Titan International Inc
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Let's analyse Titan International Inc together

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

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

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

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Quick analysis of Titan International Inc (30 sec.)

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

How much money do you get?

$0.02

When do you have the money?

1 year

How often do you get paid?

77.5%

What is your share worth?

Current worth

$6.43

Expected worth in 1 year

$7.60

How sure are you?

40.0%

+ What do you gain per year?

Total Gains per Share

$1.18

Return On Investment

10.2%

For what price can you sell your share?

Current Price per Share

$11.56

Expected price per share

$9.82 - $12.77

How sure are you?

50%

1. Valuation of Titan International Inc (5 min.)

Live pricePrice per Share (EOD)

$11.56

Book Value per Share

$6.43

Intrinsic Value Per Share

$13.86 - $22.34

Total Value Per Share

$20.30 - $28.78

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

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.07) 3Y: ($0.23) TTM: ($0.41)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.02) 3Y: ($0.02) TTM: ($-0.08)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.48	$1.13	$0.63 - $1.28
2	$1.24	$2.54	$0.96 - $1.61
3	$2.24	$4.23	$1.29 - $1.95
4	$3.46	$6.18	$1.63 - $2.29
5	$4.86	$8.36	$1.96 - $2.63
6	$6.42	$10.77	$2.30 - $2.97
7	$8.12	$13.38	$2.63 - $3.31
8	$9.94	$16.19	$2.96 - $3.65
9	$11.86	$19.18	$3.30 - $3.99
10	$13.86	$22.34	$3.63 - $4.32

2. Growth of Titan International Inc (5 min.)

Is Titan International Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$467.4m	$313.8m	$129.8m	29.3%

How much money is Titan International Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$19.6m	$44m	-$24.3m	-123.8%
Net Profit Margin	4.1%	8.1%	-	-

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

Quarterly Yearly

3. Financial Health of Titan International Inc (5 min.)

4. Comparing to competitors in the Farm & Heavy Construction Machinery industry (5 min.)

Industry Rankings (Farm & Heavy Construction Machinery)

Richest
#61 / 146

Most Revenue
#57 / 146

Most Profit
#62 / 146

Most Efficient
#78 / 146

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

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

What can you expect buying and holding a share of Titan International Inc?

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

Speculation

The Price per Share of Titan International Inc is $11.56. 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 Titan International Inc.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

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

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $6.43. Based on the TTM, the Book Value Change Per Share is $0.29 per quarter. Based on the YOY, the Book Value Change Per Share is $0.54 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 $0.00 per quarter.

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

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	-0.04	-0.3%	0.27	2.3%	0.61	5.2%	0.13	1.2%	-0.03	-0.3%
Usd Book Value Change Per Share	0.47	4.1%	0.29	2.5%	0.54	4.6%	0.14	1.2%	-0.11	-1.0%
Usd Dividend Per Share	0.02	0.2%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%
Usd Total Gains Per Share	0.49	4.2%	0.29	2.5%	0.54	4.7%	0.14	1.2%	-0.11	-1.0%
Usd Price Per Share	14.88	-	12.57	-	14.32	-	8.57	-	9.35	-
Price to Earnings Ratio	-105.35	-	-19.95	-	6.75	-	-1.01	-	21.19	-
Price-to-Total Gains Ratio	30.38	-	6.13	-	37.59	-	-15.00	-	42.35	-
Price to Book Ratio	2.31	-	2.05	-	3.40	-	2.25	-	2.03	-
Price-to-Total Gains Ratio	30.38	-	6.13	-	37.59	-	-15.00	-	42.35	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	11.56
Number of shares	86

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	0.29	0.14
Usd Total Gains Per Share	0.29	0.14
Gains per Quarter (86 shares)	25.34	12.00
Gains per Year (86 shares)	101.38	47.98

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	2	100	91	1	47	38
2	3	200	192	3	93	86
3	5	299	293	4	140	134
4	6	399	394	5	187	182
5	8	499	495	6	234	230
6	10	599	596	8	280	278
7	11	698	697	9	327	326
8	13	798	798	10	374	374
9	14	898	899	11	421	422
10	16	998	1000	13	467	470

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	3.0	1.0	0.0	75.0%	10.0	2.0	0.0	83.3%	11.0	9.0	0.0	55.0%	16.0	24.0	0.0	40.0%	75.0	47.0	0.0	61.5%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	9.0	3.0	0.0	75.0%	11.0	9.0	0.0	55.0%	16.0	24.0	0.0	40.0%	66.0	56.0	0.0	54.1%
Dividend per Share	1.0	0.0	3.0	25.0%	3.0	0.0	9.0	25.0%	11.0	0.0	9.0	55.0%	31.0	0.0	9.0	77.5%	111.0	0.0	11.0	91.0%
Total Gains per Share	3.0	1.0	0.0	75.0%	9.0	3.0	0.0	75.0%	11.0	9.0	0.0	55.0%	16.0	24.0	0.0	40.0%	66.0	56.0	0.0	54.1%

Fundamentals of Titan International Inc

About Titan International Inc

https://www.titan-intl.com
Farm & Heavy Construction Machinery
6900
1525 Kautz Road, West Chicago, IL, United States, 60185
Google Maps Bing Maps

Titan International, Inc., together with its subsidiaries, manufactures and sells wheels, tires, and undercarriage systems and components for off-highway vehicles in the United States and internationally. The company operates in Agricultural, Earthmoving/Construction, and Consumer segments. It offers wheels, tires, and undercarriage systems and components for various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment. The company also offers wheels, tires, and undercarriage systems and components for off-the-road earthmoving, mining, military, construction, and forestry equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler tractors, lattice cranes, shovels, and hydraulic excavators. In addition, it provides bias and light truck tires; and products for ATVs, rock climbers, and turf applications, as well as specialty products and train brakes. It sells its products directly to original equipment manufacturers, as well as to the aftermarket through independent distributors, equipment dealers, and its distribution centers. Titan International, Inc. was founded in 1890 and is headquartered in West Chicago, Illinois.

Fundamental data was last updated by Penke on 2024-04-05 04:19:04.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

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

1.1. Profitability of Titan International Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Titan International Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
A Net Profit Margin of -0.7% means that $-0.01 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Titan International Inc:

The MRQ is -0.7%. The company is not making a profit/loss.
The TTM is 4.1%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	-0.7%	TTM	4.1%	-4.7%
TTM	4.1%	YOY	8.1%	-4.0%
TTM	4.1%	5Y	1.3%	+2.8%
5Y	1.3%	10Y	-1.1%	+2.4%

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	-0.7%	4.1%	-4.8%
TTM	4.1%	5.3%	-1.2%
YOY	8.1%	4.7%	+3.4%
5Y	1.3%	3.6%	-2.3%
10Y	-1.1%	3.2%	-4.3%

Measures how much net profit Titan International Inc earns for each $1 of revenue.

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

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

The net profit margin looks at how much net profit Titan International Inc earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
Can be used to compare companies within the Farm & Heavy Construction Machinery industry.

You typically want a high profit margin. This means that for each $1 in sales, Titan International Inc makes more profit. This shows the investor how efficiently Titan International Inc is operating in general and compared to other companies in the same industry. Titan International Inc operates in the Farm & Heavy Construction Machinery industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Titan International Inc. If profit margins remain low (compared to the Farm & Heavy Construction Machinery 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 Titan International Inc is -0.01. This means that Titan International Inc earned $-0.01 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 Farm & Heavy Construction Machinery industry is 4.1%.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Titan International Inc with other companies in the same industry (Farm & Heavy Construction Machinery).
Net profit margin should rise over the years.
Can be influenced when Titan International Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of Titan International Inc is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

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

Real example of Titan International Inc

You need the following data to determine net profit margin:

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

Net income MRQ Titan International Inc = -2,565
Total revenue MRQ Titan International Inc = 390,199
$-2,565 / $390,199 = -0.01 or -0.7%

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 Titan International Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
-0.2% Return on Assets means that Titan International Inc generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Titan International Inc:

The MRQ is -0.2%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 1.5%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	-0.2%	TTM	1.5%	-1.7%
TTM	1.5%	YOY	3.5%	-2.0%
TTM	1.5%	5Y	0.7%	+0.8%
5Y	0.7%	10Y	-0.1%	+0.8%

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	-0.2%	1.7%	-1.9%
TTM	1.5%	1.5%	+0.0%
YOY	3.5%	1.4%	+2.1%
5Y	0.7%	1.0%	-0.3%
10Y	-0.1%	0.9%	-1.0%

Shows how efficient Titan International Inc is using its assets to generate profit.

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

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery 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 Titan International Inc is using its resources to generate profit. If the return on assets (-0.2%) from Titan International Inc are higher than the Farm & Heavy Construction Machinery mean (1.7%) that means Titan International Inc is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Titan International Inc is -0.2%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Farm & Heavy Construction Machinery industry is 1.7%.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on assets

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

Real example Titan International Inc

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

Income statement
Balance sheet

Net income MRQ (income statement) from Titan International Inc = -2,565
Total assets MRQ (balance sheet) from Titan International Inc = 1,289,245
-2,565 / 1,289,245 = 0.00 or -0.2%

ROA is an important ratio as it will tell you how effectively Titan International Inc is using its resources to generate profits. Example:

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

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

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

1.1.3. Return on Equity

Shows how efficient Titan International Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
-0.5% Return on Equity means Titan International Inc generated $-0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Titan International Inc:

The MRQ is -0.5%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 4.5%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.5%	TTM	4.5%	-5.1%
TTM	4.5%	YOY	14.2%	-9.6%
TTM	4.5%	5Y	2.3%	+2.3%
5Y	2.3%	10Y	-0.4%	+2.7%

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	-0.5%	3.9%	-4.4%
TTM	4.5%	3.9%	+0.6%
YOY	14.2%	3.4%	+10.8%
5Y	2.3%	2.5%	-0.2%
10Y	-0.4%	2.3%	-2.7%

Shows how efficient Titan International Inc is using its investors money to generate profit.

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

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery 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 Farm & Heavy Construction Machinery 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 Titan International Inc is -0.5%. This means Titan International Inc generated $-0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Farm & Heavy Construction Machinery industry is 3.9%.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if Titan International Inc existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on equity

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

Real example of Titan International Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Titan International Inc = -2,565
Shareholders equity (balance sheet) MRQ Titan International Inc = 467,060
-2,565 / 467,060 = -0.01 or -0.5%

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 Titan International Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Titan International Inc is operating .

Measures how much profit Titan International Inc makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
An Operating Margin of 5.3% means the company generated $0.05 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Titan International Inc:

The MRQ is 5.3%. The company is operating less efficient.
The TTM is 8.0%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	5.3%	TTM	8.0%	-2.7%
TTM	8.0%	YOY	10.5%	-2.5%
TTM	8.0%	5Y	3.3%	+4.6%
5Y	3.3%	10Y	0.6%	+2.7%

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	5.3%	6.9%	-1.6%
TTM	8.0%	5.8%	+2.2%
YOY	10.5%	6.1%	+4.4%
5Y	3.3%	5.1%	-1.8%
10Y	0.6%	5.3%	-4.7%

Measures how efficient Titan International Inc is operating .

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

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery 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 Titan International Inc is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Titan International Inc is 5.3%. This means that Titan International Inc earned $0.05 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Farm & Heavy Construction Machinery industry is 6.9%.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Titan International Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Titan International Inc = 20,718
Total revenue MRQ Titan International Inc = 390,199
$20,718 / $390,199 = 0.05 or 5.3%

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 Titan International Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to Farm & Heavy Construction Machinery industry mean).
An Operation Ratio of 0.95 means that the operating costs are $0.95 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Titan International Inc:

The MRQ is 0.947. The company is less efficient in keeping operating costs low.
The TTM is 0.921. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.947	TTM	0.921	+0.026
TTM	0.921	YOY	0.895	+0.025
TTM	0.921	5Y	0.964	-0.043
5Y	0.964	10Y	0.988	-0.024

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	0.947	1.533	-0.586
TTM	0.921	1.507	-0.586
YOY	0.895	1.496	-0.601
5Y	0.964	1.450	-0.486
10Y	0.988	1.302	-0.314

Measures how efficient Titan International Inc is keeping operating costs low.

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

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery 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 Titan International Inc is 94.7%. This means that Titan International Inc earned $0.95 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 Farm & Heavy Construction Machinery industry is 1.53.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Titan International Inc

You need the following data to determine operating ratio:

Income statement

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

(cost of revenue + total operating expenses) \ total revenue
(331,875 +37,606) \ 390,199 = 0.95

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 Titan International Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Titan International Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Farm & Heavy Construction Machinery industry mean).
A Current Ratio of 2.35 means the company has $2.35 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Titan International Inc:

The MRQ is 2.355. The company is able to pay all its short-term debts. +1
The TTM is 2.274. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	2.355	TTM	2.274	+0.080
TTM	2.274	YOY	1.918	+0.356
TTM	2.274	5Y	2.003	+0.272
5Y	2.003	10Y	2.167	-0.165

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	2.355	1.556	+0.799
TTM	2.274	1.562	+0.712
YOY	1.918	1.583	+0.335
5Y	2.003	1.618	+0.385
10Y	2.167	1.498	+0.669

Measures if Titan International Inc is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Farm & Heavy Construction Machinery 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 Titan International Inc if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Titan International Inc is 2.35. This means Titan International Inc has $2.35 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Farm & Heavy Construction Machinery industry is 1.56.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Titan International Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
876,781 \ 372,375) = 2.35

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

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

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

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

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

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

1.3.2. Quick Ratio

Measures if Titan International Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
A Quick Ratio of 1.22 means the company can pay off $1.22 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Titan International Inc:

The MRQ is 1.224. The company is just able to pay all its short-term debts with the most liquid assets.
The TTM is 1.164. The company is just able to pay all its short-term debts with the most liquid assets.

Trends

Current period		Compared to		+/-
MRQ	1.224	TTM	1.164	+0.060
TTM	1.164	YOY	0.867	+0.297
TTM	1.164	5Y	0.918	+0.246
5Y	0.918	10Y	1.045	-0.127

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	1.224	0.655	+0.569
TTM	1.164	0.720	+0.444
YOY	0.867	0.768	+0.099
5Y	0.918	0.766	+0.152
10Y	1.045	0.798	+0.247

Measures if Titan International Inc is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery 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 Titan International Inc can pay off its short term debts. This shows if Titan International Inc can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Titan International Inc is 1.22. This means that Titan International Inc can pay off $1.22 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Farm & Heavy Construction Machinery industry is 0.66.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate quick ratio

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

Real life example Titan International Inc

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Titan International Inc: (220,251 + 0 +235,613) / 372,375 = 1.22

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 Titan International Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Titan International Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Titan International Inc to Farm & Heavy Construction Machinery industry mean.
A Debt to Asset Ratio of 0.64 means that Titan International Inc assets are financed with 63.7% credit (debt) and the remaining percentage (100% - 63.7%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Titan International Inc:

The MRQ is 0.637. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.658. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.637	TTM	0.658	-0.021
TTM	0.658	YOY	0.753	-0.095
TTM	0.658	5Y	0.772	-0.114
5Y	0.772	10Y	0.737	+0.035

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	0.637	0.544	+0.093
TTM	0.658	0.553	+0.105
YOY	0.753	0.534	+0.219
5Y	0.772	0.563	+0.209
10Y	0.737	0.558	+0.179

Measures how much % of Titan International Inc assets are financed with debt.

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Titan International Inc to Farm & Heavy Construction Machinery 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 Titan International Inc is 0.64. This means means that Titan International Inc is financed with 63.7% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Farm & Heavy Construction Machinery industry is 155.6%.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Titan International Inc

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

Balance sheet
Debt to asset ratio = total debt \ total assets
821,830 \ 1,289,245 = 63.7% or 0.64.

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 Titan International Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
A Debt to Equity ratio of 176.0% means that company has $1.76 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Titan International Inc:

The MRQ is 1.760. The company is just able to pay all its debts with equity.
The TTM is 1.938. The company is just able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	1.760	TTM	1.938	-0.178
TTM	1.938	YOY	3.176	-1.239
TTM	1.938	5Y	3.747	-1.810
5Y	3.747	10Y	3.155	+0.593

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
MRQ	1.760	1.207	+0.553
TTM	1.938	1.262	+0.676
YOY	3.176	1.210	+1.966
5Y	3.747	1.302	+2.445
10Y	3.155	1.342	+1.813

Measures if Titan International Inc is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

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

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

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

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Titan International Inc is 1.76. This means that Titan International Inc can pay off $1.76 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Farm & Heavy Construction Machinery industry is 1.21.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Titan International Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
821,830 \ 467,060 = 1.76 or 176.0%

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 Titan International Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Titan International Inc generates.

Above 15 is considered overpriced but always compare Titan International Inc to the Farm & Heavy Construction Machinery industry mean.
A PE ratio of -105.35 means the investor is paying $-105.35 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Titan International Inc:

The EOD is -81.841. Based on the earnings, the company is expensive. -2
The MRQ is -105.346. Based on the earnings, the company is expensive. -2
The TTM is -19.954. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-81.841	MRQ	-105.346	+23.505
MRQ	-105.346	TTM	-19.954	-85.391
TTM	-19.954	YOY	6.747	-26.701
TTM	-19.954	5Y	-1.008	-18.946
5Y	-1.008	10Y	21.191	-22.199

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
EOD	-81.841	10.270	-92.111
MRQ	-105.346	8.767	-114.113
TTM	-19.954	9.529	-29.483
YOY	6.747	11.014	-4.267
5Y	-1.008	12.223	-13.231
10Y	21.191	15.360	+5.831

Measures how much money you pay for each share for every $1 in earnings Titan International Inc generates.

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

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Titan International Inc to the Farm & Heavy Construction Machinery 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 Titan International Inc is -105.35. This means the investor is paying $-105.35 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Farm & Heavy Construction Machinery industry is 8.77.
What is the trend?
The trend is important because it shows you how Titan International Inc is performing over time. The most recent quarter might be important if Titan International Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Titan International Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Titan International Inc

You need the following data to determine the PE ratio:

Balance sheet
Income statement

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

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 61,389 = EPS
PE ratio MRQ = -105.35

* 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 Titan International Inc:

The EOD is 10.536. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 13.561. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 9.930. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	10.536	MRQ	13.561	-3.026
MRQ	13.561	TTM	9.930	+3.631
TTM	9.930	YOY	1.626	+8.305
TTM	9.930	5Y	-6.837	+16.768
5Y	-6.837	10Y	5.868	-12.706

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
EOD	10.536	4.152	+6.384
MRQ	13.561	3.472	+10.089
TTM	9.930	0.089	+9.841
YOY	1.626	0.062	+1.564
5Y	-6.837	0.247	-7.084
10Y	5.868	0.230	+5.638

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Farm & Heavy Construction Machinery industry mean).
A PB ratio of 2.31 means the investor is paying $2.31 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Titan International Inc:

The EOD is 1.796. Based on the equity, the company is underpriced. +1
The MRQ is 2.312. Based on the equity, the company is underpriced. +1
The TTM is 2.053. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.796	MRQ	2.312	-0.516
MRQ	2.312	TTM	2.053	+0.259
TTM	2.053	YOY	3.399	-1.346
TTM	2.053	5Y	2.247	-0.194
5Y	2.247	10Y	2.034	+0.214

Compared to industry (Farm & Heavy Construction Machinery)

Period	Company	Industry (mean)	+/-
EOD	1.796	1.451	+0.345
MRQ	2.312	1.511	+0.801
TTM	2.053	1.489	+0.564
YOY	3.399	1.618	+1.781
5Y	2.247	1.766	+0.481
10Y	2.034	2.064	-0.030

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Titan International Inc

Institutions are holding 106.507% of the shares of Titan International Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	12.3041	0.0034	8928731	-86191	-0.9561
2023-12-31	Mhr Fund Management Llc	11.0312	13.0153	8005000	0	0
2023-12-31	Vanguard Group Inc	5.3303	0.0013	3868057	154060	4.1481
2023-12-31	Dimensional Fund Advisors, Inc.	4.6956	0.0148	3407435	215637	6.756
2023-12-31	Renaissance Technologies Corp	4.1515	0.0694	3012659	14800	0.4937
2023-12-31	Fishman Jay A Ltd	3.5154	4.3441	2550993	-104700	-3.9425
2023-12-31	Pacer Advisors, INC.	3.1838	0.0973	2310404	637123	38.0763
2023-12-31	State Street Corporation	2.6729	0.0014	1939613	149382	8.3443
2023-12-31	Geode Capital Management, LLC	1.534	0.0017	1113213	52116	4.9115
2023-12-31	Staley Capital Advisers Inc	1.3436	0.722	975000	-25000	-2.5
2023-12-31	American Century Companies Inc	1.3245	0.0098	961180	260497	37.1776
2023-12-31	Amvescap Plc.	1.1294	0.0029	819587	-238055	-22.5081
2023-12-31	LSV Asset Management	1.0401	0.0245	754759	6059	0.8093
2023-12-31	Morgan Stanley - Brokerage Accounts	0.8109	0.0008	588415	163534	38.4894
2023-09-30	Jacobs Levy Equity Management, Inc.	0.8033	0.0464	582950	206984	55.0539
2023-12-31	Northern Trust Corp	0.7725	0.0015	560557	4705	0.8464
2023-12-31	Charles Schwab Investment Management Inc	0.7264	0.002	527146	1927	0.3669
2023-12-31	Bank of New York Mellon Corp	0.6161	0.0014	447081	-13049	-2.8359
2023-09-30	Citadel Advisors Llc	0.6013	0.0013	436374	245874	129.0677
2023-12-31	AQR Capital Management LLC	0.5825	0.0118	422701	-206196	-32.7869
Total		58.1694	18.3731	42211855	+1439507	+3.4%

3.2. Funds holding Titan International Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	iShares Core S&P Small-Cap ETF	4.7358	0.0566	3436612	5562	0.1621
2024-02-29	Pacer US Small Cap Cash Cows 100 ETF	4.1994	0.437	3047385	13264	0.4372
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.1042	0.0013	1526933	0	0
2024-02-29	iShares Russell 2000 ETF	1.7478	0.026	1268343	-207	-0.0163
2024-02-29	Avantis US Small Cap Value ETF	1.3414	0.1387	973407	510	0.0524
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.0643	0.0097	772318	-914	-0.1182
2024-01-31	DFA US Targeted Value I	0.9003	0.0748	653333	-27631	-4.0576
2024-02-29	iShares S&P Small-Cap 600 Value ETF	0.8786	0.1156	637558	1761	0.277
2024-02-29	iShares Global Agriculture ETF Comm	0.8345	3.4541	605607	0	0
2023-12-31	Fidelity Small Cap Index	0.7287	0.031	528817	8178	1.5708
2024-02-01	iShares Russell 2000 Value ETF	0.68	0.0624	493457	624	0.1266
2024-02-29	SPDR® Portfolio S&P 600 Sm Cap ETF	0.6227	0.0562	451873	93	0.0206
2024-01-31	DFA US Small Cap I	0.6074	0.0442	440791	0	0
2024-02-29	Invesco S&P SmallCap Value with Momt ETF	0.5735	0.7134	416207	2448	0.5916
2024-02-29	Vanguard Tax-Managed Small Cap Adm	0.5447	0.0568	395273	0	0
2024-01-31	DFA US Micro Cap I	0.5161	0.0813	374549	0	0
2024-02-29	SPDR® S&P 600 Small Cap Value ETF	0.4923	0.1169	357242	-734	-0.205
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.4527	0.01	328529	6800	2.1136
2023-12-31	Vanguard Explorer Inv	0.4406	0.0223	319736	0	0
2023-12-31	Oakmark International Small Cap Investor	0.4282	0.5012	310755	0	0
Total		23.8932	6.0095	17338725	+9754	+0.1%

3.3. Insider Transactions

Insiders are holding 5.856% of the shares of Titan International Inc.

