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need someone with very good financial modeling and valuation skills
The Final Project Deliverable is your completed valuation model of Lockheed Martin, plus written responses to the reflective questions below.

This class largely centers on the building of a valuation model for a public firm, which we will work on together during MSFLive. Each week, prior to MSFLive, you will construct a portion of the model. You will make your discussion posts each week in response to the discussion prompts and in preparation for MSFLive. You will then attend MSFLive where we will discuss how to complete that portion of the model, the challenges you ran into, how to think about those challenges, and some “ways forward.” After each MSFLive session, you should incorporate the feedback and guidance received into your model. By the end of the course, you should have a complete and calibrated valuation model.

You will upload and submit one Excel file with your both your model and question responses.

Instructions

Build your valuation model using Microsoft Excel. Please include your last name in the title of your file.

Work on your valuation model each week. (This should be relatively easy since this is tied-in with your discussion posts and our MSFLive sessions.)

Incorporate feedback/guidance received during MSFLive.

Answer the reflective questions (below) on a single tab within your Excel file. There is no formal minimum or maximum length, but I generally expect thoughtful responses to be between 3 and 7 sentences. Use as many words as you need to, but as few words as possible.

When you are ready to submit, hit “Start Assignment” above. That should open a section for you to upload the Excel file with your model and responses. Upload them (be sure to upload the correct file) and hit submit.

Reflective Questions

Please respond to all five (5) of the following questions. Include your responses to all four questions on a single tab within your Excel valuation model file.

What inferences can you draw from your analysis? Do you have any recommended action for LMT’s management? If so, what are they, and why those actions?

Now, think back to the beginning of the course. In what ways have you improved your knowledge or gotten better at this kind of work?

How do you feel about your work? What parts of it are you proud of? What would you change if you had more time? Why?

If you were the instructor, how would you grade this work? Why?

If you were to do this kind of work again at some point in the future, what would do differently next time?

Additional Guidance and Expectations

Grading: please see the syllabus for a description of how I will evaluate your submissions. Submissions will be graded on a scale from 0 (unacceptable) to 5 (superior). Note that I will be grading submissions holistically. That means there is not a formal weighting of the analysis vs. the responses to the reflective questions. I am looking at the overall effort and thought exhibited by your submission. So, even if your analysis is relatively basic, it is still possible for you to earn a 5 by taking extra time to contemplate and putting extra thought and care into your reflection and written response. Conversely, you may have the best analysis ever, but if you don’t take time to reflect on your learning, then you may earn less than a 5. (Reflection is an important part of the consolidation process in learning, so please take this seriously — it should be fun, but still serious.)

More about grading: I generally anticipate giving submissions that reflect what we discuss during MSFLive (no more, no less) a score of 4. In other words, if your valuation model simply uses the same methods and assumptions as my model, or that we go over in class, I generally consider that to be ‘excellent.’ To earn a higher score, I would need to see additional thought and effort beyond what we simply did during MSFLive. This could take many forms: potentially different forecasting methods, additional analyses to formulate or “fine tune” forecasting assumptions, possibly different types of analyses (e.g., scenario analysis, or sensitivity analysis), etc. Written responses that exhibit insightful application of the material to make recommendations, or some great personal insights are also ways to potentially earn a higher score. The bottom line is that to earn a score higher than a 4, I generally expect to see thought and effort beyond the fundamentals or what was demonstrated during MSFLive, as well as serious, authentic reflection, and a high degree of professional “polish.” Note that submissions that don’t at least incorporate what was discussed or demonstrated during MSFLive and/or suggest a superficial effort to reflect on one’s learning will likely receive a score less than 4.

Recommended approach and time management: I understand that this is a challenging project. But keep in mind, as you complete your work each week, that I am not looking for perfection in your discussion posts. So, each week, you should simply strive to do your best within the time you can reasonably allocate to the project — thought and effort is what will matter most for your MSFLive Judgement Score. After each MSFLive session, you should have a better sense of how to deal with the challenges you faced, and then it shouldn’t take too long to make the necessary adjustments to your model. Your project grade will largely reflect how well you listened/engaged during MSFLive as reflected by the incorporation of what was discussed into your work (see above). Bottom line: use your time wisely and don’t agonize about perfection prior to each MSFLive session.

The Final Project Deliverable is your completed valuation model of Lockheed Martin, plus written responses to the reflective questions below.

This class largely centers on the building of a valuation model for a public firm, which we will work on together during MSFLive. Each week, prior to MSFLive, you will construct a portion of the model. You will make your discussion posts each week in response to the discussion prompts and in preparation for MSFLive. You will then attend MSFLive where we will discuss how to complete that portion of the model, the challenges you ran into, how to think about those challenges, and some “ways forward.” After each MSFLive session, you should incorporate the feedback and guidance received into your model. By the end of the course, you should have a complete and calibrated valuation model.

You will upload and submit one Excel file with your both your model and question responses.

Instructions

Build your valuation model using Microsoft Excel. Please include your last name in the title of your file.

Work on your valuation model each week. (This should be relatively easy since this is tied-in with your discussion posts and our MSFLive sessions.)

Incorporate feedback/guidance received during MSFLive.

Answer the reflective questions (below) on a single tab within your Excel file. There is no formal minimum or maximum length, but I generally expect thoughtful responses to be between 3 and 7 sentences. Use as many words as you need to, but as few words as possible.

When you are ready to submit, hit “Start Assignment” above. That should open a section for you to upload the Excel file with your model and responses. Upload them (be sure to upload the correct file) and hit submit.

Reflective Questions

Please respond to all five (5) of the following questions. Include your responses to all four questions on a single tab within your Excel valuation model file.

What inferences can you draw from your analysis? Do you have any recommended action for LMT’s management? If so, what are they, and why those actions?

Now, think back to the beginning of the course. In what ways have you improved your knowledge or gotten better at this kind of work?

How do you feel about your work? What parts of it are you proud of? What would you change if you had more time? Why?

If you were the instructor, how would you grade this work? Why?

If you were to do this kind of work again at some point in the future, what would do differently next time?

Additional Guidance and Expectations

Grading: please see the syllabus for a description of how I will evaluate your submissions. Submissions will be graded on a scale from 0 (unacceptable) to 5 (superior). Note that I will be grading submissions holistically. That means there is not a formal weighting of the analysis vs. the responses to the reflective questions. I am looking at the overall effort and thought exhibited by your submission. So, even if your analysis is relatively basic, it is still possible for you to earn a 5 by taking extra time to contemplate and putting extra thought and care into your reflection and written response. Conversely, you may have the best analysis ever, but if you don’t take time to reflect on your learning, then you may earn less than a 5. (Reflection is an important part of the consolidation process in learning, so please take this seriously — it should be fun, but still serious.)

More about grading: I generally anticipate giving submissions that reflect what we discuss during MSFLive (no more, no less) a score of 4. In other words, if your valuation model simply uses the same methods and assumptions as my model, or that we go over in class, I generally consider that to be ‘excellent.’ To earn a higher score, I would need to see additional thought and effort beyond what we simply did during MSFLive. This could take many forms: potentially different forecasting methods, additional analyses to formulate or “fine tune” forecasting assumptions, possibly different types of analyses (e.g., scenario analysis, or sensitivity analysis), etc. Written responses that exhibit insightful application of the material to make recommendations, or some great personal insights are also ways to potentially earn a higher score. The bottom line is that to earn a score higher than a 4, I generally expect to see thought and effort beyond the fundamentals or what was demonstrated during MSFLive, as well as serious, authentic reflection, and a high degree of professional “polish.” Note that submissions that don’t at least incorporate what was discussed or demonstrated during MSFLive and/or suggest a superficial effort to reflect on one’s learning will likely receive a score less than 4.

Recommended approach and time management: I understand that this is a challenging project. But keep in mind, as you complete your work each week, that I am not looking for perfection in your discussion posts. So, each week, you should simply strive to do your best within the time you can reasonably allocate to the project — thought and effort is what will matter most for your MSFLive Judgement Score. After each MSFLive session, you should have a better sense of how to deal with the challenges you faced, and then it shouldn’t take too long to make the necessary adjustments to your model. Your project grade will largely reflect how well you listened/engaged during MSFLive as reflected by the incorporation of what was discussed into your work (see above). Bottom line: use your time wisely and don’t agonize about perfection prior to each MSFLive session.

Raw data

Lockheed Martin

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
daa84: daa84:
48 C.F.R. §§ 9904.412, 413, which took effect Feb. 27. https://www.nationaldefensemagazine.org/articles/2012/10/1/2012october-contractors-charging-the-federal-government-for-pension-contributions-is-not-corporate-w 2013 2014 2015 2016 2017 2018 2019 2020

INCOME STATEMENTS

Products 27,290 30,202 31,518 33,863 35,267 34,091 35,763 36,380 36,925 37,817 35,691 36,093 35,882 40,365 43,875 45,005 50,053 54,928

Services 4,534 5,324 5,695 5,757 6,595 7,281 8,232 9,291 9,574 9,365 9,667 9,507 10,250 6,883 7,173 8,757 9,759 10,470

Net sales 24,999 24,541 23,990 26,578 31,824 35,526 37,213 39,620 41,862 41,372 43,995 45,671 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 65,398

Products (23,158) (23,111) (22,181) (24,542) (25,306) (27,879) (28,800) (30,572) (31,479) (30,220) (31,756) (32,539) (32,968) (33,495) (31,346) (31,965) (32,006) (36,616) (39,750) (40,293) (44,589) (48,996)

Services (4,099) (4,765) (5,073) (5,118) (5,874) (6,517) (7,376) (8,382) (8,514) (8,383) (8,588) (8,393) (9,011) (6,040) (6,405) (7,738) (8,731) (9,371)

Goodwill impairment (195) (119)

Severance and other charges (220) (136) (48) (201) (102) (80) (96) (27)

Other unallocated corporate costs (188) 230 (266) (87) (443) (914) (803) (496) (275) (61) (671) (742) (1,177) (1,060) (841) 132 187 550 655 1,639 1,875 1,650

Cost of sales (23,346) (22,881) (22,447) (24,629) (29,848) (33,558) (34,676) (36,186) (37,628) (36,798) (39,803) (41,883) (42,795) (42,986) (41,171) (40,345) (40,932) (42,186) (45,500) (46,488) (51,445) (56,744)

Gross profit 1,653 1,660 1,543 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654

Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10)

Operating profit 1,997 1,251 888 1,158 2,019 2,089 2,853 3,770 4,527 5,049 4,415 4,049 3,980 4,434 4,505 5,592 5,436 5,549 5,921 7,334 8,545 8,644

Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591)

Other non-operating income (expense), net 133 183 193 (91) 123 74 5 21 6 30 (1) (828) (651) 182

Earnings from continuing operations before income taxes 1,188 332 183 577 1,532 1,664 2,616 3,592 4,368 4,626 4,230 3,778 3,631 4,072 4,155 5,258 5,023 4,886 5,269 5,838 7,241 8,235

Income tax expense (459) (714) (109) (44) (479) (398) (791) (1,063) (1,335) (1,459) (1,231) (1,164) (964) (1,327) (1,205) (1,644) (1,418) (1,133) (3,340) (792) (1,011) (1,347)

Net earnings from continuing operations 729 (382) 79 533 1,053 1,266 1,825 2,529 3,033 3,167 2,999 2,614 2,667 2,745 2,950 3,614 3,605 3,753 1,929 5,046 6,230 6,888

Net earnings(loss) from discontinued operations 8 (42) (1,089) (33) 50 25 264 (12) 31 1,549 73 (55)

Extraordinary loss on early extinguishments of debt (95) (36)

Cumulative effect of change in accounting (355)

Net earnings 382 (519) (1,046) 500 1,053 1,266 1,825 2,529 3,033 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833

Dividends (from cash flow statement) (183) (192) (199) (261) (405) (462) (538) (615) (737) (908) (969) (1,098) (1,363) (1,558) (1,762) (1,923) (2,036) (2,157) (2,342) (2,550) (2,757)

Share repurchases (from shareholder equity) (471) (2,106) (1,386) (2,099) (1,781) (108) (434) (1,096) (2,400) (1,692) (1,596) (1,083) (713) (841)

Adoption of FIN 48 (from shareholder equity) 31

Shares exchanged and retired in connection (2,488)

Reclassification of income tax effects from tax reform 2,240

Diluted earnings (loss) per common share

Continuing operations 0.1 1.18 2.34 7.74 7.63 7.10 7.85 8.36 9.04 11.21 11.46 12.38 6.64 17.59 21.95 24.5

Discontinued operations -2.52 -0.07 0.12 0.01 0.71 (0.04) 0.09 5.11 0.25 (0.2)

Total diluted earnings per common share 0.99 -1.29 -2.42 1.11 2.34 2.83 4.1 5.8 7.1 7.86 7.64 7.81 7.81 8.36 9.13 11.21 11.46 17.49 6.89 17.59 21.95 24.3

BALANCE SHEETS

Assets

Current assets

Cash and cash equivalents 455 1505 912 2738 1010 1060 2244 1912 2648 2168 2391 2261 3582 1898 2617 1446 1090 1837 2861 772 1514 3160

Short-term investments 240 396 429 381 333 61 346 516 3

Receivables, net 4348 3986 4049 3655 4039 4094 4579 4595 4925 5296 6061 5692 6064 6563 5834 5877 8061 8202 8603 2444 2337 1978

Contract assets 9472 9094 9545

Inventories 4051 3805 3140 2250 2348 1864 1921 1657 1718 1902 2183 2363 2481 2937 2977 2804 4962 4670 4487 2997 3619 3545

Deferred income taxes 1237 1213 1566 1277 921 982 861 900 756 755 815 1147 1339 1269 1088 1451 1463

Assets of businesses held for sale 2332 638

Assets of discontinued operations 396

Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1188 813 744 622 399 1510 418 531 1150

Total current assets 10696 13339 10778 10626 9401 8953 10529 10164 10940 10683 12477 12893 14094 13855 13329 12322 16198 15108 17461 16103 17095 19378

Property, plant and equipment, net 3634 2941 2991 3258 3489 3599 3924 4056 4320 4488 4520 4554 4611 4675 4706 4751 5490 5549 5775 6124 6591 7213

Investments in equity securities 2210 2433 1884 1009 1060 812 196

Goodwill 9162 7479 7371 7380 7879 7892 8447 9250 9387 9526 9948 9605 10148 10370 10348 10862 13576 10764 10807 10769 10604 10806

Intangible assets, net 1259 1073 939 814 807 672 560 605 463 355 324 4147 4093 3797 3494 3213 3012

Deferred income taxes 235 760 4651 3779 3485 4388 4809 2850 4013 4470 6625 3111 3208 3319 3475

Prepaid pension cost 1397 1794 2081 1221 1213 1030 1360 1487 313 122

Other noncurrent assets 1903 1367 1610 2671 2326 2596 2728 2434 2743 3614 4387 4576 4667 4948 4955 4774 5247 5667 5570 5178 6706 6826

Total assets 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710

Liabilities and equity

Current liabilities

Accounts payable 1228 1106 1419 1102 1434 1726 1998 2221 2163 2030 2030 1627 2269 2038 1397 1562 1974 1653 1467 2402 1281 880

Contract liabilities 4655 4697 5002 4542 4256 4028 4331 3856 4254 4535 5049 5890 6399 6503 6349 5775 6988 6776 6752 6491 7054 7545

Salaries, benefits and payroll taxes 941 978 1100 1272 1418 1346 1475 1584 1544 1684 1648 1870 1664 1649 1809 1824 1916 1764 1785 2122 2466 3163

Income taxes 51 519 63 107 91

Short-term borrowing 475

Current maturities of long-term debt 52 882 89 1365 136 15 202 34 104 242 150 956 750 1500 1250 500

Liabilities of businesses/discont. ops held for sale 467 387 204

Other current liabilities 1410 1653 1629 1433 1558 1451 1422 1858 1806 2051 1976 1810 1798 1815 1565 1951 2223 2349 1883 1883 1921 1845

Total current liabilities 8812 10302 9689 9821 8893 8566 9428 9553 9871 10542 10703 11401 12130 12155 11120 11112 14057 12542 12637 14398 13972 13933

Long-term debt, net 11427 9065 7422 6217 6072 5104 4784 4405 4303 3563 5052 5019 6460 6158 6152 6142 14305 14282 13513 12604 11404 11669

Post-retirement benefit liabilities 1805 1480 1440 1236 1277 1496 928 1386 1308 1213 1274 1220 902 1102 1070 862 719 704

Accrued pension liabilities 1647 1565 1872 1100 1660 2097 3025 1192 12004 10823 10607 13502 15278 9361 11413 11807 13855 15703 11410 13234 12874

Deferred taxes 517 790 992

Other noncurrent liabilities 1339 1462 1543 1724 1914 1967 2291 2868 2827 3079 3096 3376 3541 3807 3735 3877 4792 4659 4558 4311 5747 6196

Total liabilities 23900 23266 21211 21114 19419 18533 19877 21347 19121 30574 30982 31616 36907 38618 31270 33646 46031 46200 47130 43427 44357 44672

Stockholders’ equity

Common stock, $1 par value per share 398 431 441 455 446 438 432 421 409 393 373 346 321 321 319 314 303 289 284 281 280 279

Additional paid-in capital 222 1789 2142 2796 2477 2223 1724 755 221

Retained earnings 5901 5199 3961 4262 5054 5915 7278 9269 11247 11621 12351 12161 11937 13211 14200 14956 14238 13324 11573 15434 18401 21636

Unearned ESOP shares -150 -115 -84 -50 -17 -1532 -1553

Accumulated other comprehensive loss -10 -144 -17 -1598 -1204 -23 -14 -3561 -1851 -9149 -8595 -9010 -11257 -13493 -9601 -11870 -11444 -12102 -12540 -14321 -15554 -16121

Total stockholders’ equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1511 -683 1394 3127 6015

Noncontrolling interests in subsidiary 95 74 55 44 23

Total equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1606 -609 1449 3171 6038

Total liabilities and equity 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710

RE 5,199 3,961 4,262 5,054 5,915 7,278 9,269 11,247 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636

– 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0

Depreciation and Amortizations 969 968 823 558 609 656 705 764 819 845 854 841 1008 988 990 994 1026 1215 1195 1161 1189 1290

SEGMENT INFORMATION

NET SALES

Aeronautics 5499 4885 5355 6471 10202 11781 12349 12188 12303 11473 12201 13109 14362 14953 14123 14920 15570 17769 20148 21242 23693 26266

Electronic systems 8685 8991 9724 9811 10519 11143 12803 13532 14399 14622

Information Systems & Global Solutions 8233 8990 10213 9069 9608 9921 9381 8846 6115 5654 5596

Missiles and Fire Control 7457 6795 7092 6770 6608 7212 8462 10131 11257

Rotary and Mission Systems 7579 9037 8732 9091 13462 14215 14250 15128 15995

Space 7285 7339 6836 5287 6021 6357 6820 7923 8203 8027 8654 8242 8134 8347 9288 9202 9105 9409 9473 9808 10860 11880

Integrated Systems & Solutions 9570 9647 9014 3015 3420 3850

Information & Technology Services 2574 2649 2763 3104 3174 3801

Other 71 21 22 16 16 13

TOTAL 24999 24541 23990 26578 31824 35526 37213 39620 41862 41372 43995 45671 46499 47182 45358 45600 46132 47248 51048 53762 59812 65398

Check – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0

OPERATING PROFIT

Aeronautics 247 343 416 448 690 899 1018 1221 1476 1433 1577 1498 1630 1699 1612 1649 1681 1887 2164 2272 2521 2843

Electronic systems 875 858 969 1078 1264 1410 1583 1660 1748 1788

Information Systems & Global Solutions 720 804 949 919 895 814 874 808 498 472 508

Missiles and Fire Control 1256 1379 1344 1282 1018 1053 1248 1441 1545

Rotary and Mission Systems 737 1065 936 844 906 905 1302 1421 1615

Space 506 401 405 279 403 489 605 742 856 953 972 968 989 1083 1198 1187 1171 1289 993 1055 1191 1149

Integrated Systems & Solutions 880 583 836 241 291 334

Information & Technology Services 137 82 130 177 226 285

Segment Op profit 1770 1409 1787 2020 2468 2976 3421 4031 4691 4888 5104 5028 5281 5583 5752 5588 5486 5100 5115 5877 6574 7152

Unallocated 227 -158 -899 -862 -449 -887 -568 -261 -164 161 -689 -979 -1301 -1149 -1247 4 -50 449 806 1457 1971 1492

TOTAL OPERATING PROFIT 1997 1251 888 1158 2019 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 8644

Check – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0

Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10)

GROSS PROFIT 1,653 1,660 1,598 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654

Aeronautics 5252 4542 4939 6023 9512 10882 11331 10967 10827 10040 10624 11611 12732 13254 12511 13271 13889 15882 17984 18970 21172 23423

Electronic systems 0 0 0 7810 8133 8755 8733 9255 9733 11220 11872 12651 12834

Information Systems & Global Solutions 0 0 0 0 0 0 7513 8186 9264 8150 8713 9107 8507 8038 5617 5182 5088

Missiles and Fire Control 0 0 0 0 0 0 0 0 0 0 0 0 0 6201 5416 5748 5488 5590 6159 7214 8690 9712

Rotary and Mission Systems 0 0 0 0 0 0 0 0 0 0 0 0 0 6842 7972 7796 8247 12556 13310 12948 13707 14380

Space 6779 6938 6431 5008 5618 5868 6215 7181 7347 7074 7682 7274 7145 7264 8090 8015 7934 8120 8480 8753 9669 10731

Integrated Systems & Solutions 8690 9064 8178 2774 3129 3516

Information & Technology Services 2437 2567 2633 2927 2948 3516

Unallocated -227 158 899 862 449 887 568 261 164 -161 689 979 1301 1149 1247 -4 50 -449 -806 -1457 -1971 -1492

COST OF SALES 23,275 22,860 22,370 24,613 29,832 33,545 34,676 36,186 37,628 36,798 39,803 41,883 42,795 42,986 41,171 40,345 40,932 42,186 45,500 46,488 51,445 56,744

Check (71) (21) (77) (16) (16) (13) – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0

Stripping depreciation out of COS

Reported operating profit 1997 1251 888 1158 2019 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 8644

Add back other expense(income) 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10)

Add back depreciation -969 -968 -823 -558 -609 -656 -705 -764 -819 -845 -854 -841 -1008 -988 -990 -994 -1026 -1215 -1195 -1161 -1189 -1290

Reconstructed gross profit 2,622 2,628 2,421 2,507 2,585 2,624 3,242 4,198 5,053 5,419 5,046 4,629 4,712 5,184 5,177 6,249 6,226 6,277 6,743 8,435 9,556 9,944

Operating cost of sales (22,189) (22,143) (21,303) (23,984) (28,796) (31,988) (33,168) (34,926) (36,534) (35,892) (38,278) (40,080) (40,474) (40,890) (38,944) (39,364) (39,991) (41,441) (44,960) (46,870) (52,131) (57,077)

Non-operating cost of sales (188) 230 (266) (87) (443) (914) (803) (496) (275) (61) (671) (962) (1,313) (1,108) (1,237) 13 85 470 655 1,543 1,875 1,623

Net sales 24,999 24,541 23,990 26,578 31,824 35,526 37,213 39,620 41,862 41,372 43,995 45,671 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 65,398

FinStatements

Mean 4.83% Mean 4.83%

StdDev 5.69% StdDev 5.69%

Number of StdDev from Mean 2.00 Number of StdDev from Mean 2.00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Forecast Growth at Mean 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Forecast Growth at Growth Rate 2 Std Dev Below 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

INCOME STATEMENTS

Net sales $ 24,999.00 $ 24,541.00 $ 23,990.00 $ 26,578.00 $ 31,824.00 $ 35,526.00 $ 37,213.00 $ 39,620.00 $ 41,862.00 $ 41,372.00 $ 43,995.00 $ 45,671.00 $ 46,499.00 $ 47,182.00 $ 45,358.00 $ 45,600.00 $ 46,132.00 $ 47,248.00 $ 51,048.00 $ 53,762.00 $ 59,812.00 $ 65,398.00 $ 66,705.96 $ 68,040.08 $ 69,400.88 $ 70,788.90 $ 72,204.68 $ 73,648.77 $ 75,121.75 $ 76,624.18 $ 78,156.66 $ 79,719.80 $ 81,314.19 $ 61,117.25 $ 57,116.70 $ 53,378.01 $ 49,884.05 $ 46,618.79 $ 43,567.27 $ 40,715.49 $ 38,050.38 $ 35,559.71 $ 33,232.08 $ 31,056.81

Δ Sales -1.83% -2.25% 10.79% 19.74% 11.63% 4.75% 6.47% 5.66% -1.17% 6.34% 3.81% 1.81% 1.47% -3.87% 0.53% 1.17% 2.42% 8.04% 5.32% 11.25% 9.34% 2.00% -6.55%

Operating cost of sales $ (22,189.00) $ (22,143.00) $ (21,303.00) $ (23,984.00) $ (28,796.00) $ (31,988.00) $ (33,168.00) $ (34,926.00) $ (36,534.00) $ (35,892.00) $ (38,278.00) $ (40,080.00) $ (40,474.00) $ (40,890.00) $ (38,944.00) $ (39,364.00) $ (39,991.00) $ (41,441.00) $ (44,960.00) $ (46,870.00) $ (52,131.00) $ (57,077.00) $ 58,632.79 $ 59,805.44 $ 61,001.55 $ 62,221.58 $ 63,466.01 $ 64,735.33 $ 66,030.04 $ 67,350.64 $ 68,697.65 $ 70,071.61 $ 71,473.04 $ 53,720.45 $ 50,204.08 $ 46,917.87 $ 43,846.77 $ 40,976.69 $ 38,294.48 $ 35,787.84 $ 33,445.28 $ 31,256.05 $ 29,210.13 $ 27,298.12

Hist. Ratio of COGs/Sales 89% 90% 89% 90% 90% 90% 89% 88% 87% 87% 87% 88% 87% 87% 86% 86% 87% 88% 88% 87% 87% 87% 87.90% 87.08%

Other cost of sales $ (188.00) $ 230.00 $ (266.00) $ (87.00) $ (443.00) $ (914.00) $ (803.00) $ (496.00) $ (275.00) $ (61.00) $ (671.00) $ (962.00) $ (1,313.00) $ (1,108.00) $ (1,237.00) $ 13.00 $ 85.00 $ 470.00 $ 655.00 $ 1,543.00 $ 1,875.00 $ 1,623.00 $ 293.23 $ 299.10 $ 305.08 $ 311.18 $ 317.41 $ 323.75 $ 330.23 $ 336.83 $ 343.57 $ 350.44 $ 357.45 $ 268.67 $ 251.08 $ 234.64 $ 219.29 $ 204.93 $ 191.52 $ 178.98 $ 167.27 $ 156.32 $ 146.09 $ 136.52

Hist. Ratio of COGs/Sales 0.75% -0.94% 1.11% 0.33% 1.39% 2.57% 2.16% 1.25% 0.66% 0.15% 1.53% 2.11% 2.82% 2.35% 2.73% -0.03% -0.18% -0.99% -1.28% -2.87% -3.13% -2.48% 0.44% -0.55%

Gross profit $ 2,622.00 $ 2,628.00 $ 2,421.00 $ 2,507.00 $ 2,585.00 $ 2,624.00 $ 3,242.00 $ 4,198.00 $ 5,053.00 $ 5,419.00 $ 5,046.00 $ 4,629.00 $ 4,712.00 $ 5,184.00 $ 5,177.00 $ 6,249.00 $ 6,226.00 $ 6,277.00 $ 6,743.00 $ 8,435.00 $ 9,556.00 $ 9,944.00 $ 7,779.94 $ 7,935.54 $ 8,094.25 $ 8,256.14 $ 8,421.26 $ 8,589.68 $ 8,761.48 $ 8,936.71 $ 9,115.44 $ 9,297.75 $ 9,483.71 $ 7,128.13 $ 6,661.54 $ 6,225.50 $ 5,818.00 $ 5,437.17 $ 5,081.27 $ 4,748.66 $ 4,437.83 $ 4,147.34 $ 3,875.87 $ 3,622.17

Depreciation $ (969.00) $ (968.00) $ (823.00) $ (558.00) $ (609.00) $ (656.00) $ (705.00) $ (764.00) $ (819.00) $ (845.00) $ (854.00) $ (841.00) $ (1,008.00) $ (988.00) $ (990.00) $ (994.00) $ (1,026.00) $ (1,215.00) $ (1,195.00) $ (1,161.00) $ (1,189.00) $ (1,290.00) $ (1,499.10) $ (1,529.09) $ (1,559.67) $ (1,590.86) $ (1,622.68) $ (1,655.13) $ (1,688.23) $ (1,722.00) $ (1,756.44) $ (1,791.57) $ (1,827.40) $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Hist. Ratio of Dep/PPE 26.66% 32.91% 27.52% 17.13% 17.45% 18.23% 17.97% 18.84% 18.96% 18.83% 18.89% 18.47% 21.86% 21.13% 21.04% 20.92% 18.69% 21.90% 20.69% 18.96% 18.04% 17.88% 20.30% 19.96%

Other (expense) income, net $ 344.00 $ (409.00) $ (710.00) $ (791.00) $ 43.00 $ 121.00 $ 316.00 $ 336.00 $ 293.00 $ 475.00 $ 223.00 $ 261.00 $ 276.00 $ 238.00 $ 318.00 $ 337.00 $ 236.00 $ 487.00 $ 373.00 $ 60.00 $ 178.00 $ (10.00) 0.10% $ 66.71 $ 68.04 $ 69.40 $ 70.79 $ 72.20 $ 73.65 $ 75.12 $ 76.62 $ 78.16 $ 79.72 $ 81.31 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Operating profit $ 1,997.00 $ 1,251.00 $ 888.00 $ 1,158.00 $ 2,019.00 $ 2,089.00 $ 2,853.00 $ 3,770.00 $ 4,527.00 $ 5,049.00 $ 4,415.00 $ 4,049.00 $ 3,980.00 $ 4,434.00 $ 4,505.00 $ 5,592.00 $ 5,436.00 $ 5,549.00 $ 5,921.00 $ 7,334.00 $ 8,545.00 $ 8,644.00 $ 6,347.54 $ 6,474.50 $ 6,603.99 $ 6,736.06 $ 6,870.79 $ 7,008.20 $ 7,148.37 $ 7,291.33 $ 7,437.16 $ 7,585.90 $ 7,737.62

Interest expense $ (809.00) $ (919.00) $ (700.00) $ (581.00) $ (487.00) $ (425.00) $ (370.00) $ (361.00) $ (352.00) $ (332.00) $ (308.00) $ (345.00) $ (354.00) $ (383.00) $ (350.00) $ (340.00) $ (443.00) $ (663.00) $ (651.00) $ (668.00) $ (653.00) $ (591.00) $ 817.60 $ 851.51 $ 886.82 $ 923.60 $ 961.91 $ 1,001.80 $ 1,043.34 $ 1,086.61 $ 1,131.68 $ 1,178.61 $ 1,227.49

Hist. Ratio of Int. Expense/Debt 6.77% 9.24% 9.32% 7.66% 7.84% 8.30% 7.42% 8.13% 7.99% 8.73% 6.10% 6.87% 5.48% 6.07% 5.69% 5.54% 2.90% 4.64% 4.56% 4.74% 5.16% 4.86% 6.54%

Other non-operating income (expense), net $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 133.00 $ 183.00 $ 193.00 $ (91.00) $ 123.00 $ 74.00 $ 5.00 $ 21.00 $ – 0 $ 6.00 $ 30.00 $ – 0 $ (1.00) $ (828.00) $ (651.00) $ 182.00 – 0

Earnings from continuing operations before income taxes $ 1,188.00 $ 332.00 $ 188.00 $ 577.00 $ 1,532.00 $ 1,664.00 $ 2,616.00 $ 3,592.00 $ 4,368.00 $ 4,626.00 $ 4,230.00 $ 3,778.00 $ 3,631.00 $ 4,072.00 $ 4,155.00 $ 5,258.00 $ 5,023.00 $ 4,886.00 $ 5,269.00 $ 5,838.00 $ 7,241.00 $ 8,235.00 $ 7,165.15 $ 7,326.01 $ 7,490.81 $ 7,659.67 $ 7,832.69 $ 8,010.00 $ 8,191.71 $ 8,377.95 $ 8,568.84 $ 8,764.51 $ 8,965.11

Income tax expense $ (459.00) $ (714.00) $ (109.00) $ (44.00) $ (479.00) $ (398.00) $ (791.00) $ (1,063.00) $ (1,335.00) $ (1,459.00) $ (1,231.00) $ (1,164.00) $ (964.00) $ (1,327.00) $ (1,205.00) $ (1,644.00) $ (1,418.00) $ (1,133.00) $ (3,340.00) $ (792.00) $ (1,011.00) $ (1,347.00) $ (1,627.05) $ (1,659.59) $ (1,692.78) $ (1,726.63) $ (1,761.17) $ (1,796.39) $ (1,832.32) $ (1,868.96) $ (1,906.34) $ (1,944.47) $ (1,983.36)

Hist. Ratio of Income Tax to Operating Profit 22.98% 57.07% 12.27% 3.80% 23.72% 19.05% 27.73% 28.20% 29.49% 28.90% 27.88% 28.75% 24.22% 29.93% 26.75% 29.40% 26.09% 20.42% 56.41% 10.80% 11.83% 15.58% 25.63%

Net earnings from continuing operations $ 729.00 $ (382.00) $ 79.00 $ 533.00 $ 1,053.00 $ 1,266.00 $ 1,825.00 $ 2,529.00 $ 3,033.00 $ 3,167.00 $ 2,999.00 $ 2,614.00 $ 2,667.00 $ 2,745.00 $ 2,950.00 $ 3,614.00 $ 3,605.00 $ 3,753.00 $ 1,929.00 $ 5,046.00 $ 6,230.00 $ 6,888.00 $ 5,538.10 $ 5,666.42 $ 5,798.03 $ 5,933.03 $ 6,071.53 $ 6,213.61 $ 6,359.39 $ 6,508.98 $ 6,662.49 $ 6,820.04 $ 6,981.75

Net earnings(loss) from discontinued operations $ 8.00 $ (42.00) $ (1,089.00) $ (33.00) $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 50.00 $ 25.00 $ 264.00 $ (12.00) $ – 0 $ 31.00 $ – 0 $ – 0 $ 1,549.00 $ 73.00 $ – 0 $ – 0 $ (55.00)

Other income(loss) items $ (355.00) $ (95.00) $ (36.00) $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Net earnings $ 382.00 $ (519.00) $ (1,046.00) $ 500.00 $ 1,053.00 $ 1,266.00 $ 1,825.00 $ 2,529.00 $ 3,033.00 $ 3,217.00 $ 3,024.00 $ 2,878.00 $ 2,655.00 $ 2,745.00 $ 2,981.00 $ 3,614.00 $ 3,605.00 $ 5,302.00 $ 2,002.00 $ 5,046.00 $ 6,230.00 $ 6,833.00 $ 5,538.10 $ 5,666.42 $ 5,798.03 $ 5,933.03 $ 6,071.53 $ 6,213.61 $ 6,359.39 $ 6,508.98 $ 6,662.49 $ 6,820.04 $ 6,981.75

check $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Dividends $ – 0 $ (183.00) $ (192.00) $ (199.00) $ (261.00) $ (405.00) $ (462.00) $ (538.00) $ (615.00) $ (737.00) $ (908.00) $ (969.00) $ (1,098.00) $ (1,363.00) $ (1,558.00) $ (1,762.00) $ (1,923.00) $ (2,036.00) $ (2,157.00) $ (2,342.00) $ (2,550.00) $ (2,757.00)

Share repurchases $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ (471.00) $ (2,106.00) $ (1,386.00) $ (2,099.00) $ (1,781.00) $ (108.00) $ (434.00) $ (1,096.00) $ (2,400.00) $ (1,692.00) $ (1,596.00) $ (1,083.00) $ (713.00) $ (841.00)

Other items that affect RE $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 31.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ (2,488.00) $ – 0 $ 2,240.00 $ – 0 $ – 0

$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

BALANCE SHEETS

Working cash $ 455.00 $ 490.82 $ 479.80 $ 531.56 $ 636.48 $ 710.52 $ 744.26 $ 792.40 $ 837.24 $ 827.44 $ 879.90 $ 913.42 $ 929.98 $ 943.64 $ 907.16 $ 912.00 $ 922.64 $ 944.96 $ 1,020.96 $ 772.00 $ 1,196.24 $ 1,307.96 $ 1,311.56 $ 1,337.79 $ 1,364.55 $ 1,391.84 $ 1,419.68 $ 1,448.07 $ 1,477.03 $ 1,506.57 $ 1,536.70 $ 1,567.44 $ 1,598.79 $ – 0 $ 1,201.68 $ 1,123.02 $ 1,049.51 $ 980.81 $ 916.61 $ 856.61 $ 800.54 $ 748.14 $ 699.17 $ 653.40 $ 610.63

Working cash as a % of Revenue 1.82% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 1.44% 2.00% 2.00% 1.966%

Excess cash $ – 0 $ 1,014.18 $ 432.20 $ 2,206.44 $ 373.52 $ 349.48 $ 1,499.74 $ 1,119.60 $ 1,810.76 $ 1,340.56 $ 1,511.10 $ 1,347.58 $ 2,652.02 $ 954.36 $ 1,709.84 $ 534.00 $ 167.36 $ 892.04 $ 1,840.04 $ – 0 $ 317.76 $ 1,852.04 $ 1,791.54 $ 1,827.37 $ 1,863.91 $ 1,901.19 $ 1,939.22 $ 1,978.00 $ 2,017.56 $ 2,057.91 $ 2,099.07 $ 2,141.05 $ 2,183.87

Excess cash as a % of Revenue 0.00% 4.13% 1.80% 8.30% 1.17% 0.98% 4.03% 2.83% 4.33% 3.24% 3.43% 2.95% 5.70% 2.02% 3.77% 1.17% 0.36% 1.89% 3.60% 0.00% 0.53% 2.83% 2.686%

Short-term investments $ – 0 $ – 0 $ – 0 $ – 0 $ 240.00 $ 396.00 $ 429.00 $ 381.00 $ 333.00 $ 61.00 $ 346.00 $ 516.00 $ 3.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Receivables, net $ 4,348.00 $ 3,986.00 $ 4,049.00 $ 3,655.00 $ 4,039.00 $ 4,094.00 $ 4,579.00 $ 4,595.00 $ 4,925.00 $ 5,296.00 $ 6,061.00 $ 5,692.00 $ 6,064.00 $ 6,563.00 $ 5,834.00 $ 5,877.00 $ 8,061.00 $ 8,202.00 $ 8,603.00 $ 2,444.00 $ 2,337.00 $ 1,978.00 $ 8,461.15 $ 8,630.37 $ 8,802.98 $ 8,979.04 $ 9,158.62 $ 9,341.79 $ 9,528.63 $ 9,719.20 $ 9,913.58 $ 10,111.86 $ 10,314.09

Receivables as a % of Revenue 17.39% 16.24% 16.88% 13.75% 12.69% 11.52% 12.30% 11.60% 11.76% 12.80% 13.78% 12.46% 13.04% 13.91% 12.86% 12.89% 17.47% 17.36% 16.85% 4.55% 3.91% 3.02% 12.684%

Contract assets $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 9,472.00 $ 9,094.00 $ 9,545.00 $ 1,437.75 $ 1,466.51 $ 1,495.84 $ 1,525.76 $ 1,556.27 $ 1,587.40 $ 1,619.14 $ 1,651.53 $ 1,684.56 $ 1,718.25 $ 1,752.61

Contract assets as a % of Revenue 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.62% 15.20% 14.60% 2.155%

Inventories $ 4,051.00 $ 3,805.00 $ 3,140.00 $ 2,250.00 $ 2,348.00 $ 1,864.00 $ 1,921.00 $ 1,657.00 $ 1,718.00 $ 1,902.00 $ 2,183.00 $ 2,363.00 $ 2,481.00 $ 2,937.00 $ 2,977.00 $ 2,804.00 $ 4,962.00 $ 4,670.00 $ 4,487.00 $ 2,997.00 $ 3,619.00 $ 3,545.00 $ 5,668.89 $ 5,782.27 $ 5,897.92 $ 6,015.88 $ 6,136.19 $ 6,258.92 $ 6,384.10 $ 6,511.78 $ 6,642.01 $ 6,774.85 $ 6,910.35

Inventories as a % of COGs 18.26% 17.18% 14.74% 9.38% 8.15% 5.83% 5.79% 4.74% 4.70% 5.30% 5.70% 5.90% 6.13% 7.18% 7.64% 7.12% 12.41% 11.27% 9.98% 6.39% 6.94% 6.21% 8.498%

Deferred income taxes $ 1,237.00 $ 1,213.00 $ 1,566.00 $ 1,277.00 $ 921.00 $ 982.00 $ 861.00 $ 900.00 $ 756.00 $ 755.00 $ 815.00 $ 1,147.00 $ 1,339.00 $ 1,269.00 $ 1,088.00 $ 1,451.00 $ 1,463.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Deferred income taxes as a % of Taxes Paid 0.0%

Assets of businesses held for sale $ – 0 $ 2,332.00 $ 638.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 0.0% $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0

Assets of discontinued operations $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 396.00 $ – 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 $ 605.00 $ 498.00 $ 473.00 $ 706.00 $ 843.00 $ 557.00 $ 495.00 $ 719.00 $ 560.00 $ 501.00 $ 681.00 $ 518.00 $ 625.00 $ 1,188.00 $ 813.00 $ 744.00 $ 622.00 $ 399.00 $ 1,510.00 $ 418.00 $ 531.00 $ 1,150.00 $ 1,309.35 $ 1,335.54 $ 1,362.25 $ 1,389.50 $ 1,417.29 $ 1,445.63 $ 1,474.54 $ 1,504.03 $ 1,534.12 $ 1,564.80 $ 1,596.09

Other current assets as a % of Total Assets 2.00% 1.64% 1.71% 2.62% 3.22% 2.18% 1.78% 2.55% 1.94% 1.50% 1.94% 1.48% 1.65% 3.07% 2.25% 2.01% 1.27% 0.83% 3.25% 0.93% 1.12% 2.27% 1.963%

Total current assets $ 10,696.37 $ 13,339.40 $ 10,778.35 $ 10,626.33 $ 9,401.24 $ 8,953.20 $ 10,529.24 $ 10,164.21 $ 10,940.23 $ 10,683.23 $ 12,477.25 $ 12,893.23 $ 14,094.27 $ 13,855.25 $ 13,329.26 $ 12,322.23 $ 16,198.32 $ 15,108.33 $ 17,461.32 $ 16,103.30 $ 17,095.29 $ 19,378.29 $ 19,980.25 $ 20,379.85 $ 20,787.45 $ 21,203.20 $ 21,627.26 $ 22,059.81 $ 22,501.00 $ 22,951.02 $ 23,410.04 $ 23,878.24 $ 24,355.81

check $ 0.37 $ 0.40 $ 0.35 $ 0.33 $ 0.24 $ 0.20 $ 0.24 $ 0.21 $ 0.23 $ 0.23 $ 0.25 $ 0.23 $ 0.27 $ 0.25 $ 0.26 $ 0.23 $ 0.32 $ 0.33 $ 0.32 $ 0.30 $ 0.29 $ 0.29

Property, plant and equipment, net $ 3,634.00 $ 2,941.00 $ 2,991.00 $ 3,258.00 $ 3,489.00 $ 3,599.00 $ 3,924.00 $ 4,056.00 $ 4,320.00 $ 4,488.00 $ 4,520.00 $ 4,554.00 $ 4,611.00 $ 4,675.00 $ 4,706.00 $ 4,751.00 $ 5,490.00 $ 5,549.00 $ 5,775.00 $ 6,124.00 $ 6,591.00 $ 7,213.00 $ 7,384.71 $ 7,532.41 $ 7,683.06 $ 7,836.72 $ 7,993.45 $ 8,153.32 $ 8,316.39 $ 8,482.71 $ 8,652.37 $ 8,825.42 $ 9,001.92

PP&E as a % of Revenue 14.54% 11.98% 12.47% 12.26% 10.96% 10.13% 10.54% 10.24% 10.32% 10.85% 10.27% 9.97% 9.92% 9.91% 10.38% 10.42% 11.90% 11.74% 11.31% 11.39% 11.02% 11.03% 11.071%

Goodwill $ 9,162.00 $ 7,479.00 $ 7,371.00 $ 7,380.00 $ 7,879.00 $ 7,892.00 $ 8,447.00 $ 9,250.00 $ 9,387.00 $ 9,526.00 $ 9,948.00 $ 9,605.00 $ 10,148.00 $ 10,370.00 $ 10,348.00 $ 10,862.00 $ 13,576.00 $ 10,764.00 $ 10,807.00 $ 10,769.00 $ 10,604.00 $ 10,806.00 $ 15,943.60 $ 16,262.47 $ 16,587.72 $ 16,919.47 $ 17,257.86 $ 17,603.02 $ 17,955.08 $ 18,314.18 $ 18,680.46 $ 19,054.07 $ 19,435.15

Goodwill as a % of Revenue 36.65% 30.48% 30.73% 27.77% 24.76% 22.21% 22.70% 23.35% 22.42% 23.03% 22.61% 21.03% 21.82% 21.98% 22.81% 23.82% 29.43% 22.78% 21.17% 20.03% 17.73% 16.52% 23.901%

Intangible assets, net $ 1,259.00 $ 1,073.00 $ 939.00 $ 814.00 $ 807.00 $ 672.00 $ 560.00 $ 605.00 $ 463.00 $ 355.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 324.00 $ 4,147.00 $ 4,093.00 $ 3,797.00 $ 3,494.00 $ 3,213.00 $ 3,012.00 $ 2,064.43 $ 2,105.72 $ 2,147.83 $ 2,190.79 $ 2,234.60 $ 2,279.29 $ 2,324.88 $ 2,371.38 $ 2,418.81 $ 2,467.18 $ 2,516.53

Intangible assets as a % of Revenue 5.04% 4.37% 3.91% 3.06% 2.54% 1.89% 1.50% 1.53% 1.11% 0.86% 0.00% 0.00% 0.00% 0.00% 0.00% 0.71% 8.99% 8.66% 7.44% 6.50% 5.37% 4.61% 3.095%

Deferred income taxes $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 235.00 $ 760.00 $ 4,651.00 $ 3,779.00 $ 3,485.00 $ 4,388.00 $ 4,809.00 $ 2,850.00 $ 4,013.00 $ 4,470.00 $ 6,625.00 $ 3,111.00 $ 3,208.00 $ 3,319.00 $ 3,475.00

Other noncurrent assets $ 5,510.00 $ 5,594.00 $ 5,575.00 $ 4,901.00 $ 4,599.00 $ 4,438.00 $ 4,284.00 $ 3,921.00 $ 3,056.00 $ 3,736.00 $ 4,387.00 $ 4,576.00 $ 4,667.00 $ 4,948.00 $ 4,955.00 $ 4,774.00 $ 5,247.00 $ 5,667.00 $ 5,570.00 $ 5,178.00 $ 6,706.00 $ 6,826.00

TOTAL ASSETS $ 30,261.37 $ 30,426.40 $ 27,654.35 $ 26,979.33 $ 26,175.24 $ 25,554.20 $ 27,744.24 $ 28,231.21 $ 28,926.23 $ 33,439.23 $ 35,111.25 $ 35,113.23 $ 37,908.27 $ 38,657.25 $ 36,188.26 $ 37,046.23 $ 49,128.32 $ 47,806.33 $ 46,521.32 $ 44,876.30 $ 47,528.29 $ 50,710.29

Check $ 0.37 $ 0.40 $ 0.35 $ 0.33 $ 0.24 $ 0.20 $ 0.24 $ 0.21 $ 0.23 $ 0.23 $ 0.25 $ 0.23 $ 0.27 $ 0.25 $ 0.26 $ 0.23 $ 0.32 $ 0.33 $ 0.32 $ 0.30 $ 0.29 $ 0.29

Accounts payable $ 1,228.00 $ 1,106.00 $ 1,419.00 $ 1,102.00 $ 1,434.00 $ 1,726.00 $ 1,998.00 $ 2,221.00 $ 2,163.00 $ 2,030.00 $ 2,030.00 $ 1,627.00 $ 2,269.00 $ 2,038.00 $ 1,397.00 $ 1,562.00 $ 1,974.00 $ 1,653.00 $ 1,467.00 $ 2,402.00 $ 1,281.00 $ 880.00 $ 2,796.78 $ 2,852.71 $ 2,909.77 $ 2,967.96 $ 3,027.32 $ 3,087.87 $ 3,149.62 $ 3,212.62 $ 3,276.87 $ 3,342.41 $ 3,409.25

Accounts payable as a % of COGs 5.53% 4.99% 6.66% 4.59% 4.98% 5.40% 6.02% 6.36% 5.92% 5.66% 5.30% 4.06% 5.61% 4.98% 3.59% 3.97% 4.94% 3.99% 3.26% 5.12% 2.46% 1.54% 4.770%

Contract liabilities $ 4,655.00 $ 4,697.00 $ 5,002.00 $ 4,542.00 $ 4,256.00 $ 4,028.00 $ 4,331.00 $ 3,856.00 $ 4,254.00 $ 4,535.00 $ 5,049.00 $ 5,890.00 $ 6,399.00 $ 6,503.00 $ 6,349.00 $ 5,775.00 $ 6,988.00 $ 6,776.00 $ 6,752.00 $ 6,491.00 $ 7,054.00 $ 7,545.00 $ 9,084.30 $ 9,265.99 $ 9,451.31 $ 9,640.33 $ 9,833.14 $ 10,029.80 $ 10,230.40 $ 10,435.01 $ 10,643.71 $ 10,856.58 $ 11,073.71

Accounts payable as a % of Revenue 18.62% 19.14% 20.85% 17.09% 13.37% 11.34% 11.64% 9.73% 10.16% 10.96% 11.48% 12.90% 13.76% 13.78% 14.00% 12.66% 15.15% 14.34% 13.23% 12.07% 11.79% 11.54% 13.618%

Salaries, benefits and payroll taxes $ 941.00 $ 978.00 $ 1,100.00 $ 1,272.00 $ 1,418.00 $ 1,346.00 $ 1,475.00 $ 1,584.00 $ 1,544.00 $ 1,684.00 $ 1,648.00 $ 1,870.00 $ 1,664.00 $ 1,649.00 $ 1,809.00 $ 1,824.00 $ 1,916.00 $ 1,764.00 $ 1,785.00 $ 2,122.00 $ 2,466.00 $ 3,163.00 $ 2,676.65 $ 2,730.19 $ 2,784.79 $ 2,840.49 $ 2,897.30 $ 2,955.24 $ 3,014.35 $ 3,074.63 $ 3,136.13 $ 3,198.85 $ 3,262.83

Accounts payable as a % of Revenue 3.76% 3.99% 4.59% 4.79% 4.46% 3.79% 3.96% 4.00% 3.69% 4.07% 3.75% 4.09% 3.58% 3.49% 3.99% 4.00% 4.15% 3.73% 3.50% 3.95% 4.12% 4.84% 4.013%

Short-term debt + current portion of long-term debt $ 527.00 $ 882.00 $ 89.00 $ 1,365.00 $ 136.00 $ 15.00 $ 202.00 $ 34.00 $ 104.00 $ 242.00 $ – 0 $ – 0 $ – 0 $ 150.00 $ – 0 $ – 0 $ 956.00 $ – 0 $ 750.00 $ 1,500.00 $ 1,250.00 $ 500.00 $ 584.11 $ 608.33 $ 633.56 $ 659.83 $ 687.20 $ 715.70 $ 745.38 $ 776.29 $ 808.49 $ 842.02 $ 876.94

Short-term debt + current portion of long-term debt as % of total Liab 2.20% 3.79% 0.42% 6.46% 0.70% 0.08% 1.02% 0.16% 0.54% 0.79% 0.00% 0.00% 0.00% 0.39% 0.00% 0.00% 2.08% 0.00% 1.59% 3.45% 2.82% 1.12% 1.255%

Other current liabilities $ 1,461.00 $ 2,639.00 $ 2,079.00 $ 1,540.00 $ 1,649.00 $ 1,451.00 $ 1,422.00 $ 1,858.00 $ 1,806.00 $ 2,051.00 $ 1,976.00 $ 2,014.00 $ 1,798.00 $ 1,815.00 $ 1,565.00 $ 1,951.00 $ 2,223.00 $ 2,349.00 $ 1,883.00 $ 1,883.00 $ 1,921.00 $ 1,845.00 $ 3,018.00 $ 3,143.16 $ 3,273.51 $ 3,409.27 $ 3,550.66 $ 3,697.91 $ 3,851.27 $ 4,010.99 $ 4,177.33 $ 4,350.57 $ 4,531.00

Other current liabilities as % of total liab 6.11% 11.34% 9.80% 7.29% 8.49% 7.83% 7.15% 8.70% 9.45% 6.71% 6.38% 6.37% 4.87% 4.70% 5.00% 5.80% 4.83% 5.08% 4.00% 4.34% 4.33% 4.13% 6.487%

Current liabilities $ 8,812.30 $ 10,302.32 $ 9,689.33 $ 9,821.33 $ 8,893.24 $ 8,566.21 $ 9,428.23 $ 9,553.20 $ 9,871.20 $ 10,542.21 $ 10,703.21 $ 11,401.21 $ 12,130.23 $ 12,155.23 $ 11,120.22 $ 11,112.21 $ 14,057.26 $ 12,542.22 $ 12,637.22 $ 14,398.25 $ 13,972.21 $ 13,933.19 $ 18,159.84 $ 18,600.38 $ 19,052.94 $ 19,517.89 $ 19,995.62 $ 20,486.52 $ 20,991.02 $ 21,509.54 $ 22,042.52 $ 22,590.43 $ 23,153.73

Check $ 0.30 $ 0.32 $ 0.33 $ 0.33 $ 0.24 $ 0.21 $ 0.23 $ 0.20 $ 0.20 $ 0.21 $ 0.21 $ 0.21 $ 0.23 $ 0.23 $ 0.22 $ 0.21 $ 0.26 $ 0.22 $ 0.22 $ 0.25 $ 0.21 $ 0.19

Long-term debt, net $ 11,427.00 $ 9,065.00 $ 7,422.00 $ 6,217.00 $ 6,072.00 $ 5,104.00 $ 4,784.00 $ 4,405.00 $ 4,303.00 $ 3,563.00 $ 5,052.00 $ 5,019.00 $ 6,460.00 $ 6,158.00 $ 6,152.00 $ 6,142.00 $ 14,305.00 $ 14,282.00 $ 13,513.00 $ 12,604.00 $ 11,404.00 $ 11,669.00 0% $ 11,926.23 $ 12,420.83 $ 12,935.94 $ 13,472.42 $ 14,031.14 $ 14,613.03 $ 15,219.06 $ 15,850.22 $ 16,507.56 $ 17,192.15 $ 17,905.14

LT Debt as % of total liab 47.81% 38.96% 34.99% 29.44% 31.27% 27.54% 24.07% 20.64% 22.50% 11.65% 16.31% 15.87% 17.50% 15.95% 19.67% 18.25% 31.08% 30.91% 28.67% 29.02% 25.71% 26.12% 25.634%

Retirement liabilities $ 1,805.00 $ 1,647.00 $ 1,565.00 $ 3,352.00 $ 2,540.00 $ 2,896.00 $ 3,374.00 $ 4,521.00 $ 2,120.00 $ 13,390.00 $ 12,131.00 $ 11,820.00 $ 14,776.00 $ 16,498.00 $ 10,263.00 $ 12,515.00 $ 12,877.00 $ 14,717.00 $ 16,422.00 $ 12,114.00 $ 13,234.00 $ 12,874.00 0% $ 12,057.56 $ 12,557.60 $ 13,078.39 $ 13,620.77 $ 14,185.65 $ 14,773.95 $ 15,386.65 $ 16,024.76 $ 16,689.33 $ 17,381.47 $ 18,102.31

Retirement liabilities s % of total liab 7.55% 7.08% 7.38% 15.88% 13.08% 15.63% 16.97% 21.18% 11.09% 43.80% 39.15% 37.39% 40.04% 42.72% 32.82% 37.20% 27.97% 31.85% 34.84% 27.89% 29.84% 28.82% 25.916%

Other long-term liabilities $ 1,856.00 $ 2,252.00 $ 2,535.00 $ 1,724.00 $ 1,914.00 $ 1,967.00 $ 2,291.00 $ 2,868.00 $ 2,827.00 $ 3,079.00 $ 3,096.00 $ 3,376.00 $ 3,541.00 $ 3,807.00 $ 3,735.00 $ 3,877.00 $ 4,792.00 $ 4,659.00 $ 4,558.00 $ 4,311.00 $ 5,747.00 $ 6,196.00 0% $ 5,040.67 $ 5,249.71 $ 5,467.43 $ 5,694.17 $ 5,930.32 $ 6,176.26 $ 6,432.40 $ 6,699.16 $ 6,976.98 $ 7,266.33 $ 7,567.68

Other LT liabilities as % of total liab 7.77% 9.68% 11.95% 8.17% 9.86% 10.61% 11.53% 13.44% 14.78% 10.07% 9.99% 10.68% 9.59% 9.86% 11.94% 11.52% 10.41% 10.08% 9.67% 9.93% 12.96% 13.87% 10.834%

TOTAL LIABILITIES $ 23,900.30 $ 23,266.32 $ 21,211.33 $ 21,114.33 $ 19,419.24 $ 18,533.21 $ 19,877.23 $ 21,347.20 $ 19,121.20 $ 30,574.21 $ 30,982.21 $ 31,616.21 $ 36,907.23 $ 38,618.23 $ 31,270.22 $ 33,646.21 $ 46,031.26 $ 46,200.22 $ 47,130.22 $ 43,427.25 $ 44,357.21 $ 44,672.19 $ 46,524.82 $ 48,454.28 $ 50,463.76 $ 52,556.58 $ 54,736.19 $ 57,006.19 $ 59,370.33 $ 61,832.52 $ 64,396.82 $ 67,067.46 $ 69,848.86

Δ Total Liabs -2.65% -8.83% -0.46% -8.03% -4.56% 7.25% 7.40% -10.43% 59.90% 1.33% 2.05% 16.74% 4.64% -19.03% 7.60% 36.81% 0.37% 2.01% -7.86% 2.14% 0.71% 4.147%

Check $ 0.30 $ 0.32 $ 0.33 $ 0.33 $ 0.24 $ 0.21 $ 0.23 $ 0.20 $ 0.20 $ 0.21 $ 0.21 $ 0.21 $ 0.23 $ 0.23 $ 0.22 $ 0.21 $ 0.26 $ 0.22 $ 0.22 $ 0.25 $ 0.21 $ 0.19

Common stock, $1 par value per share $ 398.00 $ 431.00 $ 441.00 $ 455.00 $ 446.00 $ 438.00 $ 432.00 $ 421.00 $ 409.00 $ 393.00 $ 373.00 $ 346.00 $ 321.00 $ 321.00 $ 319.00 $ 314.00 $ 303.00 $ 289.00 $ 284.00 $ 281.00 $ 280.00 $ 279.00 0%

Additional paid-in capital $ 222.00 $ 1,789.00 $ 2,142.00 $ 2,796.00 $ 2,477.00 $ 2,223.00 $ 1,724.00 $ 755.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 221.00 0%

Retained earnings $ 5,901.00 $ 5,199.00 $ 3,961.00 $ 4,262.00 $ 5,054.00 $ 5,915.00 $ 7,278.00 $ 9,269.00 $ 11,247.00 $ 11,621.00 $ 12,351.00 $ 12,161.00 $ 11,937.00 $ 13,211.00 $ 14,200.00 $ 14,956.00 $ 14,238.00 $ 13,324.00 $ 11,573.00 $ 15,434.00 $ 18,401.00 $ 21,636.00 0%

Unearned ESOP shares $ (150.00) $ (115.00) $ (84.00) $ (50.00) $ (17.00) $ (1,532.00) $ (1,553.00) $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 0%

Accumulated other comprehensive loss $ (10.00) $ (144.00) $ (17.00) $ (1,598.00) $ (1,204.00) $ (23.00) $ (14.00) $ (3,561.00) $ (1,851.00) $ (9,149.00) $ (8,595.00) $ (9,010.00) $ (11,257.00) $ (13,493.00) $ (9,601.00) $ (11,870.00) $ (11,444.00) $ (12,102.00) $ (12,540.00) $ (14,321.00) $ (15,554.00) $ (16,121.00) 0%

Noncontrolling interests in subsidiary $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 95.00 $ 74.00 $ 55.00 $ 44.00 $ 23.00 0%

TOTAL LIABILITIES AND EQUITY $ 30,261.30 $ 30,426.32 $ 27,654.33 $ 26,979.33 $ 26,175.24 $ 25,554.21 $ 27,744.23 $ 28,231.20 $ 28,926.20 $ 33,439.21 $ 35,111.21 $ 35,113.21 $ 37,908.23 $ 38,657.23 $ 36,188.22 $ 37,046.21 $ 49,128.26 $ 47,806.22 $ 46,521.22 $ 44,876.25 $ 47,528.21 $ 50,710.19

Check -0 -0 -0 -0 -0 0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0

Short-term debt + current portion of long-term debt $ 527.00 $ 882.00 $ 89.00 $ 1,365.00 $ 136.00 $ 15.00 $ 202.00 $ 34.00 $ 104.00 $ 242.00 $ – 0 $ – 0 $ – 0 $ 150.00 $ – 0 $ – 0 $ 956.00 $ – 0 $ 750.00 $ 1,500.00 $ 1,250.00 $ 500.00

TOTAL LIABILITIES $ 23,900.28 $ 23,266.28 $ 21,211.32 $ 21,114.26 $ 19,419.23 $ 18,533.21 $ 19,877.22 $ 21,347.20 $ 19,121.20 $ 30,574.21 $ 30,982.21 $ 31,616.21 $ 36,907.23 $ 38,618.22 $ 31,270.22 $ 33,646.21 $ 46,031.24 $ 46,200.22 $ 47,130.20 $ 43,427.21 $ 44,357.18 $ 44,672.18

Equity $ 6,361.00 $ 7,160.00 $ 6,443.00 $ 5,865.00 $ 6,756.00 $ 7,021.00 $ 7,867.00 $ 6,884.00 $ 9,805.00 $ 2,865.00 $ 4,129.00 $ 3,497.00 $ 1,001.00 $ 39.00 $ 4,918.00 $ 3,400.00 $ 3,097.00 $ 1,606.00 $ (609.00) $ 1,449.00 $ 3,171.00 $ 6,038.00

TOTAL LIABILITIES AND EQUITY $ 30,261.28 $ 30,426.28 $ 27,654.32 $ 26,979.26 $ 26,175.23 $ 25,554.21 $ 27,744.22 $ 28,231.20 $ 28,926.20 $ 33,439.21 $ 35,111.21 $ 35,113.21 $ 37,908.23 $ 38,657.22 $ 36,188.22 $ 37,046.21 $ 49,128.24 $ 47,806.22 $ 46,521.20 $ 44,876.21 $ 47,528.18 $ 50,710.18

FinStatements2

NAME: LOCKHEED MARTIN CORP

TICKER SYMBOL: LMT

PRIMARY SIC CODE: 3760

STOCK EXCHANGE: 11 New York Stock Exchange

CUSIP: 539830

STATEMENT OF FINANCIAL POSITION

Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

(FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A )

ASSETS

    Cash & Equivalents 455.000 1,505.000 912.000 2,738.000 1,250.000 1,456.000 2,673.000 2,293.000 2,981.000 2,229.000 2,737.000 2,777.000 3,585.000 1,898.000 2,617.000 1,446.000 1,090.000 1,837.000 2,861.000 772.000 1,514.000 3,160.000 3,604.000

    Receivables – Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000

    Inventories – Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 2,981.000

    Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Deferred income taxes 1,237.000 1,213.000 1,566.000 1,277.000 921.000 982.000 861.000 900.000 756.000 755.000 815.000 1,147.000 1,339.000 1,269.000 1,088.000 1,451.000 1,463.000

Current Assets – Other 605.000 521.000 1,111.000 706.000 843.000 557.000 495.000 719.000 560.000 501.000 681.000 792.000 625.000 435.000 500.000 666.000 622.000 399.000 1,510.000 418.000 531.000 1,150.000 688.000

Current Assets – Total 10,696.000 11,259.000 10,778.000 10,626.000 9,401.000 8,953.000 10,529.000 10,164.000 10,940.000 10,683.000 12,477.000 12,851.000 14,094.000 13,855.000 13,329.000 12,329.000 16,198.000 15,108.000 17,461.000 16,103.000 17,095.000 19,378.000 19,815.000

    Plant, Property & Equip (Gross) 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 20,400.000

    Accumulated Depreciation 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 11,503.000

Plant, Property & Equip (Net) 3,634.000 3,446.000 2,991.000 3,258.000 3,489.000 3,599.000 3,924.000 4,056.000 4,320.000 4,488.000 4,520.000 4,554.000 4,611.000 4,675.000 4,706.000 4,755.000 5,490.000 5,549.000 5,775.000 6,124.000 7,591.000 8,213.000 8,897.000

    Investments at Equity 1,771.000 2,433.000 1,342.000 766.000 823.000 760.000 41.000 671.000 697.000 749.000 914.000 971.000 1,300.000 1,400.000 1,400.000 1,200.000 1,200.000 784.000 689.000

    Investments and Advances – Other 439.000 542.000 243.000 237.000 52.000 155.000 .000 .000 .000 730.000 863.000 836.000 .000 .000 .000 .000 .000 .000 .000

    Intangibles & Goodwill 10,421.000 9,943.000 8,310.000 8,745.000 9,203.000 9,008.000 9,007.000 9,855.000 9,850.000 9,881.000 11,146.000 10,631.000 10,148.000 10,370.000 10,348.000 10,862.000 18,204.000 15,284.000 15,028.000 14,710.000 14,328.000 14,504.000 14,296.000

Goodwill 9,162.000 7,479.000 7,371.000 7,380.000 7,879.000 7,892.000 8,447.000 9,250.000 9,387.000 9,526.000 9,948.000 9,605.000 10,148.000 10,370.000 10,348.000 10,862.000 13,576.000 10,764.000 10,807.000 10,769.000 10,604.000 10,806.000 13,455.000

Intangibles 1,259.000 2,464.000 939.000 1,365.000 1,324.000 1,116.000 560.000 605.000 463.000 355.000 1,198.000 1,026.000 .000 .000 .000 .000 4,628.000 4,520.000 4,221.000 3,941.000 3,724.000 3,698.000 841.000

    Deferred Charges .000 .000 2,081.000 .000 1,213.000 1,030.000 1,360.000 235.000 313.000 122.000 160.000 179.000 178.000 185.000 210.000 204.000 201.000 208.000 112.000 107.000 2.000 3.000

    Assets – Other 3,051.000 3,268.000 1,610.000 2,120.000 1,809.000 2,152.000 2,728.000 3,921.000 3,503.000 8,265.000 6,808.000 6,181.000 8,180.000 8,093.000 5,818.000 7,116.000 7,735.000 10,257.000 6,745.000 6,632.000 7,312.000 7,828.000 7,176.000

TOTAL ASSETS 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000

LIABILITIES

    Accounts Payable 1,228.000 1,184.000 1,419.000 1,102.000 1,434.000 1,726.000 1,998.000 2,221.000 2,163.000 2,030.000 2,030.000 1,627.000 2,269.000 2,038.000 1,397.000 1,570.000 1,974.000 1,653.000 1,467.000 2,402.000 1,281.000 880.000 780.000

    Notes Payable 475.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 .000 .000 .000

    Accrued Expenses 941.000 1,038.000 1,100.000 1,272.000 1,418.000 1,346.000 1,475.000 1,584.000 1,544.000 1,684.000 1,648.000 1,870.000 1,664.000 1,649.000 1,809.000 1,826.000 1,916.000 1,764.000 1,785.000 2,122.000 2,466.000 3,163.000 3,108.000

    Taxes Payable 51.000 519.000 63.000 107.000 91.000 28.000 71.000 243.000 41.000 277.000 217.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

    Debt (Long-Term) Due In One Year 52.000 882.000 89.000 1,365.000 136.000 15.000 202.000 34.000 104.000 242.000 .000 .000 .000 150.000 .000 .000 956.000 .000 750.000 900.000 1,495.000 774.000 332.000

Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 275.000

Contract liabilities 4,655.000 4,697.000 5,002.000 4,542.000 4,256.000 4,028.000 4,331.000 3,856.000 4,254.000 4,535.000 5,049.000 5,890.000 6,399.000 6,503.000 6,349.000 5,775.000 6,988.000 6,776.000 6,752.000 6,491.000 7,054.000 7,545.000 7,891.538
James Henley: Projected based on Change in total Other Liabilities YoY

    Other Current Liabilities 1,123.000 1,380.000 1,793.000 1,198.000 1,257.000 1,105.000 1,027.000 1,305.000 1,427.000 1,403.000 1,375.000 1,371.000 1,451.000 1,513.000 1,250.000 1,683.000 1,967.000 2,147.000 1,714.000 1,636.000 1,437.000 1,348.000 1,409.913

Total Current Liabilities 8,812.000 10,175.000 9,689.000 9,821.000 8,893.000 8,566.000 9,428.000 9,553.000 9,871.000 10,542.000 10,703.000 11,157.000 12,130.000 12,155.000 11,120.000 11,112.000 14,057.000 12,542.000 12,637.000 14,398.000 13,972.000 13,933.000 13,997.000

    Long Term Debt 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 12,770.000

    Deferred Taxes (Balance Sheet) 517.000 736.000 992.000 .000 .000 .000 .000 .000 .000 16.000 1.000 .000 .000 .000 .000 .000 36.000 28.000 22.000 12.000 7.000 8.000

    Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

    Liabilities – Other 2,895.000 3,213.000 3,108.000 3,855.000 4,454.000 4,863.000 5,665.000 7,389.000 4,947.000 16,453.000 15,226.000 15,183.000 18,317.000 20,305.000 13,998.000 16,392.000 17,669.000 19,340.000 20,952.000 16,403.000 18,114.000 18,222.000 13,139.000

    Noncontrolling Interest – Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

TOTAL LIABILITIES 23,651.000 23,189.000 21,211.000 19,893.000 19,419.000 18,533.000 19,877.000 21,347.000 19,121.000 30,574.000 30,982.000 31,359.000 36,907.000 38,618.000 31,270.000 33,673.000 46,031.000 46,200.000 47,130.000 43,427.000 44,357.000 44,672.000 39,914.000

SHAREHOLDERS’ EQUITY

    Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

    Common Stock 398.000 431.000 441.000 455.000 446.000 438.000 432.000 421.000 409.000 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000

    Capital Surplus 222.000 1,789.000 2,058.000 2,746.000 2,460.000 2,200.000 1,710.000 755.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 221.000 94.000

    Retained Earnings (Net Other) 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000

    Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Shareholders Equity – Parent 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,511.000 -683.000 1,394.000 3,127.000 6,015.000 10,959.000

Noncontrolling Interest – Nonredeemable 95.000 74.000 55.000 44.000 23.000 .000

TOTAL SHAREHOLDERS EQUITY 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,606.000 -609.000 1,449.000 3,171.000 6,038.000 10,959.000

TOTAL LIABILITIES AND EQUITY 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000

INCOME STATEMENT

Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

(FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A )

Sales (Net) 25,530.000 25,329.000 23,990.000 26,578.000 31,824.000 35,526.000 37,213.000 39,620.000 41,862.000 42,731.000 45,189.000 45,803.000 46,499.000 47,182.000 45,358.000 45,600.000 46,132.000 47,248.000 51,048.000 53,762.000 59,812.000 65,398.000 67,044.000

    Cost of Goods Sold 22,896.000 22,747.000 21,624.000 23,898.000 29,239.000 32,722.000 33,941.000 35,422.000 36,830.000 37,237.000 39,959.000 40,757.000 41,651.000 42,006.000 39,833.000 39,281.000 39,804.000 40,939.000 44,185.000 45,146.000 50,196.000 55,427.000 56,583.000

Gross Profit 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000

    Selling, General, & Admin Expenses

Operating Income Before Depreciation 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000

    Depreciation, Depletion, & Amortiz 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 1,006.000 990.000 1,008.000 932.000 942.000 945.000 1,026.000 1,167.000 1,195.000 1,161.000 1,189.000 1,290.000 1,364.000

Operating Income After Depreciation 1,665.000 1,614.000 1,543.000 2,122.000 1,976.000 2,148.000 2,567.000 3,434.000 4,213.000 4,649.000 4,224.000 4,056.000 3,840.000 4,244.000 4,583.000 5,374.000 5,302.000 5,142.000 5,668.000 7,455.000 8,427.000 8,681.000 9,097.000

    Interest Expense 809.000 919.000 700.000 581.000 487.000 425.000 370.000 361.000 352.000 341.000 305.000 345.000 354.000 383.000 350.000 340.000 443.000 663.000 651.000 668.000 653.000 591.000 569.000

