share	1.33	0.68
Gains per Quarter (32 shares)	42.40	21.90
Gains per Year (32 shares)	169.60	87.59

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	56	114	160	56	32	78
2	112	227	330	112	63	166
3	168	341	500	168	95	254
4	224	455	670	224	127	342
5	280	568	840	280	158	430
6	336	682	1010	336	190	518
7	391	796	1180	392	221	606
8	447	909	1350	448	253	694
9	503	1023	1520	504	285	782
10	559	1137	1690	560	316	870

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%	87.0	1.0	0.0	98.9%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	7.0	5.0	0.0	58.3%	14.0	6.0	0.0	70.0%	27.0	13.0	0.0	67.5%	65.0	23.0	0.0	73.9%
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%	35.0	0.0	5.0	87.5%	36.0	0.0	52.0	40.9%
Total Gains per Share	4.0	0.0	0.0	100.0%	8.0	4.0	0.0	66.7%	16.0	4.0	0.0	80.0%	31.0	9.0	0.0	77.5%	70.0	18.0	0.0	79.5%

Fundamentals of Bank of N.T. Butterfield & Son Ltd

About Bank of N.T. Butterfield & Son Ltd

https://www.butterfieldgroup.com
1259
65 Front Street, Hamilton, Bermuda, HM 12
Google Maps Bing Maps

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers. It also offers investment products and services; and cash and liquidity management, foreign exchange, custody administration, and settlement services. In addition, the company provides personal and property/auto insurance products; letters of credit; and cash management, payroll, remote banking, money market, advisory, brokerage, trust, estate, company management, wealth management, and fiduciary services. Further, it offers debit and credit cards; automated teller machines; and personal and business deposit, merchant acquiring, residential and commercial mortgages, and mobile and internet banking services. The company operates through offices in the Cayman Islands, Guernsey, Jersey, the United Kingdom, The Bahamas, Switzerland, Singapore, Mauritius, and Canada. It also operates in Bermuda and the Cayman Islands. The company was founded in 1784 and is headquartered in Hamilton, Bermuda.

Fundamental data was last updated by Penke on 2024-04-04 21:01:05.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
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 Bank of N.T. Butterfield & Son Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Bank of N.T. Butterfield & Son Ltd earns for each $1 of revenue.

Above 10% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
A Net Profit Margin of 36.5% means that $0.37 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 36.5%. The company is making a huge profit. +2
The TTM is 38.6%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	36.5%	TTM	38.6%	-2.1%
TTM	38.6%	YOY	38.6%	+0.0%
TTM	38.6%	5Y	34.5%	+4.1%
5Y	34.5%	10Y	33.8%	+0.7%

Measures how much net profit Bank of N.T. Butterfield & Son Ltd earns for each $1 of revenue.

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

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

The net profit margin looks at how much net profit Bank of N.T. Butterfield & Son Ltd earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
Can be used to compare companies within the Banks - Diversified industry.

You typically want a high profit margin. This means that for each $1 in sales, Bank of N.T. Butterfield & Son Ltd makes more profit. This shows the investor how efficiently Bank of N.T. Butterfield & Son Ltd is operating in general and compared to other companies in the same industry. Bank of N.T. Butterfield & Son Ltd operates in the Banks - Diversified industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Bank of N.T. Butterfield & Son Ltd. If profit margins remain low (compared to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd is 0.37. This means that Bank of N.T. Butterfield & Son Ltd earned $0.37 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 - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate net profit margin

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

Real example of Bank of N.T. Butterfield & Son Ltd

You need the following data to determine net profit margin:

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

Net income MRQ Bank of N.T. Butterfield & Son Ltd = 53,542
Total revenue MRQ Bank of N.T. Butterfield & Son Ltd = 146,600
$53,542 / $146,600 = 0.37 or 36.5%

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 Bank of N.T. Butterfield & Son Ltd is using its assets to generate profit.

Above 5% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
0.4% Return on Assets means that Bank of N.T. Butterfield & Son Ltd generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 0.4%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.4%. Using its assets, the company is inefficient in making profit. -1

Trends

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

Shows how efficient Bank of N.T. Butterfield & Son Ltd is using its assets to generate profit.

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

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd is using its resources to generate profit. If the return on assets (0.4%) from Bank of N.T. Butterfield & Son Ltd are higher than the Banks - Diversified mean () that means Bank of N.T. Butterfield & Son Ltd is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Bank of N.T. Butterfield & Son Ltd is 0.4%. 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 - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on assets

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

Real example Bank of N.T. Butterfield & Son Ltd

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

Income statement
Balance sheet

Net income MRQ (income statement) from Bank of N.T. Butterfield & Son Ltd = 53,542
Total assets MRQ (balance sheet) from Bank of N.T. Butterfield & Son Ltd = 13,374,020
53,542 / 13,374,020 = 0.00 or 0.4%

ROA is an important ratio as it will tell you how effectively Bank of N.T. Butterfield & Son Ltd is using its resources to generate profits. Example:

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

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

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

1.1.3. Return on Equity

Shows how efficient Bank of N.T. Butterfield & Son Ltd is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
5.3% Return on Equity means Bank of N.T. Butterfield & Son Ltd generated $0.05 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 5.3%. Using its investors money, the company is less efficient in making profit.
The TTM is 5.9%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	5.3%	TTM	5.9%	-0.6%
TTM	5.9%	YOY	6.6%	-0.7%
TTM	5.9%	5Y	5.0%	+0.9%
5Y	5.0%	10Y	4.6%	+0.4%

Shows how efficient Bank of N.T. Butterfield & Son Ltd is using its investors money to generate profit.

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

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 - Diversified 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 Bank of N.T. Butterfield & Son Ltd is 5.3%. This means Bank of N.T. Butterfield & Son Ltd generated $0.05 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if Bank of N.T. Butterfield & Son Ltd existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on equity

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

Real example of Bank of N.T. Butterfield & Son Ltd

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Bank of N.T. Butterfield & Son Ltd = 53,542
Shareholders equity (balance sheet) MRQ Bank of N.T. Butterfield & Son Ltd = 1,003,597
53,542 / 1,003,597 = 0.05 or 5.3%

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 Bank of N.T. Butterfield & Son Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Bank of N.T. Butterfield & Son Ltd is operating .

Measures how much profit Bank of N.T. Butterfield & Son Ltd makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd:

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

Trends

Current period		Compared to		+/-
MRQ	-	TTM	36.1%	-36.1%
TTM	36.1%	YOY	44.7%	-8.6%
TTM	36.1%	5Y	35.4%	+0.7%
5Y	35.4%	10Y	27.2%	+8.2%

Measures how efficient Bank of N.T. Butterfield & Son Ltd is operating .

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

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Bank of N.T. Butterfield & Son Ltd is 0.0%. This means that Bank of N.T. Butterfield & Son Ltd 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 - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Bank of N.T. Butterfield & Son Ltd

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Bank of N.T. Butterfield & Son Ltd = 146,600
Total revenue MRQ Bank of N.T. Butterfield & Son Ltd = 146,600
$146,600 / $146,600 = 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 Bank of N.T. Butterfield & Son Ltd is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks - Diversified industry mean).
An Operation Ratio of 0.17 means that the operating costs are $0.17 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 0.168. The company is very efficient in keeping operating costs low. +2
The TTM is -0.347.

Trends

Current period		Compared to		+/-
MRQ	0.168	TTM	-0.347	+0.515
TTM	-0.347	YOY	-0.553	+0.206
TTM	-0.347	5Y	0.084	-0.432
5Y	0.084	10Y	0.298	-0.214

Measures how efficient Bank of N.T. Butterfield & Son Ltd is keeping operating costs low.

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

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd is 16.8%. This means that Bank of N.T. Butterfield & Son Ltd earned $0.17 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 - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Bank of N.T. Butterfield & Son Ltd

You need the following data to determine operating ratio:

Income statement

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

(cost of revenue + total operating expenses) \ total revenue
(0 +24,630) \ 146,600 = 0.17

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 Bank of N.T. Butterfield & Son Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Bank of N.T. Butterfield & Son Ltd is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Banks - Diversified industry mean).
A Current Ratio of 0.35 means the company has $0.35 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 0.351. The company is unable to pay all its short-term debts. -2
The TTM is 18.495. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	0.351	TTM	18.495	-18.144
TTM	18.495	YOY	18.529	-0.035
TTM	18.495	5Y	151.825	-133.330
5Y	151.825	10Y	566.214	-414.388

Measures if Bank of N.T. Butterfield & Son Ltd is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Bank of N.T. Butterfield & Son Ltd is 0.35. This means Bank of N.T. Butterfield & Son Ltd has $0.35 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Bank of N.T. Butterfield & Son Ltd

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
2,895,509 \ 8,258,914) = 0.35

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

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

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

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

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

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

1.3.2. Quick Ratio

Measures if Bank of N.T. Butterfield & Son Ltd is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
A Quick Ratio of 0.14 means the company can pay off $0.14 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 0.145. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 29.477. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.145	TTM	29.477	-29.332
TTM	29.477	YOY	28.845	+0.632
TTM	29.477	5Y	173.844	-144.367
5Y	173.844	10Y	800.671	-626.827

Measures if Bank of N.T. Butterfield & Son Ltd is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd can pay off its short term debts. This shows if Bank of N.T. Butterfield & Son Ltd can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Bank of N.T. Butterfield & Son Ltd is 0.14. This means that Bank of N.T. Butterfield & Son Ltd can pay off $0.14 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate quick ratio

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

Real life example Bank of N.T. Butterfield & Son Ltd

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Bank of N.T. Butterfield & Son Ltd: (-1,647,000 + 2,843,554 +0) / 8,258,914 = 0.14

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 Bank of N.T. Butterfield & Son Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Bank of N.T. Butterfield & Son Ltd assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to Banks - Diversified industry mean.
A Debt to Asset Ratio of 0.92 means that Bank of N.T. Butterfield & Son Ltd assets are financed with 92.5% credit (debt) and the remaining percentage (100% - 92.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 0.925. The company is just able to pay all its debts by selling its assets.
The TTM is 0.929. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.925	TTM	0.929	-0.004
TTM	0.929	YOY	0.943	-0.014
TTM	0.929	5Y	0.933	-0.003
5Y	0.933	10Y	0.927	+0.006

Measures how much % of Bank of N.T. Butterfield & Son Ltd assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Bank of N.T. Butterfield & Son Ltd than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd is 0.92. This means means that Bank of N.T. Butterfield & Son Ltd is financed with 92.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Bank of N.T. Butterfield & Son Ltd has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Bank of N.T. Butterfield & Son Ltd

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

Balance sheet
Debt to asset ratio = total debt \ total assets
12,370,423 \ 13,374,020 = 92.5% 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 Bank of N.T. Butterfield & Son Ltd is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
A Debt to Equity ratio of 1,232.6% means that company has $12.33 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The MRQ is 12.326. The company is unable to pay all its debts with equity. -1
The TTM is 13.120. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	12.326	TTM	13.120	-0.794
TTM	13.120	YOY	16.675	-3.555
TTM	13.120	5Y	14.013	-0.893
5Y	14.013	10Y	12.889	+1.125

Measures if Bank of N.T. Butterfield & Son Ltd is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

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

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

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Bank of N.T. Butterfield & Son Ltd is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Bank of N.T. Butterfield & Son Ltd is 12.33. This means that Bank of N.T. Butterfield & Son Ltd can pay off $12.33 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Bank of N.T. Butterfield & Son Ltd

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
12,370,423 \ 1,003,597 = 12.33 or 1,232.6%

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 Bank of N.T. Butterfield & Son Ltd

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Bank of N.T. Butterfield & Son Ltd generates.

Above 15 is considered overpriced but always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified industry mean.
A PE ratio of 7.19 means the investor is paying $7.19 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The EOD is 6.841. Based on the earnings, the company is cheap. +2
The MRQ is 7.189. Based on the earnings, the company is cheap. +2
The TTM is 6.262. Based on the earnings, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	6.841	MRQ	7.189	-0.348
MRQ	7.189	TTM	6.262	+0.927
TTM	6.262	YOY	7.485	-1.223
TTM	6.262	5Y	8.738	-2.477
5Y	8.738	10Y	7.577	+1.161

Measures how much money you pay for each share for every $1 in earnings Bank of N.T. Butterfield & Son Ltd generates.