Date	Owner	Type	Amount	Price
2024-03-25	Anthony Eheli	SELL	2500	12.42
2023-09-18	Max A Guinn	SELL	18402	12.49
2023-09-15	Max A Guinn	SELL	1598	12.6
2023-09-01	Max A Guinn	SELL	29650	12.97

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Titan International Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.471	0.290	+62%	0.537	-12%	0.136	+247%	-0.114	+124%
Book Value Per Share	-	-	6.435	6.108	+5%	4.321	+49%	3.814	+69%	4.843	+33%
Current Ratio	-	-	2.355	2.274	+4%	1.918	+23%	2.003	+18%	2.167	+9%
Debt To Asset Ratio	-	-	0.637	0.658	-3%	0.753	-15%	0.772	-17%	0.737	-14%
Debt To Equity Ratio	-	-	1.760	1.938	-9%	3.176	-45%	3.747	-53%	3.155	-44%
Dividend Per Share	-	-	0.019	0.005	+300%	0.001	+1397%	0.004	+406%	0.004	+393%
Eps	-	-	-0.035	0.271	-113%	0.607	-106%	0.133	-126%	-0.030	-16%
Free Cash Flow Per Share	-	-	0.274	0.408	-33%	0.391	-30%	0.171	+60%	0.073	+275%
Free Cash Flow To Equity Per Share	-	-	0.054	0.215	-75%	0.180	-70%	0.096	-44%	0.015	+267%
Gross Profit Margin	-	-	1.000	1.000	0%	0.982	+2%	0.996	+0%	-2.017	+302%
Intrinsic Value_10Y_max	-	-	22.340	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	13.863	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	1.127	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.482	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	4.233	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	2.242	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	8.361	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	4.859	-	-	-	-	-	-	-	-
Market Cap	839690656.000	-29%	1080847488.000	912873038.000	+18%	1040352026.000	+4%	622431594.400	+74%	679161560.000	+59%
Net Profit Margin	-	-	-0.007	0.041	-116%	0.081	-108%	0.013	-151%	-0.011	+64%
Operating Margin	-	-	0.053	0.080	-33%	0.105	-49%	0.033	+60%	0.006	+717%
Operating Ratio	-	-	0.947	0.921	+3%	0.895	+6%	0.964	-2%	0.988	-4%
Pb Ratio	1.796	-29%	2.312	2.053	+13%	3.399	-32%	2.247	+3%	2.034	+14%
Pe Ratio	-81.841	+22%	-105.346	-19.954	-81%	6.747	-1661%	-1.008	-99%	21.191	-597%
Price Per Share	11.560	-29%	14.880	12.568	+18%	14.323	+4%	8.569	+74%	9.350	+59%
Price To Free Cash Flow Ratio	10.536	-29%	13.561	9.930	+37%	1.626	+734%	-6.837	+150%	5.868	+131%
Price To Total Gains Ratio	23.605	-29%	30.384	6.134	+395%	37.590	-19%	-14.999	+149%	42.346	-28%
Quick Ratio	-	-	1.224	1.164	+5%	0.867	+41%	0.918	+33%	1.045	+17%
Return On Assets	-	-	-0.002	0.015	-113%	0.035	-106%	0.007	-128%	-0.001	-60%
Return On Equity	-	-	-0.005	0.045	-112%	0.142	-104%	0.023	-124%	-0.004	-28%
Total Gains Per Share	-	-	0.490	0.295	+66%	0.538	-9%	0.139	+251%	-0.110	+122%
Usd Book Value	-	-	467415000.000	443692750.000	+5%	313878750.000	+49%	277017050.000	+69%	351812875.000	+33%
Usd Book Value Change Per Share	-	-	0.471	0.290	+62%	0.537	-12%	0.136	+247%	-0.114	+124%
Usd Book Value Per Share	-	-	6.435	6.108	+5%	4.321	+49%	3.814	+69%	4.843	+33%
Usd Dividend Per Share	-	-	0.019	0.005	+300%	0.001	+1397%	0.004	+406%	0.004	+393%
Usd Eps	-	-	-0.035	0.271	-113%	0.607	-106%	0.133	-126%	-0.030	-16%
Usd Free Cash Flow	-	-	19925000.000	29637750.000	-33%	28426000.000	-30%	12437800.000	+60%	5308775.000	+275%
Usd Free Cash Flow Per Share	-	-	0.274	0.408	-33%	0.391	-30%	0.171	+60%	0.073	+275%
Usd Free Cash Flow To Equity Per Share	-	-	0.054	0.215	-75%	0.180	-70%	0.096	-44%	0.015	+267%
Usd Market Cap	839690656.000	-29%	1080847488.000	912873038.000	+18%	1040352026.000	+4%	622431594.400	+74%	679161560.000	+59%
Usd Price Per Share	11.560	-29%	14.880	12.568	+18%	14.323	+4%	8.569	+74%	9.350	+59%
Usd Profit	-	-	-2565000.000	19690000.000	-113%	44075500.000	-106%	9791700.000	-126%	-1055575.000	-59%
Usd Revenue	-	-	390199000.000	455450000.000	-14%	542345000.000	-28%	423968700.000	-8%	402662475.000	-3%
Usd Total Gains Per Share	-	-	0.490	0.295	+66%	0.538	-9%	0.139	+251%	-0.110	+122%
	EOD	+3 -5	MRQ	TTM	+18 -17	YOY	+15 -21	5Y	+24 -12	10Y	+26 -10

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-81.841
Price to Book Ratio (EOD)	Between	0-1	1.796
Net Profit Margin (MRQ)	Greater than	0	-0.007
Operating Margin (MRQ)	Greater than	0	0.053
Quick Ratio (MRQ)	Greater than	1	1.224
Current Ratio (MRQ)	Greater than	1	2.355
Debt to Asset Ratio (MRQ)	Less than	1	0.637
Debt to Equity Ratio (MRQ)	Less than	1	1.760
Return on Equity (MRQ)	Greater than	0.15	-0.005
Return on Assets (MRQ)	Greater than	0.05	-0.002
Total			4/10 (40.0%)

Create your own Stock Scanner

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

4.3. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	34.531
Ma 20	Greater than	Ma 50	12.068
Ma 50	Greater than	Ma 100	12.767
Ma 100	Greater than	Ma 200	13.562
Open	Greater than	Close	11.600
Total			2/5 (40.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Income before Tax	27,013	20,633	47,646	-6,322	41,324	-16,943	24,381	-27,984	-3,603
Net Income	42,040	-10,202	31,838	-1,631	30,207	-10,927	19,280	-21,845	-2,565
Net Income from Continuing Operations	42,974	-9,544	33,430	-1,535	31,895	-12,232	19,663	-20,945	-1,282

Latest Balance Sheet

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

Summary

Total Assets	1,289,245
Total Liabilities	821,830
Total Stockholder Equity	467,060

	As reported
Total Liabilities	821,830
Total Stockholder Equity	+ 467,060
Total Assets	= 1,289,245

Assets

Total Assets	1,289,245
Total Current Assets	876,781
Long-term Assets	412,464

Total Current Assets

Total Current Assets (as reported)	876,781
Cash And Cash Equivalents	220,251
Net Receivables	235,613
Inventory	365,156
Other Current Assets	31,496
Total Current Assets (calculated)	852,516
+/-	24,265

Long-term Assets

Long-term Assets (as reported)	412,464
Property Plant Equipment	333,649
Long Term Investments	7,127
Intangible Assets	7,266
Long-term Assets Other	26,389
Long-term Assets (calculated)	374,431
+/-	38,033

Liabilities & Shareholders' Equity

Total Current Liabilities	372,375
Long-term Liabilities	449,455
Total Stockholder Equity	467,060

Total Current Liabilities

Total Current Liabilities (as reported)	372,375
Short-term Debt	21,934
Short Long Term Debt	16,913
Accounts payable	201,201
Other Current Liabilities	129,241
Total Current Liabilities (calculated)	369,289
+/-	3,086

Long-term Liabilities

Long-term Liabilities (as reported)	449,455
Long term Debt	409,178
Capital Lease Obligations	11,174
Long-term Liabilities Other	6,677
Long-term Liabilities (calculated)	427,029
+/-	22,426

Total Stockholder Equity

Total Stockholder Equity (as reported)	467,060
Retained Earnings	169,623
Accumulated Other Comprehensive Income	-219,043
Other Stockholders Equity	516,480
Total Stockholder Equity (calculated)	467,060
+/-	0

Other

Cash and Short Term Investments	220,251
Common Stock Shares Outstanding	61,389
Current Deferred Revenue	19,999
Liabilities and Stockholders Equity	1,289,245
Net Debt	217,014
Net Invested Capital	893,151
Net Working Capital	504,406
Property Plant and Equipment Gross	1,072,383
Short Long Term Debt Total	437,265

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

1997-12-31

1997-09-30

1997-06-30

1997-03-31

1996-12-31

1996-09-30

1996-06-30

1996-03-31

1995-12-31

1995-09-30

1995-06-30

1995-03-31

1994-12-31

1994-09-30

1994-06-30

1994-03-31

1993-12-31

1993-09-30

1993-06-30

1993-03-31

1992-12-31

1992-09-30

1992-06-30

1992-03-31

1991-12-31

1991-09-30

1991-06-30

1991-03-31

> Total Assets

0
0
0
67,000
0
0
0
69,300
0
89,400
94,300
261,300
270,200
270,600
343,800
400,500
467,900
468,300
534,900
512,100
536,700
512,100
571,200
558,600
584,500
591,900
582,300
585,100
638,700
655,700
667,600
678,300
703,200
679,000
666,600
637,200
677,090
609,100
602,042
591,641
610,276
553,586
551,923
568,954
566,101
561,396
549,740
531,999
549,764
531,409
516,532
523,084
547,772
420,262
384,683
354,166
369,002
354,020
336,924
440,756
503,267
504,053
566,731
585,126
623,134
633,797
630,662
590,495
616,065
660,130
645,473
654,782
644,373
611,974
588,594
736,463
765,228
731,201
727,694
787,470
824,970
1,071,692
1,011,214
1,010,286
1,099,199
1,093,999
1,158,130
1,692,714
2,054,349
1,944,547
1,947,761
1,821,231
1,858,498
1,762,510
1,672,952
1,495,724
1,442,475
1,420,414
1,336,752
1,275,191
1,307,965
1,308,472
1,308,056
1,262,951
1,326,233
1,311,951
1,329,910
1,290,112
1,353,055
1,310,370
1,274,080
1,251,256
1,325,256
1,269,528
1,189,602
1,114,307
1,060,254
1,031,294
1,016,347
1,031,884
1,071,448
1,127,438
1,144,259
1,182,685
1,269,301
1,289,184
1,247,479
1,284,630
1,344,807
1,305,151
1,257,735
1,289,245

1,289,245

1,257,735

1,305,151

1,344,807

1,284,630

1,247,479

1,289,184

1,269,301

1,182,685

1,144,259

1,127,438

1,071,448

1,031,884

1,016,347

1,031,294

1,060,254

1,114,307

1,189,602

1,269,528

1,325,256

1,251,256

1,274,080

1,310,370

1,353,055

1,290,112

1,329,910

1,311,951

1,326,233

1,262,951

1,308,056

1,308,472

1,307,965

1,275,191

1,336,752

1,420,414

1,442,475

1,495,724

1,672,952

1,762,510

1,858,498

1,821,231

1,947,761

1,944,547

2,054,349

1,692,714

1,158,130

1,093,999

1,099,199

1,010,286

1,011,214

1,071,692

824,970

787,470

727,694

731,201

765,228

736,463

588,594

611,974

644,373

654,782

645,473

660,130

616,065

590,495

630,662

633,797

623,134

585,126

566,731

504,053

503,267

440,756

336,924

354,020

369,002

354,166

384,683

420,262

547,772

523,084

516,532

531,409

549,764

531,999

549,740

561,396

566,101

568,954

551,923

553,586

610,276

591,641

602,042

609,100

677,090

637,200

666,600

679,000

703,200

678,300

667,600

655,700

638,700

585,100

582,300

591,900

584,500

558,600

571,200

512,100

536,700

512,100

534,900

468,300

467,900

400,500

343,800

270,600

270,200

261,300

94,300

89,400

69,300

67,000

> Total Current Assets

0
0
0
42,000
0
0
0
40,700
0
55,200
56,200
141,700
145,800
147,000
162,000
192,400
229,700
228,800
287,000
264,900
289,800
264,900
323,300
284,700
305,400
299,700
289,800
298,600
344,700
349,500
332,900
312,200
337,500
313,400
289,700
279,100
320,979
302,498
296,761
285,556
318,974
265,201
268,553
262,723
268,745
263,159
269,411
254,569
278,237
262,239
231,765
286,946
393,288
246,609
221,130
154,668
174,169
165,325
156,706
206,167
268,331
274,817
301,613
309,933
354,720
359,809
353,732
327,765
341,799
366,155
367,050
369,199
345,565
307,860
286,338
445,216
481,126
444,185
433,322
487,940
533,574
584,176
567,406
564,593
655,036
670,136
689,005
980,768
1,323,257
1,246,969
1,244,021
1,007,878
1,052,866
974,417
937,129
835,930
833,604
807,018
750,704
710,001
733,452
750,052
754,916
726,236
784,094
775,064
785,901
783,193
850,930
836,252
804,675
779,481
837,473
786,213
732,394
644,262
638,892
641,201
638,415
658,599
715,565
772,240
796,243
813,304
911,470
929,381
900,647
909,628
970,468
934,254
881,321
876,781

876,781

881,321

934,254

970,468

909,628

900,647

929,381

911,470

813,304

796,243

772,240

715,565

658,599

638,415

641,201

638,892

644,262

732,394

786,213

837,473

779,481

804,675

836,252

850,930

783,193

785,901

775,064

784,094

726,236

754,916

750,052

733,452

710,001

750,704

807,018

833,604

835,930

937,129

974,417

1,052,866

1,007,878

1,244,021

1,246,969

1,323,257

980,768

689,005

670,136

655,036

564,593

567,406

584,176

533,574

487,940

433,322

444,185

481,126

445,216

286,338

307,860

345,565

369,199

367,050

366,155

341,799

327,765

353,732

359,809

354,720

309,933

301,613

274,817

268,331

206,167

156,706

165,325

174,169

154,668

221,130

246,609

393,288

286,946

231,765

262,239

278,237

254,569

269,411

263,159

268,745

262,723

268,553

265,201

318,974

285,556

296,761

302,498

320,979

279,100

289,700

313,400

337,500

312,200

332,900

349,500

344,700

298,600

289,800

299,700

305,400

284,700

323,300

264,900

289,800

264,900

287,000

228,800

229,700

192,400

162,000

147,000

145,800

141,700

56,200

55,200

40,700

42,000

Cash And Cash Equivalents

0
0
0
3,800
0
0
0
200
0
5,300
1,200
25,800
10,800
13,200
3,500
7,200
4,000
9,000
11,000
14,200
9,200
14,200
56,100
27,400
20,200
16,900
20,400
21,200
17,600
20,100
18,400
14,100
10,900
19,100
12,800
8,600
6,875
24,957
20,331
5,668
9,742
21,648
34,237
9,214
8,616
15,928
35,227
22,049
11,472
24,382
11,557
6,556
9,592
21,007
3,291
1,130
1,245
542
594
592
571
239
281
33,412
38,970
61,524
55,337
58,325
47,595
69,385
35,639
61,658
20,230
20,684
45,360
229,182
215,215
158,253
159,315
239,500
230,048
114,162
94,274
129,170
129,308
149,450
134,890
189,114
508,447
424,387
447,456
189,360
200,094
162,954
180,271
201,451
190,551
187,484
193,812
200,188
191,097
207,238
215,509
147,827
131,158
143,236
155,675
143,570
112,429
106,491
96,799
81,685
68,315
66,366
78,603
66,799
60,378
80,160
98,772
117,431
95,954
95,804
94,640
98,108
98,144
116,703
116,581
159,577
164,116
196,452
211,902
220,251

220,251

211,902

196,452

164,116

159,577

116,581

116,703

98,144

98,108

94,640

95,804

95,954

117,431

98,772

80,160

60,378

66,799

78,603

66,366

68,315

81,685

96,799

106,491

112,429

143,570

155,675

143,236

131,158

147,827

215,509

207,238

191,097

200,188

193,812

187,484

190,551

201,451

180,271

162,954

200,094

189,360

447,456

424,387

508,447

189,114

134,890

149,450

129,308

129,170

94,274

114,162

230,048

239,500

159,315

158,253

215,215

229,182

45,360

20,684

20,230

61,658

35,639

69,385

47,595

58,325

55,337

61,524

38,970

33,412

281

239

571

592

594

542

1,245

1,130

3,291

21,007

9,592

6,556

11,557

24,382

11,472

22,049

35,227

15,928

8,616

9,214

34,237

21,648

9,742

5,668

20,331

24,957

6,875

8,600

12,800

19,100

10,900

14,100

18,400

20,100

17,600

21,200

20,400

16,900

20,200

27,400

56,100

14,200

9,200

14,200

11,000

9,000

4,000

7,200

3,500

13,200

10,800

25,800

1,200

5,300

200

3,800

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
28,129
0
0
0
0
0
0
0
0
14,268
0
0
0
0
0
0
0
842
0
0
0
50,000
50,000
10,000
0
12,393
0
0
0
4,237
0
0
0
2,026
0
0
0
0
0
0
0
0
0
0
0
1,388
0
0
0
0

1,388

2,026

4,237

12,393

10,000

50,000

842

14,268

28,129

Net Receivables

0
0
0
13,900
0
0
0
16,200
0
22,000
22,100
40,800
52,400
55,100
60,800
70,200
108,900
104,600
130,600
107,100
127,800
107,100
94,000
95,600
120,800
120,400
107,700
112,800
149,400
131,300
117,300
108,200
137,800
120,100
104,100
97,500
130,533
104,548
94,336
83,689
103,205
76,982
76,249
78,144
97,894
90,554
77,343
82,588
110,016
97,499
83,579
83,975
66,693
66,529
68,417
52,781
73,244
69,976
56,553
47,112
96,326
98,231
97,426
73,882
121,313
117,595
117,459
98,394
133,820
139,438
148,474
126,531
125,802
104,723
80,205
67,513
102,302
117,899
114,140
89,004
139,025
243,478
213,884
189,527
245,948
237,418
228,375
297,798
329,368
335,854
290,247
263,053
328,027
302,504
248,331
199,378
239,468
224,689
183,755
177,389
216,423
196,718
184,352
179,384
232,244
219,924
236,216
226,703
294,505
282,400
259,354
241,832
295,333
272,006
221,228
185,238
211,982
192,410
192,764
193,014
249,904
265,729
261,447
255,180
309,411
299,070
282,145
266,758
325,968
280,688
238,595
235,613

235,613

238,595

280,688

325,968

266,758

282,145

299,070

309,411

255,180

261,447

265,729

249,904

193,014

192,764

192,410

211,982

185,238

221,228

272,006

295,333

241,832

259,354

282,400

294,505

226,703

236,216

219,924

232,244

179,384

184,352

196,718

216,423

177,389

183,755

224,689

239,468

199,378

248,331

302,504

328,027

263,053

290,247

335,854

329,368

297,798

228,375

237,418

245,948

189,527

213,884

243,478

139,025

89,004

114,140

117,899

102,302

67,513

80,205

104,723

125,802

126,531

148,474

139,438

133,820

98,394

117,459

117,595

121,313

73,882

97,426

98,231

96,326

47,112

56,553

69,976

73,244

52,781

68,417

66,529

66,693

83,975

83,579

97,499

110,016

82,588

77,343

90,554

97,894

78,144

76,249

76,982

103,205

83,689

94,336

104,548

130,533

97,500

104,100

120,100

137,800

108,200

117,300

131,300

149,400

112,800

107,700

120,400

120,800

95,600

94,000

107,100

127,800

107,100

130,600

104,600

108,900

70,200

60,800

55,100

52,400

40,800

22,100

22,000

16,200

13,900

Other Current Assets

0
0
0
2,800
0
0
0
2,500
0
2,400
2,500
8,300
8,100
6,700
3,100
8,000
12,800
13,500
22,300
18,700
17,700
18,700
47,100
22,900
26,700
27,600
31,400
26,200
26,700
41,700
28,600
35,900
37,600
33,600
34,300
39,600
39,287
31,896
33,525
35,890
45,946
37,854
37,830
58,564
58,224
54,043
46,284
40,790
42,283
33,710
33,544
37,775
208,268
52,354
37,003
16,099
15,173
16,129
20,618
35,771
31,756
28,452
31,421
9,574
50,479
45,236
48,383
7,816
36,188
39,249
39,238
33,704
31,902
32,430
35,940
38,385
34,011
29,615
23,891
31,454
30,822
42,773
47,969
55,024
65,626
68,410
77,962
75,140
74,867
87,557
97,292
114,346
86,346
80,552
91,447
80,234
74,092
74,786
70,263
62,633
60,759
72,352
76,972
79,734
78,291
78,413
62,632
73,084
75,561
74,629
66,553
60,229
61,587
62,473
80,692
58,869
60,461
74,094
56,008
54,475
56,235
65,368
67,144
67,401
79,715
90,844
88,954
86,070
91,404
78,856
70,682
31,496

31,496

70,682

78,856

91,404

86,070

88,954

90,844

79,715

67,401

67,144

65,368

56,235

54,475

56,008

74,094

60,461

58,869

80,692

62,473

61,587

60,229

66,553

74,629

75,561

73,084

62,632

78,413

78,291

79,734

76,972

72,352

60,759

62,633

70,263

74,786

74,092

80,234

91,447

80,552

86,346

114,346

97,292

87,557

74,867

75,140

77,962

68,410

65,626

55,024

47,969

42,773

30,822

31,454

23,891

29,615

34,011

38,385

35,940

32,430

31,902

33,704

39,238

39,249

36,188

7,816

48,383

45,236

50,479

9,574

31,421

28,452

31,756

35,771

20,618

16,129

15,173

16,099

37,003

52,354

208,268

37,775

33,544

33,710

42,283

40,790

46,284

54,043

58,224

58,564

37,830

37,854

45,946

35,890

33,525

31,896

39,287

39,600

34,300

33,600

37,600

35,900

28,600

41,700

26,700

26,200

31,400

27,600

26,700

22,900

47,100

18,700

17,700

18,700

22,300

13,500

12,800

8,000

3,100

6,700

8,100

8,300

2,500

2,400

2,500

2,800

> Long-term Assets

0
0
0
25,000
0
0
0
28,600
0
34,200
38,100
119,600
124,400
123,600
181,800
208,100
238,200
239,500
247,900
247,200
246,900
247,200
247,900
273,900
279,100
292,200
292,500
286,500
294,000
306,200
334,700
366,100
365,700
365,600
376,900
358,100
356,111
306,602
305,281
306,085
291,302
288,385
283,370
306,231
297,356
298,237
280,329
277,430
271,527
269,170
284,767
236,138
154,484
173,653
163,553
199,498
194,833
188,695
180,218
234,589
234,936
229,236
265,118
275,193
268,414
273,988
276,930
262,730
274,266
293,975
278,423
285,583
298,808
304,114
302,256
291,247
284,102
287,016
294,372
299,530
291,396
487,516
443,808
445,693
444,163
423,863
469,125
711,946
731,092
697,578
703,740
813,353
805,632
788,093
735,823
659,794
608,871
613,396
586,048
565,190
574,513
558,420
553,140
536,715
542,139
536,887
544,009
506,919
502,125
474,118
469,405
471,775
487,783
483,315
457,208
470,045
421,362
390,093
377,932
373,285
355,883
355,198
348,016
369,381
357,831
359,803
346,832
375,002
374,339
370,897
376,414
412,464

412,464

376,414

370,897

374,339

375,002

346,832

359,803

357,831

369,381

348,016

355,198

355,883

373,285

377,932

390,093

421,362

470,045

457,208

483,315

487,783

471,775

469,405

474,118

502,125

506,919

544,009

536,887

542,139

536,715

553,140

558,420

574,513

565,190

586,048

613,396

608,871

659,794

735,823

788,093

805,632

813,353

703,740

697,578

731,092

711,946

469,125

423,863

444,163

445,693

443,808

487,516

291,396

299,530

294,372

287,016

284,102

291,247

302,256

304,114

298,808

285,583

278,423

293,975

274,266

262,730

276,930

273,988

268,414

275,193

265,118

229,236

234,936

234,589

180,218

188,695

194,833

199,498

163,553

173,653

154,484

236,138

284,767

269,170

271,527

277,430

280,329

298,237

297,356

306,231

283,370

288,385

291,302

306,085

305,281

306,602

356,111

358,100

376,900

365,600

365,700

366,100

334,700

306,200

294,000

286,500

292,500

292,200

279,100

273,900

247,900

247,200

246,900

247,200

247,900

239,500

238,200

208,100

181,800

123,600

124,400

119,600

38,100

34,200

28,600

25,000

Property Plant Equipment

0
0
0
24,000
0
0
0
27,800
0
32,500
32,600
90,700
91,800
91,700
141,400
143,300
160,600
162,400
188,200
178,300
178,300
178,300
186,900
205,100
206,400
210,900
211,400
210,300
204,900
210,100
246,700
284,400
282,700
284,400
288,600
267,000
264,288
235,475
235,471
232,335
223,167
216,513
211,693
205,047
198,129
195,221
190,682
186,540
181,301
177,537
176,149
138,482
83,061
79,664
77,075
80,644
77,736
75,572
69,929
140,382
137,167
133,989
171,108
184,616
181,978
182,678
185,490
196,078
210,512
221,951
236,737
248,442
261,077
263,398
260,360
254,461
249,304
248,813
248,689
248,054
242,064
353,546
333,575
334,742
333,918
324,676
336,769
568,344
566,549
554,154
561,706
638,807
628,807
604,017
566,643
527,414
482,593
483,407
459,350
450,020
458,005
449,472
447,082
437,201
439,333
435,731
440,078
421,248
417,426
393,264
384,985
384,872
402,385
400,419
389,618
398,712
364,195
359,126
346,895
344,210
328,310
329,603
323,299
322,054
310,811
308,677
297,146
305,537
308,252
314,611
313,116
333,649

333,649

313,116

314,611

308,252

305,537

297,146

308,677

310,811

322,054

323,299

329,603

328,310

344,210

346,895

359,126

364,195

398,712

389,618

400,419

402,385

384,872

384,985

393,264

417,426

421,248

440,078

435,731

439,333

437,201

447,082

449,472

458,005

450,020

459,350

483,407

482,593

527,414

566,643

604,017

628,807

638,807

561,706

554,154

566,549

568,344

336,769

324,676

333,918

334,742

333,575

353,546

242,064

248,054

248,689

248,813

249,304

254,461

260,360

263,398

261,077

248,442

236,737

221,951

210,512

196,078

185,490

182,678

181,978

184,616

171,108

133,989

137,167

140,382

69,929

75,572

77,736

80,644

77,075

79,664

83,061

138,482

176,149

177,537

181,301

186,540

190,682

195,221

198,129

205,047

211,693

216,513

223,167

232,335

235,471

235,475

264,288

267,000

288,600

284,400

282,700

284,400

246,700

210,100

204,900

210,300

211,400

210,900

206,400

205,100

186,900

178,300

188,200

162,400

160,600

143,300

141,400

91,700

91,800

90,700

32,600

32,500

27,800

24,000

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
18,921
0
18,027
0
16,985
16,814
17,423
17,581
17,839
17,702
18,120
18,214
18,823
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
0
0
0
0
0
0
22,272
18,748
19,841
10,292
11,648
25,384
24,941
25,101
22,343
22,534
42,075
41,269
42,899
38,082
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

38,082

42,899

41,269

42,075

22,534

22,343

25,101

24,941

25,384

11,648

10,292

19,841

18,748

22,272

11,702

18,823

18,214

18,120

17,702

17,839

17,581

17,423

16,814

16,985

18,027

18,921

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
53,380
0
0
0
46,131
0
0
98,634
43,915
96,048
92,891
94,672
51,904
82,792
78,529
82,100
51,216
81,146
80,931
65,933
38,955
57,167
30,362
29,997
5,601
25,387
22,815
22,215
6,522
31,132
34,731
33,270
6,948
31,188
29,597
0
7,127

7,127

29,597

31,188

6,948

33,270

34,731

31,132

6,522

22,215

22,815

25,387

5,601

29,997

30,362

57,167

38,955

65,933

80,931

81,146

51,216

82,100

78,529

82,792

51,904

94,672

92,891

96,048

43,915

98,634

46,131

53,380

Intangible Assets

0
0
0
200
0
0
0
0
0
0
0
23,100
26,600
26,800
35,200
36,400
48,700
48,500
51,800
51,200
50,700
51,200
41,600
41,200
40,600
40,400
39,900
42,500
42,200
41,900
41,800
40,800
40,100
39,600
39,700
39,100
38,631
18,570
18,089
18,921
18,278
0
18,209
16,985
16,814
17,423
17,581
17,839
17,702
18,120
57,315
18,823
11,702
11,702
11,702
11,702
11,702
11,702
11,702
13,550
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
11,702
0
0
0
0
0
0
22,272
18,748
19,841
10,292
11,648
25,384
21,208
20,684
17,645
17,453
32,613
30,834
30,852
26,551
23,689
21,922
21,325
18,471
17,798
18,210
17,572
17,351
20,208
17,029
16,243
15,798
15,966
14,519
13,323
12,439
19,358
11,329
10,796
9,968
20,575
8,282
8,536
7,611
12,767
1,701
1,572
1,535
8,202
1,459
1,423
1,385
7,078
0
0
0
7,266