    Non-Operating Income/Expense 75.000 130.000 263.000 148.000 196.000 156.000 246.000 305.000 436.000 201.000 389.000 335.000 327.000 259.000 318.000 343.000 401.000 360.000 174.000 -658.000 -558.000 300.000 723.000

    Special Items 269.000 -539.000 -918.000 -1,112.000 -153.000 -215.000 173.000 214.000 71.000 193.000 -24.000 -220.000 -182.000 -48.000 -396.000 -119.000 -237.000 47.000 78.000 -291.000 25.000 -155.000 -1,701.000

Pretax Income 1,200.000 286.000 188.000 577.000 1,532.000 1,664.000 2,616.000 3,592.000 4,368.000 4,702.000 4,284.000 3,826.000 3,631.000 4,072.000 4,155.000 5,258.000 5,023.000 4,886.000 5,269.000 5,838.000 7,241.000 8,235.000 7,550.000

    Income Taxes – Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 1,235.000

    Minority Interest

Income Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000

    Extraordinary Items -355.000 -95.000 -36.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

    Discontinued Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 281.000 -12.000 .000 31.000 .000 .000 1,549.000 73.000 .000 .000 -55.000 .000

Net Income (Loss) 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 6,315.000

Income Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000

    Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Available for Common Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000

    Common Stock Equivalents – Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Adjusted Available for Common 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000

EARNINGS PER SHARE

    EPS – Primary, Excluding EI&DO 1.930 -1.050 .180 1.200 2.360 2.860 4.150 5.910 7.290 8.050 7.860 7.260 7.940 8.480 9.190 11.410 11.620 12.540 6.700 17.740 22.090 24.600 22.850

    EPS – Primary, Including EI&DO 1.000 -1.290 -2.450 1.130 2.360 2.860 4.150 5.910 7.290 8.050 7.860 8.030 7.900 8.480 9.290 11.410 11.620 17.710 6.960 17.740 22.090 24.400 22.850

    EPS – Fully Diluted, Excluding EI&DO 1.920 -1.050 .180 1.180 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.180 7.850 8.360 9.040 11.210 11.460 12.380 6.640 17.590 21.950 24.500 22.760

    EPS – Fully Diluted, Including EI&DO .990 -1.290 -2.420 1.110 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.940 7.810 8.360 9.130 11.210 11.460 17.490 6.890 17.590 21.950 24.300 22.760

COMMON SHARES

    Common Shares for Primary EPS Calculation 382.300 400.800 427.400 445.100 446.500 443.100 440.300 428.100 416.000 399.700 384.800 364.200 335.900 323.700 320.900 316.800 310.300 299.300 287.800 284.500 282.000 280.000 276.400

    Common Shares for Fully Diluted EPS Calc. 384.100 400.800 432.500 452.000 450.000 447.100 445.700 436.400 427.100 409.400 388.900 368.300 339.900 328.400 326.500 322.400 314.700 303.100 290.600 286.800 283.800 281.200 277.400

    Common Shares Outstanding at Fiscal Yr End 398.000 431.000 441.200 455.500 446.500 438.000 432.000 421.300 409.400 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000

STATEMENT OF RETAINED EARNINGS

Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

(FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A )

Retained Rearnings – Beginning Balance 5,674.000 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000

Net Income 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 6,315.000

Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 2,940.000

Retained Earnings After Dividends 5,711.000 5,039.000 3,702.000 4,245.000 3,456.000 4,711.000 5,746.000 7,716.000 8,126.000 11,876.000 4,588.000 5,713.000 4,922.000 2,073.000 1,159.000 6,453.000 4,759.000 6,048.000 1,061.000 1,732.000 4,787.000 6,916.000 8,890.000

Change – Foreign Currency Translation

Adj. to Long-Term Marketable Securities .000 .000 -2.000 44.000 -12.000 85.000 -7.000 -7.000 -7.000

Other CMP Adj,(Stock Splits/Retirement) -160.000 -259.000 -17.000 -1,553.000 -1,248.000 -1,520.000 -1,638.000 -3,554.000 -1,844.000 -9,142.000 -8,569.000 -8,993.000 -11,257.000 -13,493.000 -9,601.000 -11,870.000 -11,444.000 -12,102.000 -12,540.000 -14,321.000 -15,554.000 -16,121.000 -11,006.000

Non-Compustat Adjustments (Plug Calculation) 545.000 160.000 259.000 -28.000 1,642.000 1,192.000 1,617.000 1,546.000 3,114.000 -262.000 7,737.000 6,642.000 7,015.000 11,138.000 13,041.000 8,503.000 9,479.000 7,276.000 10,512.000 13,702.000 13,614.000 14,720.000 12,710.000

Retained Earnings – Ending Balance 6,096.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000

Retroactive Adjustments (Acct’g Chgs) -355.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Retained Earnings – After Adjustments 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000

STATEMENT OF CASH FLOWS

Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

(FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A )

INDIRECT OPERATING ACTIVITIES

Income Before Extraordinary Items 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000

Depreciation and Amortizations 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 854.000 841.000 1,008.000 988.000 990.000 994.000 1,026.000 1,215.000 1,195.000 1,161.000 1,189.000 1,290.000 1,364.000

Extraordinary Items and Disc. Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 24.000 -28.000 .000 31.000 .000 .000 307.000 .000 .000 .000 .000 .000

Deferred Taxes 293.000 -84.000 -118.000 -463.000 467.000 -58.000 24.000 75.000 110.000 72.000 542.000 576.000 -2.000 930.000 -5.000 -401.000 -445.000 -152.000 3,432.000 -244.000 222.000 5.000 -183.000

Equity in Net Loss (Earnings)

Sale of PPEq and Investments – Loss (Gain) .000 -325.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -198.000 .000 -51.000 .000 .000

Funds from Operations – Other .000 672.000 1,987.000 1,127.000 42.000 631.000 534.000 159.000 332.000 631.000 -756.000 349.000 204.000 377.000 689.000 560.000 741.000 -66.000 443.000 1,073.000 463.000 1,115.000 1,938.000

Receivables – Decrease (Increase) 130.000 108.000 -34.000 394.000 -258.000 -87.000 -390.000 94.000 -324.000 -333.000 -719.000 -15.000 -363.000 -460.000 767.000 28.000 -256.000 -811.000 -401.000 -1,659.000 485.000 -92.000 -1,019.000

Inventory – Decrease (Increase) -404.000 -187.000 651.000 585.000 -94.000 519.000 -39.000 -530.000 -57.000 -183.000 -233.000 -227.000 -74.000 -422.000 -60.000 77.000 -398.000 -46.000 183.000 -119.000 -622.000 74.000 564.000

Accounts/P and Accrued Liabs – Inc(Dec) -317.000 330.000 288.000 239.000 217.000 -66.000 -141.000 -21.000 -364.000 609.000 -236.000 -647.000 95.000 -160.000 840.000 1,127.000 -2,660.000 -1,017.000 -1,569.000 -365.000

Income Taxes – Accrued – Increase(Decrease) -284.000 522.000 -456.000 44.000 -16.000 -63.000 60.000 304.000 .000 .000 .000 .000

Other Assets and Liabilities – Net Change -364.000 766.000 -18.000 -140.000 -324.000 -228.000 296.000 475.000 394.000 313.000 482.000 -342.000 -72.000 -2,361.000 -169.000 -1,101.000 988.000 149.000 -1,234.000 540.000 412.000 472.000 607.000

Operating Actiities – Net Cash Flow 1,077.000 2,016.000 1,825.000 2,288.000 1,809.000 2,924.000 3,194.000 3,783.000 4,241.000 4,421.000 3,173.000 3,547.000 4,253.000 1,561.000 4,546.000 3,866.000 5,101.000 5,189.000 6,476.000 3,138.000 7,311.000 8,183.000 9,221.000

INVESTING ACTIVITIES

Investments – Increase .000 .000 192.000 104.000 .000 .000 .000 .000 .000 .000

Sale of Investments .000 .000 .000 134.000 234.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Short term Investments – Change .000 .000 .000 .000 -240.000 -156.000 -33.000 48.000 48.000 272.000 -279.000 -171.000 510.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 1,522.000

Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Acquisitions .000 .000 .000 .000 .000 .000 .000 282.000 .000

Investing Activities – Other -969.000 2,262.000 950.000 93.000 -768.000 217.000 399.000 -810.000 -313.000 -253.000 -387.000 672.000 -509.000 -280.000 -285.000 -878.000 -8,795.000 78.000 30.000 203.000 243.000 38.000 361.000

Investing Activites – Net Cash Flow -1,638.000 1,762.000 139.000 -539.000 -1,461.000 -708.000 -499.000 -1,655.000 -1,205.000 -907.000 -1,518.000 -319.000 -813.000 -1,222.000 -1,121.000 -1,723.000 -9,734.000 -985.000 -1,147.000 -1,075.000 -1,241.000 -2,010.000 -1,161.000

FINANCING ACTIVITIES

Sale of Common and Preferred Stock 17.000 14.000 213.000 436.000 44.000 164.000 406.000 756.000 350.000 250.000 40.000 .000 .000 440.000 827.000 308.000 174.000 106.000 71.000 .000 .000 .000 .000

Purchase of Common and Preferred Stock .000 .000 .000 50.000 482.000 673.000 1,310.000 2,115.000 2,127.000 2,931.000 1,851.000 2,420.000 2,465.000 990.000 1,762.000 1,900.000 3,071.000 2,096.000 2,001.000 1,492.000 1,200.000 1,100.000 4,087.000

Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 2,940.000

Long Term Debt – Issuance 2,994.000 .000 .000 1,000.000 .000 .000 .000 .000 491.000 1,464.000 .000 1,980.000 .000 .000 .000 15,101.000 .000 .000 .000 .000 1,131.000 .000

Long Term Debt – Reduction 1,067.000 2,096.000 2,566.000 110.000 2,202.000 1,089.000 133.000 210.000 32.000 1,103.000 242.000 .000 632.000 .000 150.000 .000 6,000.000 952.000 .000 750.000 900.000 1,650.000 500.000

Current Debt – Changes -868.000 -463.000 -12.000 .000 .000 .000 .000 .000 600.000 -600.000

Financing Activities – Other .000 .000 .000 .000 -175.000 -163.000 -12.000 -353.000 .000 .000 .000 26.000 93.000 -121.000 -81.000 38.000 5.000 1,533.000 -212.000 -163.000 -72.000 -144.000 -89.000

Financing Activities – Net Cash Flow 731.000 -2,728.000 -2,557.000 77.000 -2,076.000 -2,166.000 -1,511.000 -2,460.000 -2,300.000 -3,938.000 -1,476.000 -3,363.000 -2,119.000 -2,023.000 -2,706.000 -3,314.000 4,277.000 -3,457.000 -4,305.000 -4,152.000 -5,328.000 -4,527.000 -7,616.000

Exchange Rate Effect .000 .000 .000 .000 .000 .000 .000 .000 .000 -56.000 44.000 5.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

Cash and Cash Equivalents – Change 170.000 1,050.000 -593.000 1,826.000 -1,728.000 50.000 1,184.000 -332.000 736.000 -480.000 223.000 -130.000 1,321.000 -1,684.000 719.000 -1,171.000 -356.000 747.000 1,024.000 -2,089.000 742.000 1,646.000 444.000