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

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Bank of N.T. Butterfield & Son Ltd to the Banks - Diversified 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 Bank of N.T. Butterfield & Son Ltd is 7.19. This means the investor is paying $7.19 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Diversified industry is .
What is the trend?
The trend is important because it shows you how Bank of N.T. Butterfield & Son Ltd is performing over time. The most recent quarter might be important if Bank of N.T. Butterfield & Son Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Bank of N.T. Butterfield & Son Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Bank of N.T. Butterfield & Son Ltd

You need the following data to determine the PE ratio:

Balance sheet
Income statement

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

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 48,099 = EPS
PE ratio MRQ = 7.19

* 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 Bank of N.T. Butterfield & Son Ltd:

The EOD is 4.498. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 4.727. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 6.872. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	4.498	MRQ	4.727	-0.229
MRQ	4.727	TTM	6.872	-2.146
TTM	6.872	YOY	8.936	-2.064
TTM	6.872	5Y	4.942	+1.930
5Y	4.942	10Y	5.217	-0.275

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Bank of N.T. Butterfield & Son Ltd is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Banks - Diversified industry mean).
A PB ratio of 1.53 means the investor is paying $1.53 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Bank of N.T. Butterfield & Son Ltd:

The EOD is 1.460. Based on the equity, the company is underpriced. +1
The MRQ is 1.534. Based on the equity, the company is underpriced. +1
The TTM is 1.464. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.460	MRQ	1.534	-0.074
MRQ	1.534	TTM	1.464	+0.070
TTM	1.464	YOY	1.981	-0.517
TTM	1.464	5Y	1.705	-0.241
5Y	1.705	10Y	1.473	+0.232

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Bank of N.T. Butterfield & Son Ltd.

3.1. Funds holding Bank of N.T. Butterfield & Son Ltd

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Fidelity Small Cap Value Fund	3.7492	1.1586	1760000	0	0
2024-02-29	iShares Russell 2000 ETF	2.6329	0.0592	1236000	-202	-0.0163
2024-01-31	Delaware Small Cap Value A	2.2476	0.6878	1055100	-12900	-1.2079
2024-01-31	CREF Stock R1	1.7219	0.0208	808313	0	0
2023-12-31	Thrivent Small Cap Stock A	1.562	0.8539	733273	0	0
2024-01-31	American Beacon Small Cp Val R5	1.5058	0.4495	706886	-79100	-10.0638
2023-12-31	FIAM Small Cap Core Composite	1.3094	0.504	614700	0	0
2023-12-31	FIAM Small Cap Core CIT Cl B	1.3094	0.4854	614700	0	0
2024-01-31	Hotchkis & Wiley Small Cap Value I	1.2451	2.2858	584500	0	0
2023-12-31	Fidelity Small Cap Index	1.038	0.0614	487277	-10046	-2.02
2024-02-29	Avantis US Small Cap Value ETF	0.941	0.1319	441727	378	0.0856
2024-02-01	iShares Russell 2000 Value ETF	0.9264	0.1107	434879	550	0.1266
2024-01-31	Delaware VIP Small Cap Value Series Std	0.7579	0.6688	355800	0	0
2023-12-31	Davis Financial	0.7103	1.3239	333422	-364120	-52.2004
2023-12-31	Davis Financial A	0.7103	1.3277	333422	-364120	-52.2004
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.6313	0.0212	296337	0	0
2023-12-31	Columbia Small Cap Value II	0.6145	0.7006	288491	288491	0
2024-02-29	Columbia Small Cap Value II Inst	0.6065	0.6753	284692	1900	0.6719
2024-02-29	BMO Global Equity F	0.6061	0.4276	284521	-3104	-1.0792
2024-01-31	Invesco Main Street Small Cap R6	0.6048	0.5148	283915	0	0
Total		25.4304	12.4689	11937955	-542273	-4.5%

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Bank of N.T. Butterfield & Son Ltd compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	2.083	0.888	+135%	-0.576	+128%	0.247	+743%	0.094	+2119%
Book Value Per Share	-	-	20.865	19.346	+8%	16.369	+27%	18.385	+13%	17.233	+21%
Current Ratio	-	-	0.351	18.495	-98%	18.529	-98%	151.825	-100%	566.214	-100%
Debt To Asset Ratio	-	-	0.925	0.929	0%	0.943	-2%	0.933	-1%	0.927	0%
Debt To Equity Ratio	-	-	12.326	13.120	-6%	16.675	-26%	14.013	-12%	12.889	-4%
Dividend Per Share	-	-	0.435	0.437	0%	0.438	-1%	0.437	0%	0.336	+30%
Eps	-	-	1.113	1.142	-3%	1.097	+1%	0.921	+21%	0.826	+35%
Free Cash Flow Per Share	-	-	1.693	1.248	+36%	0.965	+76%	1.056	+60%	1.060	+60%
Free Cash Flow To Equity Per Share	-	-	0.198	-6.023	+3145%	-1.584	+901%	-0.668	+438%	0.475	-58%
Gross Profit Margin	-	-	0.968	0.971	0%	0.970	0%	0.969	0%	0.983	-2%
Intrinsic Value_10Y_max	-	-	95.295	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	80.740	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	5.260	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	5.164	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	19.073	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	18.142	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	36.827	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	33.900	-	-	-	-	-	-	-	-
Market Cap	1429911194.000	-8%	1539648990.000	1397221897.500	+10%	1611920962.500	-4%	1575498233.500	-2%	1295537505.258	+19%
Net Profit Margin	-	-	0.365	0.386	-5%	0.386	-5%	0.345	+6%	0.338	+8%
Operating Margin	-	-	-	0.361	-100%	0.447	-100%	0.354	-100%	0.272	-100%
Operating Ratio	-	-	0.168	-0.347	+307%	-0.553	+429%	0.084	+99%	0.298	-44%
Pb Ratio	1.460	-5%	1.534	1.464	+5%	1.981	-23%	1.705	-10%	1.473	+4%
Pe Ratio	6.841	-5%	7.189	6.262	+15%	7.485	-4%	8.738	-18%	7.577	-5%
Price Per Share	30.460	-5%	32.010	28.363	+13%	32.335	-1%	31.072	+3%	24.760	+29%
Price To Free Cash Flow Ratio	4.498	-5%	4.727	6.872	-31%	8.936	-47%	4.942	-4%	5.217	-9%
Price To Total Gains Ratio	12.094	-5%	12.709	55.220	-77%	-39.213	+409%	22.995	-45%	31.968	-60%
Quick Ratio	-	-	0.145	29.477	-100%	28.845	-99%	173.844	-100%	800.671	-100%
Return On Assets	-	-	0.004	0.004	-4%	0.004	+7%	0.003	+19%	0.003	+20%
Return On Equity	-	-	0.053	0.059	-10%	0.066	-19%	0.050	+6%	0.046	+16%
Total Gains Per Share	-	-	2.519	1.325	+90%	-0.138	+105%	0.684	+268%	0.429	+487%
Usd Book Value	-	-	1003597000.000	953428750.000	+5%	816073750.000	+23%	931333300.000	+8%	874981450.000	+15%
Usd Book Value Change Per Share	-	-	2.083	0.888	+135%	-0.576	+128%	0.247	+743%	0.094	+2119%
Usd Book Value Per Share	-	-	20.865	19.346	+8%	16.369	+27%	18.385	+13%	17.233	+21%
Usd Dividend Per Share	-	-	0.435	0.437	0%	0.438	-1%	0.437	0%	0.336	+30%
Usd Eps	-	-	1.113	1.142	-3%	1.097	+1%	0.921	+21%	0.826	+35%
Usd Free Cash Flow	-	-	81436001.000	61504250.250	+32%	48098750.000	+69%	53390150.050	+53%	47490200.025	+71%
Usd Free Cash Flow Per Share	-	-	1.693	1.248	+36%	0.965	+76%	1.056	+60%	1.060	+60%
Usd Free Cash Flow To Equity Per Share	-	-	0.198	-6.023	+3145%	-1.584	+901%	-0.668	+438%	0.475	-58%
Usd Market Cap	1429911194.000	-8%	1539648990.000	1397221897.500	+10%	1611920962.500	-4%	1575498233.500	-2%	1295537505.258	+19%
Usd Price Per Share	30.460	-5%	32.010	28.363	+13%	32.335	-1%	31.072	+3%	24.760	+29%
Usd Profit	-	-	53542000.000	56373000.000	-5%	53505000.000	+0%	46328100.000	+16%	40385525.000	+33%
Usd Revenue	-	-	146600000.000	145757250.000	+1%	137923000.000	+6%	133304200.000	+10%	118945925.000	+23%
Usd Total Gains Per Share	-	-	2.519	1.325	+90%	-0.138	+105%	0.684	+268%	0.429	+487%
	EOD	+4 -4	MRQ	TTM	+19 -17	YOY	+24 -12	5Y	+25 -11	10Y	+27 -9

4.2. Fundamental Score

Let's check the fundamental score of Bank of N.T. Butterfield & Son Ltd based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	6.841
Price to Book Ratio (EOD)	Between	0-1	1.460
Net Profit Margin (MRQ)	Greater than	0	0.365
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.145
Current Ratio (MRQ)	Greater than	1	0.351
Debt to Asset Ratio (MRQ)	Less than	1	0.925
Debt to Equity Ratio (MRQ)	Less than	1	12.326
Return on Equity (MRQ)	Greater than	0.15	0.053
Return on Assets (MRQ)	Greater than	0.05	0.004
Total			3/10 (30.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of Bank of N.T. Butterfield & Son Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	45.838
Ma 20	Greater than	Ma 50	31.202
Ma 50	Greater than	Ma 100	30.367
Ma 100	Greater than	Ma 200	30.337
Open	Greater than	Close	30.220
Total			3/5 (60.0%)

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.
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Reversals in quarterly reports

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

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities	-278,000	94,921	-183,079	6,817	-176,262	-27,741	-204,003	8,455,755	8,251,752
Long-term Assets Other	-6,831,000	-162,071	-6,993,071	542,697	-6,450,374	161,333	-6,289,041	6,358,558	69,517
Cash and Short Term Investments	2,985,000	1,442,885	4,427,885	-13,757	4,414,128	-127,600	4,286,528	-5,933,528	-1,647,000
Net Working Capital	2,924,000	1,521,484	4,445,484	-7,652	4,437,832	-119,297	4,318,535	-9,681,940	-5,363,405
Tax Provision	700	-31	669	-153	516	-135	381	-1,180	-799
Income Tax Expense	700	-31	669	-153	516	-135	381	-1,181	-800
Total Operating Expenses	-68,317	20,640	-47,677	-37,398	-85,075	-7,986	-93,061	117,691	24,630

Latest Balance Sheet

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

Summary

Total Assets	13,374,020
Total Liabilities	12,370,423
Total Stockholder Equity	1,003,597

	As reported
Total Liabilities	12,370,423
Total Stockholder Equity	+ 1,003,597
Total Assets	= 13,374,020

Assets

Total Assets	13,374,020
Total Current Assets	2,895,509
Long-term Assets	10,478,511

Total Current Assets

Total Current Assets (as reported)	2,895,509
Cash And Cash Equivalents	1,646,648
Short-term Investments	2,843,554
Total Current Assets (calculated)	4,490,202
+/-	1,594,693

Long-term Assets

Long-term Assets (as reported)	10,478,511
Property Plant Equipment	187,807
Goodwill	24,107
Long Term Investments	6,311,714
Intangible Assets	74,800
Long-term Assets Other	69,517
Long-term Assets (calculated)	6,667,945
+/-	3,810,566

Liabilities & Shareholders' Equity

Total Current Liabilities	8,258,914
Long-term Liabilities	4,111,509
Total Stockholder Equity	1,003,597

Total Current Liabilities

Total Current Liabilities (as reported)	8,258,914
Short-term Debt	7,162
Other Current Liabilities	8,251,752
Total Current Liabilities (calculated)	8,258,914
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	4,111,509
Long term Debt	98,490
Long-term Liabilities (calculated)	98,490
+/-	4,013,019

Total Stockholder Equity

Total Stockholder Equity (as reported)	1,003,597
Common Stock	475
Retained Earnings	342,520
Accumulated Other Comprehensive Income	-310,198
Other Stockholders Equity	970,800
Total Stockholder Equity (calculated)	1,003,597
+/-	0