7,266

7,078

1,385

1,423

1,459

8,202

1,535

1,572

1,701

12,767

7,611

8,536

8,282

20,575

9,968

10,796

11,329

19,358

12,439

13,323

14,519

15,966

15,798

16,243

17,029

20,208

17,351

17,572

18,210

17,798

18,471

21,325

21,922

23,689

26,551

30,852

30,834

32,613

17,453

17,645

20,684

21,208

25,384

11,648

10,292

19,841

18,748

22,272

11,702

13,550

11,702

18,823

57,315

18,120

17,702

17,839

17,581

17,423

16,814

16,985

18,209

18,278

18,921

18,089

18,570

38,631

39,100

39,700

39,600

40,100

40,800

41,800

41,900

42,200

42,500

39,900

40,400

40,600

41,200

41,600

51,200

50,700

51,200

51,800

48,500

48,700

36,400

35,200

26,800

26,600

23,100

200

Other 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
91,823
71,127
69,810
73,750
68,135
71,872
71,677
101,184
99,227
103,016
89,647
90,890
90,226
91,633
108,618
97,656
71,423
93,989
86,478
118,854
117,097
113,123
110,289
94,207
97,769
95,247
94,010
90,577
86,436
91,310
91,440
66,652
63,754
72,024
41,686
37,141
37,731
40,716
41,896
36,786
34,798
38,203
45,683
51,476
49,332
133,970
110,233
110,951
110,245
99,187
132,356
145,768
164,543
143,424
142,034
174,546
176,825
184,076
169,180
132,380
126,278
129,989
126,698
115,170
116,508
108,948
106,058
99,514
102,806
101,156
103,931
85,671
70,180
67,531
71,981
24,040
74,069
72,100
57,622
22,612
48,885
22,431
23,426
53,431
27,573
25,595
24,717
47,327
45,561
51,126
49,686
67,855
66,087
56,286
63,298
0

63,298

56,286

66,087

67,855

49,686

51,126

45,561

47,327

24,717

25,595

27,573

53,431

23,426

22,431

48,885

22,612

57,622

72,100

74,069

24,040

71,981

67,531

70,180

85,671

103,931

101,156

102,806

99,514

106,058

108,948

116,508

115,170

126,698

129,989

126,278

132,380

169,180

184,076

176,825

174,546

142,034

143,424

164,543

145,768

132,356

99,187

110,245

110,951

110,233

133,970

49,332

51,476

45,683

38,203

34,798

36,786

41,896

40,716

37,731

37,141

41,686

72,024

63,754

66,652

91,440

91,310

86,436

90,577

94,010

95,247

97,769

94,207

110,289

113,123

117,097

118,854

86,478

93,989

71,423

97,656

108,618

91,633

90,226

90,890

89,647

103,016

99,227

101,184

71,677

71,872

68,135

73,750

69,810

71,127

91,823

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,424
0
6,758
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

6,758

7,424

> Total Liabilities

0
0
0
59,900
0
0
0
62,700
0
47,100
50,700
194,600
196,000
191,100
241,500
292,800
345,700
274,000
329,000
296,200
309,400
296,200
329,000
257,400
346,200
349,100
335,500
337,000
382,100
394,400
408,700
431,300
460,800
440,300
432,500
408,300
449,251
363,600
367,166
362,936
384,798
332,825
338,006
383,047
384,041
373,986
379,498
387,972
411,747
398,251
395,931
411,128
430,827
319,997
282,756
247,285
251,306
192,402
173,944
272,943
321,999
316,344
380,036
397,949
341,028
333,125
330,222
317,973
334,851
354,466
347,775
375,594
358,319
316,385
301,798
474,510
501,593
458,047
441,900
509,155
474,113
672,991
618,862
613,407
655,511
616,923
635,882
1,072,101
1,365,433
1,243,829
1,236,719
1,023,195
1,076,374
996,894
963,565
905,666
899,090
865,920
923,380
930,508
973,512
975,237
987,573
973,017
975,806
961,366
978,799
980,028
1,021,010
1,012,412
985,437
981,159
1,035,585
981,437
941,426
875,319
881,332
854,637
847,137
855,619
907,316
949,261
969,665
955,513
1,023,581
983,514
926,492
901,492
921,600
854,191
824,546
821,830

821,830

824,546

854,191

921,600

901,492

926,492

983,514

1,023,581

955,513

969,665

949,261

907,316

855,619

847,137

854,637

881,332

875,319

941,426

981,437

1,035,585

981,159

985,437

1,012,412

1,021,010

980,028

978,799

961,366

975,806

973,017

987,573

975,237

973,512

930,508

923,380

865,920

899,090

905,666

963,565

996,894

1,076,374

1,023,195

1,236,719

1,243,829

1,365,433

1,072,101

635,882

616,923

655,511

613,407

618,862

672,991

474,113

509,155

441,900

458,047

501,593

474,510

301,798

316,385

358,319

375,594

347,775

354,466

334,851

317,973

330,222

333,125

341,028

397,949

380,036

316,344

321,999

272,943

173,944

192,402

251,306

247,285

282,756

319,997

430,827

411,128

395,931

398,251

411,747

387,972

379,498

373,986

384,041

383,047

338,006

332,825

384,798

362,936

367,166

363,600

449,251

408,300

432,500

440,300

460,800

431,300

408,700

394,400

382,100

337,000

335,500

349,100

346,200

257,400

329,000

296,200

309,400

296,200

329,000

274,000

345,700

292,800

241,500

191,100

196,000

194,600

50,700

47,100

62,700

59,900

> Total Current Liabilities

0
0
0
21,100
0
0
0
22,500
0
26,000
26,100
50,900
54,100
61,000
61,600
72,400
94,600
84,600
134,200
113,600
128,300
113,600
106,500
103,600
113,300
113,300
106,900
114,700
140,600
140,800
150,600
141,700
171,300
149,900
142,400
108,300
102,165
106,831
111,359
99,440
95,446
77,798
136,984
82,039
83,279
74,406
81,214
84,306
108,799
92,513
92,818
102,975
231,434
117,309
56,905
39,770
50,918
44,880
36,573
48,183
98,280
92,381
89,227
62,924
98,067
94,223
91,504
87,780
104,265
121,382
130,721
136,635
99,740
81,392
65,997
70,072
96,717
100,396
91,021
92,353
110,733
227,519
195,667
175,766
212,147
187,615
195,485
461,590
570,147
451,160
453,483
386,571
443,336
370,593
335,814
301,556
317,085
282,793
272,002
270,097
351,943
356,858
373,655
366,104
361,688
347,664
354,135
372,922
413,409
407,456
381,738
375,068
439,244
392,622
365,948
327,153
341,952
298,571
315,254
329,711
382,246
413,613
436,912
450,813
491,895
497,259
470,952
446,161
467,862
403,246
374,818
372,375

372,375

374,818

403,246

467,862

446,161

470,952

497,259

491,895

450,813

436,912

413,613

382,246

329,711

315,254

298,571

341,952

327,153

365,948

392,622

439,244

375,068

381,738

407,456

413,409

372,922

354,135

347,664

361,688

366,104

373,655

356,858

351,943

270,097

272,002

282,793

317,085

301,556

335,814

370,593

443,336

386,571

453,483

451,160

570,147

461,590

195,485

187,615

212,147

175,766

195,667

227,519

110,733

92,353

91,021

100,396

96,717

70,072

65,997

81,392

99,740

136,635

130,721

121,382

104,265

87,780

91,504

94,223

98,067

62,924

89,227

92,381

98,280

48,183

36,573

44,880

50,918

39,770

56,905

117,309

231,434

102,975

92,818

92,513

108,799

84,306

81,214

74,406

83,279

82,039

136,984

77,798

95,446

99,440

111,359

106,831

102,165

108,300

142,400

149,900

171,300

141,700

150,600

140,800

140,600

114,700

106,900

113,300

103,600

106,500

113,600

128,300

113,600

134,200

84,600

94,600

72,400

61,600

61,000

54,100

50,900

26,100

26,000

22,500

21,100

Short-term Debt

0
0
0
5,500
0
0
0
3,800
0
4,800
4,100
7,500
8,000
13,700
1,500
3,200
2,800
3,700
31,700
26,400
25,400
26,400
14,000
900
400
600
1,000
1,100
600
5,200
4,900
7,900
29,500
31,500
31,500
20,200
397
5,391
5,368
5,377
5,478
10,304
70,594
4,304
5,102
6,140
6,952
10,615
18,660
16,319
15,155
21,161
86,653
60,231
233
217
199
177
141
11,995
8,741
5,501
2,255
98
0
0
0
-17,672
0
0
0
25,000
0
0
0
-11,108
0
0
0
0
0
10,330
8,227
11,723
0
7,596
7,517
145,801
230,658
105,110
104,884
75,061
78,022
26,498
24,768
26,233
29,753
25,068
21,038
31,222
88,783
89,038
91,030
97,412
46,244
42,563
36,174
43,651
55,171
52,358
50,257
51,885
66,347
71,366
64,228
61,253
46,275
48,401
32,641
31,119
38,470
42,307
39,491
32,500
45,297
51,395
32,300
30,857
23,836
22,364
22,438
21,934

21,934

22,438

22,364

23,836

30,857

32,300

51,395

45,297

32,500

39,491

42,307

38,470

31,119

32,641

48,401

46,275

61,253

64,228

71,366

66,347

51,885

50,257

52,358

55,171

43,651

36,174

42,563

46,244

97,412

91,030

89,038

88,783

31,222

21,038

25,068

29,753

26,233

24,768

26,498

78,022

75,061

104,884

105,110

230,658

145,801

7,517

7,596

11,723

8,227

10,330

-11,108

25,000

-17,672

2,255

5,501

8,741

11,995

141

177

199

217

233

60,231

86,653

21,161

15,155

16,319

18,660

10,615

6,952

6,140

5,102

4,304

70,594

10,304

5,478

5,377

5,368

5,391

397

20,200

31,500

29,500

7,900

4,900

5,200

600

1,100

1,000

600

400

900

14,000

26,400

25,400

26,400

31,700

3,700

2,800

3,200

1,500

13,700

8,000

7,500

4,100

4,800

3,800

5,500

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26,233
0
0
0
31,222
0
89,038
91,030
97,412
46,244
451,352
36,035
43,651
55,171
52,190
50,257
51,074
66,347
71,366
64,228
61,253
46,275
40,784
32,641
31,119
31,076
34,296
30,867
32,500
37,853
44,059
32,300
30,857
23,836
18,536
17,556
16,913

16,913

17,556

18,536

23,836

30,857

32,300

44,059

37,853

32,500

30,867

34,296

31,076

31,119

32,641

40,784

46,275

61,253

64,228

71,366

66,347

51,074

50,257

52,190

55,171

43,651

36,035

451,352

46,244

97,412

91,030

89,038

31,222

26,233

Accounts payable

0
0
0
10,200
0
0
0
12,000
0
12,500
12,500
25,300
25,000
27,000
30,800
36,000
47,000
43,900
61,900
58,600
65,800
58,600
53,700
60,600
65,300
60,200
56,000
70,500
84,200
75,700
71,100
66,500
70,200
51,200
57,400
51,400
61,516
56,885
57,039
53,524
50,998
37,646
45,202
54,658
50,992
42,198
45,332
49,007
59,154
47,760
47,813
51,931
36,642
28,900
33,458
26,733
34,182
29,775
22,773
24,435
61,389
62,680
49,580
25,884
50,158
43,543
54,646
43,992
62,656
70,975
84,946
65,547
53,961
31,332
25,064
24,246
46,678
48,036
47,135
35,281
45,186
114,837
98,898
76,574
112,666
109,555
106,670
180,065
210,585
211,878
195,123
176,719
213,464
200,548
169,439
146,305
152,923
135,758
127,998
123,154
138,126
145,568
152,387
148,255
186,163
187,077
184,330
195,497
227,954
226,041
208,237
212,129
250,918
209,422
182,337
158,647
179,933
136,802
150,879
167,210
221,613
239,001
253,819
278,099
302,382
284,802
256,715
263,376
276,072
231,884
194,501
201,201

201,201

194,501

231,884

276,072

263,376

256,715

284,802

302,382

278,099

253,819

239,001

221,613

167,210

150,879

136,802

179,933

158,647

182,337

209,422

250,918

212,129

208,237

226,041

227,954

195,497

184,330

187,077

186,163

148,255

152,387

145,568

138,126

123,154

127,998

135,758

152,923

146,305

169,439

200,548

213,464

176,719

195,123

211,878

210,585

180,065

106,670

109,555

112,666

76,574

98,898

114,837

45,186

35,281

47,135

48,036

46,678

24,246

25,064

31,332

53,961

65,547

84,946

70,975

62,656

43,992

54,646

43,543

50,158

25,884

49,580

62,680

61,389

24,435

22,773

29,775

34,182

26,733

33,458

28,900

36,642

51,931

47,813

47,760

59,154

49,007

45,332

42,198

50,992

54,658

45,202

37,646

50,998

53,524

57,039

56,885

61,516

51,400

57,400

51,200

70,200

66,500

71,100

75,700

84,200

70,500

56,000

60,200

65,300

60,600

53,700

58,600

65,800

58,600

61,900

43,900

47,000

36,000

30,800

27,000

25,000

25,300

12,500

12,000

10,200

Other Current Liabilities

0
0
0
5,400
0
0
0
6,700
0
8,700
9,500
18,100
21,100
20,300
29,300
33,200
44,800
37,000
40,600
28,600
37,100
28,600
38,800
42,100
47,600
52,500
49,900
43,100
55,800
59,900
74,600
67,300
71,600
67,200
53,500
36,700
40,252
44,555
48,952
40,539
38,970
29,848
21,188
23,077
27,185
26,068
28,930
12,675
30,985
28,434
29,850
9,540
108,139
28,178
23,214
6,109
16,537
14,928
13,659
-8,388
28,150
24,200
37,392
7,708
47,909
50,680
36,858
36,301
41,609
50,407
45,775
34,046
45,779
50,060
40,933
45,826
50,039
52,360
43,886
57,072
65,547
102,352
88,542
60,694
99,481
70,464
81,298
85,166
128,904
134,172
153,476
92,860
148,570
139,463
137,849
105,583
134,409
121,967
122,966
109,754
125,034
122,252
130,238
115,774
129,281
118,024
133,631
128,814
130,284
129,057
123,244
102,655
121,979
111,834
119,383
100,857
115,744
113,368
131,734
129,437
122,163
132,305
143,602
123,383
144,216
144,667
181,937
113,192
165,699
146,800
155,686
129,241

129,241

155,686

146,800

165,699

113,192

181,937

144,667

144,216

123,383

143,602

132,305

122,163

129,437

131,734

113,368

115,744

100,857

119,383

111,834

121,979

102,655

123,244

129,057

130,284

128,814

133,631

118,024

129,281

115,774

130,238

122,252

125,034

109,754

122,966

121,967

134,409

105,583

137,849

139,463

148,570

92,860

153,476

134,172

128,904

85,166

81,298

70,464

99,481

60,694

88,542

102,352

65,547

57,072

43,886

52,360

50,039

45,826

40,933

50,060

45,779

34,046

45,775

50,407

41,609

36,301

36,858

50,680

47,909

7,708

37,392

24,200

28,150

-8,388

13,659

14,928

16,537

6,109

23,214

28,178

108,139

9,540

29,850

28,434

30,985

12,675

28,930

26,068

27,185

23,077

21,188

29,848

38,970

40,539

48,952

44,555

40,252

36,700

53,500

67,200

71,600

67,300

74,600

59,900

55,800

43,100

49,900

52,500

47,600

42,100

38,800

28,600

37,100

28,600

40,600

37,000

44,800

33,200

29,300

20,300

21,100

18,100

9,500

8,700

6,700

5,400

> Long-term Liabilities

0
0
0
38,800
0
0
0
40,200
0
21,100
24,600
143,700
141,900
130,100
179,900
220,400
251,100
189,400
194,800
182,600
181,100
182,600
222,500
153,800
232,900
235,800
228,600
222,300
241,500
253,600
258,100
289,600
289,500
290,400
290,100
300,000
347,086
256,769
255,807
263,496
289,352
255,027
201,022
301,008
300,762
299,580
298,284
303,666
302,948
305,738
303,113
308,153
199,393
202,688
225,851
207,515
200,388
147,522
137,371
224,760
223,719
223,963
290,809
335,025
242,961
238,902
238,718
230,193
230,586
233,084
217,054
238,959
258,579
234,993
235,801
404,438
404,876
357,651
350,879
416,802
363,380
445,472
423,195
437,641
443,364
429,308
440,397
610,511
795,286
792,669
783,236
636,624
633,038
626,301
627,751
604,110
582,005
583,127
651,378
660,411
621,569
618,379
613,918
606,913
614,118
613,702
624,664
607,106
607,601
604,956
603,699
606,091
596,341
588,815
575,478
548,166
539,380
556,066
531,883
525,908
525,070
535,648
532,753
504,700
531,686
486,255
455,540
455,331
453,738
450,945
449,728
449,455

449,455

449,728

450,945

453,738

455,331

455,540

486,255

531,686

504,700

532,753

535,648

525,070

525,908

531,883

556,066

539,380

548,166

575,478

588,815

596,341

606,091

603,699

604,956

607,601

607,106

624,664

613,702

614,118

606,913

613,918

618,379

621,569

660,411

651,378

583,127

582,005

604,110

627,751

626,301

633,038

636,624

783,236

792,669

795,286

610,511

440,397

429,308

443,364

437,641

423,195

445,472

363,380

416,802

350,879

357,651

404,876

404,438

235,801

234,993

258,579

238,959

217,054

233,084

230,586

230,193

238,718

238,902

242,961

335,025

290,809

223,963

223,719

224,760

137,371

147,522

200,388

207,515

225,851

202,688

199,393

308,153

303,113

305,738

302,948

303,666

298,284

299,580

300,762

301,008

201,022

255,027

289,352

263,496

255,807

256,769

347,086

300,000

290,100

290,400

289,500

289,600

258,100

253,600

241,500

222,300

228,600

235,800

232,900

153,800

222,500

182,600

181,100

182,600

194,800

189,400

251,100

220,400

179,900

130,100

141,900

143,700

24,600

21,100

40,200

38,800

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
410,089
0
409,706
408,789
411,230
407,171
407,608
409,613
411,019
409,572
432,762
445,388
464,827
443,349
444,550
462,240
431,789
433,584
440,576
452,730
450,999
452,451
484,600
441,121
414,566
418,205
413,371
411,671
411,156
0

411,156

411,671

413,371

418,205

414,566

441,121

484,600

452,451

450,999

452,730

440,576

433,584

431,789

462,240

444,550

443,349

464,827

445,388

432,762

409,572

411,019

409,613

407,608

407,171

411,230

408,789

409,706

410,089

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,424
0
6,758
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

6,758

7,424

Warrants

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
71,192
72,630
70,511
75,615
77,174
96,774
100,777
102,793
104,809
106,825
108,839
111,016
113,193
115,369
117,546
119,897
119,813
70,800
55,517
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
0
0
0
0
0
0
0
0
0

25,000

55,517

70,800

119,813

119,897

117,546

115,369

113,193

111,016

108,839

106,825

104,809

102,793

100,777

96,774

77,174

75,615

70,511

72,630

71,192

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,691
15,468
14,766
14,767
14,305
13,524
13,696
20,225
19,736
20,026
19,881
42,538
43,150
43,415
39,919
36,960
29,401
32,754
28,726
28,663
27,977
27,447
26,320
20,715
20,171
19,468
18,382
15,835
15,700
12,104
13,068
16,149
17,155
16,854
11,029
38,959
39,779
41,193
42,001
38,138
38,576
38,703
38,431
41,268
41,114
79,364
68,234
81,069
87,069
73,184
73,499
107,096
100,044
103,518
98,632
77,945
76,858
76,127
81,763
89,025
83,089
84,330
83,321
88,324
89,781
86,180
84,409
80,161
81,225
77,826
84,611
73,197
84,624
77,797
72,783
76,706
75,949
70,459
68,600
62,457
55,002
52,908
59,968
67,324
59,494
57,918
56,754
52,249
0
45,134
40,974
34,717
0
34,850
33,416
0

33,416

34,850

34,717

40,974

45,134

52,249

56,754

57,918

59,494

67,324

59,968

52,908

55,002

62,457

68,600

70,459

75,949

76,706

72,783

77,797

84,624

73,197

84,611

77,826

81,225

80,161

84,409

86,180

89,781

88,324

83,321

84,330

83,089

89,025

81,763

76,127

76,858

77,945

98,632

103,518

100,044

107,096

73,499

73,184

87,069

81,069

68,234

79,364

41,114

41,268

38,431

38,703

38,576

38,138

42,001

41,193

39,779

38,959

11,029

16,854

17,155

16,149

13,068

12,104

15,700

15,835

18,382

19,468

20,171

20,715

26,320

27,447

27,977

28,663

28,726

32,754

29,401

36,960

39,919

43,415

43,150

42,538

19,881

20,026

19,736

20,225

13,696

13,524

14,305

14,767

14,766

15,468

15,691

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,082
0
0
0
554
0
0
16,627
273
16,362
18,248
17,807
352
14,376
11,765
10,359
267
9,627
8,819
7,435
264
2,644
2,820
1,774
141
3,194
4,278
3,142
333
4,124
4,892
4,242
264
3,438
3,312
0
0

3,312

3,438

264

4,242

4,892

4,124

333

3,142

4,278

3,194

141

1,774

2,820

2,644

264

7,435

8,819

9,627

267

10,359

11,765

14,376

352

17,807

18,248

16,362

273

16,627

554

7,082

> Total Stockholder Equity

0
0
0
7,100
0
0
0
6,600
0
42,300
43,600
66,700
74,200
79,500
102,300
107,700
122,200
194,300
205,900
215,900
227,300
215,900
242,200
301,200
238,300
242,800
246,800
248,100
256,600
261,300
258,900
247,000
242,400
238,700
234,100
228,900
227,839
245,500
234,876
228,705
225,478
220,761
213,917
185,907
182,060
187,410
170,242
144,027
138,017
133,158
120,601
111,956
116,945
100,265
101,927
106,881
117,696
161,618
162,980
167,813
181,268
187,709
186,695
187,177
282,106
300,672
300,440
272,522
281,214
305,664
297,698
279,188
286,054
295,589
286,796
261,953
263,635
273,154
285,794
278,315
350,857
396,780
392,352
396,879
443,688
475,276
494,857
620,613
662,843
677,964
688,372
798,036
695,551
680,741
641,514
503,485
517,180
530,193
412,241
344,683
335,315
335,493
324,068
289,934
354,639
355,212
355,931
320,929
343,252
305,070
295,761
279,048
284,393
282,934
244,231
234,851
179,139
175,373
169,838
179,264
167,995
181,550
177,916
229,300
248,374
299,345
315,763
381,236
420,808
450,098
433,218
467,060

467,060

433,218

450,098

420,808

381,236

315,763

299,345

248,374

229,300

177,916

181,550

167,995

179,264

169,838

175,373

179,139

234,851

244,231

282,934

284,393

279,048

295,761

305,070

343,252

320,929

355,931

355,212

354,639

289,934

324,068

335,493

335,315

344,683

412,241

530,193

517,180

503,485

641,514

680,741

695,551

798,036

688,372

677,964

662,843

620,613

494,857

475,276

443,688

396,879

392,352

396,780

350,857

278,315

285,794

273,154

263,635

261,953

286,796

295,589

286,054

279,188

297,698

305,664

281,214

272,522

300,440

300,672

282,106

187,177

186,695

187,709

181,268

167,813

162,980

161,618

117,696

106,881

101,927

100,265

116,945

111,956

120,601

133,158

138,017

144,027

170,242

187,410

182,060

185,907

213,917

220,761

225,478

228,705

234,876

245,500

227,839

228,900

234,100

238,700

242,400

247,000

258,900

261,300

256,600

248,100

246,800

242,800

238,300

301,200

242,200

215,900

227,300

215,900

205,900

194,300

122,200

107,700

102,300

79,500

74,200

66,700

43,600

42,300

6,600

7,100

Common Stock

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
27
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
37
37
37
37
37
37
37
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
6
6
6
6
6
6
7
7
7
7
7
7
7
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
31,851
52,803
67,053
102,261
146,105
165,473
161,729
180,936
215,564
223,389
207,541
209,436
188,657
179,322
126,007
125,970
132,472
100,727
49,297
39,915
37,746
27,524
14,269
5,463
-1,128
-13,445
-44,022
-27,868
-22,471
-16,456
-29,048
-23,026
-29,751
-49,197
-74,334
-100,122
-105,167
-117,810
-135,025
-121,451
-124,224
-113,037
-85,439
-61,517
5,654
48,823
0
122,701
152,908
0
0

152,908

122,701

48,823

5,654

-61,517

-85,439

-113,037

-124,224

-121,451

-135,025

-117,810

-105,167

-100,122

-74,334

-49,197

-29,751

-23,026

-29,048

-16,456

-22,471

-27,868

-44,022

-13,445

-1,128

5,463

14,269

27,524

37,746

39,915

49,297

100,727

132,472

125,970

126,007

179,322

188,657

209,436

207,541

223,389

215,564

180,936

161,729

165,473

146,105

102,261

67,053

52,803

31,851

Accumulated Other Comprehensive Income

0
0
0
-8,000
0
0
0
-11,100
0
-40,700
-40,700
-16,300
-16,300
-16,300
-16,300
-32,000
-32,000
-32,000
-32,000
-54,000
-54,000
-54,000
-54,000
-75,400
-75,400
-75,400
-94,600
-75,400
-104,500
-113,100
-120,500
-124,200
-131,000
-137,700
-8,500
-7,300
-9,435
-10,223
-13,390
-11,109
-14,232
-14,876
-12,247
-18,753
-19,808
-14,960
-14,548
-24,973
-24,945
-21,698
-20,949
-20,546
-20,727
-22,969
-22,895
-16,566
-17,314
-18,521
-19,197
-19,752
-16,543
-17,340
-19,278
-11,462
-12,692
-13,036
-12,467
-31,044
-31,924
-26,466
-45,161
-34,759
-35,761
-32,453
-30,087
-28,306
-28,649
-23,889
-18,177
-17,042
-17,442
727
-22,973
-33,575
-23,255
-36,135
-36,899
-56,954
-55,502
-77,107
-75,640
-61,794
-56,891
-52,414
-83,494
-112,630
-156,260
-150,923
-176,798
-187,751
-174,863
-171,324
-171,532
-188,278
-178,441
-168,128
-154,569
-157,076
-148,770
-188,518
-200,168
-203,571
-213,319
-207,996
-233,620
-218,651
-249,347
-248,982
-243,048
-217,254
-243,006
-227,802
-243,628
-246,480
-227,176
-245,235
-273,579
-251,755
-243,857
-241,561
-266,983
-219,043