OTHER INFORMATION

Interest Paid – Net< 790.000 947.000 707.000 586.000 519.000 420.000 356.000 337.000 327.000 320.000 286.000 337.000 326.000 378.000 340.000 326.000 600.000 610.000 635.000 625.000 567.000 543.000 Income Taxes Paid 530.000 249.000 837.000 55.000 170.000 363.000 599.000 859.000 1,131.000 1,234.000 986.000 806.000 722.000 890.000 787.000 1,500.000 1,800.000 1,300.000 1,100.000 -41.000 940.000 1,400.000 1,400.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Receivables - Trade 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 6,563.000 5,834.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000 Income Tax Refund .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 753.000 313.000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000 Inventories - Raw Materials 833.000 811.000 446.000 532.000 612.000 624.000 Inventories - Work In Process 3,545.000 3,145.000 2,553.000 1,949.000 2,038.000 1,430.000 1,594.000 1,153.000 1,200.000 1,235.000 1,624.000 1,743.000 1,704.000 2,068.000 2,239.000 2,027.000 3,164.000 3,118.000 2,542.000 2,161.000 2,783.000 2,693.000 2,163.000 Inventories - Finished Goods 390.000 304.000 240.000 194.000 Inventories - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 2,981.000 LESS: Debt (Long Term) Due In One Year -52.000 -882.000 -89.000 -1,365.000 -136.000 -15.000 -202.000 -34.000 -104.000 -242.000 .000 .000 .000 -150.000 .000 .000 -956.000 .000 -750.000 -900.000 -1,495.000 -774.000 -332.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 6,778.000 5,202.000 3,114.000 3,181.000 1,778.000 931.000 799.000 1,622.000 1,590.000 1,987.000 3,246.000 3,974.000 6,547.000 6,722.000 6,558.000 6,558.000 16,180.000 14,282.000 13,513.000 12,604.000 11,404.000 11,669.000 11,670.000 Debt - Debentures 4,407.000 4,312.000 4,198.000 4,198.000 3,388.000 3,173.000 3,173.000 2,143.000 2,140.000 2,140.000 2,140.000 1,529.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Long Term - Other 294.000 433.000 199.000 203.000 42.000 15.000 14.000 19.000 19.000 18.000 17.000 21.000 419.000 478.000 476.000 483.000 116.000 .000 .000 .000 855.000 841.000 1,100.000 Debt - Capitalized Lease Obligations .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Long Term Debt Total 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 12,770.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 1,522.000 Retirements Other Changes Ending Balance 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 20,400.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 11,503.000 Deferred Taxes - Federal 293.000 -84.000 -118.000 -463.000 467.000 -58.000 24.000 73.000 107.000 72.000 557.000 589.000 9.000 925.000 3.000 -387.000 -473.000 -231.000 3,475.000 -231.000 235.000 21.000 -194.000 Deferred Taxes - Foreign .000 .000 .000 .000 .000 .000 2.000 3.000 .000 -15.000 -5.000 5.000 1.000 -8.000 -13.000 28.000 -19.000 1.000 -13.000 -13.000 -16.000 11.000 Deferred Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Federal 136.000 763.000 189.000 469.000 -14.000 445.000 742.000 979.000 1,199.000 1,385.000 710.000 589.000 912.000 387.000 1,204.000 2,020.000 1,817.000 1,327.000 -189.000 969.000 698.000 1,292.000 1,325.000 Income Taxes - Foreign 31.000 38.000 38.000 26.000 11.000 25.000 9.000 26.000 28.000 8.000 8.000 38.000 14.000 6.000 24.000 46.000 56.000 53.000 67.000 91.000 50.000 93.000 Income Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 1,235.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Acquisitions - Income Contribution .000 .000 .000 .000 .000 .000 -134.000 .000 Acquisitions - Sales Contribution .000 .000 .000 .000 .000 .000 7,423.000 .000 Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 398.165 68.000 49.425 45.425 45.000 44.123 42.669 41.350 40.026 38.956 37.713 36.328 35.396 34.400 33.547 32.534 29.972 28.697 27.731 26.812 25.683 24.929 24.045 Common Shares Traded (Calendar Yr) 501,518,600.000 408,101,200.000 491,441,500.000 734,196,700.000 663,504,616.000 592,076,500.000 527,652,300.000 502,309,700.000 545,723,316.000 677,303,724.000 851,760,228.000 659,914,359.000 647,772,644.000 439,876,963.000 482,037,029.000 384,423,040.000 326,877,375.000 498,223,486.000 256,669,907.000 373,023,372.000 288,192,163.000 374,047,534.000 376,657,779.000 Compensating Balance Convertible Debt and Preferred Stock .000 .000 .000 .000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 816.000 1,334.000 780.000 141.000 15.000 237.000 33.000 105.000 242.000 1.000 .000 .000 153.000 .000 .000 952.000 750.000 900.000 1,250.000 900.000 Debt (Long Term) Maturing Due in 3 Years 1,336.000 767.000 142.000 15.000 238.000 32.000 103.000 242.000 1.000 1.000 .000 650.000 .000 .000 952.000 .000 900.000 1,250.000 900.000 Debt (Long Term) Maturing Due in 4 Years Years 858.000 137.000 15.000 783.000 33.000 105.000 247.000 1.000 1.000 1.000 650.000 .000 .000 952.000 .000 .000 1,250.000 900.000 .000 Debt (Long Term) Maturing Due in 5 Years 828.000 16.000 780.000 33.000 692.000 327.000 1.000 1.000 1.000 651.000 .000 .000 954.000 .000 .000 900.000 900.000 .000 625.000 Debt - Long-Term Debt - Tied to Prime .000 .000 .000 920.000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Martgages and Other Securities .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 -345.000 -342.000 -340.000 -351.000 -505.000 -506.000 -892.000 -882.000 -872.000 -1,035.000 .000 .000 .000 .000 .000 .000 Dividends (Cash)per Share Ex-Date .880 .440 .440 .440 .580 .910 1.050 1.250 1.470 1.830 2.340 2.640 3.250 4.150 4.780 5.490 6.150 6.770 7.460 8.200 9.000 9.800 10.600 Dividends (Cash) - Common 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,098.000 1,363.000 1,558.000 1,762.000 1,923.000 2,036.000 2,157.000 2,342.000 2,550.000 2,757.000 2,944.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 147.000 126.000 125.000 125.000 130.000 130.000 135.000 140.000 140.000 146.000 140.000 132.000 123.000 120.000 115.000 112.000 126.000 97.000 100.000 105.000 110.000 114.000 114.000 Equity in Earnings - Unconsolidated Subs 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000 Foreign Currency Translation Adj - Bal. Sheet .000 .000 -43.000 -26.000 -17.000 Foreign Currency Translation Adj - Inc. Stmnt. Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Interest Capitalized - Net Income Effect Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses LIFO Reserve .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 45,913.000 56,400.000 71,300.000 70,385.000 76,899.000 74,000.000 74,825.000 75,905.000 76,660.000 80,914.000 78,006.000 78,200.000 80,700.000 82,300.000 82,600.000 80,500.000 99,600.000 96,200.000 99,936.000 130,468.000 143,981.000 147,131.000 135,355.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,000.000 1,000.000 1,300.000 Price - Calendar Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Price - Calendar Year High 46.000 37.580 52.980 71.520 58.950 61.770 65.460 93.240 113.740 120.300 87.060 87.185 82.430 95.920 149.990 198.720 227.910 269.900 323.940 363.000 399.960 442.532 396.990 Price - Calendar Year Low 16.375 16.500 31.000 45.850 40.640 43.100 52.540 62.520 88.860 67.380 57.410 67.680 66.360 79.050 85.880 144.690 181.910 200.470 248.000 241.180 256.790 266.110 319.810 Price - Fiscal Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Receivables - Estimated Doubtful Rental Commitments - Minimum Year+1 247.000 438.000 139.000 222.000 254.000 251.000 261.000 288.000 295.000 262.000 314.000 300.000 264.000 229.000 227.000 228.000 205.000 179.000 162.000 305.000 280.000 300.000 325.000 Rental Commitments - Minimum Year+2 200.000 343.000 129.000 189.000 194.000 184.000 210.000 254.000 234.000 223.000 267.000 233.000 200.000 161.000 166.000 181.000 161.000 150.000 154.000 184.000 190.000 199.000 225.000 Rental Commitments - Minimum Year+3 156.000 279.000 125.000 167.000 155.000 149.000 176.000 211.000 185.000 184.000 227.000 183.000 139.000 118.000 132.000 133.000 128.000 131.000 116.000 147.000 154.000 156.000 196.000 Rental Commitments - Minimum Year+4 112.000 233.000 114.000 130.000 120.000 116.000 141.000 153.000 148.000 148.000 166.000 142.000 97.000 91.000 96.000 95.000 101.000 103.000 82.000 114.000 119.000 126.000 151.000 Rental Commitments - Minimum Year+5 89.000 198.000 106.000 106.000 99.000 85.000 121.000 118.000 120.000 114.000 130.000 117.000 71.000 60.000 69.000 69.000 64.000 78.000 54.000 88.000 98.000 89.000 108.000 Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 275.000 Rental Income Research and Development Expense 1,100.000 850.000 798.000 830.000 903.000 962.000 1,042.000 1,139.000 1,206.000 1,220.000 750.000 638.000 585.000 616.000 697.000 751.000 839.000 988.000 1,200.000 1,300.000 1,300.000 1,300.000 1,500.000 Tax Loss Carry Forward .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Common .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Cash & Equivalents 455.000 1,505.000 912.000 2,738.000 1,250.000 1,456.000 2,673.000 2,293.000 2,981.000 2,229.000 2,737.000 2,777.000 3,585.000 1,898.000 2,617.000 1,446.000 1,090.000 1,837.000 2,861.000 772.000 1,514.000 3,160.000 3,604.000 Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000 Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 2,981.000 Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Current Assets - Other 605.000 521.000 1,111.000 706.000 843.000 557.000 495.000 719.000 560.000 501.000 681.000 792.000 625.000 435.000 500.000 666.000 622.000 399.000 1,510.000 418.000 531.000 1,150.000 688.000 Deferred income taxes 1,237.000 1,213.000 1,566.000 1,277.000 921.000 982.000 861.000 900.000 756.000 755.000 815.000 1,147.000 1,339.000 1,269.000 1,088.000 1,451.000 1,463.000 Current Assets - Total 10,696.000 11,259.000 10,778.000 10,626.000 9,401.000 8,953.000 10,529.000 10,164.000 10,940.000 10,683.000 12,477.000 12,851.000 14,094.000 13,855.000 13,329.000 12,329.000 16,198.000 15,108.000 17,461.000 16,103.000 17,095.000 19,378.000 19,815.000 Plant, Property & Equip (Gross) 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 20,400.000 Accumulated Depreciation 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 11,503.000 Plant, Property & Equip (Net) 3,634.000 3,446.000 2,991.000 3,258.000 3,489.000 3,599.000 3,924.000 4,056.000 4,320.000 4,488.000 4,520.000 4,554.000 4,611.000 4,675.000 4,706.000 4,755.000 5,490.000 5,549.000 5,775.000 6,124.000 7,591.000 8,213.000 8,897.000 Investments at Equity 1,771.000 2,433.000 1,342.000 766.000 823.000 760.000 41.000 671.000 697.000 749.000 914.000 971.000 1,300.000 1,400.000 1,400.000 1,200.000 1,200.000 784.000 689.000 Investments and Advances - Other 439.000 542.000 243.000 237.000 52.000 155.000 .000 .000 .000 730.000 863.000 836.000 .000 .000 .000 .000 .000 .000 .000 Intangibles 10,421.000 9,943.000 8,310.000 8,745.000 9,203.000 9,008.000 9,007.000 9,855.000 9,850.000 9,881.000 11,146.000 10,631.000 10,148.000 10,370.000 10,348.000 10,862.000 18,204.000 15,284.000 15,028.000 14,710.000 14,328.000 14,504.000 14,296.000 Deferred Charges .000 .000 2,081.000 .000 1,213.000 1,030.000 1,360.000 235.000 313.000 122.000 160.000 179.000 178.000 185.000 210.000 204.000 201.000 208.000 112.000 107.000 2.000 3.000 Assets - Other 3,051.000 3,268.000 1,610.000 2,120.000 1,809.000 2,152.000 2,728.000 3,921.000 3,503.000 8,265.000 6,808.000 6,181.000 8,180.000 8,093.000 5,818.000 7,116.000 7,735.000 10,257.000 6,745.000 6,632.000 7,312.000 7,828.000 7,176.000 TOTAL ASSETS 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000 Accounts Payable 1,228.000 1,184.000 1,419.000 1,102.000 1,434.000 1,726.000 1,998.000 2,221.000 2,163.000 2,030.000 2,030.000 1,627.000 2,269.000 2,038.000 1,397.000 1,570.000 1,974.000 1,653.000 1,467.000 2,402.000 1,281.000 880.000 780.000 Notes Payable 475.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 .000 .000 .000 Accrued Expenses 941.000 1,038.000 1,100.000 1,272.000 1,418.000 1,346.000 1,475.000 1,584.000 1,544.000 1,684.000 1,648.000 1,870.000 1,664.000 1,649.000 1,809.000 1,826.000 1,916.000 1,764.000 1,785.000 2,122.000 2,466.000 3,163.000 3,108.000 Taxes Payable 51.000 519.000 63.000 107.000 91.000 28.000 71.000 243.000 41.000 277.000 217.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long-Term) Due In One Year 52.000 882.000 89.000 1,365.000 136.000 15.000 202.000 34.000 104.000 242.000 .000 .000 .000 150.000 .000 .000 956.000 .000 750.000 900.000 1,495.000 774.000 332.000 Contract liabilities 4,655.000 4,697.000 5,002.000 4,542.000 4,256.000 4,028.000 4,331.000 3,856.000 4,254.000 4,535.000 5,049.000 5,890.000 6,399.000 6,503.000 6,349.000 5,775.000 6,988.000 6,776.000 6,752.000 6,491.000 7,054.000 7,545.000 7,917.365 James Henley: Projected based on Change in total Other Liabilities YoY Other Current Liabilities 7,006.000 7,578.000 8,118.000 7,247.000 7,232.000 6,797.000 7,157.000 7,055.000 7,563.000 7,993.000 8,456.000 9,530.000 9,861.000 9,967.000 9,723.000 9,542.000 11,127.000 10,889.000 10,420.000 10,496.000 11,196.000 12,279.000 12,885.000 Total Current Liabilities 8,812.000 10,175.000 9,689.000 9,821.000 8,893.000 8,566.000 9,428.000 9,553.000 9,871.000 10,542.000 10,703.000 11,157.000 12,130.000 12,155.000 11,120.000 11,112.000 14,057.000 12,542.000 12,637.000 14,398.000 13,972.000 13,933.000 13,997.000 Long Term Debt 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 12,770.000 Deferred Taxes (Balance Sheet) 517.000 736.000 992.000 .000 .000 .000 .000 .000 .000 16.000 1.000 .000 .000 .000 .000 .000 36.000 28.000 22.000 12.000 7.000 8.000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 2,895.000 3,213.000 3,108.000 3,855.000 4,454.000 4,863.000 5,665.000 7,389.000 4,947.000 16,453.000 15,226.000 15,183.000 18,317.000 20,305.000 13,998.000 16,392.000 17,669.000 19,340.000 20,952.000 16,403.000 18,114.000 18,222.000 13,139.000 TOTAL LIABILITIES 23,651.000 23,189.000 21,211.000 19,893.000 19,419.000 18,533.000 19,877.000 21,347.000 19,121.000 30,574.000 30,982.000 31,359.000 36,907.000 38,618.000 31,270.000 33,673.000 46,031.000 46,200.000 47,130.000 43,427.000 44,357.000 44,672.000 39,914.000 Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 398.000 431.000 441.000 455.000 446.000 438.000 432.000 421.000 409.000 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000 Capital Surplus 222.000 1,789.000 2,058.000 2,746.000 2,460.000 2,200.000 1,710.000 755.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 221.000 94.000 Retained Earnings (Net Other) 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000 Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,511.000 -683.000 1,394.000 3,127.000 6,015.000 10,959.000 Noncontrolling Interest - Nonredeemable 95.000 74.000 55.000 44.000 23.000 .000 TOTAL SHAREHOLDERS EQUITY 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,606.000 -609.000 1,449.000 3,171.000 6,038.000 10,959.000 Sales (Net) 25,530.000 25,329.000 23,990.000 26,578.000 31,824.000 35,526.000 37,213.000 39,620.000 41,862.000 42,731.000 45,189.000 45,803.000 46,499.000 47,182.000 45,358.000 45,600.000 46,132.000 47,248.000 51,048.000 53,762.000 59,812.000 65,398.000 67,044.000 Cost of Goods Sold 22,896.000 22,747.000 21,624.000 23,898.000 29,239.000 32,722.000 33,941.000 35,422.000 36,830.000 37,237.000 39,959.000 40,757.000 41,651.000 42,006.000 39,833.000 39,281.000 39,804.000 40,939.000 44,185.000 45,146.000 50,196.000 55,427.000 56,583.000 Gross Profit 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000 Selling, General, & Admin Expenses Operating Income Before Depreciation 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000 Depreciation, Depletion, & Amortization 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 1,006.000 990.000 1,008.000 932.000 942.000 945.000 1,026.000 1,167.000 1,195.000 1,161.000 1,189.000 1,290.000 1,364.000 Operating Income After Depreciation 1,665.000 1,614.000 1,543.000 2,122.000 1,976.000 2,148.000 2,567.000 3,434.000 4,213.000 4,649.000 4,224.000 4,056.000 3,840.000 4,244.000 4,583.000 5,374.000 5,302.000 5,142.000 5,668.000 7,455.000 8,427.000 8,681.000 9,097.000 Interest Expense 809.000 919.000 700.000 581.000 487.000 425.000 370.000 361.000 352.000 341.000 305.000 345.000 354.000 383.000 350.000 340.000 443.000 663.000 651.000 668.000 653.000 591.000 569.000 Non-Operating Income/Expense 75.000 130.000 263.000 148.000 196.000 156.000 246.000 305.000 436.000 201.000 389.000 335.000 327.000 259.000 318.000 343.000 401.000 360.000 174.000 -658.000 -558.000 300.000 723.000 Special Items 269.000 -539.000 -918.000 -1,112.000 -153.000 -215.000 173.000 214.000 71.000 193.000 -24.000 -220.000 -182.000 -48.000 -396.000 -119.000 -237.000 47.000 78.000 -291.000 25.000 -155.000 -1,701.000 Pretax Income 1,200.000 286.000 188.000 577.000 1,532.000 1,664.000 2,616.000 3,592.000 4,368.000 4,702.000 4,284.000 3,826.000 3,631.000 4,072.000 4,155.000 5,258.000 5,023.000 4,886.000 5,269.000 5,838.000 7,241.000 8,235.000 7,550.000 Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 1,235.000 Minority Interest INCOME BEFORE EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000 Extraordinary Items -355.000 -95.000 -36.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 281.000 -12.000 .000 31.000 .000 .000 1,549.000 73.000 .000 .000 -55.000 .000 Net Income (Loss) 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 6,315.000 Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 1.930 -1.050 .180 1.200 2.360 2.860 4.150 5.910 7.290 8.050 7.860 7.260 7.940 8.480 9.190 11.410 11.620 12.540 6.700 17.740 22.090 24.600 22.850 EPS - Primary - Including EI&DO 1.000 -1.290 -2.450 1.130 2.360 2.860 4.150 5.910 7.290 8.050 7.860 8.030 7.900 8.480 9.290 11.410 11.620 17.710 6.960 17.740 22.090 24.400 22.850 EPS - Fully Diluted - Excluding EI&DO 1.920 -1.050 .180 1.180 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.180 7.850 8.360 9.040 11.210 11.460 12.380 6.640 17.590 21.950 24.500 22.760 EPS - Fully Diluted - Including EI&DO .990 -1.290 -2.420 1.110 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.940 7.810 8.360 9.130 11.210 11.460 17.490 6.890 17.590 21.950 24.300 22.760 SHARES - for Primary EPS Calculation 382.300 400.800 427.400 445.100 446.500 443.100 440.300 428.100 416.000 399.700 384.800 364.200 335.900 323.700 320.900 316.800 310.300 299.300 287.800 284.500 282.000 280.000 276.400 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 384.100 400.800 432.500 452.000 450.000 447.100 445.700 436.400 427.100 409.400 388.900 368.300 339.900 328.400 326.500 322.400 314.700 303.100 290.600 286.800 283.800 281.200 277.400 SHARES - Outstanding at Fiscal Year End 398.000 431.000 441.200 455.500 446.500 438.000 432.000 421.300 409.400 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000 Operating Activities - Net Cash Flow 1,077.000 2,016.000 1,825.000 2,288.000 1,809.000 2,924.000 3,194.000 3,783.000 4,241.000 4,421.000 3,173.000 3,547.000 4,253.000 1,561.000 4,546.000 3,866.000 5,101.000 5,189.000 6,476.000 3,138.000 7,311.000 8,183.000 9,221.000 Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 1,522.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Acquisitions .000 .000 .000 .000 .000 .000 .000 282.000 .000 Investing Activites - Net Cash Flow -1,638.000 1,762.000 139.000 -539.000 -1,461.000 -708.000 -499.000 -1,655.000 -1,205.000 -907.000 -1,518.000 -319.000 -813.000 -1,222.000 -1,121.000 -1,723.000 -9,734.000 -985.000 -1,147.000 -1,075.000 -1,241.000 -2,010.000 -1,161.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 2,940.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 790.000 947.000 707.000 586.000 519.000 420.000 356.000 337.000 327.000 320.000 286.000 337.000 326.000 378.000 340.000 326.000 600.000 610.000 635.000 625.000 567.000 543.000 Income Taxes Paid 530.000 249.000 837.000 55.000 170.000 363.000 599.000 859.000 1,131.000 1,234.000 986.000 806.000 722.000 890.000 787.000 1,500.000 1,800.000 1,300.000 1,100.000 -41.000 940.000 1,400.000 1,400.000 Funds From Operations - Total Current Debt - Changes -868.000 -463.000 -12.000 .000 .000 .000 .000 .000 600.000 -600.000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .880 .440 .440 .440 .580 .910 1.050 1.250 1.470 1.830 2.340 2.640 3.250 4.150 4.780 5.490 6.150 6.770 7.460 8.200 9.000 9.800 10.600 Dividends (Cash) - Common 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,098.000 1,363.000 1,558.000 1,762.000 1,923.000 2,036.000 2,157.000 2,342.000 2,550.000 2,757.000 2,944.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Price - Fiscal Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Receivables - Estimated Doubtful Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 275.000 Research and Development Expense 1,100.000 850.000 798.000 830.000 903.000 962.000 1,042.000 1,139.000 1,206.000 1,220.000 750.000 638.000 585.000 616.000 697.000 751.000 839.000 988.000 1,200.000 1,300.000 1,300.000 1,300.000 1,500.000 Projections Assumptions/Givens Operating Tax Rate 29.6% WACC James Henley: WACC was given 6.8% RONIC 10.0% 10-year Forward Trend 4.8% Long-Term Growth Rate 2.0% 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1 2 3 4 5 6 7 8 9 10 11 10-Year Future Projection Long Term Growth 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Income Statement Sales (Net) 24,999 24,541 23,990 26,578 31,824 35,526 37,213 39,620 41,862 41,372 43,995 45,671 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 65,398 66,706 69,928 73,305 76,846 80,558 84,449 88,527 92,803 97,286 101,985 106,911 109,049 YoY Trend -1.8% -2.2% 10.8% 19.7% 11.6% 4.7% 6.5% 5.7% -1.2% 6.3% 3.8% 1.8% 1.5% -3.9% 0.5% 1.2% 2.4% 8.0% 5.3% 11.3% 9.3% 2.0% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0%     Cost of Goods Sold 22,189 22,143 21,303 23,984 28,796 31,988 33,168 34,926 36,534 35,892 38,278 40,080 40,474 40,890 38,944 39,364 39,991 41,441 44,960 46,870 52,131 57,077 58,633 61,163 64,133 67,247 70,513 73,937 77,508 81,252 85,176 89,291 93,603 95,475 COGS % to SLS 88.8% 90.2% 88.8% 90.2% 90.5% 90.0% 89.1% 88.2% 87.3% 86.8% 87.0% 87.8% 87.0% 86.7% 85.9% 86.3% 86.7% 87.7% 88.1% 87.2% 87.2% 87.3% 87.9% 87.5% 87.5% 87.5% 87.5% 87.6% 87.6% 87.6% 87.6% 87.6% 87.6% 87.6% COGS YoY Trend -0.2% -3.8% 12.6% 20.1% 11.1% 3.7% 5.3% 4.6% -1.8% 6.6% 4.7% 1.0% 1.0% -4.8% 1.1% 1.6% 3.6% 8.5% 4.2% 11.2% 9.5% 2.7% 4.3% 4.9% 4.9% 4.9% 4.9% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0% Diff in COGS/SLS Trends 1.6% -1.5% 1.8% 0.3% -0.5% -1.1% -1.2% -1.1% -0.6% 0.3% 0.9% -0.8% -0.4% -0.9% 0.5% 0.4% 1.2% 0.4% -1.1% -0.0% 0.1% 0.7% -0.5% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% 0.0% 0.0% Gross Profit 2,634 2,582 2,366 2,680 2,585 2,804 3,272 4,198 5,032 5,494 5,230 5,046 4,848 5,176 5,525 6,319 6,328 6,309 6,863 8,616 9,616 9,971 10,461 8,765 9,172 9,599 10,045 10,511 11,019 11,551 12,109 12,694 13,307 13,573 Margin YoY Trend -2.0% -8.4% 13.3% -3.5% 8.5% 16.7% 28.3% 19.9% 9.2% -4.8% -3.5% -3.9% 6.8% 6.7% 14.4% 0.1% -0.3% 8.8% 25.5% 11.6% 3.7% 4.9% -16.2% 4.6% 4.6% 4.6% 4.6% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0% Operating Income Before Depreciation 2,634 2,582 2,366 2,680 2,585 2,804 3,272 4,198 5,032 5,494 5,230 5,046 4,848 5,176 5,525 6,319 6,328 6,309 6,863 8,616 9,616 9,971 10,461 8,765 9,172 9,599 10,045 10,511 11,019 11,551 12,109 12,694 13,307 13,573     Depreciation, Depletion, & 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 DEP % to gPPE 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 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 After Depreciation 1,665 1,614 1,543 2,122 1,976 2,148 2,567 3,434 4,213 4,649 4,224 4,056 3,840 4,244 4,583 5,374 5,302 5,142 5,668 7,455 8,427 8,681 9,097 8,765 9,172 9,599 10,045 10,511 11,019 11,551 12,109 12,694 13,307 13,573 Op Income w/o DEP YoY Trend -3.1% -4.4% 37.5% -6.9% 8.7% 19.5% 33.8% 22.7% 10.3% -9.1% -4.0% -5.3% 10.5% 8.0% 17.3% -1.3% -3.0% 10.2% 31.5% 13.0% 3.0% 4.8% -3.7% 4.6% 4.6% 4.6% 4.6% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0%     Interest Expense 809 919 700 581 487 425 370 361 352 341 305 345 354 383 350 340 443 663 651 668 653 591 569 572 569 566 563 560 557 554 551 549 546 543 IntExp % to TTL Debt 6.8% 9.2% 9.3% 7.7% 7.8% 8.3% 7.4% 8.1% 8.0% 9.0% 6.0% 6.9% 5.5% 6.1% 5.7% 5.5% 2.9% 4.6% 4.6% 4.7% 4.7% 4.4% 4.3% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%     Non-Operating Income/Expense 75 130 263 148 196 156 246 305 436 201 389 335 327 259 318 343 401 360 174 (658) (558) 300 723 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0     Special Items 269 (539) (918) (1,112) (153) (215) 173 214 71 193 (24) (220) (182) (48) (396) (119) (237) 47 78 (291) 25 (155) (1,701) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Pretax Income 1,200 286 188 577 1,532 1,664 2,616 3,592 4,368 4,702 4,284 3,826 3,631 4,072 4,155 5,258 5,023 4,886 5,269 5,838 7,241 8,235 7,550 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0     Income Taxes - Total 463 710 109 44 479 398 791 1,063 1,335 1,485 1,260 1,181 964 1,327 1,205 1,644 1,418 1,133 3,340 792 1,011 1,347 1,235 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Actualized Tax % 38.6% 248.3% 58.0% 7.6% 31.3% 23.9% 30.2% 29.6% 30.6% 31.6% 29.4% 30.9% 26.5% 32.6% 29.0% 31.3% 28.2% 23.2% 63.4% 13.6% 14.0% 16.4% 16.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Operating Tax % (Projected) 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% Operating Taxes 493 478 457 628 585 636 760 1,016 1,247 1,376 1,250 1,200 1,136 1,256 1,356 1,590 1,569 1,522 1,677 2,206 2,494 2,569 2,692 2,594 2,714 2,841 2,973 3,111 3,261 3,418 3,584 3,757 3,938 4,017 Assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0     Cash & Equivalents 455 1,505 912 2,738 1,250 1,456 2,673 2,293 2,981 2,229 2,737 2,777 3,585 1,898 2,617 1,446 1,090 1,837 2,861 772 1,514 3,160 3,604 2,729 2,860 2,999 3,143 3,295 3,454 3,621 3,796 3,980 4,172 4,255 Cash % to SLS 1.8% 6.1% 3.8% 10.3% 3.9% 4.1% 7.2% 5.8% 7.1% 5.4% 6.2% 6.1% 7.7% 4.0% 5.8% 3.2% 2.4% 3.9% 5.6% 1.4% 2.5% 4.8% 5.4% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9%     Receivables - Total (Net) 4,348 4,195 4,049 3,655 4,039 4,094 4,579 4,595 4,925 5,296 6,061 5,757 6,064 7,316 6,147 5,884 8,061 8,202 8,603 11,916 11,431 11,523 12,542 12,944 13,570 14,225 14,912 15,632 16,387 17,179 18,009 18,878 19,790 20,186 Rec % to SLS 17.4% 17.1% 16.9% 13.8% 12.7% 11.5% 12.3% 11.6% 11.8% 12.8% 13.8% 12.6% 13.0% 15.5% 13.6% 12.9% 17.5% 17.4% 16.9% 22.2% 19.1% 17.6% 18.8% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5%     Inventories - Total 4,051 3,825 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,378 2,481 2,937 2,977 2,882 4,962 4,670 4,487 2,997 3,619 3,545 2,981 4,920 5,159 5,409 5,672 5,947 6,235 6,536 6,851 7,182 7,529 7,680 Inv % to COGs 18.3% 17.3% 14.7% 9.4% 8.2% 5.8% 5.8% 4.7% 4.7% 5.3% 5.7% 5.9% 6.1% 7.2% 7.6% 7.3% 12.4% 11.3% 10.0% 6.4% 6.9% 6.2% 5.1% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Deferred income taxes 1,237 1,213 1,566 1,277 921 982 861 900 756 755 815 1,147 1,339 1,269 1,088 1,451 1,463 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Inc Tax % to SLS 4.9% 4.9% 6.5% 4.8% 2.9% 2.8% 2.3% 2.3% 1.8% 1.8% 1.9% 2.5% 2.9% 2.7% 2.4% 3.2% 3.2% 0.0% 0.0% 0.0% 0.0% 0.0% 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 Assets - Other 605 521 1,111 706 843 557 495 719 560 501 681 792 625 435 500 666 622 399 1,510 418 531 1,150 688 857 899 942 988 1,035 1,085 1,138 1,193 1,250 1,311 1,337 Other Assets % to SLS 2.4% 2.1% 4.6% 2.7% 2.6% 1.6% 1.3% 1.8% 1.3% 1.2% 1.5% 1.7% 1.3% 0.9% 1.1% 1.5% 1.3% 0.8% 3.0% 0.8% 0.9% 1.8% 1.0% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Current Assets - Total 10,696 11,259 10,778 10,626 9,401 8,953 10,529 10,164 10,940 10,683 12,477 12,851 14,094 13,855 13,329 12,329 16,198 15,108 17,461 16,103 17,095 19,378 19,815 21,450 22,487 23,575 24,715 25,910 27,162 28,473 29,849 31,290 32,802 33,458 Cur Assets % to TTTL Assets 35.6% 37.1% 39.0% 41.3% 35.9% 35.0% 38.0% 36.0% 37.8% 31.9% 35.5% 36.6% 37.2% 35.8% 36.8% 33.3% 33.0% 31.6% 37.5% 35.9% 36.0% 38.2% 38.9% 38.9% 38.7% 38.6% 38.5% 38.5% 38.4% 38.3% 38.2% 38.2% 38.1% 37.8% Intang YoY Trend 5.3% -4.3% -1.4% -11.5% -4.8% 17.6% -3.5% 7.6% -2.3% 16.8% 3.0% 9.7% -1.7% -3.8% -7.5% 31.4% -6.7% 15.6% -7.8% 6.2% 13.4% 2.3% 8.3% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0% 3,446 2,991 15.2%     Plant, Property & Equip (Gross) 8,907 8,439 8,042 8,316 8,669 8,660 9,324 9,629 10,305 10,899 11,405 11,958 12,470 12,985 13,366 13,495 14,547 14,877 15,361 16,089 17,978 19,149 20,400 21,737 23,163 24,681 26,299 28,023 29,861 31,818 33,904 36,127 38,495 41,019     Accumulated Depreciation 5,273 4,993 5,051 5,058 5,180 5,061 5,400 5,573 5,985 6,411 6,885 7,404 7,859 8,310 8,660 8,740 9,057 9,328 9,586 9,965 10,387 10,936 11,503 12,148 12,829 13,575 14,465 15,413 16,423 17,500 18,647 19,870 21,173 22,561 Acc DEP % to gPPE 59.2% 59.2% 62.8% 60.8% 59.8% 58.4% 57.9% 57.9% 58.1% 58.8% 60.4% 61.9% 63.0% 64.0% 64.8% 64.8% 62.3% 62.7% 62.4% 61.9% 57.8% 57.1% 56.4% 55.9% 55.4% 55.0% 55.0% 55.0% 55.0% 55.0% 55.0% 55.0% 55.0% 55.0% gPPE YoY Trend -5.3% -4.7% 3.4% 4.2% -0.1% 7.7% 3.3% 7.0% 5.8% 4.6% 4.8% 4.3% 4.1% 2.9% 1.0% 7.8% 2.3% 3.3% 4.7% 11.7% 6.5% 6.5% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% Acc DEP YoY Trend -5.3% 1.2% 0.1% 2.4% -2.3% 6.7% 3.2% 7.4% 7.1% 7.4% 7.5% 6.1% 5.7% 4.2% 0.9% 3.6% 3.0% 2.8% 4.0% 4.2% 5.3% 5.2% 5.6% 5.6% 5.8% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% PP&E (Net) 3,634 3,446 2,991 3,258 3,489 3,599 3,924 4,056 4,320 4,488 4,520 4,554 4,611 4,675 4,706 4,755 5,490 5,549 5,775 6,124 7,591 8,213 8,897 9,589 10,333 11,106 11,835 12,611 13,437 14,318 15,257 16,257 17,323 18,459 nPPE % to SLS 14.5% 14.0% 12.5% 12.3% 11.0% 10.1% 10.5% 10.2% 10.3% 10.8% 10.3% 10.0% 9.9% 9.9% 10.4% 10.4% 11.9% 11.7% 11.3% 11.4% 12.7% 12.6% 13.3% 13.7% 14.1% 14.5% 14.7% 14.9% 15.2% 15.4% 15.7% 15.9% 16.2% 16.9%     Investments at Equity 1,771 2,433 1,342 766 823 760 41 - 0 - 0 - 0 - 0 671 697 749 914 971 1,300 1,400 1,400 1,200 1,200 784 689 1,455 1,525 1,600 1,677 1,759 1,844 1,933 2,026 2,124 2,226 2,271 43.7% 63.6% 42.7% 34.0% 35.1% 40.8% 2.1% 0.0% 0.0% 0.0% 0.0% 28.2% 28.1% 25.5% 30.7% 33.7% 26.2% 30.0% 31.2% 40.0% 33.2% 22.1% 23.1% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6%     Investments and Advances - Other 439 - 0 542 243 237 52 155 - 0 - 0 - 0 - 0 - 0 - 0 730 863 836 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0     Intangibles & Goodwill 10,421 9,943 8,310 8,745 9,203 9,008 9,007 9,855 9,850 9,881 11,146 10,631 10,148 10,370 10,348 10,862 18,204 15,284 15,028 14,710 14,328 14,504 14,296 14,255 14,870 15,512 16,180 16,878 17,604 18,362 19,151 19,974 20,832 21,140 Int&GW YoY Trend -4.6% -16.4% 5.2% 5.2% -2.1% -0.0% 9.4% -0.1% 0.3% 12.8% -4.6% -4.5% 2.2% -0.2% 5.0% 67.6% -16.0% -1.7% -2.1% -2.6% 1.2% -1.4% -0.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 1.5% Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 13,455 13,374 14,020 14,697 15,407 16,151 16,931 17,748 18,606 19,504 20,446 20,855 GW % to SLS 36.6% 30.5% 30.7% 27.8% 24.8% 22.2% 22.7% 23.3% 22.4% 23.0% 22.6% 21.0% 21.8% 22.0% 22.8% 23.8% 29.4% 22.8% 21.2% 20.0% 17.7% 16.5% 20.2% 19.1% 19.1% 19.1% 19.1% 19.1% 19.1% 19.1% 19.1% 19.1% 19.1% 19.1% GW YoY Trend -18.4% -1.4% 0.1% 6.8% 0.2% 7.0% 9.5% 1.5% 1.5% 4.4% -3.4% 5.7% 2.2% -0.2% 5.0% 25.0% -20.7% 0.4% -0.4% -1.5% 1.9% 24.5% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% Intangibles 1,259 2,464 939 1,365 1,324 1,116 560 605 463 355 1,198 1,026 - 0 - 0 - 0 - 0 4,628 4,520 4,221 3,941 3,724 3,698 841 882 851 815 774 727 673 613 546 470 386 284 Intang % to SLS 5.0% 10.0% 3.9% 5.1% 4.2% 3.1% 1.5% 1.5% 1.1% 0.9% 2.7% 2.2% 0.0% 0.0% 0.0% 0.0% 10.0% 9.6% 8.3% 7.3% 6.2% 5.7% 1.3% 1.3% 1.2% 1.1% 1.0% 0.9% 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% Intang YoY Trend 95.7% -61.9% 45.4% -3.0% -15.7% -49.8% 8.0% -23.5% -23.3% 237.5% -14.4% -100.0% 0.0% 0.0% 0.0% 0.0% -2.3% -6.6% -6.6% -5.5% -0.7% -77.3% 4.8% -3.5% -4.2% -5.1% -6.1% -7.3% -8.9% -11.0% -13.9% -17.9% -26.3%     Deferred Charges - 0 - 0 2,081 - 0 1,213 1,030 1,360 235 313 122 160 179 178 185 210 204 201 208 112 107 2 3 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Def Chrg % to SLS 0.0% 0.0% 8.7% 0.0% 3.8% 2.9% 3.7% 0.6% 0.7% 0.3% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%     Assets - Other 3,051 3,268 1,610 2,120 1,809 2,152 2,728 3,921 3,503 8,265 6,808 6,181 8,180 8,093 5,818 7,116 7,735 10,257 6,745 6,632 7,312 7,828 7,176 8,461 8,870 9,299 9,748 10,219 10,712 11,229 11,772 12,340 12,936 13,195 Other Assets % to SLS 12.2% 13.3% 6.7% 8.0% 5.7% 6.1% 7.3% 9.9% 8.4% 20.0% 15.5% 13.5% 17.6% 17.2% 12.8% 15.6% 16.8% 21.7% 13.2% 12.3% 12.2% 12.0% 10.8% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% Intang YoY Trend 7.1% -50.7% 31.7% -14.7% 19.0% 26.8% 43.7% -10.7% 135.9% -17.6% -9.2% 32.3% -1.1% -28.1% 22.3% 8.7% 32.6% -34.2% -1.7% 10.3% 7.1% -8.3% 17.9% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0% Total Assets 30,012 30,349 27,654 25,758 26,175 25,554 27,744 28,231 28,926 33,439 35,111 35,067 37,908 38,657 36,188 37,073 49,128 47,806 46,521 44,876 47,528 50,710 50,873 55,210 58,087 61,091 64,155 67,375 70,759 74,315 78,055 81,986 86,120 88,522 Total Assets YoY Trend 1.1% -8.9% -6.9% 1.6% -2.4% 8.6% 1.8% 2.5% 15.6% 5.0% -0.1% 8.1% 2.0% -6.4% 2.4% 32.5% -2.7% -2.7% -3.5% 5.9% 6.7% 0.3% 8.5% 5.2% 5.2% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 2.8% Liabilities     Accounts Payable 1,228 1,184 1,419 1,102 1,434 1,726 1,998 2,221 2,163 2,030 2,030 1,627 2,269 2,038 1,397 1,570 1,974 1,653 1,467 2,402 1,281 880 780 1,087 1,011 926 830 722 602 468 321 158 (22) (213) Acc Pay % to COGs 5.5% 5.3% 6.7% 4.6% 5.0% 5.4% 6.0% 6.4% 5.9% 5.7% 5.3% 4.1% 5.6% 5.0% 3.6% 4.0% 4.9% 4.0% 3.3% 5.1% 2.5% 1.5% 1.3% 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% -0.0% -0.2% Payable YoY Trend -3.6% 19.8% -22.3% 30.1% 20.4% 15.8% 11.2% -2.6% -6.1% 0.0% -19.9% 39.5% -10.2% -31.5% 12.4% 25.7% -16.3% -11.3% 63.7% -46.7% -31.3% -11.4% 39.3% -6.9% -8.4% -10.4% -13.0% -16.6% -22.2% -31.5% -50.9% -114.0% 868.4%     Notes Payable 475 12 600     Accrued Expenses 941 1,038 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,826 1,916 1,764 1,785 2,122 2,466 3,163 3,108 2,946 3,088 3,237 3,393 3,557 3,729 3,909 4,098 4,296 4,504 4,594 Expense % to SLS 3.8% 4.2% 4.6% 4.8% 4.5% 3.8% 4.0% 4.0% 3.7% 4.1% 3.7% 4.1% 3.6% 3.5% 4.0% 4.0% 4.2% 3.7% 3.5% 3.9% 4.1% 4.8% 4.7% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% Expense YoY Trend 10.3% 6.0% 15.6% 11.5% -5.1% 9.6% 7.4% -2.5% 9.1% -2.1% 13.5% -11.0% -0.9% 9.7% 0.9% 4.9% -7.9% 1.2% 18.9% 16.2% 28.3% -1.7% -5.2% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 2.0%     Taxes Payable 51 519 63 107 91 28 71 243 41 277 217 - 0 1 2 3 4 4 4 4 4 4 4 Tax Pay % to SLS 0.2% 2.1% 0.3% 0.4% 0.3% 0.1% 0.2% 0.6% 0.1% 0.7% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 200.0% 300.0% 400.0% 400.0% 400.0% 400.0% 400.0% 400.0% 400.0%     Debt (Long-Term) Due In One Year 52 882 89 1,365 136 15 202 34 104 242 150 956 750 900 1,495 774 332 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Other Curr % to SLS 0.2% 3.6% 0.4% 5.1% 0.4% 0.0% 0.5% 0.1% 0.2% 0.6% 0.0% 0.0% 0.0% 0.3% 0.0% 0.0% 2.1% 0.0% 1.5% 1.7% 2.5% 1.2% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%     Other Current Liabilities 1,123 1,380 1,793 1,198 1,257 1,105 1,027 1,305 1,427 1,403 1,375 1,371 1,451 1,513 1,250 1,683 1,967 2,147 1,714 1,636 1,437 1,348 1,410 1,533 1,607 1,685 1,766 1,852 1,941 2,035 2,133 2,236 2,344 2,391 Other Curr % to SLS 4.5% 5.6% 7.5% 4.5% 3.9% 3.1% 2.8% 3.3% 3.4% 3.4% 3.1% 3.0% 3.1% 3.2% 2.8% 3.7% 4.3% 4.5% 3.4% 3.0% 2.4% 2.1% 2.1% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% Rental Expense 287 463 223 235 301 318 324 310 338 371 384 399 347 302 315 258 256 202 169 247 239 223 275 282 300 320 341 363 387 412 439 468 499 531 Rent Exp % to gPPE 3.2% 5.5% 2.8% 2.8% 3.5% 3.7% 3.5% 3.2% 3.3% 3.4% 3.4% 3.3% 2.8% 2.3% 2.4% 1.9% 1.8% 1.4% 1.1% 1.5% 1.3% 1.2% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,892 8,456 8,864 9,292 9,741 10,212 10,705 11,222 11,764 12,332 12,928 13,186 Contract Liab % to SLS 18.6% 19.1% 20.9% 17.1% 13.4% 11.3% 11.6% 9.7% 10.2% 11.0% 11.5% 12.9% 13.8% 13.8% 14.0% 12.7% 15.1% 14.3% 13.2% 12.1% 11.8% 11.5% 11.8% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% Total Current Liabilities 8,812 10,175 9,689 9,821 8,893 8,566 9,428 9,553 9,871 10,542 10,703 11,157 12,130 12,155 11,120 11,112 14,057 12,542 12,637 14,398 13,972 13,933 13,997 14,303 14,872 15,462 16,074 16,710 17,368 18,051 18,759 19,494 20,256 20,493 Curr Liab % to TTL Liabilities 37.3% 43.9% 45.7% 49.4% 45.8% 46.2% 47.4% 44.8% 51.6% 34.5% 34.5% 35.6% 32.9% 31.5% 35.6% 33.0% 30.5% 27.1% 26.8% 33.2% 31.5% 31.2% 35.1% 33.8% 35.3% 36.9% 38.6% 40.4% 42.2% 44.0% 46.0% 48.1% 50.2% 51.1% Current Liability YoY Trend 15.5% -4.8% 1.4% -9.4% -3.7% 10.1% 1.3% 3.3% 6.8% 1.5% 4.2% 8.7% 0.2% -8.5% -0.1% 26.5% -10.8% 0.8% 13.9% -3.0% -0.3% 0.5% 2.2% 4.0% 4.0% 4.0% 4.0% 3.9% 3.9% 3.9% 3.9% 3.9% 1.2%     Long Term Debt 11,427 9,065 7,422 6,217 6,072 5,104 4,784 4,405 4,303 3,563 5,052 5,019 6,460 6,158 6,152 6,169 14,305 14,282 13,513 12,604 12,259 12,510 12,770 12,526 12,460 12,395 12,330 12,265 12,201 12,137 12,073 12,009 11,946 11,884 LT Debt % to TTL Liabilities 48.3% 39.1% 35.0% 31.3% 31.3% 27.5% 24.1% 20.6% 22.5% 11.7% 16.3% 16.0% 17.5% 15.9% 19.7% 18.3% 31.1% 30.9% 28.7% 29.0% 27.6% 28.0% 32.0% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6% 29.6%     Deferred Taxes (Balance Sheet) 517 736 992 - 0 - 0 - 0 - 0 - 0 - 0 16 1 - 0 - 0 - 0 - 0 - 0 - 0 36 28 22 12 7 8     Liabilities - Other 2,895 3,213 3,108 3,855 4,454 4,863 5,665 7,389 4,947 16,453 15,226 15,183 18,317 20,305 13,998 16,392 17,669 19,340 20,952 16,403 18,114 18,222 13,139 15,464 14,739 13,993 13,226 12,437 11,626 10,791 9,931 9,046 8,133 7,748 Other Liab % to TTL Liabilities 12.2% 13.9% 14.7% 19.4% 22.9% 26.2% 28.5% 34.6% 25.9% 53.8% 49.1% 48.4% 49.6% 52.6% 44.8% 48.7% 38.4% 41.9% 44.5% 37.8% 40.8% 40.8% 32.9% 42.3% 42.3% 42.3% 42.3% 42.3% 42.3% 42.3% 42.3% 42.3% 42.3% 42.3% Intang YoY Trend 11.0% -3.3% 24.0% 15.5% 9.2% 16.5% 30.4% -33.0% 232.6% -7.5% -0.3% 20.6% 10.9% -31.1% 17.1% 7.8% 9.5% 8.3% -21.7% 10.4% 0.6% -27.9% 17.7% -4.7% -5.1% -5.5% -6.0% -6.5% -7.2% -8.0% -8.9% -10.1% -4.7% Total Liabilities 23,651 23,189 21,211 19,893 19,419 18,533 19,877 21,347 19,121 30,574 30,982 31,359 36,907 38,618 31,270 33,673 46,031 46,200 47,130 43,427 44,357 44,672 39,914 42,293 42,071 41,850 41,630 41,412 41,194 40,978 40,763 40,549 40,336 40,124 TTL Liability YoY Trend -2.0% -8.5% -6.2% -2.4% -4.6% 7.3% 7.4% -10.4% 59.9% 1.3% 1.2% 17.7% 4.6% -19.0% 7.7% 36.7% 0.4% 2.0% -7.9% 2.1% 0.7% -10.7% 6.0% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% NOPLAT 1,172 1,136 1,086 1,494 1,391 1,512 1,807 2,418 2,966 3,273 2,974 2,856 2,704 2,988 3,227 3,784 3,733 3,620 3,991 5,249 5,933 6,112 6,405 6,171 6,458 6,758 7,072 7,401 7,758 8,133 8,526 8,938 9,369 9,557 Cash Flow 1,172 1,136 1,086 1,494 1,391 1,512 1,807 2,418 2,966 3,273 2,974 2,856 2,704 2,988 3,227 3,784 3,733 3,620 3,991 5,249 5,933 6,112 6,405 6,171 6,458 6,758 7,072 7,401 7,758 8,133 8,526 8,938 9,369 9,557 ∆ NWC - 0 650 1,193 691 (224) 438 168 91 (63) (234) (555) 784 483 (1,895) 507 (83) (2,552) (588) (440) (734) (359) 753 (211) (1,626) (370) (394) (420) (447) (474) (504) (535) (569) (604) (356) Capital Expenditures - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (9,589) (744) (773) (728) (776) (827) (881) (939) (1,000) (1,066) (1,136) Free Cash Flow - 0 1,786 2,279 2,185 1,167 1,950 1,975 2,509 2,903 3,039 2,419 3,640 3,187 1,093 3,734 3,701 1,181 3,032 3,551 4,515 5,574 6,865 6,193 (5,044) 5,343 5,591 5,924 6,178 6,458 6,748 7,052 7,368 7,699 8,064 Discount Cash Flow (4,723) 4,684 4,589 4,554 4,446 4,352 4,258 4,166 4,076 3,988 3,911 Current Assets - Other Operating Cash James Henley: 2% of TTL Revenue or TTL working cash (whichever is less)     Receivables - Total (Net) 4,348 4,195 4,049 3,655 4,039 4,094 4,579 4,595 4,925 5,296 6,061 5,757 6,064 7,316 6,147 5,884 8,061 8,202 8,603 11,916 11,431 11,523 12,542 12,944 13,570 14,225 14,912 15,632 16,387 17,179 18,009 18,878 19,790 20,186     Inventories - Total 4,051 3,825 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,378 2,481 2,937 2,977 2,882 4,962 4,670 4,487 2,997 3,619 3,545 2,981 4,920 5,159 5,409 5,672 5,947 6,235 6,536 6,851 7,182 7,529 7,680 Current Assets - Other 605 521 1,111 706 843 557 495 719 560 501 681 792 625 435 500 666 622 399 1,510 418 531 1,150 688 857 899 942 988 1,035 1,085 1,138 1,193 1,250 1,311 1,337 Current Liabilities     Accounts Payable 1,228 1,184 1,419 1,102 1,434 1,726 1,998 2,221 2,163 2,030 2,030 1,627 2,269 2,038 1,397 1,570 1,974 1,653 1,467 2,402 1,281 880 780 1,087 1,011 926 830 722 602 468 321 158 (22) (213)     Accrued Expenses 941 1,038 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,826 1,916 1,764 1,785 2,122 2,466 3,163 3,108 2,946 3,088 3,237 3,393 3,557 3,729 3,909 4,098 4,296 4,504 4,594 Rental Expense 287 463 223 235 301 318 324 310 338 371 384 399 347 302 315 258 256 202 169 247 239 223 275 282 300 320 341 363 387 412 439 468 499 531 Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,892 8,456 8,864 9,292 9,741 10,212 10,705 11,222 11,764 12,332 12,928 13,186 Working Capital 1,288 638 (555) (1,246) (1,022) (1,460) (1,628) (1,719) (1,656) (1,422) (867) (1,651) (2,134) (239) (746) (663) 1,889 2,477 2,917 3,651 4,010 3,257 3,468 5,094 5,465 5,859 6,279 6,725 7,199 7,703 8,238 8,807 9,411 9,768 Noncurrent Assets PP&E (Net) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 9,589 10,333 11,106 11,835 12,611 13,437 14,318 15,257 16,257 17,323 18,459 Intangibles 1,259 2,464 939 1,365 1,324 1,116 560 605 463 355 1,198 1,026 - 0 - 0 - 0 - 0 4,628 4,520 4,221 3,941 3,724 3,698 841 882 851 815 774 727 673 613 546 470 386 284 Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 13,455 13,374 14,020 14,697 15,407 16,151 16,931 17,748 18,606 19,504 20,446 20,855 Invested Capital w/o goodwill 10,421 9,943 8,310 8,745 9,203 9,008 9,007 9,855 9,850 9,881 11,146 10,631 10,148 10,370 10,348 10,862 18,204 15,284 15,028 14,710 14,328 14,504 14,296 23,844 25,204 26,618 28,015 29,488 31,041 32,680 34,408 36,231 38,155 39,598 Invested Capital w/ goodwill 20,842 19,886 16,620 17,490 18,406 18,016 18,014 19,710 19,700 19,762 22,292 21,262 20,296 20,740 20,696 21,724 36,408 30,568 30,056 29,420 28,656 29,008 28,592 38,099 40,074 42,130 44,196 46,366 48,646 51,042 53,559 56,206 58,987 60,738 ROIC w/o goodwill 11.2% 11.4% 13.1% 17.1% 15.1% 16.8% 20.1% 24.5% 30.1% 33.1% 26.7% 26.9% 26.6% 28.8% 31.2% 34.8% 20.5% 23.7% 26.6% 35.7% 41.4% 42.1% 44.8% 25.9% 25.6% 25.4% 25.2% 25.1% 25.0% 24.9% 24.8% 24.7% 24.6% 24.1% ROIC w/ goodwill 5.6% 5.7% 6.5% 8.5% 7.6% 8.4% 10.0% 12.3% 15.1% 16.6% 13.3% 13.4% 13.3% 14.4% 15.6% 17.4% 10.3% 11.8% 13.3% 17.8% 20.7% 21.1% 22.4% 16.2% 16.1% 16.0% 16.0% 16.0% 15.9% 15.9% 15.9% 15.9% 15.9% 15.7% PV of explicit FCF 34,390 CV 159,276 PV of continuous value 82,497 PV (operations) 116,887 EV w/ midyear adjustments 113,105 Debt over a 5-year average 8,244 Equity value 104,861 Current equity value (trading) 112,871 Outstanding shares 266.11 Value per share 394.05 Current price 424.15 EBITDA multiple 11.97 Q&A 1. Assess the EBITDA multiple implied by your continuing value -- does it seem too high, too low, or within a reasonable range? How do you know? The EBITDA multiple I calculated was 11.97, which I believe is too high. This assumption is made based on the industry average around 11. 2. What are the implicit assumptions embedded in your continuing value estimate? Do they make sense? Why or why not? Assumptions I made for the continuing value estimate were RONIC, 10-year forward trend, and long-term growth rate. The RONIC assumption I don't think is the correct way to go about and I will try adjusting over this week leading to project submission. 3. What does your model output mean to you? What should management or an investor do with this information? Why? My current share price is 394.05, which is below the current share price at 424.15 as of this morning. 4. What questions do you have remaining about how to complete a valuation model that you would like answered during MSFLive? I need help with my assumption concerning RONIC and 10-year forward trend. I do not think I'm close to where I should be. If you could help me develop a better way to get to an assumed RONIC that would be great. Valuation NAME: LOCKHEED MARTIN CORP TICKER SYMBOL: LMT PRIMARY SIC CODE: 3760 STOCK EXCHANGE: 11 New York Stock Exchange CUSIP: 539830 STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) ASSETS     Cash & Equivalents 455.000 1,505.000 912.000 2,738.000 1,250.000 1,456.000 2,673.000 2,293.000 2,981.000 2,229.000 2,737.000 2,777.000 3,585.000 1,898.000 2,617.000 1,446.000 1,090.000 1,837.000 2,861.000 772.000 1,514.000 3,160.000 3,604.000     Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000     Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 2,981.000     Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Deferred income taxes 1,237.000 1,213.000 1,566.000 1,277.000 921.000 982.000 861.000 900.000 756.000 755.000 815.000 1,147.000 1,339.000 1,269.000 1,088.000 1,451.000 1,463.000 Current Assets - Other 605.000 521.000 1,111.000 706.000 843.000 557.000 495.000 719.000 560.000 501.000 681.000 792.000 625.000 435.000 500.000 666.000 622.000 399.000 1,510.000 418.000 531.000 1,150.000 688.000 Current Assets - Total 10,696.000 11,259.000 10,778.000 10,626.000 9,401.000 8,953.000 10,529.000 10,164.000 10,940.000 10,683.000 12,477.000 12,851.000 14,094.000 13,855.000 13,329.000 12,329.000 16,198.000 15,108.000 17,461.000 16,103.000 17,095.000 19,378.000 19,815.000     Plant, Property & Equip (Gross) 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 20,400.000     Accumulated Depreciation 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 11,503.000 Plant, Property & Equip (Net) 3,634.000 3,446.000 2,991.000 3,258.000 3,489.000 3,599.000 3,924.000 4,056.000 4,320.000 4,488.000 4,520.000 4,554.000 4,611.000 4,675.000 4,706.000 4,755.000 5,490.000 5,549.000 5,775.000 6,124.000 7,591.000 8,213.000 8,897.000     Investments at Equity 1,771.000 2,433.000 1,342.000 766.000 823.000 760.000 41.000 671.000 697.000 749.000 914.000 971.000 1,300.000 1,400.000 1,400.000 1,200.000 1,200.000 784.000 689.000     Investments and Advances - Other 439.000 542.000 243.000 237.000 52.000 155.000 .000 .000 .000 730.000 863.000 836.000 .000 .000 .000 .000 .000 .000 .000     Intangibles & Goodwill 10,421.000 9,943.000 8,310.000 8,745.000 9,203.000 9,008.000 9,007.000 9,855.000 9,850.000 9,881.000 11,146.000 10,631.000 10,148.000 10,370.000 10,348.000 10,862.000 18,204.000 15,284.000 15,028.000 14,710.000 14,328.000 14,504.000 14,296.000 Goodwill 9,162.000 7,479.000 7,371.000 7,380.000 7,879.000 7,892.000 8,447.000 9,250.000 9,387.000 9,526.000 9,948.000 9,605.000 10,148.000 10,370.000 10,348.000 10,862.000 13,576.000 10,764.000 10,807.000 10,769.000 10,604.000 10,806.000 13,455.000 Intangibles 1,259.000 2,464.000 939.000 1,365.000 1,324.000 1,116.000 560.000 605.000 463.000 355.000 1,198.000 1,026.000 .000 .000 .000 .000 4,628.000 4,520.000 4,221.000 3,941.000 3,724.000 3,698.000 841.000     Deferred Charges .000 .000 2,081.000 .000 1,213.000 1,030.000 1,360.000 235.000 313.000 122.000 160.000 179.000 178.000 185.000 210.000 204.000 201.000 208.000 112.000 107.000 2.000 3.000     Assets - Other 3,051.000 3,268.000 1,610.000 2,120.000 1,809.000 2,152.000 2,728.000 3,921.000 3,503.000 8,265.000 6,808.000 6,181.000 8,180.000 8,093.000 5,818.000 7,116.000 7,735.000 10,257.000 6,745.000 6,632.000 7,312.000 7,828.000 7,176.000 TOTAL ASSETS 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000 LIABILITIES     Accounts Payable 1,228.000 1,184.000 1,419.000 1,102.000 1,434.000 1,726.000 1,998.000 2,221.000 2,163.000 2,030.000 2,030.000 1,627.000 2,269.000 2,038.000 1,397.000 1,570.000 1,974.000 1,653.000 1,467.000 2,402.000 1,281.000 880.000 780.000     Notes Payable 475.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 .000 .000 .000     Accrued Expenses 941.000 1,038.000 1,100.000 1,272.000 1,418.000 1,346.000 1,475.000 1,584.000 1,544.000 1,684.000 1,648.000 1,870.000 1,664.000 1,649.000 1,809.000 1,826.000 1,916.000 1,764.000 1,785.000 2,122.000 2,466.000 3,163.000 3,108.000     Taxes Payable 51.000 519.000 63.000 107.000 91.000 28.000 71.000 243.000 41.000 277.000 217.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Debt (Long-Term) Due In One Year 52.000 882.000 89.000 1,365.000 136.000 15.000 202.000 34.000 104.000 242.000 .000 .000 .000 150.000 .000 .000 956.000 .000 750.000 900.000 1,495.000 774.000 332.000 Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 275.000 Contract liabilities 4,655.000 4,697.000 5,002.000 4,542.000 4,256.000 4,028.000 4,331.000 3,856.000 4,254.000 4,535.000 5,049.000 5,890.000 6,399.000 6,503.000 6,349.000 5,775.000 6,988.000 6,776.000 6,752.000 6,491.000 7,054.000 7,545.000 7,891.538 James Henley: Projected based on Change in total Other Liabilities YoY     Other Current Liabilities 1,123.000 1,380.000 1,793.000 1,198.000 1,257.000 1,105.000 1,027.000 1,305.000 1,427.000 1,403.000 1,375.000 1,371.000 1,451.000 1,513.000 1,250.000 1,683.000 1,967.000 2,147.000 1,714.000 1,636.000 1,437.000 1,348.000 1,409.913 Total Current Liabilities 8,812.000 10,175.000 9,689.000 9,821.000 8,893.000 8,566.000 9,428.000 9,553.000 9,871.000 10,542.000 10,703.000 11,157.000 12,130.000 12,155.000 11,120.000 11,112.000 14,057.000 12,542.000 12,637.000 14,398.000 13,972.000 13,933.000 13,997.000     Long Term Debt 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 12,770.000     Deferred Taxes (Balance Sheet) 517.000 736.000 992.000 .000 .000 .000 .000 .000 .000 16.000 1.000 .000 .000 .000 .000 .000 36.000 28.000 22.000 12.000 7.000 8.000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 2,895.000 3,213.000 3,108.000 3,855.000 4,454.000 4,863.000 5,665.000 7,389.000 4,947.000 16,453.000 15,226.000 15,183.000 18,317.000 20,305.000 13,998.000 16,392.000 17,669.000 19,340.000 20,952.000 16,403.000 18,114.000 18,222.000 13,139.000     Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL LIABILITIES 23,651.000 23,189.000 21,211.000 19,893.000 19,419.000 18,533.000 19,877.000 21,347.000 19,121.000 30,574.000 30,982.000 31,359.000 36,907.000 38,618.000 31,270.000 33,673.000 46,031.000 46,200.000 47,130.000 43,427.000 44,357.000 44,672.000 39,914.000 SHAREHOLDERS' EQUITY     Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 398.000 431.000 441.000 455.000 446.000 438.000 432.000 421.000 409.000 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000     Capital Surplus 222.000 1,789.000 2,058.000 2,746.000 2,460.000 2,200.000 1,710.000 755.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 221.000 94.000     Retained Earnings (Net Other) 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000     Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,511.000 -683.000 1,394.000 3,127.000 6,015.000 10,959.000 Noncontrolling Interest - Nonredeemable 95.000 74.000 55.000 44.000 23.000 .000 TOTAL SHAREHOLDERS EQUITY 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,606.000 -609.000 1,449.000 3,171.000 6,038.000 10,959.000 TOTAL LIABILITIES AND EQUITY 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Sales (Net) 25,530.000 25,329.000 23,990.000 26,578.000 31,824.000 35,526.000 37,213.000 39,620.000 41,862.000 42,731.000 45,189.000 45,803.000 46,499.000 47,182.000 45,358.000 45,600.000 46,132.000 47,248.000 51,048.000 53,762.000 59,812.000 65,398.000 67,044.000     Cost of Goods Sold 22,896.000 22,747.000 21,624.000 23,898.000 29,239.000 32,722.000 33,941.000 35,422.000 36,830.000 37,237.000 39,959.000 40,757.000 41,651.000 42,006.000 39,833.000 39,281.000 39,804.000 40,939.000 44,185.000 45,146.000 50,196.000 55,427.000 56,583.000 Gross Profit 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000     Selling, General, & Admin Expenses Operating Income Before Depreciation 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000     Depreciation, Depletion, & Amortiz 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 1,006.000 990.000 1,008.000 932.000 942.000 945.000 1,026.000 1,167.000 1,195.000 1,161.000 1,189.000 1,290.000 1,364.000 Operating Income After Depreciation 1,665.000 1,614.000 1,543.000 2,122.000 1,976.000 2,148.000 2,567.000 3,434.000 4,213.000 4,649.000 4,224.000 4,056.000 3,840.000 4,244.000 4,583.000 5,374.000 5,302.000 5,142.000 5,668.000 7,455.000 8,427.000 8,681.000 9,097.000     Interest Expense 809.000 919.000 700.000 581.000 487.000 425.000 370.000 361.000 352.000 341.000 305.000 345.000 354.000 383.000 350.000 340.000 443.000 663.000 651.000 668.000 653.000 591.000 569.000     Non-Operating Income/Expense 75.000 130.000 263.000 148.000 196.000 156.000 246.000 305.000 436.000 201.000 389.000 335.000 327.000 259.000 318.000 343.000 401.000 360.000 174.000 -658.000 -558.000 300.000 723.000     Special Items 269.000 -539.000 -918.000 -1,112.000 -153.000 -215.000 173.000 214.000 71.000 193.000 -24.000 -220.000 -182.000 -48.000 -396.000 -119.000 -237.000 47.000 78.000 -291.000 25.000 -155.000 -1,701.000 Pretax Income 1,200.000 286.000 188.000 577.000 1,532.000 1,664.000 2,616.000 3,592.000 4,368.000 4,702.000 4,284.000 3,826.000 3,631.000 4,072.000 4,155.000 5,258.000 5,023.000 4,886.000 5,269.000 5,838.000 7,241.000 8,235.000 7,550.000     Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 1,235.000     Minority Interest Income Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000     Extraordinary Items -355.000 -95.000 -36.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 281.000 -12.000 .000 31.000 .000 .000 1,549.000 73.000 .000 .000 -55.000 .000 Net Income (Loss) 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 6,315.000 Income Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000     Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjusted Available for Common 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 1.930 -1.050 .180 1.200 2.360 2.860 4.150 5.910 7.290 8.050 7.860 7.260 7.940 8.480 9.190 11.410 11.620 12.540 6.700 17.740 22.090 24.600 22.850     EPS - Primary, Including EI&DO 1.000 -1.290 -2.450 1.130 2.360 2.860 4.150 5.910 7.290 8.050 7.860 8.030 7.900 8.480 9.290 11.410 11.620 17.710 6.960 17.740 22.090 24.400 22.850     EPS - Fully Diluted, Excluding EI&DO 1.920 -1.050 .180 1.180 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.180 7.850 8.360 9.040 11.210 11.460 12.380 6.640 17.590 21.950 24.500 22.760     EPS - Fully Diluted, Including EI&DO .990 -1.290 -2.420 1.110 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.940 7.810 8.360 9.130 11.210 11.460 17.490 6.890 17.590 21.950 24.300 22.760 COMMON SHARES     Common Shares for Primary EPS Calculation 382.300 400.800 427.400 445.100 446.500 443.100 440.300 428.100 416.000 399.700 384.800 364.200 335.900 323.700 320.900 316.800 310.300 299.300 287.800 284.500 282.000 280.000 276.400     Common Shares for Fully Diluted EPS Calc. 384.100 400.800 432.500 452.000 450.000 447.100 445.700 436.400 427.100 409.400 388.900 368.300 339.900 328.400 326.500 322.400 314.700 303.100 290.600 286.800 283.800 281.200 277.400     Common Shares Outstanding at Fiscal Yr End 398.000 431.000 441.200 455.500 446.500 438.000 432.000 421.300 409.400 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Retained Rearnings - Beginning Balance 5,674.000 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 Net Income 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 6,315.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 2,940.000 Retained Earnings After Dividends 5,711.000 5,039.000 3,702.000 4,245.000 3,456.000 4,711.000 5,746.000 7,716.000 8,126.000 11,876.000 4,588.000 5,713.000 4,922.000 2,073.000 1,159.000 6,453.000 4,759.000 6,048.000 1,061.000 1,732.000 4,787.000 6,916.000 8,890.000 Change - Foreign Currency Translation Adj. to Long-Term Marketable Securities .000 .000 -2.000 44.000 -12.000 85.000 -7.000 -7.000 -7.000 Other CMP Adj,(Stock Splits/Retirement) -160.000 -259.000 -17.000 -1,553.000 -1,248.000 -1,520.000 -1,638.000 -3,554.000 -1,844.000 -9,142.000 -8,569.000 -8,993.000 -11,257.000 -13,493.000 -9,601.000 -11,870.000 -11,444.000 -12,102.000 -12,540.000 -14,321.000 -15,554.000 -16,121.000 -11,006.000 Non-Compustat Adjustments (Plug Calculation) 545.000 160.000 259.000 -28.000 1,642.000 1,192.000 1,617.000 1,546.000 3,114.000 -262.000 7,737.000 6,642.000 7,015.000 11,138.000 13,041.000 8,503.000 9,479.000 7,276.000 10,512.000 13,702.000 13,614.000 14,720.000 12,710.000 Retained Earnings - Ending Balance 6,096.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000 Retroactive Adjustments (Acct'g Chgs) -355.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000 Depreciation and Amortizations 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 854.000 841.000 1,008.000 988.000 990.000 994.000 1,026.000 1,215.000 1,195.000 1,161.000 1,189.000 1,290.000 1,364.000 Extraordinary Items and Disc. Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 24.000 -28.000 .000 31.000 .000 .000 307.000 .000 .000 .000 .000 .000 Deferred Taxes 293.000 -84.000 -118.000 -463.000 467.000 -58.000 24.000 75.000 110.000 72.000 542.000 576.000 -2.000 930.000 -5.000 -401.000 -445.000 -152.000 3,432.000 -244.000 222.000 5.000 -183.000 Equity in Net Loss (Earnings) Sale of PPEq and Investments - Loss (Gain) .000 -325.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -198.000 .000 -51.000 .000 .000 Funds from Operations - Other .000 672.000 1,987.000 1,127.000 42.000 631.000 534.000 159.000 332.000 631.000 -756.000 349.000 204.000 377.000 689.000 560.000 741.000 -66.000 443.000 1,073.000 463.000 1,115.000 1,938.000 Receivables - Decrease (Increase) 130.000 108.000 -34.000 394.000 -258.000 -87.000 -390.000 94.000 -324.000 -333.000 -719.000 -15.000 -363.000 -460.000 767.000 28.000 -256.000 -811.000 -401.000 -1,659.000 485.000 -92.000 -1,019.000 Inventory - Decrease (Increase) -404.000 -187.000 651.000 585.000 -94.000 519.000 -39.000 -530.000 -57.000 -183.000 -233.000 -227.000 -74.000 -422.000 -60.000 77.000 -398.000 -46.000 183.000 -119.000 -622.000 74.000 564.000 Accounts/P and Accrued Liabs - Inc(Dec) -317.000 330.000 288.000 239.000 217.000 -66.000 -141.000 -21.000 -364.000 609.000 -236.000 -647.000 95.000 -160.000 840.000 1,127.000 -2,660.000 -1,017.000 -1,569.000 -365.000 Income Taxes - Accrued - Increase(Decrease) -284.000 522.000 -456.000 44.000 -16.000 -63.000 60.000 304.000 .000 .000 .000 .000 Other Assets and Liabilities - Net Change -364.000 766.000 -18.000 -140.000 -324.000 -228.000 296.000 475.000 394.000 313.000 482.000 -342.000 -72.000 -2,361.000 -169.000 -1,101.000 988.000 149.000 -1,234.000 540.000 412.000 472.000 607.000 Operating Actiities - Net Cash Flow 1,077.000 2,016.000 1,825.000 2,288.000 1,809.000 2,924.000 3,194.000 3,783.000 4,241.000 4,421.000 3,173.000 3,547.000 4,253.000 1,561.000 4,546.000 3,866.000 5,101.000 5,189.000 6,476.000 3,138.000 7,311.000 8,183.000 9,221.000 INVESTING ACTIVITIES Investments - Increase .000 .000 192.000 104.000 .000 .000 .000 .000 .000 .000 Sale of Investments .000 .000 .000 134.000 234.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Short term Investments - Change .000 .000 .000 .000 -240.000 -156.000 -33.000 48.000 48.000 272.000 -279.000 -171.000 510.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 1,522.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Acquisitions .000 .000 .000 .000 .000 .000 .000 282.000 .000 Investing Activities - Other -969.000 2,262.000 950.000 93.000 -768.000 217.000 399.000 -810.000 -313.000 -253.000 -387.000 672.000 -509.000 -280.000 -285.000 -878.000 -8,795.000 78.000 30.000 203.000 243.000 38.000 361.000 Investing Activites - Net Cash Flow -1,638.000 1,762.000 139.000 -539.000 -1,461.000 -708.000 -499.000 -1,655.000 -1,205.000 -907.000 -1,518.000 -319.000 -813.000 -1,222.000 -1,121.000 -1,723.000 -9,734.000 -985.000 -1,147.000 -1,075.000 -1,241.000 -2,010.000 -1,161.000 FINANCING ACTIVITIES Sale of Common and Preferred Stock 17.000 14.000 213.000 436.000 44.000 164.000 406.000 756.000 350.000 250.000 40.000 .000 .000 440.000 827.000 308.000 174.000 106.000 71.000 .000 .000 .000 .000 Purchase of Common and Preferred Stock .000 .000 .000 50.000 482.000 673.000 1,310.000 2,115.000 2,127.000 2,931.000 1,851.000 2,420.000 2,465.000 990.000 1,762.000 1,900.000 3,071.000 2,096.000 2,001.000 1,492.000 1,200.000 1,100.000 4,087.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 2,940.000 Long Term Debt - Issuance 2,994.000 .000 .000 1,000.000 .000 .000 .000 .000 491.000 1,464.000 .000 1,980.000 .000 .000 .000 15,101.000 .000 .000 .000 .000 1,131.000 .000 Long Term Debt - Reduction 1,067.000 2,096.000 2,566.000 110.000 2,202.000 1,089.000 133.000 210.000 32.000 1,103.000 242.000 .000 632.000 .000 150.000 .000 6,000.000 952.000 .000 750.000 900.000 1,650.000 500.000 Current Debt - Changes -868.000 -463.000 -12.000 .000 .000 .000 .000 .000 600.000 -600.000 Financing Activities - Other .000 .000 .000 .000 -175.000 -163.000 -12.000 -353.000 .000 .000 .000 26.000 93.000 -121.000 -81.000 38.000 5.000 1,533.000 -212.000 -163.000 -72.000 -144.000 -89.000 Financing Activities - Net Cash Flow 731.000 -2,728.000 -2,557.000 77.000 -2,076.000 -2,166.000 -1,511.000 -2,460.000 -2,300.000 -3,938.000 -1,476.000 -3,363.000 -2,119.000 -2,023.000 -2,706.000 -3,314.000 4,277.000 -3,457.000 -4,305.000 -4,152.000 -5,328.000 -4,527.000 -7,616.000 Exchange Rate Effect .000 .000 .000 .000 .000 .000 .000 .000 .000 -56.000 44.000 5.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Cash and Cash Equivalents - Change 170.000 1,050.000 -593.000 1,826.000 -1,728.000 50.000 1,184.000 -332.000 736.000 -480.000 223.000 -130.000 1,321.000 -1,684.000 719.000 -1,171.000 -356.000 747.000 1,024.000 -2,089.000 742.000 1,646.000 444.000 OTHER INFORMATION Interest Paid - Net< 790.000 947.000 707.000 586.000 519.000 420.000 356.000 337.000 327.000 320.000 286.000 337.000 326.000 378.000 340.000 326.000 600.000 610.000 635.000 625.000 567.000 543.000 Income Taxes Paid 530.000 249.000 837.000 55.000 170.000 363.000 599.000 859.000 1,131.000 1,234.000 986.000 806.000 722.000 890.000 787.000 1,500.000 1,800.000 1,300.000 1,100.000 -41.000 940.000 1,400.000 1,400.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Receivables - Trade 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 6,563.000 5,834.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000 Income Tax Refund .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 753.000 313.000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000 Inventories - Raw Materials 833.000 811.000 446.000 532.000 612.000 624.000 Inventories - Work In Process 3,545.000 3,145.000 2,553.000 1,949.000 2,038.000 1,430.000 1,594.000 1,153.000 1,200.000 1,235.000 1,624.000 1,743.000 1,704.000 2,068.000 2,239.000 2,027.000 3,164.000 3,118.000 2,542.000 2,161.000 2,783.000 2,693.000 2,163.000 Inventories - Finished Goods 390.000 304.000 240.000 194.000 Inventories - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 2,981.000 LESS: Debt (Long Term) Due In One Year -52.000 -882.000 -89.000 -1,365.000 -136.000 -15.000 -202.000 -34.000 -104.000 -242.000 .000 .000 .000 -150.000 .000 .000 -956.000 .000 -750.000 -900.000 -1,495.000 -774.000 -332.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 6,778.000 5,202.000 3,114.000 3,181.000 1,778.000 931.000 799.000 1,622.000 1,590.000 1,987.000 3,246.000 3,974.000 6,547.000 6,722.000 6,558.000 6,558.000 16,180.000 14,282.000 13,513.000 12,604.000 11,404.000 11,669.000 11,670.000 Debt - Debentures 4,407.000 4,312.000 4,198.000 4,198.000 3,388.000 3,173.000 3,173.000 2,143.000 2,140.000 2,140.000 2,140.000 1,529.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Long Term - Other 294.000 433.000 199.000 203.000 42.000 15.000 14.000 19.000 19.000 18.000 17.000 21.000 419.000 478.000 476.000 483.000 116.000 .000 .000 .000 855.000 841.000 1,100.000 Debt - Capitalized Lease Obligations .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Long Term Debt Total 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 12,770.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 1,522.000 Retirements Other Changes Ending Balance 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 20,400.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 11,503.000 Deferred Taxes - Federal 293.000 -84.000 -118.000 -463.000 467.000 -58.000 24.000 73.000 107.000 72.000 557.000 589.000 9.000 925.000 3.000 -387.000 -473.000 -231.000 3,475.000 -231.000 235.000 21.000 -194.000 Deferred Taxes - Foreign .000 .000 .000 .000 .000 .000 2.000 3.000 .000 -15.000 -5.000 5.000 1.000 -8.000 -13.000 28.000 -19.000 1.000 -13.000 -13.000 -16.000 11.000 Deferred Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Federal 136.000 763.000 189.000 469.000 -14.000 445.000 742.000 979.000 1,199.000 1,385.000 710.000 589.000 912.000 387.000 1,204.000 2,020.000 1,817.000 1,327.000 -189.000 969.000 698.000 1,292.000 1,325.000 Income Taxes - Foreign 31.000 38.000 38.000 26.000 11.000 25.000 9.000 26.000 28.000 8.000 8.000 38.000 14.000 6.000 24.000 46.000 56.000 53.000 67.000 91.000 50.000 93.000 Income Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 1,235.