Other

Capital Stock	475
Cash and Short Term Investments	-1,647,000
Common Stock Shares Outstanding	48,099
Liabilities and Stockholders Equity	13,374,020
Net Debt	-1,515,144
Net Invested Capital	1,102,087
Net Working Capital	-5,363,405
Property Plant and Equipment Gross	399,566
Short Long Term Debt Total	131,504

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

> Total Assets

4,794,012
4,877,490
4,584,292
5,214,782
5,197,804
5,495,104
5,516,289
5,566,567
5,738,044
6,037,077
6,007,874
6,122,458
6,687,471
6,598,485
7,679,872
7,070,786
8,035,262
8,019,270
8,630,383
9,232,135
9,083,599
8,852,361
9,197,566
9,724,695
10,183,963
10,574,166
11,132,802
11,350,667
12,003,071
12,101,531
11,910,920
12,831,093
12,250,655
11,629,478
10,911,844
10,556,653
10,059,387
9,612,328
9,594,602
10,060,093
9,697,049
9,379,054
9,623,060
9,468,174
9,542,151
9,243,238
8,824,109
8,894,142
8,877,437
8,685,993
8,942,030
8,946,220
8,996,659
9,233,247
8,870,815
9,011,462
9,780,997
9,011,569
9,858,440
9,800,270
10,069,810
10,216,501
10,275,563
10,185,629
11,287,187
10,978,460
11,104,000
10,943,560
10,678,732
10,578,382
10,779,000
10,988,235
11,002,375
10,429,663
10,773,000
11,643,061
11,228,969
14,216,295
13,922,000
13,197,387
13,150,702
13,460,745
14,739,000
14,805,000
15,664,829
15,332,166
15,335,000
15,266,000
14,349,934
13,699,337
14,306,000
13,732,698
13,509,531
13,179,526
13,374,020

13,374,020

13,179,526

13,509,531

13,732,698

14,306,000

13,699,337

14,349,934

15,266,000

15,335,000

15,332,166

15,664,829

14,805,000

14,739,000

13,460,745

13,150,702

13,197,387

13,922,000

14,216,295

11,228,969

11,643,061

10,773,000

10,429,663

11,002,375

10,988,235

10,779,000

10,578,382

10,678,732

10,943,560

11,104,000

10,978,460

11,287,187

10,185,629

10,275,563

10,216,501

10,069,810

9,800,270

9,858,440

9,011,569

9,780,997

9,011,462

8,870,815

9,233,247

8,996,659

8,946,220

8,942,030

8,685,993

8,877,437

8,894,142

8,824,109

9,243,238

9,542,151

9,468,174

9,623,060

9,379,054

9,697,049

10,060,093

9,594,602

9,612,328

10,059,387

10,556,653

10,911,844

11,629,478

12,250,655

12,831,093

11,910,920

12,101,531

12,003,071

11,350,667

11,132,802

10,574,166

10,183,963

9,724,695

9,197,566

8,852,361

9,083,599

9,232,135

8,630,383

8,019,270

8,035,262

7,070,786

7,679,872

6,598,485

6,687,471

6,122,458

6,007,874

6,037,077

5,738,044

5,566,567

5,516,289

5,495,104

5,197,804

5,214,782

4,584,292

4,877,490

4,794,012

> Total 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
1,981,626
0
0
0
2,930,858
0
0
0
6,394,856
0
6,726,052
5,620,301
5,940,470
5,611,387
5,586,707
5,517,958
5,583,550
6,108,239
5,946,159
5,529,038
6,218,016
6,791,068
6,300,067
8,495,240
7,997,556
7,350,270
7,756,662
7,668,712
8,796,287
8,080,000
8,321,669
7,834,402
7,661,580
3,864,000
4,841,116
4,315,593
3,202,000
4,628,563
4,614,094
4,522,538
2,895,509

2,895,509

4,522,538

4,614,094

4,628,563

3,202,000

4,315,593

4,841,116

3,864,000

7,661,580

7,834,402

8,321,669

8,080,000

8,796,287

7,668,712

7,756,662

7,350,270

7,997,556

8,495,240

6,300,067

6,791,068

6,218,016

5,529,038

5,946,159

6,108,239

5,583,550

5,517,958

5,586,707

5,611,387

5,940,470

5,620,301

6,726,052

6,394,856

2,930,858

1,981,626

Cash And Cash Equivalents

63,697
45,976
46,212
119,630
87,692
25,297
24,652
23,577
42,256
26,348
63,103
33,010
87,019
67,092
40,896
116,310
228,611
144,070
164,431
45,067
48,170
47,008
154,698
97,330
237,351
184,920
341,582
142,572
223,654
231,622
267,261
530,656
243,911
331,353
553,152
376,172
491,037
369,401
542,786
433,875
316,188
316,863
319,211
2,509,695
2,319,836
2,285,243
1,979,458
1,568,127
1,561,765
1,623,080
1,708,274
1,835,946
1,738,937
2,195,805
1,765,892
1,799,058
2,232,011
1,493,965
2,207,943
2,277,146
2,250,125
2,440,208
2,288,890
2,040,366
2,655,194
1,484,789
2,102,000
1,867,309
1,719,833
1,545,522
1,535,000
1,845,628
1,755,905
1,259,098
2,054,000
2,601,269
2,010,980
3,605,048
2,550,000
1,978,226
2,227,903
2,160,903
3,290,000
2,582,000
2,766,170
2,309,502
2,180,000
2,103,000
1,339,503
1,484,819
2,101,000
1,344,800
1,794,854
1,749,778
1,646,648

1,646,648

1,749,778

1,794,854

1,344,800

2,101,000

1,484,819

1,339,503

2,103,000

2,180,000

2,309,502

2,766,170

2,582,000

3,290,000

2,160,903

2,227,903

1,978,226

2,550,000

3,605,048

2,010,980

2,601,269

2,054,000

1,259,098

1,755,905

1,845,628

1,535,000

1,545,522

1,719,833

1,867,309

2,102,000

1,484,789

2,655,194

2,040,366

2,288,890

2,440,208

2,250,125

2,277,146

2,207,943

1,493,965

2,232,011

1,799,058

1,765,892

2,195,805

1,738,937

1,835,946

1,708,274

1,623,080

1,561,765

1,568,127

1,979,458

2,285,243

2,319,836

2,509,695

319,211

316,863

316,188

433,875

542,786

369,401

491,037

376,172

553,152

331,353

243,911

530,656

267,261

231,622

223,654

142,572

341,582

184,920

237,351

97,330

154,698

47,008

48,170

45,067

164,431

144,070

228,611

116,310

40,896

67,092

87,019

33,010

63,103

26,348

42,256

23,577

24,652

25,297

87,692

119,630

46,212

45,976

63,697

Short-term Investments

1,451,116
1,517,998
1,234,485
1,500,419
1,603,731
1,856,524
2,078,584
1,997,441
1,984,969
2,059,738
1,926,056
2,018,230
2,524,905
2,187,235
2,995,048
2,229,055
2,582,935
2,517,543
2,232,293
2,592,081
2,416,540
2,253,666
2,695,222
3,037,228
2,856,714
3,098,126
3,863,056
2,983,798
2,424,613
2,062,853
3,398,236
2,514,386
2,072,297
1,525,322
2,746,852
3,064,242
2,452,414
2,204,366
2,483,609
4,196,450
3,913,059
3,134,091
2,978,589
650,487
894,565
565,496
391,307
635,138
651,731
745,971
580,846
279,625
282,483
124,295
104,132
215,948
316,657
301,401
287,881
142,959
230,588
153,049
2,610,831
158,906
3,490,416
4,318,122
520,000
3,848,374
3,548,175
3,536,112
250,000
2,955,555
2,940,459
2,531,629
52,000
2,413,790
2,432,181
3,149,673
1,218,000
3,447,439
3,113,287
3,176,320
823,000
1,061,000
4,441,421
4,504,506
1,199,000
1,601,000
3,348,094
2,638,032
884,000
3,083,085
2,619,274
2,536,750
2,843,554

2,843,554

2,536,750

2,619,274

3,083,085

884,000

2,638,032

3,348,094

1,601,000

1,199,000

4,504,506

4,441,421

1,061,000

823,000

3,176,320

3,113,287

3,447,439

1,218,000

3,149,673

2,432,181

2,413,790

52,000

2,531,629

2,940,459

2,955,555

250,000

3,536,112

3,548,175

3,848,374

520,000

4,318,122

3,490,416

158,906

2,610,831

153,049

230,588

142,959

287,881

301,401

316,657

215,948

104,132

124,295

282,483

279,625

580,846

745,971

651,731

635,138

391,307

565,496

894,565

650,487

2,978,589

3,134,091

3,913,059

4,196,450

2,483,609

2,204,366

2,452,414

3,064,242

2,746,852

1,525,322

2,072,297

2,514,386

3,398,236

2,062,853

2,424,613

2,983,798

3,863,056

3,098,126

2,856,714

3,037,228

2,695,222

2,253,666

2,416,540

2,592,081

2,232,293

2,517,543

2,582,935

2,229,055

2,995,048

2,187,235

2,524,905

2,018,230

1,926,056

2,059,738

1,984,969

1,997,441

2,078,584

1,856,524

1,603,731

1,500,419

1,234,485

1,517,998

1,451,116

Net 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
17,460
0
17,994
20,424
22,780
22,786
17,683
25,629
24,915
28,627
27,802
27,227
20,870
30,068
29,967
22,214
23,560
174,553
148,351
141,368
162,000
174,000
172,790
150,897
158,000
160,000
153,519
192,742
217,000
200,678
199,966
236,010
0

236,010

199,966

200,678

217,000

192,742

153,519

160,000

158,000

150,897

172,790

174,000

162,000

141,368

148,351

174,553

23,560

22,214

29,967

30,068

20,870

27,227

27,802

28,627

24,915

25,629

17,683

22,786

22,780

20,424

17,994

17,460

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
28,577
0
0
0
30,122
0
0
0
1,477,675
0
562,448
-203,034
-36,454
-127,082
301,016
410,695
456,073
1,278,429
1,221,993
1,711,084
1,908,178
1,745,941
1,826,939
1,718,305
1,985,205
1,750,052
2,267,121
2,190,121
1,877,746
4,263,000
941,288
869,497
664,820
0
38,192
2,490,758
3,062,772
2,618,477
2,535,326
2,665,216
2,895,509

2,895,509

2,665,216

2,535,326

2,618,477

3,062,772

2,490,758

38,192

664,820

869,497

941,288

4,263,000

1,877,746

2,190,121

2,267,121

1,750,052

1,985,205

1,718,305

1,826,939

1,745,941

1,908,178

1,711,084

1,221,993

1,278,429

456,073

410,695

301,016

-127,082

-36,454

-203,034

562,448

1,477,675

30,122

28,577

> Long-term 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
3,880,707
0
4,561,135
5,358,159
5,163,075
5,332,173
5,092,025
5,060,424
5,195,687
4,879,996
5,056,216
4,900,625
4,555,162
4,851,993
4,928,902
5,721,055
5,924,019
5,847,117
5,394,040
5,792,033
5,942,347
6,725,000
7,343,160
7,497,764
7,673,620
7,936,000
7,452,443
6,679,642
6,831,000
6,993,071
6,450,374
6,289,041
10,478,511

10,478,511

6,289,041

6,450,374

6,993,071

6,831,000

6,679,642

7,452,443

7,936,000

7,673,620

7,497,764

7,343,160

6,725,000

5,942,347

5,792,033

5,394,040

5,847,117

5,924,019

5,721,055

4,928,902

4,851,993

4,555,162

4,900,625

5,056,216

4,879,996

5,195,687

5,060,424

5,092,025

5,332,173

5,163,075

5,358,159

4,561,135

3,880,707

Property Plant Equipment

96,557
97,028
99,825
101,506
97,690
98,934
98,693
98,357
98,536
97,613
96,419
98,026
97,834
96,155
100,486
102,424
112,098
115,965
126,031
130,074
133,816
140,327
141,708
144,581
152,924
160,851
129,491
181,045
191,120
200,357
155,225
223,439
228,566
192,361
156,287
205,180
220,470
244,800
173,268
249,618
258,386
264,214
165,977
263,810
265,435
272,115
157,048
274,177
267,225
265,247
125,592
240,792
239,356
240,331
235,047
237,312
232,783
225,625
208,885
208,312
200,584
193,077
183,378
180,142
175,521
171,177
168,000
166,161
164,804
164,342
165,000
162,719
159,491
157,103
158,000
154,555
154,862
157,488
158,000
155,894
159,195
157,085
151,000
146,000
141,267
137,559
139,000
141,000
141,522
143,641
146,000
149,120
152,919
153,949
187,807