-219,043

-266,983

-241,561

-243,857

-251,755

-273,579

-245,235

-227,176

-246,480

-243,628

-227,802

-243,006

-217,254

-243,048

-248,982

-249,347

-218,651

-233,620

-207,996

-213,319

-203,571

-200,168

-188,518

-148,770

-157,076

-154,569

-168,128

-178,441

-188,278

-171,532

-171,324

-174,863

-187,751

-176,798

-150,923

-156,260

-112,630

-83,494

-52,414

-56,891

-61,794

-75,640

-77,107

-55,502

-56,954

-36,899

-36,135

-23,255

-33,575

-22,973

727

-17,442

-17,042

-18,177

-23,889

-28,649

-28,306

-30,087

-32,453

-35,761

-34,759

-45,161

-26,466

-31,924

-31,044

-12,467

-13,036

-12,692

-11,462

-19,278

-17,340

-16,543

-19,752

-19,197

-18,521

-17,314

-16,566

-22,895

-22,969

-20,727

-20,546

-20,949

-21,698

-24,945

-24,973

-14,548

-14,960

-19,808

-18,753

-12,247

-14,876

-14,232

-11,109

-13,390

-10,223

-9,435

-7,300

-8,500

-137,700

-131,000

-124,200

-120,500

-113,100

-104,500

-75,400

-94,600

-75,400

-54,000

-32,000

-16,300

-40,700

-11,100

-8,000

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
377,565
378,881
380,295
381,328
383,102
383,998
507,199
554,488
556,455
557,467
558,637
559,575
560,916
562,014
513,090
510,110
513,600
502,763
497,008
483,366
481,930
480,377
479,075
538,707
535,436
534,522
531,708
529,480
524,466
520,389
519,498
528,305
527,763
533,538
532,070
532,820
531,577
531,895
532,742
533,569
534,697
535,702
562,340
561,849
562,774
564,181
565,546
564,493
565,734
567,402
0

567,402

565,734

564,493

565,546

564,181

562,774

561,849

562,340

535,702

534,697

533,569

532,742

531,895

531,577

532,820

532,070

533,538

527,763

528,305

519,498

520,389

524,466

529,480

531,708

534,522

535,436

538,707

479,075

480,377

481,930

483,366

497,008

502,763

513,600

510,110

513,090

562,014

560,916

559,575

558,637

557,467

556,455

554,488

507,199

383,998

383,102

381,328

380,295

378,881

377,565

Treasury Stock

-26,983

-22,529

-23,662

-23,848

-24,782

-1,121

-1,117

-1,199

-2,055

-4,212

-4,234

-6,490

-7,082

-7,567

-7,831

-8,004

-8,407

-8,515

-8,606

-9,502

-9,893

-10,015

-10,119

-11,226

-11,784

-12,028

-12,420

-13,376

-13,508

-13,772

-13,897

-15,253

-15,343

-15,494

-15,586

-15,769

-15,873

-16,004

-16,445

-16,519

-16,600

-17,065

-17,338

-17,446

-18,172

-19,033

-19,324

-19,494

-19,613

-20,144

-20,274

-20,296

-20,453

-21,077

-22,332

-26,997

-27,272

-28,625

-29,384

-29,707

-29,787

-34,997

-96,264

-97,526

-97,864

-98,818

-99,817

-100,122

-100,821

-100,881

-101,204

-81,204

-82,956

-84,820

-87,354

-88,963

-89,604

-90,223

-90,780

-91,270

-91,644

-92,246

-92,945

-93,041

-93,176

-93,930

-94,115

Other Stockholders Equity

0
0
0
6,500
0
0
0
3,600
0
35,500
35,600
57,500
61,300
61,600
80,300
80,500
85,900
148,100
151,200
151,800
152,500
151,800
148,400
203,100
131,300
127,900
128,600
126,200
126,700
126,900
124,400
118,200
113,800
110,200
120,400
120,100
120,372
120,257
120,555
120,382
120,358
120,372
120,504
120,635
120,812
121,034
121,223
121,268
121,212
121,397
121,578
121,846
121,846
101,846
102,035
102,035
102,479
143,502
144,455
155,482
157,233
158,967
159,501
161,837
260,613
274,697
274,911
274,554
276,129
281,953
282,552
272,221
273,194
273,687
273,817
273,882
274,005
274,372
277,462
279,329
355,517
358,197
360,239
361,761
363,067
365,306
366,283
515,838
537,409
539,507
540,623
652,289
543,006
544,498
545,686
490,108
547,470
548,644
488,312
483,137
470,263
469,071
468,076
463,943
527,617
524,468
523,945
522,027
519,890
516,059
512,385
511,667
520,738
520,681
527,048
527,836
528,608
529,522
530,696
531,543
532,452
533,576
534,581
561,219
537,067
538,926
540,519
542,128
541,964
538,751
528,013
516,480