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Acquisitions - Income Contribution .000 .000 .000 .000 .000 .000 -134.000 .000 Acquisitions - Sales Contribution .000 .000 .000 .000 .000 .000 7,423.000 .000 Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 398.165 68.000 49.425 45.425 45.000 44.123 42.669 41.350 40.026 38.956 37.713 36.328 35.396 34.400 33.547 32.534 29.972 28.697 27.731 26.812 25.683 24.929 24.045 Common Shares Traded (Calendar Yr) 501,518,600.000 408,101,200.000 491,441,500.000 734,196,700.000 663,504,616.000 592,076,500.000 527,652,300.000 502,309,700.000 545,723,316.000 677,303,724.000 851,760,228.000 659,914,359.000 647,772,644.000 439,876,963.000 482,037,029.000 384,423,040.000 326,877,375.000 498,223,486.000 256,669,907.000 373,023,372.000 288,192,163.000 374,047,534.000 376,657,779.000 Compensating Balance Convertible Debt and Preferred Stock .000 .000 .000 .000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 816.000 1,334.000 780.000 141.000 15.000 237.000 33.000 105.000 242.000 1.000 .000 .000 153.000 .000 .000 952.000 750.000 900.000 1,250.000 900.000 Debt (Long Term) Maturing Due in 3 Years 1,336.000 767.000 142.000 15.000 238.000 32.000 103.000 242.000 1.000 1.000 .000 650.000 .000 .000 952.000 .000 900.000 1,250.000 900.000 Debt (Long Term) Maturing Due in 4 Years Years 858.000 137.000 15.000 783.000 33.000 105.000 247.000 1.000 1.000 1.000 650.000 .000 .000 952.000 .000 .000 1,250.000 900.000 .000 Debt (Long Term) Maturing Due in 5 Years 828.000 16.000 780.000 33.000 692.000 327.000 1.000 1.000 1.000 651.000 .000 .000 954.000 .000 .000 900.000 900.000 .000 625.000 Debt - Long-Term Debt - Tied to Prime .000 .000 .000 920.000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Martgages and Other Securities .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 -345.000 -342.000 -340.000 -351.000 -505.000 -506.000 -892.000 -882.000 -872.000 -1,035.000 .000 .000 .000 .000 .000 .000 Dividends (Cash)per Share Ex-Date .880 .440 .440 .440 .580 .910 1.050 1.250 1.470 1.830 2.340 2.640 3.250 4.150 4.780 5.490 6.150 6.770 7.460 8.200 9.000 9.800 10.600 Dividends (Cash) - Common 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,098.000 1,363.000 1,558.000 1,762.000 1,923.000 2,036.000 2,157.000 2,342.000 2,550.000 2,757.000 2,944.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 147.000 126.000 125.000 125.000 130.000 130.000 135.000 140.000 140.000 146.000 140.000 132.000 123.000 120.000 115.000 112.000 126.000 97.000 100.000 105.000 110.000 114.000 114.000 Equity in Earnings - Unconsolidated Subs 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000 Foreign Currency Translation Adj - Bal. Sheet .000 .000 -43.000 -26.000 -17.000 Foreign Currency Translation Adj - Inc. Stmnt. Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Interest Capitalized - Net Income Effect Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses LIFO Reserve .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 45,913.000 56,400.000 71,300.000 70,385.000 76,899.000 74,000.000 74,825.000 75,905.000 76,660.000 80,914.000 78,006.000 78,200.000 80,700.000 82,300.000 82,600.000 80,500.000 99,600.000 96,200.000 99,936.000 130,468.000 143,981.000 147,131.000 135,355.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,000.000 1,000.000 1,300.000 Price - Calendar Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Price - Calendar Year High 46.000 37.580 52.980 71.520 58.950 61.770 65.460 93.240 113.740 120.300 87.060 87.185 82.430 95.920 149.990 198.720 227.910 269.900 323.940 363.000 399.960 442.532 396.990 Price - Calendar Year Low 16.375 16.500 31.000 45.850 40.640 43.100 52.540 62.520 88.860 67.380 57.410 67.680 66.360 79.050 85.880 144.690 181.910 200.470 248.000 241.180 256.790 266.110 319.810 Price - Fiscal Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Receivables - Estimated Doubtful Rental Commitments - Minimum Year+1 247.000 438.000 139.000 222.000 254.000 251.000 261.000 288.000 295.000 262.000 314.000 300.000 264.000 229.000 227.000 228.000 205.000 179.000 162.000 305.000 280.000 300.000 325.000 Rental Commitments - Minimum Year+2 200.000 343.000 129.000 189.000 194.000 184.000 210.000 254.000 234.000 223.000 267.000 233.000 200.000 161.000 166.000 181.000 161.000 150.000 154.000 184.000 190.000 199.000 225.000 Rental Commitments - Minimum Year+3 156.000 279.000 125.000 167.000 155.000 149.000 176.000 211.000 185.000 184.000 227.000 183.000 139.000 118.000 132.000 133.000 128.000 131.000 116.000 147.000 154.000 156.000 196.000 Rental Commitments - Minimum Year+4 112.000 233.000 114.000 130.000 120.000 116.000 141.000 153.000 148.000 148.000 166.000 142.000 97.000 91.000 96.000 95.000 101.000 103.000 82.000 114.000 119.000 126.000 151.000 Rental Commitments - Minimum Year+5 89.000 198.000 106.000 106.000 99.000 85.000 121.000 118.000 120.000 114.000 130.000 117.000 71.000 60.000 69.000 69.000 64.000 78.000 54.000 88.000 98.000 89.000 108.000 Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 275.000 Rental Income Research and Development Expense 1,100.000 850.000 798.000 830.000 903.000 962.000 1,042.000 1,139.000 1,206.000 1,220.000 750.000 638.000 585.000 616.000 697.000 751.000 839.000 988.000 1,200.000 1,300.000 1,300.000 1,300.000 1,500.000 Tax Loss Carry Forward .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Common .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) (31DEC2021 ) ( N/A ) Cash & Equivalents 455.000 1,505.000 912.000 2,738.000 1,250.000 1,456.000 2,673.000 2,293.000 2,981.000 2,229.000 2,737.000 2,777.000 3,585.000 1,898.000 2,617.000 1,446.000 1,090.000 1,837.000 2,861.000 772.000 1,514.000 3,160.000 3,604.000 Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 12,542.000 Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 2,981.000 Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Current Assets - Other 605.000 521.000 1,111.000 706.000 843.000 557.000 495.000 719.000 560.000 501.000 681.000 792.000 625.000 435.000 500.000 666.000 622.000 399.000 1,510.000 418.000 531.000 1,150.000 688.000 Deferred income taxes 1,237.000 1,213.000 1,566.000 1,277.000 921.000 982.000 861.000 900.000 756.000 755.000 815.000 1,147.000 1,339.000 1,269.000 1,088.000 1,451.000 1,463.000 Current Assets - Total 10,696.000 11,259.000 10,778.000 10,626.000 9,401.000 8,953.000 10,529.000 10,164.000 10,940.000 10,683.000 12,477.000 12,851.000 14,094.000 13,855.000 13,329.000 12,329.000 16,198.000 15,108.000 17,461.000 16,103.000 17,095.000 19,378.000 19,815.000 Plant, Property & Equip (Gross) 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 20,400.000 Accumulated Depreciation 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 11,503.000 Plant, Property & Equip (Net) 3,634.000 3,446.000 2,991.000 3,258.000 3,489.000 3,599.000 3,924.000 4,056.000 4,320.000 4,488.000 4,520.000 4,554.000 4,611.000 4,675.000 4,706.000 4,755.000 5,490.000 5,549.000 5,775.000 6,124.000 7,591.000 8,213.000 8,897.000 Investments at Equity 1,771.000 2,433.000 1,342.000 766.000 823.000 760.000 41.000 671.000 697.000 749.000 914.000 971.000 1,300.000 1,400.000 1,400.000 1,200.000 1,200.000 784.000 689.000 Investments and Advances - Other 439.000 542.000 243.000 237.000 52.000 155.000 .000 .000 .000 730.000 863.000 836.000 .000 .000 .000 .000 .000 .000 .000 Intangibles 10,421.000 9,943.000 8,310.000 8,745.000 9,203.000 9,008.000 9,007.000 9,855.000 9,850.000 9,881.000 11,146.000 10,631.000 10,148.000 10,370.000 10,348.000 10,862.000 18,204.000 15,284.000 15,028.000 14,710.000 14,328.000 14,504.000 14,296.000 Deferred Charges .000 .000 2,081.000 .000 1,213.000 1,030.000 1,360.000 235.000 313.000 122.000 160.000 179.000 178.000 185.000 210.000 204.000 201.000 208.000 112.000 107.000 2.000 3.000 Assets - Other 3,051.000 3,268.000 1,610.000 2,120.000 1,809.000 2,152.000 2,728.000 3,921.000 3,503.000 8,265.000 6,808.000 6,181.000 8,180.000 8,093.000 5,818.000 7,116.000 7,735.000 10,257.000 6,745.000 6,632.000 7,312.000 7,828.000 7,176.000 TOTAL ASSETS 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 50,873.000 Accounts Payable 1,228.000 1,184.000 1,419.000 1,102.000 1,434.000 1,726.000 1,998.000 2,221.000 2,163.000 2,030.000 2,030.000 1,627.000 2,269.000 2,038.000 1,397.000 1,570.000 1,974.000 1,653.000 1,467.000 2,402.000 1,281.000 880.000 780.000 Notes Payable 475.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 .000 .000 .000 Accrued Expenses 941.000 1,038.000 1,100.000 1,272.000 1,418.000 1,346.000 1,475.000 1,584.000 1,544.000 1,684.000 1,648.000 1,870.000 1,664.000 1,649.000 1,809.000 1,826.000 1,916.000 1,764.000 1,785.000 2,122.000 2,466.000 3,163.000 3,108.000 Taxes Payable 51.000 519.000 63.000 107.000 91.000 28.000 71.000 243.000 41.000 277.000 217.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long-Term) Due In One Year 52.000 882.000 89.000 1,365.000 136.000 15.000 202.000 34.000 104.000 242.000 .000 .000 .000 150.000 .000 .000 956.000 .000 750.000 900.000 1,495.000 774.000 332.000 Contract liabilities 4,655.000 4,697.000 5,002.000 4,542.000 4,256.000 4,028.000 4,331.000 3,856.000 4,254.000 4,535.000 5,049.000 5,890.000 6,399.000 6,503.000 6,349.000 5,775.000 6,988.000 6,776.000 6,752.000 6,491.000 7,054.000 7,545.000 7,917.365 James Henley: Projected based on Change in total Other Liabilities YoY Other Current Liabilities 7,006.000 7,578.000 8,118.000 7,247.000 7,232.000 6,797.000 7,157.000 7,055.000 7,563.000 7,993.000 8,456.000 9,530.000 9,861.000 9,967.000 9,723.000 9,542.000 11,127.000 10,889.000 10,420.000 10,496.000 11,196.000 12,279.000 12,885.000 Total Current Liabilities 8,812.000 10,175.000 9,689.000 9,821.000 8,893.000 8,566.000 9,428.000 9,553.000 9,871.000 10,542.000 10,703.000 11,157.000 12,130.000 12,155.000 11,120.000 11,112.000 14,057.000 12,542.000 12,637.000 14,398.000 13,972.000 13,933.000 13,997.000 Long Term Debt 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 12,770.000 Deferred Taxes (Balance Sheet) 517.000 736.000 992.000 .000 .000 .000 .000 .000 .000 16.000 1.000 .000 .000 .000 .000 .000 36.000 28.000 22.000 12.000 7.000 8.000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 2,895.000 3,213.000 3,108.000 3,855.000 4,454.000 4,863.000 5,665.000 7,389.000 4,947.000 16,453.000 15,226.000 15,183.000 18,317.000 20,305.000 13,998.000 16,392.000 17,669.000 19,340.000 20,952.000 16,403.000 18,114.000 18,222.000 13,139.000 TOTAL LIABILITIES 23,651.000 23,189.000 21,211.000 19,893.000 19,419.000 18,533.000 19,877.000 21,347.000 19,121.000 30,574.000 30,982.000 31,359.000 36,907.000 38,618.000 31,270.000 33,673.000 46,031.000 46,200.000 47,130.000 43,427.000 44,357.000 44,672.000 39,914.000 Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 398.000 431.000 441.000 455.000 446.000 438.000 432.000 421.000 409.000 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000 Capital Surplus 222.000 1,789.000 2,058.000 2,746.000 2,460.000 2,200.000 1,710.000 755.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 221.000 94.000 Retained Earnings (Net Other) 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 10,594.000 Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,511.000 -683.000 1,394.000 3,127.000 6,015.000 10,959.000 Noncontrolling Interest - Nonredeemable 95.000 74.000 55.000 44.000 23.000 .000 TOTAL SHAREHOLDERS EQUITY 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,606.000 -609.000 1,449.000 3,171.000 6,038.000 10,959.000 Sales (Net) 25,530.000 25,329.000 23,990.000 26,578.000 31,824.000 35,526.000 37,213.000 39,620.000 41,862.000 42,731.000 45,189.000 45,803.000 46,499.000 47,182.000 45,358.000 45,600.000 46,132.000 47,248.000 51,048.000 53,762.000 59,812.000 65,398.000 67,044.000 Cost of Goods Sold 22,896.000 22,747.000 21,624.000 23,898.000 29,239.000 32,722.000 33,941.000 35,422.000 36,830.000 37,237.000 39,959.000 40,757.000 41,651.000 42,006.000 39,833.000 39,281.000 39,804.000 40,939.000 44,185.000 45,146.000 50,196.000 55,427.000 56,583.000 Gross Profit 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000 Selling, General, & Admin Expenses Operating Income Before Depreciation 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 10,461.000 Depreciation, Depletion, & Amortization 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 1,006.000 990.000 1,008.000 932.000 942.000 945.000 1,026.000 1,167.000 1,195.000 1,161.000 1,189.000 1,290.000 1,364.000 Operating Income After Depreciation 1,665.000 1,614.000 1,543.000 2,122.000 1,976.000 2,148.000 2,567.000 3,434.000 4,213.000 4,649.000 4,224.000 4,056.000 3,840.000 4,244.000 4,583.000 5,374.000 5,302.000 5,142.000 5,668.000 7,455.000 8,427.000 8,681.000 9,097.000 Interest Expense 809.000 919.000 700.000 581.000 487.000 425.000 370.000 361.000 352.000 341.000 305.000 345.000 354.000 383.000 350.000 340.000 443.000 663.000 651.000 668.000 653.000 591.000 569.000 Non-Operating Income/Expense 75.000 130.000 263.000 148.000 196.000 156.000 246.000 305.000 436.000 201.000 389.000 335.000 327.000 259.000 318.000 343.000 401.000 360.000 174.000 -658.000 -558.000 300.000 723.000 Special Items 269.000 -539.000 -918.000 -1,112.000 -153.000 -215.000 173.000 214.000 71.000 193.000 -24.000 -220.000 -182.000 -48.000 -396.000 -119.000 -237.000 47.000 78.000 -291.000 25.000 -155.000 -1,701.000 Pretax Income 1,200.000 286.000 188.000 577.000 1,532.000 1,664.000 2,616.000 3,592.000 4,368.000 4,702.000 4,284.000 3,826.000 3,631.000 4,072.000 4,155.000 5,258.000 5,023.000 4,886.000 5,269.000 5,838.000 7,241.000 8,235.000 7,550.000 Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 1,235.000 Minority Interest INCOME BEFORE EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 6,315.000 Extraordinary Items -355.000 -95.000 -36.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 281.000 -12.000 .000 31.000 .000 .000 1,549.000 73.000 .000 .000 -55.000 .000 Net Income (Loss) 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 6,315.000 Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 1.930 -1.050 .180 1.200 2.360 2.860 4.150 5.910 7.290 8.050 7.860 7.260 7.940 8.480 9.190 11.410 11.620 12.540 6.700 17.740 22.090 24.600 22.850 EPS - Primary - Including EI&DO 1.000 -1.290 -2.450 1.130 2.360 2.860 4.150 5.910 7.290 8.050 7.860 8.030 7.900 8.480 9.290 11.410 11.620 17.710 6.960 17.740 22.090 24.400 22.850 EPS - Fully Diluted - Excluding EI&DO 1.920 -1.050 .180 1.180 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.180 7.850 8.360 9.040 11.210 11.460 12.380 6.640 17.590 21.950 24.500 22.760 EPS - Fully Diluted - Including EI&DO .990 -1.290 -2.420 1.110 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.940 7.810 8.360 9.130 11.210 11.460 17.490 6.890 17.590 21.950 24.300 22.760 SHARES - for Primary EPS Calculation 382.300 400.800 427.400 445.100 446.500 443.100 440.300 428.100 416.000 399.700 384.800 364.200 335.900 323.700 320.900 316.800 310.300 299.300 287.800 284.500 282.000 280.000 276.400 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 384.100 400.800 432.500 452.000 450.000 447.100 445.700 436.400 427.100 409.400 388.900 368.300 339.900 328.400 326.500 322.400 314.700 303.100 290.600 286.800 283.800 281.200 277.400 SHARES - Outstanding at Fiscal Year End 398.000 431.000 441.200 455.500 446.500 438.000 432.000 421.300 409.400 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 271.000 Operating Activities - Net Cash Flow 1,077.000 2,016.000 1,825.000 2,288.000 1,809.000 2,924.000 3,194.000 3,783.000 4,241.000 4,421.000 3,173.000 3,547.000 4,253.000 1,561.000 4,546.000 3,866.000 5,101.000 5,189.000 6,476.000 3,138.000 7,311.000 8,183.000 9,221.000 Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 1,522.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Acquisitions .000 .000 .000 .000 .000 .000 .000 282.000 .000 Investing Activites - Net Cash Flow -1,638.000 1,762.000 139.000 -539.000 -1,461.000 -708.000 -499.000 -1,655.000 -1,205.000 -907.000 -1,518.000 -319.000 -813.000 -1,222.000 -1,121.000 -1,723.000 -9,734.000 -985.000 -1,147.000 -1,075.000 -1,241.000 -2,010.000 -1,161.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 2,940.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 790.000 947.000 707.000 586.000 519.000 420.000 356.000 337.000 327.000 320.000 286.000 337.000 326.000 378.000 340.000 326.000 600.000 610.000 635.000 625.000 567.000 543.000 Income Taxes Paid 530.000 249.000 837.000 55.000 170.000 363.000 599.000 859.000 1,131.000 1,234.000 986.000 806.000 722.000 890.000 787.000 1,500.000 1,800.000 1,300.000 1,100.000 -41.000 940.000 1,400.000 1,400.000 Funds From Operations - Total Current Debt - Changes -868.000 -463.000 -12.000 .000 .000 .000 .000 .000 600.000 -600.000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .880 .440 .440 .440 .580 .910 1.050 1.250 1.470 1.830 2.340 2.640 3.250 4.150 4.780 5.490 6.150 6.770 7.460 8.200 9.000 9.800 10.600 Dividends (Cash) - Common 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,098.000 1,363.000 1,558.000 1,762.000 1,923.000 2,036.000 2,157.000 2,342.000 2,550.000 2,757.000 2,944.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Price - Fiscal Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 355.410 Receivables - Estimated Doubtful Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 275.000 Research and Development Expense 1,100.000 850.000 798.000 830.000 903.000 962.000 1,042.000 1,139.000 1,206.000 1,220.000 750.000 638.000 585.000 616.000 697.000 751.000 839.000 988.000 1,200.000 1,300.000 1,300.000 1,300.000 1,500.000 Ratios & Assumptions 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Segment COS/ sales 88.8% 90.2% 88.8% 90.2% 90.5% 90.0% 89.1% 88.2% 87.3% 86.8% 87.0% 87.8% 87.0% 86.7% 85.9% 86.3% 86.7% 87.7% 88.1% 87.2% 87.2% 87.3% Other COS/sales 0.8% -0.9% 1.1% 0.3% 1.4% 2.6% 2.2% 1.3% 0.7% 0.1% 1.5% 2.1% 2.8% 2.3% 2.7% -0.0% -0.2% -1.0% -1.3% -2.9% -3.1% -2.5% Total COS/Sales 89.5% 89.3% 89.9% 90.6% 91.9% 92.6% 91.3% 89.4% 87.9% 86.9% 88.5% 89.9% 89.9% 89.0% 88.6% 86.3% 86.5% 86.7% 86.8% 84.3% 84.0% 84.8% Op COS/sales 88.8% 90.2% 88.8% 90.2% 90.5% 90.0% 89.1% 88.2% 87.3% 86.8% 87.0% 87.8% 87.0% 86.7% 85.9% 86.3% 86.7% 87.7% 88.1% 87.2% 87.2% 87.3% Non-op COS/sales 0.8% -0.9% 1.1% 0.3% 1.4% 2.6% 2.2% 1.3% 0.7% 0.1% 1.5% 2.1% 2.8% 2.3% 2.7% -0.0% -0.2% -1.0% -1.3% -2.9% -3.1% -2.5% Depreciation/sales -3.9% -3.9% -3.4% -2.1% -1.9% -1.8% -1.9% -1.9% -2.0% -2.0% -1.9% -1.8% -2.2% -2.1% -2.2% -2.2% -2.2% -2.6% -2.3% -2.2% -2.0% -2.0% Other (expense) income growth -218.9% 73.6% 11.4% -105.4% 181.4% 161.2% 6.3% -12.8% 62.1% -53.1% 17.0% 5.7% -13.8% 33.6% 6.0% -30.0% 106.4% -23.4% -83.9% 196.7% -105.6% Interest expense / prior year's debt -7.7% -7.0% -7.7% -6.4% -6.8% -7.2% -7.2% -7.9% -7.5% -8.1% -6.8% -7.1% -5.9% -5.5% -5.5% -7.2% -4.3% -4.6% -4.7% -4.6% -4.7% Tax rate (effective) 38.6% 36.2% daa84: daa84: most of this due to divestitures See note on p. 55 of 2002 10-k 32.6% daa84: daa84: 33.2% non-deductible amortization See note on p. 55 of 2002 10-k 31.0% daa84: daa84: see note on p. 55 that reports reconstructed effective tax rates for 2000 - 2002 31.3% 23.9% 30.2% 29.6% 30.6% 31.5% 29.1% 30.8% 26.5% 32.6% 29.0% 31.3% 28.2% 23.2% 28.9% daa84: daa84: adjustments for one-time issues daa84: daa84: see note on p. 55 that reports reconstructed effective tax rates for 2000 - 2002 14.2% daa84: daa84: adjustment for one-time issue 14.0% 16.4% Working cash / sales 1.9% 2.0% 1.9% 1.8% 1.9% 2.0% 1.9% 1.9% 2.0% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.9% 1.7% 1.6% 1.9% Working cash days 7.0 7.4 6.9 6.7 6.9 7.1 7.1 7.1 7.3 7.1 7.2 7.2 7.2 7.4 7.3 7.3 7.2 7.0 6.1 6.0 7.0 DSO 62.0 61.1 52.9 44.1 41.8 42.5 42.3 41.5 45.1 47.1 47.0 46.1 48.8 49.9 46.9 55.1 62.8 60.1 37.5 14.6 12.0 Contract asset days 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32.2 56.6 52.0 Inventory days 58.4 52.8 37.0 26.4 21.6 18.6 16.5 14.7 16.0 16.9 18.2 19.0 21.0 23.8 23.1 30.7 37.2 32.7 25.4 20.2 20.0 Other current asset days 8.2 7.4 8.1 8.9 7.2 5.2 5.6 5.6 4.7 4.9 4.8 4.5 7.0 8.1 6.2 5.4 3.9 6.8 6.5 2.9 4.7 net PP&E / sales 13.4% 12.4% 11.8% 10.6% 10.0% 10.1% 10.1% 10.0% 10.6% 10.2% 9.9% 9.9% 9.8% 10.3% 10.4% 11.1% 11.7% 11.1% 11.1% 10.6% 10.6% Intangible assets (excl. goodwill) / sales 4.8% 4.2% 3.3% 2.5% 2.1% 1.7% 1.5% 1.3% 1.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.4% 4.8% 8.7% 7.7% 6.8% 5.6% 4.8% other noncurrent asset growth 1.5% -0.3% -12.1% -6.2% -3.5% -3.5% -8.5% -22.1% 22.3% 17.4% 4.3% 2.0% 6.0% 0.1% -3.7% 9.9% 8.0% -1.7% -7.0% 29.5% 1.8% NOPLAT & ROIC 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 NOPLAT Net sales $ 24,999.00 $ 24,541.00 $ 23,990.00 $ 26,578.00 $ 31,824.00 $ 35,526.00 $ 37,213.00 $ 39,620.00 $ 41,862.00 $ 41,372.00 $ 43,995.00 $ 45,671.00 $ 46,499.00 $ 47,182.00 $ 45,358.00 $ 45,600.00 $ 46,132.00 $ 47,248.00 $ 51,048.00 $ 53,762.00 $ 59,812.00 $ 65,398.00 $ 66,705.96 $ 68,040.08 $ 69,400.88 $ 70,788.90 $ 72,204.68 $ 73,648.77 $ 75,121.75 $ 76,624.18 $ 78,156.66 $ 79,719.80 $ 81,314.19 Operating cost of sales $ (22,189.00) $ (22,143.00) $ (21,303.00) $ (23,984.00) $ (28,796.00) $ (31,988.00) $ (33,168.00) $ (34,926.00) $ (36,534.00) $ (35,892.00) $ (38,278.00) $ (40,080.00) $ (40,474.00) $ (40,890.00) $ (38,944.00) $ (39,364.00) $ (39,991.00) $ (41,441.00) $ (44,960.00) $ (46,870.00) $ (52,131.00) $ (57,077.00) $ (58,632.79) $ (59,805.44) $ (61,001.55) $ (62,221.58) $ (63,466.01) $ (64,735.33) $ (66,030.04) $ (67,350.64) $ (68,697.65) $ (70,071.61) $ (71,473.04) Depreciation $ (969.00) $ (968.00) $ (823.00) $ (558.00) $ (609.00) $ (656.00) $ (705.00) $ (764.00) $ (819.00) $ (845.00) $ (854.00) $ (841.00) $ (1,008.00) $ (988.00) $ (990.00) $ (994.00) $ (1,026.00) $ (1,215.00) $ (1,195.00) $ (1,161.00) $ (1,189.00) $ (1,290.00) $ (1,499.10) $ (1,529.09) $ (1,559.67) $ (1,590.86) $ (1,622.68) $ (1,655.13) $ (1,688.23) $ (1,722.00) $ (1,756.44) $ (1,791.57) $ (1,827.40) NetOpProfit $ 1,841.00 $ 1,430.00 $ 1,864.00 $ 2,036.00 $ 2,419.00 $ 2,882.00 $ 3,340.00 $ 3,930.00 $ 4,509.00 $ 4,635.00 $ 4,863.00 $ 4,750.00 $ 5,017.00 $ 5,304.00 $ 5,424.00 $ 5,242.00 $ 5,115.00 $ 4,592.00 $ 4,893.00 $ 5,731.00 $ 6,492.00 $ 7,031.00 $ 6,574.07 $ 6,705.55 $ 6,839.66 $ 6,976.46 $ 7,115.99 $ 7,258.31 $ 7,403.47 $ 7,551.54 $ 7,702.57 $ 7,856.62 $ 8,013.76 Adj Tax $ (711.30) $ (517.66) $ (607.66) $ (631.16) $ (756.33) $ (689.32) $ (1,009.92) $ (1,163.03) $ (1,378.09) $ (1,461.84) $ (1,415.21) $ (1,463.47) $ (1,331.97) $ (1,728.49) $ (1,573.03) $ (1,639.00) $ (1,443.97) $ (1,064.83) $ (1,412.46) $ (813.81) $ (906.42) $ (1,150.06) $ (1,075.32) $ (1,096.83) $ (1,118.76) $ (1,141.14) $ (1,163.96) $ (1,187.24) $ (1,210.99) $ (1,235.21) $ (1,259.91) $ (1,285.11) $ (1,310.81) NOPLAT $ 1,129.70 $ 912.34 $ 1,256.34 $ 1,404.84 $ 1,662.67 $ 2,192.68 $ 2,330.08 $ 2,766.97 $ 3,130.91 $ 3,173.16 $ 3,447.79 $ 3,286.53 $ 3,685.03 $ 3,575.51 $ 3,850.97 $ 3,603.00 $ 3,671.03 $ 3,527.17 $ 3,480.54 $ 4,917.19 $ 5,585.58 $ 5,880.94 $ 5,498.75 $ 5,608.72 $ 5,720.90 $ 5,835.32 $ 5,952.02 $ 6,071.06 $ 6,192.49 $ 6,316.34 $ 6,442.66 $ 6,571.52 $ 6,702.95 Other cost of sales $ (188.00) $ 230.00 $ (266.00) $ (87.00) $ (443.00) $ (914.00) $ (803.00) $ (496.00) $ (275.00) $ (61.00) $ (671.00) $ (962.00) $ (1,313.00) $ (1,108.00) $ (1,237.00) $ 13.00 $ 85.00 $ 470.00 $ 655.00 $ 1,543.00 $ 1,875.00 $ 1,623.00 $ 293.23 $ 299.10 $ 305.08 $ 311.18 $ 317.41 $ 323.75 $ 330.23 $ 336.83 $ 343.57 $ 350.44 $ 357.45 Other (expense) income, net $ 344.00 $ (409.00) $ (710.00) $ (791.00) $ 43.00 $ 121.00 $ 316.00 $ 336.00 $ 293.00 $ 475.00 $ 223.00 $ 261.00 $ 276.00 $ 238.00 $ 318.00 $ 337.00 $ 236.00 $ 487.00 $ 373.00 $ 60.00 $ 178.00 $ (10.00) $ 66.71 $ 68.04 $ 69.40 $ 70.79 $ 72.20 $ 73.65 $ 75.12 $ 76.62 $ 78.16 $ 79.72 $ 81.31 Other non-operating income (expense), net $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 133.00 $ 183.00 $ 193.00 $ (91.00) $ 123.00 $ 74.00 $ 5.00 $ 21.00 $ - 0 $ 6.00 $ 30.00 $ - 0 $ (1.00) $ (828.00) $ (651.00) $ 182.00 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 Net earnings(loss) from discontinued operations $ 8.00 $ (42.00) $ (1,089.00) $ (33.00) $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 50.00 $ 25.00 $ 264.00 $ (12.00) $ - 0 $ 31.00 $ - 0 $ - 0 $ 1,549.00 $ 73.00 $ - 0 $ - 0 $ (55.00) $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 Other income(loss) items $ (355.00) $ (95.00) $ (36.00) $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 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 taxes $ 252.30 $ (196.34) $ 498.66 $ 587.16 $ 277.33 $ 291.32 $ 218.92 $ 100.03 $ 43.09 $ 2.84 $ 184.21 $ 299.47 $ 367.97 $ 401.49 $ 368.03 $ (5.00) $ 25.97 $ (68.17) $ (1,927.54) $ 21.81 $ (104.58) $ (196.94) Income available to all investors $ 1,191.00 $ 400.00 $ (346.00) $ 1,081.00 $ 1,540.00 $ 1,691.00 $ 2,195.00 $ 2,890.00 $ 3,385.00 $ 3,549.00 $ 3,332.00 $ 3,223.00 $ 3,009.00 $ 3,128.00 $ 3,331.00 $ 3,954.00 $ 4,048.00 $ 5,965.00 $ 2,653.00 $ 5,714.00 $ 6,883.00 $ 7,424.00 $ 5,858.69 $ 5,975.86 $ 6,095.38 $ 6,217.29 $ 6,341.63 $ 6,468.47 $ 6,597.84 $ 6,729.79 $ 6,864.39 $ 7,001.68 $ 7,141.71 Net earnings $ 382.00 $ (519.00) $ (1,046.00) $ 500.00 $ 1,053.00 $ 1,266.00 $ 1,825.00 $ 2,529.00 $ 3,033.00 $ 3,217.00 $ 3,024.00 $ 2,878.00 $ 2,655.00 $ 2,745.00 $ 2,981.00 $ 3,614.00 $ 3,605.00 $ 5,302.00 $ 2,002.00 $ 5,046.00 $ 6,230.00 $ 6,833.00 $ 5,538.10 $ 5,666.42 $ 5,798.03 $ 5,933.03 $ 6,071.53 $ 6,213.61 $ 6,359.39 $ 6,508.98 $ 6,662.49 $ 6,820.04 $ 6,981.75 Interest expense $ (809.00) $ (919.00) $ (700.00) $ (581.00) $ (487.00) $ (425.00) $ (370.00) $ (361.00) $ (352.00) $ (332.00) $ (308.00) $ (345.00) $ (354.00) $ (383.00) $ (350.00) $ (340.00) $ (443.00) $ (663.00) $ (651.00) $ (668.00) $ (653.00) $ (591.00) $ (817.60) $ (851.51) $ (886.82) $ (923.60) $ (961.91) $ (1,001.80) $ (1,043.34) $ (1,086.61) $ (1,131.68) $ (1,178.61) $ (1,227.49) Income available to all investors $ 1,191.00 $ 400.00 $ (346.00) $ 1,081.00 $ 1,540.00 $ 1,691.00 $ 2,195.00 $ 2,890.00 $ 3,385.00 $ 3,549.00 $ 3,332.00 $ 3,223.00 $ 3,009.00 $ 3,128.00 $ 3,331.00 $ 3,954.00 $ 4,048.00 $ 5,965.00 $ 2,653.00 $ 5,714.00 $ 6,883.00 $ 7,424.00 $ 6,355.71 $ 6,517.93 $ 6,684.86 $ 6,856.64 $ 7,033.43 $ 7,215.41 $ 7,402.74 $ 7,595.60 $ 7,794.17 $ 7,998.65 $ 8,209.24 Check reconciliation $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 INVESTED CAPITAL Working cash $ 455.00 $ 490.82 $ 479.80 $ 531.56 $ 636.48 $ 710.52 $ 744.26 $ 792.40 $ 837.24 $ 827.44 $ 879.90 $ 913.42 $ 929.98 $ 943.64 $ 907.16 $ 912.00 $ 922.64 $ 944.96 $ 1,020.96 $ 772.00 $ 1,196.24 $ 1,307.96 $ 1,311.56 $ 1,337.79 $ 1,364.55 $ 1,391.84 $ 1,419.68 $ 1,448.07 $ 1,477.03 $ 1,506.57 $ 1,536.70 $ 1,567.44 $ 1,598.79 Receivables, net $ 4,348.00 $ 3,986.00 $ 4,049.00 $ 3,655.00 $ 4,039.00 $ 4,094.00 $ 4,579.00 $ 4,595.00 $ 4,925.00 $ 5,296.00 $ 6,061.00 $ 5,692.00 $ 6,064.00 $ 6,563.00 $ 5,834.00 $ 5,877.00 $ 8,061.00 $ 8,202.00 $ 8,603.00 $ 2,444.00 $ 2,337.00 $ 1,978.00 $ 8,461.15 $ 8,630.37 $ 8,802.98 $ 8,979.04 $ 9,158.62 $ 9,341.79 $ 9,528.63 $ 9,719.20 $ 9,913.58 $ 10,111.86 $ 10,314.09 Contract assets $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 9,472.00 $ 9,094.00 $ 9,545.00 $ 1,437.75 $ 1,466.51 $ 1,495.84 $ 1,525.76 $ 1,556.27 $ 1,587.40 $ 1,619.14 $ 1,651.53 $ 1,684.56 $ 1,718.25 $ 1,752.61 Inventories $ 4,051.00 $ 3,805.00 $ 3,140.00 $ 2,250.00 $ 2,348.00 $ 1,864.00 $ 1,921.00 $ 1,657.00 $ 1,718.00 $ 1,902.00 $ 2,183.00 $ 2,363.00 $ 2,481.00 $ 2,937.00 $ 2,977.00 $ 2,804.00 $ 4,962.00 $ 4,670.00 $ 4,487.00 $ 2,997.00 $ 3,619.00 $ 3,545.00 $ 5,668.89 $ 5,782.27 $ 5,897.92 $ 6,015.88 $ 6,136.19 $ 6,258.92 $ 6,384.10 $ 6,511.78 $ 6,642.01 $ 6,774.85 $ 6,910.35 Other current assets $ 605.00 $ 498.00 $ 473.00 $ 706.00 $ 843.00 $ 557.00 $ 495.00 $ 719.00 $ 560.00 $ 501.00 $ 681.00 $ 518.00 $ 625.00 $ 1,188.00 $ 813.00 $ 744.00 $ 622.00 $ 399.00 $ 1,510.00 $ 418.00 $ 531.00 $ 1,150.00 $ 1,309.35 $ 1,335.54 $ 1,362.25 $ 1,389.50 $ 1,417.29 $ 1,445.63 $ 1,474.54 $ 1,504.03 $ 1,534.12 $ 1,564.80 $ 1,596.09 Accounts payable $ 1,228.00 $ 1,106.00 $ 1,419.00 $ 1,102.00 $ 1,434.00 $ 1,726.00 $ 1,998.00 $ 2,221.00 $ 2,163.00 $ 2,030.00 $ 2,030.00 $ 1,627.00 $ 2,269.00 $ 2,038.00 $ 1,397.00 $ 1,562.00 $ 1,974.00 $ 1,653.00 $ 1,467.00 $ 2,402.00 $ 1,281.00 $ 880.00 $ 2,796.78 $ 2,852.71 $ 2,909.77 $ 2,967.96 $ 3,027.32 $ 3,087.87 $ 3,149.62 $ 3,212.62 $ 3,276.87 $ 3,342.41 $ 3,409.25 Contract liabilities $ 4,655.00 $ 4,697.00 $ 5,002.00 $ 4,542.00 $ 4,256.00 $ 4,028.00 $ 4,331.00 $ 3,856.00 $ 4,254.00 $ 4,535.00 $ 5,049.00 $ 5,890.00 $ 6,399.00 $ 6,503.00 $ 6,349.00 $ 5,775.00 $ 6,988.00 $ 6,776.00 $ 6,752.00 $ 6,491.00 $ 7,054.00 $ 7,545.00 $ 9,084.30 $ 9,265.99 $ 9,451.31 $ 9,640.33 $ 9,833.14 $ 10,029.80 $ 10,230.40 $ 10,435.01 $ 10,643.71 $ 10,856.58 $ 11,073.71 Salaries, benefits and payroll taxes $ 941.00 $ 978.00 $ 1,100.00 $ 1,272.00 $ 1,418.00 $ 1,346.00 $ 1,475.00 $ 1,584.00 $ 1,544.00 $ 1,684.00 $ 1,648.00 $ 1,870.00 $ 1,664.00 $ 1,649.00 $ 1,809.00 $ 1,824.00 $ 1,916.00 $ 1,764.00 $ 1,785.00 $ 2,122.00 $ 2,466.00 $ 3,163.00 $ 2,676.65 $ 2,730.19 $ 2,784.79 $ 2,840.49 $ 2,897.30 $ 2,955.24 $ 3,014.35 $ 3,074.63 $ 3,136.13 $ 3,198.85 $ 3,262.83 Other current liabilities $ 1,461.00 $ 2,639.00 $ 2,079.00 $ 1,540.00 $ 1,649.00 $ 1,451.00 $ 1,422.00 $ 1,858.00 $ 1,806.00 $ 2,051.00 $ 1,976.00 $ 2,014.00 $ 1,798.00 $ 1,815.00 $ 1,565.00 $ 1,951.00 $ 2,223.00 $ 2,349.00 $ 1,883.00 $ 1,883.00 $ 1,921.00 $ 1,845.00 $ 3,018.00 $ 3,143.16 $ 3,273.51 $ 3,409.27 $ 3,550.66 $ 3,697.91 $ 3,851.27 $ 4,010.99 $ 4,177.33 $ 4,350.57 $ 4,531.00 OWC $ 1,174.00 $ (640.18) $ (1,458.20) $ (1,313.44) $ (890.52) $ (1,325.48) $ (1,486.74) $ (1,755.60) $ (1,726.76) $ (1,773.56) $ (898.10) $ (1,914.58) $ (2,030.02) $ (373.36) $ (588.84) $ (775.00) $ 1,466.64 $ 1,673.96 $ 3,733.96 $ 3,205.00 $ 4,055.24 $ 4,092.96 $ 612.98 $ 560.44 $ 504.16 $ 443.95 $ 379.63 $ 310.98 $ 237.80 $ 159.86 $ 76.94 $ (11.22) $ (104.85) Property, plant and equipment, net $ 3,634.00 $ 2,941.00 $ 2,991.00 $ 3,258.00 $ 3,489.00 $ 3,599.00 $ 3,924.00 $ 4,056.00 $ 4,320.00 $ 4,488.00 $ 4,520.00 $ 4,554.00 $ 4,611.00 $ 4,675.00 $ 4,706.00 $ 4,751.00 $ 5,490.00 $ 5,549.00 $ 5,775.00 $ 6,124.00 $ 6,591.00 $ 7,213.00 $ 7,384.71 $ 7,532.41 $ 7,683.06 $ 7,836.72 $ 7,993.45 $ 8,153.32 $ 8,316.39 $ 8,482.71 $ 8,652.37 $ 8,825.42 $ 9,001.92 Intangible assets, net $ 1,259.00 $ 1,073.00 $ 939.00 $ 814.00 $ 807.00 $ 672.00 $ 560.00 $ 605.00 $ 463.00 $ 355.00 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 324.00 $ 4,147.00 $ 4,093.00 $ 3,797.00 $ 3,494.00 $ 3,213.00 $ 3,012.00 $ 2,064.43 $ 2,105.72 $ 2,147.83 $ 2,190.79 $ 2,234.60 $ 2,279.29 $ 2,324.88 $ 2,371.38 $ 2,418.81 $ 2,467.18 $ 2,516.53 Invested capital w/o Goowill $ 6,067.00 $ 3,373.82 $ 2,471.80 $ 2,758.56 $ 3,405.48 $ 2,945.52 $ 2,997.26 $ 2,905.40 $ 3,056.24 $ 3,069.44 $ 3,621.90 $ 2,639.42 $ 2,580.98 $ 4,301.64 $ 4,117.16 $ 4,300.00 $ 11,103.64 $ 11,315.96 $ 13,305.96 $ 12,823.00 $ 13,859.24 $ 14,317.96 $ 10,062.12 $ 10,198.56 $ 10,335.04 $ 10,471.46 $ 10,607.68 $ 10,743.60 $ 10,879.07 $ 11,013.96 $ 11,148.11 $ 11,281.38 $ 11,413.59 Goodwill $ 9,162.00 $ 7,479.00 $ 7,371.00 $ 7,380.00 $ 7,879.00 $ 7,892.00 $ 8,447.00 $ 9,250.00 $ 9,387.00 $ 9,526.00 $ 9,948.00 $ 9,605.00 $ 10,148.00 $ 10,370.00 $ 10,348.00 $ 10,862.00 $ 13,576.00 $ 10,764.00 $ 10,807.00 $ 10,769.00 $ 10,604.00 $ 10,806.00 $ 15,943.60 $ 16,262.47 $ 16,587.72 $ 16,919.47 $ 17,257.86 $ 17,603.02 $ 17,955.08 $ 18,314.18 $ 18,680.46 $ 19,054.07 $ 19,435.15 Invested capital w/ Goodwill $ 15,229.00 $ 10,852.82 $ 9,842.80 $ 10,138.56 $ 11,284.48 $ 10,837.52 $ 11,444.26 $ 12,155.40 $ 12,443.24 $ 12,595.44 $ 13,569.90 $ 12,244.42 $ 12,728.98 $ 14,671.64 $ 14,465.16 $ 15,162.00 $ 24,679.64 $ 22,079.96 $ 24,112.96 $ 23,592.00 $ 24,463.24 $ 25,123.96 $ 26,005.71 $ 26,461.03 $ 26,922.76 $ 27,390.93 $ 27,865.54 $ 28,346.61 $ 28,834.15 $ 29,328.14 $ 29,828.58 $ 30,335.45 $ 30,848.75 Excess cash $ - 0 $ 1,014.18 $ 432.20 $ 2,206.44 $ 373.52 $ 349.48 $ 1,499.74 $ 1,119.60 $ 1,810.76 $ 1,340.56 $ 1,511.10 $ 1,347.58 $ 2,652.02 $ 954.36 $ 1,709.84 $ 534.00 $ 167.36 $ 892.04 $ 1,840.04 $ - 0 $ 317.76 $ 1,852.04 Short-term investments $ - 0 $ - 0 $ - 0 $ - 0 $ 240.00 $ 396.00 $ 429.00 $ 381.00 $ 333.00 $ 61.00 $ 346.00 $ 516.00 $ 3.00 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 Other current non-op assets $ 1,237.00 $ 3,545.00 $ 2,204.00 $ 1,277.00 $ 921.00 $ 982.00 $ 861.00 $ 900.00 $ 756.00 $ 755.00 $ 815.00 $ 1,543.00 $ 1,339.00 $ 1,269.00 $ 1,088.00 $ 1,451.00 $ 1,463.00 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 LT Deferred income taxes $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 235.00 $ 760.00 $ 4,651.00 $ 3,779.00 $ 3,485.00 $ 4,388.00 $ 4,809.00 $ 2,850.00 $ 4,013.00 $ 4,470.00 $ 6,625.00 $ 3,111.00 $ 3,208.00 $ 3,319.00 $ 3,475.00 Other noncurrent assets $ 5,510.00 $ 5,594.00 $ 5,575.00 $ 4,901.00 $ 4,599.00 $ 4,438.00 $ 4,284.00 $ 3,921.00 $ 3,056.00 $ 3,736.00 $ 4,387.00 $ 4,576.00 $ 4,667.00 $ 4,948.00 $ 4,955.00 $ 4,774.00 $ 5,247.00 $ 5,667.00 $ 5,570.00 $ 5,178.00 $ 6,706.00 $ 6,826.00 Other long-term liabilities $ 1,856.00 $ 2,252.00 $ 2,535.00 $ 1,724.00 $ 1,914.00 $ 1,967.00 $ 2,291.00 $ 2,868.00 $ 2,827.00 $ 3,079.00 $ 3,096.00 $ 3,376.00 $ 3,541.00 $ 3,807.00 $ 3,735.00 $ 3,877.00 $ 4,792.00 $ 4,659.00 $ 4,558.00 $ 4,311.00 $ 5,747.00 $ 6,196.00 Retirement liabilities $ 1,805.00 $ 1,647.00 $ 1,565.00 $ 3,352.00 $ 2,540.00 $ 2,896.00 $ 3,374.00 $ 4,521.00 $ 2,120.00 $ 13,390.00 $ 12,131.00 $ 11,820.00 $ 14,776.00 $ 16,498.00 $ 10,263.00 $ 12,515.00 $ 12,877.00 $ 14,717.00 $ 16,422.00 $ 12,114.00 $ 13,234.00 $ 12,874.00 Total funds invested $ 18,315.00 $ 17,107.00 $ 13,954.00 $ 13,447.00 $ 12,964.00 $ 12,140.00 $ 12,853.00 $ 11,323.00 $ 14,212.00 $ 6,670.00 $ 9,181.00 $ 8,516.00 $ 7,461.00 $ 6,347.00 $ 11,070.00 $ 9,542.00 $ 18,358.00 $ 15,888.00 $ 13,654.00 $ 15,553.00 $ 15,825.00 $ 18,207.00 Short-term debt + current portion of long-term debt $ 527.00 $ 882.00 $ 89.00 $ 1,365.00 $ 136.00 $ 15.00 $ 202.00 $ 34.00 $ 104.00 $ 242.00 $ - 0 $ - 0 $ - 0 $ 150.00 $ - 0 $ - 0 $ 956.00 $ - 0 $ 750.00 $ 1,500.00 $ 1,250.00 $ 500.00 Long-term debt, net $ 11,427.00 $ 9,065.00 $ 7,422.00 $ 6,217.00 $ 6,072.00 $ 5,104.00 $ 4,784.00 $ 4,405.00 $ 4,303.00 $ 3,563.00 $ 5,052.00 $ 5,019.00 $ 6,460.00 $ 6,158.00 $ 6,152.00 $ 6,142.00 $ 14,305.00 $ 14,282.00 $ 13,513.00 $ 12,604.00 $ 11,404.00 $ 11,669.00 Equity $ 6,361.00 $ 7,160.00 $ 6,443.00 $ 5,865.00 $ 6,756.00 $ 7,021.00 $ 7,867.00 $ 6,884.00 $ 9,805.00 $ 2,865.00 $ 4,129.00 $ 3,497.00 $ 1,001.00 $ 39.00 $ 4,918.00 $ 3,400.00 $ 3,097.00 $ 1,606.00 $ (609.00) $ 1,449.00 $ 3,171.00 $ 6,038.00 Total funds invested $ 18,315.00 $ 17,107.00 $ 13,954.00 $ 13,447.00 $ 12,964.00 $ 12,140.00 $ 12,853.00 $ 11,323.00 $ 14,212.00 $ 6,670.00 $ 9,181.00 $ 8,516.00 $ 7,461.00 $ 6,347.00 $ 11,070.00 $ 9,542.00 $ 18,358.00 $ 15,888.00 $ 13,654.00 $ 15,553.00 $ 15,825.00 $ 18,207.00 Check reconciliation $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 ROIC w/o Goodwill 18.62% 19.33% 42.98% 53.72% 53.95% 69.05% 78.42% 93.75% 105.04% 103.60% 103.05% 104.98% 141.18% 103.90% 91.49% 85.61% 47.66% 31.47% 28.27% 37.64% 41.87% 41.74% 45.11% 55.37% 55.72% 56.09% 56.47% 56.87% 57.28% 57.70% 58.14% 58.60% 59.07% ROIC w/ Goodwill 7.42% 7.00% 12.14% 14.06% 15.52% 19.82% 20.91% 23.45% 25.46% 25.35% 26.35% 25.46% 29.51% 26.10% 26.43% 24.32% 18.43% 15.09% 15.07% 20.62% 23.25% 23.72% 21.51% 21.38% 21.43% 21.49% 21.54% 21.60% 21.66% 21.72% 21.78% 21.85% 21.91% LM's definition of ROIC $ 0.05 $ 0.00 $ (0.04) $ 0.07 $ 0.11 $ 0.13 $ 0.16 $ 0.25 $ 0.23 $ 0.52 $ 0.35 $ 0.37 $ 0.39 $ 0.47 $ 0.29 $ 0.40 $ 0.21 $ 0.37 $ 0.18 $ 0.36 $ 0.43 $ 0.40 mailto:[email protected](X8:X15) mailto:[email protected](X8:X15) mailto:[email protected](X25:X29)[email protected](X31:X34) mailto:[email protected](X25:X29)[email protected](X31:X34) Revenue Table 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Baseline Growth = 4.83% Revenue Forecast $ 68,556.51 $ 71,867.56 $ 75,338.53 $ 78,977.13 $ 82,791.47 $ 86,790.02 $ 90,981.69 $ 95,375.81 $ 99,982.15 $ 104,810.95 $ 109,872.98 Down 50BPs Growth = 4.33% Revenue Forecast $ 68,229.73 $ 71,184.08 $ 74,266.35 $ 77,482.08 $ 80,837.06 $ 84,337.30 $ 87,989.11 $ 91,799.04 $ 95,773.94 $ 99,920.95 $ 104,247.52 Down 100 BPs Growth = 3.83% Revenue Forecast $ 67,902.74 $ 70,503.42 $ 73,203.70 $ 76,007.40 $ 78,918.48 $ 81,941.06 $ 85,079.41 $ 88,337.95 $ 91,721.29 $ 95,234.22 $ 98,881.69 Up 50 BPs Growth = 5.33% Revenue Forecast $ 68,883.71 $ 72,555.22 $ 76,422.41 $ 80,495.72 $ 84,786.14 $ 89,305.25 $ 94,065.22 $ 99,078.89 $ 104,359.80 $ 109,922.17 $ 115,781.03 Up 100BPs Growth = 5.83% Revenue Forecast $ 69,210.70 $ 73,245.69 $ 77,515.91 $ 82,035.09 $ 86,817.73 $ 91,879.21 $ 97,235.77 $ 102,904.61 $ 108,903.95 $ 115,253.05 $ 121,972.30 ROIC Decomposition ROIC Decomposition (p 1) Gross Margin ROIC Decomposition (p 2) 2013 2014 2015 2016 Operating Margin 14.1% 13.7% 13.3% 12.3% Working Cash Days Pretax ROIC 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 12.0% 11.5% 11.1% 9.7% 7.4 7.3 7.3 7.2 ROIC 37.2% 35.4% 25.7% 19.6% DSO 2013 2014 2015 2016 Depreciation 2013 2014 2015 2016 26.4% 24.3% 18.4% 15.1% Tax Rate 2013 2014 2015 2016 49.9 46.9 55.1 62.8 2013 2014 2015 2016 2.2% 2.2% 2.2% 2.6% Contract Asset Days 29.0% 31.3% 28.2% 23.2% Average Capital Turn 2013 2014 2015 2016 2013 2014 2015 2016 Op WC / Sales - 0 - 0 - 0 - 0 3.1 3.1 2.3 2.0 2013 2014 2015 2016 Inventory Days (1.1%) (1.5%) 0.7% 3.3% 2013 2014 2015 2016 Check pre-tax ROIC: Check capital turn Fixed Assets / Sales 23.8 23.1 30.7 37.2 2017 2018 2019 2020 2017 2018 2019 2020 2013 2014 2015 2016 Other current assets days 37.2% 35.4% 25.7% 19.6% 3.11 3.08 2.32 2.02 10.3% 10.4% 11.1% 11.7% 2013 2014 2015 2016 Difference 0.0% 0.0% 0.0% 0.0% 0.00 0.00 0.00 0.00 Intangible Assets / Sales 8.1 6.2 5.4 3.9 Check Op WC/ sales 2013 2014 2015 2016 Current op liability days 2017 2018 2019 2020 0.0% 0.4% 4.8% 8.7% 2013 2014 2015 2016 -1.1% -1.5% 0.7% 3.3% Goodwill / sales 93.0 89.0 95.8 99.0 Difference 0.00 0.00 -0.00 0.00 2013 2014 2015 2016 22.8% 23.3% 26.5% 25.8% Gross Margin 2017 2018 2019 2020 Operating Margin 11.9% 12.8% 12.8% 12.7% Working Cash Days Pretax ROIC 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 9.6% 10.7% 10.9% 10.8% 7.03 6.09 6.01 6.99 ROIC 21.2% 24.0% 27.0% 28.4% DSO 2017 2018 2019 2020 Depreciation 2017 2018 2019 2020 15.1% 20.6% 23.2% 23.7% Tax Rate 2017 2018 2019 2020 60.1 37.5 14.6 12.0 2017 2018 2019 2020 2.3% 2.2% 2.0% 2.0% Contract Asset Days 28.9% 14.2% 14.0% 16.4% Average Capital Turn 2017 2018 2019 2020 2017 2018 2019 2020 Op WC / Sales - 0 32.2 56.6 52.0 2.2 2.3 2.5 2.6 2017 2018 2019 2020 Inventory Days 5.3% 6.5% 6.1% 6.2% 2017 2018 2019 2020 Check pre-tax ROIC: Check capital turn Fixed Assets / Sales 32.7 25.4 20.2 20.0 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 Other current assets days 21.2% 24.0% 27.0% 28.4% 2.21 2.25 2.49 2.64 11.1% 11.1% 10.6% 10.6% 2017 2018 2019 2020 Difference 0.0% 0.0% 0.0% 0.0% 0.00 0.00 0.00 0.00 Intangible Assets / Sales 6.8 6.5 2.9 4.7 Check Op WC/ sales 2017 2018 2019 2020 Current op liability days 2017 2018 2019 2020 7.7% 6.8% 5.6% 4.8% 2017 2018 2019 2020 5.3% 6.5% 6.1% 6.2% Goodwill / sales 87.3 84.1 78.2 73.0 Difference 0.00 0.00 0.00 0.00 2017 2018 2019 2020 21.1% 20.1% 17.9% 16.4% Growth analysis 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Organic revenue growth analysis Sales g (as reported) -1.8% daa84: daa84: need to research divestiture that happened here -2.2% 10.8% 19.7% 11.6% 4.7% 6.5% 5.7% -1.2% 6.3% 3.8% 1.8% 1.5% -3.9% 0.5% 1.2% 2.4% 8.0% 5.3% 11.3% 9.3% Sikorsky sales daa84: daa84: https://www.sec.gov/Archives/edgar/data/936468/000119312516433693/d123155dex993.htm https://www.industryweek.com/supply-chain/procurement/article/21965588/lockheed-martin-to-acquire-sikorsky-for-9-billion daa84: daa84: need to research divestiture that happened here 7500 4348 daa84: daa84: Note that this is only 9 months. Really we also need Sikorsky sales data for Oct, but couldn't find it. LMT sales reported 45600 46132 47248 LMT sales adjusted 46850 50480 Adjusted revenue g -3.9% 0.5% -1.5% daa84: daa84: (LMT + 2 months of Sikorsky in 2014)/LMT as reported in 2015 - 1 -6.4% daa84: daa84: LMT as reported in 2016/(LMT + 9 months of Sikorsky in 2015) - 1 8.0% 5.3% 11.3% 9.3% summary Hyatt Hotels Corporation 8/1/21 Stock Price Book Value Equity $ 3,695,000 Market Value / Using the Stock Price $ 71.00 Intrinsic Value $ 82.07 Dividend Discount Model (DDM) $ 84.91 Average EBITDA Industry Trading Multiples $ 73.28 Discount Cash Flow Valuation Analysis $ 30.04 Average of other methods Intrinsic Value Hyatt Hotels Corporation Intrinsic Value Using CAPM = R = Rf + ( Beta * Premium ) Intrinsic Value = V0 = [ E(D1) + E (P1)] / (1+R) Risk Free = 1.50% D1= $1.80 Beta = 1.18x Market Risk Premium= 9.00% Market Return (Rf + Premium)= 10.50% E(P1)= $90.00 (Avg Target by Analysts for August 2022) R= 12.1% R = 12.12% V0 (Stock Value)= $ 82.07 Analyst Est. $1.64 (Average Earnings per share) PE Multiple = 54.88x (use average price target and avg earnings forecast) DDM Hyatt Hotels Corporation Dividend Discount Model (DDM) Constant-Growth DDM (Gordon Model) V0 = D1 / (R-g) Expected HPR = E (r) = [E (D1) + (E(P1) - P0) / P0 D1 = $1.80 Dividend (D1) $1.80 Required Equity Return (R)= 12.12% E(P1)= $90.00 (Avg Target by Analysts for August 2022) Expected Growth (g) = 10.00% P0 $ 71.00 V0 (Stock Value) = $ 84.91 Exp. HPR= 29.30% Multiple Hyatt Hotels Corporation Average EBITDA Industry Trading Multiples (Hotels) SP SO SP * SO = EQ D C EQ + D - C = EV E EV / E Company Symbol Stock Price Stocks Outstanding ($000) Equity Value ($000) Debt (ST&LT) ($000) Cash ($000) Enterprise Value ($000) EBITDA ($000) EBITDA Multiple Beta Choice Hotels International CHH $83.20 56,572 4,706,804 796,200 37,150 5,465,854 335,560 16.29x 1.13x Hilton Worldwide Holdings Inc. HLT $80.96 298,190 24,141,462 7,580,000 423,000 31,298,462 1,760,000 17.78x 1.45x Intercontinental Hotel IHG $62.58 190,000 11,890,200 2,040,000 233,000 13,697,200 843,000 16.25x 1.59x Marcus Corporation MCS $40.80 19,680 802,944 317,420 18,070 1,102,294 139,930 7.88x 0.32x Marriott International MAR $130.90 346,990 45,420,991 8,990,000 366,000 54,044,991 2,850,000 18.96x 1.36x Park Hotels & Resorts Inc. PK $32.89 201,180 6,616,810 3,080,000 421,000 9,275,810 734,000 12.64x 1.28x Belmond (A/K Orient Express Hotels Ltd) BEL $17.00 102,960 1,750,320 785,170 162,010 2,373,480 103,750 22.88x 1.51x Wyndham Worldwide WYN $136.73 108,640 14,854,347 8,310,000 1,500,000 21,664,347 1,790,000 12.10x 1.33x Hyatt HOT $71.00 117,448 8,338,808 1,440,000 879,000 8,899,808 585,000 15.21x 1.18x EBITDA * Average Multiple 585,000 15.67x Average 15.60x 1.25x Remove Outliers 15.67x 1.34x Hyatt's Enteprise Value 9,167,303 Less Debt (1,440,000) Plus Cash 879,000 Equity Value 8,606,303 Shares Outstanding 117,448 V0 Stock Value $ 73.28 DCF Hyatt Hotels Corporation Discount Cash Flow Valuation Analysis year = 1 2 3 4 5 6 Discout Cash Flow Valuation Analysis Historical Projected Input Actual EXIT YEAR Assumptions Assumptions 12/31/2019 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Revenues 4,763,000 4,905,890 5,249,302 5,616,753 6,009,926 6,430,621 6,945,071 Revenue Growth 3.0% 7.0% 7.0% 7.0% 7.0% 8.0% Cost of Revenues (CoGS) 78.0% 78.0% (3,905,660) (3,826,594) (4,094,456) (4,381,068) (4,687,742) (5,015,884) (5,417,155) Operating Expenses (Excl. Non-rec.) 14.0% 14.0% (686,825) (734,902) (786,345) (841,390) (900,287) (972,310) EBIT 392,471 419,944 449,340 480,794 514,450 555,606 Less Taxes (tax rate x of EBIT) 22.0% 22.0% (86,344) (92,388) (98,855) (105,775) (113,179) (122,233) Plus Depreciation 7.0% 7.0% 364,000 343,412 367,451 393,173 420,695 450,143 486,155 Less Working Capital 8.0% 8.0% 620,000 (392,471) (419,944) (449,340) (480,794) (514,450) (555,606) Less Capex 6.0% 6.0% (369,999) (294,353) (314,958) (337,005) (360,596) (385,837) (416,704) Cash Flow (37,285) (39,895) (42,687) (45,675) (48,873) (52,783) EBITDA 585,000 735,883 787,395 842,513 901,489 964,593 1,041,761 Debt (assuming 5% reduction of initial principal per year) 1,440,000 1,368,000 Terminal Value Assumptions Growth EBITDA Multiple Method 15.67x (EBITDA x EBITDA Multiple) 15,115,756 Perpetuity Method 8.00% Next Year's Cash Flow / (Discount Rate - Growth) 659,782 Average (80% of WACC) 7,887,769 Enterprise Value = PV of Equity + PV of Debt Less Debt Outstanding (at Exit) (1,368,000) Plus Cash (at Exit) 879,000 Equity Value at Terminal 6,519,769 PV (for $1) Equity Cash Flows 12.1% (37,285) (39,895) (42,687) (45,675) 6,470,896 PV (1) = 0.8919015 ($33,254) PV (2) = 0.7954883 ($31,736) PV (3) = 0.7094973 ($30,287) PV (4) = 0.6328017 ($28,903) PV (5) = 0.5643968 $3,652,153 PV= $3,527,973 Cost of Equity Calc Interest 12/19 ($ 000s) Risk Free Rate (5 year) 1.50% Market Risk Premium = 9.00% 5.21% Yield PV of Equity = $3,527,973 Hyatt Beta = 1.18x Shares Outstanding 117,448 Required Equity Return = 12.1% V0 Stock Value $ 30.04 WACC Calc: % Cap R WACC Debt 1,440,000 28.0% 5.208% 1.461% BV Equity 3,695,000 72.0% 12.120% 8.721% 100.0% 10.182% Raw data Lockheed Martin 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 INCOME STATEMENTS Products 27,290 30,202 31,518 33,863 35,267 34,091 35,763 36,380 36,925 37,817 35,691 36,093 35,882 40,365 43,875 45,005 50,053 54,928 Services 4,534 5,324 5,695 5,757 6,595 7,281 8,232 9,291 9,574 9,365 9,667 9,507 10,250 6,883 7,173 8,757 9,759 10,470 Net sales 24,999 24,541 23,990 26,578 31,824 35,526 37,213 39,620 41,862 41,372 43,995 45,671 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 65,398 Products (23,158) (23,111) (22,181) (24,542) (25,306) (27,879) (28,800) (30,572) (31,479) (30,220) (31,756) (32,539) (32,968) (33,495) (31,346) (31,965) (32,006) (36,616) (39,750) (40,293) (44,589) (48,996) Services (4,099) (4,765) (5,073) (5,118) (5,874) (6,517) (7,376) (8,382) (8,514) (8,383) (8,588) (8,393) (9,011) (6,040) (6,405) (7,738) (8,731) (9,371) Goodwill impairment (195) (119) Severance and other charges (220) (136) (48) (201) (102) (80) (96) (27) Other unallocated corporate costs (188) 230 (266) (87) (443) (914) (803) (496) (275) (61) (671) (742) (1,177) (1,060) (841) 132 187 550 655 1,639 1,875 1,650 Cost of sales (23,346) (22,881) (22,447) (24,629) (29,848) (33,558) (34,676) (36,186) (37,628) (36,798) (39,803) (41,883) (42,795) (42,986) (41,171) (40,345) (40,932) (42,186) (45,500) (46,488) (51,445) (56,744) Gross profit 1,653 1,660 1,543 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654 Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10) Operating profit 1,997 1,251 833 1,158 2,019 2,089 2,853 3,770 4,527 5,049 4,415 4,049 3,980 4,434 4,505 5,592 5,436 5,549 5,921 7,334 8,545 8,644 Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591) Other non-operating income (expense), net 133 183 193 (91) 123 74 5 21 6 30 (1) (828) (651) 182 Earnings from continuing operations before income taxes 1,188 332 133 577 1,532 1,664 2,616 3,592 4,368 4,626 4,230 3,778 3,631 4,072 4,155 5,258 5,023 4,886 5,269 5,838 7,241 8,235 Income tax expense (459) (714) (90) (44) (479) (398) (791) (1,063) (1,335) (1,459) (1,231) (1,164) (964) (1,327) (1,205) (1,644) (1,418) (1,133) (3,340) (792) (1,011) (1,347) Net earnings from continuing operations 729 (382) 43 533 1,053 1,266 1,825 2,529 3,033 3,167 2,999 2,614 2,667 2,745 2,950 3,614 3,605 3,753 1,929 5,046 6,230 6,888 Net earnings(loss) from discontinued operations 8 (42) (1,089) (33) 50 25 264 (12) 31 1,549 73 (55) Extraordinary loss on early extinguishments of debt (95) Cumulative effect of change in accounting (355) Net earnings 382 (519) (1,046) 500 1,053 1,266 1,825 2,529 3,033 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 Dividends (from cash flow statement) (183) (192) (199) (261) (405) (462) (538) (615) (737) (908) (969) (1,098) (1,363) (1,558) (1,762) (1,923) (2,036) (2,157) (2,342) (2,550) (2,757) Share repurchases (from shareholder equity) (471) (2,106) (1,386) (2,099) (1,781) (108) (434) (1,096) (2,400) (1,692) (1,596) (1,083) (713) (841) Adoption of FIN 48 (from shareholder equity) 31 Shares exchanged and retired in connection (2,488) Reclassification of income tax effects from tax reform 2,240 Diluted earnings (loss) per common share Continuing operations 0.1 1.18 2.34 7.74 7.63 7.10 7.85 8.36 9.04 11.21 11.46 12.38 6.64 17.59 21.95 24.5 Discontinued operations -2.52 -0.07 0.12 0.01 0.71 (0.04) 0.09 5.11 0.25 (0.2) Total diluted earnings per common share 0.99 -1.29 -2.42 1.11 2.34 2.83 4.1 5.8 7.1 7.86 7.64 7.81 7.81 8.36 9.13 11.21 11.46 17.49 6.89 17.59 21.95 24.3 BALANCE SHEETS Assets Current assets Cash and cash equivalents 455 1505 912 2738 1010 1060 2244 1912 2648 2168 2391 2261 3582 1898 2617 1446 1090 1837 2861 772 1514 3160 Short-term investments 240 396 429 381 333 61 346 516 3 Receivables, net 4348 3986 4049 3655 4039 4094 4579 4595 4925 5296 6061 5692 6064 6563 5834 5877 8061 8202 8603 2444 2337 1978 Contract assets 9472 9094 9545 Inventories 4051 3805 3140 2250 2348 1864 1921 1657 1718 1902 2183 2363 2481 2937 2977 2804 4962 4670 4487 2997 3619 3545 Deferred income taxes 1237 1213 1566 1277 921 982 861 900 756 755 815 1147 1339 1269 1088 1451 1463 Assets of businesses held for sale 2332 638 Assets of discountinued operations 396 Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1188 813 744 622 399 1510 418 531 1150 Total current assets 10696 13339 10778 10626 9401 8953 10529 10164 10940 10683 12477 12893 14094 13855 13329 12322 16198 15108 17461 16103 17095 19378 Property, plant and equipment, net 3634 2941 2991 3258 3489 3599 3924 4056 4320 4488 4520 4554 4611 4675 4706 4751 5490 5549 5775 6124 6591 7213 Investments in equity securities 2210 2433 1884 1009 1060 812 196 Goodwill 9162 7479 7371 7380 7879 7892 8447 9250 9387 9526 9948 9605 10148 10370 10348 10862 13576 10764 10807 10769 10604 10806 Intangible assets, net 1259 1073 939 814 807 672 560 605 463 355 324 4147 4093 3797 3494 3213 3012 Deferred income taxes 235 760 4651 3779 3485 4388 4809 2850 4013 4470 6625 3111 3208 3319 3475 Prepaid pension cost 1397 1794 2081 1221 1213 1030 1360 1487 313 122 Other noncurrent assets 1903 1367 1610 2671 2326 2596 2728 2434 2743 3614 4387 4576 4667 4948 4955 4774 5247 5667 5570 5178 6706 6826 Total assets 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710 Liabilities and equity Current liabilities Accounts payable 1228 1106 1419 1102 1434 1726 1998 2221 2163 2030 2030 1627 2269 2038 1397 1562 1974 1653 1467 2402 1281 880 Contract liabilities 4655 4697 5002 4542 4256 4028 4331 3856 4254 4535 5049 5890 6399 6503 6349 5775 6988 6776 6752 6491 7054 7545 Salaries, benefits and payroll taxes 941 978 1100 1272 1418 1346 1475 1584 1544 1684 1648 1870 1664 1649 1809 1824 1916 1764 1785 2122 2466 3163 Income taxes 51 519 63 107 91 Short-term borrowing 475 Current maturities of long-term debt 52 882 89 1365 136 15 202 34 104 242 150 956 750 1500 1250 500 Liabilities of businesses/discont. ops held for sale 467 387 204 Other current liabilities 1410 1653 1629 1433 1558 1451 1422 1858 1806 2051 1976 1810 1798 1815 1565 1951 2223 2349 1883 1883 1921 1845 Total current liabilities 8812 10302 9689 9821 8893 8566 9428 9553 9871 10542 10703 11401 12130 12155 11120 11112 14057 12542 12637 14398 13972 13933 Long-term debt, net 11427 9065 7422 6217 6072 5104 4784 4405 4303 3563 5052 5019 6460 6158 6152 6142 14305 14282 13513 12604 11404 11669 Post-retirement benefit liabilities 1805 1480 1440 1236 1277 1496 928 1386 1308 1213 1274 1220 902 1102 1070 862 719 704 Accrued pension liabilities 1647 1565 1872 1100 1660 2097 3025 1192 12004 10823 10607 13502 15278 9361 11413 11807 13855 15703 11410 13234 12874 Deferred taxes 517 790 992 Other noncurrent liabilities 1339 1462 1543 1724 1914 1967 2291 2868 2827 3079 3096 3376 3541 3807 3735 3877 4792 4659 4558 4311 5747 6196 Total liabilities 23900 23266 21211 21114 19419 18533 19877 21347 19121 30574 30982 31616 36907 38618 31270 33646 46031 46200 47130 43427 44357 44672 Stockholders’ equity Common stock, $1 par value per share 398 431 441 455 446 438 432 421 409 393 373 346 321 321 319 314 303 289 284 281 280 279 Additional paid-in capital 222 1789 2142 2796 2477 2223 1724 755 221 Retained earnings 5901 5199 3961 4262 5054 5915 7278 9269 11247 11621 12351 12161 11937 13211 14200 14956 14238 13324 11573 15434 18401 21636 Unearned ESOP shares -150 -115 -84 -50 -17 -1532 -1553 Accumulated other comprehensive loss -10 -144 -17 -1598 -1204 -23 -14 -3561 -1851 -9149 -8595 -9010 -11257 -13493 -9601 -11870 -11444 -12102 -12540 -14321 -15554 -16121 Total stockholders’ equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1511 -683 1394 3127 6015 Noncontrolling interests in subsidiary 95 74 55 44 23 Total equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1606 -609 1449 3171 6038 Total liabilities and equity 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710 RE 5,199 3,961 4,262 5,054 5,915 7,278 9,269 11,247 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 SEGMENT INFORMATION NET SALES Aeronautics 5499 4885 5355 6471 10202 11781 12349 12188 12303 11473 12201 13109 14362 14953 14123 14920 15570 17769 20148 21242 23693 26266 Electronic systems 8685 8991 9724 9811 10519 11143 12803 13532 14399 14622 Information Systems & Global Solutions 8233 8990 10213 9069 9608 9921 9381 8846 6115 5654 5596 Missiles and Fire Control 7457 6795 7092 6770 6608 7212 8462 10131 11257 Rotary and Mission Systems 7579 9037 8732 9091 13462 14215 14250 15128 15995 Space 7285 7339 6836 5287 6021 6357 6820 7923 8203 8027 8654 8242 8134 8347 9288 9202 9105 9409 9473 9808 10860 11880 Integrated Systems & Solutions 9570 9647 9014 3015 3420 3850 Information & Technology Services 2574 2649 2763 3104 3174 3801 Other 71 21 22 16 16 13 TOTAL 24999 24541 23990 26578 31824 35526 37213 39620 41862 41372 43995 45671 46499 47182 45358 45600 46132 47248 51048 53762 59812 65398 Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 OPERATING PROFIT Aeronautics 247 343 416 448 690 899 1018 1221 1476 1433 1577 1498 1630 1699 1612 1649 1681 1887 2164 2272 2521 2843 Electronic systems 875 858 969 1078 1264 1410 1583 1660 1748 1788 Information Systems & Global Solutions 720 804 949 919 895 814 874 808 498 472 508 Missiles and Fire Control 1256 1379 1344 1282 1018 1053 1248 1441 1545 Rotary and Mission Systems 737 1065 936 844 906 905 1302 1421 1615 Space 506 401 405 279 403 489 605 742 856 953 972 968 989 1083 1198 1187 1171 1289 993 1055 1191 1149 Integrated Systems & Solutions 880 583 836 241 291 334 Information & Technology Services 137 82 130 177 226 285 Segment Op profit 1770 1409 1787 2020 2468 2976 3421 4031 4691 4888 5104 5028 5281 5583 5752 5588 5486 5100 5115 5877 6574 7152 Unallocated 227 -158 -954 -862 -449 -887 -568 -261 -164 161 -689 -979 -1301 -1149 -1247 4 -50 449 806 1457 1971 1492 TOTAL 1997 1251 833 1158 2019 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 8644 Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10) GROSS PROFIT 1,653 1,660 1,543 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654 Aeronautics 5252 4542 4939 6023 9512 10882 11331 10967 10827 10040 10624 11611 12732 13254 12511 13271 13889 15882 17984 18970 21172 23423 Electronic systems 0 0 0 7810 8133 8755 8733 9255 9733 11220 11872 12651 12834 Information Systems & Global Solutions 0 0 0 0 0 0 7513 8186 9264 8150 8713 9107 8507 8038 5617 5182 5088 Missiles and Fire Control 0 0 0 0 0 0 0 0 0 0 0 0 0 6201 5416 5748 5488 5590 6159 7214 8690 9712 Rotary and Mission Systems 0 0 0 0 0 0 0 0 0 0 0 0 0 6842 7972 7796 8247 12556 13310 12948 13707 14380 Space 6779 6938 6431 5008 5618 5868 6215 7181 7347 7074 7682 7274 7145 7264 8090 8015 7934 8120 8480 8753 9669 10731 Integrated Systems & Solutions 8690 9064 8178 2774 3129 3516 Information & Technology Services 2437 2567 2633 2927 2948 3516 Unallocated -227 158 954 862 449 887 568 261 164 -161 689 979 1301 1149 1247 -4 50 -449 -806 -1457 -1971 -1492 COST OF SALES 23,275 22,860 22,425 24,613 29,832 33,545 34,676 36,186 37,628 36,798 39,803 41,883 42,795 42,986 41,171 40,345 40,932 42,186 45,500 46,488 51,445 56,744 Check (71) (21) (22) (16) (16) (13) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 COS/SALES Aeronautics 95.5% 93.0% 92.2% 93.1% 93.2% 92.4% 91.8% 90.0% 88.0% 87.5% 87.1% 88.6% 88.7% 88.6% 88.6% 88.9% 89.2% 89.4% 89.3% 89.3% 89.4% 89.2% Electronic systems 89.9% 90.5% 90.0% 89.0% 88.0% 87.3% 87.6% 87.7% 87.9% 87.8% Information Systems & Global Solutions 91.3% 91.1% 90.7% 89.9% 90.7% 91.8% 90.7% 90.9% 91.9% 91.7% 90.9% Missiles and Fire Control 83.2% 79.7% 81.0% 81.1% 84.6% 85.4% 85.3% 85.8% 86.3% Rotary and Mission Systems 90.3% 88.2% 89.3% 90.7% 93.3% 93.6% 90.9% 90.6% 89.9% Space 93.1% 94.5% 94.1% 94.7% 93.3% 92.3% 91.1% 90.6% 89.6% 88.1% 88.8% 88.3% 87.8% 87.0% 87.1% 87.1% 87.1% 86.3% 89.5% 89.2% 89.0% 90.3% Integrated Systems & Solutions 90.8% 94.0% 90.7% 92.0% 91.5% 91.3% Information & Technology Services 94.7% 96.9% 95.3% 94.3% 92.9% 92.5% FinStatements 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 INCOME STATEMENTS Net sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596 Cost of sales (22,931) (23,269) (23,135) (25,404) (29,789) (33,424) (34,360) (35,850) (37,335) (36,323) (39,580) (41,622) (42,519) (42,748) (40,853) (40,008) (40,696) (41,699) (45,127) (46,428) (51,267) (56,754) (62,987) (66,075) (68,151) (70,558) (73,299) (75,704) (78,434) (81,245) (84,079) (86,935) Gross profit $ 2,068 $ 1,272 $ 855 $ 1,174 $ 2,035 $ 2,102 $ 2,853 $ 3,770 $ 4,527 $ 5,049 $ 4,415 $ 4,049 $ 3,980 $ 4,434 $ 4,505 $ 5,592 $ 5,436 $ 5,549 $ 5,921 $ 7,334 $ 8,545 $ 8,644 $ 7,730 $ 8,112 $ 8,366 $ 8,661 $ 8,997 $ 9,291 $ 9,625 $ 9,967 $ 10,313 $ 10,660 Other (expense) income, net (71) (21) (22) (16) (16) (13) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 46 99 154 216 283 353 431 514 602 696 Operating profit $ 1,997 $ 1,251 $ 833 $ 1,158 $ 2,019 $ 2,089 $ 2,853 $ 3,770 $ 4,527 $ 5,049 $ 4,415 $ 4,049 $ 3,980 $ 4,434 $ 4,505 $ 5,592 $ 5,436 $ 5,549 $ 5,921 $ 7,334 $ 8,545 $ 8,644 $ 7,777 $ 8,210 $ 8,521 $ 8,877 $ 9,280 $ 9,644 $ 10,055 $ 10,481 $ 10,915 $ 11,356 Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591) (612) (632) (653) (674) (694) (715) (735) (756) (777) (797) Other non-operating income (expense), net -0 -0 -0 -0 -0 -0 133 183 193 (91) 123 74 5 21 -0 6 30 -0 (1) (828) (651) 182 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Earnings before Taxes $ 1,188 $ 332 $ 133 $ 577 $ 1,532 $ 1,664 $ 2,616 $ 3,592 $ 4,368 $ 4,626 $ 4,230 $ 3,778 $ 3,631 $ 4,072 $ 4,155 $ 5,258 $ 5,023 $ 4,886 $ 5,269 $ 5,838 $ 7,241 $ 8,235 $ 7,165 $ 7,578 $ 7,868 $ 8,203 $ 8,586 $ 8,930 $ 9,320 $ 9,725 $ 10,138 $ 10,559 Income tax expense (459) (714) (90) (44) (479) (398) (791) (1,063) (1,335) (1,459) (1,231) (1,164) (964) (1,327) (1,205) (1,644) (1,418) (1,133) (3,340) (792) (1,011) (1,347) (1,993) (2,107) (2,188) (2,281) (2,388) (2,483) (2,592) (2,705) (2,819) (2,936) Net earnings from continuing operations $ 729 $ (382) $ 43 $ 533 $ 1,053 $ 1,266 $ 1,825 $ 2,529 $ 3,033 $ 3,167 $ 2,999 $ 2,614 $ 2,667 $ 2,745 $ 2,950 $ 3,614 $ 3,605 $ 3,753 $ 1,929 $ 5,046 $ 6,230 $ 6,888 $ 5,172 $ 5,471 $ 5,680 $ 5,922 $ 6,198 $ 6,446 $ 6,728 $ 7,021 $ 7,319 $ 7,623 Net earnings(loss) from discontinued operations 8 (42) (1,089) (33) -0 -0 -0 -0 -0 50 25 264 (12) -0 31 -0 -0 1,549 73 -0 -0 (55) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Extraordinary loss on early extinguishments of debt -0 (95) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Cumulative effect of change in accounting (355) -0 -0 -0 -0 -0 -0 -0 -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 earnings $ 382 $ (519) $ (1,046) $ 500 $ 1,053 $ 1,266 $ 1,825 $ 2,529 $ 3,033 $ 3,217 $ 3,024 $ 2,878 $ 2,655 $ 2,745 $ 2,981 $ 3,614 $ 3,605 $ 5,302 $ 2,002 $ 5,046 $ 6,230 $ 6,833 $ 5,172 $ 5,471 $ 5,680 $ 5,922 $ 6,198 $ 6,446 $ 6,728 $ 7,021 $ 7,319 $ 7,623 check 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 BALANCE SHEET Working cash $ 500 $ 491 $ 480 $ 532 $ 636 $ 711 $ 744 $ 792 $ 837 $ 827 $ 880 $ 913 $ 930 $ 944 $ 907 $ 912 $ 923 $ 945 $ 1,021 $ 1,075 $ 1,196 $ 1,308 $ 1,414 $ 1,484 $ 1,530 $ 1,584 $ 1,646 $ 1,700 $ 1,761 $ 1,824 $ 1,888 $ 1,952 Excess cash (45) 1,014 432 2,206 374 349 1,500 1,120 1,811 1,341 1,511 1,348 2,652 954 1,710 534 167 892 1,840 (303) 318 1,852 2,346 4,159 6,797 9,399 11,796 14,654 17,425 20,386 23,346 26,551 Receivables, net 4,348 3,986 4,049 3,655 4,039 4,094 4,579 4,595 4,925 5,296 6,061 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 2,750 3,521 4,286 5,102 6,019 6,945 7,949 8,990 10,137 11,317 Contract assets -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 9,472 9,094 9,545 10,433 11,033 11,470 11,936 12,532 13,043 13,618 14,174 14,820 15,439 Inventories 4,051 3,805 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 3,960 4,277 4,537 4,814 5,150 5,459 5,801 6,142 6,528 6,911 Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1,188 813 744 622 399 1,510 418 531 1,150 1,231 1,279 1,306 1,338 1,376 1,407 1,442 1,478 1,513 1,548 Short-term investments -0 -0 -0 -0 240 396 429 381 333 61 346 516 3 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Deferred income taxes 1,237 1,213 1,566 1,277 921 982 861 900 756 755 815 1,147 1,339 1,269 1,088 1,451 1,463 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Assets of businesses held for sale -0 2,332 638 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Assets of discountinued operations -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 396 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Total current assets $ 10,696 $ 13,339 $ 10,778 $ 10,626 $ 9,401 $ 8,953 $ 10,529 $ 10,164 $ 10,940 $ 10,683 $ 12,477 $ 12,893 $ 14,094 $ 13,855 $ 13,329 $ 12,322 $ 16,198 $ 15,108 $ 17,461 $ 16,103 $ 17,095 $ 19,378 $ 22,136 $ 25,752 $ 29,927 $ 34,175 $ 38,519 $ 43,207 $ 47,996 $ 52,994 $ 58,233 $ 63,717 check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Property, plant and equipment, net $ 3,634 $ 2,941 $ 2,991 $ 3,258 $ 3,489 $ 3,599 $ 3,924 $ 4,056 $ 4,320 $ 4,488 $ 4,520 $ 4,554 $ 4,611 $ 4,675 $ 4,706 $ 4,751 $ 5,490 $ 5,549 $ 5,775 $ 6,124 $ 6,591 $ 7,213 $ 7,791 $ 8,163 $ 8,410 $ 8,697 $ 9,024 $ 9,309 $ 9,634 $ 9,967 $ 10,302 $ 10,640 Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 12,059 13,043 13,857 14,765 15,774 16,740 17,809 18,929 20,088 21,286 Intangible assets, net 1,259 1,073 939 814 807 672 560 605 463 355 -0 -0 -0 -0 -0 324 4,147 4,093 3,797 3,494 3,213 3,012 3,358 3,630 3,853 4,103 4,380 4,646 4,940 5,247 5,566 5,894 Investments in equity securities 2,210 2,433 1,884 1,009 1,060 812 196 -0 -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 income taxes -0 -0 -0 -0 -0 -0 -0 235 760 4,651 3,779 3,485 4,388 4,809 2,850 4,013 4,470 6,625 3,111 3,208 3,319 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 Prepaid pension cost 1,397 1,794 2,081 1,221 1,213 1,030 1,360 1,487 313 122 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Other noncurrent assets 1,903 1,367 1,610 2,671 2,326 2,596 2,728 2,434 2,743 3,614 4,387 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,411 7,806 8,084 8,403 8,764 9,088 9,452 9,830 10,212 10,600 TOTAL ASSETS $ 30,261 $ 30,426 $ 27,654 $ 26,979 $ 26,175 $ 25,554 $ 27,744 $ 28,231 $ 28,926 $ 33,439 $ 35,111 $ 35,113 $ 37,908 $ 38,657 $ 36,188 $ 37,046 $ 49,128 $ 47,806 $ 46,521 $ 44,876 $ 47,528 $ 50,710 $ 56,230 $ 61,868 $ 67,606 $ 73,618 $ 79,937 $ 86,465 $ 93,305 $ 100,442 $ 107,876 $ 115,612 Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Accounts payable $ 1,228 $ 1,106 $ 1,419 $ 1,102 $ 1,434 $ 1,726 $ 1,998 $ 2,221 $ 2,163 $ 2,030 $ 2,030 $ 1,627 $ 2,269 $ 2,038 $ 1,397 $ 1,562 $ 1,974 $ 1,653 $ 1,467 $ 2,402 $ 1,281 $ 880 $ 961 $ 1,042 $ 1,124 $ 1,205 $ 1,286 $ 1,367 $ 1,449 $ 1,530 $ 1,611 $ 1,692 Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,457 7,369 7,280 7,192 7,104 7,016 6,928 6,840 6,751 6,663 Salaries, benefits and payroll taxes 941 978 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785 2,122 2,466 3,163 3,048 2,934 2,819 2,704 2,590 2,475 2,360 2,246 2,131 2,016 Other current liabilities 1,410 1,653 1,629 1,433 1,558 1,451 1,422 1,858 1,806 2,051 1,976 1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883 1,883 1,921 1,845 1,853 1,861 1,868 1,876 1,884 1,892 1,900 1,908 1,915 1,923 Income taxes 51 519 63 107 91 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Short-term borrowing 475 -0 -0 -0 -0 -0 -0 -0 -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 maturities of long-term debt 52 882 89 1,365 136 15 202 34 104 242 -0 -0 -0 150 -0 -0 956 -0 750 1,500 1,250 500 500 500 500 500 500 500 500 500 500 500 Liabilities of businesses/discont. ops held for sale -0 467 387 -0 -0 -0 -0 -0 -0 -0 -0 204 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Current liabilities $ 8,812 $ 10,302 $ 9,689 $ 9,821 $ 8,893 $ 8,566 $ 9,428 $ 9,553 $ 9,871 $ 10,542 $ 10,703 $ 11,401 $ 12,130 $ 12,155 $ 11,120 $ 11,112 $ 14,057 $ 12,542 $ 12,637 $ 14,398 $ 13,972 $ 13,933 $ 13,819 $ 13,705 $ 13,592 $ 13,478 $ 13,364 $ 13,250 $ 13,136 $ 13,023 $ 12,909 $ 12,795 Check -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, net $ 11,427 $ 9,065 $ 7,422 $ 6,217 $ 6,072 $ 5,104 $ 4,784 $ 4,405 $ 4,303 $ 3,563 $ 5,052 $ 5,019 $ 6,460 $ 6,158 $ 6,152 $ 6,142 $ 14,305 $ 14,282 $ 13,513 $ 12,604 $ 11,404 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 Post-retirement benefit liabilities 1,805 -0 -0 1,480 1,440 1,236 1,277 1,496 928 1,386 1,308 1,213 1,274 1,220 902 1,102 1,070 862 719 704 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Accrued pension liabilities -0 1,647 1,565 1,872 1,100 1,660 2,097 3,025 1,192 12,004 10,823 10,607 13,502 15,278 9,361 11,413 11,807 13,855 15,703 11,410 13,234 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 Deferred taxes 517 790 992 -0 -0 -0 -0 -0 -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 noncurrent liabilities 1,339 1,462 1,543 1,724 1,914 1,967 2,291 2,868 2,827 3,079 3,096 3,376 3,541 3,807 3,735 3,877 4,792 4,659 4,558 4,311 5,747 6,196 6,657 6,939 7,111 7,314 7,548 7,744 7,970 8,201 8,429 8,657 TOTAL LIABILITIES $ 23,900 $ 23,266 $ 21,211 $ 21,114 $ 19,419 $ 18,533 $ 19,877 $ 21,347 $ 19,121 $ 30,574 $ 30,982 $ 31,616 $ 36,907 $ 38,618 $ 31,270 $ 33,646 $ 46,031 $ 46,200 $ 47,130 $ 43,427 $ 44,357 $ 44,672 $ 45,019 $ 45,187 $ 45,245 $ 45,335 $ 45,455 $ 45,538 $ 45,650 $ 45,766 $ 45,881 $ 45,995 Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Common stock, $1 par value per share $ 398 $ 431 $ 441 $ 455 $ 446 $ 438 $ 432 $ 421 $ 409 $ 393 $ 373 $ 346 $ 321 $ 321 $ 319 $ 314 $ 303 $ 289 $ 284 $ 281 $ 280 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 Additional paid-in capital 222 1,789 2,142 2,796 2,477 2,223 1,724 755 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 221 221 221 221 221 221 221 221 221 221 221 Retained earnings 5,901 5,199 3,961 4,262 5,054 5,915 7,278 9,269 11,247 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636 26,808 32,279 37,959 43,881 50,079 56,526 63,254 70,274 77,593 85,215 Unearned ESOP shares (150) (115) (84) (50) (17) (1,532) (1,553) -0 -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 loss (10) (144) (17) (1,598) (1,204) (23) (14) (3,561) (1,851) (9,149) (8,595) (9,010) (11,257) (13,493) (9,601) (11,870) (11,444) (12,102) (12,540) (14,321) (15,554) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) Noncontrolling interests in subsidiary -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 95 74 55 44 23 23 23 23 23 23 23 23 23 23 23 TOTAL EQUITY $ 6,361 $ 7,160 $ 6,443 $ 5,865 $ 6,756 $ 7,021 $ 7,867 $ 6,884 $ 9,805 $ 2,865 $ 4,129 $ 3,497 $ 1,001 $ 39 $ 4,918 $ 3,400 $ 3,097 $ 1,606 $ (609) $ 1,449 $ 3,171 $ 6,038 $ 11,210 $ 16,681 $ 22,361 $ 28,283 $ 34,481 $ 40,928 $ 47,656 $ 54,676 $ 61,995 $ 69,617 Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Balance Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Segment Build 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Aeronautics Net sales $ 5,499 $ 4,885 $ 5,355 $ 6,471 $ 10,202 $ 11,781 $ 12,349 $ 12,188 $ 12,303 $ 11,473 $ 12,201 $ 13,109 $ 14,362 $ 14,953 $ 14,123 $ 14,920 $ 15,570 $ 17,769 $ 20,148 $ 21,242 $ 23,693 $ 26,266 $ 27,611 $ 28,416 $ 28,713 $ 29,176 $ 29,797 $ 30,247 $ 30,844 $ 31,483 $ 32,121 $ 32,760 Cost of sales 5,252 4,542 4,939 6,023 9,512 10,882 11,331 10,967 10,827 10,040 10,624 11,611 12,732 13,254 12,511 13,271 13,889 15,882 17,984 18,970 21,172 23,423 24,626 25,347 25,616 26,032 26,590 26,995 27,532 28,105 28,679 29,253 Operating profit 247 343 416 448 690 899 1,018 1,221 1,476 1,433 1,577 1,498 1,630 1,699 1,612 1,649 1,681 1,887 2,164 2,272 2,521 2,843 2,985 3,069 3,098 3,144 3,207 3,252 3,313 3,377 3,442 3,507 Segment Growth NA (11.2)% 9.6% 20.8% 57.7% 15.5% 4.8% (1.3)% 0.9% (6.7)% 6.3% 7.4% 9.6% 4.1% (5.6)% 5.6% 4.4% 14.1% 13.4% 5.4% 11.5% 10.9% 5.1% 2.9% 1.0% 1.6% 2.1% 1.5% 2.0% 2.1% 2.0% 2.0% Sales as % of Total Revenue 22.0% 19.9% 22.3% 24.3% 32.1% 33.2% 33.2% 30.8% 29.4% 27.7% 27.7% 28.7% 30.9% 31.7% 31.1% 32.7% 33.8% 37.6% 39.5% 39.5% 39.6% 40.2% 39.0% 38.3% 37.5% 36.8% 36.2% 35.6% 35.0% 34.5% 34.0% 33.6% Cost of Sales Margin 95.5% 93.0% 92.2% 93.1% 93.2% 92.4% 91.8% 90.0% 88.0% 87.5% 87.1% 88.6% 88.7% 88.6% 88.6% 88.9% 89.2% 89.4% 89.3% 89.3% 89.4% 89.2% 89.2% 89.2% 89.2% 89.2% 89.2% 89.2% 89.3% 89.3% 89.3% 89.3% Operating Margin 4.5% 7.0% 7.8% 6.9% 6.8% 7.6% 8.2% 10.0% 12.0% 12.5% 12.9% 11.4% 11.3% 11.4% 11.4% 11.1% 10.8% 10.6% 10.7% 10.7% 10.6% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.7% 10.7% 10.7% 10.7% Missiles and Fire Control Net sales $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ 7,457 $ 6,795 $ 7,092 $ 6,770 $ 6,608 $ 7,212 $ 8,462 $ 10,131 $ 11,257 $ 12,407 $ 13,332 $ 14,016 $ 14,770 $ 15,600 $ 16,337 $ 17,150 $ 17,986 $ 18,821 $ 19,656 Cost of sales -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 6,201 5,416 5,748 5,488 5,590 6,159 7,214 8,690 9,712 10,694 11,481 12,058 12,694 13,396 14,015 14,698 15,400 16,099 16,798 Operating profit -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 1,256 1,379 1,344 1,282 1,018 1,053 1,248 1,441 1,545 1,713 1,852 1,958 2,075 2,205 2,322 2,452 2,586 2,721 2,858 Segment Growth NA NA NA NA NA NA NA NA NA NA NA NA NA NA (8.9)% 4.4% (4.5)% (2.4)% 9.1% 17.3% 19.7% 11.1% 10.2% 7.5% 5.1% 5.4% 5.6% 4.7% 5.0% 4.9% 4.6% 4.4% Sales as % of Total Revenue -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 15.8% 15.0% 15.6% 14.7% 14.0% 14.1% 15.7% 16.9% 17.2% 17.5% 18.0% 18.3% 18.6% 19.0% 19.2% 19.5% 19.7% 19.9% 20.1% Cost of Sales Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 83.2% 79.7% 81.0% 81.1% 84.6% 85.4% 85.3% 85.8% 86.3% 86.2% 86.1% 86.0% 85.9% 85.9% 85.8% 85.7% 85.6% 85.5% 85.5% Operating Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 16.8% 20.3% 19.0% 18.9% 15.4% 14.6% 14.7% 14.2% 13.7% 13.8% 13.9% 14.0% 14.1% 14.1% 14.2% 14.3% 14.4% 14.5% 14.5% Rotary and Mission Systems Net sales $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ 7,579 $ 9,037 $ 8,732 $ 9,091 $ 13,462 $ 14,215 $ 14,250 $ 15,128 $ 15,995 $ 17,454 $ 18,590 $ 19,391 $ 20,292 $ 21,299 $ 22,180 $ 23,164 $ 24,179 $ 25,193 $ 26,208 Cost of sales -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 6,842 7,972 7,796 8,247 12,556 13,310 12,948 13,707 14,380 15,722 16,778 17,535 18,385 19,335 20,173 21,109 22,076 23,047 24,021 Operating profit -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 737 1,065 936 844 906 905 1,302 1,421 1,615 1,778 1,911 2,010 2,122 2,247 2,360 2,485 2,616 2,749 2,883 Segment Growth NA NA NA NA NA NA NA NA NA NA NA NA NA NA 19.2% (3.4)% 4.1% 48.1% 5.6% 0.2% 6.2% 5.7% 9.1% 6.5% 4.3% 4.6% 5.0% 4.1% 4.4% 4.4% 4.2% 4.0% Sales as % of Total Revenue -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 16.1% 19.9% 19.1% 19.7% 28.5% 27.8% 26.5% 25.3% 24.5% 24.7% 25.1% 25.3% 25.6% 25.9% 26.1% 26.3% 26.5% 26.7% 26.9% Cost of Sales Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 90.3% 88.2% 89.3% 90.7% 93.3% 93.6% 90.9% 90.6% 89.9% 90.1% 90.3% 90.4% 90.6% 90.8% 91.0% 91.1% 91.3% 91.5% 91.7% Operating Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 9.7% 11.8% 10.7% 9.3% 6.7% 6.4% 9.1% 9.4% 10.1% 10.2% 10.3% 10.4% 10.5% 10.5% 10.6% 10.7% 10.8% 10.9% 11.0% Space Net sales $ 7,285 $ 7,339 $ 6,836 $ 5,287 $ 6,021 $ 6,357 $ 6,820 $ 7,923 $ 8,203 $ 8,027 $ 8,654 $ 8,242 $ 8,134 $ 8,347 $ 9,288 $ 9,202 $ 9,105 $ 9,409 $ 9,473 $ 9,808 $ 10,860 $ 11,880 $ 13,245 $ 13,849 $ 14,397 $ 14,982 $ 15,600 $ 16,231 $ 16,900 $ 17,566 $ 18,256 $ 18,972 Cost of sales 6,779 6,938 6,431 5,008 5,618 5,868 6,215 7,181 7,347 7,074 7,682 7,274 7,145 7,264 8,090 8,015 7,934 8,120 8,480 8,753 9,669 10,731 11,945 12,469 12,942 13,446 13,978 14,520 15,095 15,664 16,253 16,863 Operating profit 506 401 405 279 403 489 605 742 856 953 972 968 989 1,083 1,198 1,187 1,171 1,289 993 1,055 1,191 1,149 1,300 1,379 1,455 1,536 1,621 1,710 1,805 1,902 2,003 2,109 Segment Growth NA 0.7% (6.9)% (22.7)% 13.9% 5.6% 7.3% 16.2% 3.5% (2.1)% 7.8% (4.8)% (1.3)% 2.6% 11.3% (0.9)% (1.1)% 3.3% 0.7% 3.5% 10.7% 9.4% 11.5% 4.6% 4.0% 4.1% 4.1% 4.0% 4.1% 3.9% 3.9% 3.9% Sales as % of Total Revenue 29.1% 29.9% 28.5% 19.9% 18.9% 17.9% 18.3% 20.0% 19.6% 19.4% 19.7% 18.0% 17.5% 17.7% 20.5% 20.2% 19.7% 19.9% 18.6% 18.2% 18.2% 18.2% 18.7% 18.7% 18.8% 18.9% 19.0% 19.1% 19.2% 19.3% 19.3% 19.4% Cost of Sales Margin 93.1% 94.5% 94.1% 94.7% 93.3% 92.3% 91.1% 90.6% 89.6% 88.1% 88.8% 88.3% 87.8% 87.0% 87.1% 87.1% 87.1% 86.3% 89.5% 89.2% 89.0% 90.3% 90.2% 90.0% 89.9% 89.8% 89.6% 89.5% 89.3% 89.2% 89.0% 88.9% Operating Margin 6.9% 5.5% 5.9% 5.3% 6.7% 7.7% 8.9% 9.4% 10.4% 11.9% 11.2% 11.7% 12.2% 13.0% 12.9% 12.9% 12.9% 13.7% 10.5% 10.8% 11.0% 9.7% 9.8% 10.0% 10.1% 10.2% 10.4% 10.5% 10.7% 10.8% 11.0% 11.1% Other Net sales $ 12,215 $ 12,317 $ 11,799 $ 14,820 $ 15,601 $ 17,388 $ 18,044 $ 19,509 $ 21,356 $ 21,872 $ 23,140 $ 24,320 $ 24,003 $ 8,846 $ 6,115 $ 5,654 $ 5,596 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 Cost of sales 10,900 11,789 11,765 14,373 14,659 16,674 16,814 17,702 19,161 19,209 21,274 22,737 22,642 9,187 6,864 5,178 5,138 (449) (806) (1,457) (1,971) (1,492) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Operating profit 1,244 507 12 431 926 701 1,230 1,807 2,195 2,663 1,866 1,583 1,361 (341) (749) 476 458 449 806 1,457 1,971 1,492 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 Total Net sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596 Cost of sales 22,931 23,269 23,135 25,404 29,789 33,424 34,360 35,850 37,335 36,323 39,580 41,622 42,519 42,748 40,853 40,008 40,696 41,699 45,127 46,428 51,267 56,754 62,987 66,075 68,151 70,558 73,299 75,704 78,434 81,245 84,079 86,935 Operating profit 1,997 1,251 833 1,158 2,019 2,089 2,853 3,770 4,527 5,049 4,415 4,049 3,980 4,434 4,505 5,592 5,436 5,549 5,921 7,334 8,545 8,644 7,777 8,210 8,521 8,877 9,280 9,644 10,055 10,481 10,915 11,356 Sales Growth N/A (1.8)% (2.2)% 10.8% 19.7% 11.6% 4.7% 6.5% 5.7% (1.2)% 6.3% 3.8% 1.8% 1.5% (3.9)% 0.5% 1.2% 2.4% 8.0% 5.3% 11.3% 9.3% 8.1% 4.9% 3.1% 3.5% 3.9% 3.3% 3.6% 3.6% 3.5% 3.4% Cost of Sales Margin 91.7% 94.8% 96.4% 95.6% 93.6% 94.1% 92.3% 90.5% 89.2% 87.8% 90.0% 91.1% 91.4% 90.6% 90.1% 87.7% 88.2% 88.3% 88.4% 86.4% 85.7% 86.8% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% Operating Margin 8.0% 5.1% 3.5% 4.4% 6.3% 5.9% 7.7% 9.5% 10.8% 12.2% 10.0% 8.9% 8.6% 9.4% 9.9% 12.3% 11.8% 11.7% 11.6% 13.6% 14.3% 13.2% 11.0% 11.1% 11.1% 11.2% 11.3% 11.3% 11.4% 11.5% 11.6% 11.6% Industry Data Space Vehicle and Missile Manufacturing Revenue 20,628 30,698 23,113 25,951 27,075 26,898 31,408 30,997 29,164 29,872 30,577 29,290 29,369 28,823 27,909 27,925 36,207 39,979 41,402 42,636 43,952 45,340 46,741 48,227 49,674 51,164 52,699 Federal Funding for Defense 733,000 749,100 743,500 744,900 800,900 846,400 867,700 847,000 783,400 707,100 649,400 622,000 613,100 596,000 600,500 633,500 652,500 669,700 673,300 665,000 660,800 660,300 656,100 655,200 655,200 655,200 655,200 Industry Growth 48.8% (24.7)% 12.3% 4.3% (0.7)% 16.8% (1.3)% (5.9)% 2.4% 2.4% (4.2)% 0.3% (1.9)% (3.2)% 0.1% 29.7% 10.4% 3.6% 3.0% 3.1% 3.2% 3.1% 3.2% 3.0% 3.0% 3.0% Federal Funding Growth 2.2% (0.7)% 0.2% 7.5% 5.7% 2.5% (2.4)% (7.5)% (9.7)% (8.2)% (4.2)% (1.4)% (2.8)% 0.8% 5.5% 3.0% 2.6% 0.5% (1.2)% (0.6)% (0.1)% (0.6)% (0.1)% -0 -0 -0 LMT Aeronautics Federal Funding Share 1.6% 1.6% 1.6% 1.7% 1.4% 1.4% 1.5% 1.7% 1.9% 2.0% 2.3% 2.5% 2.9% 3.4% 3.5% 3.7% 4.0% 4.1% 4.2% 4.3% 4.4% 4.5% 4.6% 4.7% 4.8% 4.9% 5.0% LMT Missiles and Fire Control Federal Funding Share -0 -0 -0 -0 -0 -0 -0 -0 1.0% 1.0% 1.1% 1.1% 1.1% 1.2% 1.4% 1.6% 1.7% 1.9% 2.0% 2.1% 2.2% 2.4% 2.5% 2.6% 2.7% 2.9% 3.0% LMT Rotary and Mission Systems Federal Funding Share -0 -0 -0 -0 -0 -0 -0 -0 1.0% 1.3% 1.3% 1.5% 2.2% 2.4% 2.4% 2.4% 2.5% 2.6% 2.8% 2.9% 3.1% 3.2% 3.4% 3.5% 3.7% 3.8% 4.0% LMT Space Revenue Market Share 30.8% 22.2% 34.3% 31.6% 29.6% 32.2% 26.2% 26.2% 28.6% 31.1% 30.1% 31.1% 32.0% 32.9% 35.1% 38.9% 32.8% 33.1% 33.4% 33.8% 34.1% 34.4% 34.7% 35.0% 35.4% 35.7% 36.0% BS Build 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Net Sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596 Assets Current Assets Receivables, net $ 4,348 $ 3,986 $ 4,049 $ 3,655 $ 4,039 $ 4,094 $ 4,579 $ 4,595 $ 4,925 $ 5,296 $ 6,061 $ 5,692 $ 6,064 $ 6,563 $ 5,834 $ 5,877 $ 8,061 $ 8,202 $ 8,603 $ 2,444 $ 2,337 $ 1,978 $ 2,750 $ 3,521 $ 4,286 $ 5,102 $ 6,019 $ 6,945 $ 7,949 $ 8,990 $ 10,137 $ 11,317 Contract assets -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 9,472 9,094 9,545 10,433 11,033 11,470 11,936 12,532 13,043 13,618 14,174 14,820 15,439 Inventories 4,051 3,805 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 3,960 4,277 4,537 4,814 5,150 5,459 5,801 6,142 6,528 6,911 Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1,188 813 744 622 399 1,510 418 531 1,150 1,231 1,279 1,306 1,338 1,376 1,407 1,442 1,478 1,513 1,548 Days Receivable Oustanding 63.5 59.4 61.6 50.2 46.3 42.2 44.9 42.3 42.9 46.9 50.3 45.5 47.6 50.9 46.9 47.0 63.8 63.5 61.5 16.6 14.3 11.1 14.2 17.3 20.4 23.6 26.7 29.8 32.9 36.1 39.2 42.3 Days Contracts Oustanding -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 64.3 55.5 53.4 53.9 54.3 54.7 55.1 55.6 56.0 56.4 56.9 57.3 57.7 Days Inventories Outstanding 59.1 56.7 47.8 30.9 26.9 19.2 18.8 15.3 15.0 16.8 18.1 18.9 19.5 22.8 24.0 22.4 39.3 36.2 32.1 20.3 22.1 19.8 20.4 21.0 21.6 22.2 22.8 23.4 24.0 24.6 25.2 25.8 Other as % of Revenue 2.4% 2.0% 2.0% 2.7% 2.6% 1.6% 1.3% 1.8% 1.3% 1.2% 1.5% 1.1% 1.3% 2.5% 1.8% 1.6% 1.3% 0.8% 3.0% 0.8% 0.9% 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.6% Long-term Assets Property, plant and equipment, net $ 3,634 $ 2,941 $ 2,991 $ 3,258 $ 3,489 $ 3,599 $ 3,924 $ 4,056 $ 4,320 $ 4,488 $ 4,520 $ 4,554 $ 4,611 $ 4,675 $ 4,706 $ 4,751 $ 5,490 $ 5,549 $ 5,775 $ 6,124 $ 6,591 $ 7,213 $ 7,791 $ 8,163 $ 8,410 $ 8,697 $ 9,024 $ 9,309 $ 9,634 $ 9,967 $ 10,302 $ 10,640 Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 12,059 13,043 13,857 14,765 15,774 16,740 17,809 18,929 20,088 21,286 Intangible assets, net 1,259 1,073 939 814 807 672 560 605 463 355 -0 -0 -0 -0 -0 324 4,147 4,093 3,797 3,494 3,213 3,012 3,358 3,630 3,853 4,103 4,380 4,646 4,940 5,247 5,566 5,894 Other noncurrent assets 1,903 1,367 1,610 2,671 2,326 2,596 2,728 2,434 2,743 3,614 4,387 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,411 7,806 8,084 8,403 8,764 9,088 9,452 9,830 10,212 10,600 PPE / Sales 14.5% 12.0% 12.5% 12.3% 11.0% 10.1% 10.5% 10.2% 10.3% 10.8% 10.3% 10.0% 9.9% 9.9% 10.4% 10.4% 11.9% 11.7% 11.3% 11.4% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 10.9% 10.9% 10.9% 10.9% Goodwill / Sales 36.6% 30.5% 30.7% 27.8% 24.8% 22.2% 22.7% 23.3% 22.4% 23.0% 22.6% 21.0% 21.8% 22.0% 22.8% 23.8% 29.4% 22.8% 21.2% 20.0% 17.7% 16.5% 17.1% 17.6% 18.1% 18.6% 19.2% 19.7% 20.2% 20.8% 21.3% 21.8% Intangible assets / Sales 5.0% 4.4% 3.9% 3.1% 2.5% 1.9% 1.5% 1.5% 1.1% 0.9% -0 -0 -0 -0 -0 0.7% 9.0% 8.7% 7.4% 6.5% 5.4% 4.6% 4.7% 4.9% 5.0% 5.2% 5.3% 5.5% 5.6% 5.8% 5.9% 6.0% Other / Sales 7.6% 5.6% 6.7% 10.0% 7.3% 7.3% 7.3% 6.1% 6.6% 8.7% 10.0% 10.0% 10.0% 10.5% 10.9% 10.5% 11.4% 12.0% 10.9% 9.6% 11.2% 10.4% 10.5% 10.5% 10.6% 10.6% 10.6% 10.7% 10.7% 10.8% 10.8% 10.9% Liabilities Current Liabilites Accounts payable $ 1,228 $ 1,106 $ 1,419 $ 1,102 $ 1,434 $ 1,726 $ 1,998 $ 2,221 $ 2,163 $ 2,030 $ 2,030 $ 1,627 $ 2,269 $ 2,038 $ 1,397 $ 1,562 $ 1,974 $ 1,653 $ 1,467 $ 2,402 $ 1,281 $ 880 $ 961 $ 1,042 $ 1,124 $ 1,205 $ 1,286 $ 1,367 $ 1,449 $ 1,530 $ 1,611 $ 1,692 Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,457 7,369 7,280 7,192 7,104 7,016 6,928 6,840 6,751 6,663 Salaries, benefits and payroll taxes 941 978 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785 2,122 2,466 3,163 3,048 2,934 2,819 2,704 2,590 2,475 2,360 2,246 2,131 2,016 Other current liabilities 1,410 1,653 1,629 1,433 1,558 1,451 1,422 1,858 1,806 2,051 1,976 1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883 1,883 1,921 1,845 1,853 1,861 1,868 1,876 1,884 1,892 1,900 1,908 1,915 1,923 Days Payable Oustanding 17.9 16.5 21.6 15.1 16.4 17.8 19.6 20.5 18.9 18.0 16.8 13.0 17.8 15.8 11.2 12.5 15.6 12.8 10.5 16.3 7.8 4.9 5.7 6.4 7.2 8.0 8.7 9.5 10.3 11.0 11.8 12.5 Days Contracts Oustanding 68.0 70.1 76.1 62.4 48.8 41.5 42.5 35.5 37.1 40.1 41.9 47.1 50.2 50.4 51.1 46.2 55.3 52.5 48.3 44.1 43.0 42.2 42.3 42.4 42.5 42.6 42.7 42.8 42.8 42.9 43.0 43.1 Days Salaries Outstanding 13.7 14.6 16.7 17.5 16.3 13.9 14.5 14.6 13.5 14.9 13.7 14.9 13.1 12.8 14.6 14.6 15.2 13.7 12.8 14.4 15.0 17.7 17.4 17.0 16.7 16.4 16.0 15.7 15.4 15.0 14.7 14.4 Other as % of Revenue 5.6% 6.7% 6.8% 5.4% 4.9% 4.1% 3.8% 4.7% 4.3% 5.0% 4.5% 4.0% 3.9% 3.8% 3.5% 4.3% 4.8% 5.0% 3.7% 3.5% 3.2% 2.8% 2.9% 3.0% 3.1% 3.2% 3.3% 3.4% 3.5% 3.6% 3.7% 3.8% Long-term Liabilities Other noncurrent liabilities $ 1,339 $ 1,462 $ 1,543 $ 1,724 $ 1,914 $ 1,967 $ 2,291 $ 2,868 $ 2,827 $ 3,079 $ 3,096 $ 3,376 $ 3,541 $ 3,807 $ 3,735 $ 3,877 $ 4,792 $ 4,659 $ 4,558 $ 4,311 $ 5,747 $ 6,196 $ 6,657 $ 6,939 $ 7,111 $ 7,314 $ 7,548 $ 7,744 $ 7,970 $ 8,201 $ 8,429 $ 8,657 Other / Sales 5.4% 6.0% 6.4% 6.5% 6.0% 5.5% 6.2% 7.2% 6.8% 7.4% 7.0% 7.4% 7.6% 8.1% 8.2% 8.5% 10.4% 9.9% 8.9% 8.0% 9.6% 9.5% 9.4% 9.4% 9.3% 9.2% 9.2% 9.1% 9.1% 9.0% 8.9% 8.9% Days in Year 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 Cash Flow Receivables, net (772) (770) (766) (816) (917) (925) (1,004) (1,041) (1,147) (1,180) Contract assets (888) (600) (437) (466) (595) (512) (574) (557) (646) (619) Inventories (415) (316) (260) (277) (336) (309) (342) (341) (387) (382) Other current assets (81) (48) (27) (32) (38) (30) (36) (36) (35) (35) Property, plant and equipment, net (578) (373) (247) (287) (327) (285) (324) (333) (335) (337) Goodwill (1,253) (984) (814) (908) (1,009) (967) (1,069) (1,120) (1,159) (1,198) Intangible assets, net (346) (271) (224) (250) (277) (266) (294) (308) (318) (329) Other noncurrent assets (585) (395) (278) (319) (361) (323) (365) (377) (383) (388) Accounts payable 81 81 81 81 81 81 81 81 81 81 Contract liabilities (88) (88) (88) (88) (88) (88) (88) (88) (88) (88) Salaries, benefits and payroll taxes (115) (115) (115) (115) (115) (115) (115) (115) (115) (115) Other current liabilities 8 8 8 8 8 8 8 8 8 8 Other noncurrent liabilities 461 282 172 203 234 196 226 230 229 227 Total $ (4,572) $ (3,589) $ (2,995) $ (3,266) $ (3,740) $ (3,534) $ (3,896) $ (3,997) $ (4,295) $ (4,354) Ratios 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Long-term debt, net $ 11,427 $ 9,065 $ 7,422 $ 6,217 $ 6,072 $ 5,104 $ 4,784 $ 4,405 $ 4,303 $ 3,563 $ 5,052 $ 5,019 $ 6,460 $ 6,158 $ 6,152 $ 6,142 $ 14,305 $ 14,282 $ 13,513 $ 12,604 $ 11,404 $ 11,669 11669 11669 11669 11669 11669 11669 11669 11669 11669 11669 Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591) (612) (632) (653) (674) (694) (715) (735) (756) (777) (797) Interest Rate 7.1% 10.1% 9.4% 9.3% 8.0% 8.3% 7.7% 8.2% 8.2% 9.3% 6.1% 6.9% 5.5% 6.2% 5.7% 5.5% 3.1% 4.6% 4.8% 5.3% 5.7% 5.1% 5.2% 5.4% 5.6% 5.8% 5.9% 6.1% 6.3% 6.5% 6.7% 6.8% Tax Rate 38.6% 215.1% 67.7% 7.6% 31.3% 23.9% 30.2% 29.6% 30.6% 31.5% 29.1% 30.8% 26.5% 32.6% 29.0% 31.3% 28.2% 23.2% 63.4% 13.6% 14.0% 16.4% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% Current Ratio 1.2x 1.3x 1.1x 1.1x 1.1x 1.0x 1.1x 1.1x 1.1x 1.0x 1.2x 1.1x 1.2x 1.1x 1.2x 1.1x 1.2x 1.2x 1.4x 1.1x 1.2x 1.4x 1.6x 1.9x 2.2x 2.5x 2.9x 3.3x 3.7x 4.1x 4.5x 5.0x Days Inventory Outstanding 59.1 56.7 47.8 30.9 26.9 19.2 18.8 15.3 15.0 16.8 18.1 18.9 19.5 22.8 24.0 22.4 39.3 36.2 32.1 20.3 22.1 19.8 20.4 21.0 21.6 22.2 22.8 23.4 24.0 24.6 25.2 25.8 Days Receivable Outstanding 63.5 59.4 61.6 50.2 46.3 42.2 44.9 42.3 42.9 46.9 50.3 45.5 47.6 50.9 46.9 47.0 63.8 63.5 61.5 16.6 14.3 11.1 14.2 17.3 20.4 23.6 26.7 29.8 32.9 36.1 39.2 42.3 Days Payable Outstanding 19.5 17.4 22.4 15.8 17.6 18.9 21.2 22.6 21.1 20.5 18.7 14.3 19.5 17.4 12.5 14.3 17.7 14.5 11.9 18.9 9.1 5.7 5.6 5.8 6.0 6.3 6.4 6.6 6.7 6.9 7.0 7.1 Cash Conversion Cycle 103.1 98.8 87.0 65.3 55.7 42.5 42.5 35.0 36.8 43.2 49.7 50.1 47.6 56.2 58.4 55.2 85.3 85.2 81.7 18.1 27.2 25.2 29.1 32.6 36.1 39.6 43.1 46.7 50.3 53.8 57.4 61.1 Gross Profit Margin 8.3% 5.2% 3.6% 4.4% 6.4% 5.9% 7.7% 9.5% 10.8% 12.2% 10.0% 8.9% 8.6% 9.4% 9.9% 12.3% 11.8% 11.7% 11.6% 13.6% 14.3% 13.2% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% EBIT Margin 8.0% 5.1% 3.5% 4.4% 6.3% 5.9% 7.7% 9.5% 10.8% 12.2% 10.0% 8.9% 8.6% 9.4% 9.9% 12.3% 11.8% 11.7% 11.6% 13.6% 14.3% 13.2% 11.0% 11.1% 11.1% 11.2% 11.3% 11.3% 11.4% 11.5% 11.6% 11.6% Profit Margin 1.5% (2.1)% (4.4)% 1.9% 3.3% 3.6% 4.9% 6.4% 7.2% 7.8% 6.9% 6.3% 5.7% 5.8% 6.6% 7.9% 7.8% 11.2% 3.9% 9.4% 10.4% 10.4% 7.3% 7.4% 7.4% 7.5% 7.5% 7.6% 7.6% 7.7% 7.8% 7.8% Asset Turnover 0.8x 0.8x 0.9x 1.0x 1.2x 1.4x 1.3x 1.4x 1.4x 1.2x 1.3x 1.3x 1.2x 1.2x 1.3x 1.2x 0.9x 1.0x 1.1x 1.2x 1.3x 1.3x 1.3x 1.2x 1.1x 1.1x 1.0x 1.0x 0.9x 0.9x 0.9x 0.8x ROE 6.0% (7.2)% (16.2)% 8.5% 15.6% 18.0% 23.2% 36.7% 30.9% 112.3% 73.2% 82.3% 265.2% 7,038.5% 60.6% 106.3% 116.4% 330.1% (328.7)% 348.2% 196.5% 113.2% 46.1% 32.8% 25.4% 20.9% 18.0% 15.8% 14.1% 12.8% 11.8% 10.9% ROA 1.3% (1.7)% (3.8)% 1.9% 4.0% 5.0% 6.6% 9.0% 10.5% 9.6% 8.6% 8.2% 7.0% 7.1% 8.2% 9.8% 7.3% 11.1% 4.3% 11.2% 13.1% 13.5% 9.2% 8.8% 8.4% 8.0% 7.8% 7.5% 7.2% 7.0% 6.8% 6.6% ROC 6.7% 2.3% (2.5)% 8.0% 11.9% 13.9% 17.1% 25.5% 23.8% 53.2% 36.3% 37.8% 40.3% 49.3% 30.1% 41.4% 22.1% 37.5% 19.4% 36.7% 43.5% 40.8% 24.7% 21.2% 18.3% 16.3% 14.8% 13.5% 12.5% 11.6% 10.9% 10.3% NOPLAT & ROIC 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 NOPLAT Net sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596 Cost of sales (22,931) (23,269) (23,135) (25,404) (29,789) (33,424) (34,360) (35,850) (37,335) (36,323) (39,580) (41,622) (42,519) (42,748) (40,853) (40,008) (40,696) (41,699) (45,127) (46,428) (51,267) (56,754) (62,987) (66,075) (68,151) (70,558) (73,299) (75,704) (78,434) (81,245) (84,079) (86,935) Other (expense) income, net (71) (21) (22) (16) (16) (13) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 46 99 154 216 283 353 431 514 602 696 Operating profit $ 1,997 $ 1,251 $ 833 $ 1,158 $ 2,019 $ 2,089 $ 2,853 $ 3,770 $ 4,527 $ 5,049 $ 4,415 $ 4,049 $ 3,980 $ 4,434 $ 4,505 $ 5,592 $ 5,436 $ 5,549 $ 5,921 $ 7,334 $ 8,545 $ 8,644 $ 7,777 $ 8,210 $ 8,521 $ 8,877 $ 9,280 $ 9,644 $ 10,055 $ 10,481 $ 10,915 $ 11,356 Adjusted Taxes (772) (2,690) (564) (88) (631) (500) (863) (1,116) (1,384) (1,592) (1,285) (1,247) (1,057) (1,445) (1,307) (1,748) (1,535) (1,287) (3,753) (995) (1,193) (1,414) (2,163) (2,283) (2,370) (2,469) (2,581) (2,682) (2,796) (2,915) (3,035) (3,158) NOPLAT $ 1,225 $ (1,439) $ 269 $ 1,070 $ 1,388 $ 1,589 $ 1,990 $ 2,654 $ 3,143 $ 3,457 $ 3,130 $ 2,802 $ 2,923 $ 2,989 $ 3,198 $ 3,844 $ 3,901 $ 4,262 $ 2,168 $ 6,339 $ 7,352 $ 7,230 $ 5,614 $ 5,927 $ 6,151 $ 6,408 $ 6,699 $ 6,962 $ 7,259 $ 7,566 $ 7,879 $ 8,198 INVESTED CAPITAL Working cash $ 500 $ 491 $ 480 $ 532 $ 636 $ 711 $ 744 $ 792 $ 837 $ 827 $ 880 $ 913 $ 930 $ 944 $ 907 $ 912 $ 923 $ 945 $ 1,021 $ 1,075 $ 1,196 $ 1,308 $ 1,414 $ 1,484 $ 1,530 $ 1,584 $ 1,646 $ 1,700 $ 1,761 $ 1,824 $ 1,888 $ 1,952 Receivables, net 4,348 3,986 4,049 3,655 4,039 4,094 4,579 4,595 4,925 5,296 6,061 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 2,750 3,521 4,286 5,102 6,019 6,945 7,949 8,990 10,137 11,317 Contract assets -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 9,472 9,094 9,545 10,433 11,033 11,470 11,936 12,532 13,043 13,618 14,174 14,820 15,439 Inventories 4,051 3,805 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 3,960 4,277 4,537 4,814 5,150 5,459 5,801 6,142 6,528 6,911 Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1,188 813 744 622 399 1,510 418 531 1,150 1,231 1,279 1,306 1,338 1,376 1,407 1,442 1,478 1,513 1,548 Accounts payable $ 1,228 $ 1,106 $ 1,419 $ 1,102 $ 1,434 $ 1,726 $ 1,998 $ 2,221 $ 2,163 $ 2,030 $ 2,030 $ 1,627 $ 2,269 $ 2,038 $ 1,397 $ 1,562 $ 1,974 $ 1,653 $ 1,467 $ 2,402 $ 1,281 $ 880 $ 961 $ 1,042 $ 1,124 $ 1,205 $ 1,286 $ 1,367 $ 1,449 $ 1,530 $ 1,611 $ 1,692 Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,457 7,369 7,280 7,192 7,104 7,016 6,928 6,840 6,751 6,663 Salaries, benefits and payroll taxes 941 978 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785 2,122 2,466 3,163 3,048 2,934 2,819 2,704 2,590 2,475 2,360 2,246 2,131 2,016 Other current liabilities 1,410 1,653 1,629 1,433 1,558 1,451 1,422 1,858 1,806 2,051 1,976 1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883 1,883 1,921 1,845 1,853 1,861 1,868 1,876 1,884 1,892 1,900 1,908 1,915 1,923 OWC $ 1,270 $ 346 $ (1,008) $ (1,206) $ (800) $ (1,325) $ (1,487) $ (1,756) $ (1,727) $ (1,774) $ (898) $ (1,711) $ (2,030) $ (373) $ (589) $ (775) $ 1,467 $ 1,674 $ 3,734 $ 3,508 $ 4,055 $ 4,093 $ 6,470 $ 8,388 $ 10,038 $ 11,798 $ 13,859 $ 15,803 $ 17,934 $ 20,086 $ 22,478 $ 24,871 Property, plant and equipment, net $ 3,634 $ 2,941 $ 2,991 $ 3,258 $ 3,489 $ 3,599 $ 3,924 $ 4,056 $ 4,320 $ 4,488 $ 4,520 $ 4,554 $ 4,611 $ 4,675 $ 4,706 $ 4,751 $ 5,490 $ 5,549 $ 5,775 $ 6,124 $ 6,591 $ 7,213 $ 7,791 $ 8,163 $ 8,410 $ 8,697 $ 9,024 $ 9,309 $ 9,634 $ 9,967 $ 10,302 $ 10,640 Intangible assets, net 1,259 1,073 939 814 807 672 560 605 463 355 -0 -0 -0 -0 -0 324 4,147 4,093 3,797 3,494 3,213 3,012 3,358 3,630 3,853 4,103 4,380 4,646 4,940 5,247 5,566 5,894 Other noncurrent assets 1,903 1,367 1,610 2,671 2,326 2,596 2,728 2,434 2,743 3,614 4,387 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,411 7,806 8,084 8,403 8,764 9,088 9,452 9,830 10,212 10,600 Other noncurrent liabilities 1,339 1,462 1,543 1,724 1,914 1,967 2,291 2,868 2,827 3,079 3,096 3,376 3,541 3,807 3,735 3,877 4,792 4,659 4,558 4,311 5,747 6,196 6,657 6,939 7,111 7,314 7,548 7,744 7,970 8,201 8,429 8,657 Invested capital w/o Goowill $ 6,727 $ 4,265 $ 2,989 $ 3,813 $ 3,908 $ 3,575 $ 3,434 $ 2,471 $ 2,972 $ 3,604 $ 4,913 $ 4,043 $ 3,707 $ 5,443 $ 5,337 $ 5,197 $ 11,559 $ 12,324 $ 14,318 $ 13,993 $ 14,818 $ 14,948 $ 18,373 $ 21,048 $ 23,275 $ 25,687 $ 28,480 $ 31,101 $ 33,989 $ 36,929 $ 40,129 $ 43,349 Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 12,059 13,043 13,857 14,765 15,774 16,740 17,809 18,929 20,088 21,286 Invested capital w/ Goodwill $ 15,889 $ 11,744 $ 10,360 $ 11,193 $ 11,787 $ 11,467 $ 11,881 $ 11,721 $ 12,359 $ 13,130 $ 14,861 $ 13,648 $ 13,855 $ 15,813 $ 15,685 $ 16,059 $ 25,135 $ 23,088 $ 25,125 $ 24,762 $ 25,422 $ 25,754 $ 30,432 $ 34,090 $ 37,132 $ 40,452 $ 44,253 $ 47,842 $ 51,799 $ 55,858 $ 60,217 $ 64,635 ROIC w/o Goodwill 18.2% (33.8)% 9.0% 28.1% 35.5% 44.5% 58.0% 107.4% 105.8% 95.9% 63.7% 69.3% 78.9% 54.9% 59.9% 74.0% 33.8% 34.6% 15.1% 45.3% 49.6% 48.4% 30.6% 28.2% 26.4% 24.9% 23.5% 22.4% 21.4% 20.5% 19.6% 18.9% ROIC w/ Goodwill 7.7% (12.3)% 2.6% 9.6% 11.8% 13.9% 16.8% 22.6% 25.4% 26.3% 21.1% 20.5% 21.1% 18.9% 20.4% 23.9% 15.5% 18.5% 8.6% 25.6% 28.9% 28.1% 18.4% 17.4% 16.6% 15.8% 15.1% 14.6% 14.0% 13.5% 13.1% 12.7% LMT's definition of ROIC -428.2% -505.6% -395.2% -272.6% -177.8% -120.5% -96.2% -74.1% -60.1% -127.4% -107.3% -136.2% -149.5% -229.8% -135.5% -129.0% -172.0% -278.5% -343.6% -40.0% -66.2% -38.4% (48.5)% (48.1)% (48.0)% (48.0)% (48.0)% (48.1)% (48.2)% (48.2)% (48.3)% (48.4)% DCF 2021 2022 2023 2024 2025 2026 2027 2028 2029 NOPLAT $ 5,614 $ 5,927 $ 6,151 $ 6,408 $ 6,699 $ 6,962 $ 7,259 $ 7,566 $ 7,879 ∆ Working Capital (2,871) (3,730) (4,289) (4,362) (4,458) (4,802) (4,902) (5,113) (5,353) ∆ PPE (578) (373) (247) (287) (327) (285) (324) (333) (335) Free Cash Flow $ 2,165 $ 1,825 $ 1,615 $ 1,760 $ 1,914 $ 1,875 $ 2,032 $ 2,120 $ 2,191 Discounted FCF $ 2,027 $ 1,600 $ 1,326 $ 1,353 $ 1,377 $ 1,264 $ 1,282 $ 1,253 $ 1,212 Continuing Value $ 197,282 PV of FCF $ 12,694 PV of Continuing Value $ 109,131 PV of Operations $ 121,824 Midyear Adjustment $ 125,898 PV of nonoperating assets $ -0 Enterprise Value $ 125,898 Debt $ 12,169 Equity Value $ 113,729 Shares Outstanding 279 Price per Share $ 407.63 Implied EBITDA Multiple 17.4x WACC 6.8% Long-term growth rate 3.5% RONIC 17.0% Period 1 2 3 4 5 6 7 8 9 ROIC Decomposition ROIC Decomposition (p 1) Gross Margin ROIC Decomposition (p 2) 2013 2014 2015 2016 Operating Margin Pretax ROIC 2013 2014 2015 2016 SGA 2013 2014 2015 2016 2013 2014 2015 2016 ROIC 2013 2014 2015 2016 Depreciation Inventory Days Tax Rate 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Average Capital Turn DSO 2013 2014 2015 2016 Op WC / Sales 2013 2014 2015 2016 2013 2014 2015 2016 Fixed Assets / Sales Payable Days 2013 2014 2015 2016 2013 2014 2015 2016 Gross Margin 2017 2018 2019 2020 Operating Margin Pretax ROIC 2017 2018 2019 2020 SGA 2017 2018 2019 2020 2017 2018 2019 2020 ROIC 2017 2018 2019 2020 Depreciation Inventory Days Tax Rate 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 Average Capital Turn DSO 2017 2018 2019 2020 Op WC / Sales 2017 2018 2019 2020 2017 2018 2019 2020 Fixed Assets / Sales Payable Days 2017 2018 2019 2020 2017 2018 2019 2020 Industry Data All data comes from the IBIS World database within the Space Vehicle & Missile Manufacturing in the US industry. Year Revenue ($ million) IVA ($ million) Establishments (Units) Enterprises (Units) Employment (Units) Exports ($ million) Imports ($ million) Wages ($ million) Domestic Demand ($ million) Federal Funding for Defense ($ billion) 2004 20628.2 8390.5 117.0 80.0 62479.0 1903.6 575.6 6518.2 19300.2 733.0 2005 30698.0 10371.4 114.0 81.0 69376.0 1984.5 550.1 7549.5 29263.6 749.1 2006 23112.8 8968.9 113.0 81.0 66695.0 2310.2 644.7 6621.1 21447.3 743.5 2007 25950.8 10202.6 107.0 76.0 72985.0 2194.6 640.6 7090.0 24396.8 744.9 2008 27075.3 10547.9 111.0 79.0 74172.0 2181.7 573.6 7433.5 25467.2 800.9 2009 26897.7 10246.7 117.0 80.0 74271.0 2213.5 553.0 7459.0 25237.2 846.4 2010 31407.6 12048.7 117.0 82.0 74567.0 2407.2 776.7 8823.9 29777.1 867.7 2011 30996.9 12073.2 122.0 89.0 72301.0 2169.4 774.0 8475.0 29601.5 847.0 2012 29164.4 11303.4 123.0 86.0 67084.0 2399.4 779.7 8025.0 27544.7 783.4 2013 29871.5 11249.7 124.0 86.0 67513.0 3480.0 661.2 7949.6 27052.7 707.1 2014 30577.3 11927.4 125.0 85.0 67582.0 3013.6 653.2 8136.8 28216.9 649.4 2015 29290.0 11716.8 112.0 76.0 68015.0 3515.1 671.6 8014.5 26446.5 622.0 2016 29369.2 11256.4 117.0 79.0 69013.0 3243.9 632.5 7847.5 26757.8 613.1 2017 28822.5 10631.9 112.0 71.0 63489.0 2841.5 811.6 6780.8 26792.6 596.0 2018 27908.9 10330.3 109.0 69.0 57772.0 3133.3 808.9 6579.6 25584.5 600.5 2019 27924.8 10565.9 109.0 68.0 57425.0 2569.3 643.0 6759.3 25998.5 633.5 2020 36207.1 13867.0 121.0 75.0 68643.0 2323.6 566.9 8216.5 34450.4 652.5 2021 39979.3 15455.2 126.0 77.0 73559.0 2597.9 617.4 8858.5 37998.8 669.7 2022 41402.1 16200.6 128.0 78.0 75584.0 2699.8 636.9 9116.6 39339.2 673.3 2023 42635.7 16806.6 130.0 80.0 77568.0 2781.4 655.6 9362.4 40509.9 665.0 2024 43952.3 17450.5 133.0 82.0 79657.0 2875.8 673.7 9622.0 41750.2 660.8 2025 45340.4 18150.4 137.0 84.0 82173.0 2975.5 692.7 9925.8 43057.6 660.3 2026 46741.4 18909.6 141.0 86.0 85091.0 3076.7 711.8 10269.2 44376.5 656.1 2027 48226.7 19713.1 146.0 89.0 88328.0 3184.2 731.9 10646.9 45774.4 655.2 Year Revenue (%) IVA (%) Establishments (%) Enterprises (%) Employment (%) Exports (%) Imports (%) Wages (%) Domestic Demand (%) Federal Funding for Defense (%) 2005 48.8% 23.6% (2.6)% 1.2% 11.0% 4.2% (4.4)% 15.8% 51.6% 2.2% 2006 (24.7)% (13.5)% (0.9)% -0 (3.9)% 16.4% 17.2% (12.3)% (26.7)% (0.7)% 2007 12.3% 13.8% (5.3)% (6.2)% 9.4% (5.0)% (0.6)% 7.1% 13.8% 0.2% 2008 4.3% 3.4% 3.7% 3.9% 1.6% (0.6)% (10.5)% 4.8% 4.4% 7.5% 2009 (0.7)% (2.9)% 5.4% 1.3% 0.1% 1.5% (3.6)% 0.3% (0.9)% 5.7% 2010 16.8% 17.6% -0 2.5% 0.4% 8.8% 40.5% 18.3% 18.0% 2.5% 2011 (1.3)% 0.2% 4.3% 8.5% (3.0)% (9.9)% (0.3)% (4.0)% (0.6)% (2.4)% 2012 (5.9)% (6.4)% 0.8% (3.4)% (7.2)% 10.6% 0.7% (5.3)% (6.9)% (7.5)% 2013 2.4% (0.5)% 0.8% -0 0.6% 45.0% (15.2)% (0.9)% (1.8)% (9.7)% 2014 2.4% 6.0% 0.8% (1.2)% 0.1% (13.4)% (1.2)% 2.4% 4.3% (8.2)% 2015 (4.2)% (1.8)% (10.4)% (10.6)% 0.6% 16.6% 2.8% (1.5)% (6.3)% (4.2)% 2016 0.3% (3.9)% 4.5% 3.9% 1.5% (7.7)% (5.8)% (2.1)% 1.2% (1.4)% 2017 (1.9)% (5.5)% (4.3)% (10.1)% (8.0)% (12.4)% 28.3% (13.6)% 0.1% (2.8)% 2018 (3.2)% (2.8)% (2.7)% (2.8)% (9.0)% 10.3% (0.3)% (3.0)% (4.5)% 0.8% 2019 0.1% 2.3% -0 (1.4)% (0.6)% (18.0)% (20.5)% 2.7% 1.6% 5.5% 2020 29.7% 31.2% 11.0% 10.3% 19.5% (9.6)% (11.8)% 21.6% 32.5% 3.0% 2021 10.4% 11.5% 4.1% 2.7% 7.2% 11.8% 8.9% 7.8% 10.3% 2.6% 2022 3.6% 4.8% 1.6% 1.3% 2.8% 3.9% 3.2% 2.9% 3.5% 0.5% 2023 3.0% 3.7% 1.6% 2.6% 2.6% 3.0% 2.9% 2.7% 3.0% (1.2)% 2024 3.1% 3.8% 2.3% 2.5% 2.7% 3.4% 2.8% 2.8% 3.1% (0.6)% 2025 3.2% 4.0% 3.0% 2.4% 3.2% 3.5% 2.8% 3.2% 3.1% (0.1)% 2026 3.1% 4.2% 2.9% 2.4% 3.6% 3.4% 2.8% 3.5% 3.1% (0.6)% 2027 3.2% 4.2% 3.5% 3.5% 3.8% 3.5% 2.8% 3.7% 3.2% (0.1)% Raw data Lockheed Martin 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 INCOME STATEMENTS Products 27,290 30,202 31,518 33,863 35,267 34,091 35,763 36,380 36,925 37,817 35,691 36,093 35,882 40,365 43,875 45,005 50,053 54,928 Services 4,534 5,324 5,695 5,757 6,595 7,281 8,232 9,291 9,574 9,365 9,667 9,507 10,250 6,883 7,173 8,757 9,759 10,470 Net sales 24,999 24,541 23,990 26,578 31,824 35,526 37,213 39,620 41,862 41,372 43,995 45,671 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 65,398 Products (23,158) (23,111) (22,181) (24,542) (25,306) (27,879) (28,800) (30,572) (31,479) (30,220) (31,756) (32,539) (32,968) (33,495) (31,346) (31,965) (32,006) (36,616) (39,750) (40,293) (44,589) (48,996) Services (4,099) (4,765) (5,073) (5,118) (5,874) (6,517) (7,376) (8,382) (8,514) (8,383) (8,588) (8,393) (9,011) (6,040) (6,405) (7,738) (8,731) (9,371) Goodwill impairment (195) (119) Severance and other charges (220) (136) (48) (201) (102) (80) (96) (27) Other unallocated corporate costs (188) 230 (266) (87) (443) (914) (803) (496) (275) (61) (671) (742) (1,177) (1,060) (841) 132 187 550 655 1,639 1,875 1,650 Cost of sales (23,346) (22,881) (22,447) (24,629) (29,848) (33,558) (34,676) (36,186) (37,628) (36,798) (39,803) (41,883) (42,795) (42,986) (41,171) (40,345) (40,932) (42,186) (45,500) (46,488) (51,445) (56,744) Gross profit 1,653 1,660 1,543 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654 Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10) Operating profit 1,997 1,251 833 1,158 2,019 2,089 2,853 3,770 4,527 5,049 4,415 4,049 3,980 4,434 4,505 5,592 5,436 5,549 5,921 7,334 8,545 8,644 Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591) Other non-operating income (expense), net 133 183 193 (91) 123 74 5 21 6 30 (1) (828) (651) 182 Earnings from continuing operations before income taxes 1,188 332 133 577 1,532 1,664 2,616 3,592 4,368 4,626 4,230 3,778 3,631 4,072 4,155 5,258 5,023 4,886 5,269 5,838 7,241 8,235 Income tax expense (459) (714) (90) (44) (479) (398) (791) (1,063) (1,335) (1,459) (1,231) (1,164) (964) (1,327) (1,205) (1,644) (1,418) (1,133) (3,340) (792) (1,011) (1,347) Net earnings from continuing operations 729 (382) 43 533 1,053 1,266 1,825 2,529 3,033 3,167 2,999 2,614 2,667 2,745 2,950 3,614 3,605 3,753 1,929 5,046 6,230 6,888 Net earnings(loss) from discontinued operations 8 (42) (1,089) (33) 50 25 264 (12) 31 1,549 73 (55) Extraordinary loss on early extinguishments of debt (95) Cumulative effect of change in accounting (355) Net earnings 382 (519) (1,046) 500 1,053 1,266 1,825 2,529 3,033 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 Dividends (from cash flow statement) (183) (192) (199) (261) (405) (462) (538) (615) (737) (908) (969) (1,098) (1,363) (1,558) (1,762) (1,923) (2,036) (2,157) (2,342) (2,550) (2,757) Share repurchases (from shareholder equity) (471) (2,106) (1,386) (2,099) (1,781) (108) (434) (1,096) (2,400) (1,692) (1,596) (1,083) (713) (841) Adoption of FIN 48 (from shareholder equity) 31 Shares exchanged and retired in connection (2,488) Reclassification of income tax effects from tax reform 2,240 Diluted earnings (loss) per common share Continuing operations 0.1 1.18 2.34 7.74 7.63 7.10 7.85 8.36 9.04 11.21 11.46 12.38 6.64 17.59 21.95 24.5 Discontinued operations -2.52 -0.07 0.12 0.01 0.71 (0.04) 0.09 5.11 0.25 (0.2) Total diluted earnings per common share 0.99 -1.29 -2.42 1.11 2.34 2.83 4.1 5.8 7.1 7.86 7.64 7.81 7.81 8.36 9.13 11.21 11.46 17.49 6.89 17.59 21.95 24.3 BALANCE SHEETS Assets Current assets Cash and cash equivalents 455 1505 912 2738 1010 1060 2244 1912 2648 2168 2391 2261 3582 1898 2617 1446 1090 1837 2861 772 1514 3160 Short-term investments 240 396 429 381 333 61 346 516 3 Receivables, net 4348 3986 4049 3655 4039 4094 4579 4595 4925 5296 6061 5692 6064 6563 5834 5877 8061 8202 8603 2444 2337 1978 Contract assets 9472 9094 9545 Inventories 4051 3805 3140 2250 2348 1864 1921 1657 1718 1902 2183 2363 2481 2937 2977 2804 4962 4670 4487 2997 3619 3545 Deferred income taxes 1237 1213 1566 1277 921 982 861 900 756 755 815 1147 1339 1269 1088 1451 1463 Assets of businesses held for sale 2332 638 Assets of discountinued operations 396 Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1188 813 744 622 399 1510 418 531 1150 Total current assets 10696 13339 10778 10626 9401 8953 10529 10164 10940 10683 12477 12893 14094 13855 13329 12322 16198 15108 17461 16103 17095 19378 Property, plant and equipment, net 3634 2941 2991 3258 3489 3599 3924 4056 4320 4488 4520 4554 4611 4675 4706 4751 5490 5549 5775 6124 6591 7213 Investments in equity securities 2210 2433 1884 1009 1060 812 196 Goodwill 9162 7479 7371 7380 7879 7892 8447 9250 9387 9526 9948 9605 10148 10370 10348 10862 13576 10764 10807 10769 10604 10806 Intangible assets, net 1259 1073 939 814 807 672 560 605 463 355 324 4147 4093 3797 3494 3213 3012 Deferred income taxes 235 760 4651 3779 3485 4388 4809 2850 4013 4470 6625 3111 3208 3319 3475 Prepaid pension cost 1397 1794 2081 1221 1213 1030 1360 1487 313 122 Other noncurrent assets 1903 1367 1610 2671 2326 2596 2728 2434 2743 3614 4387 4576 4667 4948 4955 4774 5247 5667 5570 5178 6706 6826 Total assets 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50,710 Liabilities and equity Current liabilities Accounts payable 1228 1106 1419 1102 1434 1726 1998 2221 2163 2030 2030 1627 2269 2038 1397 1562 1974 1653 1467 2402 1281 880 Contract liabilities 4655 4697 5002 4542 4256 4028 4331 3856 4254 4535 5049 5890 6399 6503 6349 5775 6988 6776 6752 6491 7054 7545 Salaries, benefits and payroll taxes 941 978 1100 1272 1418 1346 1475 1584 1544 1684 1648 1870 1664 1649 1809 1824 1916 1764 1785 2122 2466 3163 Income taxes 51 519 63 107 91 Short-term borrowing 475 Current maturities of long-term debt 52 882 89 1365 136 15 202 34 104 242 150 956 750 1500 1250 500 Liabilities of businesses/discont. ops held for sale 467 387 204 Other current liabilities 1410 1653 1629 1433 1558 1451 1422 1858 1806 2051 1976 1810 1798 1815 1565 1951 2223 2349 1883 1883 1921 1845 Total current liabilities 8812 10302 9689 9821 8893 8566 9428 9553 9871 10542 10703 11401 12130 12155 11120 11112 14057 12542 12637 14398 13972 13933 Long-term debt, net 11427 9065 7422 6217 6072 5104 4784 4405 4303 3563 5052 5019 6460 6158 6152 6142 14305 14282 13513 12604 11404 11669 Post-retirement benefit liabilities 1805 1480 1440 1236 1277 1496 928 1386 1308 1213 1274 1220 902 1102 1070 862 719 704 Accrued pension liabilities 1647 1565 1872 1100 1660 2097 3025 1192 12004 10823 10607 13502 15278 9361 11413 11807 13855 15703 11410 13234 12874 Deferred taxes 517 790 992 Other noncurrent liabilities 1339 1462 1543 1724 1914 1967 2291 2868 2827 3079 3096 3376 3541 3807 3735 3877 4792 4659 4558 4311 5747 6196 Total liabilities 23900 23266 21211 21114 19419 18533 19877 21347 19121 30574 30982 31616 36907 38618 31270 33646 46031 46200 47130 43427 44357 44672 Stockholders’ equity Common stock, $1 par value per share 398 431 441 455 446 438 432 421 409 393 373 346 321 321 319 314 303 289 284 281 280 279 Additional paid-in capital 222 1789 2142 2796 2477 2223 1724 755 221 Retained earnings 5901 5199 3961 4262 5054 5915 7278 9269 11247 11621 12351 12161 11937 13211 14200 14956 14238 13324 11573 15434 18401 21636 Unearned ESOP shares -150 -115 -84 -50 -17 -1532 -1553 Accumulated other comprehensive loss -10 -144 -17 -1598 -1204 -23 -14 -3561 -1851 -9149 -8595 -9010 -11257 -13493 -9601 -11870 -11444 -12102 -12540 -14321 -15554 -16121 Total stockholders’ equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1511 -683 1394 3127 6015 Noncontrolling interests in subsidiary 95 74 55 44 23 Total equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1606 -609 1449 3171 6038 Total liabilities and equity 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710 RE 5,199 3,961 4,262 5,054 5,915 7,278 9,269 11,247 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 SEGMENT INFORMATION NET SALES Aeronautics 5499 4885 5355 6471 10202 11781 12349 12188 12303 11473 12201 13109 14362 14953 14123 14920 15570 17769 20148 21242 23693 26266 Electronic systems 8685 8991 9724 9811 10519 11143 12803 13532 14399 14622 Information Systems & Global Solutions 8233 8990 10213 9069 9608 9921 9381 8846 6115 5654 5596 Missiles and Fire Control 7457 6795 7092 6770 6608 7212 8462 10131 11257 Rotary and Mission Systems 7579 9037 8732 9091 13462 14215 14250 15128 15995 Space 7285 7339 6836 5287 6021 6357 6820 7923 8203 8027 8654 8242 8134 8347 9288 9202 9105 9409 9473 9808 10860 11880 Integrated Systems & Solutions 9570 9647 9014 3015 3420 3850 Information & Technology Services 2574 2649 2763 3104 3174 3801 Other 71 21 22 16 16 13 TOTAL 24999 24541 23990 26578 31824 35526 37213 39620 41862 41372 43995 45671 46499 47182 45358 45600 46132 47248 51048 53762 59812 65398 Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 OPERATING PROFIT Aeronautics 247 343 416 448 690 899 1018 1221 1476 1433 1577 1498 1630 1699 1612 1649 1681 1887 2164 2272 2521 2843 Electronic systems 875 858 969 1078 1264 1410 1583 1660 1748 1788 Information Systems & Global Solutions 720 804 949 919 895 814 874 808 498 472 508 Missiles and Fire Control 1256 1379 1344 1282 1018 1053 1248 1441 1545 Rotary and Mission Systems 737 1065 936 844 906 905 1302 1421 1615 Space 506 401 405 279 403 489 605 742 856 953 972 968 989 1083 1198 1187 1171 1289 993 1055 1191 1149 Integrated Systems & Solutions 880 583 836 241 291 334 Information & Technology Services 137 82 130 177 226 285 Segment Op profit 1770 1409 1787 2020 2468 2976 3421 4031 4691 4888 5104 5028 5281 5583 5752 5588 5486 5100 5115 5877 6574 7152 Unallocated 227 -158 -899 -862 -449 -887 -568 -261 -164 161 -689 -979 -1301 -1149 -1247 4 -50 449 806 1457 1971 1492 TOTAL 1997 1251 888 1158 2019 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 8644 Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10) GROSS PROFIT 1,653 1,660 1,598 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654 Aeronautics 5252 4542 4939 6023 9512 10882 11331 10967 10827 10040 10624 11611 12732 13254 12511 13271 13889 15882 17984 18970 21172 23423 Electronic systems 0 0 0 7810 8133 8755 8733 9255 9733 11220 11872 12651 12834 Information Systems & Global Solutions 0 0 0 0 0 0 7513 8186 9264 8150 8713 9107 8507 8038 5617 5182 5088 Missiles and Fire Control 0 0 0 0 0 0 0 0 0 0 0 0 0 6201 5416 5748 5488 5590 6159 7214 8690 9712 Rotary and Mission Systems 0 0 0 0 0 0 0 0 0 0 0 0 0 6842 7972 7796 8247 12556 13310 12948 13707 14380 Space 6779 6938 6431 5008 5618 5868 6215 7181 7347 7074 7682 7274 7145 7264 8090 8015 7934 8120 8480 8753 9669 10731 Integrated Systems & Solutions 8690 9064 8178 2774 3129 3516 Information & Technology Services 2437 2567 2633 2927 2948 3516 Unallocated -227 158 899 862 449 887 568 261 164 -161 689 979 1301 1149 1247 -4 50 -449 -806 -1457 -1971 -1492 COST OF SALES 23,275 22,860 22,370 24,613 29,832 33,545 34,676 36,186 37,628 36,798 39,803 41,883 42,795 42,986 41,171 40,345 40,932 42,186 45,500 46,488 51,445 56,744 Check (71) (21) (77) (16) (16) (13) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 COS/SALES Aeronautics 95.5% 93.0% 92.2% 93.1% 93.2% 92.4% 91.8% 90.0% 88.0% 87.5% 87.1% 88.6% 88.7% 88.6% 88.6% 88.9% 89.2% 89.4% 89.3% 89.3% 89.4% 89.2% Electronic systems 89.9% 90.5% 90.0% 89.0% 88.0% 87.3% 87.6% 87.7% 87.9% 87.8% Information Systems & Global Solutions 91.3% 91.1% 90.7% 89.9% 90.7% 91.8% 90.7% 90.9% 91.9% 91.7% 90.9% Missiles and Fire Control 83.2% 79.7% 81.0% 81.1% 84.6% 85.4% 85.3% 85.8% 86.3% Rotary and Mission Systems 90.3% 88.2% 89.3% 90.7% 93.3% 93.6% 90.9% 90.6% 89.9% Space 93.1% 94.5% 94.1% 94.7% 93.3% 92.3% 91.1% 90.6% 89.6% 88.1% 88.8% 88.3% 87.8% 87.0% 87.1% 87.1% 87.1% 86.3% 89.5% 89.2% 89.0% 90.3% Integrated Systems & Solutions 90.8% 94.0% 90.7% 92.0% 91.5% 91.3% Information & Technology Services 94.7% 96.9% 95.3% 94.3% 92.9% 92.5% FinStatements 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 INCOME STATEMENTS Net sales 24999 24541 23990 26578 31824 35526 37213 39620 41862 41372 43995 45671 46499 47182 45358 45600 46132 47248 51048 53762 59812 65398 Net earnings 1997 1251 888 1158 2019 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 8644 check 1615 1770 1934 658 966 823 1028 1241 1494 1832 1391 1171 1325 1689 1524 1978 1831 247 3919 2288 2315 1811 BALANCE SHEETS Working cash 455 1505 912 2738 1010 1060 2244 1912 2648 2168 2391 2261 3582 1898 2617 1446 1090 1837 2861 772 1514 3160 Excess cash 605 498 473 706 843 557 495 719 560 501 681 518 625 1188 813 744 622 399 1510 418 531 1150 Total current assets 10696 13339 10778 10626 9401 8953 10529 10164 10940 10683 12477 12893 14094 13855 13329 12322 16198 15108 17461 16103 17095 19378 check Property, plant and equipment, net 3634 2941 2991 3258 3489 3599 3924 4056 4320 4488 4520 4554 4611 4675 4706 4751 5490 5549 5775 6124 6591 7213 TOTAL ASSETS 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710 Check Current liabilities 8812 10302 9689 9821 8893 8566 9428 9553 9871 10542 10703 11401 12130 12155 11120 11112 14057 12542 12637 14398 13972 13933 Check TOTAL LIABILITIES 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710 Check TOTAL LIABILITIES AND EQUITY 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710 Check Ratios 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Tax rate (effective) 2.1% 0.3% 0.4% 30.8% 21.2% 22.1% 19.7% NOPLAT & ROIC 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 NOPLAT 24999 0 24999 0 NOPLAT 1946 732 825 1051 1928 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 INVESTED CAPITAL Working cash 455 0 0 0 0 0 0 0 0 OWC 455 3037 1089 805 508 387 1101 611 1069 141 1774 1492 1964 1700 2209 1210 2141 2566 4824 1705 3123 5445 3634 0 0 0 Invested capital w/o Goowill 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1606 -609 1449 3172 6039 Goodwill Invested capital w/ Goodwill 14639 13814 13245 14635 14913 16314 16134 19192 12391 14077 13102 11149 10409 15266 14262 16673 12370 10198 12218 13776 16845 ROIC w/o Goodwill 27.2% 11.4% 14.1% 15.6% 27.5% 26.6% 41.4% 38.4% 158.0% 122.3% 126.2% 404.4% 10120.2% 90.2% 132.5% 180.5% 338.4% -911.8% 408.5% 231.2% 141.5% ROIC w/ Goodwill 13.3% 5.3% 6.2% 7.2% 12.9% 12.8% 17.7% 19.6% 36.5% 35.9% 33.7% 36.3% 38.2% 29.0% 31.6% 33.5% 43.9% 54.4% 48.5% 53.2% 50.7% LMT's definition of ROIC ERROR:#DIV/0! 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ROIC Decomposition ROIC Decomposition (p 1) Gross Margin ROIC Decomposition (p 2) 2013 2014 2015 2016 Operating Margin Pretax ROIC 2013 2014 2015 2016 SGA 2013 2014 2015 2016 2013 2014 2015 2016 ROIC 492207.9% 340410.4% 310028.2% 160976.7% 2013 2014 2015 2016 Depreciation Inventory Days 31.1% 27.0% 45.2% 53.3% Tax Rate 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 6.3% 8.8% 9.7% 14.0% Average Capital Turn DSO 2013 2014 2015 2016 Op WC / Sales 2013 2014 2015 2016 2013 2014 2015 2016 Fixed Assets / Sales Payable Days 2013 2014 2015 2016 2013 2014 2015 2016 Gross Margin 2017 2018 2019 2020 Operating Margin Pretax ROIC 2017 2018 2019 2020 SGA 2017 2018 2019 2020 2017 2018 2019 2020 ROIC 2017 2018 2019 2020 Depreciation Inventory Days Tax Rate 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 Average Capital Turn DSO 2017 2018 2019 2020 Op WC / Sales 2017 2018 2019 2020 2017 2018 2019 2020 Fixed Assets / Sales Payable Days 2017 2018 2019 2020 2017 2018 2019 2020 LMTraw NAME: LOCKHEED MARTIN CORP TICKER SYMBOL: LMT PRIMARY SIC CODE: 3760 STOCK EXCHANGE: 11 New York Stock Exchange CUSIP: 539830 STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) ASSETS     Cash & Equivalents 455.000 1,505.000 912.000 2,738.000 1,250.000 1,456.000 2,673.000 2,293.000 2,981.000 2,229.000 2,737.000 2,777.000 3,585.000 1,898.000 2,617.000 1,446.000 1,090.000 1,837.000 2,861.000 772.000 1,514.000 3,160.000     Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000     Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000     Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Current Assets - Other 1,842.000 1,734.000 2,677.000 1,983.000 1,764.000 1,539.000 1,356.000 1,619.000 1,316.000 1,256.000 1,496.000 1,939.000 1,964.000 1,704.000 1,588.000 2,117.000 2,085.000 399.000 1,510.000 418.000 531.000 1,150.000 Current Assets - Total 10,696.000 11,259.000 10,778.000 10,626.000 9,401.000 8,953.000 10,529.000 10,164.000 10,940.000 10,683.000 12,477.000 12,851.000 14,094.000 13,855.000 13,329.000 12,329.000 16,198.000 15,108.000 17,461.000 16,103.000 17,095.000 19,378.000     Plant, Property & Equip (Gross) 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000     Accumulated Depreciation 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 Plant, Property & Equip (Net) 3,634.000 3,446.000 2,991.000 3,258.000 3,489.000 3,599.000 3,924.000 4,056.000 4,320.000 4,488.000 4,520.000 4,554.000 4,611.000 4,675.000 4,706.000 4,755.000 5,490.000 5,549.000 5,775.000 6,124.000 7,591.000 8,213.000     Investments at Equity 1,771.000 2,433.000 1,342.000 766.000 823.000 760.000 41.000 671.000 697.000 749.000 914.000 971.000 1,300.000 1,400.000 1,400.000 1,200.000 1,200.000 784.000     Investments and Advances - Other 439.000 542.000 243.000 237.000 52.000 155.000 .000 .000 .000 730.000 863.000 836.000 .000 .000 .000 .000 .000 .000     Intangibles 10,421.000 9,943.000 8,310.000 8,745.000 9,203.000 9,008.000 9,007.000 9,855.000 9,850.000 9,881.000 11,146.000 10,631.000 10,148.000 10,370.000 10,348.000 10,862.000 18,204.000 15,284.000 15,028.000 14,710.000 14,328.000 14,504.000     Deferred Charges .000 .000 2,081.000 .000 1,213.000 1,030.000 1,360.000 235.000 313.000 122.000 160.000 179.000 178.000 185.000 210.000 204.000 201.000 208.000 112.000 107.000 2.000 3.000     Assets - Other 3,051.000 3,268.000 1,610.000 2,120.000 1,809.000 2,152.000 2,728.000 3,921.000 3,503.000 8,265.000 6,808.000 6,181.000 8,180.000 8,093.000 5,818.000 7,116.000 7,735.000 10,257.000 6,745.000 6,632.000 7,312.000 7,828.000 TOTAL ASSETS 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 LIABILITIES     Accounts Payable 1,228.000 1,184.000 1,419.000 1,102.000 1,434.000 1,726.000 1,998.000 2,221.000 2,163.000 2,030.000 2,030.000 1,627.000 2,269.000 2,038.000 1,397.000 1,570.000 1,974.000 1,653.000 1,467.000 2,402.000 1,281.000 880.000     Notes Payable 475.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 .000 .000     Accrued Expenses 941.000 1,038.000 1,100.000 1,272.000 1,418.000 1,346.000 1,475.000 1,584.000 1,544.000 1,684.000 1,648.000 1,870.000 1,664.000 1,649.000 1,809.000 1,826.000 1,916.000 1,764.000 1,785.000 2,122.000 2,466.000 3,163.000     Taxes Payable 51.000 519.000 63.000 107.000 91.000 28.000 71.000 243.000 41.000 277.000 217.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Debt (Long-Term) Due In One Year 52.000 882.000 89.000 1,365.000 136.000 15.000 202.000 34.000 104.000 242.000 .000 .000 .000 150.000 .000 .000 956.000 .000 750.000 900.000 1,495.000 774.000     Other Current Liabilities 6,065.000 6,540.000 7,018.000 5,975.000 5,814.000 5,451.000 5,682.000 5,471.000 6,019.000 6,309.000 6,808.000 7,660.000 8,197.000 8,318.000 7,914.000 7,716.000 9,211.000 9,125.000 8,635.000 8,374.000 8,730.000 9,116.000 Total Current Liabilities 8,812.000 10,175.000 9,689.000 9,821.000 8,893.000 8,566.000 9,428.000 9,553.000 9,871.000 10,542.000 10,703.000 11,157.000 12,130.000 12,155.000 11,120.000 11,112.000 14,057.000 12,542.000 12,637.000 14,398.000 13,972.000 13,933.000     Long Term Debt 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000     Deferred Taxes (Balance Sheet) 517.000 736.000 992.000 .000 .000 .000 .000 .000 .000 16.000 1.000 .000 .000 .000 .000 .000 36.000 28.000 22.000 12.000 7.000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 2,895.000 3,213.000 3,108.000 3,855.000 4,454.000 4,863.000 5,665.000 7,389.000 4,947.000 16,453.000 15,226.000 15,183.000 18,317.000 20,305.000 13,998.000 16,392.000 17,669.000 19,340.000 20,952.000 16,403.000 18,114.000 18,222.000     Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL LIABILITIES 23,651.000 23,189.000 21,211.000 19,893.000 19,419.000 18,533.000 19,877.000 21,347.000 19,121.000 30,574.000 30,982.000 31,359.000 36,907.000 38,618.000 31,270.000 33,673.000 46,031.000 46,200.000 47,130.000 43,427.000 44,357.000 44,672.000 SHAREHOLDERS' EQUITY     Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 398.000 431.000 441.000 455.000 446.000 438.000 432.000 421.000 409.000 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000     Capital Surplus 222.000 1,789.000 2,058.000 2,746.000 2,460.000 2,200.000 1,710.000 755.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 221.000     Retained Earnings (Net Other) 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000     Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,511.000 -683.000 1,394.000 3,127.000 6,015.000 Noncontrolling Interest - Nonredeemable 95.000 74.000 55.000 44.000 23.000 TOTAL SHAREHOLDERS EQUITY 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,606.000 -609.000 1,449.000 3,171.000 6,038.000 TOTAL LIABILITIES AND EQUITY 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Sales (Net) 25,530.000 25,329.000 23,990.000 26,578.000 31,824.000 35,526.000 37,213.000 39,620.000 41,862.000 42,731.000 45,189.000 45,803.000 46,499.000 47,182.000 45,358.000 45,600.000 46,132.000 47,248.000 51,048.000 53,762.000 59,812.000 65,398.000     Cost of Goods Sold 22,896.000 22,747.000 21,624.000 23,898.000 29,239.000 32,722.000 33,941.000 35,422.000 36,830.000 37,237.000 39,959.000 40,757.000 41,651.000 42,006.000 39,833.000 39,281.000 39,804.000 40,939.000 44,185.000 45,146.000 50,196.000 55,427.000 Gross Profit 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000     Selling, General, & Admin Expenses Operating Income Before Depreciation 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000     Depreciation, Depletion, & Amortiz 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 1,006.000 990.000 1,008.000 932.000 942.000 945.000 1,026.000 1,167.000 1,195.000 1,161.000 1,189.000 1,290.000 Operating Income After Depreciation 1,665.000 1,614.000 1,543.000 2,122.000 1,976.000 2,148.000 2,567.000 3,434.000 4,213.000 4,649.000 4,224.000 4,056.000 3,840.000 4,244.000 4,583.000 5,374.000 5,302.000 5,142.000 5,668.000 7,455.000 8,427.000 8,681.000     Interest Expense 809.000 919.000 700.000 581.000 487.000 425.000 370.000 361.000 352.000 341.000 305.000 345.000 354.000 383.000 350.000 340.000 443.000 663.000 651.000 668.000 653.000 591.000     Non-Operating Income/Expense 75.000 130.000 263.000 148.000 196.000 156.000 246.000 305.000 436.000 201.000 389.000 335.000 327.000 259.000 318.000 343.000 401.000 360.000 174.000 -658.000 -558.000 300.000     Special Items 269.000 -539.000 -918.000 -1,112.000 -153.000 -215.000 173.000 214.000 71.000 193.000 -24.000 -220.000 -182.000 -48.000 -396.000 -119.000 -237.000 47.000 78.000 -291.000 25.000 -155.000 Pretax Income 1,200.000 286.000 188.000 577.000 1,532.000 1,664.000 2,616.000 3,592.000 4,368.000 4,702.000 4,284.000 3,826.000 3,631.000 4,072.000 4,155.000 5,258.000 5,023.000 4,886.000 5,269.000 5,838.000 7,241.000 8,235.000     Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000     Minority Interest Income Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000     Extraordinary Items -355.000 -95.000 -36.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 281.000 -12.000 .000 31.000 .000 .000 1,549.000 73.000 .000 .000 -55.000 Net Income (Loss) 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 Income Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000     Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjusted Available for Common 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 1.930 -1.050 .180 1.200 2.360 2.860 4.150 5.910 7.290 8.050 7.860 7.260 7.940 8.480 9.190 11.410 11.620 12.540 6.700 17.740 22.090 24.600     EPS - Primary, Including EI&DO 1.000 -1.290 -2.450 1.130 2.360 2.860 4.150 5.910 7.290 8.050 7.860 8.030 7.900 8.480 9.290 11.410 11.620 17.710 6.960 17.740 22.090 24.400     EPS - Fully Diluted, Excluding EI&DO 1.920 -1.050 .180 1.180 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.180 7.850 8.360 9.040 11.210 11.460 12.380 6.640 17.590 21.950 24.500     EPS - Fully Diluted, Including EI&DO .990 -1.290 -2.420 1.110 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.940 7.810 8.360 9.130 11.210 11.460 17.490 6.890 17.590 21.950 24.300 COMMON SHARES     Common Shares for Primary EPS Calculation 382.300 400.800 427.400 445.100 446.500 443.100 440.300 428.100 416.000 399.700 384.800 364.200 335.900 323.700 320.900 316.800 310.300 299.300 287.800 284.500 282.000 280.000     Common Shares for Fully Diluted EPS Calc. 384.100 400.800 432.500 452.000 450.000 447.100 445.700 436.400 427.100 409.400 388.900 368.300 339.900 328.400 326.500 322.400 314.700 303.100 290.600 286.800 283.800 281.200     Common Shares Outstanding at Fiscal Yr End 398.000 431.000 441.200 455.500 446.500 438.000 432.000 421.300 409.400 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Retained Rearnings - Beginning Balance 5,674.000 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 Net Income 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 Retained Earnings After Dividends 5,711.000 5,039.000 3,702.000 4,245.000 3,456.000 4,711.000 5,746.000 7,716.000 8,126.000 11,876.000 4,588.000 5,713.000 4,922.000 2,073.000 1,159.000 6,453.000 4,759.000 6,048.000 1,061.000 1,732.000 4,787.000 6,916.000 Change - Foreign Currency Translation Adj. to Long-Term Marketable Securities .000 .000 -2.000 44.000 -12.000 85.000 -7.000 -7.000 -7.000 Other CMP Adj,(Stock Splits/Retirement) -160.000 -259.000 -17.000 -1,553.000 -1,248.000 -1,520.000 -1,638.000 -3,554.000 -1,844.000 -9,142.000 -8,569.000 -8,993.000 -11,257.000 -13,493.000 -9,601.000 -11,870.000 -11,444.000 -12,102.000 -12,540.000 -14,321.000 -15,554.000 -16,121.000 Non-Compustat Adjustments (Plug Calculation) 545.000 160.000 259.000 -28.000 1,642.000 1,192.000 1,617.000 1,546.000 3,114.000 -262.000 7,737.000 6,642.000 7,015.000 11,138.000 13,041.000 8,503.000 9,479.000 7,276.000 10,512.000 13,702.000 13,614.000 14,720.000 Retained Earnings - Ending Balance 6,096.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 Retroactive Adjustments (Acct'g Chgs) -355.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 Depreciation and Amortizations 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 854.000 841.000 1,008.000 988.000 990.000 994.000 1,026.000 1,215.000 1,195.000 1,161.000 1,189.000 1,290.000 Extraordinary Items and Disc. Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 24.000 -28.000 .000 31.000 .000 .000 307.000 .000 .000 .000 .000 Deferred Taxes 293.000 -84.000 -118.000 -463.000 467.000 -58.000 24.000 75.000 110.000 72.000 542.000 576.000 -2.000 930.000 -5.000 -401.000 -445.000 -152.000 3,432.000 -244.000 222.000 5.000 Equity in Net Loss (Earnings) Sale of PPEq and Investments - Loss (Gain) .000 -325.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -198.000 .000 -51.000 .000 Funds from Operations - Other .000 672.000 1,987.000 1,127.000 42.000 631.000 534.000 159.000 332.000 631.000 -756.000 349.000 204.000 377.000 689.000 560.000 741.000 -66.000 443.000 1,073.000 463.000 1,115.000 Receivables - Decrease (Increase) 130.000 108.000 -34.000 394.000 -258.000 -87.000 -390.000 94.000 -324.000 -333.000 -719.000 -15.000 -363.000 -460.000 767.000 28.000 -256.000 -811.000 -401.000 -1,659.000 485.000 -92.000 Inventory - Decrease (Increase) -404.000 -187.000 651.000 585.000 -94.000 519.000 -39.000 -530.000 -57.000 -183.000 -233.000 -227.000 -74.000 -422.000 -60.000 77.000 -398.000 -46.000 183.000 -119.000 -622.000 74.000 Accounts/P and Accrued Liabs - Inc(Dec) -317.000 330.000 288.000 239.000 217.000 -66.000 -141.000 -21.000 -364.000 609.000 -236.000 -647.000 95.000 -160.000 840.000 1,127.000 -2,660.000 -1,017.000 -1,569.000 Income Taxes - Accrued - Increase(Decrease) -284.000 522.000 -456.000 44.000 -16.000 -63.000 60.000 304.000 .000 .000 .000 .000 Other Assets and Liabilities - Net Change -364.000 766.000 -18.000 -140.000 -324.000 -228.000 296.000 475.000 394.000 313.000 482.000 -342.000 -72.000 -2,361.000 -169.000 -1,101.000 988.000 149.000 -1,234.000 540.000 412.000 472.000 Operating Actiities - Net Cash Flow 1,077.000 2,016.000 1,825.000 2,288.000 1,809.000 2,924.000 3,194.000 3,783.000 4,241.000 4,421.000 3,173.000 3,547.000 4,253.000 1,561.000 4,546.000 3,866.000 5,101.000 5,189.000 6,476.000 3,138.000 7,311.000 8,183.000 INVESTING ACTIVITIES Investments - Increase .000 .000 192.000 104.000 .000 .000 .000 .000 .000 Sale of Investments .000 .000 .000 134.000 234.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Short term Investments - Change .000 .000 .000 .000 -240.000 -156.000 -33.000 48.000 48.000 272.000 -279.000 -171.000 510.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Acquisitions .000 .000 .000 .000 .000 .000 .000 282.000 Investing Activities - Other -969.000 2,262.000 950.000 93.000 -768.000 217.000 399.000 -810.000 -313.000 -253.000 -387.000 672.000 -509.000 -280.000 -285.000 -878.000 -8,795.000 78.000 30.000 203.000 243.000 38.000 Investing Activites - Net Cash Flow -1,638.000 1,762.000 139.000 -539.000 -1,461.000 -708.000 -499.000 -1,655.000 -1,205.000 -907.000 -1,518.000 -319.000 -813.000 -1,222.000 -1,121.000 -1,723.000 -9,734.000 -985.000 -1,147.000 -1,075.000 -1,241.000 -2,010.000 FINANCING ACTIVITIES Sale of Common and Preferred Stock 17.000 14.000 213.000 436.000 44.000 164.000 406.000 756.000 350.000 250.000 40.000 .000 .000 440.000 827.000 308.000 174.000 106.000 71.000 .000 .000 .000 Purchase of Common and Preferred Stock .000 .000 .000 50.000 482.000 673.000 1,310.000 2,115.000 2,127.000 2,931.000 1,851.000 2,420.000 2,465.000 990.000 1,762.000 1,900.000 3,071.000 2,096.000 2,001.000 1,492.000 1,200.000 1,100.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 Long Term Debt - Issuance 2,994.000 .000 .000 1,000.000 .000 .000 .000 .000 491.000 1,464.000 .000 1,980.000 .000 .000 .000 15,101.000 .000 .000 .000 .000 1,131.000 Long Term Debt - Reduction 1,067.000 2,096.000 2,566.000 110.000 2,202.000 1,089.000 133.000 210.000 32.000 1,103.000 242.000 .000 632.000 .000 150.000 .000 6,000.000 952.000 .000 750.000 900.000 1,650.000 Current Debt - Changes -868.000 -463.000 -12.000 .000 .000 .000 .000 .000 600.000 -600.000 Financing Activities - Other .000 .000 .000 .000 -175.000 -163.000 -12.000 -353.000 .000 .000 .000 26.000 93.000 -121.000 -81.000 38.000 5.000 1,533.000 -212.000 -163.000 -72.000 -144.000 Financing Activities - Net Cash Flow 731.000 -2,728.000 -2,557.000 77.000 -2,076.000 -2,166.000 -1,511.000 -2,460.000 -2,300.000 -3,938.000 -1,476.000 -3,363.000 -2,119.000 -2,023.000 -2,706.000 -3,314.000 4,277.000 -3,457.000 -4,305.000 -4,152.000 -5,328.000 -4,527.000 Exchange Rate Effect .000 .000 .000 .000 .000 .000 .000 .000 .000 -56.000 44.000 5.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Cash and Cash Equivalents - Change 170.000 1,050.000 -593.000 1,826.000 -1,728.000 50.000 1,184.000 -332.000 736.000 -480.000 223.000 -130.000 1,321.000 -1,684.000 719.000 -1,171.000 -356.000 747.000 1,024.000 -2,089.000 742.000 1,646.000 OTHER INFORMATION Interest Paid - Net< 790.000 947.000 707.000 586.000 519.000 420.000 356.000 337.000 327.000 320.000 286.000 337.000 326.000 378.000 340.000 326.000 600.000 610.000 635.000 625.000 567.000 Income Taxes Paid 530.000 249.000 837.000 55.000 170.000 363.000 599.000 859.000 1,131.000 1,234.000 986.000 806.000 722.000 890.000 787.000 1,500.000 1,800.000 1,300.000 1,100.000 -41.000 940.000 1,400.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Receivables - Trade 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 6,563.000 5,834.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 Income Tax Refund .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 753.000 313.000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 Inventories - Raw Materials 833.000 811.000 446.000 532.000 612.000 Inventories - Work In Process 3,545.000 3,145.000 2,553.000 1,949.000 2,038.000 1,430.000 1,594.000 1,153.000 1,200.000 1,235.000 1,624.000 1,743.000 1,704.000 2,068.000 2,239.000 2,027.000 3,164.000 3,118.000 2,542.000 2,161.000 2,783.000 2,693.000 Inventories - Finished Goods 390.000 304.000 240.000 Inventories - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 LESS: Debt (Long Term) Due In One Year -52.000 -882.000 -89.000 -1,365.000 -136.000 -15.000 -202.000 -34.000 -104.000 -242.000 .000 .000 .000 -150.000 .000 .000 -956.000 .000 -750.000 -900.000 -1,495.000 -774.