187,807

153,949

152,919

149,120

146,000

143,641

141,522

141,000

139,000

137,559

141,267

146,000

151,000

157,085

159,195

155,894

158,000

157,488

154,862

154,555

158,000

157,103

159,491

162,719

165,000

164,342

164,804

166,161

168,000

171,177

175,521

180,142

183,378

193,077

200,584

208,312

208,885

225,625

232,783

237,312

235,047

240,331

239,356

240,792

125,592

265,247

267,225

274,177

157,048

272,115

265,435

263,810

165,977

264,214

258,386

249,618

173,268

244,800

220,470

205,180

156,287

192,361

228,566

223,439

155,225

200,357

191,120

181,045

129,491

160,851

152,924

144,581

141,708

140,327

133,816

130,074

126,031

115,965

112,098

102,424

100,486

96,155

97,834

98,026

96,419

97,613

98,536

98,357

98,693

98,934

97,690

101,506

99,825

97,028

96,557

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,404
0
0
0
24,638
0
0
0
22,840
0
0
0
25,018
25,098
25,466
25,808
25,260
25,239
25,540
22,333
14,364
14,135
16,095
15,665
16,712
15,630
15,435
16,120
16,017
16,447
16,446
16,040
15,937
16,380
16,118
16,511
6,949
0
0
6,922
7,086
7,131
27,245
25,817
24,821
23,647
25,055
24,085
23,462
22,893
21,100
20,674
19,622
19,967
20,736
21,353
21,529
22,348
25,204
24,474
23,991
24,417
23,916
23,197
24,838
23,402
23,357
24,269
25,627
25,755
25,803
25,235
25,356
24,674
23,015
21,261
22,892
23,362
23,948
23,100
24,107

24,107

23,100

23,948

23,362

22,892

21,261

23,015

24,674

25,356

25,235

25,803

25,755

25,627

24,269

23,357

23,402

24,838

23,197

23,916

24,417

23,991

24,474

25,204

22,348

21,529

21,353

20,736

19,967

19,622

20,674

21,100

22,893

23,462

24,085

25,055

23,647

24,821

25,817

27,245

7,131

7,086

6,922

6,949

16,511

16,118

16,380

15,937

16,040

16,446

16,447

16,017

16,120

15,435

15,630

16,712

15,665

16,095

14,135

14,364

22,333

25,540

25,239

25,260

25,808

25,466

25,098

25,018

22,840

24,638

5,404

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
2,028,777
0
0
0
2,093,062
0
0
0
2,528,082
0
3,325,000
3,566,215
4,257,934
4,160,042
4,325,557
4,270,744
4,447,167
4,159,836
4,436,081
4,284,304
4,159,952
4,623,341
4,701,885
5,470,178
5,669,283
5,600,025
5,145,179
5,544,262
5,686,000
6,487,000
7,111,699
7,272,945
7,436,000
7,712,000
7,233,449
6,464,147
6,611,000
6,769,895
6,223,456
6,064,459
6,311,714

6,311,714

6,064,459

6,223,456

6,769,895

6,611,000

6,464,147

7,233,449

7,712,000

7,436,000

7,272,945

7,111,699

6,487,000

5,686,000

5,544,262

5,145,179

5,600,025

5,669,283

5,470,178

4,701,885

4,623,341

4,159,952

4,284,304

4,436,081

4,159,836

4,447,167

4,270,744

4,325,557

4,160,042

4,257,934

3,566,215

3,325,000

2,528,082

2,093,062

2,028,777

Intangible Assets

0
0
0
0
7,434
0
0
0
27,961
27,650
27,322
26,279
26,550
38,905
42,860
43,484
79,654
83,217
106,043
103,340
98,169
95,567
92,462
91,551
94,028
93,280
136,538
93,353
93,044
92,595
166,644
104,438
103,054
90,428
112,482
69,210
75,553
72,193
137,815
62,083
59,996
56,639
150,941
54,800
53,423
50,993
168,250
48,879
42,065
41,734
140,005
20,261
19,469
19,616
24,677
18,344
53,411
49,669
64,100
54,693
56,017
53,257
27,669
49,131
45,334
43,927
42,289
41,447
40,776
40,037
39,066
68,516
52,118
52,412
50,751
49,680
48,239
70,192
71,665
67,796
66,309
66,417
67,192
65,785
64,391
62,025
60,750
58,265
54,457
50,593
51,478
50,694
50,051
47,533
74,800

74,800

47,533

50,051

50,694

51,478

50,593

54,457

58,265

60,750

62,025

64,391

65,785

67,192

66,417

66,309

67,796

71,665

70,192

48,239

49,680

50,751

52,412

52,118

68,516

39,066

40,037

40,776

41,447

42,289

43,927

45,334

49,131

27,669

53,257

56,017

54,693

64,100

49,669

53,411

18,344

24,677

19,616

19,469

20,261

140,005

41,734

42,065

48,879

168,250

50,993

53,423

54,800

150,941

56,639

59,996

62,083

137,815

72,193

75,553

69,210

112,482

90,428

103,054

104,438

166,644

92,595

93,044

93,353

136,538

93,280

94,028

91,551

92,462

95,567

98,169

103,340

106,043

83,217

79,654

43,484

42,860

38,905

26,550

26,279

27,322

27,650

27,961

7,434

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
4,691,694
4,857,640
5,533,447
5,827,545
5,810,823
5,502,104
5,858,097
5,882,882
6,661,999
7,256,202
7,429,779
7,532,321
0
0
0
0
0
0
0
0

7,532,321

7,429,779

7,256,202

6,661,999

5,882,882

5,858,097

5,502,104

5,810,823

5,827,545

5,533,447

4,857,640

4,691,694

Long-term Assets 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
-3,880,707
0
0
0
13,075
0
0
0
13,687
0
0
0
15,162
0
0
0
15,019
0
0
4,665,254
12,347
92,000
-7,343,160
0
12,620
83,000
0
-6,679,642
-6,831,000
-6,993,071
-6,450,374
-6,289,041
69,517

69,517

-6,289,041

-6,450,374

-6,993,071

-6,831,000

-6,679,642

83,000

12,620

-7,343,160

92,000

12,347

4,665,254

15,019

15,162

13,687

13,075

-3,880,707

> Total Liabilities

4,543,815
4,619,004
4,316,980
4,937,400
4,911,279
5,206,877
5,214,517
5,259,263
5,402,877
5,699,680
5,669,075
5,776,301
6,324,481
6,221,844
7,284,943
6,657,575
7,610,996
7,580,918
8,202,353
8,793,237
8,623,042
8,374,829
8,702,340
9,202,398
9,628,596
10,008,566
10,583,249
10,775,180
11,431,137
11,516,050
11,281,590
12,187,877
11,645,011
10,964,601
10,393,404
10,063,208
9,357,519
8,953,175
9,237,805
9,310,374
8,848,579
8,535,627
8,813,057
8,649,769
8,696,951
8,391,988
7,993,669
8,035,612
8,005,531
7,776,117
8,084,194
8,109,779
8,211,026
8,426,716
8,067,638
8,185,201
8,920,301
8,154,558
9,008,411
8,928,130
9,330,175
9,441,961
9,525,209
9,398,117
10,471,272
10,013,775
10,393,000
10,202,559
9,908,855
9,775,967
9,956,000
10,164,008
10,153,737
9,558,007
9,891,000
10,746,879
10,300,288
13,251,741
12,958,000
12,216,879
12,160,386
12,471,835
13,757,000
13,869,000
14,698,210
14,358,280
14,358,000
14,424,000
13,547,495
12,944,481
13,441,000
12,795,797
12,559,253
12,256,587
12,370,423

12,370,423

12,256,587

12,559,253

12,795,797

13,441,000

12,944,481

13,547,495

14,424,000

14,358,000

14,358,280

14,698,210

13,869,000

13,757,000

12,471,835

12,160,386

12,216,879

12,958,000

13,251,741

10,300,288

10,746,879

9,891,000

9,558,007

10,153,737

10,164,008

9,956,000

9,775,967

9,908,855

10,202,559

10,393,000

10,013,775

10,471,272

9,398,117

9,525,209

9,441,961

9,330,175

8,928,130

9,008,411

8,154,558

8,920,301

8,185,201

8,067,638

8,426,716

8,211,026

8,109,779

8,084,194

7,776,117

8,005,531

8,035,612

7,993,669

8,391,988

8,696,951

8,649,769

8,813,057

8,535,627

8,848,579

9,310,374

9,237,805

8,953,175

9,357,519

10,063,208

10,393,404

10,964,601

11,645,011

12,187,877

11,281,590

11,516,050

11,431,137

10,775,180

10,583,249

10,008,566

9,628,596

9,202,398

8,702,340

8,374,829

8,623,042

8,793,237

8,202,353

7,580,918

7,610,996

6,657,575

7,284,943

6,221,844

6,324,481

5,776,301

5,669,075

5,699,680

5,402,877

5,259,263

5,214,517

5,206,877

4,911,279

4,937,400

4,316,980

4,619,004

4,543,815

> Total Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,696,863
0
0
0
8,696,755
0
0
0
2,744
0
2,144
2,734
10,009,853
3,050
1,858
2,828
9,523,992
3,513
2,419
5,064
9,418,419
7,470
7,211
10,233
12,407,866
210,272
192,931
274,542
335,000
335,000
203,565
195,914
189,378
319,000
176,510
187,146
278,000
183,079
176,262
204,003
8,258,914

8,258,914

204,003

176,262

183,079

278,000

187,146

176,510

319,000

189,378

195,914

203,565

335,000

274,542

192,931

210,272

12,407,866

10,233

7,211

7,470

9,418,419

5,064

2,419

3,513

9,523,992

2,828

1,858

3,050

10,009,853

2,734

2,144

2,744

8,696,755

7,696,863

Short-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
262,087
0
0
0
137,424
0
0
0
125,929
0
156,000
122,801
128,321
121,975
129,747
131,264
47,000
123,522
153,656
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
82,129
0
0
0
7,162

7,162

82,129

153,656

123,522

47,000

131,264

129,747

121,975

128,321

122,801

156,000

125,929

137,424

262,087

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
262,087
0
0
0
137,424
0
0
0
125,929
0
156,000
122,801
128,321
121,975
129,747
131,264
47,000
123,522
153,656
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

153,656

123,522

47,000

131,264

129,747

121,975

128,321

122,801

156,000

125,929

137,424

262,087

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
112,663
0
0
0
0
61,640
0
10,218
0
128,484
0
0
7,637,951
53,269
0
0
8,671,577
0
0
0
2,744
92,942
2,144
2,734
2,143
3,050
1,858
2,828
2,376
3,513
2,419
5,064
5,072
7,470
7,211
10,233
8,363
210,272
192,931
274,542
335,000
335,000
203,565
195,914
316,000
319,000
176,510
187,146
278,000
183,079
176,262
204,003
0

204,003

176,262

183,079

278,000

187,146

176,510

319,000

316,000

195,914

203,565

335,000

274,542

192,931

210,272

8,363

10,233

7,211

7,470

5,072

5,064

2,419

3,513

2,376

2,828

1,858

3,050

2,143

2,734

2,144

92,942

2,744

8,671,577

53,269

7,637,951

128,484

10,218

61,640

112,663

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-2,744
0
-2,144
-2,734
-2,143
-3,050
-1,858
-2,828
-2,376
-3,513
-2,419
-5,064
-5,072
-7,470
-7,211
-10,233
-8,363
-210,272
-192,931
-274,542
-335,000
-335,000
-203,565
-195,914
-126,622
-319,000
-176,510
-187,146
-278,000
-183,079
-176,262
-204,003
8,251,752

8,251,752

-204,003

-176,262

-183,079

-278,000

-187,146

-176,510

-319,000

-126,622

-195,914

-203,565

-335,000

-274,542

-192,931

-210,272

-8,363

-10,233

-7,211

-7,470

-5,072

-5,064

-2,419

-3,513

-2,376

-2,828

-1,858

-3,050

-2,143

-2,734

-2,144

-2,744

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
117,000
0
117,000
117,000
117,000
117,000
117,000
117,000
117,000
117,000
143,233
143,277
143,322
143,367
143,411
143,456
143,500
143,545
241,474
196,359
171,462
172,000
171,669
171,773
171,876
172,000
172,083
187,146
278,000
183,079
98,372
98,431
4,111,509