516,480

528,013

538,751

541,964

542,128

540,519

538,926

537,067

561,219

534,581

533,576

532,452

531,543

530,696

529,522

528,608

527,836

527,048

520,681

520,738

511,667

512,385

516,059

519,890

522,027

523,945

524,468

527,617

463,943

468,076

469,071

470,263

483,137

488,312

548,644

547,470

490,108

545,686

544,498

543,006

652,289

540,623

539,507

537,409

515,838

366,283

365,306

363,067

361,761

360,239

358,197

355,517

279,329

277,462

274,372

274,005

273,882

273,817

273,687

273,194

272,221

282,552

281,953

276,129

274,554

274,911

274,697

260,613

161,837

159,501

158,967

157,233

155,482

144,455

143,502

102,479

102,035

101,846

121,846

121,578

121,397

121,212

121,268

121,223

121,034

120,812

120,635

120,504

120,372

120,358

120,382

120,555

120,257

120,372

120,100

120,400

110,200

113,800

118,200

124,400

126,900

126,700

126,200

128,600

127,900

131,300

203,100

148,400

151,800

152,500

151,800

151,200

148,100

85,900

80,500

80,300

61,600

61,300

57,500

35,600

35,500

3,600

6,500

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31
Accounts Payable	201,201	263,376	278,099	167,210	158,647	212,129	195,497	148,255	123,154	146,305	176,719	180,065	76,574	35,281	24,246	65,547	43,992	25,884	24,435	26,733	51,931	49,007	54,658	53,524	51,400	66,500	70,500	58,600	58,600	36,000	25,300	12,000	10,200
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
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
Accumulated Other Comprehensive Income	-219,043	-251,755	-246,480	-217,254	-218,651	-203,571	-157,076	-188,278	-187,751	-112,630	-61,794	-56,954	-33,575	-17,042	-28,306	-34,759	-31,044	-11,462	-19,752	-16,566	-20,546	-24,973	-18,753	-11,109	-7,300	-124,200	-75,400	-75,400	-54,000	-32,000	-16,300	-11,100	-8,000
Additional Paid In Capital	0	0	0	0	0	0	0	479,075	0	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	11,174	6,259	17,532	24,670	24,089	3,145	0	902	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	0	0	0	0	0	0	0	0	0	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	565,546	562,340	532,742	532,070	519,498	531,708	479,075	497,008	513,090	558,637	507,199	380,295	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	220,251	159,577	98,108	117,431	66,799	81,685	143,570	147,827	200,188	201,451	189,360	189,114	129,170	239,500	229,182	61,658	58,325	33,412	592	1,130	6,556	22,049	9,214	5,668	8,600	14,100	21,200	14,200	14,200	7,200	25,800	200	3,800
Cash And Equivalents	0	159,577	98,108	117,431	66,799	81,685	143,570	147,827	0	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	220,251	159,577	98,108	117,431	66,799	81,685	143,570	197,827	200,188	201,451	189,360	189,114	129,170	239,500	229,182	61,658	58,325	33,412	592	1,130	6,556	22,049	9,214	5,668	8,600	14,100	21,200	14,200	14,200	7,200	25,800	200	3,800
Common Stock	0	7	6	6	6	0	0	0	0	0	0	0	37	30	30	30	30	30	30	27	27	27	27	27	0	0	0	0	0	0	0	0	0
Common Stock Shares Outstanding	62,961	63,691	62,685	60,818	60,100	59,909	59,340	53,916	53,696	53,497	59,522	54,662	53,144	34,896	34,708	34,838	32,081	25,055	22,855	26,968	26,230	25,989	25,820	25,868	25,940	26,974	28,523	31,667	31,667	20,324	19,753	17,094	54,241
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	37	0	0	0	0	0	30	27	27	27	27	27	0	0	0	0	0	0	0	0	0
Current Deferred Revenue	19,999	38,736	4,383	1,945	6,396	8,399	4,960	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
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
Deferred Long Term Liab	0	264	333	141	264	267	352	273	554	7,082	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	42,075	24,941	19,841	0	0	11,702	11,702	11,702	11,702	11,702	18,823	17,839	16,985	18,921	0	0	0	0	0	0	0	0	0
Intangible Assets	7,266	7,078	8,202	12,767	20,575	19,358	15,966	20,208	17,798	23,689	32,613	21,208	19,841	0	0	11,702	11,702	11,702	13,550	11,702	18,823	17,839	16,985	18,921	39,100	40,800	42,500	51,200	51,200	36,400	23,100	0	200
Inventory	365,156	397,223	392,615	293,679	333,356	395,735	339,836	269,291	269,791	331,432	384,920	366,385	190,872	127,982	110,136	147,306	128,048	154,604	122,692	84,658	112,496	109,142	116,801	160,309	133,400	154,000	138,400	124,900	124,900	107,000	66,800	21,800	21,500
Liabilities And Stockholders Equity	1,289,245	1,284,630	1,182,685	1,031,884	1,114,307	1,251,256	1,290,112	1,262,951	1,275,191	1,438,437	1,821,231	1,692,714	1,010,286	787,470	736,463	654,782	590,495	585,126	440,756	354,166	523,084	531,999	568,954	591,641	637,200	678,300	585,100	512,100	512,100	400,500	261,300	69,300	67,000
Long Term Debt	409,178	414,761	452,451	433,584	443,349	407,238	407,171	408,376	475,443	496,503	497,694	441,438	317,881	373,564	366,300	200,000	200,000	291,266	190,464	169,688	248,397	249,119	256,622	227,975	0	0	0	0	0	0	0	0	0
Long Term Debt Total	0	418,205	452,451	433,584	443,349	409,572	407,171	408,760	475,443	496,503	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	7,127	6,948	6,522	5,601	38,955	51,216	51,904	53,583	46,131	53,380	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
Net Debt	217,014	286,041	386,843	347,272	437,803	379,772	307,252	358,345	311,438	321,285	383,395	398,125	200,434	134,064	137,118	163,342	141,675	257,952	201,867	168,775	263,002	237,685	251,712	227,684	267,100	241,400	161,600	154,500	154,500	174,300	105,300	40,300	39,800
Net Invested Capital	893,151	826,854	714,251	643,967	739,453	737,360	771,751	0	0	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	235,613	266,758	255,180	193,014	185,238	241,832	226,703	179,384	177,389	199,378	263,053	297,798	189,527	89,004	67,513	126,531	98,394	73,882	47,112	52,781	83,975	82,588	78,144	83,689	97,500	108,200	112,800	107,100	107,100	70,200	40,800	16,200	13,900
Net Tangible Assets	0	379,626	229,300	204,264	259,851	398,861	434,122	398,681	422,233	582,687	645,648	569,513	395,239	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	504,406	463,467	362,491	328,888	317,109	404,413	410,271	360,132	439,904	534,374	621,307	519,178	388,827	395,587	375,144	232,564	239,985	247,009	157,984	114,898	183,971	170,263	180,684	186,116	170,800	170,500	183,900	151,300	151,300	120,000	90,800	18,200	20,900
Non Current Assets Total	412,464	375,002	369,381	373,285	470,045	471,775	506,919	536,715	565,190	659,794	813,353	711,946	445,693	299,530	291,247	285,583	262,730	275,193	234,589	199,498	236,138	277,430	306,231	306,085	358,100	366,100	286,500	247,200	247,200	208,100	119,600	28,600	25,000
Non Current Liabilities Other	6,677	20,816	48,271	63,429	73,145	67,290	73,197	80,161	88,324	89,025	77,945	107,096	81,069	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	449,455	455,331	504,700	525,908	548,166	606,091	607,106	606,913	660,411	604,110	636,624	610,511	437,641	416,802	404,438	238,959	230,193	335,025	224,760	207,515	308,153	303,666	301,008	263,496	300,000	289,600	222,300	182,600	182,600	220,400	143,700	40,200	38,800
Non Currrent Assets Other	26,389	16,703	15,772	8,116	9,472	13,455	14,022	21,060	39,370	39,688	76,435	44,547	84,176	38,685	29,533	15,534	54,950	78,875	82,505	107,152	78,833	73,051	84,199	54,829	52,000	40,900	33,700	17,700	17,700	28,400	5,800	800	800
Noncontrolling Interest In Consolidated Entity	0	0	-2,128	-2,999	4,137	-8,951	-10,845	-3,938	-376	7,371	110,313	26,159	1,640	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	66,245	47,327	53,431	22,612	24,040	18,492	39,198	92,411	50,311	46,594	55,096	62,112	28,783	30,330	22,790	20,415	12,994	26,999	67,479	62,459	37,868	44,922	54,829	0	0	0	0	0	0	0	0	0
Other Current Assets	31,496	86,070	67,401	54,475	58,869	60,229	73,084	79,734	62,633	80,234	114,346	75,140	55,024	31,454	38,385	33,704	7,816	9,574	35,771	16,099	37,775	40,790	58,564	35,890	39,600	35,900	26,200	18,700	18,700	8,000	8,300	2,500	2,800
Other Current Liab	129,241	113,192	135,831	129,437	100,857	102,655	128,814	120,437	115,721	129,018	134,791	135,724	87,469	57,072	45,826	46,088	43,788	36,942	11,753	12,820	29,883	24,684	23,077	40,539	36,700	67,300	43,100	28,600	28,600	33,200	18,100	6,700	5,400
Other Liab	0	34,717	52,249	67,324	62,457	76,706	86,742	93,344	102,833	89,025	77,945	107,096	81,069	41,268	38,138	38,959	16,149	15,835	20,715	28,663	36,960	42,538	20,225	14,767	0	0	0	0	0	0	0	0	0
Other Stockholder Equity	516,480	542,128	561,219	531,543	527,836	511,667	522,027	463,943	483,137	490,108	652,289	515,838	361,761	279,329	273,882	272,221	274,554	161,837	155,482	102,035	121,846	121,268	120,635	120,382	120,100	118,200	126,200	151,800	151,800	80,500	57,500	3,600	6,500
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
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	1,072,383	305,537	322,054	344,210	398,712	384,872	421,248	437,201	450,020	527,414	638,807	568,344	334,742	248,054	254,461	248,442	196,078	184,616	140,382	80,644	138,482	186,540	205,047	232,335	267,000	284,400	210,300	205,100	178,300	143,300	90,700	27,800	24,000
Property Plant And Equipment Net	333,649	305,537	322,054	344,210	398,712	384,872	421,248	437,201	450,020	527,414	638,807	568,344	334,742	248,054	254,461	248,442	196,078	184,616	140,382	80,644	138,482	186,540	205,047	232,335	267,000	284,400	210,300	178,300	178,300	143,300	90,700	27,800	24,000
Property Plant Equipment	0	305,537	322,054	319,854	374,798	384,872	421,248	437,201	450,020	527,414	638,807	568,344	334,742	248,054	254,461	248,442	196,078	184,616	140,382	80,644	138,482	186,540	205,047	232,335	0	0	0	0	0	0	0	0	0
Retained Earnings	169,623	90,863	-85,439	-135,025	-74,334	-29,048	-44,022	14,269	49,297	126,007	207,541	161,729	67,053	16,028	16,377	41,726	29,012	36,802	32,053	21,385	10,629	47,705	83,998	119,405	116,100	128,800	121,900	64,100	64,100	27,200	9,200	3,000	600
Retained Earnings Total Equity	0	0	-85,439	-135,025	-74,334	-29,048	-44,022	14,269	49,297	126,007	207,541	161,729	67,053	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	16,913	30,857	32,500	31,119	61,253	51,074	43,651	96,894	31,222	26,233	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	437,265	445,618	484,951	464,703	504,602	461,457	450,822	506,172	511,626	522,736	572,755	587,239	329,604	373,564	366,300	225,000	200,000	291,364	202,459	169,905	269,558	259,734	260,926	233,352	275,700	255,500	182,800	168,700	168,700	181,500	131,100	40,500	43,600
Short Term Debt	21,934	30,857	32,500	31,119	61,253	51,885	43,651	97,412	31,222	26,233	75,061	145,801	11,723	0	0	25,000	0	98	11,995	217	21,161	10,615	4,304	5,377	20,200	7,900	1,100	26,400	26,400	3,200	7,500	3,800	5,500
Short Term Investments	0	1,388	1,296	651	578	0	12,393	50,000	842	0	14,268	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	1,289,245	1,284,630	1,182,685	1,031,884	1,114,307	1,251,256	1,290,112	1,262,951	1,275,191	1,495,724	1,821,231	1,692,714	1,010,286	787,470	736,463	654,782	590,495	585,126	440,756	354,166	523,084	531,999	568,954	591,641	637,200	678,300	585,100	512,100	512,100	400,500	261,300	69,300	67,000
Total Current Assets	876,781	909,628	813,304	658,599	644,262	779,481	783,193	726,236	710,001	835,930	1,007,878	980,768	564,593	487,940	445,216	369,199	327,765	309,933	206,167	154,668	286,946	254,569	262,723	285,556	279,100	312,200	298,600	264,900	264,900	192,400	141,700	40,700	42,000
Total Current Liabilities	372,375	446,161	450,813	329,711	327,153	375,068	372,922	366,104	270,097	301,556	386,571	461,590	175,766	92,353	70,072	136,635	87,780	62,924	48,183	39,770	102,975	84,306	82,039	99,440	108,300	141,700	114,700	113,600	113,600	72,400	50,900	22,500	21,100
Total Liab	821,830	901,492	955,513	855,619	875,319	981,159	980,028	973,017	930,508	905,666	1,023,195	1,072,101	613,407	509,155	474,510	375,594	317,973	397,949	272,943	247,285	411,128	387,972	383,047	362,936	408,300	431,300	337,000	296,200	296,200	292,800	194,600	62,700	59,900
Total Permanent Equity	0	0	0	0	0	0	0	289,934	0	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	467,060	381,236	229,300	179,264	234,851	279,048	320,929	289,934	344,683	503,485	798,036	620,613	396,879	278,315	261,953	279,188	272,522	187,177	167,813	106,881	111,956	144,027	185,907	228,705	228,900	247,000	248,100	215,900	215,900	107,700	66,700	6,600	7,100
Treasury Stock	0	0	-1,121	-1,199	-4,234	-7,831	-8,606	-10,119	-12,420	-13,897	-15,586	-16,445	-17,338	-19,324	-20,274	-22,332	-29,384	-96,264	-99,817	-101,204	-81,204	-88,963	-91,270	-93,041	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	25,000	25,000	119,813	113,193	104,809	77,174	71,192	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31
Accounts Payable	201,201	194,501	231,884	276,072	263,376	256,715	284,802	302,382	278,099	253,819	239,001	221,613	167,210	150,879	136,802	179,933	158,647	182,337	209,422	250,918	212,129	208,237	226,041	227,954	195,497	184,330	187,077	186,163	148,255	152,387	145,568	138,126	123,154	127,998	135,758	152,923	146,305	169,439	200,548	213,464	176,719	195,123	211,878	210,585	180,065	106,670	109,555	112,666	76,574	98,898	114,837	45,186	35,281	47,135	48,036	46,678	24,246	25,064	31,332	53,961	65,547	84,946	70,975	62,656	43,992	54,646	43,543	50,158	25,884	49,580	62,680	61,389	24,435	22,773	29,775	34,182	26,733	33,458	28,900	36,642	51,931	47,813	47,760	59,154	49,007	45,332	42,198	50,992	54,658	45,202	37,646	50,998	53,524	57,039	56,885	61,516	51,400	57,400	51,200	70,200	66,500	71,100	75,700	84,200	70,500	56,000	60,200	65,300	60,600	53,700	58,600	65,800	58,600	61,900	43,900	47,000	36,000	30,800	27,000	25,000	25,300	12,500	12,500	-	12,000	-	-	-	10,200	-	-	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Accumulated Other Comprehensive Income	-219,043	-266,983	-241,561	-243,857	-251,755	-273,579	-245,235	-227,176	-246,480	-243,628	-227,802	-243,006	-217,254	-243,048	-248,982	-249,347	-218,651	-233,620	-207,996	-213,319	-203,571	-200,168	-188,518	-148,770	-157,076	-154,569	-168,128	-178,441	-188,278	-171,532	-171,324	-174,863	-187,751	-176,798	-150,923	-156,260	-112,630	-83,494	-52,414	-56,891	-61,794	-75,640	-77,107	-55,502	-56,954	-36,899	-36,135	-23,255	-33,575	-22,973	727	-17,442	-17,042	-18,177	-23,889	-28,649	-28,306	-30,087	-32,453	-35,761	-34,759	-45,161	-26,466	-31,924	-31,044	-12,467	-13,036	-12,692	-11,462	-19,278	-17,340	-16,543	-19,752	-19,197	-18,521	-17,314	-16,566	-22,895	-22,969	-20,727	-20,546	-20,949	-21,698	-24,945	-24,973	-14,548	-14,960	-19,808	-18,753	-12,247	-14,876	-14,232	-11,109	-13,390	-10,223	-9,435	-7,300	-8,500	-137,700	-131,000	-124,200	-120,500	-113,100	-104,500	-75,400	-94,600	-75,400	-75,400	-75,400	-54,000	-54,000	-54,000	-54,000	-32,000	-32,000	-32,000	-32,000	-16,300	-16,300	-16,300	-16,300	-40,700	-40,700	-	-11,100	-	-	-	-8,000	-	-	-
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	479,075	480,377	481,930	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	11,174	4,882	3,828	3,131	6,259	13,207	15,027	15,965	17,532	24,835	24,063	24,339	24,670	25,913	20,518	0	24,089	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	567,402	565,734	564,493	565,546	564,181	562,774	561,849	562,340	535,702	534,697	533,569	532,742	531,895	531,577	532,820	532,070	533,538	527,763	528,305	519,498	520,389	524,466	529,480	531,708	534,522	535,436	538,707	479,075	480,377	481,930	483,366	497,008	502,763	513,600	510,110	513,090	562,014	560,916	559,575	558,637	557,467	556,455	554,488	507,199	383,998	383,102	381,328	380,295	378,881	377,565	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	220,251	211,902	196,452	164,116	159,577	116,581	116,703	98,144	98,108	94,640	95,804	95,954	117,431	98,772	80,160	60,378	66,799	78,603	66,366	68,315	81,685	96,799	106,491	112,429	143,570	155,675	143,236	131,158	147,827	215,509	207,238	191,097	200,188	193,812	187,484	190,551	201,451	180,271	162,954	200,094	189,360	447,456	424,387	508,447	189,114	134,890	149,450	129,308	129,170	94,274	114,162	230,048	239,500	159,315	158,253	215,215	229,182	45,360	20,684	20,230	61,658	35,639	69,385	47,595	58,325	55,337	61,524	38,970	33,412	281	239	571	592	594	542	1,245	1,130	3,291	21,007	9,592	6,556	11,557	24,382	11,472	22,049	35,227	15,928	8,616	9,214	34,237	21,648	9,742	5,668	20,331	24,957	6,875	8,600	12,800	19,100	10,900	14,100	18,400	20,100	17,600	21,200	20,400	16,900	20,200	27,400	56,100	14,200	9,200	14,200	11,000	9,000	4,000	7,200	3,500	13,200	10,800	25,800	1,200	5,300	-	200	-	-	-	3,800	-	-	-
Cash And Equivalents	0	211,902	196,452	164,116	159,577	116,581	116,703	98,144	98,108	94,640	95,804	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	220,251	211,902	196,452	164,116	159,577	116,581	116,703	98,144	98,108	94,640	95,804	95,954	117,431	98,772	80,160	60,378	66,799	78,603	66,366	68,315	81,685	96,799	106,491	112,429	143,570	155,675	153,236	181,158	197,827	215,509	207,238	191,097	200,188	193,812	187,484	190,551	201,451	180,271	162,954	200,094	189,360	447,456	424,387	508,447	189,114	134,890	149,450	129,308	129,170	122,403	114,162	230,048	239,500	159,315	158,253	215,215	229,182	45,360	20,684	20,230	61,658	35,639	69,385	47,595	58,325	55,337	61,524	38,970	33,412	281	239	571	592	594	542	1,245	1,130	3,291	21,007	9,592	6,556	11,557	24,382	11,472	22,049	35,227	15,928	8,616	9,214	34,237	21,648	9,742	5,668	20,331	24,957	6,875	8,600	12,800	19,100	10,900	14,100	18,400	20,100	17,600	21,200	20,400	16,900	20,200	27,400	56,100	14,200	9,200	14,200	11,000	9,000	4,000	7,200	3,500	13,200	10,800	25,800	1,200	5,300	-	200	-	-	-	3,800	-	-	-
Common Stock	0	7	7	7	7	7	7	7	6	6	6	6	6	6	6	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	37	37	37	37	37	37	37	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	30	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Common Stock Shares Outstanding	61,389	63,095	63,234	63,621	63,521	63,229	63,221	64,350	63,163	62,601	61,717	62,414	61,376	60,926	60,602	60,360	60,287	60,161	60,000	59,946	59,917	59,897	59,878	59,876	59,618	59,600	59,577	58,572	53,978	53,946	53,884	53,854	53,729	53,707	59,489	53,663	53,534	53,497	53,486	53,774	53,453	59,391	59,504	59,642	47,278	53,326	53,516	53,450	53,254	53,061	53,394	40,511	35,391	51,773	51,407	35,329	34,708	34,746	35,265	35,177	34,838	34,883	34,774	34,738	32,081	34,139	34,686	26,018	25,055	25,075	32,601	32,406	22,855	24,521	31,483	31,339	26,968	20,533	21,795	26,496	26,230	26,325	26,141	25,986	25,989	26,020	25,968	25,909	25,820	25,845	25,788	25,781	25,868	25,866	25,868	25,833	25,909	26,339	25,794	26,088	26,974	25,000	27,273	27,303	28,523	26,471	26,974	32,292	34,038	33,824	31,667	34,375	31,667	31,786	33,482	20,894	20,324	20,181	20,181	20,181	19,753	16,859	16,859	16,979	17,094	17,094	17,094	17,094	54,241	36,161	36,161	36,161
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	37	37	37	37	37	37	0	0	0	0	0	0	30	30	30	0	0	0	0	0	0	0	0	0	30	30	30	30	30	30	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27	0	0	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	19,999	2,193	2,198	2,255	38,736	0	16,395	0	16,831	0	0	0	1,945	0	0	0	6,396	0	0	0	8,399	0	0	0	4,960	0	0	0	4,663	0	0	0	5,967	0	0	0	23,435	3,758	4,084	3,280	41,931	0	0	0	50,558	0	0	0	26,775	0	0	0	0	0	0	0	11,108	0	0	0	12,042	0	0	0	25,159	0	0	0	29,234	0	0	0	20,141	0	0	0	6,711	0	0	0	20,343	0	0	0	12,009	0	0	0	0	0	0	0	0	0	0	0	0	0	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	6,758	0	7,424	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,312	3,438	264	4,242	4,892	4,124	333	3,142	4,278	3,194	141	1,774	2,820	2,644	264	7,435	8,819	9,627	267	10,359	11,765	14,376	352	17,807	18,248	16,362	273	16,627	0	0	554	0	0	0	7,082	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	38,082	42,899	41,269	42,075	22,534	22,343	25,101	24,941	25,384	11,648	10,292	19,841	18,748	22,272	0	0	0	0	0	0	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	18,823	18,214	18,120	17,702	17,839	17,581	17,423	16,814	16,985	0	18,027	0	18,921	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Intangible Assets	7,266	0	0	0	7,078	1,385	1,423	1,459	8,202	1,535	1,572	1,701	12,767	7,611	8,536	8,282	20,575	9,968	10,796	11,329	19,358	12,439	13,323	14,519	15,966	15,798	16,243	17,029	20,208	17,351	17,572	18,210	17,798	18,471	21,325	21,922	23,689	26,551	30,852	30,834	32,613	17,453	17,645	20,684	21,208	25,384	11,648	10,292	19,841	18,748	22,272	0	0	0	0	0	0	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	11,702	13,550	11,702	11,702	11,702	11,702	11,702	11,702	11,702	18,823	57,315	18,120	17,702	17,839	17,581	17,423	16,814	16,985	18,209	0	18,278	18,921	18,089	18,570	38,631	39,100	39,700	39,600	40,100	40,800	41,800	41,900	42,200	42,500	39,900	40,400	40,600	41,200	41,600	51,200	50,700	51,200	51,800	48,500	48,700	36,400	35,200	26,800	26,600	23,100	0	-	-	-	-	-	-	200	-	-	-
Inventory	365,156	360,142	378,258	388,980	397,223	412,967	422,764	424,200	392,615	373,012	345,339	313,472	293,679	284,231	294,537	306,071	333,356	351,871	385,368	412,238	395,735	381,969	372,732	368,435	339,836	331,378	323,491	292,401	269,291	278,083	273,744	265,173	269,791	287,135	306,087	307,318	331,432	375,267	386,700	394,550	384,920	375,893	368,963	378,367	366,385	247,778	214,858	214,154	190,872	183,150	183,763	133,679	127,982	135,976	138,418	129,598	110,136	124,833	150,023	167,631	147,306	143,699	118,083	124,196	128,048	132,553	135,454	143,958	154,604	172,485	147,895	139,678	122,692	78,941	78,678	84,507	84,658	74,484	68,601	72,537	112,496	103,085	106,648	114,466	109,142	110,557	102,634	104,011	116,801	120,237	128,717	160,081	160,309	148,569	141,097	144,284	133,400	138,500	140,600	151,200	154,000	168,600	156,400	151,000	138,400	130,300	134,800	137,700	138,800	126,100	124,900	135,100	124,900	123,100	101,700	104,000	107,000	94,600	72,000	74,500	66,800	30,400	25,500	-	21,800	-	-	-	21,500	-	-	-
Liabilities And Stockholders Equity	1,289,245	1,257,735	1,305,151	1,344,807	1,284,630	1,247,479	1,289,184	1,269,301	1,182,685	1,144,259	1,127,438	1,071,448	1,031,884	1,016,347	1,031,294	1,060,254	1,114,307	1,189,602	1,269,528	1,325,256	1,251,256	1,274,080	1,310,370	1,353,055	1,290,112	1,329,910	1,311,951	1,326,233	1,262,951	1,308,056	1,308,472	1,307,965	1,275,191	1,336,752	1,420,414	1,442,475	1,438,437	1,672,952	1,762,510	1,858,498	1,821,231	1,947,761	1,944,547	2,054,349	1,692,714	1,158,130	1,093,999	1,099,199	1,010,286	1,011,214	1,071,692	824,970	787,470	727,694	731,201	765,228	736,463	588,594	611,974	644,373	654,782	645,473	660,130	616,065	590,495	630,662	633,797	623,134	585,126	566,731	504,053	503,267	440,756	336,924	354,020	369,002	354,166	384,683	420,262	547,772	523,084	516,532	531,409	549,764	531,999	549,740	561,396	566,101	568,954	551,923	553,586	610,276	591,641	602,042	609,100	677,090	637,200	666,600	679,000	703,200	678,300	667,600	655,700	638,700	585,100	582,300	591,900	584,500	558,600	571,200	512,100	536,700	512,100	534,900	468,300	467,900	400,500	343,800	270,600	270,200	261,300	94,300	89,400	-	69,300	-	-	-	67,000	-	-	-
Long Term Debt	409,178	409,747	411,671	413,371	414,761	414,566	441,121	484,600	452,451	450,999	452,730	440,576	433,584	428,671	459,031	444,550	443,349	464,827	445,388	430,674	407,573	411,019	409,261	407,608	407,171	411,230	408,789	409,706	408,760	410,089	414,570	419,509	480,404	492,442	495,273	493,768	496,503	501,276	501,468	498,774	497,694	637,388	638,846	634,171	441,438	313,897	312,881	317,881	317,881	317,881	317,881	312,881	373,564	312,448	318,948	366,300	366,300	193,800	193,800	218,800	200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	291,266	258,590	189,615	188,239	190,464	101,887	110,911	163,247	169,688	174,329	147,138	147,196	248,397	251,185	250,314	247,789	249,119	254,242	255,393	256,865	256,622	20,754	220,749	254,293	227,975	212,951	213,211	303,305	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Long Term Debt Total	0	411,156	411,671	413,371	418,205	414,566	441,121	484,600	452,451	450,999	452,730	440,576	433,584	431,789	462,240	444,550	443,349	464,827	445,388	432,762	409,572	411,019	409,613	407,608	407,171	411,230	408,789	409,706	0	410,089	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	7,127	0	29,597	31,188	6,948	33,270	34,731	31,132	6,522	22,215	22,815	25,387	5,601	29,997	30,362	57,167	38,955	65,933	80,931	81,146	51,216	82,100	78,529	82,792	51,904	94,672	92,891	96,048	43,915	98,634	0	0	46,131	0	0	0	53,380	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Net Debt	217,014	220,283	237,583	273,091	286,041	330,285	383,504	440,274	386,843	412,061	415,285	400,037	347,272	365,658	446,399	430,447	437,803	450,452	450,388	430,794	379,772	364,477	355,480	350,350	307,252	291,729	308,116	324,792	358,345	285,610	296,370	317,195	311,438	319,668	332,857	332,970	321,285	345,773	365,012	376,702	383,395	294,816	319,569	356,382	398,125	186,524	171,027	188,573	200,434	231,834	214,049	82,833	134,064	153,133	160,695	151,085	137,118	148,440	173,116	198,570	163,342	164,361	130,615	152,405	141,675	144,663	138,476	161,030	257,952	260,564	194,877	196,409	201,867	110,598	110,546	162,201	168,775	171,271	186,362	224,257	263,002	254,783	242,251	254,977	237,685	225,967	245,605	253,351	251,712	202,929	209,405	250,029	227,684	197,988	193,645	296,827	267,100	268,600	262,400	267,400	241,400	199,700	193,500	179,600	161,600	167,900	180,500	173,200	86,600	139,600	154,500	156,200	154,500	162,900	141,900	206,800	174,300	140,800	112,700	120,400	105,300	23,100	15,700	-	40,300	-	-	-	39,800	-	-	-
Net Invested Capital	893,151	860,521	880,305	858,015	826,854	762,629	784,525	770,827	714,251	659,782	668,576	639,647	643,967	634,268	675,188	669,964	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	235,613	238,595	280,688	325,968	266,758	282,145	299,070	309,411	255,180	261,447	265,729	249,904	193,014	192,764	192,410	211,982	185,238	221,228	272,006	295,333	241,832	259,354	282,400	294,505	226,703	236,216	219,924	232,244	179,384	184,352	196,718	216,423	177,389	183,755	224,689	239,468	199,378	248,331	302,504	328,027	263,053	290,247	335,854	329,368	297,798	228,375	237,418	245,948	189,527	213,884	243,478	139,025	89,004	114,140	117,899	102,302	67,513	80,205	104,723	125,802	126,531	148,474	139,438	133,820	98,394	117,459	117,595	121,313	73,882	97,426	98,231	96,326	47,112	56,553	69,976	73,244	52,781	68,417	66,529	66,693	83,975	83,579	97,499	110,016	82,588	77,343	90,554	97,894	78,144	76,249	76,982	103,205	83,689	94,336	104,548	130,533	97,500	104,100	120,100	137,800	108,200	117,300	131,300	149,400	112,800	107,700	120,400	120,800	95,600	94,000	107,100	127,800	107,100	130,600	104,600	108,900	70,200	60,800	55,100	52,400	40,800	22,100	22,000	-	16,200	-	-	-	13,900	-	-	-
Net Tangible Assets	0	433,218	450,098	420,808	379,626	315,763	299,345	248,374	229,300	177,916	181,550	192,995	204,264	194,838	200,373	204,139	259,851	269,231	338,451	355,193	398,861	415,658	422,616	458,621	434,122	466,947	464,051	461,464	398,681	426,861	436,270	432,089	422,233	487,856	551,077	537,603	582,687	603,432	637,842	654,282	645,648	665,838	655,621	637,742	569,513	494,857	475,276	442,073	395,239	390,069	390,775	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	504,406	506,503	531,008	502,606	463,467	429,695	432,122	419,575	362,491	359,331	358,627	333,319	328,888	323,161	342,630	296,940	317,109	366,446	393,591	398,229	404,413	422,937	428,796	437,521	410,271	431,766	427,400	422,406	360,132	381,261	393,194	381,509	439,904	478,702	524,225	516,519	534,374	601,315	603,824	609,530	621,307	790,538	795,809	753,110	519,178	493,520	482,521	442,889	388,827	371,739	356,657	422,841	395,587	342,301	343,789	384,409	375,144	220,341	226,468	245,825	232,564	236,329	244,773	237,534	239,985	262,228	265,586	256,653	247,009	212,386	182,436	170,051	157,984	120,133	120,445	123,251	114,898	164,225	129,300	161,854	183,971	138,947	169,726	169,438	170,263	188,197	188,753	185,466	180,684	131,569	187,403	223,528	186,116	185,402	195,667	218,814	170,800	147,300	163,500	166,200	170,500	182,300	208,700	204,100	183,900	182,900	186,400	192,100	181,100	216,800	151,300	161,500	151,300	152,800	144,200	135,100	120,000	100,400	86,000	91,700	90,800	30,100	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	412,464	376,414	370,897	374,339	375,002	346,832	359,803	357,831	369,381	348,016	355,198	355,883	373,285	377,932	390,093	421,362	470,045	457,208	483,315	487,783	471,775	469,405	474,118	502,125	506,919	544,009	536,887	542,139	536,715	553,140	558,420	574,513	565,190	586,048	613,396	608,871	659,794	735,823	788,093	805,632	813,353	703,740	697,578	731,092	711,946	469,125	423,863	444,163	445,693	443,808	487,516	291,396	299,530	294,372	287,016	284,102	291,247	302,256	304,114	298,808	285,583	278,423	293,975	274,266	262,730	276,930	273,988	268,414	275,193	265,118	229,236	234,936	234,589	180,218	188,695	194,833	199,498	163,553	173,653	154,484	236,138	284,767	269,170	271,527	277,430	280,329	298,237	297,356	306,231	283,370	288,385	291,302	306,085	305,281	306,602	356,111	358,100	376,900	365,600	365,700	366,100	334,700	306,200	294,000	286,500	292,500	292,200	279,100	273,900	247,900	247,200	246,900	247,200	247,900	239,500	238,200	208,100	181,800	123,600	124,400	119,600	38,100	34,200	-	28,600	-	-	-	25,000	-	-	-
Non Current Liabilities Other	6,677	37,147	35,962	36,929	20,816	36,732	40,242	42,962	48,271	53,612	37,588	56,300	63,429	73,320	66,006	67,186	73,145	78,216	79,091	83,152	67,290	62,424	66,032	70,248	73,197	84,611	77,826	81,225	80,161	84,409	86,180	89,781	88,324	83,321	84,330	83,089	89,025	81,763	76,127	76,858	77,945	98,632	103,518	100,044	107,096	73,499	73,184	87,069	81,069	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	449,455	449,728	450,945	453,738	455,331	455,540	486,255	531,686	504,700	532,753	535,648	525,070	525,908	531,883	556,066	539,380	548,166	575,478	588,815	596,341	606,091	603,699	604,956	607,601	607,106	624,664	613,702	614,118	606,913	613,918	618,379	621,569	660,411	651,378	583,127	582,005	604,110	627,751	626,301	633,038	636,624	783,236	792,669	795,286	610,511	440,397	429,308	443,364	437,641	423,195	445,472	363,380	416,802	350,879	357,651	404,876	404,438	235,801	234,993	258,579	238,959	217,054	233,084	230,586	230,193	238,718	238,902	242,961	335,025	290,809	223,963	223,719	224,760	137,371	147,522	200,388	207,515	225,851	202,688	199,393	308,153	303,113	305,738	302,948	303,666	298,284	299,580	300,762	301,008	201,022	255,027	289,352	263,496	255,807	256,769	347,086	300,000	290,100	290,400	289,500	289,600	258,100	253,600	241,500	222,300	228,600	235,800	232,900	153,800	222,500	182,600	181,100	182,600	194,800	189,400	251,100	220,400	179,900	130,100	141,900	143,700	24,600	21,100	-	40,200	-	-	-	38,800	-	-	-
Non Currrent Assets Other	26,389	30,937	29,597	31,188	16,703	31,885	33,308	29,673	15,772	20,680	21,243	23,686	8,116	29,997	21,826	48,885	9,472	55,965	70,135	69,817	13,455	69,661	65,206	68,273	14,022	78,874	76,648	79,019	21,060	81,283	84,218	91,434	39,370	69,876	90,361	89,859	39,688	99,800	103,488	133,571	76,435	94,806	95,870	93,250	44,547	99,650	87,539	76,147	110,951	93,346	111,698	33,292	51,476	44,012	33,415	27,402	29,533	26,155	23,101	18,285	15,534	29,984	60,322	52,052	54,950	79,738	79,608	74,734	78,875	82,308	83,545	86,067	82,505	98,587	101,421	105,395	107,152	74,776	82,287	59,721	78,833	51,303	73,513	72,524	73,051	72,066	85,593	82,413	84,199	53,468	53,845	49,857	54,829	51,721	52,557	53,192	52,000	48,600	41,600	42,900	40,900	46,200	54,200	46,900	33,700	41,200	40,900	32,100	27,600	19,400	17,700	17,900	17,700	7,900	28,600	28,900	28,400	5,200	5,100	6,000	5,800	5,500	1,700	-	800	-	-	-	800	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	862	2,399	0	5,224	6,325	-2,654	-2,128	-3,322	-3,373	-3,863	-2,999	-628	1,284	-217	4,137	3,945	5,157	5,278	-8,951	-7,118	-7,112	-11,207	-10,845	-4,820	-4,627	-4,212	-3,938	-3,585	-2,258	-862	-376	1,131	3,417	5,782	7,371	67,873	84,875	86,573	110,313	22,670	22,754	26,073	26,159	27,391	1,800	1,615	1,640	2,283	1,921	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	63,298	56,286	66,087	67,855	49,686	51,126	45,561	47,327	24,717	25,595	27,573	53,431	23,426	22,431	48,885	22,612	57,622	72,100	74,069	24,040	71,981	67,531	70,180	85,671	103,931	101,156	102,806	99,514	106,058	108,948	116,508	115,170	126,698	129,989	126,278	132,380	169,180	184,076	176,825	174,546	142,034	143,424	164,543	145,768	132,356	99,187	110,245	110,951	110,233	133,970	49,332	51,476	45,683	38,203	34,798	36,786	41,896	40,716	37,731	37,141	41,686	72,024	63,754	66,652	91,440	91,310	86,436	90,577	94,010	95,247	97,769	94,207	110,289	113,123	117,097	118,854	86,478	93,989	71,423	97,656	108,618	91,633	90,226	90,890	89,647	103,016	99,227	101,184	71,677	71,872	68,135	73,750	69,810	71,127	91,823	0	0	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 Assets	31,496	70,682	78,856	91,404	86,070	88,954	90,844	79,715	67,401	67,144	65,368	56,235	54,475	56,008	74,094	60,461	58,869	80,692	62,473	61,587	60,229	66,553	74,629	75,561	73,084	62,632	78,413	78,291	79,734	76,972	72,352	60,759	62,633	70,263	74,786	74,092	80,234	91,447	80,552	86,346	114,346	97,292	87,557	74,867	75,140	77,962	68,410	65,626	55,024	47,969	42,773	30,822	31,454	23,891	29,615	34,011	38,385	35,940	32,430	31,902	33,704	39,238	39,249	36,188	7,816	48,383	45,236	50,479	9,574	31,421	28,452	31,756	35,771	20,618	16,129	15,173	16,099	37,003	52,354	208,268	37,775	33,544	33,710	42,283	40,790	46,284	54,043	58,224	58,564	37,830	37,854	45,946	35,890	33,525	31,896	39,287	39,600	34,300	33,600	37,600	35,900	28,600	41,700	26,700	26,200	31,400	27,600	26,700	22,900	47,100	18,700	17,700	18,700	22,300	13,500	12,800	8,000	3,100	6,700	8,100	8,300	2,500	2,400	-	2,500	-	-	-	2,800	-	-	-
Other Current Liab	129,241	155,686	146,800	165,699	113,192	181,937	144,667	144,216	123,383	143,602	132,305	122,163	129,437	131,734	113,368	115,744	100,857	119,383	111,834	121,979	102,655	123,244	129,057	130,284	128,814	133,631	118,024	129,281	115,774	130,238	122,252	125,034	109,754	122,966	121,967	134,409	105,583	137,849	139,463	148,570	92,860	153,476	134,172	128,904	85,166	81,298	70,464	99,481	60,694	88,542	102,352	65,547	57,072	43,886	52,360	50,039	45,826	40,933	50,060	45,779	34,046	45,775	50,407	41,609	36,301	36,858	50,680	47,909	7,708	37,392	24,200	28,150	-8,388	13,659	14,928	16,537	6,109	23,214	28,178	108,139	9,540	29,850	28,434	30,985	12,675	28,930	26,068	27,185	23,077	21,188	29,848	38,970	40,539	48,952	44,555	40,252	36,700	53,500	67,200	71,600	67,300	74,600	59,900	55,800	43,100	49,900	52,500	47,600	42,100	38,800	28,600	37,100	28,600	40,600	37,000	44,800	33,200	29,300	20,300	21,100	18,100	9,500	8,700	-	6,700	-	-	-	5,400	-	-	-
Other Liab	0	33,416	34,850	0	34,717	40,974	45,134	0	52,249	56,754	57,918	59,494	67,324	59,968	52,908	55,002	62,457	68,600	70,459	75,949	76,706	72,783	77,797	84,624	73,197	84,611	77,826	81,225	80,161	84,409	86,180	89,781	88,324	83,321	84,330	83,089	89,025	81,763	76,127	76,858	77,945	98,632	103,518	100,044	107,096	73,499	73,184	87,069	81,069	68,234	79,364	41,114	41,268	38,431	38,703	38,576	38,138	42,001	41,193	39,779	38,959	11,029	16,854	17,155	16,149	13,068	12,104	15,700	15,835	18,382	19,468	20,171	20,715	26,320	27,447	27,977	28,663	28,726	32,754	29,401	36,960	39,919	43,415	43,150	42,538	19,881	20,026	19,736	20,225	13,696	13,524	14,305	14,767	14,766	15,468	15,691	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	516,480	528,013	538,751	541,964	542,128	540,519	538,926	537,067	561,219	534,581	533,576	532,452	531,543	530,696	529,522	528,608	527,836	527,048	520,681	520,738	511,667	512,385	516,059	519,890	522,027	523,945	524,468	527,617	463,943	468,076	469,071	470,263	483,137	488,312	548,644	547,470	490,108	545,686	544,498	543,006	652,289	540,623	539,507	537,409	515,838	366,283	365,306	363,067	361,761	360,239	358,197	355,517	279,329	277,462	274,372	274,005	273,882	273,817	273,687	273,194	272,221	282,552	281,953	276,129	274,554	274,911	274,697	260,613	161,837	159,501	158,967	157,233	155,482	144,455	143,502	102,479	102,035	102,035	101,846	121,846	121,846	121,578	121,397	121,212	121,268	121,223	121,034	120,812	120,635	120,504	120,372	120,358	120,382	120,555	120,257	120,372	120,100	120,400	110,200	113,800	118,200	124,400	126,900	126,700	126,200	128,600	127,900	131,300	203,100	148,400	151,800	152,500	151,800	151,200	148,100	85,900	80,500	80,300	61,600	61,300	57,500	35,600	35,500	-	3,600	-	-	-	6,500	-	-	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,072,383	1,041,123	1,041,943	308,252	305,537	297,146	0	0	0	0	329,603	328,310	344,210	346,895	359,126	364,195	398,712	389,618	400,419	402,385	384,872	384,985	393,264	417,426	421,248	440,078	435,731	439,333	437,201	447,082	449,472	458,005	450,020	459,350	483,407	482,593	527,414	566,643	604,017	628,807	638,807	561,706	554,154	566,549	568,344	336,769	324,676	333,918	334,742	333,575	353,546	242,064	248,054	248,689	248,813	249,304	254,461	260,360	263,398	261,077	248,442	236,737	221,951	210,512	196,078	185,490	182,678	181,978	184,616	171,108	133,989	137,167	140,382	69,929	75,572	77,736	80,644	77,075	79,664	83,061	138,482	176,149	177,537	181,301	186,540	190,682	195,221	198,129	205,047	211,693	216,513	223,167	232,335	235,471	235,475	264,288	267,000	288,600	284,400	282,700	284,400	246,700	210,100	204,900	210,300	211,400	210,900	206,400	205,100	186,900	178,500	178,300	178,300	188,200	162,400	160,600	143,300	141,400	91,700	91,800	90,700	32,600	32,500	-	27,800	-	-	-	24,000	-	-	-
Property Plant And Equipment Net	333,649	313,116	314,611	308,252	305,537	297,146	308,677	310,811	322,054	323,299	329,603	328,310	344,210	346,895	359,126	364,195	398,712	389,618	400,419	402,385	384,872	384,985	393,264	417,426	421,248	440,078	435,731	439,333	437,201	447,082	449,472	458,005	450,020	459,350	483,407	482,593	527,414	566,643	604,017	628,807	638,807	561,706	554,154	566,549	568,344	336,769	324,676	333,918	334,742	333,575	353,546	242,064	248,054	248,689	248,813	249,304	254,461	260,360	263,398	261,077	248,442	236,737	221,951	210,512	196,078	185,490	182,678	181,978	184,616	171,108	133,989	137,167	140,382	69,929	75,572	77,736	80,644	77,075	79,664	83,061	138,482	176,149	177,537	181,301	186,540	190,682	195,221	198,129	205,047	211,693	216,513	223,167	232,335	235,471	235,475	264,288	267,000	288,600	284,400	282,700	284,400	246,700	210,100	204,900	210,300	211,400	210,900	206,400	205,100	186,900	178,300	178,300	178,300	188,200	162,400	160,600	143,300	141,400	91,700	91,800	90,700	32,600	32,500	-	27,800	-	-	-	24,000	-	-	-
Property Plant Equipment	0	313,116	307,612	300,447	305,537	287,618	308,677	298,285	322,054	323,299	329,603	307,620	319,854	324,959	337,646	344,078	374,798	366,121	375,997	378,684	384,872	384,985	393,264	417,426	421,248	440,078	435,731	439,333	437,201	447,082	449,472	458,005	450,020	459,350	483,407	482,593	527,414	566,643	604,017	628,807	638,807	561,706	554,154	566,549	568,344	336,769	324,676	333,918	334,742	333,575	353,546	242,064	248,054	248,689	248,813	249,304	254,461	260,360	263,398	261,077	248,442	236,737	221,951	210,512	196,078	185,490	182,678	181,978	184,616	171,108	133,989	137,167	140,382	69,929	75,572	77,736	80,644	77,075	79,664	83,061	138,482	176,149	177,537	181,301	186,540	190,682	195,221	198,129	205,047	211,693	216,513	223,167	232,335	235,471	235,475	264,288	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Retained Earnings	169,623	172,188	152,908	122,701	90,863	48,823	5,654	-61,517	-85,439	-113,037	-124,224	-121,451	-135,025	-117,810	-105,167	-100,122	-74,334	-49,197	-29,751	-23,026	-29,048	-16,456	-22,471	-27,868	-44,022	-13,445	-1,128	5,463	14,269	27,524	37,746	39,915	49,297	100,727	132,472	125,970	126,007	179,322	188,657	209,436	207,541	223,389	215,564	180,936	161,729	165,473	146,105	102,261	67,053	52,803	37,856	12,782	16,028	26,509	22,671	18,279	16,377	43,036	54,325	48,591	41,726	60,307	50,177	37,009	29,012	37,996	39,011	34,185	36,802	46,442	46,052	40,548	32,053	37,692	36,607	32,504	21,385	22,760	21,361	15,799	10,629	19,945	33,432	41,723	47,705	63,540	81,309	81,029	83,998	105,633	115,238	119,325	119,405	127,684	135,439	116,875	116,100	122,200	128,500	128,600	128,800	134,500	134,400	129,900	121,900	118,200	114,900	107,000	98,100	93,800	64,100	74,800	64,100	54,700	46,200	36,300	27,200	22,000	17,900	12,900	9,200	8,000	6,800	-	3,000	-	-	-	600	-	-	-