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 6,778.000 5,202.000 3,114.000 3,181.000 1,778.000 931.000 799.000 1,622.000 1,590.000 1,987.000 3,246.000 3,974.000 6,547.000 6,722.000 6,558.000 6,558.000 16,180.000 14,282.000 13,513.000 12,604.000 11,404.000 11,669.000 Debt - Debentures 4,407.000 4,312.000 4,198.000 4,198.000 3,388.000 3,173.000 3,173.000 2,143.000 2,140.000 2,140.000 2,140.000 1,529.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Long Term - Other 294.000 433.000 199.000 203.000 42.000 15.000 14.000 19.000 19.000 18.000 17.000 21.000 419.000 478.000 476.000 483.000 116.000 .000 .000 .000 855.000 841.000 Debt - Capitalized Lease Obligations .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Long Term Debt Total 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 Retirements Other Changes Ending Balance 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 Deferred Taxes - Federal 293.000 -84.000 -118.000 -463.000 467.000 -58.000 24.000 73.000 107.000 72.000 557.000 589.000 9.000 925.000 3.000 -387.000 -473.000 -231.000 3,475.000 -231.000 235.000 21.000 Deferred Taxes - Foreign .000 .000 .000 .000 .000 .000 2.000 3.000 .000 -15.000 -5.000 5.000 1.000 -8.000 -13.000 28.000 -19.000 1.000 -13.000 -13.000 -16.000 Deferred Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Federal 136.000 763.000 189.000 469.000 -14.000 445.000 742.000 979.000 1,199.000 1,385.000 710.000 589.000 912.000 387.000 1,204.000 2,020.000 1,817.000 1,327.000 -189.000 969.000 698.000 1,292.000 Income Taxes - Foreign 31.000 38.000 38.000 26.000 11.000 25.000 9.000 26.000 28.000 8.000 8.000 38.000 14.000 6.000 24.000 46.000 56.000 53.000 67.000 91.000 50.000 Income Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Acquisitions - Income Contribution .000 .000 .000 .000 .000 .000 -134.000 .000 Acquisitions - Sales Contribution .000 .000 .000 .000 .000 .000 7,423.000 .000 Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 398.165 68.000 49.425 45.425 45.000 44.123 42.669 41.350 40.026 38.956 37.713 36.328 35.396 34.400 33.547 32.534 29.972 28.697 27.731 26.812 25.683 24.929 Common Shares Traded (Calendar Yr) 501,518,600.000 408,101,200.000 491,441,500.000 734,196,700.000 663,504,616.000 592,076,500.000 527,652,300.000 502,309,700.000 545,723,316.000 677,303,724.000 851,760,228.000 659,914,359.000 647,772,644.000 439,876,963.000 482,037,029.000 384,423,040.000 326,877,375.000 498,223,486.000 256,669,907.000 373,023,372.000 288,192,163.000 374,047,534.000 Compensating Balance Convertible Debt and Preferred Stock .000 .000 .000 .000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 816.000 1,334.000 780.000 141.000 15.000 237.000 33.000 105.000 242.000 1.000 .000 .000 153.000 .000 .000 952.000 750.000 900.000 1,250.000 900.000 Debt (Long Term) Maturing Due in 3 Years 1,336.000 767.000 142.000 15.000 238.000 32.000 103.000 242.000 1.000 1.000 .000 650.000 .000 .000 952.000 .000 900.000 1,250.000 900.000 Debt (Long Term) Maturing Due in 4 Years Years 858.000 137.000 15.000 783.000 33.000 105.000 247.000 1.000 1.000 1.000 650.000 .000 .000 952.000 .000 .000 1,250.000 900.000 .000 Debt (Long Term) Maturing Due in 5 Years 828.000 16.000 780.000 33.000 692.000 327.000 1.000 1.000 1.000 651.000 .000 .000 954.000 .000 .000 900.000 900.000 .000 625.000 Debt - Long-Term Debt - Tied to Prime .000 .000 .000 920.000 1,000.000 1,000.000 1,000.000 1,000.000 1,000.000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Martgages and Other Securities .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 -345.000 -342.000 -340.000 -351.000 -505.000 -506.000 -892.000 -882.000 -872.000 -1,035.000 .000 .000 .000 .000 .000 Dividends (Cash)per Share Ex-Date .880 .440 .440 .440 .580 .910 1.050 1.250 1.470 1.830 2.340 2.640 3.250 4.150 4.780 5.490 6.150 6.770 7.460 8.200 9.000 9.800 Dividends (Cash) - Common 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,098.000 1,363.000 1,558.000 1,762.000 1,923.000 2,036.000 2,157.000 2,342.000 2,550.000 2,757.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 147.000 126.000 125.000 125.000 130.000 130.000 135.000 140.000 140.000 146.000 140.000 132.000 123.000 120.000 115.000 112.000 126.000 97.000 100.000 105.000 110.000 114.000 Equity in Earnings - Unconsolidated Subs 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 Foreign Currency Translation Adj - Bal. Sheet .000 .000 -43.000 -26.000 -17.000 Foreign Currency Translation Adj - Inc. Stmnt. Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Interest Capitalized - Net Income Effect Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses LIFO Reserve .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 45,913.000 56,400.000 71,300.000 70,385.000 76,899.000 74,000.000 74,825.000 75,905.000 76,660.000 80,914.000 78,006.000 78,200.000 80,700.000 82,300.000 82,600.000 80,500.000 99,600.000 96,200.000 99,936.000 130,468.000 143,981.000 147,131.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,000.000 1,000.000 Price - Calendar Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 Price - Calendar Year High 46.000 37.580 52.980 71.520 58.950 61.770 65.460 93.240 113.740 120.300 87.060 87.185 82.430 95.920 149.990 198.720 227.910 269.900 323.940 363.000 399.960 442.532 Price - Calendar Year Low 16.375 16.500 31.000 45.850 40.640 43.100 52.540 62.520 88.860 67.380 57.410 67.680 66.360 79.050 85.880 144.690 181.910 200.470 248.000 241.180 256.790 266.110 Price - Fiscal Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 Receivables - Estimated Doubtful Rental Commitments - Minimum Year+1 247.000 438.000 139.000 222.000 254.000 251.000 261.000 288.000 295.000 262.000 314.000 300.000 264.000 229.000 227.000 228.000 205.000 179.000 162.000 305.000 280.000 300.000 Rental Commitments - Minimum Year+2 200.000 343.000 129.000 189.000 194.000 184.000 210.000 254.000 234.000 223.000 267.000 233.000 200.000 161.000 166.000 181.000 161.000 150.000 154.000 184.000 190.000 199.000 Rental Commitments - Minimum Year+3 156.000 279.000 125.000 167.000 155.000 149.000 176.000 211.000 185.000 184.000 227.000 183.000 139.000 118.000 132.000 133.000 128.000 131.000 116.000 147.000 154.000 156.000 Rental Commitments - Minimum Year+4 112.000 233.000 114.000 130.000 120.000 116.000 141.000 153.000 148.000 148.000 166.000 142.000 97.000 91.000 96.000 95.000 101.000 103.000 82.000 114.000 119.000 126.000 Rental Commitments - Minimum Year+5 89.000 198.000 106.000 106.000 99.000 85.000 121.000 118.000 120.000 114.000 130.000 117.000 71.000 60.000 69.000 69.000 64.000 78.000 54.000 88.000 98.000 89.000 Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 Rental Income Research and Development Expense 1,100.000 850.000 798.000 830.000 903.000 962.000 1,042.000 1,139.000 1,206.000 1,220.000 750.000 638.000 585.000 616.000 697.000 751.000 839.000 988.000 1,200.000 1,300.000 1,300.000 1,300.000 Tax Loss Carry Forward .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Common .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Cash & Equivalents 455.000 1,505.000 912.000 2,738.000 1,250.000 1,456.000 2,673.000 2,293.000 2,981.000 2,229.000 2,737.000 2,777.000 3,585.000 1,898.000 2,617.000 1,446.000 1,090.000 1,837.000 2,861.000 772.000 1,514.000 3,160.000 Receivables - Total (Net) 4,348.000 4,195.000 4,049.000 3,655.000 4,039.000 4,094.000 4,579.000 4,595.000 4,925.000 5,296.000 6,061.000 5,757.000 6,064.000 7,316.000 6,147.000 5,884.000 8,061.000 8,202.000 8,603.000 11,916.000 11,431.000 11,523.000 Inventories - Total 4,051.000 3,825.000 3,140.000 2,250.000 2,348.000 1,864.000 1,921.000 1,657.000 1,718.000 1,902.000 2,183.000 2,378.000 2,481.000 2,937.000 2,977.000 2,882.000 4,962.000 4,670.000 4,487.000 2,997.000 3,619.000 3,545.000 Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Current Assets - Other 1,842.000 1,734.000 2,677.000 1,983.000 1,764.000 1,539.000 1,356.000 1,619.000 1,316.000 1,256.000 1,496.000 1,939.000 1,964.000 1,704.000 1,588.000 2,117.000 2,085.000 399.000 1,510.000 418.000 531.000 1,150.000 Current Assets - Total 10,696.000 11,259.000 10,778.000 10,626.000 9,401.000 8,953.000 10,529.000 10,164.000 10,940.000 10,683.000 12,477.000 12,851.000 14,094.000 13,855.000 13,329.000 12,329.000 16,198.000 15,108.000 17,461.000 16,103.000 17,095.000 19,378.000 Plant, Property & Equip (Gross) 8,907.000 8,439.000 8,042.000 8,316.000 8,669.000 8,660.000 9,324.000 9,629.000 10,305.000 10,899.000 11,405.000 11,958.000 12,470.000 12,985.000 13,366.000 13,495.000 14,547.000 14,877.000 15,361.000 16,089.000 17,978.000 19,149.000 Accumulated Depreciation 5,273.000 4,993.000 5,051.000 5,058.000 5,180.000 5,061.000 5,400.000 5,573.000 5,985.000 6,411.000 6,885.000 7,404.000 7,859.000 8,310.000 8,660.000 8,740.000 9,057.000 9,328.000 9,586.000 9,965.000 10,387.000 10,936.000 Plant, Property & Equip (Net) 3,634.000 3,446.000 2,991.000 3,258.000 3,489.000 3,599.000 3,924.000 4,056.000 4,320.000 4,488.000 4,520.000 4,554.000 4,611.000 4,675.000 4,706.000 4,755.000 5,490.000 5,549.000 5,775.000 6,124.000 7,591.000 8,213.000 Investments at Equity 1,771.000 2,433.000 1,342.000 766.000 823.000 760.000 41.000 671.000 697.000 749.000 914.000 971.000 1,300.000 1,400.000 1,400.000 1,200.000 1,200.000 784.000 Investments and Advances - Other 439.000 542.000 243.000 237.000 52.000 155.000 .000 .000 .000 730.000 863.000 836.000 .000 .000 .000 .000 .000 .000 Intangibles 10,421.000 9,943.000 8,310.000 8,745.000 9,203.000 9,008.000 9,007.000 9,855.000 9,850.000 9,881.000 11,146.000 10,631.000 10,148.000 10,370.000 10,348.000 10,862.000 18,204.000 15,284.000 15,028.000 14,710.000 14,328.000 14,504.000 Deferred Charges .000 .000 2,081.000 .000 1,213.000 1,030.000 1,360.000 235.000 313.000 122.000 160.000 179.000 178.000 185.000 210.000 204.000 201.000 208.000 112.000 107.000 2.000 3.000 Assets - Other 3,051.000 3,268.000 1,610.000 2,120.000 1,809.000 2,152.000 2,728.000 3,921.000 3,503.000 8,265.000 6,808.000 6,181.000 8,180.000 8,093.000 5,818.000 7,116.000 7,735.000 10,257.000 6,745.000 6,632.000 7,312.000 7,828.000 TOTAL ASSETS 30,012.000 30,349.000 27,654.000 25,758.000 26,175.000 25,554.000 27,744.000 28,231.000 28,926.000 33,439.000 35,111.000 35,067.000 37,908.000 38,657.000 36,188.000 37,073.000 49,128.000 47,806.000 46,521.000 44,876.000 47,528.000 50,710.000 Accounts Payable 1,228.000 1,184.000 1,419.000 1,102.000 1,434.000 1,726.000 1,998.000 2,221.000 2,163.000 2,030.000 2,030.000 1,627.000 2,269.000 2,038.000 1,397.000 1,570.000 1,974.000 1,653.000 1,467.000 2,402.000 1,281.000 880.000 Notes Payable 475.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 .000 .000 Accrued Expenses 941.000 1,038.000 1,100.000 1,272.000 1,418.000 1,346.000 1,475.000 1,584.000 1,544.000 1,684.000 1,648.000 1,870.000 1,664.000 1,649.000 1,809.000 1,826.000 1,916.000 1,764.000 1,785.000 2,122.000 2,466.000 3,163.000 Taxes Payable 51.000 519.000 63.000 107.000 91.000 28.000 71.000 243.000 41.000 277.000 217.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long-Term) Due In One Year 52.000 882.000 89.000 1,365.000 136.000 15.000 202.000 34.000 104.000 242.000 .000 .000 .000 150.000 .000 .000 956.000 .000 750.000 900.000 1,495.000 774.000 Other Current Liabilities 7,006.000 7,578.000 8,118.000 7,247.000 7,232.000 6,797.000 7,157.000 7,055.000 7,563.000 7,993.000 8,456.000 9,530.000 9,861.000 9,967.000 9,723.000 9,542.000 11,127.000 10,889.000 10,420.000 10,496.000 11,196.000 12,279.000 Total Current Liabilities 8,812.000 10,175.000 9,689.000 9,821.000 8,893.000 8,566.000 9,428.000 9,553.000 9,871.000 10,542.000 10,703.000 11,157.000 12,130.000 12,155.000 11,120.000 11,112.000 14,057.000 12,542.000 12,637.000 14,398.000 13,972.000 13,933.000 Long Term Debt 11,427.000 9,065.000 7,422.000 6,217.000 6,072.000 5,104.000 4,784.000 4,405.000 4,303.000 3,563.000 5,052.000 5,019.000 6,460.000 6,158.000 6,152.000 6,169.000 14,305.000 14,282.000 13,513.000 12,604.000 12,259.000 12,510.000 Deferred Taxes (Balance Sheet) 517.000 736.000 992.000 .000 .000 .000 .000 .000 .000 16.000 1.000 .000 .000 .000 .000 .000 36.000 28.000 22.000 12.000 7.000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 2,895.000 3,213.000 3,108.000 3,855.000 4,454.000 4,863.000 5,665.000 7,389.000 4,947.000 16,453.000 15,226.000 15,183.000 18,317.000 20,305.000 13,998.000 16,392.000 17,669.000 19,340.000 20,952.000 16,403.000 18,114.000 18,222.000 TOTAL LIABILITIES 23,651.000 23,189.000 21,211.000 19,893.000 19,419.000 18,533.000 19,877.000 21,347.000 19,121.000 30,574.000 30,982.000 31,359.000 36,907.000 38,618.000 31,270.000 33,673.000 46,031.000 46,200.000 47,130.000 43,427.000 44,357.000 44,672.000 Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 398.000 431.000 441.000 455.000 446.000 438.000 432.000 421.000 409.000 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 Capital Surplus 222.000 1,789.000 2,058.000 2,746.000 2,460.000 2,200.000 1,710.000 755.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 221.000 Retained Earnings (Net Other) 5,741.000 4,940.000 3,944.000 2,664.000 3,850.000 4,383.000 5,725.000 5,708.000 9,396.000 2,472.000 3,756.000 3,362.000 680.000 -282.000 4,599.000 3,086.000 2,794.000 1,222.000 -967.000 1,113.000 2,847.000 5,515.000 Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,511.000 -683.000 1,394.000 3,127.000 6,015.000 Noncontrolling Interest - Nonredeemable 95.000 74.000 55.000 44.000 23.000 TOTAL SHAREHOLDERS EQUITY 6,361.000 7,160.000 6,443.000 5,865.000 6,756.000 7,021.000 7,867.000 6,884.000 9,805.000 2,865.000 4,129.000 3,708.000 1,001.000 39.000 4,918.000 3,400.000 3,097.000 1,606.000 -609.000 1,449.000 3,171.000 6,038.000 Sales (Net) 25,530.000 25,329.000 23,990.000 26,578.000 31,824.000 35,526.000 37,213.000 39,620.000 41,862.000 42,731.000 45,189.000 45,803.000 46,499.000 47,182.000 45,358.000 45,600.000 46,132.000 47,248.000 51,048.000 53,762.000 59,812.000 65,398.000 Cost of Goods Sold 22,896.000 22,747.000 21,624.000 23,898.000 29,239.000 32,722.000 33,941.000 35,422.000 36,830.000 37,237.000 39,959.000 40,757.000 41,651.000 42,006.000 39,833.000 39,281.000 39,804.000 40,939.000 44,185.000 45,146.000 50,196.000 55,427.000 Gross Profit 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 Selling, General, & Admin Expenses Operating Income Before Depreciation 2,634.000 2,582.000 2,366.000 2,680.000 2,585.000 2,804.000 3,272.000 4,198.000 5,032.000 5,494.000 5,230.000 5,046.000 4,848.000 5,176.000 5,525.000 6,319.000 6,328.000 6,309.000 6,863.000 8,616.000 9,616.000 9,971.000 Depreciation, Depletion, & Amortization 969.000 968.000 823.000 558.000 609.000 656.000 705.000 764.000 819.000 845.000 1,006.000 990.000 1,008.000 932.000 942.000 945.000 1,026.000 1,167.000 1,195.000 1,161.000 1,189.000 1,290.000 Operating Income After Depreciation 1,665.000 1,614.000 1,543.000 2,122.000 1,976.000 2,148.000 2,567.000 3,434.000 4,213.000 4,649.000 4,224.000 4,056.000 3,840.000 4,244.000 4,583.000 5,374.000 5,302.000 5,142.000 5,668.000 7,455.000 8,427.000 8,681.000 Interest Expense 809.000 919.000 700.000 581.000 487.000 425.000 370.000 361.000 352.000 341.000 305.000 345.000 354.000 383.000 350.000 340.000 443.000 663.000 651.000 668.000 653.000 591.000 Non-Operating Income/Expense 75.000 130.000 263.000 148.000 196.000 156.000 246.000 305.000 436.000 201.000 389.000 335.000 327.000 259.000 318.000 343.000 401.000 360.000 174.000 -658.000 -558.000 300.000 Special Items 269.000 -539.000 -918.000 -1,112.000 -153.000 -215.000 173.000 214.000 71.000 193.000 -24.000 -220.000 -182.000 -48.000 -396.000 -119.000 -237.000 47.000 78.000 -291.000 25.000 -155.000 Pretax Income 1,200.000 286.000 188.000 577.000 1,532.000 1,664.000 2,616.000 3,592.000 4,368.000 4,702.000 4,284.000 3,826.000 3,631.000 4,072.000 4,155.000 5,258.000 5,023.000 4,886.000 5,269.000 5,838.000 7,241.000 8,235.000 Income Taxes - Total 463.000 710.000 109.000 44.000 479.000 398.000 791.000 1,063.000 1,335.000 1,485.000 1,260.000 1,181.000 964.000 1,327.000 1,205.000 1,644.000 1,418.000 1,133.000 3,340.000 792.000 1,011.000 1,347.000 Minority Interest INCOME BEFORE EI&DO 737.000 -424.000 79.000 533.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,645.000 2,667.000 2,745.000 2,950.000 3,614.000 3,605.000 3,753.000 1,929.000 5,046.000 6,230.000 6,888.000 Extraordinary Items -355.000 -95.000 -36.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 .000 -1,089.000 -33.000 .000 .000 .000 .000 .000 .000 .000 281.000 -12.000 .000 31.000 .000 .000 1,549.000 73.000 .000 .000 -55.000 Net Income (Loss) 382.000 -519.000 -1,046.000 500.000 1,053.000 1,266.000 1,825.000 2,529.000 3,033.000 3,217.000 3,024.000 2,926.000 2,655.000 2,745.000 2,981.000 3,614.000 3,605.000 5,302.000 2,002.000 5,046.000 6,230.000 6,833.000 Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 1.930 -1.050 .180 1.200 2.360 2.860 4.150 5.910 7.290 8.050 7.860 7.260 7.940 8.480 9.190 11.410 11.620 12.540 6.700 17.740 22.090 24.600 EPS - Primary - Including EI&DO 1.000 -1.290 -2.450 1.130 2.360 2.860 4.150 5.910 7.290 8.050 7.860 8.030 7.900 8.480 9.290 11.410 11.620 17.710 6.960 17.740 22.090 24.400 EPS - Fully Diluted - Excluding EI&DO 1.920 -1.050 .180 1.180 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.180 7.850 8.360 9.040 11.210 11.460 12.380 6.640 17.590 21.950 24.500 EPS - Fully Diluted - Including EI&DO .990 -1.290 -2.420 1.110 2.340 2.830 4.100 5.800 7.100 7.860 7.780 7.940 7.810 8.360 9.130 11.210 11.460 17.490 6.890 17.590 21.950 24.300 SHARES - for Primary EPS Calculation 382.300 400.800 427.400 445.100 446.500 443.100 440.300 428.100 416.000 399.700 384.800 364.200 335.900 323.700 320.900 316.800 310.300 299.300 287.800 284.500 282.000 280.000 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 384.100 400.800 432.500 452.000 450.000 447.100 445.700 436.400 427.100 409.400 388.900 368.300 339.900 328.400 326.500 322.400 314.700 303.100 290.600 286.800 283.800 281.200 SHARES - Outstanding at Fiscal Year End 398.000 431.000 441.200 455.500 446.500 438.000 432.000 421.300 409.400 393.000 373.000 346.000 321.000 321.000 319.000 314.000 303.000 289.000 284.000 281.000 280.000 279.000 Operating Activities - Net Cash Flow 1,077.000 2,016.000 1,825.000 2,288.000 1,809.000 2,924.000 3,194.000 3,783.000 4,241.000 4,421.000 3,173.000 3,547.000 4,253.000 1,561.000 4,546.000 3,866.000 5,101.000 5,189.000 6,476.000 3,138.000 7,311.000 8,183.000 Capital Expenditures 669.000 500.000 619.000 662.000 687.000 769.000 865.000 893.000 940.000 926.000 852.000 820.000 814.000 942.000 836.000 845.000 939.000 1,063.000 1,177.000 1,278.000 1,484.000 1,766.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Acquisitions .000 .000 .000 .000 .000 .000 .000 282.000 Investing Activites - Net Cash Flow -1,638.000 1,762.000 139.000 -539.000 -1,461.000 -708.000 -499.000 -1,655.000 -1,205.000 -907.000 -1,518.000 -319.000 -813.000 -1,222.000 -1,121.000 -1,723.000 -9,734.000 -985.000 -1,147.000 -1,075.000 -1,241.000 -2,010.000 Cash Dividends 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,095.000 1,352.000 1,540.000 1,760.000 1,932.000 2,048.000 2,163.000 2,347.000 2,556.000 2,764.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 790.000 947.000 707.000 586.000 519.000 420.000 356.000 337.000 327.000 320.000 286.000 337.000 326.000 378.000 340.000 326.000 600.000 610.000 635.000 625.000 567.000 Income Taxes Paid 530.000 249.000 837.000 55.000 170.000 363.000 599.000 859.000 1,131.000 1,234.000 986.000 806.000 722.000 890.000 787.000 1,500.000 1,800.000 1,300.000 1,100.000 -41.000 940.000 1,400.000 Funds From Operations - Total Current Debt - Changes -868.000 -463.000 -12.000 .000 .000 .000 .000 .000 600.000 -600.000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .880 .440 .440 .440 .580 .910 1.050 1.250 1.470 1.830 2.340 2.640 3.250 4.150 4.780 5.490 6.150 6.770 7.460 8.200 9.000 9.800 Dividends (Cash) - Common 345.000 183.000 192.000 199.000 261.000 405.000 462.000 538.000 615.000 737.000 908.000 969.000 1,098.000 1,363.000 1,558.000 1,762.000 1,923.000 2,036.000 2,157.000 2,342.000 2,550.000 2,757.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 Price - Fiscal Year Close 21.875 33.950 46.670 57.750 51.400 55.550 63.630 92.070 105.260 84.080 75.350 69.910 80.900 92.290 148.660 192.570 217.150 249.940 321.050 261.840 389.380 354.980 Receivables - Estimated Doubtful Rental Expense 287.000 463.000 223.000 235.000 301.000 318.000 324.000 310.000 338.000 371.000 384.000 399.000 347.000 302.000 315.000 258.000 256.000 202.000 169.000 247.000 239.000 223.000 Research and Development Expense 1,100.000 850.000 798.000 830.000 903.000 962.000 1,042.000 1,139.000 1,206.000 1,220.000 750.000 638.000 585.000 616.000 697.000 751.000 839.000 988.000 1,200.000 1,300.000 1,300.000 1,300.000 BAraw NAME: BOEING CO TICKER SYMBOL: BA PRIMARY SIC CODE: 3721 STOCK EXCHANGE: 11 New York Stock Exchange CUSIP: 097023 STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) ASSETS     Cash & Equivalents 3,454.000 1,010.000 633.000 2,333.000 4,633.000 3,523.000 5,966.000 6,386.000 9,308.000 3,279.000 11,223.000 10,517.000 11,272.000 13,558.000 15,258.000 13,092.000 12,052.000 10,029.000 9,992.000 8,564.000 10,030.000 25,590.000     Receivables - Total (Net) 4,252.000 5,923.000 6,209.000 6,296.000 5,571.000 5,269.000 5,613.000 5,655.000 6,068.000 6,027.000 6,153.000 5,707.000 6,269.000 5,972.000 6,890.000 7,919.000 8,925.000 9,260.000 10,825.000 14,364.000 12,471.000 10,051.000     Inventories - Total 6,539.000 6,794.000 6,920.000 6,184.000 5,338.000 4,247.000 7,940.000 8,105.000 9,563.000 15,612.000 16,933.000 24,317.000 32,240.000 37,751.000 42,912.000 46,756.000 47,257.000 43,199.000 44,344.000 62,567.000 76,622.000 81,715.000     Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Current Assets - Other 1,467.000 2,137.000 2,444.000 2,042.000 1,716.000 2,061.000 2,449.000 2,837.000 2,341.000 1,046.000 966.000 31.000 29.000 28.000 14.000 18.000 .000 .000 .000 2,335.000 3,106.000 4,286.000 Current Assets - Total 15,712.000 15,864.000 16,206.000 16,855.000 17,258.000 15,100.000 21,968.000 22,983.000 27,280.000 25,964.000 35,275.000 40,572.000 49,810.000 57,309.000 65,074.000 67,785.000 68,234.000 62,488.000 65,161.000 87,830.000 102,229.000 121,642.000     Plant, Property & Equip (Gross) 23,280.000 25,178.000 25,812.000 27,326.000 27,694.000 21,405.000 19,692.000 19,310.000 20,180.000 21,042.000 21,579.000 22,253.000 23,306.000 24,305.000 25,294.000 26,696.000 28,362.000 29,690.000 30,313.000 31,213.000 33,026.000 33,579.000     Accumulated Depreciation 12,270.000 12,556.000 12,791.000 13,371.000 13,718.000 12,962.000 11,272.000 11,635.000 11,915.000 12,280.000 12,795.000 13,322.000 13,993.000 14,645.000 15,070.000 15,689.000 16,286.000 16,883.000 17,641.000 18,568.000 19,342.000 20,507.000 Plant, Property & Equip (Net) 11,010.000 12,622.000 13,021.000 13,955.000 13,976.000 8,443.000 8,420.000 7,675.000 8,265.000 8,762.000 8,784.000 8,931.000 9,313.000 9,660.000 10,224.000 11,007.000 12,076.000 12,807.000 12,672.000 12,645.000 13,684.000 13,072.000     Investments at Equity 164.000 272.000 274.000 124.000 98.000 67.000 84.000 964.000 1,085.000 942.000 974.000 1,072.000 1,003.000 1,137.000 1,164.000 1,114.000 1,230.000 1,242.000 1,214.000 1,048.000 1,031.000 936.000     Investments and Advances - Other 2,440.000 2,156.000 5,239.000 6,257.000 7,098.000 13,368.000 12,407.000 11,641.000 9,803.000 6,243.000 5,522.000 4,434.000 4,692.000 4,455.000 4,023.000 3,767.000 3,908.000 4,347.000 3,279.000 2,701.000 2,441.000 2,016.000     Intangibles 2,233.000 5,214.000 6,443.000 3,888.000 2,948.000 2,903.000 2,799.000 4,745.000 5,174.000 6,332.000 7,196.000 7,916.000 7,989.000 8,146.000 8,095.000 7,988.000 7,783.000 7,864.000 8,132.000 11,269.000 11,398.000 10,924.000     Deferred Charges 3,845.000 4,845.000 5,838.000 6,671.000 8,542.000 12,588.000 13,251.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Assets - Other 743.000 1,055.000 1,322.000 4,592.000 3,115.000 1,494.000 1,129.000 3,786.000 7,379.000 5,536.000 4,302.000 5,640.000 7,179.000 8,189.000 4,083.000 7,537.000 1,177.000 1,249.000 1,875.000 1,866.000 2,842.000 3,546.000 TOTAL ASSETS 36,147.000 42,028.000 48,343.000 52,342.000 53,035.000 53,963.000 60,058.000 51,794.000 58,986.000 53,779.000 62,053.000 68,565.000 79,986.000 88,896.000 92,663.000 99,198.000 94,408.000 89,997.000 92,333.000 117,359.000 133,625.000 152,136.000 LIABILITIES     Accounts Payable 4,909.000 5,040.000 4,793.000 4,431.000 3,822.000 4,563.000 5,124.000 5,643.000 5,714.000 5,871.000 7,096.000 7,715.000 8,406.000 9,394.000 9,498.000 10,667.000 10,800.000 11,190.000 12,202.000 12,916.000 15,553.000 12,928.000     Notes Payable 272.000 694.000 78.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 1,895.000 6,109.000 .000     Accrued Expenses 2,421.000 2,938.000 3,890.000 4,951.000 4,893.000 5,551.000 6,590.000 6,106.000 6,637.000 6,169.000 12,822.000 13,802.000 12,239.000 12,995.000 13,589.000 12,706.000 13,031.000 13,736.000 13,907.000 13,163.000 20,787.000 21,116.000     Taxes Payable 420.000 1,561.000 909.000 1,134.000 277.000 522.000 556.000 670.000 253.000 41.000 182.000 87.000 .000 117.000 11.000 119.000 262.000 89.000 380.000 485.000 670.000 43.000     Debt (Long-Term) Due In One Year 480.000 538.000 1,321.000 1,814.000 1,144.000 1,321.000 1,189.000 1,381.000 762.000 560.000 707.000 948.000 2,353.000 1,436.000 1,563.000 929.000 1,234.000 384.000 735.000 1,295.000 1,483.000 1,961.000     Other Current Liabilities 5,154.000 7,518.000 9,495.000 7,480.000 8,312.000 8,878.000 14,729.000 15,901.000 18,172.000 18,284.000 12,076.000 12,843.000 18,276.000 21,040.000 26,825.000 32,296.000 25,085.000 24,735.000 28,445.000 51,836.000 52,710.000 51,232.000 Total Current Liabilities 13,656.000 18,289.000 20,486.000 19,810.000 18,448.000 20,835.000 28,188.000 29,701.000 31,538.000 30,925.000 32,883.000 35,395.000 41,274.000 44,982.000 51,486.000 56,717.000 50,412.000 50,134.000 56,269.000 81,590.000 97,312.000 87,280.000     Long Term Debt 5,980.000 7,567.000 10,866.000 12,589.000 13,299.000 10,879.000 9,538.000 8,157.000 7,455.000 6,952.000 12,217.000 11,473.000 10,018.000 8,973.000 8,072.000 8,141.000 8,730.000 9,568.000 9,782.000 10,657.000 20,940.000 62,974.000     Deferred Taxes (Balance Sheet) 172.000 .000 177.000 .000 .000 1,090.000 2,067.000 .000 1,190.000 .000 .000 .000 .000 .000 .000 .000 2,392.000 1,338.000 1,839.000 1,736.000 413.000 1,010.000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 4,877.000 5,152.000 5,989.000 12,247.000 13,149.000 9,873.000 9,206.000 9,197.000 9,799.000 17,196.000 14,728.000 18,835.000 25,086.000 28,974.000 18,108.000 25,550.000 26,477.000 28,080.000 24,031.000 22,966.000 23,260.000 18,947.000     Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL LIABILITIES 24,685.000 31,008.000 37,518.000 44,646.000 44,896.000 42,677.000 48,999.000 47,055.000 49,982.000 55,073.000 59,828.000 65,703.000 76,378.000 82,929.000 77,666.000 90,408.000 88,011.000 89,120.000 91,921.000 116,949.000 141,925.000 170,211.000 SHAREHOLDERS' EQUITY     Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 5,059.000 5,059.000 5,059.000 5,059.000 5,059.000 5,059.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000     Capital Surplus 1,684.000 2,693.000 1,972.000 2,141.000 2,880.000 3,420.000 4,371.000 4,655.000 4,757.000 3,456.000 3,724.000 3,866.000 4,033.000 4,122.000 4,415.000 4,625.000 4,834.000 4,762.000 6,804.000 6,768.000 6,745.000 7,787.000     Retained Earnings (Net Other) 10,481.000 12,081.000 13,855.000 10,217.000 10,262.000 13,640.000 15,498.000 10,236.000 16,780.000 9,150.000 10,869.000 11,026.000 11,024.000 12,621.000 23,070.000 22,277.000 26,008.000 27,091.000 31,944.000 40,858.000 34,491.000 21,477.000     Less: Treasury Stock 5,762.000 8,813.000 10,061.000 9,721.000 10,062.000 10,833.000 13,871.000 15,213.000 17,594.000 18,961.000 17,526.000 17,187.000 16,603.000 15,937.000 17,671.000 23,298.000 29,568.000 36,097.000 43,454.000 52,348.000 54,914.000 52,641.000 Shareholders Equity - Parent 11,462.000 11,020.000 10,825.000 7,696.000 8,139.000 11,286.000 11,059.000 4,739.000 9,004.000 -1,294.000 2,128.000 2,766.000 3,515.000 5,867.000 14,875.000 8,665.000 6,335.000 817.000 355.000 339.000 -8,617.000 -18,316.000 Noncontrolling Interest - Nonredeemable 97.000 96.000 93.000 100.000 122.000 125.000 62.000 60.000 57.000 71.000 317.000 241.000 TOTAL SHAREHOLDERS EQUITY 11,462.000 11,020.000 10,825.000 7,696.000 8,139.000 11,286.000 11,059.000 4,739.000 9,004.000 -1,294.000 2,225.000 2,862.000 3,608.000 5,967.000 14,997.000 8,790.000 6,397.000 877.000 412.000 410.000 -8,300.000 -18,075.000 TOTAL LIABILITIES AND EQUITY 36,147.000 42,028.000 48,343.000 52,342.000 53,035.000 53,963.000 60,058.000 51,794.000 58,986.000 53,779.000 62,053.000 68,565.000 79,986.000 88,896.000 92,663.000 99,198.000 94,408.000 89,997.000 92,333.000 117,359.000 133,625.000 152,136.000 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Sales (Net) 57,993.000 51,321.000 58,198.000 54,069.000 50,485.000 52,457.000 54,845.000 61,530.000 66,387.000 60,909.000 68,281.000 64,306.000 68,735.000 81,698.000 86,623.000 90,762.000 96,114.000 94,571.000 93,392.000 101,127.000 84,818.000 58,656.000     Cost of Goods Sold 49,884.000 42,453.000 47,406.000 44,602.000 42,868.000 43,550.000 44,757.000 48,926.000 51,977.000 48,950.000 55,092.000 50,370.000 54,417.000 67,095.000 71,244.000 74,708.000 80,443.000 79,093.000 74,208.000 79,593.000 69,840.000 58,935.000 Gross Profit 8,109.000 8,868.000 10,792.000 9,467.000 7,617.000 8,907.000 10,088.000 12,604.000 14,410.000 11,959.000 13,189.000 13,936.000 14,318.000 14,603.000 15,379.000 16,054.000 15,671.000 15,478.000 19,184.000 21,534.000 14,978.000 -279.000     Selling, General, & Admin Expenses 3,385.000 3,776.000 4,325.000 4,173.000 4,419.000 5,536.000 6,433.000 7,428.000 7,381.000 6,852.000 9,870.000 7,710.000 7,326.000 7,015.000 7,027.000 6,814.000 6,856.000 7,008.000 7,273.000 7,836.000 7,128.000 7,293.000 Operating Income Before Depreciation 4,724.000 5,092.000 6,467.000 5,294.000 3,198.000 3,371.000 3,655.000 5,176.000 7,029.000 5,107.000 3,319.000 6,226.000 6,992.000 7,588.000 8,352.000 9,240.000 8,815.000 8,470.000 11,911.000 13,698.000 7,850.000 -7,572.000     Depreciation, Depletion, & Amortiz 1,645.000 1,479.000 1,750.000 1,344.000 1,450.000 1,125.000 1,092.000 1,158.000 1,130.000 1,179.000 1,273.000 1,313.000 1,322.000 1,461.000 1,543.000 1,641.000 1,581.000 1,638.000 1,788.000 1,828.000 1,898.000 1,850.000 Operating Income After Depreciation 3,079.000 3,613.000 4,717.000 3,950.000 1,748.000 2,246.000 2,563.000 4,018.000 5,899.000 3,928.000 2,046.000 4,913.000 5,670.000 6,127.000 6,809.000 7,599.000 7,234.000 6,832.000 10,123.000 11,870.000 5,952.000 -9,422.000     Interest Expense 512.000 527.000 730.000 801.000 873.000 790.000 713.000 657.000 608.000 524.000 604.000 724.000 683.000 625.000 548.000 504.000 497.000 535.000 540.000 625.000 867.000 2,280.000     Non-Operating Income/Expense 307.000 451.000 302.000 -15.000 560.000 507.000 391.000 709.000 827.000 591.000 289.000 373.000 406.000 408.000 377.000 376.000 418.000 506.000 464.000 359.000 1,208.000 739.000     Special Items 450.000 -538.000 -725.000 46.000 -885.000 -3.000 578.000 -876.000 .000 .000 -55.000 -406.000 -334.000 .000 -1,235.000 .000 -8,552.000 -3,513.000 Pretax Income 3,324.000 2,999.000 3,564.000 3,180.000 550.000 1,960.000 2,819.000 3,194.000 6,118.000 3,995.000 1,731.000 4,507.000 5,393.000 5,910.000 6,232.000 7,137.000 7,155.000 5,568.000 10,047.000 11,604.000 -2,259.000 -14,476.000     Income Taxes - Total 1,015.000 871.000 738.000 861.000 -168.000 140.000 257.000 988.000 2,060.000 1,341.000 396.000 1,196.000 1,382.000 2,007.000 1,646.000 1,691.000 1,979.000 673.000 1,850.000 1,144.000 -1,623.000 -2,535.000     Minority Interest .000 .000 -68.000 Income Before EI&DO 2,309.000 2,128.000 2,826.000 2,319.000 718.000 1,820.000 2,562.000 2,206.000 4,058.000 2,654.000 1,335.000 3,311.000 4,011.000 3,903.000 4,586.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000     Extraordinary Items .000 .000 1.000 -1,827.000 .000 .000 17.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 .000 .000 .000 .000 52.000 -7.000 9.000 16.000 18.000 -23.000 -4.000 7.000 -3.000 -1.000 .000 .000 .000 .000 .000 .000 .000 Net Income (Loss) 2,309.000 2,128.000 2,827.000 492.000 718.000 1,872.000 2,572.000 2,215.000 4,074.000 2,672.000 1,312.000 3,307.000 4,018.000 3,900.000 4,585.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000 Income Before EI&DO 2,309.000 2,128.000 2,826.000 2,319.000 718.000 1,820.000 2,562.000 2,206.000 4,058.000 2,654.000 1,335.000 3,311.000 4,011.000 3,903.000 4,586.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000     Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 2,309.000 2,128.000 2,826.000 2,319.000 718.000 1,820.000 2,562.000 2,206.000 4,058.000 2,654.000 1,335.000 3,311.000 4,011.000 3,903.000 4,586.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -8.000 -7.000 -6.000 -4.000 -3.000 -6.000 -7.000 .000 .000 Adjusted Available for Common 2,309.000 2,128.000 2,826.000 2,319.000 718.000 1,820.000 2,562.000 2,206.000 4,058.000 2,654.000 1,335.000 3,311.000 4,011.000 3,895.000 4,579.000 5,440.000 5,172.000 4,892.000 8,191.000 10,453.000 -636.000 -11,873.000 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 2.520 2.480 3.460 2.900 .900 2.270 3.260 2.880 5.360 3.680 1.890 4.500 5.380 5.150 6.030 7.470 7.520 7.700 13.600 18.050 -1.120 -20.880     EPS - Primary, Including EI&DO 2.520 2.480 3.460 .620 .900 2.330 3.270 2.890 5.380 3.700 1.860 4.490 5.390 5.150 6.030 7.470 7.520 7.700 13.600 18.050 -1.120 -20.880     EPS - Fully Diluted, Excluding EI&DO 2.490 2.440 3.410 2.870 .890 2.240 3.190 2.840 5.260 3.650 1.870 4.460 5.330 5.110 5.960 7.380 7.440 7.610 13.430 17.850 -1.120 -20.880     EPS - Fully Diluted, Including EI&DO 2.490 2.440 3.410 .610 .890 2.300 3.200 2.850 5.280 3.670 1.840 4.450 5.340 5.110 5.960 7.380 7.440 7.610 13.430 17.850 -1.120 -20.880 COMMON SHARES     Common Shares for Primary EPS Calculation 917.100 859.500 816.200 799.000 800.100 807.000 788.500 771.000 759.300 722.600 709.600 738.100 746.600 755.700 758.900 727.600 686.900 635.500 602.500 579.200 565.400 568.600     Common Shares for Fully Diluted EPS Calc. 925.900 871.300 829.300 808.400 808.900 813.000 802.900 787.600 772.500 729.000 713.400 744.300 753.100 761.500 767.600 736.700 695.000 642.800 610.000 585.500 565.400 568.600     Common Shares Outstanding at Fiscal Yr End 870.817 836.329 797.889 799.661 800.283 793.202 760.577 757.836 736.681 698.138 726.291 735.259 744.705 755.631 747.379 706.728 666.624 617.152 591.039 567.641 562.909 582.320 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Retained Rearnings - Beginning Balance 8,666.000 10,481.000 12,081.000 13,855.000 10,217.000 10,262.000 13,640.000 15,498.000 10,236.000 16,780.000 9,150.000 10,869.000 11,026.000 11,024.000 12,621.000 23,070.000 22,277.000 26,008.000 27,091.000 31,944.000 40,858.000 34,491.000 Net Income 2,309.000 2,128.000 2,827.000 492.000 718.000 1,872.000 2,572.000 2,215.000 4,074.000 2,672.000 1,312.000 3,307.000 4,018.000 3,900.000 4,585.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000 Cash Dividends 537.000 504.000 582.000 571.000 572.000 648.000 820.000 956.000 1,096.000 1,192.000 1,220.000 1,253.000 1,244.000 1,322.000 1,467.000 2,115.000 2,490.000 2,756.000 3,417.000 3,946.000 4,630.000 1,158.000 Retained Earnings After Dividends 10,438.000 12,105.000 14,326.000 13,776.000 10,363.000 11,486.000 15,392.000 16,757.000 13,214.000 18,260.000 9,242.000 12,923.000 13,800.000 13,602.000 15,739.000 26,401.000 24,963.000 28,147.000 31,871.000 38,458.000 35,592.000 21,460.000 Change - Foreign Currency Translation 51.000 72.000 32.000 22.000 27.000 17.000 1.000 Adj. to Long-Term Marketable Securities .000 .000 -28.000 -6.000 -3.000 -26.000 -14.000 -3.000 16.000 -67.000 -6.000 -6.000 -8.000 -8.000 -8.000 -8.000 .000 -2.000 -1.000 .000 1.000 1.000 Other CMP Adj,(Stock Splits/Retirement) -6.000 -9.000 -451.000 -4,053.000 -4,223.000 -2,011.000 -1,847.000 -8,371.000 -4,856.000 -13,522.000 -12,087.000 -13,984.000 -16,689.000 -17,622.000 -10,036.000 -13,948.000 -12,709.000 -13,478.000 -13,360.000 -14,982.000 -16,026.000 -17,104.000 Non-Compustat Adjustments (Plug Calculation) 49.000 -15.000 -21.000 2,321.000 4,122.000 4,165.000 1,936.000 1,850.000 8,422.000 4,412.000 13,714.000 12,087.000 13,913.000 16,641.000 17,316.000 9,752.000 13,722.000 12,400.000 13,406.000 17,365.000 14,924.000 17,121.000 Retained Earnings - Ending Balance 10,481.000 12,081.000 13,854.000 12,044.000 10,262.000 13,640.000 15,481.000 10,236.000 16,780.000 9,150.000 10,869.000 11,026.000 11,024.000 12,621.000 23,070.000 22,277.000 26,008.000 27,091.000 31,944.000 40,858.000 34,491.000 21,477.000 Retroactive Adjustments (Acct'g Chgs) .000 .000 1.000 -1,827.000 .000 .000 17.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 10,481.000 12,081.000 13,855.000 10,217.000 10,262.000 13,640.000 15,498.000 10,236.000 16,780.000 9,150.000 10,869.000 11,026.000 11,024.000 12,621.000 23,070.000 22,277.000 26,008.000 27,091.000 31,944.000 40,858.000 34,491.000 21,477.000 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 2,309.000 2,128.000 2,826.000 2,319.000 718.000 1,820.000 2,562.000 2,206.000 4,058.000 2,654.000 1,335.000 3,311.000 4,011.000 3,903.000 4,586.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,941.000 Depreciation and Amortizations 1,645.000 1,479.000 1,750.000 1,497.000 1,468.000 1,524.000 1,526.000 1,559.000 1,485.000 1,502.000 1,678.000 1,746.000 1,675.000 1,811.000 1,844.000 1,906.000 1,833.000 1,910.000 2,069.000 2,114.000 2,271.000 2,246.000 Extraordinary Items and Disc. Operations .000 .000 .000 .000 .000 1.000 22.000 -5.000 -9.000 -10.000 13.000 2.000 -4.000 2.000 .000 .000 .000 .000 .000 .000 .000 .000 Deferred Taxes .000 .000 .000 .000 .000 Equity in Net Loss (Earnings) Sale of PPEq and Investments - Loss (Gain) -87.000 -34.000 -21.000 -44.000 -7.000 -23.000 -520.000 226.000 -38.000 -4.000 24.000 -6.000 -24.000 -4.000 -20.000 10.000 1.000 7.000 -21.000 -75.000 -691.000 -202.000 Funds from Operations - Other 281.000 886.000 420.000 492.000 1,674.000 1,620.000 2,292.000 1,326.000 1,413.000 359.000 643.000 933.000 500.000 916.000 691.000 599.000 558.000 642.000 604.000 539.000 1,239.000 8,822.000 Receivables - Decrease (Increase) -225.000 -768.000 342.000 -155.000 357.000 -241.000 -592.000 -244.000 -392.000 996.000 -287.000 725.000 -298.000 380.000 -488.000 -750.000 -902.000 -584.000 -804.000 -2,501.000 2,004.000 2,001.000 Inventory - Decrease (Increase) 2,030.000 1,097.000 -19.000 1,510.000 351.000 611.000 -1,965.000 444.000 -1,558.000 -6,168.000 -1,525.000 -7,387.000 -10,012.000 -5,681.000 -5,562.000 -4,330.000 -1,110.000 3,755.000 -1,085.000 568.000 -12,391.000 -11,002.000 Accounts/P and Accrued Liabs - Inc(Dec) 3,608.000 2,316.000 3,527.000 3,288.000 2,305.000 1,437.000 2,234.000 1,501.000 121.000 966.000 8,604.000 -5,083.000 Income Taxes - Accrued - Increase(Decrease) 462.000 421.000 -762.000 905.000 Other Assets and Liabilities - Net Change -191.000 733.000 -722.000 -2,149.000 -680.000 -1,854.000 3,675.000 1,987.000 4,625.000 270.000 114.000 1,312.000 4,648.000 2,893.000 4,823.000 4,540.000 1,573.000 -1,627.000 4,263.000 3,251.000 -2,846.000 -3,251.000 Operating Actiities - Net Cash Flow 6,224.000 5,942.000 3,814.000 4,375.000 3,881.000 3,458.000 7,000.000 7,499.000 9,584.000 -401.000 5,603.000 2,952.000 4,023.000 7,508.000 8,179.000 8,858.000 9,363.000 10,499.000 13,344.000 15,322.000 -2,446.000 -18,410.000 INVESTING ACTIVITIES Investments - Increase 2,398.000 2,571.000 5,073.000 3,595.000 2,291.000 4,142.000 2,866.000 2,815.000 5,710.000 6,673.000 2,629.000 15,548.000 6,796.000 12,921.000 15,394.000 8,617.000 2,036.000 1,719.000 3,601.000 2,607.000 1,658.000 37,616.000 Sale of Investments 1,842.000 1,433.000 1,297.000 1,040.000 1,497.000 1,400.000 2,725.000 2,850.000 3,817.000 11,343.000 1,041.000 12,425.000 10,757.000 10,901.000 12,453.000 13,416.000 2,590.000 1,209.000 3,639.000 2,898.000 1,759.000 20,275.000 Short term Investments - Change Capital Expenditures 1,236.000 932.000 1,068.000 1,001.000 741.000 978.000 1,547.000 1,681.000 1,731.000 1,674.000 1,186.000 1,125.000 1,713.000 1,703.000 2,098.000 2,236.000 2,450.000 2,613.000 1,739.000 1,722.000 1,834.000 1,303.000 Sale of Property Plant and Equipment 51.000 225.000 59.000 34.000 27.000 63.000 94.000 97.000 51.000 34.000 42.000 38.000 92.000 120.000 334.000 296.000 Acquisitions .000 5,727.000 22.000 22.000 -289.000 34.000 172.000 1,854.000 75.000 964.000 639.000 932.000 42.000 124.000 26.000 163.000 31.000 297.000 324.000 3,230.000 455.000 .000 Investing Activities - Other 359.000 169.000 152.000 157.000 186.000 2,385.000 1,711.000 89.000 -182.000 -178.000 -408.000 286.000 69.000 -7.000 -140.000 33.000 39.000 2.000 -129.000 -80.000 324.000 -18.000 Investing Activites - Net Cash Flow -1,433.000 -7,628.000 -4,714.000 -3,421.000 -1,060.000 -1,369.000 -98.000 -3,186.000 -3,822.000 1,888.000 -3,794.000 -4,831.000 2,369.000 -3,757.000 -5,154.000 2,467.000 -1,846.000 -3,380.000 -2,062.000 -4,621.000 -1,530.000 -18,366.000 FINANCING ACTIVITIES Sale of Common and Preferred Stock 348.000 294.000 1,097.000 343.000 399.000 321.000 311.000 81.000 58.000 36.000 Purchase of Common and Preferred Stock 2,937.000 2,357.000 2,417.000 .000 .000 752.000 2,877.000 1,698.000 2,775.000 3,072.000 71.000 30.000 24.000 76.000 2,864.000 6,099.000 6,847.000 7,094.000 9,368.000 9,257.000 2,899.000 173.000 Cash Dividends 537.000 504.000 582.000 571.000 572.000 648.000 820.000 956.000 1,096.000 1,192.000 1,220.000 1,253.000 1,244.000 1,322.000 1,467.000 2,115.000 2,490.000 2,756.000 3,417.000 3,946.000 4,630.000 1,158.000 Long Term Debt - Issuance 437.000 2,687.000 4,567.000 2,814.000 2,042.000 .000 .000 1.000 40.000 13.000 5,961.000 41.000 799.000 60.000 571.000 962.000 1,746.000 1,325.000 2,077.000 8,548.000 25,389.000 47,248.000 Long Term Debt - Reduction 676.000 620.000 1,124.000 1,564.000 2,024.000 2,208.000 1,378.000 1,681.000 1,406.000 738.000 551.000 689.000 930.000 2,076.000 1,434.000 1,601.000 885.000 1,359.000 953.000 7,183.000 12,171.000 10,998.000 Current Debt - Changes Financing Activities - Other 93.000 136.000 79.000 67.000 33.000 90.000 70.000 .000 209.000 -313.000 -30.000 -50.000 -337.000 -108.000 -280.000 -197.000 .000 -24.000 .000 35.000 -8.000 .000 Financing Activities - Net Cash Flow -3,620.000 -658.000 523.000 746.000 -521.000 -3,518.000 -4,657.000 -3,645.000 -4,884.000 -5,202.000 4,094.000 -1,962.000 -1,700.000 -3,477.000 -4,249.000 -8,593.000 -7,920.000 -9,587.000 -11,350.000 -11,722.000 5,739.000 34,955.000 Exchange Rate Effect .000 .000 .000 .000 .000 .000 -37.000 38.000 46.000 -59.000 44.000 -15.000 -2.000 18.000 -29.000 -87.000 -28.000 -33.000 80.000 -53.000 -5.000 85.000 Cash and Cash Equivalents - Change 1,171.000 -2,344.000 -377.000 1,700.000 2,300.000 -1,429.000 2,208.000 706.000 924.000 -3,774.000 5,947.000 -3,856.000 4,690.000 292.000 -1,253.000 2,645.000 -431.000 -2,501.000 12.000 -1,074.000 1,758.000 -1,736.000 OTHER INFORMATION Interest Paid - Net< 517.000 599.000 587.000 720.000 767.000 772.000 671.000 657.000 616.000 493.000 502.000 670.000 626.000 614.000 551.000 511.000 488.000 523.000 527.000 616.000 973.000 1,925.000 Income Taxes Paid 575.000 405.000 1,521.000 -49.000 -507.000 -681.000 -344.000 28.000 711.000 599.000 -198.000 360.000 57.000 410.000 209.000 355.000 1,490.000 1,460.000 896.000 1,326.000 837.000 37.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Receivables - Trade 3,453.000 4,928.000 3,212.000 4,139.000 3,264.000 3,578.000 3,685.000 4,007.000 3,998.000 3,662.000 5,059.000 4,967.000 5,316.000 5,169.000 5,989.000 7,111.000 8,121.000 8,167.000 10,010.000 14,364.000 12,469.000 10,037.000 Income Tax Refund .000 .000 .000 .000 199.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current 799.000 995.000 2,997.000 2,157.000 2,108.000 1,691.000 1,928.000 1,648.000 2,070.000 2,365.000 1,094.000 740.000 953.000 803.000 901.000 808.000 804.000 1,093.000 815.000 .000 2.000 14.000 Receivables - Total (Net) 4,252.000 5,923.000 6,209.000 6,296.000 5,571.000 5,269.000 5,613.000 5,655.000 6,068.000 6,027.000 6,153.000 5,707.000 6,269.000 5,972.000 6,890.000 7,919.000 8,925.000 9,260.000 10,825.000 14,364.000 12,471.000 10,051.000 Inventories - Raw Materials Inventories - Work In Process Inventories - Finished Goods Inventories - Other Inventories - Total 6,539.000 6,794.000 6,920.000 6,184.000 5,338.000 4,247.000 7,940.000 8,105.000 9,563.000 15,612.000 16,933.000 24,317.000 32,240.000 37,751.000 42,912.000 46,756.000 47,257.000 43,199.000 44,344.000 62,567.000 76,622.000 81,715.000 LESS: Debt (Long Term) Due In One Year -480.000 -538.000 -1,321.000 -1,814.000 -1,144.000 -1,321.000 -1,189.000 -1,381.000 -762.000 -560.000 -707.000 -948.000 -2,353.000 -1,436.000 -1,563.000 -929.000 -1,234.000 -384.000 -735.000 -1,295.000 -1,483.000 -1,961.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated 45.000 25.000 24.000 24.000 24.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 5,999.000 6,137.000 6,878.000 8,302.000 8,455.000 7,324.000 6,029.000 3,802.000 159.000 124.000 145.000 145.000 120.000 7.000 Debt - Debentures .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Long Term - Other 30.000 1,563.000 4,825.000 5,378.000 5,565.000 3,310.000 3,352.000 4,267.000 7,384.000 6,890.000 12,155.000 11,348.000 9,880.000 8,890.000 7,989.000 8,044.000 8,474.000 9,363.000 9,551.000 10,413.000 20,662.000 62,829.000 Debt - Capitalized Lease Obligations 386.000 380.000 460.000 699.000 399.000 245.000 157.000 88.000 71.000 62.000 62.000 125.000 138.000 83.000 83.000 97.000 97.000 81.000 86.000 99.000 158.000 138.000 Long Term Debt Total 5,980.000 7,567.000 10,866.000 12,589.000 13,299.000 10,879.000 9,538.000 8,157.000 7,455.000 6,952.000 12,217.000 11,473.000 10,018.000 8,973.000 8,072.000 8,141.000 8,730.000 9,568.000 9,782.000 10,657.000 20,940.000 62,974.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 1,236.000 932.000 1,068.000 1,001.000 741.000 978.000 1,547.000 1,681.000 1,731.000 1,674.000 1,186.000 1,125.000 1,713.000 1,703.000 2,098.000 2,236.000 2,450.000 2,613.000 1,739.000 1,722.000 1,834.000 1,303.000 Retirements Other Changes Ending Balance 23,280.000 25,178.000 25,812.000 27,326.000 27,694.000 21,405.000 19,692.000 19,310.000 20,180.000 21,042.000 21,579.000 22,253.000 23,306.000 24,305.000 25,294.000 26,696.000 28,362.000 29,690.000 30,313.000 31,213.000 33,026.000 33,579.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 12,270.000 12,556.000 12,791.000 13,371.000 13,718.000 12,962.000 11,272.000 11,635.000 11,915.000 12,280.000 12,795.000 13,322.000 13,993.000 14,645.000 15,070.000 15,689.000 16,286.000 16,883.000 17,641.000 18,568.000 19,342.000 20,507.000 Deferred Taxes - Federal 561.000 -770.000 166.000 638.000 1,499.000 787.000 547.000 750.000 487.000 1,151.000 457.000 969.000 1,856.000 1,209.000 1,531.000 828.000 -297.000 -618.000 405.000 -996.000 -953.000 652.000 Deferred Taxes - Foreign .000 .000 .000 .000 .000 .000 -120.000 -6.000 -6.000 26.000 -55.000 -13.000 -8.000 -13.000 41.000 34.000 4.000 -4.000 -1.000 -4.000 -3.000 .000 Deferred Taxes - State 50.000 -122.000 38.000 45.000 64.000 -154.000 134.000 74.000 16.000 71.000 -88.000 284.000 68.000 83.000 69.000 -7.000 27.000 -46.000 -2.000 5.000 -367.000 612.000 Income Taxes - Federal 368.000 1,517.000 454.000 256.000 -1,699.000 -435.000 -276.000 193.000 1,260.000 44.000 -132.000 13.000 -605.000 657.000 -82.000 676.000 2,102.000 1,193.000 1,276.000 1,873.000 -308.000 -3,968.000 Income Taxes - Foreign .000 .000 .000 .000 .000 .000 58.000 35.000 139.000 29.000 69.000 80.000 93.000 52.000 76.000 91.000 122.000 133.000 149.000 169.000 169.000 148.000 Income Taxes - State 36.000 246.000 80.000 -78.000 -32.000 -58.000 -86.000 -58.000 164.000 20.000 145.000 -137.000 -22.000 19.000 11.000 69.000 21.000 15.000 23.000 97.000 -161.000 21.000 Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 1,015.000 871.000 738.000 861.000 -168.000 140.000 257.000 988.000 2,060.000 1,341.000 396.000 1,196.000 1,382.000 2,007.000 1,646.000 1,691.000 1,979.000 673.000 1,850.000 1,144.000 -1,623.000 -2,535.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Acquisitions - Income Contribution .000 -14.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Acquisitions - Sales Contribution .000 2,538.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 138.000 135.640 199.036 184.251 171.079 159.913 228.930 222.498 212.290 204.705 167.801 145.295 129.832 123.824 113.517 108.310 104.376 100.750 99.383 Common Shares Traded (Calendar Yr) 857,035,000.000 1,035,377,200.000 1,007,281,100.000 955,637,800.000 951,506,619.000 798,351,700.000 980,119,400.000 998,157,300.000 1,328,962,406.000 1,948,562,282.000 1,732,640,831.000 1,471,739,310.000 1,409,995,414.000 1,098,080,488.000 1,306,061,616.000 1,091,731,308.000 984,726,696.000 1,104,483,572.000 822,094,856.000 1,112,916,181.000 1,349,299,294.000 7,157,857,025.000 Compensating Balance Convertible Debt and Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 490.000 1,176.000 1,323.000 1,138.000 1,816.000 1,204.000 1,368.000 740.000 551.000 682.000 889.000 2,298.000 1,358.000 1,364.000 888.000 1,098.000 368.000 714.000 1,275.000 1,186.000 1,540.000 15,029.000 Debt (Long Term) Maturing Due in 3 Years 690.000 832.000 443.000 1,790.000 1,756.000 1,389.000 727.000 551.000 667.000 871.000 1,955.000 1,309.000 1,324.000 860.000 1,075.000 331.000 703.000 1,261.000 1,148.000 816.000 1,256.000 3,807.000 Debt (Long Term) Maturing Due in 4 Years Years 535.000 202.000 1,239.000 1,725.000 1,369.000 740.000 546.000 668.000 871.000 1,241.000 1,280.000 1,296.000 840.000 1,052.000 58.000 653.000 1,248.000 1,134.000 728.000 567.000 800.000 2,015.000 Debt (Long Term) Maturing Due in 5 Years 197.000 1,209.000 1,617.000 1,234.000 761.000 546.000 680.000 872.000 1,241.000 1,275.000 1,289.000 837.000 1,041.000 47.000 638.000 1,235.000 1,126.000 719.000 554.000 779.000 1,006.000 4,307.000 Debt - Long-Term Debt - Tied to Prime .000 .000 .000 150.000 250.000 250.000 250.000 .000 .000 .000 13,819.000 Debt - Martgages and Other Securities 386.000 380.000 460.000 699.000 488.000 316.000 351.000 303.000 238.000 207.000 185.000 242.000 361.000 277.000 256.000 213.000 224.000 175.000 147.000 136.000 174.000 .000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Dividends (Cash)per Share Ex-Date .560 .560 .680 .680 .680 .770 1.000 1.200 1.400 1.600 1.680 1.680 1.680 1.760 1.940 2.920 3.640 4.360 5.680 6.840 8.220 2.055 Dividends (Cash) - Common 528.000 525.000 577.000 570.000 573.000 714.000 861.000 991.000 1,129.000 1,187.000 1,233.000 1,245.000 1,263.000 1,360.000 1,642.000 2,210.000 2,575.000 2,902.000 3,556.000 4,101.000 4,628.000 .000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 197.000 198.000 188.000 165.000 157.000 159.000 153.000 154.000 159.300 162.200 157.100 160.500 171.700 174.400 168.400 165.500 161.400 150.500 140.800 153.000 161.100 141.000 Equity in Earnings - Unconsolidated Subs 36,147.000 42,028.000 48,343.000 52,342.000 53,035.000 53,963.000 60,058.000 51,794.000 58,986.000 53,779.000 62,053.000 68,565.000 79,986.000 88,896.000 92,663.000 99,198.000 94,408.000 89,997.000 92,333.000 117,359.000 133,625.000 152,136.000 Foreign Currency Translation Adj - Bal. Sheet .000 -6.000 14.000 81.000 112.000 83.000 157.000 244.000 64.000 216.000 232.000 197.000 214.000 150.000 53.000 -39.000 -143.000 -15.000 -101.000 -128.000 -30.000 Foreign Currency Translation Adj - Inc. Stmnt. 51.000 21.000 11.000 11.000 16.000 1.000 Interest Capitalized (in fiscal yr) 81.000 82.000 80.000 71.000 73.000 105.000 60.000 64.000 117.000 99.000 90.000 48.000 57.000 74.000 87.000 102.000 158.000 170.000 110.000 81.000 83.000 81.000 Interest Capitalized - Net Income Effect Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses 11,019.000 11,615.000 11,703.000 11,424.000 11,732.000 12,700.000 13,667.000 15,871.000 14,852.000 15,559.000 15,424.000 15,709.000 17,008.000 LIFO Reserve .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 99,248.000 120,600.000 106,591.000 104,173.000 104,800.000 109,600.000 160,473.000 250,000.000 296,964.000 323,860.000 296,500.000 303,955.000 339,657.000 372,355.000 422,661.000 487,092.000 476,595.000 472,492.000 488,145.000 490,481.000 463,403.000 363,404.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases 1,182.000 1,252.000 Price - Calendar Year Close 41.438 66.000 38.780 32.990 42.140 51.770 70.240 88.840 87.460 42.670 54.130 65.260 73.350 75.360 136.490 129.980 144.590 155.680 294.910 322.500 325.760 214.060 Price - Calendar Year High 48.500 70.938 69.850 51.070 43.370 55.480 72.400 92.050 107.830 88.290 56.560 76.000 80.650 77.830 142.000 144.571 158.830 160.070 299.330 394.280 446.010 349.950 Price - Calendar Year Low 32.563 32.000 27.600 28.530 24.730 38.040 49.520 65.900 84.600 36.170 29.050 54.800 56.010 66.820 72.680 116.320 115.140 102.100 155.210 292.470 309.400 89.000 Price - Fiscal Year Close 41.438 66.000 38.780 32.990 42.140 51.770 70.240 88.840 87.460 42.670 54.130 65.260 73.350 75.360 136.490 129.980 144.590 155.680 294.910 322.500 325.760 214.060 Receivables - Estimated Doubtful 322.000 220.000 206.000 453.000 547.000 403.000 274.000 254.000 Rental Commitments - Minimum Year+1 167.000 218.000 290.000 349.000 273.000 389.000 275.000 220.000 205.000 212.000 213.000 217.000 202.000 212.000 223.000 221.000 240.000 233.000 216.000 272.000 287.000 307.000 Rental Commitments - Minimum Year+2 120.000 181.000 220.000 284.000 221.000 371.000 214.000 165.000 158.000 173.000 171.000 158.000 180.000 192.000 171.000 203.000 217.000 210.000 201.000 232.000 235.000 241.000 Rental Commitments - Minimum Year+3 92.000 142.000 188.000 213.000 213.000 293.000 156.000 121.000 119.000 134.000 129.000 122.000 152.000 135.000 142.000 175.000 182.000 182.000 157.000 194.000 194.000 191.000 Rental Commitments - Minimum Year+4 77.000 126.000 151.000 198.000 181.000 191.000 137.000 91.000 91.000 84.000 100.000 102.000 100.000 111.000 120.000 146.000 157.000 135.000 115.000 165.000 151.000 135.000 Rental Commitments - Minimum Year+5 67.000 110.000 138.000 175.000 142.000 171.000 115.000 66.000 60.000 62.000 88.000 62.000 81.000 94.000 95.000 123.000 117.000 95.000 96.000 126.000 98.000 105.000 Rental Expense 320.000 280.000 318.000 519.000 429.000 372.000 400.000 388.000 437.000 440.000 282.000 275.000 270.000 276.000 287.000 277.000 267.000 287.000 283.000 307.000 326.000 360.000 Rental Income 26.000 14.000 9.000 6.000 Research and Development Expense 1,341.000 1,998.000 1,936.000 1,639.000 1,651.000 1,879.000 2,205.000 3,257.000 3,850.000 3,768.000 6,506.000 4,121.000 3,918.000 3,298.000 3,071.000 3,047.000 3,331.000 4,627.000 3,179.000 3,269.000 3,219.000 2,476.000 Tax Loss Carry Forward .000 .000 .000 .000 Treasury Stock ($) - Common 5,762.000 8,813.000 10,061.000 9,721.000 10,062.000 10,833.000 13,871.000 15,213.000 17,594.000 18,961.000 17,526.000 17,187.000 16,603.000 15,937.000 17,671.000 23,298.000 29,568.000 36,097.000 43,454.000 52,348.000 54,914.000 52,641.000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares 141.053 175.542 213.981 212.209 211.587 218.668 251.684 254.425 275.580 314.123 285.970 277.002 267.556 256.630 264.882 305.533 345.637 395.109 421.222 444.620 449.352 429.941 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Cash & Equivalents 3,454.000 1,010.000 633.000 2,333.000 4,633.000 3,523.000 5,966.000 6,386.000 9,308.000 3,279.000 11,223.000 10,517.000 11,272.000 13,558.000 15,258.000 13,092.000 12,052.000 10,029.000 9,992.000 8,564.000 10,030.000 25,590.000 Receivables - Total (Net) 4,252.000 5,923.000 6,209.000 6,296.000 5,571.000 5,269.000 5,613.000 5,655.000 6,068.000 6,027.000 6,153.000 5,707.000 6,269.000 5,972.000 6,890.000 7,919.000 8,925.000 9,260.000 10,825.000 14,364.000 12,471.000 10,051.000 Inventories - Total 6,539.000 6,794.000 6,920.000 6,184.000 5,338.000 4,247.000 7,940.000 8,105.000 9,563.000 15,612.000 16,933.000 24,317.000 32,240.000 37,751.000 42,912.000 46,756.000 47,257.000 43,199.000 44,344.000 62,567.000 76,622.000 81,715.000 Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Current Assets - Other 1,467.000 2,137.000 2,444.000 2,042.000 1,716.000 2,061.000 2,449.000 2,837.000 2,341.000 1,046.000 966.000 31.000 29.000 28.000 14.000 18.000 .000 .000 .000 2,335.000 3,106.000 4,286.000 Current Assets - Total 15,712.000 15,864.000 16,206.000 16,855.000 17,258.000 15,100.000 21,968.000 22,983.000 27,280.000 25,964.000 35,275.000 40,572.000 49,810.000 57,309.000 65,074.000 67,785.000 68,234.000 62,488.000 65,161.000 87,830.000 102,229.000 121,642.000 Plant, Property & Equip (Gross) 23,280.000 25,178.000 25,812.000 27,326.000 27,694.000 21,405.000 19,692.000 19,310.000 20,180.000 21,042.000 21,579.000 22,253.000 23,306.000 24,305.000 25,294.000 26,696.000 28,362.000 29,690.000 30,313.000 31,213.000 33,026.000 33,579.000 Accumulated Depreciation 12,270.000 12,556.000 12,791.000 13,371.000 13,718.000 12,962.000 11,272.000 11,635.000 11,915.000 12,280.000 12,795.000 13,322.000 13,993.000 14,645.000 15,070.000 15,689.000 16,286.000 16,883.000 17,641.000 18,568.000 19,342.000 20,507.000 Plant, Property & Equip (Net) 11,010.000 12,622.000 13,021.000 13,955.000 13,976.000 8,443.000 8,420.000 7,675.000 8,265.000 8,762.000 8,784.000 8,931.000 9,313.000 9,660.000 10,224.000 11,007.000 12,076.000 12,807.000 12,672.000 12,645.000 13,684.000 13,072.000 Investments at Equity 164.000 272.000 274.000 124.000 98.000 67.000 84.000 964.000 1,085.000 942.000 974.000 1,072.000 1,003.000 1,137.000 1,164.000 1,114.000 1,230.000 1,242.000 1,214.000 1,048.000 1,031.000 936.000 Investments and Advances - Other 2,440.000 2,156.000 5,239.000 6,257.000 7,098.000 13,368.000 12,407.000 11,641.000 9,803.000 6,243.000 5,522.000 4,434.000 4,692.000 4,455.000 4,023.000 3,767.000 3,908.000 4,347.000 3,279.000 2,701.000 2,441.000 2,016.000 Intangibles 2,233.000 5,214.000 6,443.000 3,888.000 2,948.000 2,903.000 2,799.000 4,745.000 5,174.000 6,332.000 7,196.000 7,916.000 7,989.000 8,146.000 8,095.000 7,988.000 7,783.000 7,864.000 8,132.000 11,269.000 11,398.000 10,924.000 Deferred Charges 3,845.000 4,845.000 5,838.000 6,671.000 8,542.000 12,588.000 13,251.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Assets - Other 743.000 1,055.000 1,322.000 4,592.000 3,115.000 1,494.000 1,129.000 3,786.000 7,379.000 5,536.000 4,302.000 5,640.000 7,179.000 8,189.000 4,083.000 7,537.000 1,177.000 1,249.000 1,875.000 1,866.000 2,842.000 3,546.000 TOTAL ASSETS 36,147.000 42,028.000 48,343.000 52,342.000 53,035.000 53,963.000 60,058.000 51,794.000 58,986.000 53,779.000 62,053.000 68,565.000 79,986.000 88,896.000 92,663.000 99,198.000 94,408.000 89,997.000 92,333.000 117,359.000 133,625.000 152,136.000 Accounts Payable 4,909.000 5,040.000 4,793.000 4,431.000 3,822.000 4,563.000 5,124.000 5,643.000 5,714.000 5,871.000 7,096.000 7,715.000 8,406.000 9,394.000 9,498.000 10,667.000 10,800.000 11,190.000 12,202.000 12,916.000 15,553.000 12,928.000 Notes Payable 272.000 694.000 78.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 600.000 1,895.000 6,109.000 .000 Accrued Expenses 2,421.000 2,938.000 3,890.000 4,951.000 4,893.000 5,551.000 6,590.000 6,106.000 6,637.000 6,169.000 12,822.000 13,802.000 12,239.000 12,995.000 13,589.000 12,706.000 13,031.000 13,736.000 13,907.000 13,163.000 20,787.000 21,116.000 Taxes Payable 420.000 1,561.000 909.000 1,134.000 277.000 522.000 556.000 670.000 253.000 41.000 182.000 87.000 .000 117.000 11.000 119.000 262.000 89.000 380.000 485.000 670.000 43.000 Debt (Long-Term) Due In One Year 480.000 538.000 1,321.000 1,814.000 1,144.000 1,321.000 1,189.000 1,381.000 762.000 560.000 707.000 948.000 2,353.000 1,436.000 1,563.000 929.000 1,234.000 384.000 735.000 1,295.000 1,483.000 1,961.000 Other Current Liabilities 7,575.000 10,456.000 13,385.000 12,431.000 13,205.000 14,429.000 21,319.000 22,007.000 24,809.000 24,453.000 24,898.000 26,645.000 30,515.000 34,035.000 40,414.000 45,002.000 38,116.000 38,471.000 42,352.000 64,999.000 73,497.000 72,348.000 Total Current Liabilities 13,656.000 18,289.000 20,486.000 19,810.000 18,448.000 20,835.000 28,188.000 29,701.000 31,538.000 30,925.000 32,883.000 35,395.000 41,274.000 44,982.000 51,486.000 56,717.000 50,412.000 50,134.000 56,269.000 81,590.000 97,312.000 87,280.000 Long Term Debt 5,980.000 7,567.000 10,866.000 12,589.000 13,299.000 10,879.000 9,538.000 8,157.000 7,455.000 6,952.000 12,217.000 11,473.000 10,018.000 8,973.000 8,072.000 8,141.000 8,730.000 9,568.000 9,782.000 10,657.000 20,940.000 62,974.000 Deferred Taxes (Balance Sheet) 172.000 .000 177.000 .000 .000 1,090.000 2,067.000 .000 1,190.000 .000 .000 .000 .000 .000 .000 .000 2,392.000 1,338.000 1,839.000 1,736.000 413.000 1,010.000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 4,877.000 5,152.000 5,989.000 12,247.000 13,149.000 9,873.000 9,206.000 9,197.000 9,799.000 17,196.000 14,728.000 18,835.000 25,086.000 28,974.000 18,108.000 25,550.000 26,477.000 28,080.000 24,031.000 22,966.000 23,260.000 18,947.000 TOTAL LIABILITIES 24,685.000 31,008.000 37,518.000 44,646.000 44,896.000 42,677.000 48,999.000 47,055.000 49,982.000 55,073.000 59,828.000 65,703.000 76,378.000 82,929.000 77,666.000 90,408.000 88,011.000 89,120.000 91,921.000 116,949.000 141,925.000 170,211.000 Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 5,059.000 5,059.000 5,059.000 5,059.000 5,059.000 5,059.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 5,061.000 Capital Surplus 1,684.000 2,693.000 1,972.000 2,141.000 2,880.000 3,420.000 4,371.000 4,655.000 4,757.000 3,456.000 3,724.000 3,866.000 4,033.000 4,122.000 4,415.000 4,625.000 4,834.000 4,762.000 6,804.000 6,768.000 6,745.000 7,787.000 Retained Earnings (Net Other) 10,481.000 12,081.000 13,855.000 10,217.000 10,262.000 13,640.000 15,498.000 10,236.000 16,780.000 9,150.000 10,869.000 11,026.000 11,024.000 12,621.000 23,070.000 22,277.000 26,008.000 27,091.000 31,944.000 40,858.000 34,491.000 21,477.000 Less: Treasury Stock 5,762.000 8,813.000 10,061.000 9,721.000 10,062.000 10,833.000 13,871.000 15,213.000 17,594.000 18,961.000 17,526.000 17,187.000 16,603.000 15,937.000 17,671.000 23,298.000 29,568.000 36,097.000 43,454.000 52,348.000 54,914.000 52,641.000 Shareholders Equity - Parent 11,462.000 11,020.000 10,825.000 7,696.000 8,139.000 11,286.000 11,059.000 4,739.000 9,004.000 -1,294.000 2,128.000 2,766.000 3,515.000 5,867.000 14,875.000 8,665.000 6,335.000 817.000 355.000 339.000 -8,617.000 -18,316.000 Noncontrolling Interest - Nonredeemable 97.000 96.000 93.000 100.000 122.000 125.000 62.000 60.000 57.000 71.000 317.000 241.000 TOTAL SHAREHOLDERS EQUITY 11,462.000 11,020.000 10,825.000 7,696.000 8,139.000 11,286.000 11,059.000 4,739.000 9,004.000 -1,294.000 2,225.000 2,862.000 3,608.000 5,967.000 14,997.000 8,790.000 6,397.000 877.000 412.000 410.000 -8,300.000 -18,075.000 Sales (Net) 57,993.000 51,321.000 58,198.000 54,069.000 50,485.000 52,457.000 54,845.000 61,530.000 66,387.000 60,909.000 68,281.000 64,306.000 68,735.000 81,698.000 86,623.000 90,762.000 96,114.000 94,571.000 93,392.000 101,127.000 84,818.000 58,656.000 Cost of Goods Sold 49,884.000 42,453.000 47,406.000 44,602.000 42,868.000 43,550.000 44,757.000 48,926.000 51,977.000 48,950.000 55,092.000 50,370.000 54,417.000 67,095.000 71,244.000 74,708.000 80,443.000 79,093.000 74,208.000 79,593.000 69,840.000 58,935.000 Gross Profit 8,109.000 8,868.000 10,792.000 9,467.000 7,617.000 8,907.000 10,088.000 12,604.000 14,410.000 11,959.000 13,189.000 13,936.000 14,318.000 14,603.000 15,379.000 16,054.000 15,671.000 15,478.000 19,184.000 21,534.000 14,978.000 -279.000 Selling, General, & Admin Expenses 3,385.000 3,776.000 4,325.000 4,173.000 4,419.000 5,536.000 6,433.000 7,428.000 7,381.000 6,852.000 9,870.000 7,710.000 7,326.000 7,015.000 7,027.000 6,814.000 6,856.000 7,008.000 7,273.000 7,836.000 7,128.000 7,293.000 Operating Income Before Depreciation 4,724.000 5,092.000 6,467.000 5,294.000 3,198.000 3,371.000 3,655.000 5,176.000 7,029.000 5,107.000 3,319.000 6,226.000 6,992.000 7,588.000 8,352.000 9,240.000 8,815.000 8,470.000 11,911.000 13,698.000 7,850.000 -7,572.000 Depreciation, Depletion, & Amortization 1,645.000 1,479.000 1,750.000 1,344.000 1,450.000 1,125.000 1,092.000 1,158.000 1,130.000 1,179.000 1,273.000 1,313.000 1,322.000 1,461.000 1,543.000 1,641.000 1,581.000 1,638.000 1,788.000 1,828.000 1,898.000 1,850.000 Operating Income After Depreciation 3,079.000 3,613.000 4,717.000 3,950.000 1,748.000 2,246.000 2,563.000 4,018.000 5,899.000 3,928.000 2,046.000 4,913.000 5,670.000 6,127.000 6,809.000 7,599.000 7,234.000 6,832.000 10,123.000 11,870.000 5,952.000 -9,422.000 Interest Expense 512.000 527.000 730.000 801.000 873.000 790.000 713.000 657.000 608.000 524.000 604.000 724.000 683.000 625.000 548.000 504.000 497.000 535.000 540.000 625.000 867.000 2,280.000 Non-Operating Income/Expense 307.000 451.000 302.000 -15.000 560.000 507.000 391.000 709.000 827.000 591.000 289.000 373.000 406.000 408.000 377.000 376.000 418.000 506.000 464.000 359.000 1,208.000 739.000 Special Items 450.000 -538.000 -725.000 46.000 -885.000 -3.000 578.000 -876.000 .000 .000 -55.000 -406.000 -334.000 .000 -1,235.000 .000 -8,552.000 -3,513.000 Pretax Income 3,324.000 2,999.000 3,564.000 3,180.000 550.000 1,960.000 2,819.000 3,194.000 6,118.000 3,995.000 1,731.000 4,507.000 5,393.000 5,910.000 6,232.000 7,137.000 7,155.000 5,568.000 10,047.000 11,604.000 -2,259.000 -14,476.000 Income Taxes - Total 1,015.000 871.000 738.000 861.000 -168.000 140.000 257.000 988.000 2,060.000 1,341.000 396.000 1,196.000 1,382.000 2,007.000 1,646.000 1,691.000 1,979.000 673.000 1,850.000 1,144.000 -1,623.000 -2,535.000 Minority Interest .000 .000 -68.000 INCOME BEFORE EI&DO 2,309.000 2,128.000 2,826.000 2,319.000 718.000 1,820.000 2,562.000 2,206.000 4,058.000 2,654.000 1,335.000 3,311.000 4,011.000 3,903.000 4,586.