4,111,509

98,431

98,372

183,079

278,000

187,146

172,083

172,000

171,876

171,773

171,669

172,000

171,462

196,359

241,474

143,545

143,500

143,456

143,411

143,367

143,322

143,277

143,233

117,000

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
143,322
143,367
143,411
143,456
143,500
143,545
241,474
196,359
171,462
171,566
171,669
171,773
171,876
171,979
172,083
172,186
172,289
172,393
98,372
98,431
0

98,431

98,372

172,393

172,289

172,186

172,083

171,979

171,876

171,773

171,669

171,566

171,462

196,359

241,474

143,545

143,500

143,456

143,411

143,367

143,322

> Total Stockholder Equity

250,197
258,486
267,312
277,382
286,525
288,227
301,772
307,304
335,167
337,397
338,799
346,157
362,990
376,641
394,929
413,211
424,266
438,352
428,030
438,898
460,557
477,532
495,226
522,297
555,367
565,600
549,553
575,487
571,934
585,481
629,330
643,216
605,644
664,877
518,440
493,445
701,868
659,153
356,797
749,719
848,470
843,427
810,003
818,405
845,200
851,250
830,440
858,530
871,906
909,876
857,836
836,441
785,633
806,531
803,177
826,261
860,696
857,011
850,029
872,140
739,635
774,540
750,354
787,512
815,915
964,685
711,000
741,001
769,877
802,415
823,000
824,227
848,638
871,656
882,000
896,182
928,681
964,554
964,000
980,508
990,316
988,910
982,000
936,000
966,619
973,886
977,000
842,000
802,439
754,856
865,000
936,901
950,278
922,939
1,003,597

1,003,597

922,939

950,278

936,901

865,000

754,856

802,439

842,000

977,000

973,886

966,619

936,000

982,000

988,910

990,316

980,508

964,000

964,554

928,681

896,182

882,000

871,656

848,638

824,227

823,000

802,415

769,877

741,001

711,000

964,685

815,915

787,512

750,354

774,540

739,635

872,140

850,029

857,011

860,696

826,261

803,177

806,531

785,633

836,441

857,836

909,876

871,906

858,530

830,440

851,250

845,200

818,405

810,003

843,427

848,470

749,719

356,797

659,153

701,868

493,445

518,440

664,877

605,644

643,216

629,330

585,481

571,934

575,487

549,553

565,600

555,367

522,297

495,226

477,532

460,557

438,898

428,030

438,352

424,266

413,211

394,929

376,641

362,990

346,157

338,799

337,397

335,167

307,304

301,772

288,227

286,525

277,382

267,312

258,486

250,197

Common Stock

19,634
19,558
19,449
19,464
19,436
21,324
21,349
21,269
21,310
20,904
20,443
20,388
20,395
22,377
22,335
22,280
22,254
24,375
24,301
24,338
24,391
26,875
26,948
27,013
27,078
29,848
29,870
29,887
29,819
89,456
89,456
98,400
98,400
98,400
98,400
98,400
98,400
98,400
99,060
243,868
5,491
5,492
5,491
5,491
5,491
5,493
5,494
5,495
5,495
5,495
5,496
5,497
5,497
5,498
5,498
5,499
5,499
5,499
5,500
5,569
4,769
4,729
473
4,729
473
532
711,000
543
546
547
823,000
551
552
553
882,000
549
546
538
964,000
520
508
501
982,000
936,000
502
501
977,000
842,000
502
503
865,000
504
498
488
475

475

488

498

504

865,000

503

502

842,000

977,000

501

502

936,000

982,000

501

508

520

964,000

538

546

549

882,000

553

552

551

823,000

547

546

543

711,000

532

473

4,729

473

4,729

4,769

5,569

5,500

5,499

5,498

5,497

5,496

5,495

5,494

5,493

5,491

5,492

5,491

243,868

99,060

98,400

89,456

29,819

29,887

29,870

29,848

27,078

27,013

26,948

26,875

24,391

24,338

24,301

24,375

22,254

22,280

22,335

22,377

20,395

20,388

20,443

20,904

21,310

21,269

21,349

21,324

19,436

19,464

19,449

19,558

19,634

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

-310,198

-386,087

-357,790

-345,335

-377,452

-440,984

-353,440

-124,917

-112,864

-101,884

-49,680

-23,769

-27,784

-48,048

-87,097

-89,673

-103,079

-125,918

-148,527

-174,298

-163,439

-155,865

-129,052

-123,674

-130,337

-138,405

-144,680

-70,129

-66,774

-90,497

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,171,435
1,146,182
1,140,393
1,106,551
1,081,569
1,043,512
1,019,859
1,012,902
1,013,326
1,014,877
1,016,327
1,018,231
1,017,640
1,018,876
1,023,097
1,027,465
1,032,632
1,035,074
1,024,846
1,005,558
0

1,005,558

1,024,846

1,035,074

1,032,632

1,027,465

1,023,097

1,018,876

1,017,640

1,018,231

1,016,327

1,014,877

1,013,326

1,012,902

1,019,859

1,043,512

1,081,569

1,106,551

1,140,393

1,146,182

1,171,435

Treasury Stock

-20,058

-18,634

-18,159

-17,038

-16,116

-15,352

-14,517

-15,734

-22,022

-23,069

-60,324

-60,444

-48,443

-1

-42

-8,090

-9,432

-9,681

-16,350

-17,486

-17,648

-20,452

-22,086

-19,073

-13,117

-10,377

-10,948

-10,541

-9,820

-7,837

-8,767

-9,085

-9,825

-10,652

-21,723

-21,809

-21,901

-24,077

-24,127

-31,116

-31,148

-31,216

-34,660

-42,223

-56,637

-82,334

-82,700

-84,856

-83,952

-79,404

-71,576

-71,513

-58,147

-34,478

-37,039

-37,651

-20,950

-24,369

-25,548

-26,427

-22,231

-24,913

-25,471

Other Stockholders 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
-76,660
0
0
0
-77,520
0
0
0
1,208,994
0
1,211,831
1,348,644
1,142,566
1,147,980
1,150,197
1,152,456
1,155,542
1,160,441
1,163,673
1,168,174
1,122,992
1,085,738
1,080,069
1,083,482
1,059,547
1,027,778
1,005,342
997,550
997,210
-114,922
998,168
999,597
997,582
-81,252
1,002,497
1,006,865
147,720
1,014,563
1,007,195
987,713
970,800

970,800

987,713

1,007,195

1,014,563

147,720

1,006,865

1,002,497

-81,252

997,582

999,597

998,168

-114,922

997,210

997,550

1,005,342

1,027,778

1,059,547

1,083,482

1,080,069

1,085,738

1,122,992

1,168,174

1,163,673

1,160,441

1,155,542

1,152,456

1,150,197

1,147,980

1,142,566

1,348,644

1,211,831

1,208,994

-77,520

-76,660

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
Accounts Payable	0	278,000	316,000	335,000	8,363	5,072	2,376	2,143	2,744	4,754	7,637,951	0	0	112,663	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
Accumulated Depreciation	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	-310,198	-377,452	-124,917	-49,680	-87,097	-148,527	-129,052	-144,680	-90,497	-77,520	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
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
Capital Stock	475	865,000	499	500	530	554	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	1,032,632	1,017,640	1,013,326	1,081,569	1,171,435	1,155,542	1,142,608	1,225,344	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Cash	1,646,648	2,101,000	2,180,000	3,290,000	2,550,000	2,054,000	1,535,000	2,102,000	2,288,890	2,063,311	1,765,892	1,708,274	1,979,458	319,211	523,521	553,152	267,261	341,582	154,698	164,431	40,896	63,103	42,256	87,692	63,697
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
Cash And Short Term Investments	-1,647,000	2,985,000	3,379,000	4,113,000	3,768,000	4,288,968	5,102,562	5,954,144	4,899,721	4,691,630	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Common Stock	475	865,000	977,000	982,000	964,000	882,000	823,000	711,000	473	550	5,498	5,496	5,494	5,491	99,060	98,400	89,456	29,870	26,948	24,301	22,335	20,443	21,310	19,436	19,634
Common Stock Shares Outstanding	49,277	49,860	49,875	50,850	53,659	55,745	55,451	49,611	47,369	47,369	55,000	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Common Stock Total Equity	0	0	0	500	530	554	547	533	473	550	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Current Deferred Revenue	0	195,871	232,934	251,681	12,407,866	9,418,419	9,523,992	10,009,853	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
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
Earning Assets	0	0	7,532,321	5,882,882	5,827,545	4,346,605	5,144,096	5,098,818	3,647,106	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Good Will	24,107	22,892	25,356	25,627	24,838	23,991	21,529	19,622	23,462	24,821	7,086	6,949	15,937	16,017	16,712	14,364	25,260	25,018	22,840	24,638	5,404	0	0	0	0
Intangible Assets	74,800	51,478	60,750	67,192	71,665	50,751	39,066	42,289	27,669	33,041	24,677	140,005	168,250	150,941	137,815	112,482	166,644	136,538	92,462	106,043	42,860	27,322	27,961	7,434	0
Inventory	0	-3,062,772	-3,483,371	-4,329,739	-3,945,554	5,346	9,127	14,199	11,206	19,300	27,407	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	13,374,020	14,306,000	15,335,000	14,739,000	13,922,000	10,773,000	10,779,000	11,104,000	10,275,563	9,858,440	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Long Term Debt	98,490	172,000	172,000	171,000	143,500	143,322	117,000	117,000	117,000	117,000	207,000	260,000	267,755	268,989	283,085	282,296	284,191	280,168	278,679	142,333	125,000	75,000	75,000	75,000	75,000
Long Term Debt Total	0	172,289	171,876	171,462	143,500	143,322	117,000	117,000	117,000	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Long Term Investments	6,311,714	6,611,000	7,436,000	5,686,000	5,669,283	4,322,360	4,970,302	4,933,391	2,528,082	2,093,062	2,028,777	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
Net Debt	-1,515,144	-1,929,000	-2,008,000	-3,119,000	-2,406,000	-1,911,000	-1,418,000	-1,985,000	-2,171,890	-1,946,311	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Net Invested Capital	1,102,087	1,037,000	1,149,000	1,153,410	1,107,243	1,025,665	939,881	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Net Receivables	0	217,000	158,000	162,000	23,560	20,870	24,915	22,780	17,460	19,241	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Tangible Assets	0	776,638	884,560	884,141	859,133	801,694	753,733	643,456	694,573	785,203	777,811	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-5,363,405	2,924,000	3,221,000	3,940,000	3,783,197	6,212,944	-3,940,442	-4,069,383	6,392,112	6,183,982	-5,715,237	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Non Current Assets Total	10,478,511	6,831,000	7,661,000	5,930,000	5,909,000	4,555,162	5,195,687	5,163,075	3,880,707	3,669,704	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Other	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	4,111,509	278,000	172,000	171,000	144,000	143,322	117,000	117,000	117,000	117,000	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Non Currrent Assets Other	69,517	-6,831,000	-7,661,000	-5,930,000	-5,909,000	15,162	13,687	13,075	-3,880,707	-3,669,704	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	4,273,000	4,137,000	4,534,000	4,221,440	-178	-237	455	14,156,270	13,528,144	80,370	58,972	41,207	29,558	97,899	70,817	133,589	102,381	66,835	59,011	38,566	33,461	35,403	35,470	28,661
Other Current Assets	2,895,509	3,062,772	3,483,371	4,329,739	3,945,554	1,908,178	456,073	-36,454	1,477,675	1,477,865	28,577	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Liab	8,251,752	-278,000	-316,000	-335,000	-8,363	-5,072	-2,376	-2,143	-2,744	-4,754	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Liab	0	92,018	126,230	136,779	115,847	278,964	290,054	228,690	213,736	101,937	108,043	109,779	95,561	104,327	117,697	189,801	151,365	153,058	183,552	152,570	94,835	77,859	81,332	80,196	76,211
Other Stockholder Equity	970,800	147,720	20,588	15,762	96,334	241,203	1,155,542	1,142,566	1,208,994	1,331,391	-76,660	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	2	71	73	75	77	80	2	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	399,566	427,442	409,036	150,752	385,901	0	0	0	183,378	215,123	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	187,807	146,000	139,000	151,000	158,000	158,000	165,000	168,000	183,378	215,123	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	179,782	171,384	192,008	198,073	152,153	156,237	162,398	183,378	208,885	235,047	125,592	157,048	165,977	173,268	156,287	155,225	129,491	141,708	126,031	100,486	96,419	98,536	97,690	96,557
Retained Earnings	342,520	229,732	104,329	33,918	-9,237	-92,676	-204,156	-287,677	-368,618	-405,056	-460,157	0	0	0	0	0	167,607	76,881	152,501	188,674	283,566	298,262	270,828	276,273	236,718
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
Short Long Term Debt	0	0	0	0	0	0	47,000	128,321	125,929	137,424	262,087	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	131,504	172,000	172,000	171,000	144,000	143,000	117,000	117,000	117,000	117,000	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Short Term Debt	7,162	82,129	83,066	83,319	-12,399,503	-9,413,347	47,000	128,321	125,929	137,424	262,087	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Term Investments	2,843,554	884,000	1,199,000	823,000	1,218,000	52,000	250,000	520,000	2,610,831	2,628,319	104,132	580,846	391,307	2,978,589	2,502,874	2,746,852	3,398,236	3,863,056	2,695,222	2,232,293	2,995,048	1,926,056	1,984,969	1,603,731	1,451,116
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
Total Assets	13,374,020	14,306,000	15,335,000	14,739,000	13,922,000	10,773,000	10,779,000	11,104,000	10,275,563	9,858,440	8,870,815	8,942,030	8,824,109	9,623,060	9,594,602	10,911,844	11,910,920	11,132,802	9,197,566	8,630,383	7,679,872	6,007,874	5,738,044	5,197,804	4,794,012
Total Current Assets	2,895,509	3,202,000	3,537,000	4,275,000	3,791,560	6,218,016	5,583,550	5,940,470	6,394,856	6,188,736	1,981,626	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities	8,258,914	278,000	316,000	335,000	8,363	5,072	9,523,992	10,009,853	2,744	4,754	7,696,863	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liab	12,370,423	13,441,000	14,358,000	13,757,000	12,958,000	9,891,000	9,956,000	10,393,000	9,525,209	9,009,066	8,067,638	8,084,194	7,993,669	8,813,057	9,239,142	10,393,404	11,281,590	10,583,249	8,702,340	8,202,353	7,284,943	5,669,075	5,402,877	4,911,279	4,543,815
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
Total Stockholder Equity	1,003,597	865,000	977,000	982,000	964,000	882,000	823,000	711,000	750,354	849,374	803,177	857,836	830,440	810,003	355,460	518,440	629,330	549,553	495,226	428,030	394,929	338,799	335,167	286,525	250,197
Treasury Stock	0	0	-20,058	-16,116	-22,022	-48,443	0	-42	-16,350	-22,086	-10,948	-8,767	-21,723	-24,127	-34,660	-82,700	-71,576	-37,039	-25,548	-25,471	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