Retained Earnings Total Equity	0	0	152,908	122,701	0	48,823	5,654	-61,517	-85,439	-113,037	-124,224	-121,451	-135,025	-117,810	-105,167	-100,122	-74,334	-49,197	-29,751	-23,026	-29,048	-16,456	-22,471	-27,868	-44,022	-13,445	-1,128	5,463	14,269	27,524	37,746	39,915	49,297	100,727	132,472	125,970	126,007	179,322	188,657	209,436	207,541	223,389	215,564	180,936	161,729	165,473	146,105	102,261	67,053	52,803	31,851	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	16,913	17,556	18,536	23,836	30,857	32,300	44,059	37,853	32,500	30,867	34,296	31,076	31,119	32,641	40,784	46,275	61,253	64,228	71,366	66,347	51,074	50,257	52,190	55,171	43,651	36,035	451,352	46,244	97,412	91,030	89,038	0	31,222	0	0	0	26,233	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	437,265	432,185	434,035	437,207	445,618	446,866	500,207	538,418	484,951	506,701	511,089	495,991	464,703	464,430	526,559	490,825	504,602	529,055	516,754	499,109	461,457	461,276	461,971	462,779	450,822	447,404	451,352	455,950	506,172	501,119	503,608	508,292	511,626	513,480	520,341	523,521	522,736	526,044	527,966	576,796	572,755	742,272	743,956	864,829	587,239	321,414	320,477	317,881	329,604	326,108	328,211	312,881	373,564	312,448	318,948	366,300	366,300	193,800	193,800	218,800	225,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	291,364	260,845	195,116	196,980	202,459	111,192	111,088	163,446	169,905	174,562	207,369	233,849	269,558	266,340	266,633	266,449	259,734	261,194	261,533	261,967	260,926	237,166	231,053	259,771	233,352	218,319	218,602	303,702	275,700	281,400	281,500	278,300	255,500	218,100	213,600	197,200	182,800	188,300	197,400	193,400	114,000	195,700	168,700	165,400	168,700	173,900	150,900	210,800	181,500	144,300	125,900	131,200	131,100	24,300	21,000	-	40,500	-	-	-	43,600	-	-	-
Short Term Debt	21,934	22,438	22,364	23,836	30,857	32,300	51,395	45,297	32,500	39,491	42,307	38,470	31,119	32,641	48,401	46,275	61,253	64,228	71,366	66,347	51,885	50,257	52,358	55,171	43,651	36,174	42,563	46,244	97,412	91,030	89,038	88,783	31,222	21,038	25,068	29,753	26,233	24,768	26,498	78,022	75,061	104,884	105,110	230,658	145,801	7,517	7,596	0	11,723	8,227	10,330	0	0	0	0	0	-11,108	0	0	0	25,000	0	0	0	-17,672	0	0	0	98	2,255	5,501	8,741	11,995	141	177	199	217	233	60,231	86,653	21,161	15,155	16,319	18,660	10,615	6,952	6,140	5,102	4,304	70,594	10,304	5,478	5,377	5,368	5,391	397	20,200	31,500	31,500	29,500	7,900	4,900	5,200	600	1,100	1,000	600	400	900	14,000	26,400	25,400	26,400	31,700	3,700	2,800	3,200	1,500	13,700	8,000	7,500	4,100	4,800	-	3,800	-	-	-	5,500	-	-	-
Short Term Investments	0	0	0	0	1,388	0	0	0	0	0	0	0	0	0	0	0	2,026	0	0	0	4,237	0	0	0	12,393	0	10,000	50,000	50,000	0	0	0	842	0	0	0	0	0	0	0	14,268	0	0	0	0	0	0	0	0	28,129	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Total Assets	1,289,245	1,257,735	1,305,151	1,344,807	1,284,630	1,247,479	1,289,184	1,269,301	1,182,685	1,144,259	1,127,438	1,071,448	1,031,884	1,016,347	1,031,294	1,060,254	1,114,307	1,189,602	1,269,528	1,325,256	1,251,256	1,274,080	1,310,370	1,353,055	1,290,112	1,329,910	1,311,951	1,326,233	1,262,951	1,308,056	1,308,472	1,307,965	1,275,191	1,336,752	1,420,414	1,442,475	1,495,724	1,672,952	1,762,510	1,858,498	1,821,231	1,947,761	1,944,547	2,054,349	1,692,714	1,158,130	1,093,999	1,099,199	1,010,286	1,011,214	1,071,692	824,970	787,470	727,694	731,201	765,228	736,463	588,594	611,974	644,373	654,782	645,473	660,130	616,065	590,495	630,662	633,797	623,134	585,126	566,731	504,053	503,267	440,756	336,924	354,020	369,002	354,166	384,683	420,262	547,772	523,084	516,532	531,409	549,764	531,999	549,740	561,396	566,101	568,954	551,923	553,586	610,276	591,641	602,042	609,100	677,090	637,200	666,600	679,000	703,200	678,300	667,600	655,700	638,700	585,100	582,300	591,900	584,500	558,600	571,200	512,100	536,700	512,100	534,900	468,300	467,900	400,500	343,800	270,600	270,200	261,300	94,300	89,400	-	69,300	-	-	-	67,000	-	-	-
Total Current Assets	876,781	881,321	934,254	970,468	909,628	900,647	929,381	911,470	813,304	796,243	772,240	715,565	658,599	638,415	641,201	638,892	644,262	732,394	786,213	837,473	779,481	804,675	836,252	850,930	783,193	785,901	775,064	784,094	726,236	754,916	750,052	733,452	710,001	750,704	807,018	833,604	835,930	937,129	974,417	1,052,866	1,007,878	1,244,021	1,246,969	1,323,257	980,768	689,005	670,136	655,036	564,593	567,406	584,176	533,574	487,940	433,322	444,185	481,126	445,216	286,338	307,860	345,565	369,199	367,050	366,155	341,799	327,765	353,732	359,809	354,720	309,933	301,613	274,817	268,331	206,167	156,706	165,325	174,169	154,668	221,130	246,609	393,288	286,946	231,765	262,239	278,237	254,569	269,411	263,159	268,745	262,723	268,553	265,201	318,974	285,556	296,761	302,498	320,979	279,100	289,700	313,400	337,500	312,200	332,900	349,500	344,700	298,600	289,800	299,700	305,400	284,700	323,300	264,900	289,800	264,900	287,000	228,800	229,700	192,400	162,000	147,000	145,800	141,700	56,200	55,200	-	40,700	-	-	-	42,000	-	-	-
Total Current Liabilities	372,375	374,818	403,246	467,862	446,161	470,952	497,259	491,895	450,813	436,912	413,613	382,246	329,711	315,254	298,571	341,952	327,153	365,948	392,622	439,244	375,068	381,738	407,456	413,409	372,922	354,135	347,664	361,688	366,104	373,655	356,858	351,943	270,097	272,002	282,793	317,085	301,556	335,814	370,593	443,336	386,571	453,483	451,160	570,147	461,590	195,485	187,615	212,147	175,766	195,667	227,519	110,733	92,353	91,021	100,396	96,717	70,072	65,997	81,392	99,740	136,635	130,721	121,382	104,265	87,780	91,504	94,223	98,067	62,924	89,227	92,381	98,280	48,183	36,573	44,880	50,918	39,770	56,905	117,309	231,434	102,975	92,818	92,513	108,799	84,306	81,214	74,406	83,279	82,039	136,984	77,798	95,446	99,440	111,359	106,831	102,165	108,300	142,400	149,900	171,300	141,700	150,600	140,800	140,600	114,700	106,900	113,300	113,300	103,600	106,500	113,600	128,300	113,600	134,200	84,600	94,600	72,400	61,600	61,000	54,100	50,900	26,100	26,000	-	22,500	-	-	-	21,100	-	-	-
Total Liab	821,830	824,546	854,191	921,600	901,492	926,492	983,514	1,023,581	955,513	969,665	949,261	907,316	855,619	847,137	854,637	881,332	875,319	941,426	981,437	1,035,585	981,159	985,437	1,012,412	1,021,010	980,028	978,799	961,366	975,806	973,017	987,573	975,237	973,512	930,508	923,380	865,920	899,090	905,666	963,565	996,894	1,076,374	1,023,195	1,236,719	1,243,829	1,365,433	1,072,101	635,882	616,923	655,511	613,407	618,862	672,991	474,113	509,155	441,900	458,047	501,593	474,510	301,798	316,385	358,319	375,594	347,775	354,466	334,851	317,973	330,222	333,125	341,028	397,949	380,036	316,344	321,999	272,943	173,944	192,402	251,306	247,285	282,756	319,997	430,827	411,128	395,931	398,251	411,747	387,972	379,498	373,986	384,041	383,047	338,006	332,825	384,798	362,936	367,166	363,600	449,251	408,300	432,500	440,300	460,800	431,300	408,700	394,400	382,100	337,000	335,500	349,100	346,200	257,400	329,000	296,200	309,400	296,200	329,000	274,000	345,700	292,800	241,500	191,100	196,000	194,600	50,700	47,100	-	62,700	-	-	-	59,900	-	-	-
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	289,934	320,483	333,235	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	467,060	433,218	450,098	420,808	381,236	315,763	299,345	248,374	229,300	177,916	181,550	167,995	179,264	169,838	175,373	179,139	234,851	244,231	282,934	284,393	279,048	295,761	305,070	343,252	320,929	355,931	355,212	354,639	289,934	324,068	335,493	335,315	344,683	412,241	530,193	517,180	503,485	641,514	680,741	695,551	798,036	688,372	677,964	662,843	620,613	494,857	475,276	443,688	396,879	392,352	396,780	350,857	278,315	285,794	273,154	263,635	261,953	286,796	295,589	286,054	279,188	297,698	305,664	281,214	272,522	300,440	300,672	282,106	187,177	186,695	187,709	181,268	167,813	162,980	161,618	117,696	106,881	101,927	100,265	116,945	111,956	120,601	133,158	138,017	144,027	170,242	187,410	182,060	185,907	213,917	220,761	225,478	228,705	234,876	245,500	227,839	228,900	234,100	238,700	242,400	247,000	258,900	261,300	256,600	248,100	246,800	242,800	238,300	301,200	242,200	215,900	227,300	215,900	205,900	194,300	122,200	107,700	102,300	79,500	74,200	66,700	43,600	42,300	-	6,600	-	-	-	7,100	-	-	-
Treasury Stock	0	0	-26,983	-22,529	0	-23,662	-23,848	-24,782	-1,121	-1,121	-1,121	-1,117	-1,199	-1,199	-2,055	-4,212	-4,234	-6,490	-7,082	-7,567	-7,831	-8,004	-8,407	-8,515	-8,606	-9,502	-9,893	-10,015	-10,119	-11,226	-11,784	-12,028	-12,420	-13,376	-13,508	-13,772	-13,897	-15,253	-15,343	-15,494	-15,586	-15,769	-15,873	-16,004	-16,445	-16,519	-16,600	-17,065	-17,338	-17,446	-18,172	-19,033	-19,324	-19,494	-19,613	-20,144	-20,274	-20,296	-20,453	-21,077	-22,332	-26,997	-27,272	-28,625	-29,384	-29,707	-29,787	-34,997	-96,264	-97,526	-97,864	-98,818	-99,817	-100,122	-100,821	-100,881	-101,204	-101,204	-101,204	-81,204	-81,204	-82,956	-84,820	-87,354	-88,963	-89,604	-90,223	-90,780	-91,270	-91,644	-92,246	-92,945	-93,041	-93,176	-93,930	-94,115	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	-	-	-	-	-	-	-	-	-	-
Warrants	0	0	0	0	0	0	0	0	0	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	55,517	70,800	119,813	119,897	117,546	115,369	113,193	111,016	108,839	106,825	104,809	102,793	100,777	96,774	77,174	75,615	70,511	72,630	71,192	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31
Begin Period Cash Flow	159,577	98,108	117,431	66,799	81,685	143,570	147,827	200,188	201,451	189,360	189,114	129,170	239,500	229,182	61,658	58,325	33,412	592	1,130	6,556	22,049	9,214	5,668	8,606	14,100	21,200	27,400	7,200	7,200	25,800	200	3,800	1,300
Capital Expenditures	60,799	46,974	38,802	21,680	36,414	39,000	32,626	41,948	48,429	58,439	80,131	65,740	35,744	28,854	39,537	79,953	38,048	8,282	6,752	4,328	14,564	9,759	11,865	28,769	51,300	79,600	38,300	20,100	20,100	15,200	5,400	3,000	5,200
Cash And Cash Equivalents Changes	0	0	-19,323	50,632	-14,886	-61,885	-4,257	-52,361	-1,263	12,091	246	59,944	-110,330	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	-20,969	1,241	70	-18,431	24,411	-7,093	17,224	29,179	-60,316	-18,242	-1,080	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	60,674	61,469	-19,323	50,632	-14,886	-61,885	-4,257	-52,361	-1,263	12,091	246	59,944	-110,330	10,318	167,524	3,333	24,913	32,820	-538	-5,426	-15,493	12,835	3,546	-2,938	-5,500	-21,200	-27,400	-7,200	-7,200	-18,600	-200	-3,800	-1,300
Change In Working Capital	32,286	-25,071	-84,173	46,493	51,780	-109,388	-32,339	8,304	41,654	97,419	-36,180	13,286	-114,653	-3,950	54,890	-27,436	38,889	-35,062	386	-15,741	15,108	14,540	30,074	-18,806	-19,300	-7,000	-10,700	-20,800	-20,800	-44,200	-22,200	-300	1,900
Change Receivables	0	0	-74,736	-15,236	56,832	-36,092	-38,478	4,007	497	54,686	26,417	35,839	-105,619	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	42,871	-27,201	-74,736	-15,236	56,832	-36,092	-38,478	4,007	497	54,686	26,417	35,839	-105,619	-21,491	59,018	-28,137	-24,512	-26,770	5,669	-10,822	4,749	-600	4,303	7,909	0	0	0	0	0	0	0	0	0
Change To Inventory	31,635	-19,598	-112,850	37,747	63,654	-77,919	-55,562	4,374	31,333	20,933	-30,280	23,917	-55,607	-17,846	37,170	-19,258	26,556	-19,509	2,212	-8,804	1,023	9,414	41,140	-36,751	10,600	-4,300	300	7,200	7,200	-25,500	-10,300	300	4,200
Change To Liabilities	0	-7,754	121,189	22,741	-68,776	23,054	37,290	16,750	4,658	-7,379	5,548	-28,228	47,653	11,035	0	21,555	18,108	1,449	0	4,689	0	0	1,956	3,889	0	0	0	0	0	0	0	0	0
Change To Netincome	0	-33,300	-2,678	21,158	-9,195	2,549	36,685	1,831	30,887	58,374	67,340	-31,173	16,035	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	29,482	-17,776	12,040	-15,523	-24,741	24,117	-21,030	8,422	42,854	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	42,434	42,747	47,991	54,655	54,376	57,618	58,444	59,768	69,618	88,704	80,622	54,095	44,908	37,567	34,296	30,368	28,620	26,850	20,746	24,907	32,277	33,622	37,263	37,221	38,600	34,700	30,900	23,400	23,400	17,400	5,300	3,400	2,900
Dividends Paid	-4,890	0	0	603	1,204	1,201	1,167	1,081	1,077	1,073	1,046	845	809	707	704	585	506	393	358	375	419	416	827	1,240	1,200	1,300	1,400	1,100	1,100	500	100	0	0
End Period Cash Flow	220,251	159,577	98,108	117,431	66,799	81,685	143,570	147,827	200,188	201,451	189,360	189,114	129,170	239,500	229,182	61,658	58,325	33,412	592	1,130	6,556	22,049	9,214	5,668	8,600	14,100	21,200	27,400	14,200	7,200	25,800	200	3,800
Exchange Rate Changes	0	0	-6,396	-1,253	141	-6,314	2,748	295	-14,530	-3,185	-6,004	-1,688	-333	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	118,551	113,704	-28,076	35,549	9,028	-75,176	-33,915	1,552	15,501	55,633	36,518	64,428	-31,318	21,857	32,776	-28,783	37,945	-13,822	16,147	13,821	-4,182	7,149	13,898	-54,576	-48,200	-46,900	5,700	17,400	17,400	-23,600	-12,200	3,300	-200
Investments	-53,654	-36,751	-37,599	32,852	19,021	-36,931	50,000	-50,000	-50,000	-50,000	-8,017	0	1,586	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
Net Borrowings	0	-35,799	14,967	-34,754	33,326	18,737	-22,916	-5,349	206	-44,670	17,291	-4,915	15,959	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	83,706	179,186	49,891	-65,077	-51,519	13,045	-64,079	-36,137	-90,287	-130,425	29,687	93,960	58,136	358	-24,645	13,337	-7,247	5,144	11,042	11,107	-36,657	-35,877	-34,789	4,525	-11,400	8,200	25,100	38,000	38,000	18,500	6,400	4,100	-3,600
Other Cashflows From Financing Activities	7,285	86,802	494,893	88,431	134,227	57,294	447,639	17,285	5,872	-705	67,192	-1,091	706	200,285	173,642	4,131	-10,789	86,072	52,164	-45,767	-16,354	4,934	-4,408	-40,966	33,100	57,500	69,900	-57,000	-57,000	26,500	13,100	-2,000	2,700
Other Cashflows From Investing Activities	0	10,223	1,203	13,392	-75,198	2,069	993	2,222	-1,508	5,917	-104,931	1,846	-96,645	106	1,042	104	532	198	30,009	51,338	410	618	0	95,026	0	0	0	0	0	0	0	0	0
Other Non Cash Items	17,770	14,962	7,756	21,703	-8,276	3,710	34,361	10,252	12,641	77,814	41,709	-52,430	14,092	15,059	418	20,914	13,736	-646	5,201	-2,124	-5,506	-5,339	5,090	-7,273	-4,800	-3,200	-1,300	-3,100	-3,100	-100	-200	-500	4,400
Sale Purchase Of Stock	-32,579	-25,000	0	-1,245	-1,076	-561	-540	-518	-583	15,210	789,059	17,517	25,867	-486	-418	27,995	0	0	0	-15,000	-244	-111	-375	-640	-3,600	-9,200	-77,100	-9,500	0	0	0	-5,000	0
Stock Based Compensation	5,235	4,282	3,441	2,462	1,381	1,130	1,539	1,993	2,335	5,360	4,815	4,087	2,392	201	10,304	0	0	-4,423	0	0	2,707	6,451	-2,129	-38,727	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-56,016	-61,310	13,946	-38,565	32,122	17,536	-24,083	-6,430	-726	-46,274	82,680	-4,642	16,380	-11,645	136,105	32,012	-4,664	91,086	53,306	-61,142	-17,017	4,407	-5,610	-42,846	28,300	47,000	-8,600	6,800	6,800	43,500	45,200	-7,000	2,700
Total Cash From Operating Activities	179,350	160,678	10,726	57,229	45,442	-36,176	-1,289	43,500	63,930	114,072	116,649	130,168	4,426	50,711	72,313	51,170	75,993	-5,540	22,899	18,149	10,382	16,908	25,763	-25,807	3,100	32,700	44,000	37,500	37,500	-8,400	-6,800	6,300	5,000
Total Cashflows From Investing Activities	0	-36,751	-37,599	33,221	-92,591	-36,931	18,367	-89,726	-49,937	-52,522	-193,079	-63,894	-130,803	0	0	0	0	0	0	37,783	0	0	0	66,257	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30
Begin Period Cash Flow	211,902	196,452	164,116	159,577	116,581	116,703	98,144	98,108	94,640	95,804	95,954	117,431	98,772	80,160	60,378	66,799	78,603	66,366	68,315	81,685	96,799	106,491	112,429	143,570	155,675	143,236	131,158	147,827	215,509	207,238	191,097	200,188	193,812	187,484	190,551	201,451	180,271	162,954	200,094	189,360	447,456	424,387	508,447	189,114	134,890	149,450	129,308	129,170	94,274	114,162	230,048	239,500	159,315	158,253	215,215	229,182	45,360	20,684	20,230	61,658	35,639	69,385	47,595	58,325	55,337	61,524	38,970	33,412	281	239	571	592	594	542	1,245	1,130	3,291	21,007	18,589	6,556	11,557	24,382	11,472	22,049	35,227	15,928	8,616	9,214	34,237	21,648	9,742	5,668	20,331	24,957	6,875	8,606	12,800	19,000	0	14,100	0	2,500	0	21,200	3,500	0	0	27,400	35,800	3,300	0	14,200	2,000	4,900	0	7,200	3,400	13,200	10,700	25,800	0	0
Capital Expenditures	19,319	13,913	15,869	11,698	14,219	13,291	11,827	7,637	14,552	9,613	5,776	8,861	8,330	4,948	1,982	6,420	10,160	9,529	7,272	9,453	12,502	8,082	10,609	7,807	9,046	8,428	6,763	8,389	11,102	12,796	10,901	7,149	13,216	12,708	11,086	11,419	12,110	15,446	14,129	16,754	25,175	18,888	14,894	21,174	29,421	17,313	10,851	8,155	17,843	7,705	6,727	3,469	8,798	8,321	8,227	3,508	3,055	4,780	11,769	19,933	19,809	21,232	18,039	20,873	17,179	9,292	7,513	4,064	40,562	45,877	1,452	1,515	3,669	1,154	1,217	712	276	611	429	3,012	5,434	5,494	1,836	1,800	2,058	3,005	2,365	2,331	2,349	1,765	2,534	5,217	11,168	3,874	5,453	8,274	10,500	21,400	9,700	9,700	36,400	26,500	9,200	7,500	5,000	15,200	9,000	9,100	17,600	5,000	2,500	6,100	2,500	3,600	7,400	6,600	7,300	1,700	2,800	3,400	2,000	1,200
Cash And Cash Equivalents Changes	0	0	33,616	2,201	0	3,322	18,559	36	3,468	-1,164	-150	-21,477	18,659	18,612	19,782	-6,421	-11,804	12,237	-1,949	-13,370	-15,114	-9,692	-5,938	-31,141	-12,105	12,439	12,078	-16,669	-67,682	8,271	16,141	-9,091	6,376	6,328	-3,067	-10,900	21,180	17,317	-37,140	10,734	-258,096	23,069	-84,060	319,333	54,224	-14,560	20,142	138	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	15,092	-4,391	0	-23,173	3,075	-9,936	-9,895	-3,878	-4,236	-2,960	6,112	1,712	3,602	-10,185	4,253	-3,725	-1,999	1,541	-14,709	1,454	-3,286	-1,890	1,417	14,030	7,916	1,048	-4,626	-306	-377	-1,784	11,487	3,557	-4,710	6,890	10,805	-13,637	8,266	23,745	-19,102	-7,947	-33,727	460	-4,322	-4,957	-2,841	-6,122	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	8,349	15,450	32,336	4,539	42,996	-122	18,559	36	3,468	-1,164	-150	-21,477	18,659	18,612	19,782	-6,421	-11,804	12,237	-1,949	-13,370	-15,114	-9,692	-5,938	-31,141	-12,105	12,439	12,078	-16,669	-67,682	8,271	16,141	-9,091	6,376	6,328	-3,067	-10,900	21,180	17,317	-37,140	10,734	-258,096	23,069	-84,060	319,333	54,224	-14,560	20,142	138	34,896	-19,888	-115,886	-9,452	80,185	1,062	-56,962	-13,967	183,822	24,676	454	-41,428	26,019	-33,746	21,790	-10,730	2,988	-6,187	22,554	5,558	33,131	42	-332	-21	-2	52	-703	115	-2,161	-17,716	2,418	12,033	-5,001	-12,825	12,910	-10,577	-13,178	19,299	7,312	-598	-25,023	12,589	11,906	4,074	-14,663	-4,626	18,082	-1,731	-4,200	-6,200	8,800	-14,100	-4,100	-1,800	2,500	-21,200	700	3,500	-3,300	-27,400	-28,800	35,800	3,300	-14,200	0	2,000	4,900	-7,200	3,800	-9,800	2,500	-15,100	24,600	-4,000
Change In Working Capital	13,810	26,621	17,007	-25,152	18,267	9,847	8,433	-61,618	-18,206	-4,636	-29,135	-32,196	2,247	40,772	-1,234	4,708	30,167	53,134	-7,873	-23,648	-2,093	-17,552	-17,559	-72,184	733	14,862	-29,806	-18,128	-11,313	17,930	2,096	-409	24,096	46,119	-7,224	-21,337	64,124	26,084	3,494	3,717	-46,284	37,579	-1,144	-26,331	46,610	-2,019	-11,883	-19,422	-759	-14,725	-63,242	-35,927	38,301	698	-20,053	-22,896	29,303	31,591	21,678	-27,682	-512	-30,384	15,437	-11,977	21,598	5,916	10,745	630	15,774	-23,987	-11,677	-15,172	4,429	1,254	2,923	-8,220	-6,197	-7,989	-4,430	2,875	600	15,804	16,223	-17,519	-3,299	19,597	4,231	-5,989	12,698	8,941	33,672	-25,237	-17,303	4,360	26,681	-32,544	-13,900	7,500	6,500	-19,400	6,800	17,400	-4,200	-27,000	4,600	1,000	1,500	-17,800	-7,100	8,500	-1,200	-12,700	-1,200	-1,900	-5,500	-12,200	-18,200	-13,800	-200	-12,000	-13,900	-4,600
Change Receivables	0	0	42,219	-58,541	0	6,028	7,805	-57,332	720	-2,691	-8,962	-63,803	7,673	-526	22,947	-45,330	40,708	43,317	25,890	-53,083	16,726	17,815	-4,779	-65,854	8,237	-11,836	13,301	-48,180	1,219	12,577	22,361	-32,150	9,028	28,618	19,004	-56,153	41,050	42,625	32,493	-61,482	27,439	47,327	-13,371	-34,978	59,938	27,560	3,329	-54,988	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	25,368	33,825	42,219	-58,541	16,298	6,028	7,805	-57,332	720	-2,691	-8,962	-63,803	7,673	-526	22,947	-45,330	40,708	43,317	25,890	-53,083	16,726	17,815	-4,779	-65,854	8,237	-11,836	13,301	-48,180	1,219	12,577	22,361	-32,150	9,028	28,618	19,004	-56,153	41,050	42,625	32,493	-61,482	27,439	47,327	-13,371	-34,978	59,938	27,560	3,329	-54,988	26,675	20,201	-102,474	-50,021	25,136	3,759	-15,597	-34,789	12,692	24,518	21,079	729	-28,137	0	0	-35,426	-24,512	0	0	-47,431	-26,770	0	0	-49,214	5,669	0	0	-20,463	-10,822	0	0	-24,734	4,749	1,566	0	0	-600	2,873	0	0	4,303	6,650	4,464	0	7,909	0	0	0	0	0	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	-562	8,101	12,610	11,486	24,582	-5,296	-4,644	-34,240	-23,354	-36,416	-25,767	-27,313	1,083	13,613	16,440	6,611	26,734	22,662	31,815	-17,557	-15,359	-14,948	-21,497	-26,115	-9,479	-2,361	-29,175	-14,547	2,573	-3,457	-6,761	12,019	17,847	4,765	2,763	5,958	26,990	-3,011	3,963	-7,009	-11,681	-4,000	1,711	-16,310	60,838	-10,586	-3,886	-22,449	-8,241	-12,841	-28,828	-5,697	7,994	2,442	-8,820	-19,462	14,697	25,190	17,608	-20,325	-3,607	-25,616	6,113	3,852	4,505	2,901	8,504	10,646	18,881	-13,187	-8,217	-16,986	-3,505	-263	5,829	151	-10,174	-5,883	3,936	3,317	-6,546	3,834	8,837	-5,102	2,293	-7,955	2,860	12,216	1,321	9,227	31,168	-576	-11,199	-8,116	-6,070	-11,366	-3,200	2,200	8,800	2,800	14,600	-7,200	4,400	-16,100	-8,100	4,400	3,000	1,000	-9,100	-3,000	-3,600	-9,300	-3,600	-1,300	2,300	9,800	-13,000	-9,000	2,100	-5,600	-5,700	-5,000
Change To Liabilities	0	-30,746	-56,010	26,294	1,762	245	-16,438	39,890	28,805	21,333	10,470	61,880	-7,685	25,973	-44,223	48,676	-41,528	-9,120	-63,579	45,451	11,249	-21,873	12,003	21,675	558	12,562	-18,039	42,209	-10,567	12,198	-2,387	17,506	-2,208	9,179	-24,281	24,066	-14,721	107	-41,228	48,463	-42,940	2,199	21,792	24,497	-69,844	-14,036	-8,485	64,137	44,991	69,540	77,736	9,905	11,035	22,889	23,790	22,432	0	0	0	0	21,555	40,954	26,983	18,664	18,108	28,762	17,659	24,274	1,449	25,145	38,245	36,954	0	0	3,042	7,449	4,689	11,414	6,856	14,598	0	0	0	9,692	0	0	0	0	1,956	0	0	0	3,889	20,644	14,442	15,392	0	0	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	-4,718	8,263	4,978	-12,333	22,097	-21,472	7,175	-8,022	-2,781	18,025	-9,549	7,817	1,355	-5,928	17,914	-3,161	-5,415	7,032	-7,651	-1,523	-5,146	2,733	6,485	34,514	-379	1,500	1,050	73	-56	1,586	228	36,498	-2,190	-371	-3,050	35,075	4,251	22,921	-3,873	26,849	-14,971	47,006	8,456	-15,172	7,283	-16,117	-7,167	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	15,441	15,441	15,441	-24,375	26,111	21,710	21,710	-24,377	13,138	-4,876	-1,661	-16,100	13,766	4,953	9,421	-9,090	8,290	-22,345	7,622	-7,611	-6,082	-1,040	-10,008	24,117	35,836	-12,768	2,390	-21,030	-3,388	-11,117	0	8,422	0	0	0	42,854	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	10,836	10,033	10,735	10,830	10,464	10,038	10,897	11,348	11,646	11,427	12,358	12,560	14,279	13,257	13,334	13,785	13,029	13,538	13,136	14,673	14,223	13,220	14,845	15,330	14,415	14,543	15,020	14,466	14,879	14,274	15,366	15,249	16,637	16,377	18,124	18,480	20,915	20,974	23,540	23,275	24,289	16,302	20,047	19,984	18,230	12,312	11,710	11,843	12,155	11,607	11,847	9,299	9,950	8,982	9,354	9,281	9,537	8,470	8,323	7,966	8,825	7,151	7,239	7,153	7,153	6,745	7,257	7,465	7,390	6,972	6,245	6,243	4,892	4,939	5,453	5,462	9,644	3,914	4,614	6,735	8,673	7,824	7,913	7,867	8,522	7,305	8,918	8,877	9,585	9,200	8,992	9,486	9,999	8,419	8,677	10,126	9,900	9,100	9,700	9,900	9,400	8,700	8,100	8,500	7,100	8,300	7,900	7,600	7,000	6,600	5,900	7,100	5,900	5,700	5,900	5,900	5,500	4,600	3,600	3,700	2,200	1,100
Dividends Paid	-1,347	0	0	0	0	0	0	360	0	0	0	603	603	603	301	302	303	302	298	301	301	302	299	299	299	298	299	271	271	270	270	270	270	269	269	269	269	268	268	268	268	267	268	243	211	211	212	211	211	211	210	177	177	177	177	176	177	176	176	175	173	138	137	137	137	136	134	99	98	99	98	98	97	97	82	82	81	82	106	106	106	105	104	104	104	105	103	104	106	103	309	309	310	311	310	309	300	300	300	300	300	300	400	300	300	400	300	400	400	300	400	300	400	300	200	200	200	100	100	100	0	0
End Period Cash Flow	220,251	211,902	196,452	164,116	159,577	116,581	116,703	98,144	98,108	94,640	95,804	95,954	117,431	98,772	80,160	60,378	66,799	78,603	66,366	68,315	81,685	96,799	106,491	112,429	143,570	155,675	143,236	131,158	147,827	215,509	207,238	191,097	200,188	193,812	187,484	190,551	201,451	180,271	162,954	200,094	189,360	447,456	424,387	508,447	189,114	134,890	149,450	129,308	129,170	94,274	114,162	230,048	239,500	159,315	158,253	215,215	229,182	45,360	20,684	20,230	61,658	35,639	69,385	47,595	58,325	55,337	61,524	38,970	33,412	281	239	571	592	594	542	1,245	1,130	3,291	21,007	18,589	6,556	11,557	24,382	11,472	22,049	35,227	15,928	8,616	9,214	34,237	21,648	9,742	5,668	20,331	24,957	6,875	8,600	12,800	8,800	0	-4,100	-1,800	2,500	0	700	3,500	-3,300	0	-28,800	35,800	3,300	0	14,200	2,000	4,900	0	7,200	3,400	13,200	10,700	24,600	-4,000
Exchange Rate Changes	0	0	0	0	0	0	-2,260	4,428	-1,731	-3,564	3,172	-4,273	5,633	-56	337	-7,167	1,769	-2,759	1,363	-232	-194	-1,547	-5,667	1,094	-930	1,697	444	1,537	-2,663	-405	961	2,402	-5,488	-3,240	-1,965	-3,837	-3,787	-4,355	2,664	2,293	-2,997	1,766	-4,834	61	-343	-689	-472	-184	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	19,925	37,303	48,935	12,388	44,219	40,031	55,608	-26,154	-1,536	5,584	-7,301	-24,823	1,468	36,982	-453	-2,448	4,070	31,684	-1,654	-25,072	-15,972	-10,861	-4,853	-43,490	4,877	6,913	-22,777	-22,928	-21,586	11,516	16,438	-4,816	20,178	9,986	3,723	-18,386	24,615	18,846	10,935	1,237	-40,715	26,691	50,436	106	15,659	19,092	17,184	12,493	-1,734	11,244	-31,764	-9,064	34,265	8,521	-7,282	-13,647	17,610	24,848	24,255	-33,937	1,193	-34,088	16,162	-12,050	3,679	2,680	19,991	11,595	48,384	-65,897	-78	3,769	-16,389	7,976	18,313	6,247	1,596	-5,021	3,215	14,031	-8,424	7,695	13,381	-16,834	-11,612	18,433	2,904	-2,576	-6,809	6,218	36,059	-21,570	-36,459	1,460	10,053	-29,630	-24,700	-9,400	8,100	-22,200	-28,200	100	-600	-18,200	9,500	6,400	1,700	-11,900	-10,200	15,100	11,500	-600	11,500	7,800	1,800	-3,700	-14,900	-6,500	4,900	-7,100	-8,500	-3,200
Investments	-17,238	-12,407	-15,838	-11,440	-13,969	-12,908	-12,286	9,293	-14,488	-9,223	-5,572	-8,316	7,857	17,130	8,805	6,917	19,021	-40,132	-22,231	-34,259	0	0	0	0	50,000	50,000	40,000	40,000	-50,000	0	0	0	-50,000	0	0	0	-50,000	0	0	0	0	0	-8,017	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	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	-1,732	-7,635	-9,022	-3,978	-34,832	-34,288	37,299	5,623	-3,545	3,406	9,483	-4,144	-33,397	10,778	-7,991	-31,531	14,217	13,599	37,041	768	2,418	4,791	10,760	-15,453	-6,128	-5,754	4,419	6,303	-2,963	-1,511	-7,178	-2,978	-1,538	-4,924	9,646	808	1,731	-49,873	2,664	-186,342	-6,303	-123,072	333,008	5,141	-208	2,596	-12,444	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-2,565	19,663	31,895	33,430	42,974	42,713	68,921	24,578	28,290	10,804	-2,426	13,223	-19,481	-13,454	-4,643	-27,499	-25,805	-20,044	-6,677	1,007	-14,077	6,699	5,737	14,686	-35,739	-11,218	-6,537	-10,585	-14,035	-10,918	-2,449	-8,735	-55,895	-37,612	4,280	-1,060	-83,389	-17,017	-24,891	-5,128	-20,210	7,652	22,856	19,389	-4,588	18,829	44,325	35,394	14,091	21,804	25,277	-3,036	-10,304	4,015	4,569	2,078	-26,483	-11,113	5,910	7,041	-18,406	10,303	13,306	8,134	-8,848	-878	4,962	-2,483	-9,540	488	5,603	8,593	-5,541	1,182	4,200	11,201	-1,293	1,481	5,643	5,276	-9,180	-13,412	-8,187	-5,878	-15,731	-17,664	383	-2,865	-21,531	-9,502	-3,984	228	-7,967	-7,445	18,875	1,062	-5,900	-5,900	300	100	-5,300	400	4,800	8,300	4,000	3,700	8,100	9,300	4,700	9,200	9,800	11,000	9,800	8,900	10,000	9,300	5,300	4,300	5,100	3,800	1,400	1,200
Other Cashflows From Financing Activities	45	2,463	-605	1,801	-622	-200	11,428	76,196	14,669	22,335	438,417	19,133	3,918	5,862	53,457	23,949	10,074	31,430	40,325	52,398	9,186	8,030	23,598	16,480	414,099	5,798	13,107	14,635	14,895	831	1,449	110	12,480	1,107	2,131	-388	-593	8,691	-650	-35	72,758	673	14,040	-5,093	-1,276	33	5,079	6	12,484	-37,159	14,395	230	200,045	-8,273	240	-309	172,414	-4,776	361	67	27,995	148	3,913	-20,864	-1,161	-214	129	-9,543	27,371	65,995	-156	-3,728	86,548	-8,961	-18,964	-6,459	10,343	-12,747	-41,530	-1,833	3,017	-25,215	-586	6,430	-1,763	443	3,825	2,429	-12,561	5,924	-24,125	26,354	15,154	199	-85,203	28,435	6,400	200	3,300	23,200	27,700	-1,600	10,600	14,900	-800	-8,500	4,200	75,000	-25,100	29,600	-5,500	-3,300	-5,500	-5,500	3,300	15,600	37,400	15,800	-4,200	-5,000	36,700	3,600
Other Cashflows From Investing Activities	0	1,795	31	258	10,223	383	-459	756	1,203	390	749	545	7,530	1,284	8	4,570	-4,830	-30,603	-14,959	-24,806	585	600	90	794	-300	-39,745	40,464	574	535	393	523	771	-5,825	1,609	374	2,334	434	1,369	-676	4,790	-107,482	1,164	1,606	-219	33,970	-32,577	345	108	2,473	1,941	1,395	623	106	91	43	42	1,042	1,030	1,026	12	104	104	89	9	532	453	156	52	198	36	36	36	30,009	388	39	9	51,338	50,357	50,223	157	410	147	63	58	618	533	79	29	0	715	711	8	95,026	94,063	94,063	0	0	0	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	23,577	2,991	-4,608	189	7,318	487	1,465	5,692	3,311	-2,106	16,268	-9,717	11,613	2,000	-5,824	13,914	-2,021	-4,925	5,224	-6,554	-378	-4,225	4,411	3,902	32,887	-1,263	3,948	-1,211	8	3,221	10,887	-3,864	11,428	371	303	539	42,462	178	35,012	162	22,721	-808	12,558	7,238	-26,564	165	-26,164	133	-1,535	143	-777	16,261	11,482	3,327	127	123	106	130	113	-1,329	24,645	-84	-3,774	127	867	342	-365	12,892	4,769	-3,422	-1,993	0	-22,532	1,755	6,954	-1,484	-282	-3,302	-2,183	2,157	-5,536	2,973	-732	496	11,983	12,200	-8,263	-268	-5,212	-656	-87	-830	-10,020	0	-38,727	0	-4,300	1,300	1,300	-3,100	-2,700	100	-100	-500	-1,200	8,600	-6,800	-1,900	2,800	-4,200	-500	100	-500	-1,300	-1,200	-100	-200	100	-800	800	3,800	300
Sale Purchase Of Stock	-13,515	-12,674	-5,097	-1,293	-25,000	-25,000	-25,000	-25,000	0	0	0	0	0	0	0	-282	-1,076	0	0	-141	-561	0	0	-133	-540	0	0	-131	-518	0	0	-136	-9,421	0	144	10,951	155	0	121	6,805	417,003	22	102	356,716	12,214	38	517	231	-536	0	0	-126	-486	0	0	186	-418	0	0	664	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-15,000	0	0	0	0	0	0	-244	-111	0	0	0	-32	-66	-197	-80	-172	-19	0	0	-400	-200	-2,300	-700	-3,300	0	0	0	-4,300	-300	-2,600	-69,900	-4,300	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	1,535	1,485	1,515	700	1,169	1,169	1,456	488	1,412	649	810	570	531	860	581	490	422	404	286	269	283	229	545	73	366	217	752	204	829	233	561	370	581	415	1,027	312	2,195	1,022	1,266	877	1,088	927	1,837	963	1,128	784	1,384	791	644	364	991	393	201	-2,722	2,722	0	11,702	0	0	0	0	0	0	0	0	0	0	0	-4,423	0	0	0	20,508	0	0	0	0	1,501	0	0	0	0	0	0	-14,540	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-16,023	-14,198	-15,350	-10,445	-3,769	-34,924	-34,330	11,713	6,671	-3,574	3,775	7,074	-4,629	-36,728	11,085	-8,293	-31,834	13,915	13,301	36,740	467	2,116	4,492	10,461	-15,752	-6,426	-6,053	4,148	6,032	-3,233	-1,781	-7,448	-2,489	-2,027	-5,199	8,989	-82	1,457	-50,063	2,414	-106,902	-6,552	-123,251	319,385	4,938	-386	3,085	-12,279	4,046	-840	14,185	-1,011	45,905	-7,507	-49,681	-362	166,200	-176	-24,815	-5,104	24,826	327	5,548	1,311	-770	-264	2,459	-6,089	29,227	65,939	-254	-3,826	86,766	-8,273	-19,046	-6,141	-4,738	-12,829	-41,636	-1,939	2,911	-25,320	-690	6,082	-1,978	338	3,722	2,325	-12,699	5,755	-24,631	25,965	14,672	-131	-85,513	28,126	5,700	-300	700	22,200	24,100	-1,900	10,200	14,600	-5,400	-9,200	1,300	4,700	-29,800	29,300	-5,900	-3,600	-5,900	-5,800	3,100	15,400	37,200	15,700	-4,300	-5,100	36,700	3,000
Total Cash From Operating Activities	39,244	51,216	64,804	24,086	58,438	53,322	67,435	-18,517	13,016	15,197	-1,525	-15,962	9,798	41,930	1,529	3,972	14,230	41,213	5,618	-15,619	-3,470	-2,779	5,756	-35,683	13,923	15,341	-16,014	-14,539	-10,484	24,312	27,339	2,333	33,394	22,694	14,809	-6,967	36,725	34,292	25,064	17,991	-15,540	45,579	65,330	21,280	45,080	36,405	28,035	20,648	16,109	18,949	-25,037	-5,595	43,063	16,842	945	-10,139	20,665	29,628	36,024	-14,004	21,002	-12,856	34,201	8,823	20,858	11,972	27,504	15,659	7,822	-20,020	1,374	5,284	-12,720	9,130	19,530	6,959	1,872	-4,410	3,644	17,043	-2,990	13,189	15,217	-15,034	-9,554	21,438	5,269	-245	-4,460	7,983	38,593	-16,353	-25,291	5,334	15,506	-21,356	-14,200	12,000	17,800	-12,500	8,200	26,600	8,600	-10,700	14,500	21,600	10,700	-2,800	7,400	20,100	14,000	5,500	14,000	11,400	9,200	2,900	-7,600	-4,800	7,700	-3,700	-6,500	-2,000
Total Cashflows From Investing Activities	0	-39,685	-15,838	-11,440	-36,751	-12,908	-12,286	2,412	-14,488	-9,223	-5,572	-8,316	7,857	13,466	6,831	5,067	4,031	-40,132	-22,231	-34,259	-11,917	-7,482	-10,519	-7,013	-9,346	1,827	33,701	-7,815	-60,567	-12,403	-10,378	-6,378	-19,041	-11,099	-10,712	-9,085	-11,676	-14,077	-14,805	-11,964	-132,657	-17,724	-21,305	-21,393	4,549	-49,890	-10,506	-8,047	-130,803	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	37,783	37,078	37,555	0	0	0	0	0	0	0	0	0	0	0	0	0	66,257	70,494	79,982	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31
Cost Of Revenue	1,515,951	1,808,670	1,542,673	1,144,994	1,319,662	1,404,142	1,310,644	1,123,015	1,256,962	1,754,884	1,868,405	1,526,539	1,254,890	767,662	671,634	896,986	752,890	606,676	405,923	431,071	461,969	433,079	436,924	465,703	487,700	534,900	553,200	484,100	484,100	321,200	119,800	92,300	85,600
Depreciation And Amortization	42,434	68,167	50,077	54,655	54,376	57,618	58,444	59,768	69,618	88,704	80,622	54,095	44,908	37,567	34,296	30,368	28,620	26,850	20,746	24,907	32,277	33,622	37,263	37,221	38,600	34,700	30,900	23,400	23,400	17,400	5,300	3,400	2,900
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
Ebit	149,951	205,802	85,175	-16,552	-18,906	61,442	-2,043	-68,635	-82,834	-167,813	21,515	101,302	132,173	40,784	-7,192	7,764	43,722	25,129	33,471	39,536	-19,003	-4,444	-30,342	-48,552	2,400	30,900	51,700	69,500	75,300	37,400	13,000	8,400	6,800
Ebitda	192,385	273,969	135,252	38,103	35,470	119,060	56,401	-8,867	-13,216	-79,109	102,137	155,397	177,081	78,351	27,104	38,132	72,342	51,979	54,217	64,443	13,274	29,178	6,921	-11,331	41,000	65,600	82,600	92,900	98,700	54,800	18,300	11,800	9,700
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
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
Gross Profit	305,849	360,710	237,542	114,319	129,004	198,266	158,278	142,482	137,809	140,643	295,190	294,139	232,108	113,929	55,965	139,714	84,131	72,778	64,210	79,500	29,703	29,741	20,551	77,366	100,300	125,900	136,900	139,100	139,100	85,800	30,600	20,900	14,500
Income Before Tax	109,748	202,353	51,040	-58,131	-48,044	19,807	-52,876	-32,856	-52,006	-152,244	54,734	180,573	95,895	649	-32,002	23,010	3,884	8,574	-2,885	15,215	-33,668	-44,293	-50,742	8,702	-18,400	13,200	40,500	63,300	63,300	30,100	10,200	6,500	-3,500
Income Tax Expense	26,042	23,167	1,149	6,946	3,475	6,762	11,203	3,281	38,281	-21,819	25,047	86,613	37,759	291	-7,357	9,673	3,363	3,430	-13,927	4,108	2,989	-8,416	-13,339	4,177	-7,000	5,000	15,400	25,300	25,300	11,600	3,800	2,400	100
Interest Expense	18,785	29,796	32,221	30,554	33,137	30,456	30,229	32,539	34,032	36,564	47,120	27,658	25,259	26,667	16,246	15,122	18,710	17,001	8,617	16,159	20,231	20,565	20,919	22,558	0	18,300	0	12,000	12,000	8,500	3,200	2,800	3,400
Interest Income	0	28,010	19,395	40,859	1,133	2,107	3,363	3,206	34,694	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-4,597	-2,884	-305	4,689	3,094	3,042	4,037	-2,150	-14,654	-49,964	-5,518	-1,593	-16	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	78,760	176,302	49,586	-65,077	-51,519	16,087	-60,042	-33,987	-75,633	-80,461	35,205	95,553	58,152	358	-24,645	13,337	-7,247	5,144	11,042	11,107	-36,657	-35,877	-34,789	4,525	-11,400	8,200	25,100	38,000	38,000	18,500	6,400	3,500	-3,600
Net Income Applicable To Common Shares	0	176,302	49,586	-60,388	-50,353	3,880	-66,435	-43,543	-93,301	-80,461	35,205	95,553	58,152	0	0	13,337	0	5,144	11,042	11,107	0	0	0	4,525	0	0	0	0	0	0	0	0	0
Net Income From Continuing Ops	127,962	179,186	52,189	-51,185	-44,569	26,569	-41,673	-36,137	-90,287	-130,425	29,687	93,960	58,136	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-23,146	-29,796	-32,221	-30,554	-32,004	-28,349	-26,866	-29,333	0	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	12,020	8,657	3,999	-11,179	-18,646	21,016	6,305	-18,055	-22,992	6,823	-11,019	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	10,491	9,715	9,880	10,087	10,484	8,856	10,533	50,649	14,259	12,260	9,790	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	148,727	205,802	85,175	-16,552	-18,906	42,244	-13,184	-21,333	-24,279	-97,625	102,395	174,708	132,173	40,784	-18,894	73,321	24,838	22,011	11,999	33,322	-16,220	-14,086	-33,465	-8,646	3,800	31,200	53,700	73,000	73,000	38,000	13,200	8,900	3,400
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	1,672,279	1,963,578	1,695,040	1,294,664	1,477,098	1,560,164	1,482,106	1,286,830	1,419,050	1,956,581	2,061,200	1,672,104	1,354,825	840,807	734,791	963,379	812,183	657,443	458,134	477,249	507,892	476,906	490,940	551,715	584,200	629,600	636,400	550,200	550,200	369,000	137,200	104,300	96,700
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
Reconciled Depreciation	42,062	42,747	47,991	54,655	54,376	57,618	58,444	0	0	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	12,539	10,404	10,104	9,013	9,859	11,146	10,302	9,971	11,162	14,005	11,165	7,148	4,228	6,317	8,850	3,500	1,700	1,300	837	1,875	2,749	3,509	3,089	4,704	6,300	7,100	6,800	2,100	2,100	2,100	0	0	0
Selling And Marketing Expenses	0	3,000	2,700	2,300	3,700	0	0	0	129,860	159,536	153,112	113,897	0	57,565	46,734	47,909	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	133,403	129,792	129,072	128,642	133,997	134,789	150,676	144,988	10,533	14,078	14,259	12,260	95,707	9,263	7,573	9,242	53,138	42,142	31,433	36,040	43,174	40,318	44,162	44,087	51,600	52,900	45,500	43,700	0	0	0	0	0
Tax Provision	12,402	23,167	1,149	6,946	3,475	6,762	11,203	3,281	34,756	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	156,328	154,908	152,367	149,670	157,436	156,022	171,462	163,815	162,088	201,697	192,795	145,565	99,935	73,145	63,157	66,393	59,293	50,767	52,211	46,178	45,923	43,827	54,016	86,012	96,500	94,700	83,200	66,100	66,100	47,800	17,400	12,000	11,100
Total Other Income Expense Net	-20,988	-3,449	-34,135	-41,579	-29,138	8,019	-9,463	21,016	6,305	-54,626	6,732	59,657	-11,019	-13,468	-8,564	-37,698	-18,884	-3,118	-21,472	-4,936	2,783	-9,642	-3,123	39,906	1,400	300	2,000	3,500	3,500	600	200	500	-3,400
Total Revenue	1,821,800	2,169,380	1,780,215	1,259,313	1,448,666	1,602,408	1,468,922	1,265,497	1,394,771	1,895,527	2,163,595	1,820,678	1,486,998	881,591	727,599	1,036,700	837,021	679,454	470,133	510,571	491,672	462,820	457,475	543,069	588,000	660,800	690,100	623,200	623,200	407,000	150,400	113,200	100,100