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000 Extraordinary Items .000 .000 1.000 -1,827.000 .000 .000 17.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 .000 .000 .000 .000 52.000 -7.000 9.000 16.000 18.000 -23.000 -4.000 7.000 -3.000 -1.000 .000 .000 .000 .000 .000 .000 .000 Net Income (Loss) 2,309.000 2,128.000 2,827.000 492.000 718.000 1,872.000 2,572.000 2,215.000 4,074.000 2,672.000 1,312.000 3,307.000 4,018.000 3,900.000 4,585.000 5,446.000 5,176.000 4,895.000 8,197.000 10,460.000 -636.000 -11,873.000 Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 2.520 2.480 3.460 2.900 .900 2.270 3.260 2.880 5.360 3.680 1.890 4.500 5.380 5.150 6.030 7.470 7.520 7.700 13.600 18.050 -1.120 -20.880 EPS - Primary - Including EI&DO 2.520 2.480 3.460 .620 .900 2.330 3.270 2.890 5.380 3.700 1.860 4.490 5.390 5.150 6.030 7.470 7.520 7.700 13.600 18.050 -1.120 -20.880 EPS - Fully Diluted - Excluding EI&DO 2.490 2.440 3.410 2.870 .890 2.240 3.190 2.840 5.260 3.650 1.870 4.460 5.330 5.110 5.960 7.380 7.440 7.610 13.430 17.850 -1.120 -20.880 EPS - Fully Diluted - Including EI&DO 2.490 2.440 3.410 .610 .890 2.300 3.200 2.850 5.280 3.670 1.840 4.450 5.340 5.110 5.960 7.380 7.440 7.610 13.430 17.850 -1.120 -20.880 SHARES - for Primary EPS Calculation 917.100 859.500 816.200 799.000 800.100 807.000 788.500 771.000 759.300 722.600 709.600 738.100 746.600 755.700 758.900 727.600 686.900 635.500 602.500 579.200 565.400 568.600 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 925.900 871.300 829.300 808.400 808.900 813.000 802.900 787.600 772.500 729.000 713.400 744.300 753.100 761.500 767.600 736.700 695.000 642.800 610.000 585.500 565.400 568.600 SHARES - Outstanding at Fiscal Year End 870.817 836.329 797.889 799.661 800.283 793.202 760.577 757.836 736.681 698.138 726.291 735.259 744.705 755.631 747.379 706.728 666.624 617.152 591.039 567.641 562.909 582.320 Operating Activities - Net Cash Flow 6,224.000 5,942.000 3,814.000 4,375.000 3,881.000 3,458.000 7,000.000 7,499.000 9,584.000 -401.000 5,603.000 2,952.000 4,023.000 7,508.000 8,179.000 8,858.000 9,363.000 10,499.000 13,344.000 15,322.000 -2,446.000 -18,410.000 Capital Expenditures 1,236.000 932.000 1,068.000 1,001.000 741.000 978.000 1,547.000 1,681.000 1,731.000 1,674.000 1,186.000 1,125.000 1,713.000 1,703.000 2,098.000 2,236.000 2,450.000 2,613.000 1,739.000 1,722.000 1,834.000 1,303.000 Sale of Property Plant and Equipment 51.000 225.000 59.000 34.000 27.000 63.000 94.000 97.000 51.000 34.000 42.000 38.000 92.000 120.000 334.000 296.000 Acquisitions .000 5,727.000 22.000 22.000 -289.000 34.000 172.000 1,854.000 75.000 964.000 639.000 932.000 42.000 124.000 26.000 163.000 31.000 297.000 324.000 3,230.000 455.000 .000 Investing Activites - Net Cash Flow -1,433.000 -7,628.000 -4,714.000 -3,421.000 -1,060.000 -1,369.000 -98.000 -3,186.000 -3,822.000 1,888.000 -3,794.000 -4,831.000 2,369.000 -3,757.000 -5,154.000 2,467.000 -1,846.000 -3,380.000 -2,062.000 -4,621.000 -1,530.000 -18,366.000 Cash Dividends 537.000 504.000 582.000 571.000 572.000 648.000 820.000 956.000 1,096.000 1,192.000 1,220.000 1,253.000 1,244.000 1,322.000 1,467.000 2,115.000 2,490.000 2,756.000 3,417.000 3,946.000 4,630.000 1,158.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 517.000 599.000 587.000 720.000 767.000 772.000 671.000 657.000 616.000 493.000 502.000 670.000 626.000 614.000 551.000 511.000 488.000 523.000 527.000 616.000 973.000 1,925.000 Income Taxes Paid 575.000 405.000 1,521.000 -49.000 -507.000 -681.000 -344.000 28.000 711.000 599.000 -198.000 360.000 57.000 410.000 209.000 355.000 1,490.000 1,460.000 896.000 1,326.000 837.000 37.000 Funds From Operations - Total Current Debt - Changes Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .560 .560 .680 .680 .680 .770 1.000 1.200 1.400 1.600 1.680 1.680 1.680 1.760 1.940 2.920 3.640 4.360 5.680 6.840 8.220 2.055 Dividends (Cash) - Common 528.000 525.000 577.000 570.000 573.000 714.000 861.000 991.000 1,129.000 1,187.000 1,233.000 1,245.000 1,263.000 1,360.000 1,642.000 2,210.000 2,575.000 2,902.000 3,556.000 4,101.000 4,628.000 .000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 41.438 66.000 38.780 32.990 42.140 51.770 70.240 88.840 87.460 42.670 54.130 65.260 73.350 75.360 136.490 129.980 144.590 155.680 294.910 322.500 325.760 214.060 Price - Fiscal Year Close 41.438 66.000 38.780 32.990 42.140 51.770 70.240 88.840 87.460 42.670 54.130 65.260 73.350 75.360 136.490 129.980 144.590 155.680 294.910 322.500 325.760 214.060 Receivables - Estimated Doubtful 322.000 220.000 206.000 453.000 547.000 403.000 274.000 254.000 Rental Expense 320.000 280.000 318.000 519.000 429.000 372.000 400.000 388.000 437.000 440.000 282.000 275.000 270.000 276.000 287.000 277.000 267.000 287.000 283.000 307.000 326.000 360.000 Research and Development Expense 1,341.000 1,998.000 1,936.000 1,639.000 1,651.000 1,879.000 2,205.000 3,257.000 3,850.000 3,768.000 6,506.000 4,121.000 3,918.000 3,298.000 3,071.000 3,047.000 3,331.000 4,627.000 3,179.000 3,269.000 3,219.000 2,476.000 BAESYraw NAME: BAE SYSTEMS PLC TICKER SYMBOL: BAESY PRIMARY SIC CODE: 3721 STOCK EXCHANGE: 19 Other-OTC CUSIP: 05523R STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) ASSETS     Cash & Equivalents 4,076.260 3,939.148 3,743.368 2,745.807 2,967.125 4,611.812 5,525.943 7,056.834 6,401.352 3,836.026 6,311.597 4,729.962 3,326.472 5,455.901 3,682.743 3,595.402 3,741.060 3,416.115 4,425.336 4,120.000 3,426.223 3,716.870     Receivables - Total (Net) 5,812.385 3,224.299 3,781.179 4,424.515 4,794.146 3,732.368 3,030.244 4,054.302 5,381.422 5,216.059 5,671.384 4,993.164 4,818.024 4,250.886 4,663.924 4,059.627 3,966.674 3,767.720 4,494.333 5,395.000 6,012.776 7,381.373     Inventories - Total 2,517.785 2,297.088 1,521.198 1,236.096 1,382.755 1,714.820 833.618 773.647 1,390.994 1,353.719 1,434.013 991.245 1,112.449 1,065.161 1,127.032 1,074.882 1,070.560 917.873 978.147 986.000 1,105.874 1,152.122     Prepaid Expenses 343.995 275.172 405.750 304.196 378.250 346.796 230.319 364.300 438.530 384.480 413.875 484.848 416.392 439.075 384.517 391.008 374.548 315.827 384.224 1,306.000 1,240.963     Current Assets - Other 560.405 662.505 821.680 869.130 1,099.067 1,358.444 92.815 97.931 335.347 1,005.787 376.691 523.328 240.823 136.601 366.285 190.052 184.325 254.142 155.584 398.000 456.918 380.012 Current Assets - Total 13,310.830 10,398.212 10,273.175 9,579.744 10,621.343 11,764.240 9,712.939 12,347.014 13,947.645 11,796.071 14,207.560 11,722.547 9,914.160 11,347.624 10,224.501 9,310.971 9,337.167 8,671.677 10,437.624 12,205.000 12,242.754 12,630.377     Plant, Property & Equip (Gross) 6,731.320 7,310.004 5,839.015 6,269.002 6,924.480 7,457.072 6,705.039 7,828.525 8,101.897 7,787.541 8,899.933 9,018.173 8,054.381 8,308.256 8,018.501 6,971.155 6,747.770 6,668.149 7,365.188 7,281.000 9,227.095     Accumulated Depreciation 3,231.615 3,786.606 3,256.178 3,518.367 3,893.124 4,102.156 3,776.204 4,408.809 4,581.749 4,211.734 4,774.115 4,840.784 4,176.346 4,592.389 4,809.775 4,495.811 4,243.899 4,079.846 4,348.221 4,267.000 4,492.365 Plant, Property & Equip (Net) 3,499.705 3,523.398 2,582.837 2,750.635 3,031.356 3,354.916 2,928.835 3,419.716 3,520.148 3,575.807 4,125.818 4,177.389 3,878.035 3,715.867 3,208.726 2,475.344 2,503.871 2,588.303 3,016.967 3,014.000 4,734.730 4,979.102     Investments at Equity 1,025.525 1,028.904 2,068.015 2,402.984 2,881.483 3,080.928 2,975.243 1,314.221 1,549.738 1,511.605 1,367.728 1,211.350 1,216.547 430.943 469.044 356.736 368.650 368.876 519.514 547.000 566.843 549.205     Investments and Advances - Other 20.995 29.910 50.901 53.114 169.499 126.456 390.168 262.452 742.128 350.856 441.359 558.730 590.407 224.416 308.276 249.248 212.342 576.138 668.333 169.000 331.100 171.878     Intangibles 10,279.475 11,000.898 10,047.758 10,328.161 10,705.199 10,819.652 14,123.379 14,875.567 18,967.924 17,990.142 18,192.726 17,263.667 17,813.170 17,771.113 16,134.789 15,551.517 14,918.529 13,896.397 14,040.395 13,583.000 13,735.352 15,771.187     Deferred Charges .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Assets - Other 19.380 29.910 .000 .000 .000 .000 4,649.354 3,323.744 1,474.335 2,309.802 2,740.306 2,053.293 2,479.705 2,732.016 2,273.953 2,881.930 2,273.833 2,244.101 1,693.831 2,021.000 2,333.593 2,865.535 TOTAL ASSETS 28,155.910 26,011.232 25,022.686 25,114.638 27,408.880 29,146.192 34,779.918 35,542.714 40,201.918 37,534.283 41,075.497 36,986.976 35,892.024 36,221.979 32,619.289 30,825.746 29,614.392 28,345.492 30,376.664 31,539.000 33,944.372 36,967.284 LIABILITIES     Accounts Payable 2,760.035 2,300.079 2,030.203 1,606.281 859.984 971.412 1,041.593 1,249.587 1,811.666 1,467.748 1,718.552 1,714.669 1,500.874 1,154.602 1,078.967 933.122 1,017.474 872.226 863.150 1,161.000 893.970 6,577.034     Notes Payable 3,270.375 3,584.714 1,826.601 1,722.165 1.784 3.832 .000 .000 .000 .000 .000 .000 .000 .000 .000 1.558 .000 .000 9.470 .000 .000 .000     Accrued Expenses 2,787.490 2,077.250 1,940.036 2,388.498 2,558.543     Taxes Payable 237.405 300.596 223.962 75.647 349.703 383.200 543.141 816.736 990.165 1,029.177 1,092.889 962.000 727.132 686.256 823.728 697.894 464.499 383.681 412.635 426.000 72.842 96.682     Debt (Long-Term) Due In One Year 1,388.108 1,373.772 1,555.514 654.172 593.306 252.909 732.365 1,416.064 804.817 34.150 666.275 749.302 349.480 .000 9.470 1,000.000 814.506 943.988     Other Current Liabilities 2,081.735 2,415.231 3,485.957 4,764.120 6,662.203 11,223.928 11,729.091 12,834.706 15,562.865 13,024.067 15,845.277 13,851.261 12,931.445 12,625.817 11,427.773 10,150.625 8,716.361 7,748.869 8,318.982 9,275.000 10,314.427 4,981.788 Total Current Liabilities 11,137.040 10,677.870 9,506.759 10,556.711 11,820.325 13,956.144 14,869.339 15,555.201 18,958.002 15,773.901 19,389.083 17,943.994 15,964.268 14,500.825 13,996.743 12,532.501 10,547.814 9,004.776 9,613.707 11,862.000 12,095.745 12,599.492     Long Term Debt 1,865.325 1,589.717 3,081.662 3,078.973 3,120.565 3,190.140 6,074.240 5,437.074 4,359.507 3,812.635 4,591.428 3,283.114 4,167.023 4,824.935 4,183.278 4,467.770 5,566.615 5,459.123 5,504.950 4,479.000 5,477.718 8,025.916     Deferred Taxes (Balance Sheet) 124.355 34.397 106.164 88.523 148.089 375.536 39.532 29.379 79.372 116.952 12.934 9.235 40.396 21.141 11.602 32.714 19.170 12.337 5.412 .000 .000 .000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 3,005.515 2,863.882 2,645.372 2,222.719 2,317.676 2,546.364 8,977.292 6,424.208 4,895.268 7,175.005 9,439.911 7,434.335 9,040.981 10,737.799 8,762.673 10,868.770 9,054.044 9,595.719 8,780.321 8,038.000 9,072.141 9,733.957     Noncontrolling Interest - Redeemable 137.275 149.550 29.086 32.190 26.763 26.824 27.501 33.296 71.435 80.405 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL LIABILITIES 16,269.510 15,315.416 15,369.043 15,979.116 17,433.418 20,095.008 29,987.904 27,479.158 28,363.584 26,958.898 33,433.356 28,670.678 29,212.668 30,084.700 26,954.296 27,901.755 25,187.643 24,071.955 23,904.390 24,379.000 26,645.604 30,359.365 SHAREHOLDERS' EQUITY     Preferred Stock 108.528 397.803 97.146 107.032 118.649 126.456 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 117.572 213.857 110.818 123.127 136.491 147.532 137.504 158.647 178.587 131.571 145.503 138.528 139.833 146.358 147.509 135.529 128.290 107.332 117.702 111.000 115.223 116.824     Capital Surplus 342.380 509.966 543.908 663.114 735.090 789.392 1,344.102 1,647.183 2,424.815 1,809.832 2,009.558 1,922.460 1,940.571 2,031.124 2,070.093 1,945.692 1,841.775 1,540.891 1,689.772 1,591.000 1,654.176 1,677.157     Retained Earnings (Net Other) 11,317.920 9,574.190 8,901.771 8,242.249 9,001.290 8,001.216 3,319.002 6,259.685 9,238.901 8,635.994 5,372.455 6,147.565 4,520.947 3,885.675 3,399.643 800.547 2,448.640 2,602.227 4,616.137 14,021.000 5,400.626 4,440.639     Less: Treasury Stock .000 .000 .000 .000 16.058 13.412 8.594 1.959 3.969 2.012 1.777 1.539 13.663 13.693 13.576 12.300 11.126 8.989 9.512 8,655.000 8.994 Shareholders Equity - Parent 11,886.400 10,695.816 9,653.643 9,135.522 9,975.462 9,051.184 4,792.014 8,063.556 11,838.334 10,575.385 7,525.739 8,207.014 6,587.688 6,049.464 5,603.669 2,869.468 4,407.579 4,241.461 6,414.099 7,068.000 7,161.031 6,234.620 Noncontrolling Interest - Nonredeemable 116.402 109.284 91.668 87.815 61.324 54.523 19.170 32.076 58.175 92.000 137.737 373.299 TOTAL SHAREHOLDERS EQUITY 11,886.400 10,695.816 9,653.643 9,135.522 9,975.462 9,051.184 4,792.014 8,063.556 11,838.334 10,575.385 7,642.141 8,316.298 6,679.356 6,137.279 5,664.993 2,923.991 4,426.749 4,273.537 6,472.274 7,160.000 7,298.768 6,607.919 TOTAL LIABILITIES AND EQUITY 28,155.910 26,011.232 25,022.686 25,114.638 27,408.880 29,146.192 34,779.918 35,542.714 40,201.918 37,534.283 41,075.497 36,986.976 35,892.024 36,221.979 32,619.289 30,825.746 29,614.392 28,345.492 30,376.664 31,539.000 33,944.372 36,967.284 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Sales (Net) 11,374.445 14,425.593 13,148.326 12,998.322 15,265.615 17,636.780 18,939.457 24,155.414 28,393.349 24,371.335 32,938.646 32,472.502 27,609.249 27,027.444 27,950.394 24,036.854 24,754.110 21,947.525 24,787.834 21,439.000 24,243.142 25,885.156     Cost of Goods Sold 9,791.745 12,756.614 11,410.438 11,353.412 13,674.108 15,925.792 17,301.440 22,089.091 25,514.129 21,564.487 29,394.839 28,839.988 24,243.935 23,965.309 24,988.619 21,617.590 22,608.568 19,858.870 22,115.855 19,129.000 21,341.382 22,842.371 Gross Profit 1,582.700 1,668.979 1,737.888 1,644.910 1,591.507 1,710.988 1,638.017 2,066.323 2,879.220 2,806.848 3,543.807 3,632.514 3,365.314 3,062.135 2,961.775 2,419.264 2,145.542 2,088.655 2,671.979 2,310.000 2,901.760 3,042.785     Selling, General, & Admin Expenses Operating Income Before Depreciation 1,582.700 1,668.979 1,737.888 1,644.910 1,591.507 1,710.988 1,638.017 2,066.323 2,879.220 2,806.848 3,543.807 3,632.514 3,365.314 3,062.135 2,961.775 2,419.264 2,145.542 2,088.655 2,671.979 2,310.000 2,901.760 3,042.785     Depreciation, Depletion, & Amortiz 410.210 955.625 924.935 989.843 1,115.125 1,120.860 857.681 826.529 916.747 844.978 976.487 1,120.538 885.609 886.279 817.098 665.180 511.686 412.056 466.751 447.000 807.884 906.390 Operating Income After Depreciation 1,172.490 713.354 812.953 655.067 476.382 590.128 780.336 1,239.794 1,962.473 1,961.870 2,567.320 2,511.976 2,479.705 2,175.856 2,144.677 1,754.084 1,633.856 1,676.599 2,205.228 1,863.000 2,093.876 2,136.395     Interest Expense 167.960 393.317 319.946 387.890 437.129 448.344 1,620.828 1,995.813 1,972.394 1,542.305 1,823.638 1,847.040 1,772.772 304.099 326.508 275.731 258.055 256.610 273.286 260.000 311.234 322.272     Non-Operating Income/Expense 169.575 378.362 362.121 24.143 392.524 459.840 2,036.777 2,557.931 2,742.303 3,125.543 911.818 1,856.274 2,066.421 211.405 304.961 151.106 280.174 14.804 139.349 153.000 370.832 328.986     Special Items -432.820 -430.704 -753.327 -1,282.772 -16.058 -1,046.136 .000 -119.475 -281.771 -78.943 -1,199.591 -298.605 -495.630 143.106 -1,423.707 -255.479 -48.661 -14.804 -537.102 -196.000 Pretax Income 741.285 267.695 101.801 -991.452 415.719 -444.512 1,196.285 1,682.437 2,450.611 3,466.165 455.909 2,222.605 2,277.724 2,226.268 699.423 1,373.980 1,607.314 1,419.989 1,534.189 1,560.000 2,153.474 2,143.109     Income Taxes - Total 211.565 278.164 287.951 112.665 401.446 448.344 194.224 417.181 664.741 881.526 528.661 641.847 320.062 479.729 407.721 202.514 216.766 262.778 338.225 243.000 124.493 302.130     Minority Interest 6.460 8.973 8.726 .000 3.568 1.916 3.438 5.876 41.670 33.623 35.567 44.636 24.859 17.888 13.259 18.694 36.865 30.843 40.587 42.000 74.167 96.682 Income Before EI&DO 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 998.623 1,259.380 1,744.200 2,551.016 -108.319 1,536.122 1,932.803 1,728.651 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297     Extraordinary Items .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 .000 .000 .000 .000 .000 -48.127 1,944.890 43.654 .000 .000 83.116 -6.215 8.131 .000 .000 .000 .000 .000 .000 .000 .000 Net Income (Loss) 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 950.496 3,204.270 1,787.854 2,551.016 -108.319 1,619.238 1,926.588 1,736.782 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297 Income Before EI&DO 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 998.623 1,259.380 1,744.200 2,551.016 -108.319 1,536.122 1,932.803 1,728.651 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297     Preferred Dividends 33.915 31.405 30.541 33.799 37.468 40.236 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 489.345 -50.847 -225.417 -1,137.916 -26.763 -935.008 998.623 1,259.380 1,744.200 2,551.016 -108.319 1,536.122 1,932.803 1,728.651 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjusted Available for Common 489.345 -50.847 -225.417 -1,137.916 -26.763 -935.008 998.623 1,259.380 1,744.200 2,551.016 -108.319 1,536.122 1,932.803 1,728.651 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 1.050 -.060 -.290 -1.490 -.040 -1.230 1.250 1.570 2.060 2.890 -.130 1.790 2.300 2.130 .350 1.460 1.710 1.420 1.450 1.590 2.460 2.190     EPS - Primary, Including EI&DO 1.050 -.060 -.290 -1.490 -.040 -1.230 1.200 3.980 2.110 2.890 -.130 1.880 2.280 2.150 .350 1.460 1.710 1.420 1.450 1.590 2.460 2.190     EPS - Fully Diluted, Excluding EI&DO 1.020 -.060 -.290 -1.490 -.040 -1.230 1.250 1.550 2.040 2.890 -.130 1.770 2.280 2.110 .350 1.450 1.710 1.420 1.450 1.590 2.440 2.180     EPS - Fully Diluted, Including EI&DO 1.020 -.060 -.290 -1.490 -.040 -1.230 1.200 3.860 2.100 2.890 -.130 1.860 2.280 2.130 .350 1.450 1.710 1.420 1.450 1.590 2.440 2.180 COMMON SHARES     Common Shares for Primary EPS Calculation 469.000 748.000 758.500 763.250 764.250 764.500 795.750 806.250 846.500 879.750 883.000 862.750 841.250 811.000 808.500 791.250 790.250 792.750 795.500 798.000 795.750 797.750     Common Shares for Fully Diluted EPS Calc. 518.250 748.000 758.500 763.250 764.250 764.500 833.000 845.500 866.500 882.000 884.000 867.750 845.500 814.500 812.000 793.750 792.750 796.250 799.250 800.250 800.250 802.500     Common Shares Outstanding at Fiscal Yr End 728.500 759.750 762.000 765.000 764.288 764.358 804.313 804.331 878.014 881.740 885.262 852.156 809.061 812.796 802.089 788.293 791.298 793.888 796.442 798.837 801.276 801.276 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Retained Rearnings - Beginning Balance 2,991.377 11,317.920 9,574.190 8,901.771 8,242.249 9,001.290 8,001.216 3,319.002 6,259.685 9,238.901 8,635.994 5,372.455 6,147.565 4,520.947 3,885.675 3,399.643 800.547 2,448.640 2,602.227 4,616.137 14,021.000 5,400.626 Net Income 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 950.496 3,204.270 1,787.854 2,551.016 -108.319 1,619.238 1,926.588 1,736.782 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297 Cash Dividends 161.500 302.091 386.844 452.270 501.360 538.396 577.517 716.848 805.626 698.787 863.318 883.501 941.542 1,008.244 1,057.421 1,000.108 965.863 826.579 925.384 896.000 958.866 1,001.729 Retained Earnings After Dividends 3,353.137 10,996.387 8,992.470 7,345.384 7,751.594 7,568.122 8,374.195 5,806.424 7,241.913 11,091.130 7,664.357 6,108.192 7,132.611 5,249.485 3,106.697 3,552.307 1,188.367 2,748.429 2,832.220 4,995.137 15,016.948 6,143.194 Change - Foreign Currency Translation 120.316 -95.130 -257.116 1,393.916 923.092 -307.780 287.060 25.429 70.703 -18.813 -329.283 -1,153.772 -554.229 147.693 -65.042 374.494 Adj. to Long-Term Marketable Securities .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Other CMP Adj,(Stock Splits/Retirement) 9,155.435 8,039.807 7,908.484 8,465.970 9,581.155 10,306.164 7,899.604 8,233.956 8,788.464 7,465.885 7,675.418 7,103.567 6,694.684 5,689.824 6,305.867 5,914.000 6,177.001 Non-Compustat Adjustments (Plug Calculation) -1,190.652 -9,462.004 -7,999.183 -7,569.105 -8,331.459 -9,873.070 -13,075.113 -7,685.565 -6,534.360 -3,849.052 -3,214.994 347.153 -2,898.724 -8,855.124 -7,453.175 -9,836.514 -5,105.128 -4,682.254 -3,967.721 2,964.170 -15,728.281 -2,077.049 Retained Earnings - Ending Balance 11,317.920 9,574.190 8,901.771 8,242.249 9,001.290 8,001.216 3,319.002 6,259.685 9,238.901 8,635.994 5,372.455 6,147.565 4,520.947 3,885.675 3,399.643 800.547 2,448.640 2,602.227 4,616.137 14,021.000 5,400.626 4,440.639 Retroactive Adjustments (Acct'g Chgs) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 11,317.920 9,574.190 8,901.771 8,242.249 9,001.290 8,001.216 3,319.002 6,259.685 9,238.901 8,635.994 5,372.455 6,147.565 4,520.947 3,885.675 3,399.643 800.547 2,448.640 2,602.227 4,616.137 14,021.000 5,400.626 4,440.639 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 998.623 1,259.380 1,744.200 2,551.016 -72.752 1,580.758 1,957.662 1,746.539 291.702 1,171.466 1,390.548 1,157.211 1,195.964 1,317.000 2,028.981 1,840.979 Depreciation and Amortizations 410.210 955.625 924.935 989.842 1,115.126 826.527 Extraordinary Items and Disc. Operations .000 .000 .000 .000 .000 .000 -27.501 133.185 .000 .000 .000 6.157 -6.215 8.131 .000 .000 .000 .000 .000 .000 .000 .000 Deferred Taxes .000 .000 .000 .000 .000 76.431 -53.037 45.176 72.255 -1.234 -31.117 -20.000 3.973 Equity in Net Loss (Earnings) 41.990 -34.397 27.632 177.045 66.015 132.204 -214.850 -74.427 -121.042 -73.095 -203.704 -98.509 -66.809 1.626 -26.518 -31.156 -101.747 -64.152 -59.528 -105.000 -34.434 -56.398 Sale of PPEq and Investments - Loss (Gain) -6.460 -43.370 -61.081 -35.409 -41.037 -51.732 -49.845 -307.500 -182.556 -403.484 -137.420 -21.549 -35.735 -198.396 -41.435 -49.850 -67.832 -20.973 4.059 -12.000 -23.839 -55.055 Funds from Operations - Other -101.745 14.955 66.898 -444.222 30.331 2,189.988 1,039.874 -1,492.453 1,972.394 970.702 3,441.955 988.166 377.548 -198.396 2,517.591 668.297 412.888 814.241 1,586.952 733.000 724.446 -323.615 Receivables - Decrease (Increase) 197.030 2,422.710 -1,041.280 -199.578 726.911 -455.785 306.887 88.476 -114.734 -607.452 -965.000 -637.036 .000 Inventory - Decrease (Increase) 161.500 70.289 -494.462 360.528 33.900 -134.120 92.815 54.841 -373.048 67.246 9.700 489.466 -132.065 9.756 -58.009 -1.558 -8.848 117.202 -39.234 -20.000 -100.654 32.227 Accounts/P and Accrued Liabs - Inc(Dec) -660.535 -867.390 890.032 -621.267 Income Taxes - Accrued - Increase(Decrease) Other Assets and Liabilities - Net Change -71.060 333.497 588.992 803.141 230.162 2,569.356 1,478.168 603.250 726.253 -798.197 -278.072 -1,354.495 -1,208.777 1,513.993 -2,199.370 -968.952 -799.233 -324.463 614.217 674.000 341.695 163.822 Operating Actiities - Net Cash Flow 494.190 2,832.477 706.790 -74.037 1,445.202 3,810.924 3,317.284 1,002.803 3,766.201 2,314.188 2,759.707 1,589.994 885.609 3,686.595 -24.861 1,140.310 986.507 1,563.098 2,663.861 1,602.000 2,303.132 1,601.960 INVESTING ACTIVITIES Investments - Increase .000 .000 4.363 133.815 95.800 49.845 17.627 3.969 17.543 1.617 35.402 1.554 9.757 8.287 3.116 11.798 6.169 4.059 Sale of Investments .000 .000 13.089 3.219 5.353 .000 359.229 3,807.517 438.530 222.209 116.402 4.617 1.554 .000 .000 .000 1.475 .000 .000 Short term Investments - Change 377.910 743.264 235.597 -32.190 367.545 -1,013.564 .000 .000 .000 Capital Expenditures 495.805 559.317 417.385 441.003 433.561 645.692 546.578 820.654 609.180 760.189 780.866 606.444 557.778 583.806 391.147 409.701 529.381 503.350 526.278 456.000 476.784 516.978 Sale of Property Plant and Equipment 61.370 140.577 106.164 177.045 119.541 250.996 51.564 264.411 25.796 64.324 58.202 104.666 Acquisitions 2,220.625 2,400.278 .000 78.866 110.620 1,053.800 3,667.919 23.503 3,422.918 1,573.004 523.811 275.517 826.568 8.131 1.657 358.294 7.373 .000 4.059 -18.000 15.893 2,290.816 Investing Activities - Other 289.085 -38.883 -23.269 111.056 .000 .000 1,010.654 -434.808 956.434 333.313 -299.090 124.675 1,037.870 318.735 172.370 758.649 162.206 -284.984 -50.057 -69.000 -2.649 36.256 Investing Activites - Net Cash Flow -1,988.065 -2,114.637 -90.167 -260.739 -185.557 -2,557.860 -2,842.895 2,775.336 -2,615.307 -1,730.890 -1,430.780 -683.405 -346.476 -282.959 -228.721 -12.462 -384.871 -794.503 -584.453 -507.000 -495.326 -2,771.538 FINANCING ACTIVITIES Sale of Common and Preferred Stock 69.445 106.181 43.629 51.504 .000 .000 641.112 103.806 1,597.362 23.390 8.084 9.235 .000 .000 1.475 3.701 1.000 .000 .000 Purchase of Common and Preferred Stock .000 .000 .000 .000 .000 .000 .000 242.866 400.829 62.862 40.418 809.619 790.833 26.019 351.369 437.742 1.353 .000 .000 Cash Dividends 161.500 302.091 386.844 452.270 501.360 538.396 577.517 716.848 805.626 698.787 863.318 883.501 941.542 1,008.244 1,057.421 1,000.108 965.863 826.579 925.384 896.000 958.866 1,001.729 Long Term Debt - Issuance 2,659.905 .000 690.793 3.219 3.568 .000 1,727.395 129.268 .000 .000 1,487.364 2,027.127 4,184.114 3,029.611 .000 1,057.746 2,396.225 .000 .000 .000 .000 3,579.905 Long Term Debt - Reduction 6.460 290.128 14.543 434.565 681.564 323.804 766.585 1,892.008 1,601.330 473.656 236.038 2,436.554 3,947.952 3,211.745 .000 620.004 1,673.671 352.838 .000 9.000 1,352.212 996.358 Current Debt - Changes .000 .000 Financing Activities - Other .000 .000 .000 .000 .000 .000 .000 .000 -1.984 -504.356 32.334 -221.645 -87.007 -214.658 -112.703 6.231 -36.865 602.045 -419.399 -284.000 -287.395 -275.274 Financing Activities - Net Cash Flow 2,561.390 -486.038 333.035 -832.112 -1,179.356 -862.200 1,024.405 -2,618.648 -1,212.407 -1,716.271 388.008 -2,314.957 -1,583.220 -1,431.055 -1,521.493 -993.877 -278.699 -573.671 -1,346.136 -1,188.000 -2,598.473 1,306.544 Exchange Rate Effect .000 .000 .000 .000 -53.283 -17.627 5.953 488.275 17.784 60.029 9.322 -24.393 -67.953 7.789 7.373 93.761 -66.292 52.000 -63.571 -29.542 Cash and Cash Equivalents - Change 1,067.515 231.802 949.658 -1,166.888 80.289 390.864 1,445.511 1,141.864 -55.560 -644.698 1,734.719 -1,348.339 -1,034.765 1,948.188 -1,843.028 141.760 330.310 288.685 666.980 -41.000 -854.238 107.424 OTHER INFORMATION Interest Paid - Net< 171.190 327.515 329.384 276.454 293.360 236.786 265.428 246.740 275.992 259.000 308.585 304.816 Income Taxes Paid 130.815 88.235 399.301 187.013 228.721 143.318 171.054 230.702 307.108 255.000 333.749 337.043 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Receivables - Trade 4,935.440 2,394.296 827.497 949.605 785.048 783.644 2,490.541 3,180.766 4,349.586 4,300.910 4,893.751 4,212.790 4,070.694 3,532.106 4,209.797 3,509.723 3,453.514 3,353.197 3,936.938 4,790.000 5,369.117 Income Tax Refund .000 .000 .000 .000 .000 .000 34.376 5.876 .000 .000 .000 .000 .000 17.888 13.259 10.905 5.898 6.169 27.058 103.000 25.164 8.057 Receivables - Other - Current 876.945 830.003 2,953.682 3,474.910 4,009.098 2,948.724 505.327 867.660 1,031.836 915.149 777.633 780.374 747.330 700.892 440.868 538.999 507.262 408.354 530.337 502.000 618.495 7,373.316 Receivables - Total (Net) 5,812.385 3,224.299 3,781.179 4,424.515 4,794.146 3,732.368 3,030.244 4,054.302 5,381.422 5,216.059 5,671.384 4,993.164 4,818.024 4,250.886 4,663.924 4,059.627 3,966.674 3,767.720 4,494.333 5,395.000 6,012.776 7,381.373 Inventories - Raw Materials 218.025 250.945 195.860 565.526 540.903 504.410 441.751 428.821 330.119 376.230 294.424 290.496 315.827 351.754 450.000 496.650 Inventories - Work In Process 2,088.195 381.573 401.513 603.226 619.845 729.132 377.104 389.979 626.087 631.469 683.874 670.944 513.219 510.044 407.000 460.891 Inventories - Finished Goods 167.960 201.100 176.274 222.242 192.971 200.471 172.390 293.649 108.955 119.333 96.584 109.120 88.827 116.349 129.000 148.333 Inventories - Other 43.605 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Inventories - Total 2,517.785 2,297.088 1,521.198 1,236.096 1,382.755 1,714.820 833.618 773.647 1,390.994 1,353.719 1,434.013 991.245 1,112.449 1,065.161 1,127.032 1,074.882 1,070.560 917.873 978.147 986.000 1,105.874 1,152.122 LESS: Debt (Long Term) Due In One Year -1,388.108 -1,373.772 -1,555.514 -654.172 -593.306 -252.909 -732.365 -1,416.064 -804.817 -34.150 -666.275 -749.302 -349.480 .000 -9.470 -1,000.000 -814.506 -943.988 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 .000 .000 412.512 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 261.630 239.280 174.516 193.140 1,982.245 233.752 501.890 1.959 1.984 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Debentures 888.250 822.525 2,585.746 2,737.759 1,016.994 2,862.504 3,370.567 3,227.772 2,966.529 3,001.281 3,939.898 2,713.610 4,167.023 4,824.935 4,183.278 4,467.770 5,566.615 5,459.123 5,504.950 4,479.000 3,999.688 Debt - Long Term - Other 692.835 486.038 306.857 144.855 121.326 90.052 1,668.955 2,146.626 1,351.308 799.659 649.913 569.504 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Capitalized Lease Obligations 22.610 41.874 14.543 3.219 .000 3.832 120.316 60.717 39.686 11.695 1.617 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,478.030 Long Term Debt Total 1,865.325 1,589.717 3,081.662 3,078.973 3,120.565 3,190.140 6,074.240 5,437.074 4,359.507 3,812.635 4,591.428 3,283.114 4,167.023 4,824.935 4,183.278 4,467.770 5,566.615 5,459.123 5,504.950 4,479.000 5,477.718 8,025.916 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 495.805 559.317 417.385 441.003 433.561 645.692 546.578 820.654 609.180 760.189 780.866 606.444 557.778 583.806 391.147 409.701 529.381 503.350 526.278 456.000 476.784 516.978 Retirements Other Changes Ending Balance 6,731.320 7,310.004 5,839.015 6,269.003 6,924.480 7,457.072 6,705.039 7,828.524 8,101.897 7,787.541 8,899.934 9,018.173 8,054.381 8,308.256 8,018.501 6,971.155 6,747.770 6,668.149 7,365.188 7,281.000 9,227.095 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 3,231.615 3,786.606 3,256.178 3,518.367 3,893.124 4,102.156 3,776.204 4,408.809 4,581.749 4,211.734 4,774.115 4,840.784 4,176.346 4,592.389 4,809.775 4,495.811 4,243.899 4,079.846 4,348.221 4,267.000 4,492.365 Deferred Taxes - Federal Deferred Taxes - Foreign 20.973 36.528 18.000 2.649 Deferred Taxes - State Income Taxes - Federal Income Taxes - Foreign 208.495 162.348 180.000 -117.872 Income Taxes - State Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 211.565 278.164 287.951 112.665 401.446 448.344 194.224 417.181 664.741 881.526 528.661 641.847 320.062 479.729 407.721 202.514 216.766 262.778 338.225 243.000 124.493 302.130 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Acquisitions - Income Contribution .000 .000 Acquisitions - Sales Contribution .000 .000 Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 117.000 114.400 114.000 110.900 108.200 102.900 95.700 Common Shares Traded (Calendar Yr) .000 Compensating Balance Convertible Debt and Preferred Stock 108.528 397.803 97.146 107.032 118.649 126.456 412.512 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 239.280 205.056 56.333 53.526 348.947 .000 9.870 1,002.499 498.000 Debt (Long Term) Maturing Due in 3 Years .000 8.848 999.297 497.867 500.000 Debt (Long Term) Maturing Due in 4 Years Years 9.347 1,002.728 197.181 499.220 509.000 Debt (Long Term) Maturing Due in 5 Years 1,000.108 496.940 498.415 538.454 .000 Debt - Long-Term Debt - Tied to Prime 1,989.680 2,400.278 1,906.587 2,287.100 1,338.150 1,812.536 1,006.042 1,000.108 1,807.860 1,233.700 1,352.900 1,194.000 1,193.285 Debt - Martgages and Other Securities 231.803 173.062 148.074 3.832 120.316 60.717 39.686 11.695 1.617 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,478.030 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Dividends (Cash)per Share Ex-Date .000 .539 .547 .610 .612 .681 .695 .813 .957 .956 .990 .994 1.158 1.192 1.236 1.325 1.251 1.148 1.129 1.150 1.152 1.210 Dividends (Cash) - Common 326.230 415.749 399.933 452.270 538.828 557.556 541.422 677.676 785.783 698.788 863.318 883.501 941.542 1,008.244 1,057.421 1,000.108 965.863 826.579 925.384 896.000 958.866 Dividends (Cash) - Preferred 33.915 31.405 30.541 33.799 37.468 40.236 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 83.400 85.000 70.100 68.100 92.500 97.500 98.500 88.600 88.000 94.000 98.000 98.200 93.500 88.200 84.600 83.400 82.500 83.100 83.200 85.800 87.800 89.600 Equity in Earnings - Unconsolidated Subs 28,155.910 26,011.232 25,022.686 25,114.638 27,408.880 29,146.192 34,779.918 35,542.714 40,201.918 37,534.283 41,075.497 36,986.976 35,892.024 36,221.979 32,619.289 30,825.746 29,614.392 28,345.492 30,376.664 31,539.000 33,944.372 36,967.284 Foreign Currency Translation Adj - Bal. Sheet .000 .000 .000 .000 .000 -201.180 .000 .000 .000 465.093 58.009 465.783 788.911 2,308.253 1,670.832 2,089.000 1,708.476 Foreign Currency Translation Adj - Inc. Stmnt. 120.316 -215.446 -41.670 1,435.586 -512.494 204.714 82.346 -56.917 127.620 -146.433 -182.850 -970.922 416.693 -269.000 203.958 170.536 Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Interest Capitalized - Net Income Effect Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses 2,667.980 4,326.482 4,093.855 4,498.553 5,291.937 5,939.600 6,108.615 6,412.456 7,786.393 6,751.054 9,061.604 8,670.314 8,321.617 8,594.467 8,376.500 7,519.501 7,449.679 6,711.328 7,887.407 7,489.000 8,498.675 LIFO Reserve Order Backlog 36,600.000 61,315.500 63,698.340 68,403.750 82,073.200 95,991.600 102,784.240 62,087.620 76,593.980 67,978.350 75,823.230 61,106.240 56,243.940 68,950.880 70,770.980 63,090.900 54,265.280 51,815.400 55,739.480 61,686.000 60,127.760 60,694.560 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value 108.528 397.803 97.146 107.032 118.649 126.456 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value 397.803 97.146 107.032 118.649 126.456 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases Price - Calendar Year Close 26.400 22.825 18.003 7.985 12.048 17.702 26.215 33.330 39.653 21.667 23.222 20.667 17.723 21.905 28.819 29.439 29.455 29.236 31.005 23.393 29.929 26.726 Price - Calendar Year High 27.147 27.247 22.712 22.432 12.610 19.934 26.785 33.435 42.965 40.288 23.754 24.049 23.091 23.417 30.096 31.032 33.305 30.604 34.737 35.593 31.012 34.679 Price - Calendar Year Low 26.262 17.759 15.516 6.562 6.568 11.786 16.952 24.026 31.967 18.722 18.332 18.117 15.653 16.618 20.333 25.255 26.121 24.661 28.162 22.755 22.368 20.173 Price - Fiscal Year Close 26.400 22.825 18.003 7.985 12.048 17.702 26.215 33.330 39.653 21.667 23.222 20.667 17.723 21.905 28.819 29.439 29.455 29.236 31.005 23.393 29.929 26.726 Receivables - Estimated Doubtful 50.412 44.750 43.618 36.865 49.348 47.352 38.000 26.488 Rental Commitments - Minimum Year+1 4.845 20.937 18.906 27.362 17.842 91.968 113.441 236.991 248.038 258.756 291.006 341.702 285.881 39.029 38.120 331.811 327.361 314.594 339.578 358.000 Rental Commitments - Minimum Year+2 Rental Commitments - Minimum Year+3 Rental Commitments - Minimum Year+4 Rental Commitments - Minimum Year+5 Rental Expense 224.485 185.442 142.521 127.151 185.557 191.600 140.942 166.481 222.242 220.747 269.989 272.438 276.559 307.352 306.619 376.988 378.972 350.371 399.106 366.000 46.354 Rental Income 73.908 84.220 91.278 68.709 80.835 73.882 66.809 65.048 67.953 63.870 61.933 51.816 52.763 47.000 38.407 Research and Development Expense 1,406.665 2,247.737 2,540.662 2,580.029 3,056.335 3,295.520 2,490.541 2,444.333 2,897.078 1,526.224 1,864.055 1,997.882 1,785.201 1,850.616 1,741.927 2,092.125 1,862.420 1,746.919 2,132.170 270.000 296.666 Tax Loss Carry Forward .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Common .000 .000 .000 .000 16.058 13.412 8.594 1.959 3.969 2.012 1.777 1.539 13.663 13.693 13.576 12.300 11.126 8.989 9.512 8,655.000 8.994 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares .000 .000 .000 .000 .712 .642 .437 7.169 15.486 13.760 10.988 44.594 87.939 84.204 81.911 78.957 75.452 72.862 70.308 67.913 65.474 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Cash & Equivalents 4,076.260 3,939.148 3,743.368 2,745.807 2,967.125 4,611.812 5,525.943 7,056.834 6,401.352 3,836.026 6,311.597 4,729.962 3,326.472 5,455.901 3,682.743 3,595.402 3,741.060 3,416.115 4,425.336 4,120.000 3,426.223 3,716.870 Receivables - Total (Net) 5,812.385 3,224.299 3,781.179 4,424.515 4,794.146 3,732.368 3,030.244 4,054.302 5,381.422 5,216.059 5,671.384 4,993.164 4,818.024 4,250.886 4,663.924 4,059.627 3,966.674 3,767.720 4,494.333 5,395.000 6,012.776 7,381.373 Inventories - Total 2,517.785 2,297.088 1,521.198 1,236.096 1,382.755 1,714.820 833.618 773.647 1,390.994 1,353.719 1,434.013 991.245 1,112.449 1,065.161 1,127.032 1,074.882 1,070.560 917.873 978.147 986.000 1,105.874 1,152.122 Prepaid Expenses 343.995 275.172 405.750 304.196 378.250 346.796 230.319 364.300 438.530 384.480 413.875 484.848 416.392 439.075 384.517 391.008 374.548 315.827 384.224 1,306.000 1,240.963 Current Assets - Other 560.405 662.505 821.680 869.130 1,099.067 1,358.444 92.815 97.931 335.347 1,005.787 376.691 523.328 240.823 136.601 366.285 190.052 184.325 254.142 155.584 398.000 456.918 380.012 Current Assets - Total 13,310.830 10,398.212 10,273.175 9,579.744 10,621.343 11,764.240 9,712.939 12,347.014 13,947.645 11,796.071 14,207.560 11,722.547 9,914.160 11,347.624 10,224.501 9,310.971 9,337.167 8,671.677 10,437.624 12,205.000 12,242.754 12,630.377 Plant, Property & Equip (Gross) 6,731.320 7,310.004 5,839.015 6,269.002 6,924.480 7,457.072 6,705.039 7,828.525 8,101.897 7,787.541 8,899.933 9,018.173 8,054.381 8,308.256 8,018.501 6,971.155 6,747.770 6,668.149 7,365.188 7,281.000 9,227.095 Accumulated Depreciation 3,231.615 3,786.606 3,256.178 3,518.367 3,893.124 4,102.156 3,776.204 4,408.809 4,581.749 4,211.734 4,774.115 4,840.784 4,176.346 4,592.389 4,809.775 4,495.811 4,243.899 4,079.846 4,348.221 4,267.000 4,492.365 Plant, Property & Equip (Net) 3,499.705 3,523.398 2,582.837 2,750.635 3,031.356 3,354.916 2,928.835 3,419.716 3,520.148 3,575.807 4,125.818 4,177.389 3,878.035 3,715.867 3,208.726 2,475.344 2,503.871 2,588.303 3,016.967 3,014.000 4,734.730 4,979.102 Investments at Equity 1,025.525 1,028.904 2,068.015 2,402.984 2,881.483 3,080.928 2,975.243 1,314.221 1,549.738 1,511.605 1,367.728 1,211.350 1,216.547 430.943 469.044 356.736 368.650 368.876 519.514 547.000 566.843 549.205 Investments and Advances - Other 20.995 29.910 50.901 53.114 169.499 126.456 390.168 262.452 742.128 350.856 441.359 558.730 590.407 224.416 308.276 249.248 212.342 576.138 668.333 169.000 331.100 171.878 Intangibles 10,279.475 11,000.898 10,047.758 10,328.161 10,705.199 10,819.652 14,123.379 14,875.567 18,967.924 17,990.142 18,192.726 17,263.667 17,813.170 17,771.113 16,134.789 15,551.517 14,918.529 13,896.397 14,040.395 13,583.000 13,735.352 15,771.187 Deferred Charges .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Assets - Other 19.380 29.910 .000 .000 .000 .000 4,649.354 3,323.744 1,474.335 2,309.802 2,740.306 2,053.293 2,479.705 2,732.016 2,273.953 2,881.930 2,273.833 2,244.101 1,693.831 2,021.000 2,333.593 2,865.535 TOTAL ASSETS 28,155.910 26,011.232 25,022.686 25,114.638 27,408.880 29,146.192 34,779.918 35,542.714 40,201.918 37,534.283 41,075.497 36,986.976 35,892.024 36,221.979 32,619.289 30,825.746 29,614.392 28,345.492 30,376.664 31,539.000 33,944.372 36,967.284 Accounts Payable 2,760.035 2,300.079 2,030.203 1,606.281 859.984 971.412 1,041.593 1,249.587 1,811.666 1,467.748 1,718.552 1,714.669 1,500.874 1,154.602 1,078.967 933.122 1,017.474 872.226 863.150 1,161.000 893.970 6,577.034 Notes Payable 3,270.375 3,584.714 1,826.601 1,722.165 1.784 3.832 .000 .000 .000 .000 .000 .000 .000 .000 .000 1.558 .000 .000 9.470 .000 .000 .000 Accrued Expenses 2,787.490 2,077.250 1,940.036 2,388.498 2,558.543 Taxes Payable 237.405 300.596 223.962 75.647 349.703 383.200 543.141 816.736 990.165 1,029.177 1,092.889 962.000 727.132 686.256 823.728 697.894 464.499 383.681 412.635 426.000 72.842 96.682 Debt (Long-Term) Due In One Year 1,388.108 1,373.772 1,555.514 654.172 593.306 252.909 732.365 1,416.064 804.817 34.150 666.275 749.302 349.480 .000 9.470 1,000.000 814.506 943.988 Other Current Liabilities 4,869.225 4,492.481 5,425.993 7,152.618 9,220.746 11,223.928 11,729.091 12,834.706 15,562.865 13,024.067 15,845.277 13,851.261 12,931.445 12,625.817 11,427.773 10,150.625 8,716.361 7,748.869 8,318.982 9,275.000 10,314.427 4,981.788 Total Current Liabilities 11,137.040 10,677.870 9,506.759 10,556.711 11,820.325 13,956.144 14,869.339 15,555.201 18,958.002 15,773.901 19,389.083 17,943.994 15,964.268 14,500.825 13,996.743 12,532.501 10,547.814 9,004.776 9,613.707 11,862.000 12,095.745 12,599.492 Long Term Debt 1,865.325 1,589.717 3,081.662 3,078.973 3,120.565 3,190.140 6,074.240 5,437.074 4,359.507 3,812.635 4,591.428 3,283.114 4,167.023 4,824.935 4,183.278 4,467.770 5,566.615 5,459.123 5,504.950 4,479.000 5,477.718 8,025.916 Deferred Taxes (Balance Sheet) 124.355 34.397 106.164 88.523 148.089 375.536 39.532 29.379 79.372 116.952 12.934 9.235 40.396 21.141 11.602 32.714 19.170 12.337 5.412 .000 .000 .000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 3,005.515 2,863.882 2,645.372 2,222.719 2,317.676 2,546.364 8,977.292 6,424.208 4,895.268 7,175.005 9,439.911 7,434.335 9,040.981 10,737.799 8,762.673 10,868.770 9,054.044 9,595.719 8,780.321 8,038.000 9,072.141 9,733.957 TOTAL LIABILITIES 16,269.510 15,315.416 15,369.043 15,979.116 17,433.418 20,095.008 29,987.904 27,479.158 28,363.584 26,958.898 33,433.356 28,670.678 29,212.668 30,084.700 26,954.296 27,901.755 25,187.643 24,071.955 23,904.390 24,379.000 26,645.604 30,359.365 Noncontrolling Interest - Redeemable 137.275 149.550 29.086 32.190 26.763 26.824 27.501 33.296 71.435 80.405 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock 108.528 397.803 97.146 107.032 118.649 126.456 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 117.572 213.857 110.818 123.127 136.491 147.532 137.504 158.647 178.587 131.571 145.503 138.528 139.833 146.358 147.509 135.529 128.290 107.332 117.702 111.000 115.223 116.824 Capital Surplus 342.380 509.966 543.908 663.114 735.090 789.392 1,344.102 1,647.183 2,424.815 1,809.832 2,009.558 1,922.460 1,940.571 2,031.124 2,070.093 1,945.692 1,841.775 1,540.891 1,689.772 1,591.000 1,654.176 1,677.157 Retained Earnings (Net Other) 11,317.920 9,574.190 8,901.771 8,242.249 9,001.290 8,001.216 3,319.002 6,259.685 9,238.901 8,635.994 5,372.455 6,147.565 4,520.947 3,885.675 3,399.643 800.547 2,448.640 2,602.227 4,616.137 14,021.000 5,400.626 4,440.639 Less: Treasury Stock .000 .000 .000 .000 16.058 13.412 8.594 1.959 3.969 2.012 1.777 1.539 13.663 13.693 13.576 12.300 11.126 8.989 9.512 8,655.000 8.994 Shareholders Equity - Parent 11,886.400 10,695.816 9,653.643 9,135.522 9,975.462 9,051.184 4,792.014 8,063.556 11,838.334 10,575.385 7,525.739 8,207.014 6,587.688 6,049.464 5,603.669 2,869.468 4,407.579 4,241.461 6,414.099 7,068.000 7,161.031 6,234.620 Noncontrolling Interest - Nonredeemable 116.402 109.284 91.668 87.815 61.324 54.523 19.170 32.076 58.175 92.000 137.737 373.299 TOTAL SHAREHOLDERS EQUITY 11,886.400 10,695.816 9,653.643 9,135.522 9,975.462 9,051.184 4,792.014 8,063.556 11,838.334 10,575.385 7,642.141 8,316.298 6,679.356 6,137.279 5,664.993 2,923.991 4,426.749 4,273.537 6,472.274 7,160.000 7,298.768 6,607.919 Sales (Net) 11,374.445 14,425.593 13,148.326 12,998.322 15,265.615 17,636.780 18,939.457 24,155.414 28,393.349 24,371.335 32,938.646 32,472.502 27,609.249 27,027.444 27,950.394 24,036.854 24,754.110 21,947.525 24,787.834 21,439.000 24,243.142 25,885.156 Cost of Goods Sold 9,791.745 12,756.614 11,410.438 11,353.412 13,674.108 15,925.792 17,301.440 22,089.091 25,514.129 21,564.487 29,394.839 28,839.988 24,243.935 23,965.309 24,988.619 21,617.590 22,608.568 19,858.870 22,115.855 19,129.000 21,341.382 22,842.371 Gross Profit 1,582.700 1,668.979 1,737.888 1,644.910 1,591.507 1,710.988 1,638.017 2,066.323 2,879.220 2,806.848 3,543.807 3,632.514 3,365.314 3,062.135 2,961.775 2,419.264 2,145.542 2,088.655 2,671.979 2,310.000 2,901.760 3,042.785 Selling, General, & Admin Expenses Operating Income Before Depreciation 1,582.700 1,668.979 1,737.888 1,644.910 1,591.507 1,710.988 1,638.017 2,066.323 2,879.220 2,806.848 3,543.807 3,632.514 3,365.314 3,062.135 2,961.775 2,419.264 2,145.542 2,088.655 2,671.979 2,310.000 2,901.760 3,042.785 Depreciation, Depletion, & Amortization 410.210 955.625 924.935 989.843 1,115.125 1,120.860 857.681 826.529 916.747 844.978 976.487 1,120.538 885.609 886.279 817.098 665.180 511.686 412.056 466.751 447.000 807.884 906.390 Operating Income After Depreciation 1,172.490 713.354 812.953 655.067 476.382 590.128 780.336 1,239.794 1,962.473 1,961.870 2,567.320 2,511.976 2,479.705 2,175.856 2,144.677 1,754.084 1,633.856 1,676.599 2,205.228 1,863.000 2,093.876 2,136.395 Interest Expense 167.960 393.317 319.946 387.890 437.129 448.344 1,620.828 1,995.813 1,972.394 1,542.305 1,823.638 1,847.040 1,772.772 304.099 326.508 275.731 258.055 256.610 273.286 260.000 311.234 322.272 Non-Operating Income/Expense 169.575 378.362 362.121 24.143 392.524 459.840 2,036.777 2,557.931 2,742.303 3,125.543 911.818 1,856.274 2,066.421 211.405 304.961 151.106 280.174 14.804 139.349 153.000 370.832 328.986 Special Items -432.820 -430.704 -753.327 -1,282.772 -16.058 -1,046.136 .000 -119.475 -281.771 -78.943 -1,199.591 -298.605 -495.630 143.106 -1,423.707 -255.479 -48.661 -14.804 -537.102 -196.000 Pretax Income 741.285 267.695 101.801 -991.452 415.719 -444.512 1,196.285 1,682.437 2,450.611 3,466.165 455.909 2,222.605 2,277.724 2,226.268 699.423 1,373.980 1,607.314 1,419.989 1,534.189 1,560.000 2,153.474 2,143.109 Income Taxes - Total 211.565 278.164 287.951 112.665 401.446 448.344 194.224 417.181 664.741 881.526 528.661 641.847 320.062 479.729 407.721 202.514 216.766 262.778 338.225 243.000 124.493 302.130 Minority Interest 6.460 8.973 8.726 .000 3.568 1.916 3.438 5.876 41.670 33.623 35.567 44.636 24.859 17.888 13.259 18.694 36.865 30.843 40.587 42.000 74.167 96.682 INCOME BEFORE EI&DO 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 998.623 1,259.380 1,744.200 2,551.016 -108.319 1,536.122 1,932.803 1,728.651 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297 Extraordinary Items .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 .000 .000 .000 .000 .000 -48.127 1,944.890 43.654 .000 .000 83.116 -6.215 8.131 .000 .000 .000 .000 .000 .000 .000 .000 Net Income (Loss) 523.260 -19.442 -194.876 -1,104.117 10.705 -894.772 950.496 3,204.270 1,787.854 2,551.016 -108.319 1,619.238 1,926.588 1,736.782 278.443 1,152.772 1,353.683 1,126.368 1,155.377 1,275.000 1,954.814 1,744.297 Preferred Dividends 33.915 31.405 30.541 33.799 37.468 40.236 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 1.050 -.060 -.290 -1.490 -.040 -1.230 1.250 1.570 2.060 2.890 -.130 1.790 2.300 2.130 .350 1.460 1.710 1.420 1.450 1.590 2.460 2.190 EPS - Primary - Including EI&DO 1.050 -.060 -.290 -1.490 -.040 -1.230 1.200 3.980 2.110 2.890 -.130 1.880 2.280 2.150 .350 1.460 1.710 1.420 1.450 1.590 2.460 2.190 EPS - Fully Diluted - Excluding EI&DO 1.020 -.060 -.290 -1.490 -.040 -1.230 1.250 1.550 2.040 2.890 -.130 1.770 2.280 2.110 .350 1.450 1.710 1.420 1.450 1.590 2.440 2.180 EPS - Fully Diluted - Including EI&DO 1.020 -.060 -.290 -1.490 -.040 -1.230 1.200 3.860 2.100 2.890 -.130 1.860 2.280 2.130 .350 1.450 1.710 1.420 1.450 1.590 2.440 2.180 SHARES - for Primary EPS Calculation 469.000 748.000 758.500 763.250 764.250 764.500 795.750 806.250 846.500 879.750 883.000 862.750 841.250 811.000 808.500 791.250 790.250 792.750 795.500 798.000 795.750 797.750 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 518.250 748.000 758.500 763.250 764.250 764.500 833.000 845.500 866.500 882.000 884.000 867.750 845.500 814.500 812.000 793.750 792.750 796.250 799.250 800.250 800.250 802.500 SHARES - Outstanding at Fiscal Year End 728.500 759.750 762.000 765.000 764.288 764.358 804.313 804.331 878.014 881.740 885.262 852.156 809.061 812.796 802.089 788.293 791.298 793.888 796.442 798.837 801.276 801.276 Operating Activities - Net Cash Flow 494.190 2,832.477 706.790 -74.037 1,445.202 3,810.924 3,317.284 1,002.803 3,766.201 2,314.188 2,759.707 1,589.994 885.609 3,686.595 -24.861 1,140.310 986.507 1,563.098 2,663.861 1,602.000 2,303.132 1,601.960 Capital Expenditures 495.805 559.317 417.385 441.003 433.561 645.692 546.578 820.654 609.180 760.189 780.866 606.444 557.778 583.806 391.147 409.701 529.381 503.350 526.278 456.000 476.784 516.978 Sale of Property Plant and Equipment 61.370 140.577 106.164 177.045 119.541 250.996 51.564 264.411 25.796 64.324 58.202 104.666 Acquisitions 2,220.625 2,400.278 .000 78.866 110.620 1,053.800 3,667.919 23.503 3,422.918 1,573.004 523.811 275.517 826.568 8.131 1.657 358.294 7.373 .000 4.059 -18.000 15.893 2,290.816 Investing Activites - Net Cash Flow -1,988.065 -2,114.637 -90.167 -260.739 -185.557 -2,557.860 -2,842.895 2,775.336 -2,615.307 -1,730.890 -1,430.780 -683.405 -346.476 -282.959 -228.721 -12.462 -384.871 -794.503 -584.453 -507.000 -495.326 -2,771.538 Cash Dividends 161.500 302.091 386.844 452.270 501.360 538.396 577.517 716.848 805.626 698.787 863.318 883.501 941.542 1,008.244 1,057.421 1,000.108 965.863 826.579 925.384 896.000 958.866 1,001.729 CASH STATEMENT - SOURCE & USE Interest Paid - Net 171.190 327.515 329.384 276.454 293.360 236.786 265.428 246.740 275.992 259.000 308.585 304.816 Income Taxes Paid 130.815 88.235 399.301 187.013 228.721 143.318 171.054 230.702 307.108 255.000 333.749 337.043 Funds From Operations - Total Current Debt - Changes .000 .000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .000 .539 .547 .610 .612 .681 .695 .813 .957 .956 .990 .994 1.158 1.192 1.236 1.325 1.251 1.148 1.129 1.150 1.152 1.210 Dividends (Cash) - Common 326.230 415.749 399.933 452.270 538.828 557.556 541.422 677.676 785.783 698.788 863.318 883.501 941.542 1,008.244 1,057.421 1,000.108 965.863 826.579 925.384 896.000 958.866 Dividends (Cash) - Preferred 33.915 31.405 30.541 33.799 37.468 40.236 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value 108.528 397.803 97.146 107.032 118.649 126.456 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value 397.803 97.146 107.032 118.649 126.456 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 26.400 22.825 18.003 7.985 12.048 17.702 26.215 33.330 39.653 21.667 23.222 20.667 17.723 21.905 28.819 29.439 29.455 29.236 31.005 23.393 29.929 26.726 Price - Fiscal Year Close 26.400 22.825 18.003 7.985 12.048 17.702 26.215 33.330 39.653 21.667 23.222 20.667 17.723 21.905 28.819 29.439 29.455 29.236 31.005 23.393 29.929 26.726 Receivables - Estimated Doubtful 50.412 44.750 43.618 36.865 49.348 47.352 38.000 26.488 Rental Expense 224.485 185.442 142.521 127.151 185.557 191.600 140.942 166.481 222.242 220.747 269.989 272.438 276.559 307.352 306.619 376.988 378.972 350.371 399.106 366.000 46.354 Research and Development Expense 1,406.665 2,247.737 2,540.662 2,580.029 3,056.335 3,295.520 2,490.541 2,444.333 2,897.078 1,526.224 1,864.055 1,997.882 1,785.201 1,850.616 1,741.927 2,092.125 1,862.420 1,746.919 2,132.170 270.000 296.666 RTNraw NAME: RAYTHEON CO TICKER SYMBOL: RTN PRIMARY SIC CODE: 3812 STOCK EXCHANGE: 11 New York Stock Exchange CUSIP: 755111 STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) ASSETS     Cash & Equivalents 230.000 871.000 1,214.000 648.000 661.000 556.000 1,202.000 2,460.000 2,655.000 2,259.000 2,642.000 3,638.000 4,000.000 4,044.000 4,297.000 4,719.000 3,200.000 3,403.000 3,400.000 3,608.000 4,292.000     Receivables - Total (Net) 2,386.000 1,845.000 1,767.000 1,788.000 1,501.000 1,749.000 1,777.000 1,705.000 1,835.000 1,982.000 1,669.000 1,504.000 1,310.000 1,357.000 1,315.000 1,260.000 1,342.000 1,406.000 6,663.000 7,324.000 7,567.000     Inventories - Total 5,650.000 4,629.000 4,380.000 3,935.000 3,744.000 3,991.000 3,842.000 2,563.000 2,593.000 2,682.000 3,168.000 3,273.000 3,552.000 3,567.000 3,918.000 4,139.000 4,857.000 5,455.000 594.000 758.000 671.000     Prepaid Expenses     Current Assets - Other 665.000 668.000 1,001.000 819.000 679.000 828.000 746.000 2,789.000 533.000 494.000 389.000 407.000 447.000 278.000 286.000 174.000 413.000 414.000 669.000 446.000 552.000 Current Assets - Total 8,931.000 8,013.000 8,362.000 7,190.000 6,585.000 7,124.000 7,567.000 9,517.000 7,616.000 7,417.000 7,868.000 8,822.000 9,309.000 9,246.000 9,816.000 10,292.000 9,812.000 10,678.000 11,326.000 12,136.000 13,082.000     Plant, Property & Equip (Gross) 4,721.000 4,905.000 5,033.000 4,969.000 5,640.000 5,921.000 6,257.000 5,401.000 5,478.000 5,517.000 5,655.000 5,844.000 5,968.000 6,140.000 6,256.000 6,426.000 6,533.000 6,794.000 7,273.000 7,763.000 9,460.000     Accumulated Depreciation 2,304.000 2,414.000 2,680.000 2,573.000 2,929.000 3,183.000 3,582.000 3,270.000 3,420.000 3,493.000 3,654.000 3,841.000 3,962.000 4,154.000 4,319.000 4,491.000 4,528.000 4,628.000 4,834.000 4,923.000 5,232.000 Plant, Property & Equip (Net) 2,417.000 2,491.000 2,353.000 2,396.000 2,711.000 2,738.000 2,675.000 2,131.000 2,058.000 2,024.000 2,001.000 2,003.000 2,006.000 1,986.000 1,937.000 1,935.000 2,005.000 2,166.000 2,439.000 2,840.000 4,228.000     Investments at Equity 151.000 120.000 136.000 139.000 139.000 157.000 169.000 234.000 59.000 69.000 80.000 69.000 71.000 98.000 110.000     Investments and Advances - Other 537.000 467.000 526.000 1,155.000 564.000 481.000 417.000 205.000 160.000 91.000 54.000 80.000 38.000 6.000 9.000 11.000 19.000     Intangibles 14,034.000 13,281.000 12,298.000 11,170.000 11,678.000 11,702.000 12,191.000 11,957.000 12,128.000 12,145.000 12,451.000 12,556.000 13,192.000 13,420.000 13,339.000 13,677.000 15,725.000 15,677.000 15,640.000 15,486.000 15,417.000     Deferred Charges 2,026.000 676.000 703.000 714.000 710.000 527.000 617.000 56.000 111.000 105.000 2.000 .000 .000 .000 .000 .000 .000 .000 .000     Assets - Other 2,191.000 2,525.000 920.000 1,239.000 1,291.000 1,255.000 682.000 997.000 533.000 1,329.000 1,063.000 787.000 1,227.000 1,959.000 795.000 1,887.000 1,610.000 1,531.000 1,455.000 1,402.000 1,839.000 TOTAL ASSETS 28,110.000 26,777.000 26,636.000 23,946.000 23,668.000 24,153.000 24,381.000 25,491.000 23,281.000 23,296.000 23,607.000 24,422.000 25,854.000 26,686.000 25,967.000 27,900.000 29,281.000 30,052.000 30,860.000 31,864.000 34,566.000 LIABILITIES     Accounts Payable 1,561.000 1,099.000 937.000 776.000 833.000 867.000 962.000 920.000 1,141.000 1,201.000 1,397.000 1,538.000 1,507.000 1,348.000 1,178.000 1,250.000 1,402.000 1,520.000 1,519.000 1,964.000 1,796.000     Notes Payable 1,596.000 26.000 167.000 1.000 15.000 36.000 487.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 300.000 300.000 .000     Accrued Expenses 2,254.000 1,754.000 2,087.000 2,026.000 1,920.000 2,337.000 2,390.000 2,137.000 1,802.000 1,978.000 1,902.000 2,221.000 2,081.000 2,156.000 2,282.000 2,396.000 1,154.000 1,234.000 1,342.000 1,509.000 1,813.000     Taxes Payable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Debt (Long-Term) Due In One Year 876.000 851.000 1,197.000 1,152.000 .000 480.000 .000 687.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,712.000     Other Current Liabilities 1,599.000 1,135.000 1,365.000 1,152.000 1,081.000 1,924.000 2,061.000 2,971.000 1,845.000 1,970.000 2,224.000 2,201.000 2,542.000 2,398.000 2,350.000 2,284.000 3,570.000 3,673.000 4,187.000 4,515.000 4,470.000 Total Current Liabilities 7,886.000 4,865.000 5,753.000 5,107.000 3,849.000 5,644.000 5,900.000 6,715.000 4,788.000 5,149.000 5,523.000 5,960.000 6,130.000 5,902.000 5,810.000 5,930.000 6,126.000 6,427.000 7,348.000 8,288.000 9,791.000     Long Term Debt 7,298.000 9,054.000 7,732.000 7,138.000 7,376.000 4,637.000 3,969.000 3,278.000 2,268.000 2,309.000 2,329.000 3,610.000 4,605.000 4,731.000 4,734.000 5,330.000 5,330.000 5,335.000 4,750.000 4,755.000 3,967.000     Deferred Taxes (Balance Sheet) 553.000 773.000 578.000 .000 .000 .000 125.000 .000 451.000 .000 23.000 147.000 5.000 9.000 323.000 19.000 7.000 5.000 2.000 21.000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 1,414.000 1,262.000 1,283.000 2,831.000 3,281.000 3,224.000 3,559.000 4,232.000 3,016.000 6,488.000 5,793.000 4,815.000 6,774.000 7,854.000 3,903.000 6,919.000 7,121.000 7,768.000 8,282.000 6,936.000 8,532.000     Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 97.000 119.000 165.000 216.000 263.000 .000 .000 .000 .000 .000 .000 355.000 449.000 512.000 411.000 32.000 TOTAL LIABILITIES 17,151.000 15,954.000 15,346.000 15,076.000 14,506.000 13,602.000 13,672.000 14,390.000 10,739.000 14,209.000 13,668.000 14,532.000 17,514.000 18,496.000 14,770.000 18,179.000 18,951.000 19,986.000 20,897.000 20,392.000 22,343.000 SHAREHOLDERS' EQUITY     Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 3.000 3.000 4.000 4.000 4.000 5.000 5.000 5.000 4.000 4.000 4.000 4.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000     Capital Surplus 6,475.000 6,477.000 7,723.000 8,146.000 8,421.000 9,480.000 9,633.000 10,097.000 10,544.000 10,873.000 10,991.000 11,406.000 11,676.000 2,928.000 1,972.000 1,309.000 398.000 .000 .000 .000 .000     Retained Earnings (Net Other) 4,894.000 4,725.000 3,564.000 724.000 743.000 1,079.000 1,525.000 1,815.000 4,496.000 2,464.000 4,278.000 5,244.000 4,655.000 5,095.000 9,060.000 8,213.000 9,727.000 10,063.000 9,960.000 11,469.000 12,220.000     Less: Treasury Stock 413.000 382.000 1.000 4.000 6.000 13.000 454.000 816.000 2,502.000 4,254.000 5,446.000 6,900.000 8,153.000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 10,959.000 10,823.000 11,290.000 8,870.000 9,162.000 10,551.000 10,709.000 11,101.000 12,542.000 9,087.000 9,827.000 9,754.000 8,181.000 8,026.000 11,035.000 9,525.000 10,128.000 10,066.000 9,963.000 11,472.000 12,223.000 Noncontrolling Interest - Nonredeemable 112.000 136.000 159.000 164.000 162.000 196.000 202.000 .000 .000 .000 .000 TOTAL SHAREHOLDERS EQUITY 10,959.000 10,823.000 11,290.000 8,870.000 9,162.000 10,551.000 10,709.000 11,101.000 12,542.000 9,087.000 9,939.000 9,890.000 8,340.000 8,190.000 11,197.000 9,721.000 10,330.000 10,066.000 9,963.000 11,472.000 12,223.000 TOTAL LIABILITIES AND EQUITY 28,110.000 26,777.000 26,636.000 23,946.000 23,668.000 24,153.000 24,381.000 25,491.000 23,281.000 23,296.000 23,607.000 24,422.000 25,854.000 26,686.000 25,967.000 27,900.000 29,281.000 30,052.000 30,860.000 31,864.000 34,566.000 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) Sales (Net) 20,041.000 16,895.000 16,867.000 16,760.000 18,109.000 20,245.000 21,894.000 20,291.000 21,301.000 23,174.000 24,881.000 25,499.000 24,857.000 24,414.000 23,706.000 22,826.000 23,247.000 24,069.000 25,348.000 27,058.000 29,176.000     Cost of Goods Sold 15,222.000 12,836.000 13,637.000 12,999.000 14,607.000 16,499.000 17,786.000 16,192.000 16,665.000 18,123.000 19,345.000 19,804.000 19,170.000 18,637.000 18,087.000 16,856.000 17,266.000 17,590.000 18,526.000 19,013.000 20,829.000 Gross Profit 4,819.000 4,059.000 3,230.000 3,761.000 3,502.000 3,746.000 4,108.000 4,099.000 4,636.000 5,051.000 5,536.000 5,695.000 5,687.000 5,777.000 5,619.000 5,970.000 5,981.000 6,479.000 6,822.000 8,045.000 8,347.000     Selling, General, & Admin Expenses 2,048.000 1,740.000 1,707.000 1,651.000 1,793.000 1,924.000 1,955.000 1,831.000 1,936.000 2,065.000 2,092.000 2,273.000 2,241.000 2,293.000 2,191.000 2,312.000 2,628.000 2,882.000 2,954.000 2,947.000 2,938.000 Operating Income Before Depreciation 2,771.000 2,319.000 1,523.000 2,110.000 1,709.000 1,822.000 2,153.000 2,268.000 2,700.000 2,986.000 3,444.000 3,422.000 3,446.000 3,484.000 3,428.000 3,658.000 3,353.000 3,597.000 3,868.000 5,098.000 5,409.000     Depreciation, Depletion, & Amortiz 724.000 694.000 729.000 364.000 393.000 434.000 444.000 373.000 372.000 390.000 402.000 420.000 447.000 455.000 445.000 439.000 489.000 515.000 550.000 568.000 605.000 Operating Income After Depreciation 2,047.000 1,625.000 794.000 1,746.000 1,316.000 1,388.000 1,709.000 1,895.000 2,328.000 2,596.000 3,042.000 3,002.000 2,999.000 3,029.000 2,983.000 3,219.000 2,864.000 3,082.000 3,318.000 4,530.000 4,804.000     Interest Expense 713.000 736.000 660.000 497.000 537.000 418.000 312.000 273.000 196.000 129.000 123.000 126.000 172.000 201.000 213.000 216.000 238.000 238.000 214.000 184.000 180.000     Non-Operating Income/Expense 28.000 -12.000 -56.000 -37.000 -15.000 52.000 42.000 74.000 152.000 31.000 33.000 24.000 5.000 20.000 32.000 20.000 12.000 28.000 48.000 -919.000 -608.000     Special Items -534.000 .000 39.000 -138.000 -2.000 -443.000 1.000 -8.000 -59.000 .000 -22.000 -468.000 -142.000 -69.000 -45.000 -40.000 149.000 158.000 -39.000 -280.000 -30.000 Pretax Income 828.000 877.000 117.000 1,074.000 762.000 579.000 1,440.000 1,688.000 2,225.000 2,498.000 2,930.000 2,432.000 2,690.000 2,779.000 2,757.000 2,983.000 2,787.000 3,030.000 3,113.000 3,147.000 3,986.000     Income Taxes - Total 371.000 379.000 112.000 319.000 227.000 140.000 498.000 581.000 532.000 824.000 953.000 589.000 793.000 878.000 808.000 790.000 733.000 857.000 1,114.000 264.000 658.000     Minority Interest .000 .000 .000 .000 .000 41.000 39.000 30.000 12.000 17.000 14.000 -7.000 -37.000 -23.000 -27.000 -14.000 Income Before EI&DO 457.000 498.000 5.000 755.000 535.000 439.000 942.000 1,107.000 1,693.000 1,674.000 1,936.000 1,804.000 1,867.000 1,889.000 1,932.000 2,179.000 2,061.000 2,210.000 2,022.000 2,910.000 3,342.000     Extraordinary Items -53.000 .000 -16.000 -508.000 .000 41.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 -357.000 -752.000 -887.000 -170.000 -63.000 -71.000 176.000 885.000 -2.000 -1.000 36.000 -1.000 -1.000 64.000 65.000 13.000 1.000 2.000 -1.000 1.000 Net Income (Loss) 404.000 141.000 -763.000 -640.000 365.000 417.000 871.000 1,283.000 2,578.000 1,672.000 1,935.000 1,840.000 1,866.000 1,888.000 1,996.000 2,244.000 2,074.000 2,211.000 2,024.000 2,909.000 3,343.000 Income Before EI&DO 457.000 498.000 5.000 755.000 535.000 439.000 942.000 1,107.000 1,693.000 1,674.000 1,936.000 1,804.000 1,867.000 1,889.000 1,932.000 2,179.000 2,061.000 2,210.000 2,022.000 2,910.000 3,342.000     Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 457.000 498.000 5.000 755.000 535.000 439.000 942.000 1,107.000 1,693.000 1,674.000 1,936.000 1,804.000 1,867.000 1,889.000 1,932.000 2,179.000 2,061.000 2,210.000 2,022.000 2,910.000 3,342.000     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjusted Available for Common 457.000 498.000 5.000 755.000 535.000 439.000 942.000 1,107.000 1,693.000 1,674.000 1,936.000 1,804.000 1,867.000 1,889.000 1,932.000 2,179.000 2,061.000 2,210.000 2,022.000 2,910.000 3,342.000 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 1.350 1.470 .010 1.880 1.300 1.000 2.110 2.510 3.910 4.070 4.960 4.840 5.310 5.670 5.970 6.980 6.760 7.450 6.950 10.160 11.930     EPS - Primary, Including EI&DO 1.200 .420 -2.140 -1.590 .880 .950 1.950 2.900 5.950 4.060 4.960 4.940 5.300 5.670 6.170 7.190 6.810 7.450 6.960 10.160 11.940     EPS - Fully Diluted, Excluding EI&DO 1.340 1.460 .010 1.850 1.290 .990 2.080 2.460 3.800 3.950 4.890 4.790 5.280 5.650 5.960 6.970 6.750 7.440 6.940 10.150 11.920     EPS - Fully Diluted, Including EI&DO 1.190 .410 -2.110 -1.570 .880 .940 1.920 2.850 5.790 3.940 4.890 4.880 5.280 5.650 6.160 7.180 6.800 7.440 6.950 10.150 11.930 COMMON SHARES     Common Shares for Primary EPS Calculation 337.351 338.400 356.717 401.444 412.700 438.149 446.975 441.751 433.045 411.400 390.400 372.700 351.700 333.200 323.400 312.000 304.800 296.500 291.100 286.500 280.000     Common Shares for Fully Diluted EPS Calc. 340.784 341.100 361.323 408.031 415.429 442.201 453.302 450.875 445.659 423.700 395.700 377.000 353.600 334.200 324.200 312.600 305.200 296.800 291.400 286.800 280.200     Common Shares Outstanding at Fiscal Yr End 338.760 340.620 395.432 408.209 418.136 453.096 446.373 445.870 426.196 400.100 377.900 359.400 338.900 328.100 314.500 307.300 299.000 292.800 288.400 282.100 278.400 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) Retained Rearnings - Beginning Balance 4,838.000 4,894.000 4,725.000 3,564.000 724.000 743.000 1,079.000 1,525.000 1,815.000 4,496.000 2,464.000 4,278.000 5,244.000 4,655.000 5,095.000 9,060.000 8,213.000 9,727.000 10,063.000 9,960.000 11,469.000 Net Income 404.000 141.000 -763.000 -640.000 365.000 417.000 871.000 1,283.000 2,578.000 1,672.000 1,935.000 1,840.000 1,866.000 1,888.000 1,996.000 2,244.000 2,074.000 2,211.000 2,024.000 2,909.000 3,343.000 Cash Dividends 269.000 272.000 281.000 321.000 331.000 349.000 387.000 420.000 440.000 460.000 473.000 536.000 588.000 643.000 694.000 735.000 797.000 850.000 910.000 975.000 1,036.000 Retained Earnings After Dividends 4,973.000 4,763.000 3,681.000 2,603.000 758.000 811.000 1,563.000 2,388.000 3,953.000 5,708.000 3,926.000 5,582.000 6,522.000 5,900.000 6,397.000 10,569.000 9,490.000 11,088.000 11,177.000 11,894.000 13,776.000 Change - Foreign Currency Translation Adj. to Long-Term Marketable Securities -12.000 -13.000 -1.000 -1.000 1.000 1.000 -1.000 .000 .000 .000 2.000 .000 Other CMP Adj,(Stock Splits/Retirement) -7.000 -7.000 -122.000 -2,121.000 -2,219.000 -1,990.000 -1,972.000 -2,581.000 -2,074.000 -5,140.000 -4,872.000 -5,174.000 -7,026.000 -7,848.000 -5,160.000 -7,455.000 -7,116.000 -7,236.000 -7,840.000 -8,487.000 -9,136.000 Non-Compustat Adjustments (Plug Calculation) -19.000 -31.000 5.000 751.000 2,204.000 2,217.000 1,934.000 2,008.000 2,617.000 1,896.000 5,224.000 4,836.000 5,159.000 7,043.000 7,823.000 5,099.000 7,353.000 6,211.000 6,623.000 8,062.000 7,580.000 Retained Earnings - Ending Balance 4,947.000 4,725.000 3,564.000 1,233.000 743.000 1,038.000 1,525.000 1,815.000 4,496.000 2,464.000 4,278.000 5,244.000 4,655.000 5,095.000 9,060.000 8,213.000 9,727.000 10,063.000 9,960.000 11,469.000 12,220.000 Retroactive Adjustments (Acct'g Chgs) -53.000 .000 .000 -509.000 .000 41.