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

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	2011-12-31	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
Begin Period Cash Flow	2,116,546	2,203,497	3,314,498	2,578,901	2,070,120	1,557,732	1,206,770	2,288,890	2,063,311	1,730,472	0	0	0	0	0	0	0	0	0	0	0	0
Capital Expenditures	54,273	26,876	15,724	20,566	22,777	19,837	14,777	9,804	1,477	6,128	19,169	761	1,062	25,734	-12,217	15,677	25,545	4,067	-2,117	846	1,133	0
Cash And Cash Equivalents Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Change In Cash	-444,286	-86,951	-1,111,001	735,597	508,781	512,388	-601,777	-187,239	225,579	332,839	187,946	0	0	0	0	0	0	0	0	0	0	0
Change In Working Capital	6,522	-54,086	-505	-45,771	8,089	50,434	36,816	-7,403	6,183	-21,206	0	0	0	0	0	0	0	0	0	0	0	0
Change Receivables	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	4,623	-54,021	13,295	-8,143	-1,582	3,838	2,886	-6,054	1,417	594	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	0
Change To Liabilities	0	0	0	0	0	0	0	0	0	1,040	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	19,160	19,730	24,269	15,168	4,580	154	17,878	21,772	11,708	23,267	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-65	-13,800	-37,628	26,672	54,409	40,078	-1,391	4,542	-21,800	-26,670	0	0	0	0	0	0	0	0	0	0	0
Depreciation	36,212	40,177	69,456	62,435	48,390	46,476	23,982	52,261	50,069	45,116	44,957	0	0	0	0	0	0	0	0	0	0	0
Dividends Paid	86,186	87,343	87,285	88,932	93,636	83,704	69,731	33,975	39,477	42,113	53,546	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	1,672,260	2,116,546	2,203,497	3,314,498	2,578,901	2,070,120	604,993	2,101,651	2,288,890	2,063,311	1,730,472	0	0	0	0	0	0	0	0	0	0	0
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
Free Cash Flow	246,017	192,395	235,625	167,584	226,870	276,508	178,580	168,391	154,062	137,649	99,960	0	0	0	0	0	0	0	0	0	0	0
Investments	1,084,275	292,023	-1,795,361	-41,709	1,092,509	338,551	81,360	-1,199,774	-299,766	-686,616	186,616	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	27,647	27,647	26,218	26,218	26,218	26,218	-115,535	-136,486	0	0	0	0	0	0	0	0	0	0	0
Net Income	225,492	214,020	162,668	147,217	177,075	195,184	153,252	115,942	77,739	108,159	58,414	19,202	4,839	145,995	134,083	109,351	90,466	76,494	37,432	81,416	60,742	40,347
Other Cashflows From Financing Activities	-1,198,146	-415,566	642,815	97,647	-744,261	73,218	-806,776	2,118,562	597,394	-1,834	213,904	0	0	0	0	0	0	0	0	0	0	0
Other Cashflows From Investing Activities	0	318,899	-1,889,938	-21,143	1,115,286	358,388	-145,084	-1,189,970	-324,372	12,389	13,108	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	104,488	2,083	53	104	5	322	2,416	1,335	-420	2,874	0	0	0	0	0	0	0	0	0	0	0	0
Sale Purchase Of Stock	-88,590	-3,897	-19,754	-86,640	-81,534	-48,443	4,559	-213,754	-131,033	-17,674	706	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	20,812	17,077	15,151	15,245	17,716	12,582	8,410	14,423	7,913	9,049	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-1,447,922	-506,806	535,776	546,449	-919,431	-125,154	-876,494	939,585	426,884	461,747	4,115	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Operating Activities	300,290	219,271	251,349	188,150	249,647	296,345	193,357	178,195	155,539	143,777	119,129	0	0	0	0	0	0	0	0	0	0	0
Total Cashflows From Investing Activities	0	292,023	-1,905,662	-41,709	1,093,434	338,222	-164,302	-1,194,830	-325,849	-258,705	55,671	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	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-06-30	2009-09-30	2009-06-30	2008-12-31	2008-09-30	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
Begin Period Cash Flow	1,777,037	1,819,076	1,367,015	2,116,546	1,507,528	1,369,995	2,126,133	2,203,497	2,333,675	2,798,102	0	3,314,498	2,185,540	2,243,305	1,991,461	2,578,902	3,624,249	2,030,543	2,623,225	2,070,120	1,280,196	1,772,678	1,857,283	1,557,733	1,545,522	1,719,833	1,867,309	2,101,651	1,484,789	2,655,194	1,774,043	2,288,890	2,262,325	2,100,503	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Expenditures	32,864	6,416	7,916	7,077	6,093	7,557	6,167	7,059	7,203	3,405	2,234	2,882	344	4,532	10,680	5,698	6,426	6,701	7,122	2,528	7,951	4,224	3,890	3,772	1,949	4,991	3,949	3,888	3,343	1,793	1,888	2,780	1,677	1,779	-7,728	-573	6,128	-7,158	-4,529	2,265	19,169	975	-1,436	-24,455	-1,978	-6,952	117,129	-115,067	6,680	1,625	5,424	13,586	24,330	64,183	-36,074	-31,078	68,214	-45,132	9,237	10,075	51,554	-31,360	7,927	8,343	2,873	1,381	6,511	3,742	4,043	10,066	3,867	9,674	1,938	4,331	-1,679	-192	1,607	-1,194	-923	179	-336	-241	1,244	-3,816	1,681	2,797	471	0
Cash And Cash Equivalents Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Change In Cash	-104,777	-42,039	452,061	-749,531	609,018	137,533	-756,138	-77,364	-130,178	-464,427	188,851	-705,247	1,128,958	-57,765	251,844	-587,441	-1,045,348	1,593,706	-592,682	553,105	789,924	-492,482	-84,605	299,550	-940,529	-174,311	-147,476	-234,342	616,862	-1,170,405	881,151	-514,847	26,565	161,822	0	0	332,839	0	0	0	187,946	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Working Capital	43,868	-31,604	-6,616	874	-6,522	-27,487	-22,553	2,476	11,963	24,032	-31,868	-12,325	-25,941	33,381	10,987	-64,198	-111,875	139,996	5,034	-25,066	19,228	8,565	-10,475	33,116	13,287	-15,462	34,144	4,847	3,342	41,375	-46,281	-5,839	4,672	3,150	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Change To Account Receivables	35,618	-39,328	2,359	5,974	4,548	-45,336	-10,159	-3,074	19,240	19,484	0	0	-23,957	7,671	25,288	-17,145	-787	7,873	-286	-8,382	6,231	673	532	-3,598	5,448	-7,733	5,077	94	-2,488	-2,511	3,873	-4,928	-840	1,285	0	0	594	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,118	82	550	0	873	0	303	0	0	0	0	0	0	1,040	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	5,819	5,819	5,819	6,152	5,201	4,855	4,855	3,051	4,590	10,188	1,901	1,305	4,679	8,705	9,580	3,888	3,143	6,322	2,740	1,386	-228	2,585	508	154	-1,160	284	936	17,878	0	0	0	21,772	0	0	0	11,708	0	0	0	23,267	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	7,724	7,724	7,724	-11,070	17,849	-12,394	-12,394	-7,277	4,548	-12,734	1,663	-1,984	25,710	-14,301	-47,053	-111,088	132,123	5,320	-16,684	12,997	7,892	-11,007	36,714	40,078	-7,729	29,067	4,753	-1,391	43,821	-50,000	0	4,542	0	0	0	-21,800	0	0	0	-26,670	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	9,362	9,088	9,483	8,279	8,917	9,874	9,991	11,395	15,002	16,938	18,568	18,948	17,308	17,009	14,933	13,185	13,053	12,709	12,054	10,574	11,662	10,045	12,545	12,224	-13,911	12,458	12,632	12,803	13,661	12,965	14,407	11,228	12,009	12,783	0	0	45,116	0	0	0	44,957	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Dividends Paid	20,936	21,426	21,849	21,975	21,849	21,839	21,822	21,833	21,736	21,802	21,848	21,899	21,770	21,879	22,342	22,941	23,333	23,375	23,310	23,618	20,809	20,994	20,960	20,941	17,496	17,476	17,462	17,297	8,978	8,328	8,338	8,331	8,286	8,290	0	0	42,113	0	0	0	53,546	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	1,672,260	1,777,037	1,819,076	1,367,015	2,116,546	1,507,528	1,369,995	2,126,133	2,203,497	2,333,675	2,798,102	0	3,314,498	2,185,540	2,243,305	1,991,461	2,578,901	3,624,249	2,030,543	2,623,225	2,070,120	1,280,196	1,772,678	1,857,283	604,993	1,545,522	1,719,833	1,867,309	2,101,651	1,484,789	2,655,194	1,774,043	2,288,890	2,262,325	2,100,503	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Free Cash Flow	81,436	25,633	68,866	70,082	65,563	37,462	35,255	54,115	64,468	81,938	40,486	48,733	34,391	81,080	58,279	-6,854	-57,471	191,584	54,930	37,827	75,231	64,527	50,477	86,273	16,928	31,936	79,161	50,555	46,968	86,592	3,103	31,728	25,833	44,844	0	0	137,649	0	0	0	99,960	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	-170,655	212,733	731,861	-92,138	231,819	514,287	78,650	78,650	-127,279	-237,707	-582,147	-848,228	-61,342	-222,247	269,659	-27,779	-546,469	2,085,943	-205,071	-241,894	339,218	218,575	-94,219	231,584	-17,666	-44,754	174,353	-85,495	-1,490,498	0	0	0	-299,766	0	0	0	-686,616	0	0	0	186,616	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	-25,000	-45,220	97,867	97,867	97,867	0	0	0	26,218	-15	26,233	26,233	26,218	26,233	0	0	26,218	0	0	0	26,218	0	0	0	-115,535	0	0	0	-136,486	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	0	0	0	0	0	0	0
Net Income	53,542	48,746	61,000	62,204	63,109	57,431	49,129	44,351	41,655	39,783	39,615	41,615	42,063	30,543	34,334	40,277	43,889	42,437	38,642	52,107	50,906	50,369	49,712	44,197	40,254	41,091	36,050	35,857	35,360	24,048	29,773	26,761	-2,312	28,785	26,426	26,828	24,866	22,766	27,545	23,162	10,391	21,559	32,923	13,286	11,540	16,040	14,681	9,073	11,233	11,798	8,368	171	7,011	10,325	4,839	80,452	36,326	34,756	39,646	35,909	35,684	32,483	34,652	33,857	33,091	24,338	30,628	30,050	24,335	21,587	23,819	21,827	26,084	19,990	20,229	19,879	16,396	20,361	17,451	30,360	15,571	18,530	16,955	16,144	21,641	14,670	14,277	10,945
Other Cashflows From Financing Activities	57,581	-207,858	-334,235	-713,634	279,548	-330,398	-557,882	193,166	-19,501	-229,473	822,545	69,244	1,142,802	54,665	-34,500	-415,946	-589,564	-568,229	-396,630	810,162	418,278	-643,115	70,272	161,558	-81,754	-104,468	-418,933	-201,608	428,574	-299,352	1,235,735	-177,643	89,938	194,118	0	0	635,871	0	0	0	213,904	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Cashflows From Investing Activities	0	873,865	654,716	-85,061	318,899	80,987	-413,022	-268,968	-1,889,938	-1,736,737	-1,469,971	-817,834	-21,143	40,543	258,258	-22,081	1,115,286	1,655,329	-437,315	-239,366	358,388	5,538	303	71	2,590	2,412	1,439	219	5,528	5,073	2,995	0	11,238	0	0	0	12,389	0	0	0	13,108	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	26,252	-9	30	1,306	985	832	634	-368	27	-37	0	0	175	72	5,428	-71	66	67	-556	-128	71	-9	-79	339	2,490	132	-138	-68	14	117	2	1,202	-773	-451	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Sale Purchase Of Stock	-33,567	-31,423	-18,844	-4,756	-3,897	-3,897	-3,897	-3,897	-7,814	-4,107	-7,833	-3,350	-5,869	-18,694	-26,191	-35,886	-27,805	-53,672	-12,551	-41,178	-48,443	0	0	1,719	0	519	196	3,644	-212,120	-182	-1,180	-272	-170	-6,592	0	0	1,198	0	0	0	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	0	0	0	0	0
Stock Based Compensation	5,731	5,060	5,525	4,496	5,167	4,369	4,221	3,320	3,553	4,373	0	0	3,284	4,607	3,277	4,077	3,570	3,357	6,878	3,911	3,106	3,282	3,009	3,185	2,885	1,742	2,024	1,759	628	9,913	2,091	1,791	2,153	1,798	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-71,922	-260,707	-374,928	-740,365	257,699	-352,237	-579,704	167,436	-49,051	-255,382	796,214	43,995	1,090,163	14,092	-83,033	-474,773	-640,702	-591,604	-432,491	745,366	349,026	-664,109	49,312	140,617	-99,263	-121,944	-436,395	-218,892	207,476	-307,862	1,226,217	-186,246	81,482	179,236	0	0	461,747	0	0	0	4,115	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Operating Activities	114,300	32,049	76,782	77,159	71,656	45,019	41,422	61,174	71,671	85,343	42,720	51,615	34,735	85,612	68,959	-1,156	-51,045	198,285	62,052	40,355	83,182	68,751	54,367	90,045	18,877	36,927	83,110	54,443	50,311	88,385	4,991	34,508	27,510	46,623	0	0	143,777	0	0	0	119,129	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Cashflows From Investing Activities	0	852,456	639,723	-92,138	292,023	486,452	-150,221	-150,221	-160,404	-270,171	-654,371	-820,716	-61,342	-222,247	269,659	-27,779	-546,469	1,638,978	-446,965	-241,894	356,382	101,118	-172,027	53,078	-164,302	3,661	104,315	-80,094	-1,194,830	-941,175	-295,000	0	-325,849	0	0	0	-258,705	0	0	0	55,671	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Cost Of Revenue	178,619	0	0	0	0	-202	8	401	338	451	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation And Amortization	36,212	40,177	69,456	62,435	48,390	46,476	23,982	52,261	50,069	45,116	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	0	177,523	165,800	149,600	175,700	221,067	170,224	133,118	102,330	134,604	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	36,212	217,700	235,256	212,035	224,090	267,543	194,206	185,379	152,399	179,720	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
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
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	7,620	0	0	0	0	0	0	0	0	0	0	873	0	0
Gross Profit	583,100	551,700	496,500	502,700	532,500	510,800	448,792	406,599	373,767	389,429	341,696	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Income Before Tax	226,259	217,700	165,800	149,600	175,700	196,500	154,300	116,700	79,015	107,990	79,051	23,851	40,439	0	0	7,881	152,972	137,875	110,979	88,744	77,008	37,882	81,398	67,233	54,887
Income Tax Expense	767	3,700	3,100	2,400	-1,400	1,300	1,100	700	1,276	-169	891	5,890	0	0	0	3,042	6,977	3,792	1,628	0	514	70	0	501	0
Interest Expense	8,091	54,799	25,091	34,410	59,376	24,599	15,885	16,449	23,315	26,614	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	545,630	343,600	299,800	317,600	405,078	367,588	305,629	274,929	262,581	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
Net Income	225,492	214,020	162,668	147,217	177,100	195,200	153,300	115,900	77,739	108,159	58,414	0	19,202	0	0	4,839	145,995	134,083	109,351	90,466	76,494	37,432	81,416	60,742	40,347
Net Income Applicable To Common Shares	0	214,020	162,668	147,217	177,075	195,184	153,252	58,374	61,256	81,697	58,414	0	19,202	0	0	4,839	145,995	134,083	109,351	90,466	76,494	37,432	81,416	60,742	40,347
Net Income From Continuing Ops	225,492	214,000	162,700	147,200	177,075	195,184	153,252	115,942	77,739	108,159	78,160	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	366,960	343,600	299,800	317,600	345,702	342,989	289,744	258,480	239,266	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
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	583,100	177,523	165,800	149,600	175,700	221,067	153	116	102,330	134,604	108,450	90,775	85,663	0	0	325,895	563,506	450,682	307,986	207,240	160,021	87,004	198,604	277,499	256,490
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
Other Operating Expenses	535,460	374,177	236,621	244,461	257,142	224,870	214,274	203,322	196,581	191,584	31,195	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Reconciled Depreciation	36,212	40,177	69,456	62,435	48,390	46,476	23,982	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
Selling And Marketing Expenses	6,456	6,357	4,561	4,443	8,050	6,116	5,739	4,513	3,919	3,802	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	187,229	174,789	233,460	238,818	246,292	220,058	207,227	197,408	191,986	186,880	228,092	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Provision	767	3,700	3,100	2,400	-1,371	1,284	1,087	727	1,276	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	85,494	-374,177	236,621	244,461	257,142	224,870	214,266	202,921	196,243	191,133	259,287	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income Expense Net	226,259	40,177	165,791	149,595	175,704	-24,599	1	1	-23,315	-26,614	-3,358	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Revenue	761,719	551,700	496,500	502,700	532,500	510,800	448,800	407,000	374,105	389,880	356,609	337,288	347,893	127,639	237,842	604,023	821,623	675,831	481,367	363,500	280,883	141,018	305,723	371,283	347,320