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30	1994-06-30	1994-03-31	1993-12-31	1993-09-30	1993-06-30	1993-03-31	1992-12-31	1992-09-30	1992-06-30	1992-03-31	1991-12-31	1991-09-30	1991-06-30	1991-03-31
Cost Of Revenue	331,875	335,708	395,281	453,087	433,071	443,089	463,242	469,268	425,161	390,090	377,169	350,253	301,017	273,455	256,266	314,256	283,458	318,805	352,289	365,110	326,714	341,015	370,592	365,821	340,712	331,323	320,837	317,772	274,751	273,219	285,139	289,906	290,000	282,683	325,014	359,265	365,043	404,280	501,171	484,390	445,129	435,004	506,636	481,636	442,109	337,558	377,147	369,725	344,409	345,810	340,556	224,557	206,676	194,872	195,753	170,361	147,330	144,526	177,237	202,541	230,597	218,040	227,168	221,181	193,603	177,178	183,022	199,087	163,421	139,040	152,752	151,463	89,929	91,739	112,207	112,048	92,830	98,686	99,872	139,683	112,529	105,921	124,930	118,589	108,915	101,634	110,953	111,577	105,174	97,678	113,473	120,599	98,880	107,053	126,465	133,305	115,400	116,700	127,500	128,100	121,100	121,500	145,900	146,400	134,900	125,700	149,300	143,400	117,200	115,300	121,400	137,000	121,400	116,100	123,400	123,100	88,500	77,100	82,500	73,500	41,300	25,000	28,300	-	-	-	-	-	-	-	-	-
Depreciation And Amortization	10,836	10,033	10,735	11,592	11,358	9,691	10,897	13,269	11,646	11,427	12,358	12,560	14,279	13,257	13,334	13,785	13,029	13,538	13,136	14,673	14,223	13,220	14,845	15,330	14,415	14,543	15,020	14,466	14,879	14,274	15,366	15,249	16,637	16,377	18,124	18,480	20,915	20,974	23,540	23,275	24,289	16,302	20,047	19,984	18,230	12,312	11,710	11,843	12,155	11,607	11,847	9,299	9,950	8,982	9,354	9,281	9,537	8,470	8,323	7,966	8,825	7,151	7,239	7,153	7,153	6,745	7,257	7,465	7,390	6,972	6,245	6,243	4,892	4,939	5,453	5,462	9,644	3,914	4,614	6,735	8,673	7,824	7,913	7,867	8,522	7,305	8,918	8,877	9,585	9,200	8,992	9,486	9,999	8,419	8,677	10,126	9,900	9,100	9,700	9,900	9,400	8,700	8,100	8,500	7,100	8,300	7,900	7,600	7,000	6,600	5,900	7,100	5,900	5,700	5,900	5,900	5,500	4,600	3,600	3,700	2,200	1,100	1,000	-	-	-	-	-	-	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Ebit	20,718	27,127	47,023	55,136	40,902	50,491	93,323	44,708	13,253	23,416	23,827	13,072	-6,151	-17,782	-4,035	-8,753	-29,349	-11,993	-758	4,762	-13,614	12,260	18,135	25,548	-16,612	-2,038	5,599	-4,500	-22,027	-5,236	6,999	-6,384	-30,062	-13,707	10,790	3,126	-64,479	77	-26,879	-22,495	-24,435	19,602	40,375	42,149	-18,668	36,538	81,149	46,828	7,355	29,781	44,047	26,879	704	3,540	17,428	10,130	-29,687	-15,122	4,597	15,486	16,617	21,621	22,892	17,362	611	2,557	11,445	29,468	-13,893	6,213	12,763	18,913	-8,191	3,968	21,941	15,753	-1,174	13,414	12,583	14,713	-6,615	-2,630	-7,590	-2,168	-8,537	1,039	2,327	727	-17,747	-9,135	-5,033	1,573	-8,169	-6,812	-41,415	7,844	-5,500	-4,300	6,800	5,400	-2,900	4,700	11,500	17,600	10,400	8,300	16,600	16,300	9,900	5,200	18,600	20,200	16,300	15,100	17,200	18,600	10,100	9,400	10,200	7,900	3,800	2,600	3,900	-	-	-	-	-	-	-	-	-
Ebitda	31,554	37,160	57,758	66,728	52,260	60,182	104,220	57,977	24,899	34,843	36,185	25,632	8,128	-4,525	9,299	5,032	-16,320	1,545	12,378	19,435	609	25,480	32,980	40,878	-2,197	12,505	20,619	9,966	-7,148	9,038	22,365	8,865	-13,425	2,670	28,914	21,606	-43,564	21,051	-3,339	780	-146	35,904	60,422	62,133	-438	48,850	92,859	58,671	19,510	41,388	55,894	36,178	10,654	12,522	26,782	19,411	-20,150	-6,652	12,920	23,452	25,442	28,772	30,131	24,515	7,764	9,302	18,702	36,933	-6,503	13,185	19,008	25,156	-3,299	8,907	27,394	21,215	8,470	17,328	17,197	21,448	2,058	5,194	323	5,699	-15	8,344	11,245	9,604	-8,162	65	3,959	11,059	1,830	1,607	-32,738	17,970	4,400	4,800	16,500	15,300	6,500	13,400	19,600	26,100	17,500	16,600	24,500	23,900	16,900	11,800	24,500	27,300	22,200	20,800	23,100	24,500	15,600	14,000	13,800	11,600	6,000	3,700	4,900	31,500	-75,900	28,300	28,300	28,200	-71,600	25,000	25,000	25,000
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Gross Profit	58,324	66,073	85,895	95,557	76,695	87,633	109,653	86,729	62,515	60,292	61,470	53,265	25,891	31,317	29,867	27,244	18,332	27,100	38,308	45,264	36,689	43,704	58,312	59,561	35,322	39,665	43,562	39,729	32,543	32,976	45,075	31,888	17,809	26,153	51,053	42,794	18,234	45,299	22,560	54,550	49,278	62,506	86,655	96,751	51,529	67,161	82,086	93,363	58,508	52,995	63,891	56,272	25,993	27,946	33,903	26,087	-814	-3,030	29,746	30,063	28,001	37,423	41,946	32,344	11,335	18,294	27,311	27,191	2,142	17,080	22,442	31,114	6,654	10,973	22,502	24,081	13,090	17,801	21,316	27,293	7,940	5,297	6,071	10,395	-308	3,026	14,884	12,139	-4,614	2,841	6,876	15,448	14,488	12,745	19,111	31,022	19,000	19,300	31,500	30,500	21,900	27,700	35,300	41,000	31,000	31,000	38,100	36,800	27,400	30,400	36,900	40,300	36,900	33,400	34,200	34,600	26,100	20,700	20,200	18,400	10,800	5,800	7,700	31,500	28,400	28,300	28,300	28,200	25,100	25,000	25,000	25,000
Income Before Tax	-3,603	24,381	41,324	47,646	27,013	54,159	87,922	33,259	19,512	16,146	-435	15,817	-14,912	-13,112	-2,663	-27,444	-23,091	-17,980	-9,895	2,922	-11,053	5,519	7,420	13,900	-30,500	-8,822	-6,411	-7,143	-13,332	-12,992	1,199	-7,731	-20,808	-37,329	5,795	336	-89,563	-22,144	-32,058	-8,479	-34,076	13,363	43,859	31,588	17,303	32,418	75,365	55,487	16,505	34,216	40,075	4,657	-16,830	6,583	7,489	3,407	-34,114	-19,119	9,689	11,542	-29,895	17,171	22,178	13,556	-826	-800	10,477	-4,967	-15,899	813	9,339	14,321	-19,468	371	3,766	12,446	-2,500	2,116	8,932	6,667	-6,221	-12,642	-8,618	-6,187	-19,111	-21,872	510	-3,820	-29,813	-11,878	-9,489	438	-11,447	-12,007	30,443	1,713	-9,500	-9,500	500	200	-8,600	700	7,700	13,400	6,500	5,800	13,200	15,000	7,500	14,800	16,300	17,700	16,300	14,800	16,700	15,500	8,800	6,900	8,200	6,100	2,300	1,900	3,800	1,400	1,100	800	800	800	-900	-900	-900	-900
Income Tax Expense	-2,321	4,718	9,429	14,216	-15,961	11,446	19,001	8,681	-8,778	5,342	1,991	2,594	4,569	342	1,980	55	2,714	2,064	-3,218	1,915	3,024	2,841	1,683	-786	5,239	2,396	126	3,442	703	-2,074	3,648	1,004	35,087	283	1,515	1,396	-6,174	-5,127	-7,167	-3,351	-13,866	5,711	21,003	12,199	21,891	13,589	31,040	20,093	2,414	12,690	14,798	7,693	-6,526	2,568	2,920	1,329	-7,631	-8,006	3,779	4,501	-11,489	6,868	8,872	5,422	254	78	5,515	-2,484	-6,359	325	3,736	5,728	-13,927	-811	-434	1,245	-1,207	635	3,289	1,391	2,989	740	-431	-309	-3,380	-4,208	127	-955	-8,282	-2,376	-2,891	210	-3,480	-4,562	11,568	651	-3,600	-3,600	200	100	-3,300	300	2,900	5,100	2,500	2,200	5,000	5,700	2,800	5,600	6,500	6,700	6,500	5,900	6,700	6,200	3,500	2,600	3,100	2,300	900	700	1,400	-1,400	-1,100	-800	-800	-800	900	900	900	900
Interest Expense	2,600	3,931	5,762	6,492	6,961	7,221	7,707	7,907	8,282	7,818	8,598	7,523	7,478	7,251	8,008	8,035	8,552	8,357	8,295	7,933	7,670	7,596	7,672	7,518	7,651	7,537	7,320	7,721	7,331	8,714	7,982	8,512	8,345	8,289	8,642	8,756	9,428	8,951	8,926	9,259	11,196	12,414	13,069	10,441	8,959	6,187	6,217	6,295	6,214	6,616	6,149	6,280	6,954	5,867	6,790	7,056	4,427	3,997	3,878	3,944	15,122	3,734	3,708	3,984	18,710	4,472	4,430	5,749	17,001	4,565	3,709	3,723	8,617	1,781	2,353	2,589	16,159	3,833	4,615	5,150	20,231	5,088	5,038	4,975	20,565	5,211	5,177	5,203	4,951	4,933	5,396	5,639	5,248	5,119	5,628	6,563	0	6,000	0	5,600	4,900	4,700	0	0	0	0	4,300	2,500	2,900	2,500	2,500	2,700	3,200	2,400	3,100	3,300	2,500	2,100	1,900	2,000	1,600	300	500	-	-	-	-	-	-	-	-	-
Interest Income	0	2,833	5,483	7,797	14,494	6,023	5,151	2,342	4,978	7,129	9,306	1,890	8,637	8,360	102	115	299	193	301	995	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-1,283	-383	1,688	1,592	-934	456	-1,750	-656	-692	383	21,627	351	2,267	811	-402	2,013	971	900	253	970	1,786	-383	-40	1,679	4,213	-800	-244	868	-1,051	-966	-550	417	-4,735	-6,136	-2,491	-1,292	-30,343	-7,950	-4,380	-7,291	-4,630	-441	-361	-86	-1,087	-750	269	-25	-362	362	-8	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-2,565	19,280	30,207	31,838	42,040	43,169	67,171	23,922	27,598	11,187	-2,773	13,574	-17,214	-12,643	-5,045	-25,486	-24,835	-19,144	-6,424	1,977	-12,291	2,295	5,697	16,365	-30,278	-12,018	-6,293	-11,453	-12,984	-9,952	-1,899	-9,152	-51,160	-31,476	6,771	232	-53,046	-9,067	-20,511	2,163	-15,580	8,093	23,217	19,475	-3,501	19,579	44,056	35,419	14,461	21,164	25,285	-3,036	-10,304	4,015	4,569	2,078	-26,483	-11,113	5,910	7,041	-18,406	10,303	13,306	8,134	-8,848	-878	4,962	-2,483	-9,540	488	5,603	8,593	-5,541	1,182	4,200	11,201	-1,293	1,481	5,643	5,276	-9,210	-13,382	-8,187	-5,878	-15,731	-17,664	383	-2,865	-21,531	-9,502	-3,984	228	-7,967	-7,445	18,875	1,062	-5,900	-5,900	300	100	-5,300	400	4,800	8,300	4,000	3,600	8,200	9,300	4,700	9,200	9,800	11,000	9,800	8,900	10,000	9,300	5,300	4,300	5,100	3,800	1,400	1,200	2,400	1,400	1,100	800	800	800	-900	-900	-900	-900
Net Income Applicable To Common Shares	0	19,280	30,207	31,838	42,040	43,169	67,171	23,922	27,598	11,187	-2,773	13,574	-17,214	-12,643	-5,045	-25,486	-24,834	-19,635	-7,085	1,201	-9,411	-1,750	1,019	14,022	-32,690	-12,900	-10,333	-10,512	-14,065	-11,319	-3,799	-14,360	-68,828	-31,476	6,771	232	-53,046	-9,067	-20,511	2,163	-15,580	8,093	23,217	19,475	-3,501	19,579	44,056	35,419	14,461	21,163	25,564	0	-4,015	4,015	4,569	2,078	0	-5,910	5,910	7,041	3,034	10,303	13,306	8,134	0	-4,962	4,962	0	4,656	488	5,603	8,593	9,860	1,182	4,200	11,201	9,626	1,481	5,643	5,276	0	0	0	0	0	-383	383	0	0	0	-228	228	4,525	-18,875	18,875	1,062	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	-1,282	19,663	31,895	33,430	42,974	65,605	106,923	41,940	10,734	21,488	-2,426	18,411	-10,343	-12,770	-683	-27,389	-20,377	-15,916	-13,113	4,837	-4,008	8,360	9,103	13,114	-18,125	-6,426	-6,537	-10,585	-14,035	-10,918	-2,449	-8,735	-55,895	-37,612	4,280	-1,060	-83,389	-17,017	-24,891	-5,128	-20,210	7,652	22,856	19,389	-4,588	18,829	44,325	35,394	0	21,525	25,556	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-2,600	-3,931	-5,762	-6,492	-6,961	-7,221	-7,707	-7,907	-8,282	-7,818	-8,598	-7,523	-7,478	-7,251	-7,906	-7,920	-8,253	-8,164	-7,994	-7,593	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,188	-998	0	10,889	25,928	-3,542	1,383	1,064	464	9,109	9,070	947	8,446	-9,806	-5,547	2,993	830	5,723	-3,992	855	-3,610	-4,432	-24,051	815	-3,049	7,639	3,081	3,976	5,231	8,728	5,694	-14,578	6,906	8,283	-14,227	-10,679	6,335	516	-23,431	8,722	-2,429	-5,854	660	2,439	613	3,111	0	-556	2,270	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,921	2,935	0	3,298	3,045	2,874	2,576	2,805	2,657	2,453	2,406	2,434	2,395	2,480	2,373	2,453	2,448	2,606	2,209	2,581	2,634	2,663	2,746	2,596	2,533	2,609	2,168	2,285	2,109	2,294	2,292	2,121	2,895	3,225	39,403	3,675	3,830	3,741	3,299	3,942	3,295	3,723	3,520	3,739	2,652	2,349	0	2,263	2,350	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	20,718	26,975	45,898	55,136	40,902	50,491	93,323	44,708	24,325	22,900	23,719	14,231	-15,839	-6,808	-3,101	-9,603	-17,522	-12,616	-2,430	4,136	-925	4,823	16,225	18,100	-4,940	-5,141	3,958	-7,061	-9,082	-8,254	3,950	-7,947	-18,157	-14,462	7,531	809	-65,908	-2,514	-29,467	264	551	17,055	36,906	47,883	-1,098	36,166	80,969	58,671	19,510	41,388	43,954	26,879	704	12,522	17,428	10,130	-30,125	-15,766	12,920	14,077	11,549	21,263	24,389	16,120	-5,378	2,697	13,176	14,343	-11,639	4,707	11,735	17,208	-17,309	2,243	12,940	14,125	-985	9,865	12,671	11,771	-3,853	-5,092	-5,585	-1,690	-11,337	-7,811	4,007	1,055	-24,687	-8,040	-4,563	3,825	-7,184	-6,850	-2,672	8,060	-4,500	-3,900	6,600	5,600	-3,300	5,000	11,900	17,600	10,600	9,200	17,000	16,800	10,200	11,300	19,400	20,700	19,400	16,300	18,600	18,700	10,800	9,200	10,100	8,100	3,800	2,400	4,100	31,500	-75,900	28,300	28,300	28,200	-71,600	25,000	25,000	25,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	369,481	374,806	434,803	493,508	468,864	480,231	480,744	509,965	463,351	427,482	414,920	389,287	342,747	311,580	289,234	351,103	319,312	358,521	393,027	406,238	364,328	379,896	412,679	407,282	380,974	376,129	360,441	364,562	316,376	314,449	326,264	329,741	325,966	323,298	368,536	401,250	412,614	452,093	553,198	538,676	493,856	480,455	556,385	530,504	494,736	368,553	378,264	404,417	383,407	357,417	360,493	253,950	231,965	210,296	212,228	186,318	164,939	157,262	194,063	218,527	247,049	234,200	244,725	237,405	210,316	192,775	197,157	211,935	177,202	151,413	163,459	165,369	113,892	100,469	121,769	122,004	106,905	106,622	108,517	155,205	124,322	116,310	136,586	130,674	119,944	112,471	121,830	122,661	125,247	108,559	124,912	132,222	120,552	126,648	148,248	156,267	138,900	139,900	152,400	153,000	146,300	144,200	169,300	169,800	155,300	147,500	170,400	163,400	134,400	134,400	138,900	156,600	138,900	133,200	139,000	139,000	103,800	88,600	92,600	83,800	48,300	28,400	31,900	-	104,300	-	-	-	96,700	-	-	-
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Reconciled Depreciation	10,836	10,033	10,735	10,830	10,464	10,038	10,897	11,348	11,646	11,427	12,358	12,560	14,279	13,257	13,334	13,785	13,029	13,538	13,136	14,673	14,223	13,220	14,845	15,330	14,415	14,543	15,020	14,466	14,879	14,274	15,366	15,249	16,637	16,377	18,124	18,480	20,915	20,974	23,540	23,275	24,289	16,302	20,047	19,984	18,230	12,312	11,710	11,843	12,155	11,607	11,847	9,299	9,950	8,982	9,354	9,281	9,537	8,470	8,323	7,966	8,825	7,151	7,239	7,153	7,153	6,745	7,257	7,465	7,390	6,972	6,245	6,243	4,892	4,939	5,453	5,462	9,644	3,914	4,614	6,735	8,673	7,824	7,913	7,867	8,522	7,305	8,918	8,877	9,585	9,200	8,992	9,486	9,999	8,419	8,677	10,126	9,900	9,100	9,700	9,900	9,400	8,700	8,100	8,500	7,100	8,300	7,900	7,600	7,000	6,600	7,300	7,100	5,900	5,700	5,900	5,900	5,500	4,600	3,600	3,700	2,200	1,100	-	-	-	-	-	-	-	-	-	-
Research Development	3,140	3,167	3,218	3,014	2,812	2,434	2,238	2,920	2,653	2,370	2,528	2,553	2,231	2,240	2,132	2,410	2,389	2,309	2,544	2,617	2,924	2,591	2,754	2,877	2,394	2,457	2,608	2,843	2,181	2,597	2,714	2,479	2,315	2,982	2,779	3,086	4,244	2,862	3,189	3,710	2,884	2,778	2,801	2,702	2,692	1,759	1,189	1,508	1,235	796	1,014	1,183	1,278	1,112	1,900	2,027	8,850	1,158	2,859	999	3,500	0	0	0	1,700	0	0	0	1,300	0	0	0	239	205	210	183	345	323	385	822	727	638	716	668	1,069	790	864	786	770	757	761	801	1,074	833	1,247	1,550	1,500	1,600	1,700	1,600	1,700	1,500	1,700	2,200	2,000	2,500	1,700	700	500	700	500	800	500	600	500	500	600	500	500	500	0	0	-	-	-	-	-	-	-	-	-	-
Selling And Marketing Expenses	0	0	0	0	3,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	32,378	37,157	31,930	38,729	30,588	34,063	34,193	32,768	29,067	33,391	34,953	32,449	37,663	0	41,178	43,094	39,245	34,789	40,358	38,720	42,895	25,497	23,410	30,835	30,233	8,548	16,573	25,293	21,557	12,037	12,162	11,809	7,309	11,272	14,626	13,527	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	32,021	33,587	34,858	34,472	27,486	31,410	34,669	36,227	32,961	32,217	32,566	37,093	37,093	33,451	28,441	31,957	31,092	34,954	35,746	35,905	32,481	33,709	36,699	35,921	2,745	2,596	2,533	2,609	6,688	2,285	2,109	2,294	2,292	2,121	2,895	3,225	2,832	41,276	3,830	3,741	3,299	3,942	3,295	3,723	3,520	3,739	2,652	2,349	7,530	2,263	2,350	2,917	2,454	2,275	2,413	2,121	1,450	1,464	2,200	2,459	16,452	16,160	17,557	14,077	10,558	15,597	14,135	11,284	11,830	10,358	8,589	11,365	7,775	7,213	8,018	8,427	8,455	7,613	8,260	11,712	11,066	9,751	10,940	11,417	9,960	10,047	10,013	10,298	12,538	10,124	10,678	10,822	10,599	10,343	11,859	11,286	12,100	12,500	13,500	13,400	14,100	12,500	13,600	12,700	11,300	11,000	11,500	11,700	9,700	11,800	10,500	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Tax Provision	-2,321	4,718	9,429	14,216	-15,961	11,446	19,001	8,681	-8,778	5,342	1,991	2,594	4,569	342	1,980	55	2,714	2,064	-3,218	1,915	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	37,606	39,098	39,522	40,421	35,793	37,142	17,502	40,697	38,190	37,392	37,751	39,034	41,730	38,125	32,968	36,847	35,854	39,716	40,738	41,128	37,614	38,881	42,087	41,461	40,262	44,806	39,604	46,790	41,625	41,230	41,125	39,835	35,966	40,615	43,522	41,985	47,571	47,813	52,027	54,286	48,727	45,451	49,749	48,868	52,627	30,995	1,117	34,692	38,998	11,607	19,937	29,393	25,289	15,424	16,475	15,957	17,609	12,736	16,826	15,986	16,452	16,160	17,557	16,224	16,713	15,597	14,135	12,848	13,781	12,373	10,707	13,906	23,963	8,730	9,562	9,956	14,075	7,936	8,645	15,522	11,793	10,389	11,656	12,085	11,029	10,837	10,877	11,084	20,073	10,881	11,439	11,623	21,672	19,595	21,783	22,962	23,500	23,200	24,900	24,900	25,200	22,700	23,400	23,400	20,400	21,800	21,100	20,000	17,200	19,100	17,500	19,600	17,500	17,100	15,600	15,900	15,300	11,500	10,100	10,300	7,000	3,400	3,600	-	-104,300	-	-	-	-96,700	-	-	-
Total Other Income Expense Net	-24,321	1,337	713	-7,490	-13,889	3,668	-5,401	-11,449	3,469	1,064	-15,556	9,109	8,405	947	8,344	-9,921	2,983	2,800	529	6,379	-2,458	7,836	-1,665	2,701	-17,909	2,984	-3,850	6,666	3,081	3,047	4,389	8,317	5,694	-15,030	5,950	7,675	-50,798	-10,775	6,047	516	-23,431	8,128	18,492	1,018	27,360	2,067	433	3,111	3,209	-556	2,177	-15,942	-10,580	-72	-3,149	333	-3,989	-3,353	647	-2,535	-40,257	-358	1,497	-1,242	-5,989	140	1,731	-15,125	2,254	-1,506	-1,028	-1,705	-11,478	-1,403	-8,155	-436	1,046	-3,916	876	-2,942	2,762	-2,462	2,005	478	-2,800	-8,850	1,680	328	-6,940	1,095	470	2,252	985	-38	38,743	216	1,000	400	-200	200	-400	300	400	-4,200	200	900	400	500	300	6,100	800	500	800	1,200	1,400	100	700	-200	-1,900	200	-1,500	-200	200	-30,100	77,000	-27,500	-27,500	-27,400	70,700	-25,900	-25,900	-25,900
Total Revenue	390,199	401,781	481,176	548,644	509,766	530,722	572,895	555,997	487,676	450,382	438,639	403,518	326,908	304,772	286,133	341,500	301,790	345,905	390,597	410,374	363,403	384,719	428,904	425,382	376,034	370,988	364,399	357,501	307,294	306,195	330,214	321,794	307,809	308,836	376,067	402,059	383,277	449,579	523,731	538,940	494,407	497,510	593,291	578,387	493,638	404,719	459,233	463,088	402,917	398,805	404,447	280,829	232,669	222,818	229,656	196,448	146,516	141,496	206,983	232,604	258,598	255,463	269,114	253,525	204,938	195,472	210,333	226,278	165,563	156,120	175,194	182,577	96,583	102,712	134,709	136,129	105,920	116,487	121,188	166,976	120,469	111,218	131,001	128,984	108,607	104,660	125,837	123,716	100,560	100,519	120,349	136,047	113,368	119,798	145,576	164,327	134,400	136,000	159,000	158,600	143,000	149,200	181,200	187,400	165,900	156,700	187,400	180,200	144,600	145,700	158,300	177,300	158,300	149,500	157,600	157,700	114,600	97,800	102,700	91,900	52,100	30,800	36,000	31,500	28,400	28,300	28,300	28,200	25,100	25,000	25,000	25,000