	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
Cost Of Revenue	0	0	0	0	0	0	0	0	-1,469	476	590	-800	-400	196	92	2	317	-1	-16	204	1,563	26	-1,734	-87	836	-683	11	-71	488	673	99	-889	-51	-145	14,857	0	34,662	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	9,362	9,088	9,483	8,279	8,917	9,874	9,991	11,395	15,002	16,938	1,515	0	17,308	17,009	14,933	13,185	13,053	12,709	12,054	10,574	11,662	10,045	12,545	12,224	-13,911	12,458	12,632	12,803	13,661	12,965	14,407	11,228	12,009	12,783	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	49,127	61,516	99,973	81,783	71,855	50,184	45,326	42,500	40,557	40,447	42,400	42,200	31,085	35,089	41,300	41,984	42,675	38,812	52,233	51,071	50,797	50,051	44,549	40,717	41,277	36,313	36,032	-9,892	28,092	25,949	22,906	-5,769	24,832	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	9,362	58,215	70,999	108,252	90,700	81,729	60,175	56,721	57,502	57,495	41,962	42,300	59,508	48,094	50,022	54,485	55,037	55,384	50,866	62,807	62,733	60,842	62,596	56,773	26,806	53,735	48,945	48,835	3,769	41,057	40,356	34,134	6,240	37,615	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
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	320	7,300	202	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-840	531	33	69	240	288	0	0	0	0
Gross Profit	146,600	142,188	146,591	147,650	150,100	141,144	133,858	126,590	125,600	124,972	124,227	121,700	123,000	123,702	121,449	134,600	135,919	133,497	129,588	133,109	131,728	130,203	127,758	120,009	114,662	114,246	112,145	106,694	105,222	101,215	102,066	96,616	92,312	97,258	0	0	382,643	0	0	0	341,696	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Before Tax	52,700	49,127	61,516	62,873	63,800	58,360	50,184	45,326	42,400	40,557	40,447	42,400	42,100	31,085	35,089	41,300	41,984	42,675	38,812	52,233	51,071	50,797	50,051	44,549	40,717	41,277	36,313	36,032	35,374	24,257	30,013	27,025	-1,614	28,946	26,637	27,034	24,234	22,916	27,719	23,301	10,630	21,760	33,217	13,443	12,375	11,476	16,028	15,399	7,960	11,728	12,227	8,524	0	-509	509	0	-7,612	7,612	11,094	0	-75,137	83,018	-37,797	37,797	36,612	41,557	37,528	37,275	33,705	35,718	34,886	33,566	24,629	31,119	30,470	24,761	19,243	23,892	22,087	26,511	19,994	20,501	20,015	16,498	20,158	17,724	29,115	15,821	18,981	17,481	15,744	21,988	14,950	14,450	10,945
Income Tax Expense	-800	381	516	669	700	929	1,055	975	800	774	832	700	100	542	755	1,000	-1,905	238	170	126	165	428	339	352	463	186	263	175	14	209	240	264	698	161	211	206	-319	150	174	139	239	201	294	157	5,354	0	-718	718	-495	495	429	156	390	-338	338	0	407	601	769	0	476	2,566	1,522	1,471	1,856	1,911	1,619	1,591	1,222	1,066	1,029	475	291	491	420	426	-73	73	260	427	4	272	136	102	-203	273	-49	250	451	526	154	347	280	173	0
Interest Expense	1,371	47,502	41,443	37,100	26,900	13,495	7,769	6,657	6,400	6,321	5,997	6,300	6,400	7,045	6,209	14,800	17,281	18,706	12,216	11,173	8,277	6,729	5,297	4,296	4,262	3,744	3,893	3,986	3,772	3,835	4,196	4,646	5,238	5,414	6,276	6,387	6,577	6,720	6,666	6,651	7,006	6,712	7,665	8,016	8,043	8,084	8,691	10,460	10,791	11,164	11,601	11,668	13,831	14,020	14,996	15,596	16,943	18,133	21,515	27,071	46,873	72,608	75,194	88,939	104,341	109,419	101,764	95,010	88,337	83,199	76,828	64,443	52,909	52,825	49,348	41,925	38,954	31,360	26,839	21,254	19,611	19,643	21,686	22,073	24,212	24,910	24,192	24,111	28,097	40,806	46,290	50,577	56,569	56,830	53,923
Interest Income	139,563	137,694	133,918	134,455	121,500	104,648	89,738	82,500	81,000	82,002	80,698	81,200	81,900	82,358	85,324	102,389	103,521	105,034	97,372	99,151	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	0	0	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
Net Income	53,542	48,746	61,000	62,204	63,109	57,431	49,129	44,351	41,700	39,783	39,615	41,600	42,100	30,543	34,334	40,300	43,889	42,437	38,642	52,107	50,906	50,369	49,712	44,197	40,254	41,091	36,050	35,857	-9,906	24,048	25,709	22,642	-6,467	24,671	51,266	0	108,159	0	0	0	58,414	0	0	0	0	0	0	0	19,202	0	0	0	0	0	0	0	0	0	0	0	4,839	0	0	0	145,995	0	0	0	134,083	0	0	0	109,351	0	0	0	90,466	0	0	0	76,494	0	0	0	37,432	-81,416	81,416	0	0	0	60,742	0	0	0	0
Net Income Applicable To Common Shares	0	48,746	61,000	62,204	63,109	57,431	49,129	49,129	41,655	39,783	39,615	41,615	42,063	30,543	34,334	40,277	43,889	42,437	38,642	52,107	50,906	50,369	49,712	44,197	40,254	41,091	36,050	35,857	32,312	20,391	26,156	23,104	36,128	25,128	43,990	0	93,447	0	0	0	58,414	0	0	0	0	0	0	0	19,202	0	0	0	0	0	0	0	0	0	0	0	4,839	0	0	0	145,995	0	0	0	134,083	0	0	0	109,351	0	0	0	90,466	0	0	0	76,494	0	0	0	37,432	-81,416	81,416	0	0	0	60,742	0	0	0	0
Net Income From Continuing Ops	53,542	48,746	61,000	62,204	63,100	57,431	49,129	44,300	41,600	39,783	39,615	41,700	42,000	30,543	34,334	40,277	43,889	42,437	38,642	52,107	50,906	50,369	49,712	44,197	148,404	40,512	-71,521	35,857	115,942	0	0	0	77,739	0	0	0	108,159	0	0	0	78,160	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	86,938	90,192	92,475	97,355	94,600	91,153	81,969	75,900	74,500	75,681	74,701	74,900	75,600	75,313	79,115	87,591	86,240	86,328	85,156	87,978	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	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
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	146,600	49,127	61,516	99,973	81,783	71,855	50,184	45,326	42,500	40,557	40,447	42,300	42,200	31,085	35,089	41,300	41,984	42,675	38,812	52,233	51,071	50,797	50,051	44,549	40,717	41,277	36,313	36,032	-9,892	28,092	25,949	22,906	-5,769	24,832	81,556	0	183,454	0	0	0	108,450	0	0	0	90,775	0	0	0	85,663	0	0	0	0	0	0	0	0	0	0	0	325,895	0	0	0	563,506	0	0	0	450,682	0	0	0	307,986	0	0	0	207,240	0	0	0	160,021	0	0	0	87,004	-198,604	198,604	0	0	0	277,499	0	0	0	0
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
Other Operating Expenses	93,900	93,061	85,075	47,677	68,317	69,289	83,674	81,264	63,846	58,742	59,473	800	58,058	65,477	57,799	61,215	66,841	62,171	67,603	57,950	59,814	59,490	54,316	51,250	58,025	49,196	51,448	48,100	49,688	58,955	47,391	45,753	53,598	47,440	0	0	29,670	0	0	0	31,195	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	9,362	9,088	9,483	8,279	8,917	9,874	1,405	11,395	15,002	16,938	1,515	0	17,308	17,009	14,933	13,185	13,053	12,709	12,054	10,574	11,662	10,045	12,545	12,224	-13,911	12,458	12,632	12,803	13,661	12,965	14,407	11,228	12,009	12,783	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,709	1,549	1,695	1,503	1,810	1,456	1,610	1,481	1,238	919	1,021	0	1,563	630	681	1,569	3,135	1,580	1,661	1,674	2,268	1,470	1,436	942	1,501	906	2,369	963	1,718	871	976	948	1,238	723	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	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	8,995	65,887	56,087	42,331	9,954	55,300	55,348	40,083	64,146	57,347	57,862	0	56,895	64,651	57,026	60,246	63,670	60,592	65,958	56,072	57,055	57,994	54,614	50,395	56,826	48,973	49,068	47,208	48,660	56,738	46,316	45,694	52,411	46,862	75,308	0	154,073	0	0	0	228,092	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Provision	-799	381	516	669	700	929	1,055	1,000	800	774	832	700	100	542	755	1,013	-1,905	238	170	126	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-	-	0	-	-	0	0	-	0	0	-	0	0	0	0	0	0	0	0	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	24,630	-93,061	-85,075	-47,677	-68,317	-69,289	-83,674	-81,264	63,846	58,742	59,473	-800	58,058	65,477	57,799	61,215	66,841	62,171	67,603	57,950	59,814	59,490	54,316	51,250	58,025	49,196	51,448	48,100	49,688	58,282	47,391	45,753	53,598	47,440	0	0	265,386	0	0	0	259,287	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Other Income Expense Net	52,700	49,127	61,516	-37,100	-17,983	-13,495	-7,769	4,595	-100	-6,321	-5,997	100	-100	-7,045	-6,209	-14,798	-17,265	-18,706	-12,216	-11,173	-145,396	-6,729	-5,297	-4,296	-113,621	-3,744	-3,893	-3,986	45,266	-3,835	4,064	4,119	4,155	4,114	0	0	-9,567	0	0	0	-3,358	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Revenue	146,600	142,188	146,591	147,650	150,100	141,144	133,858	126,590	125,600	124,972	124,227	121,700	123,000	123,702	121,449	134,600	135,919	133,497	129,588	133,109	131,728	130,203	127,758	120,009	114,662	114,246	112,145	106,694	105,222	101,888	102,066	96,616	92,312	97,258	88,348	87,687	88,202	88,990	99,040	86,679	77,837	86,149	95,201	79,908	81,372	81,681	87,290	91,270	88,558	88,575	87,466	83,294	66,588	72,636	83,842	0	149,872	87,970	98,560	63,783	36,268	232,105	137,040	198,610	211,320	215,065	203,618	191,620	181,373	175,923	168,405	150,130	125,134	127,204	120,429	108,600	99,197	94,112	89,065	83,516	78,189	70,072	71,935	65,480	70,776	70,242	81,158	66,201	72,745	84,263	88,267	90,437	96,028	96,451	79,557