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

Gross Profit (+$)
totalRevenue	1,821,800
Cost of Revenue	-1,515,951
Gross Profit	305,849	305,849

Operating Income (+$)
Gross Profit	305,849
Operating Expense	-156,328
Operating Income	148,727	149,521

Operating Expense (+$)
Research Development	12,539
Selling General Administrative	133,403
Selling And Marketing Expenses	0
Operating Expense	156,328	145,942

Net Interest Income (+$)
Interest Income	0
Interest Expense	-18,785
Other Finance Cost	-4,361
Net Interest Income	-23,146

Pretax Income (+$)
Operating Income	148,727
Net Interest Income	-23,146
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	109,748	169,715 EBIT - interestExpense = 131,166 104,802 97,545
Interest Expense	18,785
Earnings Before Interest and Taxes (EBIT)	149,951	128,533
Earnings Before Interest and Taxes (EBITDA)	192,385

After tax Income (+$)
Income Before Tax	109,748
Tax Provision	-12,402
Net Income From Continuing Ops	127,962	97,346
Net Income	78,760
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	1,672,279
Total Other Income/Expenses Net	-20,988	23,146

Technical Analysis of Titan International Inc
The psychology behind the price

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

General trend

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

Indicator phases

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

Indicator zone transitions	Bullish trend (-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 Titan International Inc.

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: 12.04 < 12.70 < 12.77.

The bearish price targets are: 11.08 > 10.89 > 9.82.

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Titan International Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

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

Score

Let's take a look at the Moving Averages of Titan International Inc. The current mas is .

The long score for the Moving Averages is 2/14.
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 lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 < MA 200: The MA 50 is lower than the MA 200. -1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Titan International Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

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

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

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Titan International Inc. The current macd is -0.34808643.

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

Titan International Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

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

Score

Let's take a look at the Directional Movement Index (DMI) of Titan International Inc. The current adx is 20.25.

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

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

Titan International Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

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

Score

Let's take a look at the Parabolic SAR of Titan International Inc. The current sar is 11.94.

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

Titan International Inc Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

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

Score

Let's take a look at the Relative Strength Index (RSI) of Titan International Inc. The current rsi is 34.53. The current phase is Continuation in bear 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).

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

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Titan International Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

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

Score

Let's take a look at the Stochastic Oscillator of Titan International Inc. The current phase is Oversold in bear 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 Titan International Inc price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Titan International Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

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

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

Score

Let's take a look at the Commodity Channel Index (CCI) of Titan International Inc. The current cci is -110.72408389.

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

Titan International Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

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

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

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Titan International Inc. The current cmo is -34.41662824.

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

Titan International Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

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

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

Score

Let's take a look at the Williams %R of Titan International Inc. The current willr is -80.13245033.

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

Titan International Inc Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

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

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

Score

Let's take a look at the Bollinger Bands of Titan International Inc.

Titan International Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

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

Score

Let's take a look at the Average True Range (ATR) of Titan International Inc. The current atr is 0.32210283.

Titan International Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

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

Score

Let's take a look at the On-Balance Volume (OBV) of Titan International Inc. The current obv is -9,793,081.

Titan International Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

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

Score

Let's take a look at the Money Flow Index (MFI) of Titan International Inc. The current mfi is 45.44.

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

Titan International Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Titan International Inc.

6.2. Trading Signals

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

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

6.3. Candlestick Patterns

Titan International Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	34.531
Ma 20	Greater than	Ma 50	12.068
Ma 50	Greater than	Ma 100	12.767
Ma 100	Greater than	Ma 200	13.562
Open	Greater than	Close	11.600
Total			2/5 (40.0%)

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Quick analysis of Titan International Inc (30 sec.)

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

$11.56

$6.43

$13.86 - $22.34

$20.30 - $28.78

2. Growth of Titan International Inc (5 min.)

Is Titan International Inc growing?

How much money is Titan International Inc making?

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

3. Financial Health of Titan International Inc (5 min.)

4. Comparing to competitors in the Farm & Heavy Construction Machinery industry (5 min.)

Industry Rankings (Farm & Heavy Construction Machinery)

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

What can you expect buying and holding a share of Titan International Inc?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Titan International Inc

About Titan International Inc

Financial Health

Valuation

1.1. Profitability of Titan International Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.1.2. Return on Assets

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.1.3. Return on Equity

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.2. Operating Efficiency of Titan International Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.2.2. Operating Ratio

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.3. Liquidity of Titan International Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.3.2. Quick Ratio

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.4. Solvency of Titan International Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Farm & Heavy Construction Machinery)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Farm & Heavy Construction Machinery)

2. Market Valuation of Titan International Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Farm & Heavy Construction Machinery)

Titan International Inc
Buy, Hold or Sell?