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

Gross Profit (+$)
totalRevenue	761,719
Cost of Revenue	-178,619
Gross Profit	583,100	583,100

Operating Income (+$)
Gross Profit	583,100
Operating Expense	-85,494
Operating Income	583,100	497,606

Operating Expense (+$)
Research Development	0
Selling General Administrative	187,229
Selling And Marketing Expenses	6,456
Operating Expense	85,494	193,685

Net Interest Income (+$)
Interest Income	545,630
Interest Expense	-8,091
Other Finance Cost	-170,579
Net Interest Income	366,960

Pretax Income (+$)
Operating Income	583,100
Net Interest Income	366,960
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	226,259	356,841 EBIT - interestExpense = -8,091 226,259 233,583
Interest Expense	8,091
Earnings Before Interest and Taxes (EBIT)	0	234,350
Earnings Before Interest and Taxes (EBITDA)	36,212

After tax Income (+$)
Income Before Tax	226,259
Tax Provision	-767
Net Income From Continuing Ops	225,492	225,492
Net Income	225,492
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	535,460
Total Other Income/Expenses Net	226,259	-366,960

Technical Analysis of Bank of N.T. Butterfield & Son Ltd
The psychology behind the price

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

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Bank of N.T. Butterfield & Son Ltd. The general trend of Bank of N.T. Butterfield & Son Ltd is BULLISH with 71.4% 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 Bank of N.T. Butterfield & Son Ltd's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (71.4%)		Bearish trend (-71.4%)
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 Bank of N.T. Butterfield & Son Ltd.

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

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

The bullish price targets are: 32.15 < 33.31 < 35.47.

The bearish price targets are: 29.06 > 28.84 > 28.58.

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Bank of N.T. Butterfield & Son Ltd Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

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

Score

Let's take a look at the Moving Averages of Bank of N.T. Butterfield & Son Ltd. The current mas is .

The long score for the Moving Averages is 12/14.
The longshort score for the Moving Averages is 10/(-14 +14).

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

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Bank of N.T. Butterfield & Son Ltd Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

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

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

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Bank of N.T. Butterfield & Son Ltd. The current macd is 0.02845956.

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

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Bank of N.T. Butterfield & Son Ltd price going down in the near term. -2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Bank of N.T. Butterfield & Son Ltd. 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 Bank of N.T. Butterfield & Son Ltd 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 down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Bank of N.T. Butterfield & Son Ltd Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

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

Score

Let's take a look at the Directional Movement Index (DMI) of Bank of N.T. Butterfield & Son Ltd. The current adx is 19.18.

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

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

Bank of N.T. Butterfield & Son Ltd Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

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

Score

Let's take a look at the Parabolic SAR of Bank of N.T. Butterfield & Son Ltd. The current sar is 31.75.

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

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

Bank of N.T. Butterfield & Son Ltd Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

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

Score

Let's take a look at the Relative Strength Index (RSI) of Bank of N.T. Butterfield & Son Ltd. The current rsi is 45.84. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

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

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Bank of N.T. Butterfield & Son Ltd Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

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

Score

Let's take a look at the Stochastic Oscillator of Bank of N.T. Butterfield & Son Ltd. The current phase is Oversold 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 below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Bank of N.T. Butterfield & Son Ltd price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Bank of N.T. Butterfield & Son Ltd Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

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

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

Score

Let's take a look at the Commodity Channel Index (CCI) of Bank of N.T. Butterfield & Son Ltd. The current cci is -111.22800365.

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

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

Bank of N.T. Butterfield & Son Ltd Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

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

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

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Bank of N.T. Butterfield & Son Ltd. The current cmo is -16.03447218.

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

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

Bank of N.T. Butterfield & Son Ltd Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

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

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

Score

Let's take a look at the Williams %R of Bank of N.T. Butterfield & Son Ltd. The current willr is -81.25.

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

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

Bank of N.T. Butterfield & Son Ltd Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

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

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

Score

Let's take a look at the Bollinger Bands of Bank of N.T. Butterfield & Son Ltd.

Bank of N.T. Butterfield & Son Ltd Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

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

Score

Let's take a look at the Average True Range (ATR) of Bank of N.T. Butterfield & Son Ltd. The current atr is 0.63895838.

Bank of N.T. Butterfield & Son Ltd Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

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

Score

Let's take a look at the On-Balance Volume (OBV) of Bank of N.T. Butterfield & Son Ltd. The current obv is 932,926.

Bank of N.T. Butterfield & Son Ltd Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

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

Score

Let's take a look at the Money Flow Index (MFI) of Bank of N.T. Butterfield & Son Ltd. The current mfi is 49.07.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Bank of N.T. Butterfield & Son Ltd Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Bank of N.T. Butterfield & Son Ltd.

6.2. Trading Signals

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

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

6.3. Candlestick Patterns

Bank of N.T. Butterfield & Son Ltd Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Bank of N.T. Butterfield & Son Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	45.838
Ma 20	Greater than	Ma 50	31.202
Ma 50	Greater than	Ma 100	30.367
Ma 100	Greater than	Ma 200	30.337
Open	Greater than	Close	30.220
Total			3/5 (60.0%)

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Quick analysis of Bank of N.T. Butterfield & Son Ltd (30 sec.)

What can you expect buying and holding a share of Bank of N.T. Butterfield & Son Ltd? (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 Bank of N.T. Butterfield & Son Ltd (5 min.)

$30.46

$20.87

$80.74 - $95.29

$101.61 - $116.16

2. Growth of Bank of N.T. Butterfield & Son Ltd (5 min.)

Is Bank of N.T. Butterfield & Son Ltd growing?

How much money is Bank of N.T. Butterfield & Son Ltd making?

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

3. Financial Health of Bank of N.T. Butterfield & Son Ltd (5 min.)

What can you expect buying and holding a share of Bank of N.T. Butterfield & Son Ltd? (5 min.)

What can you expect buying and holding a share of Bank of N.T. Butterfield & Son Ltd?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Bank of N.T. Butterfield & Son Ltd

About Bank of N.T. Butterfield & Son Ltd

Financial Health

Valuation

1.1. Profitability of Bank of N.T. Butterfield & Son Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

1.1.2. Return on Assets

Trends

1.1.3. Return on Equity

Trends

1.2. Operating Efficiency of Bank of N.T. Butterfield & Son Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Bank of N.T. Butterfield & Son Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of Bank of N.T. Butterfield & Son Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of Bank of N.T. Butterfield & Son Ltd

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

2.2. Price To Free Cash Flow Ratio

Trends

2. Book Value per Share

2.3. Price to Book Ratio

Trends

Bank of N.T. Butterfield & Son Ltd
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