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 4,894.000 4,725.000 3,564.000 724.000 743.000 1,079.000 1,525.000 1,815.000 4,496.000 2,464.000 4,278.000 5,244.000 4,655.000 5,095.000 9,060.000 8,213.000 9,727.000 10,063.000 9,960.000 11,469.000 12,220.000 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 457.000 498.000 5.000 755.000 535.000 439.000 942.000 1,107.000 1,693.000 1,674.000 1,977.000 1,843.000 1,897.000 1,901.000 1,949.000 2,193.000 2,054.000 2,173.000 1,999.000 2,883.000 3,328.000 Depreciation and Amortizations 724.000 694.000 729.000 364.000 393.000 434.000 444.000 373.000 372.000 390.000 402.000 420.000 447.000 455.000 445.000 439.000 489.000 515.000 550.000 568.000 605.000 Extraordinary Items and Disc. Operations -53.000 -100.000 -635.000 -1,196.000 -533.000 -43.000 -31.000 274.000 -51.000 -21.000 -20.000 11.000 -49.000 6.000 -4.000 120.000 13.000 .000 -2.000 .000 -2.000 Deferred Taxes .000 .000 .000 .000 .000 -5.000 28.000 184.000 182.000 574.000 269.000 345.000 376.000 94.000 68.000 -60.000 -56.000 109.000 252.000 -24.000 -28.000 Equity in Net Loss (Earnings) Sale of PPEq and Investments - Loss (Gain) -23.000 -35.000 -74.000 -4.000 -82.000 -14.000 -45.000 -18.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -158.000 .000 .000 .000 Funds from Operations - Other -177.000 41.000 271.000 267.000 437.000 417.000 339.000 343.000 -275.000 -498.000 -350.000 -1,454.000 197.000 144.000 73.000 70.000 54.000 191.000 117.000 177.000 29.000 Receivables - Decrease (Increase) -13.000 -20.000 193.000 6.000 52.000 -327.000 Inventory - Decrease (Increase) 225.000 162.000 395.000 14.000 -166.000 87.000 Accounts/P and Accrued Liabs - Inc(Dec) -1,163.000 -330.000 165.000 255.000 -77.000 516.000 174.000 105.000 88.000 -30.000 220.000 341.000 -175.000 -212.000 80.000 -366.000 816.000 648.000 -233.000 150.000 858.000 Income Taxes - Accrued - Increase(Decrease) 414.000 120.000 -638.000 -351.000 .000 .000 .000 Other Assets and Liabilities - Net Change -82.000 192.000 -540.000 456.000 308.000 321.000 198.000 255.000 -173.000 277.000 227.000 436.000 -586.000 -431.000 -233.000 -212.000 -1,011.000 -626.000 48.000 167.000 -397.000 Operating Actiities - Net Cash Flow -317.000 960.000 133.000 1,039.000 1,569.000 2,071.000 2,515.000 2,743.000 1,198.000 2,015.000 2,725.000 1,942.000 2,107.000 1,957.000 2,378.000 2,184.000 2,359.000 2,852.000 2,745.000 3,428.000 4,480.000 INVESTING ACTIVITIES Investments - Increase 1,438.000 969.000 663.000 778.000 402.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Sale of Investments .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Short term Investments - Change .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -850.000 -137.000 -509.000 610.000 712.000 -179.000 309.000 .000 Capital Expenditures 532.000 431.000 486.000 458.000 428.000 363.000 338.000 295.000 313.000 304.000 280.000 319.000 340.000 339.000 280.000 326.000 406.000 561.000 543.000 763.000 942.000 Sale of Property Plant and Equipment 102.000 40.000 9.000 11.000 25.000 .000 14.000 3.000 8.000 14.000 1.000 4.000 32.000 46.000 2.000 9.000 59.000 34.000 46.000 2.000 25.000 Acquisitions .000 .000 .000 10.000 60.000 112.000 125.000 87.000 211.000 54.000 334.000 152.000 645.000 301.000 9.000 427.000 1,954.000 57.000 93.000 .000 8.000 Investing Activities - Other 1,468.000 1,147.000 1,093.000 516.000 622.000 -57.000 13.000 -72.000 3,023.000 -73.000 -79.000 -68.000 -98.000 -79.000 -49.000 -69.000 -53.000 -75.000 -48.000 -69.000 -78.000 Investing Activites - Net Cash Flow -400.000 -213.000 -47.000 -719.000 -243.000 -532.000 -436.000 -451.000 2,507.000 -417.000 -692.000 -535.000 -1,051.000 -1,523.000 -473.000 -1,322.000 -1,744.000 53.000 -817.000 -521.000 -1,003.000 FINANCING ACTIVITIES Sale of Common and Preferred Stock 164.000 4.000 2,250.000 222.000 87.000 959.000 68.000 169.000 241.000 113.000 1.000 272.000 145.000 94.000 2.000 .000 .000 .000 .000 .000 Purchase of Common and Preferred Stock 150.000 .000 .000 .000 .000 .000 436.000 352.000 1,642.000 1,700.000 1,200.000 1,450.000 1,250.000 825.000 1,099.000 840.000 1,099.000 996.000 885.000 1,418.000 869.000 Cash Dividends 269.000 272.000 281.000 321.000 331.000 349.000 387.000 420.000 440.000 460.000 473.000 536.000 588.000 643.000 694.000 735.000 797.000 850.000 910.000 975.000 1,036.000 Long Term Debt - Issuance 10.000 2,255.000 .000 566.000 1,113.000 .000 .000 .000 .000 .000 496.000 1,975.000 992.000 1,092.000 .000 592.000 .000 .000 .000 .000 .000 Long Term Debt - Reduction .000 .000 999.000 1,294.000 2,078.000 2,241.000 671.000 462.000 1,724.000 .000 474.000 678.000 .000 970.000 .000 .000 .000 .000 629.000 .000 .000 Current Debt - Changes 771.000 -2,093.000 -713.000 -163.000 -13.000 -7.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 300.000 .000 -300.000 Financing Activities - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -13.000 -15.000 -7.000 -7.000 -20.000 -2.000 340.000 -84.000 8.000 -5.000 -598.000 Financing Activities - Net Cash Flow 526.000 -106.000 257.000 -990.000 -1,209.000 -1,644.000 -1,433.000 -1,034.000 -3,510.000 -1,994.000 -1,650.000 -411.000 -694.000 -1,246.000 -1,797.000 -936.000 -1,509.000 -1,930.000 -2,116.000 -2,398.000 -2,803.000 Exchange Rate Effect .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Cash and Cash Equivalents - Change -191.000 641.000 343.000 -670.000 117.000 -105.000 646.000 1,258.000 195.000 -396.000 383.000 996.000 362.000 -812.000 108.000 -74.000 -894.000 975.000 -188.000 509.000 674.000 OTHER INFORMATION Interest Paid - Net< 725.000 703.000 687.000 437.000 515.000 396.000 310.000 273.000 232.000 142.000 147.000 134.000 167.000 198.000 210.000 209.000 232.000 231.000 214.000 194.000 193.000 Income Taxes Paid 102.000 -22.000 -27.000 -145.000 13.000 5.000 56.000 375.000 734.000 448.000 208.000 337.000 426.000 839.000 689.000 759.000 1,081.000 779.000 878.000 17.000 831.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) Receivables - Trade 2,366.000 1,845.000 1,767.000 1,788.000 1,501.000 1,746.000 1,774.000 1,702.000 1,740.000 1,541.000 1,669.000 1,504.000 1,310.000 1,357.000 1,315.000 1,260.000 1,342.000 1,406.000 6,571.000 7,242.000 7,486.000 Income Tax Refund 20.000 .000 .000 .000 .000 3.000 3.000 3.000 95.000 441.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 92.000 82.000 81.000 Receivables - Total (Net) 2,386.000 1,845.000 1,767.000 1,788.000 1,501.000 1,749.000 1,777.000 1,705.000 1,835.000 1,982.000 1,669.000 1,504.000 1,310.000 1,357.000 1,315.000 1,260.000 1,342.000 1,406.000 6,663.000 7,324.000 7,567.000 Inventories - Raw Materials 510.000 529.000 441.000 393.000 306.000 254.000 242.000 88.000 63.000 56.000 60.000 63.000 60.000 74.000 73.000 70.000 69.000 66.000 69.000 75.000 78.000 Inventories - Work In Process 5,000.000 3,908.000 3,444.000 2,945.000 2,769.000 3,184.000 3,111.000 2,305.000 2,483.000 2,581.000 3,081.000 3,188.000 3,480.000 3,477.000 3,834.000 4,051.000 4,773.000 5,379.000 504.000 662.000 574.000 Inventories - Finished Goods 280.000 327.000 642.000 597.000 669.000 553.000 489.000 170.000 47.000 45.000 27.000 22.000 12.000 16.000 11.000 18.000 15.000 10.000 21.000 21.000 19.000 Inventories - Other -140.000 -135.000 -147.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Inventories - Total 5,650.000 4,629.000 4,380.000 3,935.000 3,744.000 3,991.000 3,842.000 2,563.000 2,593.000 2,682.000 3,168.000 3,273.000 3,552.000 3,567.000 3,918.000 4,139.000 4,857.000 5,455.000 594.000 758.000 671.000 LESS: Debt (Long Term) Due In One Year -876.000 -851.000 -1,197.000 -1,152.000 .000 -480.000 .000 -687.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -1,712.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 .000 857.000 858.000 859.000 408.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 5,833.000 7,936.000 6,641.000 5,975.000 5,103.000 3,387.000 2,838.000 2,059.000 1,134.000 1,136.000 1,192.000 2,471.000 4,605.000 4,731.000 4,734.000 5,330.000 5,330.000 5,335.000 4,750.000 4,755.000 3,967.000 Debt - Debentures 1,966.000 1,969.000 1,431.000 1,368.000 1,369.000 1,322.000 1,131.000 1,219.000 1,134.000 1,173.000 1,137.000 1,139.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Long Term - Other 375.000 .000 .000 89.000 45.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Capitalized Lease Obligations .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Long Term Debt Total 7,298.000 9,054.000 7,732.000 7,138.000 7,376.000 4,637.000 3,969.000 3,278.000 2,268.000 2,309.000 2,329.000 3,610.000 4,605.000 4,731.000 4,734.000 5,330.000 5,330.000 5,335.000 4,750.000 4,755.000 3,967.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 532.000 431.000 486.000 458.000 428.000 363.000 338.000 295.000 313.000 304.000 280.000 319.000 340.000 339.000 280.000 326.000 406.000 561.000 543.000 763.000 942.000 Retirements Other Changes Ending Balance 4,721.000 4,905.000 5,033.000 4,969.000 5,640.000 5,921.000 6,257.000 5,401.000 5,478.000 5,517.000 5,655.000 5,844.000 5,968.000 6,140.000 6,256.000 6,426.000 6,533.000 6,794.000 7,273.000 7,763.000 9,460.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 2,304.000 2,414.000 2,680.000 2,573.000 2,929.000 3,183.000 3,582.000 3,270.000 3,420.000 3,493.000 3,654.000 3,841.000 3,962.000 4,154.000 4,319.000 4,491.000 4,528.000 4,628.000 4,834.000 4,923.000 5,232.000 Deferred Taxes - Federal 319.000 277.000 10.000 243.000 94.000 -5.000 21.000 168.000 178.000 568.000 257.000 465.000 387.000 74.000 36.000 -73.000 -103.000 102.000 235.000 -42.000 -26.000 Deferred Taxes - Foreign 23.000 22.000 37.000 21.000 .000 .000 7.000 16.000 5.000 6.000 12.000 -120.000 -11.000 19.000 32.000 13.000 45.000 6.000 18.000 15.000 1.000 Deferred Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 2.000 1.000 -1.000 3.000 -3.000 Income Taxes - Federal 23.000 71.000 61.000 50.000 130.000 138.000 451.000 378.000 317.000 206.000 669.000 205.000 371.000 753.000 723.000 837.000 757.000 713.000 822.000 245.000 638.000 Income Taxes - Foreign 6.000 9.000 4.000 5.000 3.000 7.000 19.000 19.000 32.000 44.000 15.000 39.000 46.000 32.000 17.000 13.000 36.000 38.000 40.000 43.000 48.000 Income Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -4.000 -3.000 .000 .000 .000 Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 371.000 379.000 112.000 319.000 227.000 140.000 498.000 581.000 532.000 824.000 953.000 589.000 793.000 878.000 808.000 790.000 733.000 857.000 1,114.000 264.000 658.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) Acquisitions - Income Contribution .000 .000 .000 .000 Acquisitions - Sales Contribution .000 .000 .000 .000 Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 282.698 267.164 76.041 74.900 71.000 71.000 46.593 43.130 39.962 38.012 35.971 34.217 31.907 29.709 27.539 25.718 24.208 22.771 21.414 20.149 18.800 Common Shares Traded (Calendar Yr) 280,196,600.000 319,377,400.000 511,757,500.000 627,003,900.000 520,164,567.000 427,891,400.000 335,901,800.000 408,103,200.000 618,489,962.000 808,319,545.000 901,023,536.000 718,363,136.000 738,527,444.000 501,940,801.000 467,135,232.000 445,449,615.000 437,189,343.000 471,511,356.000 361,948,817.000 453,252,580.000 447,340,932.000 Compensating Balance Convertible Debt and Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years .502 1,202.000 1,154.000 4.000 1,048.000 418.000 681.000 308.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 591.000 .000 1,500.000 .000 Debt (Long Term) Maturing Due in 3 Years 1.003 1,203.000 .000 1,125.000 228.000 679.000 309.000 .000 .000 453.000 333.000 .000 575.000 .000 .000 .000 591.000 .000 1,500.000 .000 1,100.000 Debt (Long Term) Maturing Due in 4 Years Years .403 .000 1,122.000 797.000 1,149.000 310.000 .000 729.000 453.000 333.000 345.000 .000 400.000 .000 .000 591.000 .000 1,500.000 .000 1,100.000 .000 Debt (Long Term) Maturing Due in 5 Years .000 1,200.000 797.000 1,146.000 544.000 1.000 729.000 441.000 333.000 345.000 .000 400.000 .000 .000 591.000 .000 1,500.000 .000 1,100.000 .000 300.000 Debt - Long-Term Debt - Tied to Prime .000 550.000 200.000 .000 200.000 .000 .000 .000 575.000 575.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Martgages and Other Securities .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Dividends (Cash)per Share Ex-Date .800 .800 .600 .800 .800 .800 .880 .960 1.020 1.120 1.240 1.125 2.095 2.000 2.200 1.815 2.615 3.600 2.393 4.268 2.828 Dividends (Cash) - Common 270.000 273.000 292.000 323.000 332.000 356.000 394.000 429.000 442.000 462.000 479.000 552.000 600.000 661.000 706.000 746.000 813.000 867.000 929.000 991.000 1,054.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 105.300 93.700 87.200 76.400 77.700 79.400 79.900 71.351 72.100 72.800 75.100 72.400 71.000 67.800 63.000 61.000 61.000 63.000 64.000 67.000 70.000 Equity in Earnings - Unconsolidated Subs 28,110.000 26,777.000 26,636.000 23,946.000 23,668.000 24,153.000 24,381.000 25,491.000 23,281.000 23,296.000 23,607.000 24,422.000 25,854.000 26,686.000 25,967.000 27,900.000 29,281.000 30,052.000 30,860.000 31,864.000 34,566.000 Foreign Currency Translation Adj - Bal. Sheet -50.000 -86.000 -89.000 -58.000 24.000 70.000 23.000 67.000 118.000 -42.000 46.000 28.000 25.000 60.000 47.000 -3.000 -60.000 -175.000 -95.000 -131.000 -124.000 Foreign Currency Translation Adj - Inc. Stmnt. Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 3.000 3.000 5.000 6.000 9.000 Interest Capitalized - Net Income Effect .000 Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses LIFO Reserve 140.000 135.000 147.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 28,420.000 26,530.000 26,500.000 25,700.000 27,542.000 32,543.000 34,419.000 33,838.000 36,614.000 38,884.000 36,877.000 34,551.000 35,312.000 36,181.000 33,685.000 33,571.000 34,669.000 36,855.000 38,210.000 42,420.000 48,752.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases 875.000 Price - Calendar Year Close 26.563 31.063 32.470 30.750 30.040 38.830 40.150 52.800 60.700 51.040 51.520 46.340 48.380 57.560 90.700 108.170 124.530 142.000 187.850 153.350 219.740 Price - Calendar Year High 76.563 35.813 37.440 45.700 33.970 41.890 40.570 54.170 65.940 67.494 53.840 60.100 53.120 59.340 91.390 111.474 129.990 152.580 192.409 229.750 222.060 Price - Calendar Year Low 22.188 17.500 23.950 26.300 24.310 29.280 35.960 39.430 50.960 41.810 33.200 42.650 38.350 47.500 52.240 87.640 95.320 115.730 141.280 144.270 149.260 Price - Fiscal Year Close 26.563 31.063 32.470 30.750 30.040 38.830 40.150 52.800 60.700 51.040 51.520 46.340 48.380 57.560 90.700 108.170 124.530 142.000 187.850 153.350 219.740 Receivables - Estimated Doubtful 27.000 23.000 22.000 22.000 35.000 41.000 24.000 19.000 8.000 8.000 9.000 .000 .000 .000 .000 .000 .000 .000 8.000 12.000 7.000 Rental Commitments - Minimum Year+1 392.000 342.000 342.000 421.000 294.000 340.000 318.000 317.000 292.000 273.000 267.000 254.000 229.000 206.000 205.000 186.000 220.000 226.000 229.000 215.000 242.000 Rental Commitments - Minimum Year+2 358.000 278.000 295.000 223.000 271.000 263.000 250.000 270.000 223.000 212.000 187.000 207.000 186.000 168.000 173.000 156.000 190.000 196.000 188.000 181.000 217.000 Rental Commitments - Minimum Year+3 288.000 358.000 244.000 199.000 236.000 207.000 191.000 193.000 170.000 125.000 145.000 156.000 154.000 139.000 130.000 131.000 162.000 160.000 150.000 157.000 168.000 Rental Commitments - Minimum Year+4 378.000 147.000 225.000 168.000 198.000 159.000 130.000 144.000 98.000 95.000 99.000 118.000 129.000 109.000 102.000 110.000 124.000 132.000 119.000 121.000 116.000 Rental Commitments - Minimum Year+5 144.000 131.000 203.000 138.000 151.000 107.000 104.000 83.000 78.000 69.000 64.000 96.000 107.000 75.000 83.000 76.000 102.000 133.000 93.000 85.000 71.000 Rental Expense 416.000 292.000 286.000 276.000 441.000 236.000 280.000 284.000 276.000 285.000 290.000 307.000 271.000 258.000 248.000 225.000 236.000 239.000 229.000 232.000 240.000 Rental Income Research and Development Expense 508.000 526.000 475.000 449.000 487.000 491.000 503.000 464.000 502.000 517.000 565.000 625.000 625.000 704.000 465.000 500.000 706.000 755.000 734.000 841.000 732.000 Tax Loss Carry Forward .000 .000 .000 1,200.000 1,400.000 835.000 40.000 1.000 450.000 565.000 530.000 468.000 392.000 402.000 350.000 438.000 497.000 545.000 Treasury Stock ($) - Common 413.000 382.000 1.000 4.000 6.000 13.000 454.000 816.000 2,502.000 4,254.000 5,446.000 6,900.000 8,153.000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares 7.379 6.856 4.000 .097 .168 .395 11.707 19.831 49.359 81.000 107.000 136.000 163.000 .000 .000 .000 .000 .000 .000 .000 .000 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) ( N/A ) Cash & Equivalents 230.000 871.000 1,214.000 648.000 661.000 556.000 1,202.000 2,460.000 2,655.000 2,259.000 2,642.000 3,638.000 4,000.000 4,044.000 4,297.000 4,719.000 3,200.000 3,403.000 3,400.000 3,608.000 4,292.000 Receivables - Total (Net) 2,386.000 1,845.000 1,767.000 1,788.000 1,501.000 1,749.000 1,777.000 1,705.000 1,835.000 1,982.000 1,669.000 1,504.000 1,310.000 1,357.000 1,315.000 1,260.000 1,342.000 1,406.000 6,663.000 7,324.000 7,567.000 Inventories - Total 5,650.000 4,629.000 4,380.000 3,935.000 3,744.000 3,991.000 3,842.000 2,563.000 2,593.000 2,682.000 3,168.000 3,273.000 3,552.000 3,567.000 3,918.000 4,139.000 4,857.000 5,455.000 594.000 758.000 671.000 Prepaid Expenses Current Assets - Other 665.000 668.000 1,001.000 819.000 679.000 828.000 746.000 2,789.000 533.000 494.000 389.000 407.000 447.000 278.000 286.000 174.000 413.000 414.000 669.000 446.000 552.000 Current Assets - Total 8,931.000 8,013.000 8,362.000 7,190.000 6,585.000 7,124.000 7,567.000 9,517.000 7,616.000 7,417.000 7,868.000 8,822.000 9,309.000 9,246.000 9,816.000 10,292.000 9,812.000 10,678.000 11,326.000 12,136.000 13,082.000 Plant, Property & Equip (Gross) 4,721.000 4,905.000 5,033.000 4,969.000 5,640.000 5,921.000 6,257.000 5,401.000 5,478.000 5,517.000 5,655.000 5,844.000 5,968.000 6,140.000 6,256.000 6,426.000 6,533.000 6,794.000 7,273.000 7,763.000 9,460.000 Accumulated Depreciation 2,304.000 2,414.000 2,680.000 2,573.000 2,929.000 3,183.000 3,582.000 3,270.000 3,420.000 3,493.000 3,654.000 3,841.000 3,962.000 4,154.000 4,319.000 4,491.000 4,528.000 4,628.000 4,834.000 4,923.000 5,232.000 Plant, Property & Equip (Net) 2,417.000 2,491.000 2,353.000 2,396.000 2,711.000 2,738.000 2,675.000 2,131.000 2,058.000 2,024.000 2,001.000 2,003.000 2,006.000 1,986.000 1,937.000 1,935.000 2,005.000 2,166.000 2,439.000 2,840.000 4,228.000 Investments at Equity 151.000 120.000 136.000 139.000 139.000 157.000 169.000 234.000 59.000 69.000 80.000 69.000 71.000 98.000 110.000 Investments and Advances - Other 537.000 467.000 526.000 1,155.000 564.000 481.000 417.000 205.000 160.000 91.000 54.000 80.000 38.000 6.000 9.000 11.000 19.000 Intangibles 14,034.000 13,281.000 12,298.000 11,170.000 11,678.000 11,702.000 12,191.000 11,957.000 12,128.000 12,145.000 12,451.000 12,556.000 13,192.000 13,420.000 13,339.000 13,677.000 15,725.000 15,677.000 15,640.000 15,486.000 15,417.000 Deferred Charges 2,026.000 676.000 703.000 714.000 710.000 527.000 617.000 56.000 111.000 105.000 2.000 .000 .000 .000 .000 .000 .000 .000 .000 Assets - Other 2,191.000 2,525.000 920.000 1,239.000 1,291.000 1,255.000 682.000 997.000 533.000 1,329.000 1,063.000 787.000 1,227.000 1,959.000 795.000 1,887.000 1,610.000 1,531.000 1,455.000 1,402.000 1,839.000 TOTAL ASSETS 28,110.000 26,777.000 26,636.000 23,946.000 23,668.000 24,153.000 24,381.000 25,491.000 23,281.000 23,296.000 23,607.000 24,422.000 25,854.000 26,686.000 25,967.000 27,900.000 29,281.000 30,052.000 30,860.000 31,864.000 34,566.000 Accounts Payable 1,561.000 1,099.000 937.000 776.000 833.000 867.000 962.000 920.000 1,141.000 1,201.000 1,397.000 1,538.000 1,507.000 1,348.000 1,178.000 1,250.000 1,402.000 1,520.000 1,519.000 1,964.000 1,796.000 Notes Payable 1,596.000 26.000 167.000 1.000 15.000 36.000 487.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 300.000 300.000 .000 Accrued Expenses 2,254.000 1,754.000 2,087.000 2,026.000 1,920.000 2,337.000 2,390.000 2,137.000 1,802.000 1,978.000 1,902.000 2,221.000 2,081.000 2,156.000 2,282.000 2,396.000 1,154.000 1,234.000 1,342.000 1,509.000 1,813.000 Taxes Payable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long-Term) Due In One Year 876.000 851.000 1,197.000 1,152.000 .000 480.000 .000 687.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,712.000 Other Current Liabilities 3,853.000 2,889.000 3,452.000 3,178.000 3,001.000 4,261.000 4,451.000 5,108.000 3,647.000 3,948.000 4,126.000 4,422.000 4,623.000 4,554.000 4,632.000 4,680.000 4,724.000 4,907.000 5,529.000 6,024.000 6,283.000 Total Current Liabilities 7,886.000 4,865.000 5,753.000 5,107.000 3,849.000 5,644.000 5,900.000 6,715.000 4,788.000 5,149.000 5,523.000 5,960.000 6,130.000 5,902.000 5,810.000 5,930.000 6,126.000 6,427.000 7,348.000 8,288.000 9,791.000 Long Term Debt 7,298.000 9,054.000 7,732.000 7,138.000 7,376.000 4,637.000 3,969.000 3,278.000 2,268.000 2,309.000 2,329.000 3,610.000 4,605.000 4,731.000 4,734.000 5,330.000 5,330.000 5,335.000 4,750.000 4,755.000 3,967.000 Deferred Taxes (Balance Sheet) 553.000 773.000 578.000 .000 .000 .000 125.000 .000 451.000 .000 23.000 147.000 5.000 9.000 323.000 19.000 7.000 5.000 2.000 21.000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 1,414.000 1,262.000 1,283.000 2,831.000 3,281.000 3,224.000 3,559.000 4,232.000 3,016.000 6,488.000 5,793.000 4,815.000 6,774.000 7,854.000 3,903.000 6,919.000 7,121.000 7,768.000 8,282.000 6,936.000 8,532.000 TOTAL LIABILITIES 17,151.000 15,954.000 15,346.000 15,076.000 14,506.000 13,602.000 13,672.000 14,390.000 10,739.000 14,209.000 13,668.000 14,532.000 17,514.000 18,496.000 14,770.000 18,179.000 18,951.000 19,986.000 20,897.000 20,392.000 22,343.000 Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 97.000 119.000 165.000 216.000 263.000 .000 .000 .000 .000 .000 .000 355.000 449.000 512.000 411.000 32.000 Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 3.000 3.000 4.000 4.000 4.000 5.000 5.000 5.000 4.000 4.000 4.000 4.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 Capital Surplus 6,475.000 6,477.000 7,723.000 8,146.000 8,421.000 9,480.000 9,633.000 10,097.000 10,544.000 10,873.000 10,991.000 11,406.000 11,676.000 2,928.000 1,972.000 1,309.000 398.000 .000 .000 .000 .000 Retained Earnings (Net Other) 4,894.000 4,725.000 3,564.000 724.000 743.000 1,079.000 1,525.000 1,815.000 4,496.000 2,464.000 4,278.000 5,244.000 4,655.000 5,095.000 9,060.000 8,213.000 9,727.000 10,063.000 9,960.000 11,469.000 12,220.000 Less: Treasury Stock 413.000 382.000 1.000 4.000 6.000 13.000 454.000 816.000 2,502.000 4,254.000 5,446.000 6,900.000 8,153.000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 10,959.000 10,823.000 11,290.000 8,870.000 9,162.000 10,551.000 10,709.000 11,101.000 12,542.000 9,087.000 9,827.000 9,754.000 8,181.000 8,026.000 11,035.000 9,525.000 10,128.000 10,066.000 9,963.000 11,472.000 12,223.000 Noncontrolling Interest - Nonredeemable 112.000 136.000 159.000 164.000 162.000 196.000 202.000 .000 .000 .000 .000 TOTAL SHAREHOLDERS EQUITY 10,959.000 10,823.000 11,290.000 8,870.000 9,162.000 10,551.000 10,709.000 11,101.000 12,542.000 9,087.000 9,939.000 9,890.000 8,340.000 8,190.000 11,197.000 9,721.000 10,330.000 10,066.000 9,963.000 11,472.000 12,223.000 Sales (Net) 20,041.000 16,895.000 16,867.000 16,760.000 18,109.000 20,245.000 21,894.000 20,291.000 21,301.000 23,174.000 24,881.000 25,499.000 24,857.000 24,414.000 23,706.000 22,826.000 23,247.000 24,069.000 25,348.000 27,058.000 29,176.000 Cost of Goods Sold 15,222.000 12,836.000 13,637.000 12,999.000 14,607.000 16,499.000 17,786.000 16,192.000 16,665.000 18,123.000 19,345.000 19,804.000 19,170.000 18,637.000 18,087.000 16,856.000 17,266.000 17,590.000 18,526.000 19,013.000 20,829.000 Gross Profit 4,819.000 4,059.000 3,230.000 3,761.000 3,502.000 3,746.000 4,108.000 4,099.000 4,636.000 5,051.000 5,536.000 5,695.000 5,687.000 5,777.000 5,619.000 5,970.000 5,981.000 6,479.000 6,822.000 8,045.000 8,347.000 Selling, General, & Admin Expenses 2,048.000 1,740.000 1,707.000 1,651.000 1,793.000 1,924.000 1,955.000 1,831.000 1,936.000 2,065.000 2,092.000 2,273.000 2,241.000 2,293.000 2,191.000 2,312.000 2,628.000 2,882.000 2,954.000 2,947.000 2,938.000 Operating Income Before Depreciation 2,771.000 2,319.000 1,523.000 2,110.000 1,709.000 1,822.000 2,153.000 2,268.000 2,700.000 2,986.000 3,444.000 3,422.000 3,446.000 3,484.000 3,428.000 3,658.000 3,353.000 3,597.000 3,868.000 5,098.000 5,409.000 Depreciation, Depletion, & Amortization 724.000 694.000 729.000 364.000 393.000 434.000 444.000 373.000 372.000 390.000 402.000 420.000 447.000 455.000 445.000 439.000 489.000 515.000 550.000 568.000 605.000 Operating Income After Depreciation 2,047.000 1,625.000 794.000 1,746.000 1,316.000 1,388.000 1,709.000 1,895.000 2,328.000 2,596.000 3,042.000 3,002.000 2,999.000 3,029.000 2,983.000 3,219.000 2,864.000 3,082.000 3,318.000 4,530.000 4,804.000 Interest Expense 713.000 736.000 660.000 497.000 537.000 418.000 312.000 273.000 196.000 129.000 123.000 126.000 172.000 201.000 213.000 216.000 238.000 238.000 214.000 184.000 180.000 Non-Operating Income/Expense 28.000 -12.000 -56.000 -37.000 -15.000 52.000 42.000 74.000 152.000 31.000 33.000 24.000 5.000 20.000 32.000 20.000 12.000 28.000 48.000 -919.000 -608.000 Special Items -534.000 .000 39.000 -138.000 -2.000 -443.000 1.000 -8.000 -59.000 .000 -22.000 -468.000 -142.000 -69.000 -45.000 -40.000 149.000 158.000 -39.000 -280.000 -30.000 Pretax Income 828.000 877.000 117.000 1,074.000 762.000 579.000 1,440.000 1,688.000 2,225.000 2,498.000 2,930.000 2,432.000 2,690.000 2,779.000 2,757.000 2,983.000 2,787.000 3,030.000 3,113.000 3,147.000 3,986.000 Income Taxes - Total 371.000 379.000 112.000 319.000 227.000 140.000 498.000 581.000 532.000 824.000 953.000 589.000 793.000 878.000 808.000 790.000 733.000 857.000 1,114.000 264.000 658.000 Minority Interest .000 .000 .000 .000 .000 41.000 39.000 30.000 12.000 17.000 14.000 -7.000 -37.000 -23.000 -27.000 -14.000 INCOME BEFORE EI&DO 457.000 498.000 5.000 755.000 535.000 439.000 942.000 1,107.000 1,693.000 1,674.000 1,936.000 1,804.000 1,867.000 1,889.000 1,932.000 2,179.000 2,061.000 2,210.000 2,022.000 2,910.000 3,342.000 Extraordinary Items -53.000 .000 -16.000 -508.000 .000 41.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 -357.000 -752.000 -887.000 -170.000 -63.000 -71.000 176.000 885.000 -2.000 -1.000 36.000 -1.000 -1.000 64.000 65.000 13.000 1.000 2.000 -1.000 1.000 Net Income (Loss) 404.000 141.000 -763.000 -640.000 365.000 417.000 871.000 1,283.000 2,578.000 1,672.000 1,935.000 1,840.000 1,866.000 1,888.000 1,996.000 2,244.000 2,074.000 2,211.000 2,024.000 2,909.000 3,343.000 Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 1.350 1.470 .010 1.880 1.300 1.000 2.110 2.510 3.910 4.070 4.960 4.840 5.310 5.670 5.970 6.980 6.760 7.450 6.950 10.160 11.930 EPS - Primary - Including EI&DO 1.200 .420 -2.140 -1.590 .880 .950 1.950 2.900 5.950 4.060 4.960 4.940 5.300 5.670 6.170 7.190 6.810 7.450 6.960 10.160 11.940 EPS - Fully Diluted - Excluding EI&DO 1.340 1.460 .010 1.850 1.290 .990 2.080 2.460 3.800 3.950 4.890 4.790 5.280 5.650 5.960 6.970 6.750 7.440 6.940 10.150 11.920 EPS - Fully Diluted - Including EI&DO 1.190 .410 -2.110 -1.570 .880 .940 1.920 2.850 5.790 3.940 4.890 4.880 5.280 5.650 6.160 7.180 6.800 7.440 6.950 10.150 11.930 SHARES - for Primary EPS Calculation 337.351 338.400 356.717 401.444 412.700 438.149 446.975 441.751 433.045 411.400 390.400 372.700 351.700 333.200 323.400 312.000 304.800 296.500 291.100 286.500 280.000 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 340.784 341.100 361.323 408.031 415.429 442.201 453.302 450.875 445.659 423.700 395.700 377.000 353.600 334.200 324.200 312.600 305.200 296.800 291.400 286.800 280.200 SHARES - Outstanding at Fiscal Year End 338.760 340.620 395.432 408.209 418.136 453.096 446.373 445.870 426.196 400.100 377.900 359.400 338.900 328.100 314.500 307.300 299.000 292.800 288.400 282.100 278.400 Operating Activities - Net Cash Flow -317.000 960.000 133.000 1,039.000 1,569.000 2,071.000 2,515.000 2,743.000 1,198.000 2,015.000 2,725.000 1,942.000 2,107.000 1,957.000 2,378.000 2,184.000 2,359.000 2,852.000 2,745.000 3,428.000 4,480.000 Capital Expenditures 532.000 431.000 486.000 458.000 428.000 363.000 338.000 295.000 313.000 304.000 280.000 319.000 340.000 339.000 280.000 326.000 406.000 561.000 543.000 763.000 942.000 Sale of Property Plant and Equipment 102.000 40.000 9.000 11.000 25.000 .000 14.000 3.000 8.000 14.000 1.000 4.000 32.000 46.000 2.000 9.000 59.000 34.000 46.000 2.000 25.000 Acquisitions .000 .000 .000 10.000 60.000 112.000 125.000 87.000 211.000 54.000 334.000 152.000 645.000 301.000 9.000 427.000 1,954.000 57.000 93.000 .000 8.000 Investing Activites - Net Cash Flow -400.000 -213.000 -47.000 -719.000 -243.000 -532.000 -436.000 -451.000 2,507.000 -417.000 -692.000 -535.000 -1,051.000 -1,523.000 -473.000 -1,322.000 -1,744.000 53.000 -817.000 -521.000 -1,003.000 Cash Dividends 269.000 272.000 281.000 321.000 331.000 349.000 387.000 420.000 440.000 460.000 473.000 536.000 588.000 643.000 694.000 735.000 797.000 850.000 910.000 975.000 1,036.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 725.000 703.000 687.000 437.000 515.000 396.000 310.000 273.000 232.000 142.000 147.000 134.000 167.000 198.000 210.000 209.000 232.000 231.000 214.000 194.000 193.000 Income Taxes Paid 102.000 -22.000 -27.000 -145.000 13.000 5.000 56.000 375.000 734.000 448.000 208.000 337.000 426.000 839.000 689.000 759.000 1,081.000 779.000 878.000 17.000 831.000 Funds From Operations - Total Current Debt - Changes 771.000 -2,093.000 -713.000 -163.000 -13.000 -7.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 300.000 .000 -300.000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .800 .800 .600 .800 .800 .800 .880 .960 1.020 1.120 1.240 1.125 2.095 2.000 2.200 1.815 2.615 3.600 2.393 4.268 2.828 Dividends (Cash) - Common 270.000 273.000 292.000 323.000 332.000 356.000 394.000 429.000 442.000 462.000 479.000 552.000 600.000 661.000 706.000 746.000 813.000 867.000 929.000 991.000 1,054.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 26.563 31.063 32.470 30.750 30.040 38.830 40.150 52.800 60.700 51.040 51.520 46.340 48.380 57.560 90.700 108.170 124.530 142.000 187.850 153.350 219.740 Price - Fiscal Year Close 26.563 31.063 32.470 30.750 30.040 38.830 40.150 52.800 60.700 51.040 51.520 46.340 48.380 57.560 90.700 108.170 124.530 142.000 187.850 153.350 219.740 Receivables - Estimated Doubtful 27.000 23.000 22.000 22.000 35.000 41.000 24.000 19.000 8.000 8.000 9.000 .000 .000 .000 .000 .000 .000 .000 8.000 12.000 7.000 Rental Expense 416.000 292.000 286.000 276.000 441.000 236.000 280.000 284.000 276.000 285.000 290.000 307.000 271.000 258.000 248.000 225.000 236.000 239.000 229.000 232.000 240.000 Research and Development Expense 508.000 526.000 475.000 449.000 487.000 491.000 503.000 464.000 502.000 517.000 565.000 625.000 625.000 704.000 465.000 500.000 706.000 755.000 734.000 841.000 732.000 GDraw NAME: GENERAL DYNAMICS CORP TICKER SYMBOL: GD PRIMARY SIC CODE: 3730 STOCK EXCHANGE: 11 New York Stock Exchange CUSIP: 369550 STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) ASSETS     Cash & Equivalents 270.000 177.000 442.000 328.000 860.000 976.000 2,331.000 1,604.000 3,155.000 1,621.000 2,263.000 2,613.000 2,649.000 3,296.000 5,301.000 4,888.000 2,785.000 2,334.000 2,983.000 963.000 902.000 2,824.000     Receivables - Total (Net) 746.000 798.000 996.000 1,074.000 1,378.000 1,459.000 2,034.000 2,341.000 2,874.000 3,469.000 3,678.000 3,848.000 4,452.000 4,204.000 4,402.000 4,050.000 3,446.000 3,611.000 8,857.000 10,335.000 11,401.000 11,185.000     Inventories - Total 2,165.000 2,191.000 3,026.000 3,319.000 3,708.000 4,100.000 4,391.000 5,472.000 5,958.000 6,370.000 6,575.000 7,031.000 7,478.000 7,740.000 7,748.000 7,812.000 7,723.000 8,805.000 5,303.000 5,977.000 6,306.000 5,745.000     Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Current Assets - Other 310.000 385.000 429.000 377.000 448.000 752.000 417.000 463.000 311.000 490.000 733.000 694.000 789.000 504.000 435.000 657.000 617.000 697.000 1,185.000 914.000 1,171.000 1,789.000 Current Assets - Total 3,491.000 3,551.000 4,893.000 5,098.000 6,394.000 7,287.000 9,173.000 9,880.000 12,298.000 11,950.000 13,249.000 14,186.000 15,368.000 15,744.000 17,886.000 17,407.000 14,571.000 15,447.000 18,328.000 18,189.000 19,780.000 21,543.000     Plant, Property & Equip (Gross) 2,388.000 2,640.000 3,538.000 3,469.000 3,903.000 4,202.000 4,314.000 4,188.000 4,729.000 5,340.000 5,677.000 5,959.000 6,518.000 7,003.000 7,248.000 7,292.000 7,676.000 7,929.000 8,237.000 9,403.000 11,584.000 12,375.000     Accumulated Depreciation 1,219.000 1,346.000 1,770.000 1,613.000 1,818.000 2,033.000 2,189.000 2,020.000 2,257.000 2,468.000 2,765.000 2,988.000 3,234.000 3,600.000 3,833.000 3,963.000 4,210.000 4,462.000 4,720.000 5,055.000 5,286.000 5,614.000 Plant, Property & Equip (Net) 1,169.000 1,294.000 1,768.000 1,856.000 2,085.000 2,169.000 2,125.000 2,168.000 2,472.000 2,872.000 2,912.000 2,971.000 3,284.000 3,403.000 3,415.000 3,329.000 3,466.000 3,467.000 3,517.000 4,348.000 6,298.000 6,761.000     Investments at Equity .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Investments and Advances - Other .000 .000 .000 .000 .000     Intangibles 2,513.000 2,531.000 3,758.000 4,070.000 7,113.000 7,405.000 7,585.000 9,725.000 9,914.000 13,030.000 14,367.000 14,641.000 15,389.000 13,431.000 13,194.000 12,643.000 12,206.000 12,123.000 12,616.000 22,179.000 21,992.000 22,170.000     Deferred Charges .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Assets - Other 601.000 611.000 650.000 707.000 591.000 683.000 708.000 603.000 1,049.000 521.000 549.000 747.000 842.000 1,731.000 953.000 1,976.000 1,754.000 1,835.000 585.000 692.000 771.000 834.000 TOTAL ASSETS 7,774.000 7,987.000 11,069.000 11,731.000 16,183.000 17,544.000 19,591.000 22,376.000 25,733.000 28,373.000 31,077.000 32,545.000 34,883.000 34,309.000 35,448.000 35,355.000 31,997.000 32,872.000 35,046.000 45,408.000 48,841.000 51,308.000 LIABILITIES     Accounts Payable 631.000 717.000 904.000 1,056.000 1,317.000 1,508.000 1,710.000 1,956.000 2,318.000 2,443.000 2,365.000 2,736.000 2,895.000 2,469.000 2,248.000 2,057.000 1,964.000 2,538.000 3,207.000 3,179.000 3,162.000 2,952.000     Notes Payable 852.000 340.000 .000 .000 .000 .000 .000 .000 .000 905.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 850.000 .000 .000     Accrued Expenses 479.000 454.000 698.000 731.000 919.000 799.000 808.000 1,003.000 1,690.000 1,648.000 1,564.000 1,564.000 1,695.000 1,731.000 1,607.000 1,447.000 1,321.000 1,335.000 1,401.000 1,468.000 1,543.000 1,651.000     Taxes Payable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Debt (Long-Term) Due In One Year 1.000 .000 1,211.000 732.000 747.000 6.000 510.000 7.000 673.000 6.000 705.000 773.000 23.000 1.000 1.000 501.000 501.000 900.000 2.000 187.000 3,239.000 3,333.000     Other Current Liabilities 1,490.000 1,390.000 1,766.000 2,063.000 2,633.000 3,061.000 3,879.000 4,858.000 4,483.000 5,358.000 5,737.000 6,104.000 6,532.000 7,419.000 8,338.000 9,746.000 8,659.000 8,073.000 8,489.000 9,055.000 8,857.000 8,028.000 Total Current Liabilities 3,453.000 2,901.000 4,579.000 4,582.000 5,616.000 5,374.000 6,907.000 7,824.000 9,164.000 10,360.000 10,371.000 11,177.000 11,145.000 11,620.000 12,194.000 13,751.000 12,445.000 12,846.000 13,099.000 14,739.000 16,801.000 15,964.000     Long Term Debt 169.000 162.000 724.000 718.000 3,296.000 3,291.000 2,781.000 2,774.000 2,118.000 3,113.000 3,159.000 2,430.000 3,907.000 3,908.000 3,908.000 3,410.000 2,898.000 2,988.000 3,980.000 11,699.000 10,548.000 11,399.000     Deferred Taxes (Balance Sheet) 215.000 197.000 351.000 644.000 756.000 854.000 997.000 99.000 519.000 220.000 170.000 144.000 137.000 82.000 75.000 72.000 244.000 577.000 481.000 461.000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 981.000 1,104.000 1,023.000 1,035.000 999.000 1,046.000 1,002.000 1,097.000 1,686.000 4,748.000 4,605.000 5,402.000 6,429.000 7,247.000 4,708.000 6,283.000 5,841.000 5,990.000 6,288.000 6,661.000 7,434.000 7,823.000     Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL LIABILITIES 4,603.000 4,167.000 6,541.000 6,532.000 10,262.000 10,355.000 11,446.000 12,549.000 13,965.000 18,320.000 18,654.000 19,229.000 21,651.000 22,919.000 20,947.000 23,526.000 21,259.000 21,896.000 23,611.000 33,676.000 35,264.000 35,647.000 SHAREHOLDERS' EQUITY     Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 241.000 241.000 241.000 241.000 241.000 241.000 241.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000     Capital Surplus 246.000 378.000 453.000 516.000 597.000 757.000 886.000 880.000 1,141.000 1,346.000 1,518.000 1,729.000 1,888.000 1,988.000 2,226.000 2,548.000 2,730.000 2,819.000 2,872.000 2,946.000 3,039.000 3,124.000     Retained Earnings (Net Other) 3,357.000 4,034.000 4,764.000 5,458.000 6,362.000 7,397.000 8,511.000 9,920.000 12,026.000 11,574.000 13,886.000 15,640.000 16,605.000 15,085.000 18,243.000 18,195.000 19,918.000 21,831.000 23,624.000 25,548.000 27,414.000 29,948.000     Less: Treasury Stock 673.000 833.000 930.000 1,016.000 1,279.000 1,206.000 1,493.000 1,455.000 1,881.000 3,349.000 3,463.000 4,535.000 5,743.000 6,165.000 6,450.000 9,396.000 12,392.000 14,156.000 15,543.000 17,244.000 17,358.000 17,893.000 Shareholders Equity - Parent 3,171.000 3,820.000 4,528.000 5,199.000 5,921.000 7,189.000 8,145.000 9,827.000 11,768.000 10,053.000 12,423.000 13,316.000 13,232.000 11,390.000 14,501.000 11,829.000 10,738.000 10,976.000 11,435.000 11,732.000 13,577.000 15,661.000 Noncontrolling Interest - Nonredeemable .000 .000 .000 TOTAL SHAREHOLDERS EQUITY 3,171.000 3,820.000 4,528.000 5,199.000 5,921.000 7,189.000 8,145.000 9,827.000 11,768.000 10,053.000 12,423.000 13,316.000 13,232.000 11,390.000 14,501.000 11,829.000 10,738.000 10,976.000 11,435.000 11,732.000 13,577.000 15,661.000 TOTAL LIABILITIES AND EQUITY 7,774.000 7,987.000 11,069.000 11,731.000 16,183.000 17,544.000 19,591.000 22,376.000 25,733.000 28,373.000 31,077.000 32,545.000 34,883.000 34,309.000 35,448.000 35,355.000 31,997.000 32,872.000 35,046.000 45,408.000 48,841.000 51,308.000 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Sales (Net) 8,959.000 10,356.000 12,163.000 13,829.000 16,617.000 19,178.000 21,244.000 24,063.000 27,240.000 29,300.000 31,981.000 32,466.000 32,677.000 31,682.000 31,218.000 30,852.000 31,469.000 31,353.000 30,973.000 36,193.000 39,350.000 37,925.000     Cost of Goods Sold 7,629.000 8,801.000 10,407.000 12,034.000 14,873.000 16,911.000 18,705.000 19,553.000 22,061.000 23,481.000 25,790.000 25,988.000 26,118.000 25,366.000 24,898.000 24,483.000 24,857.000 24,650.000 24,345.000 28,715.000 31,548.000 30,816.000 Gross Profit 1,330.000 1,555.000 1,756.000 1,795.000 1,744.000 2,267.000 2,539.000 4,510.000 5,179.000 5,819.000 6,191.000 6,478.000 6,559.000 6,316.000 6,320.000 6,369.000 6,612.000 6,703.000 6,628.000 7,478.000 7,802.000 7,109.000     Selling, General, & Admin Expenses 1,501.000 1,643.000 1,719.000 1,954.000 1,964.000 2,030.000 2,178.000 2,041.000 1,955.000 1,975.000 1,940.000 2,010.000 2,258.000 2,411.000 2,192.000 Operating Income Before Depreciation 1,330.000 1,555.000 1,756.000 1,795.000 1,744.000 2,267.000 2,539.000 3,009.000 3,536.000 4,100.000 4,237.000 4,514.000 4,529.000 4,138.000 4,279.000 4,414.000 4,637.000 4,763.000 4,618.000 5,220.000 5,391.000 4,917.000     Depreciation, Depletion, & Amortiz 193.000 226.000 271.000 213.000 277.000 326.000 342.000 384.000 423.000 447.000 562.000 569.000 592.000 620.000 556.000 496.000 482.000 454.000 441.000 763.000 743.000 784.000 Operating Income After Depreciation 1,137.000 1,329.000 1,485.000 1,582.000 1,467.000 1,941.000 2,197.000 2,625.000 3,113.000 3,653.000 3,675.000 3,945.000 3,937.000 3,518.000 3,723.000 3,918.000 4,155.000 4,309.000 4,177.000 4,457.000 4,648.000 4,133.000     Interest Expense 53.000 72.000 68.000 55.000 108.000 157.000 154.000 156.000 131.000 133.000 171.000 167.000 155.000 168.000 103.000 103.000 98.000 99.000 117.000 374.000 472.000 489.000     Non-Operating Income/Expense 19.000 5.000 7.000 21.000 13.000 1.000 57.000 58.000 65.000 84.000 9.000 12.000 26.000 -1.000 25.000 16.000 22.000 21.000 17.000 32.000 26.000 94.000     Special Items 23.000 .000 .000 36.000 .000 .000 .000 .000 .000 .000 .000 .000 -90.000 -2,808.000 -38.000 -29.000 23.000 .000 .000 -30.000 .000 Pretax Income 1,126.000 1,262.000 1,424.000 1,584.000 1,372.000 1,785.000 2,100.000 2,527.000 3,047.000 3,604.000 3,513.000 3,790.000 3,718.000 541.000 3,607.000 3,802.000 4,102.000 4,231.000 4,077.000 4,085.000 4,202.000 3,738.000     Income Taxes - Total 246.000 361.000 481.000 533.000 375.000 582.000 632.000 817.000 967.000 1,126.000 1,106.000 1,162.000 1,166.000 873.000 1,121.000 1,129.000 1,137.000 1,169.000 1,165.000 727.000 718.000 571.000     Minority Interest .000 .000 Income Before EI&DO 880.000 901.000 943.000 1,051.000 997.000 1,203.000 1,468.000 1,710.000 2,080.000 2,478.000 2,407.000 2,628.000 2,552.000 -332.000 2,486.000 2,673.000 2,965.000 3,062.000 2,912.000 3,358.000 3,484.000 3,167.000     Extraordinary Items .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 .000 .000 -134.000 7.000 24.000 -7.000 146.000 -8.000 -19.000 -13.000 -4.000 -26.000 .000 -129.000 -140.000 .000 -107.000 .000 -13.000 .000 .000 Net Income (Loss) 880.000 901.000 943.000 917.000 1,004.000 1,227.000 1,461.000 1,856.000 2,072.000 2,459.000 2,394.000 2,624.000 2,526.000 -332.000 2,357.000 2,533.000 2,965.000 2,955.000 2,912.000 3,345.000 3,484.000 3,167.000 Income Before EI&DO 880.000 901.000 943.000 1,051.000 997.000 1,203.000 1,468.000 1,710.000 2,080.000 2,478.000 2,407.000 2,628.000 2,552.000 -332.000 2,486.000 2,673.000 2,965.000 3,062.000 2,912.000 3,358.000 3,484.000 3,167.000     Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 880.000 901.000 943.000 1,051.000 997.000 1,203.000 1,468.000 1,710.000 2,080.000 2,478.000 2,407.000 2,628.000 2,552.000 -332.000 2,486.000 2,673.000 2,965.000 3,062.000 2,912.000 3,358.000 3,484.000 3,167.000     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjusted Available for Common 880.000 901.000 943.000 1,051.000 997.000 1,203.000 1,468.000 1,710.000 2,080.000 2,478.000 2,407.000 2,628.000 2,552.000 -332.000 2,486.000 2,673.000 2,965.000 3,062.000 2,912.000 3,358.000 3,484.000 3,167.000 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 4.400 4.510 4.690 5.220 5.040 6.030 7.310 4.240 5.140 6.260 6.240 6.890 7.010 -.940 7.090 7.970 9.230 10.050 9.730 11.370 12.090 11.040     EPS - Primary, Including EI&DO 4.400 4.510 4.690 4.550 5.080 6.150 7.280 4.600 5.120 6.210 6.210 6.880 6.940 -.940 6.720 7.560 9.230 9.700 9.730 11.330 12.090 11.040     EPS - Fully Diluted, Excluding EI&DO 4.360 4.480 4.650 5.180 5.000 5.970 7.250 4.200 5.100 6.220 6.200 6.820 6.940 -.940 7.030 7.830 9.080 9.870 9.560 11.220 11.980 11.000     EPS - Fully Diluted, Including EI&DO 4.360 4.480 4.650 4.520 5.040 6.090 7.220 4.560 5.080 6.170 6.170 6.810 6.870 -.940 6.670 7.420 9.080 9.520 9.560 11.180 11.980 11.000 COMMON SHARES     Common Shares for Primary EPS Calculation 199.988 199.840 201.142 201.357 197.790 199.563 200.819 403.424 404.417 396.238 385.475 381.240 364.147 353.346 350.714 335.192 321.313 304.707 299.172 295.262 288.286 286.922     Common Shares for Fully Diluted EPS Calc. 202.057 201.262 202.907 202.852 199.152 201.467 202.424 406.827 408.145 398.746 387.923 385.236 367.524 353.346 353.499 341.331 326.652 310.387 304.637 299.160 290.836 287.913     Common Shares Outstanding at Fiscal Yr End 201.013 200.501 200.745 200.993 197.966 201.033 200.182 405.792 403.980 386.711 385.705 372.052 356.438 353.674 353.403 332.164 312.987 302.419 296.896 288.698 289.610 286.478 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Retained Rearnings - Beginning Balance 2,640.000 3,357.000 4,034.000 4,764.000 5,458.000 6,362.000 7,397.000 8,511.000 9,920.000 12,026.000 11,574.000 13,886.000 15,640.000 16,605.000 15,085.000 18,243.000 18,195.000 19,918.000 21,831.000 23,624.000 25,548.000 27,414.000 Net Income 880.000 901.000 943.000 917.000 1,004.000 1,227.000 1,461.000 1,856.000 2,072.000 2,459.000 2,394.000 2,624.000 2,526.000 -332.000 2,357.000 2,533.000 2,965.000 2,955.000 2,912.000 3,345.000 3,484.000 3,167.000 Cash Dividends 136.000 202.000 219.000 236.000 249.000 278.000 314.000 359.000 445.000 533.000 577.000 631.000 673.000 893.000 591.000 822.000 873.000 911.000 986.000 1,075.000 1,152.000 1,240.000 Retained Earnings After Dividends 3,384.000 4,056.000 4,758.000 5,445.000 6,213.000 7,311.000 8,544.000 10,008.000 11,547.000 13,952.000 13,391.000 15,879.000 17,493.000 15,380.000 16,851.000 19,954.000 20,287.000 21,962.000 23,757.000 25,894.000 27,880.000 29,341.000 Change - Foreign Currency Translation Adj. to Long-Term Marketable Securities -1.000 .000 .000 1.000 4.000 23.000 23.000 23.000 26.000 .000 3.000 4.000 3.000 7.000 15.000 22.000 20.000 14.000 19.000 .000 .000 .000 Other CMP Adj,(Stock Splits/Retirement) -2.000 .000 .000 7.000 -7.000 -1.000 -8.000 -161.000 144.000 -2,037.000 -1,824.000 -2,333.000 -3,137.000 -3,874.000 -2,174.000 -3,495.000 -3,484.000 -3,470.000 -3,241.000 -3,880.000 -4,507.000 -4,191.000 Non-Compustat Adjustments (Plug Calculation) -25.000 -22.000 6.000 6.000 156.000 87.000 -25.000 73.000 335.000 -341.000 2,319.000 2,094.000 2,249.000 3,579.000 3,566.000 1,736.000 3,115.000 3,339.000 3,108.000 3,534.000 4,041.000 4,798.000 Retained Earnings - Ending Balance 3,357.000 4,034.000 4,764.000 5,458.000 6,362.000 7,397.000 8,511.000 9,920.000 12,026.000 11,574.000 13,886.000 15,640.000 16,605.000 15,085.000 18,243.000 18,195.000 19,918.000 21,831.000 23,624.000 25,548.000 27,414.000 29,948.000 Retroactive Adjustments (Acct'g Chgs) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 3,357.000 4,034.000 4,764.000 5,458.000 6,362.000 7,397.000 8,511.000 9,920.000 12,026.000 11,574.000 13,886.000 15,640.000 16,605.000 15,085.000 18,243.000 18,195.000 19,918.000 21,831.000 23,624.000 25,548.000 27,414.000 29,948.000 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 880.000 901.000 943.000 1,051.000 997.000 1,203.000 1,468.000 1,710.000 2,080.000 2,478.000 2,407.000 2,628.000 2,552.000 -332.000 2,486.000 2,673.000 2,965.000 3,062.000 2,912.000 3,358.000 3,484.000 3,167.000 Depreciation and Amortizations 200.000 226.000 271.000 213.000 277.000 326.000 342.000 384.000 423.000 447.000 562.000 569.000 592.000 620.000 556.000 496.000 482.000 454.000 441.000 763.000 829.000 878.000 Extraordinary Items and Disc. Operations -7.000 .000 .000 -1.000 -9.000 25.000 -17.000 -28.000 -27.000 -14.000 -15.000 -2.000 -27.000 -2.000 -9.000 36.000 -43.000 -54.000 -40.000 -20.000 -51.000 -59.000 Deferred Taxes 41.000 .000 117.000 179.000 134.000 279.000 144.000 45.000 122.000 196.000 227.000 56.000 14.000 -148.000 104.000 136.000 167.000 376.000 401.000 -3.000 92.000 -127.000 Equity in Net Loss (Earnings) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Sale of PPEq and Investments - Loss (Gain) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Funds from Operations - Other -67.000 -79.000 64.000 -70.000 -13.000 84.000 -15.000 109.000 83.000 -109.000 247.000 131.000 16.000 2,325.000 207.000 -169.000 134.000 -58.000 361.000 -145.000 170.000 -103.000 Receivables - Decrease (Increase) 36.000 -39.000 -38.000 -90.000 48.000 -66.000 -555.000 -160.000 -519.000 -386.000 -151.000 -152.000 -420.000 240.000 -205.000 330.000 604.000 -161.000 -1,182.000 -383.000 -1,127.000 255.000 Inventory - Decrease (Increase) -84.000 -71.000 -446.000 -343.000 -249.000 -337.000 -316.000 -627.000 -570.000 -110.000 -184.000 -357.000 -248.000 -329.000 -23.000 -22.000 75.000 -1,187.000 -182.000 -591.000 -376.000 502.000 Accounts/P and Accrued Liabs - Inc(Dec) 137.000 58.000 168.000 190.000 180.000 340.000 -38.000 -92.000 366.000 17.000 -441.000 -223.000 -161.000 -89.000 567.000 657.000 -197.000 6.000 -215.000 Income Taxes - Accrued - Increase(Decrease) 235.000 -35.000 -19.000 93.000 .000 .000 .000 .000 .000 .000 Other Assets and Liabilities - Net Change -218.000 168.000 192.000 68.000 387.000 120.000 815.000 515.000 993.000 646.000 -161.000 -255.000 715.000 752.000 204.000 445.000 -1,839.000 -855.000 471.000 346.000 -97.000 -499.000 Operating Actiities - Net Cash Flow 1,016.000 1,071.000 1,103.000 1,125.000 1,723.000 1,802.000 2,056.000 2,128.000 2,925.000 3,110.000 2,840.000 2,984.000 3,211.000 2,685.000 3,097.000 3,764.000 2,456.000 2,144.000 3,839.000 3,128.000 2,930.000 3,799.000 INVESTING ACTIVITIES Investments - Increase 37.000 23.000 45.000 41.000 30.000 46.000 10.000 .000 .000 1,406.000 489.000 694.000 832.000 512.000 135.000 136.000 123.000 .000 .000 .000 .000 .000 Sale of Investments 91.000 29.000 42.000 39.000 31.000 37.000 18.000 .000 .000 1,423.000 254.000 731.000 676.000 731.000 113.000 139.000 128.000 .000 .000 .000 .000 .000 Short term Investments - Change .000 -179.000 -500.000 500.000 .000 .000 .000 .000 .000 Capital Expenditures 197.000 288.000 356.000 264.000 224.000 266.000 279.000 334.000 474.000 490.000 385.000 370.000 458.000 450.000 440.000 521.000 569.000 392.000 428.000 690.000 987.000 967.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 Acquisitions 1,090.000 71.000 1,451.000 275.000 3,044.000 543.000 277.000 2,342.000 330.000 3,224.000 811.000 233.000 1,560.000 444.000 1.000 .000 399.000 10,099.000 19.000 203.000 Investing Activities - Other 10.000 24.000 64.000 141.000 35.000 35.000 367.000 360.000 131.000 35.000 39.000 158.000 200.000 19.000 96.000 -84.000 264.000 -34.000 36.000 555.000 12.000 196.000 Investing Activites - Net Cash Flow -1,223.000 -329.000 -1,746.000 -400.000 -3,232.000 -783.000 -181.000 -2,316.000 -852.000 -3,662.000 -1,392.000 -408.000 -1,974.000 -656.000 -367.000 -1,102.000 200.000 -426.000 -791.000 -10,234.000 -994.000 -974.000 FINANCING ACTIVITIES Sale of Common and Preferred Stock 51.000 111.000 68.000 49.000 65.000 169.000 148.000 253.000 207.000 144.000 142.000 277.000 198.000 146.000 583.000 547.000 268.000 292.000 163.000 136.000 .000 .000 Purchase of Common and Preferred Stock 59.000 208.000 113.000 100.000 300.000 .000 348.000 85.000 505.000 1,522.000 209.000 1,185.000 1,468.000 602.000 740.000 3,382.000 3,233.000 1,996.000 1,558.000 1,769.000 231.000 587.000 Cash Dividends 136.000 202.000 219.000 236.000 249.000 278.000 314.000 359.000 445.000 533.000 577.000 631.000 673.000 893.000 591.000 822.000 873.000 911.000 986.000 1,075.000 1,152.000 1,240.000 Long Term Debt - Issuance 844.000 1,325.000 .000 3,094.000 .000 .000 995.000 747.000 .000 1,497.000 2,382.000 .000 .000 .000 992.000 985.000 7,461.000 .000 3,960.000 Long Term Debt - Reduction 433.000 536.000 153.000 549.000 569.000 747.000 6.000 500.000 .000 650.000 .000 700.000 750.000 2,400.000 .000 .000 500.000 500.000 900.000 .000 .000 2,941.000 Current Debt - Changes .000 904.000 -904.000 .000 .000 .000 851.000 -850.000 Financing Activities - Other .000 .000 .000 .000 .000 -48.000 .000 105.000 -110.000 -87.000 -5.000 13.000 -5.000 -15.000 23.000 82.000 79.000 -46.000 -103.000 -518.000 236.000 -95.000 Financing Activities - Net Cash Flow 267.000 -835.000 908.000 -836.000 2,041.000 -904.000 -520.000 -539.000 -786.000 -718.000 -806.000 -2,226.000 -1,201.000 -1,382.000 -725.000 -3,575.000 -4,259.000 -2,169.000 -2,399.000 5,086.000 -1,997.000 -903.000 Exchange Rate Effect .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Cash and Cash Equivalents - Change 60.000 -93.000 265.000 -111.000 532.000 115.000 1,355.000 -727.000 1,287.000 -1,270.000 642.000 350.000 36.000 647.000 2,005.000 -913.000 -1,603.000 -451.000 649.000 -2,020.000 -61.000 1,922.000 OTHER INFORMATION Interest Paid - Net< 52.000 78.000 70.000 55.000 79.000 149.000 142.000 155.000 127.000 124.000 137.000 168.000 133.000 186.000 94.000 94.000 90.000 83.000 93.000 312.000 434.000 459.000 Income Taxes Paid 289.000 268.000 326.000 377.000 268.000 302.000 529.000 743.000 759.000 841.000 860.000 1,060.000 1,083.000 1,155.000 888.000 1,019.000 871.000 959.000 617.000 532.000 572.000 764.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Receivables - Trade 746.000 798.000 996.000 1,074.000 1,378.000 1,459.000 2,034.000 2,341.000 2,874.000 3,469.000 3,678.000 3,848.000 4,452.000 4,204.000 4,402.000 4,050.000 3,446.000 3,611.000 8,857.000 10,335.000 11,401.000 11,185.000 Income Tax Refund .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Total (Net) 746.000 798.000 996.000 1,074.000 1,378.000 1,459.000 2,034.000 2,341.000 2,874.000 3,469.000 3,678.000 3,848.000 4,452.000 4,204.000 4,402.000 4,050.000 3,446.000 3,611.000 8,857.000 10,335.000 11,401.000 11,185.000 Inventories - Raw Materials 262.000 289.000 361.000 396.000 389.000 392.000 505.000 711.000 804.000 1,001.000 1,129.000 965.000 1,031.000 1,109.000 1,258.000 1,290.000 1,376.000 1,415.000 1,357.000 1,504.000 1,733.000 1,712.000 Inventories - Work In Process 1,640.000 1,643.000 2,380.000 2,664.000 3,162.000 3,546.000 3,777.000 4,703.000 5,111.000 5,217.000 5,356.000 5,997.000 6,370.000 6,482.000 6,415.000 6,419.000 6,246.000 7,340.000 3,872.000 4,357.000 4,419.000 3,990.000 Inventories - Finished Goods 243.000 236.000 254.000 230.000 103.000 119.000 71.000 44.000 30.000 100.000 60.000 69.000 77.000 149.000 75.000 103.000 101.000 50.000 74.000 116.000 154.000 43.000 Inventories - Other 20.000 23.000 31.000 29.000 54.000 43.000 38.000 14.000 13.000 52.000 30.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Inventories - Total 2,165.000 2,191.000 3,026.000 3,319.000 3,708.000 4,100.000 4,391.000 5,472.000 5,958.000 6,370.000 6,575.000 7,031.000 7,478.000 7,740.000 7,748.000 7,812.000 7,723.000 8,805.000 5,303.000 5,977.000 6,306.000 5,745.000 LESS: Debt (Long Term) Due In One Year -1.000 .000 -1,211.000 -732.000 -747.000 -6.000 -510.000 -7.000 -673.000 -6.000 -705.000 -773.000 -23.000 -1.000 -1.000 -501.000 -501.000 -900.000 -2.000 -187.000 -3,239.000 -3,333.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 149.000 139.000 666.000 664.000 3,759.000 3,245.000 3,246.000 2,747.000 2,748.000 3,094.000 3,842.000 3,146.000 3,895.000 3,882.000 3,884.000 3,886.000 3,400.000 3,000.000 4,000.000 11,500.000 9,000.000 10,000.000 Debt - Debentures 15.000 15.000 15.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Long Term - Other 6.000 8.000 1,239.000 772.000 271.000 43.000 37.000 25.000 40.000 23.000 22.000 56.000 34.000 27.000 25.000 25.000 25.000 24.000 32.000 168.000 1,336.000 1,263.000 Debt - Capitalized Lease Obligations .000 .000 15.000 14.000 13.000 9.000 8.000 9.000 3.000 2.000 .000 1.000 1.000 319.000 287.000 255.000 Long Term Debt Total 169.000 162.000 724.000 718.000 3,296.000 3,291.000 2,781.000 2,774.000 2,118.000 3,113.000 3,159.000 2,430.000 3,907.000 3,908.000 3,908.000 3,410.000 2,898.000 2,988.000 3,980.000 11,699.000 10,548.000 11,399.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 197.000 288.000 356.000 264.000 224.000 266.000 279.000 334.000 474.000 490.000 385.000 370.000 458.000 450.000 440.000 521.000 569.000 392.000 428.000 690.000 987.000 967.000 Retirements Other Changes Ending Balance 2,388.000 2,640.000 3,538.000 3,469.000 3,903.000 4,202.000 4,314.000 4,188.000 4,729.000 5,340.000 5,677.000 5,959.000 6,518.000 7,003.000 7,248.000 7,292.000 7,676.000 7,929.000 8,237.000 9,403.000 11,584.000 12,375.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 1,219.000 1,346.000 1,770.000 1,613.000 1,818.000 2,033.000 2,189.000 2,020.000 2,257.000 2,468.000 2,765.000 2,988.000 3,234.000 3,600.000 3,833.000 3,963.000 4,210.000 4,462.000 4,720.000 5,055.000 5,286.000 5,614.000 Deferred Taxes - Federal 51.000 134.000 118.000 164.000 126.000 259.000 117.000 44.000 89.000 182.000 226.000 60.000 87.000 -172.000 108.000 110.000 116.000 316.000 -37.000 49.000 -130.000 Deferred Taxes - Foreign 1.000 -1.000 .000 13.000 5.000 15.000 24.000 2.000 31.000 21.000 -22.000 -7.000 -73.000 29.000 -5.000 29.000 46.000 46.000 60.000 26.000 42.000 5.000 Deferred Taxes - State -11.000 -5.000 -1.000 2.000 3.000 5.000 3.000 -1.000 2.000 -7.000 23.000 3.000 .000 -5.000 1.000 -3.000 5.000 14.000 8.000 1.000 -2.000 Income Taxes - Federal 344.000 300.000 374.000 369.000 250.000 231.000 467.000 642.000 756.000 847.000 719.000 951.000 951.000 892.000 857.000 856.000 841.000 698.000 656.000 587.000 471.000 558.000 Income Taxes - Foreign 8.000 5.000 2.000 -18.000 58.000 73.000 82.000 118.000 98.000 107.000 146.000 148.000 181.000 138.000 132.000 106.000 98.000 71.000 77.000 95.000 119.000 132.000 Income Taxes - State 18.000 18.000 16.000 3.000 1.000 -5.000 5.000 12.000 9.000 11.000 14.000 7.000 20.000 -9.000 28.000 31.000 31.000 24.000 31.000 48.000 36.000 8.000 Income Taxes - Other -165.000 -90.000 -28.000 .000 -68.000 4.000 -66.000 .000 -18.000 -35.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 246.000 361.000 481.000 533.000 375.000 582.000 632.000 817.000 967.000 1,126.000 1,106.000 1,162.000 1,166.000 873.000 1,121.000 1,129.000 1,137.000 1,169.000 1,165.000 727.000 718.000 571.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Acquisitions - Income Contribution 225.000 .000 .000 70.000 Acquisitions - Sales Contribution 4,125.000 .000 .000 4,855.000 Adjustmnet Factor-Cum, Ex-Date 2.000 2.000 2.000 2.000 2.000 2.000 2.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 19.379 18.500 17.900 117.800 153.400 153.000 164.000 162.000 14.000 14.000 14.000 13.000 14.000 14.000 13.000 13.000 12.000 11.000 11.000 10.000 10.000 Common Shares Traded (Calendar Yr) 152,431,500.000 232,691,900.000 293,432,300.000 417,443,400.000 387,935,586.000 199,969,600.000 213,953,700.000 387,992,500.000 435,243,148.000 655,978,232.000 687,195,876.000 530,614,933.000 550,557,095.000 414,742,758.000 469,810,589.000 473,447,702.000 365,849,690.000 403,915,460.000 288,443,329.000 397,298,499.000 319,687,498.000 413,582,086.000 Compensating Balance Convertible Debt and Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 672.000 3.000 705.000 750.000 25.000 1,004.000 .000 500.000 500.000 903.000 1.000 3.000 2,585.000 3,092.000 1,096.000 Debt (Long Term) Maturing Due in 3 Years 2.000 703.000 3.000 4.000 1,000.000 998.000 500.000 500.000 898.000 1.000 1.000 3.000 3,080.000 1,092.000 1,293.000 Debt (Long Term) Maturing Due in 4 Years Years 700.000 3.000 2.000 999.000 997.000 899.000 500.000 897.000 1.000 1.000 1.000 503.000 1,081.000 1,291.000 526.000 Debt (Long Term) Maturing Due in 5 Years 1.000 .000 999.000 996.000 400.000 499.000 896.000 1.000 2.000 1.000 501.000 1,003.000 1,282.000 524.000 1,522.000 Debt - Long-Term Debt - Tied to Prime .000 .000 500.000 500.000 500.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 1,000.000 1,000.000 .000 Debt - Martgages and Other Securities .000 .000 515.000 14.000 13.000 9.000 8.000 9.000 3.000 2.000 .000 1.000 1.000 319.000 287.000 255.000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -26.000 -36.000 -50.000 -101.000 -75.000 -119.000 Dividends (Cash)per Share Ex-Date .940 1.020 1.100 1.180 1.260 1.400 1.560 .890 1.100 1.340 1.490 1.640 1.830 2.510 1.680 2.420 2.690 2.970 3.280 3.630 3.990 4.320 Dividends (Cash) - Common 156.000 205.000 224.000 240.000 253.000 287.000 322.000 372.000 469.000 551.000 588.000 641.000 685.000 725.000 789.000 834.000 888.000 932.000 1,008.000 1,101.000 1,177.000 1,265.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 43.400 43.400 51.700 53.900 67.600 70.200 72.200 81.000 83.500 92.300 91.700 90.000 95.100 92.200 96.000 99.500 99.900 98.800 98.600 105.600 102.900 100.700 Equity in Earnings - Unconsolidated Subs 7,774.000 7,987.000 11,069.000 11,731.000 16,183.000 17,544.000 19,591.000 22,376.000 25,733.000 28,373.000 31,077.000 32,545.000 34,883.000 34,309.000 35,448.000 35,355.000 31,997.000 32,872.000 35,046.000 45,408.000 48,841.000 51,308.000 Foreign Currency Translation Adj - Bal. Sheet -3.000 -25.000 -14.000 -5.000 159.000 229.000 211.000 289.000 477.000 324.000 614.000 893.000 822.000 1,092.000 974.000 541.000 178.000 60.000 402.000 102.000 288.000 641.000 Foreign Currency Translation Adj - Inc. Stmnt. Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Interest Capitalized - Net Income Effect .000 Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses LIFO Reserve .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 19,480.000 19,742.000 26,832.000 28,971.000 41,076.000 42,074.000 42,429.000 43,667.000 46,832.000 74,127.000 65,545.000 59,561.000 57,410.000 51,281.000 46,005.000 72,410.000 66,120.000 59,800.000 63,175.000 67,871.000 86,945.000 89,489.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases .000 .000 1,823.000 1,661.000 Price - Calendar Year Close 52.750 78.000 79.640 79.370 90.390 104.600 114.050 74.350 88.990 57.590 68.170 70.960 66.410 69.270 95.550 137.620 137.360 172.660 203.450 157.210 176.350 148.820 Price - Calendar Year High 75.438 79.000 96.000 111.180 90.800 109.980 122.270 77.980 94.550 95.130 70.840 79.000 78.270 74.542 95.760 146.130 153.760 180.090 214.810 230.000 193.760 190.080 Price - Calendar Year Low 46.188 36.250 60.500 73.250 50.000 84.960 97.590 56.675 70.610 47.810 35.280 55.460 53.950 61.090 64.470 93.850 130.910 121.607 172.430 143.870 152.440 100.550 Price - Fiscal Year Close 52.750 78.000 79.640 79.370 90.390 104.600 114.050 74.350 88.990 57.590 68.170 70.960 66.410 69.270 95.550 137.620 137.360 172.660 203.450 157.210 176.350 148.820 Receivables - Estimated Doubtful Rental Commitments - Minimum Year+1 64.000 105.000 76.000 112.000 122.000 143.000 166.000 161.000 205.000 220.000 187.000 234.000 239.000 216.000 210.000 220.000 241.000 258.000 297.000 302.000 298.000 Rental Commitments - Minimum Year+2 69.000 90.000 68.000 109.000 107.000 123.000 140.000 132.000 173.000 170.000 151.000 193.000 193.000 177.000 181.000 179.000 195.000 215.000 234.000 261.000 252.000 Rental Commitments - Minimum Year+3 57.000 84.000 64.000 91.000 76.000 106.000 109.000 105.000 131.000 130.000 108.000 149.000 148.000 139.000 132.000 136.000 144.000 148.000 196.000 212.000 192.000 Rental Commitments - Minimum Year+4 46.000 73.000 43.000 71.000 63.000 84.000 90.000 68.000 97.000 93.000 86.000 115.000 111.000 106.000 100.000 90.000 92.000 118.000 154.000 163.000 156.000 Rental Commitments - Minimum Year+5 45.000 34.000 53.000 46.000 68.000 61.000 51.000 70.000 78.000 65.000 91.000 77.000 85.000 72.000 90.000 72.000 94.000 110.000 136.000 107.000 Rental Expense 71.000 111.000 98.000 113.000 191.000 179.000 198.000 216.000 230.000 258.000 258.000 274.000 301.000 311.000 297.000 283.000 307.000 309.000 380.000 421.000 400.000 Rental Income 13.000 16.000 Research and Development Expense 103.000 143.000 203.000 253.000 282.000 329.000 344.000 377.000 430.000 474.000 520.000 508.000 545.000 544.000 310.000 358.000 395.000 418.000 521.000 502.000 466.000 374.000 Tax Loss Carry Forward .000 .000 .000 .000 43.000 38.000 120.000 97.000 74.000 136.000 1,400.000 1,500.000 1,200.000 972.000 950.000 1,000.000 1,000.000 989.000 1,100.000 Treasury Stock ($) - Common 673.000 833.000 930.000 1,016.000 1,279.000 1,206.000 1,493.000 1,455.000 1,881.000 3,349.000 3,463.000 4,535.000 5,743.000 6,165.000 6,450.000 9,396.000 12,392.000 14,156.000 15,543.000 17,244.000 17,358.000 17,893.000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares 39.927 40.439 40.195 39.947 42.974 39.907 40.758 76.089 77.901 95.170 96.176 109.829 125.443 128.207 128.478 149.717 168.894 179.462 184.985 193.183 192.271 195.403 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Cash & Equivalents 270.000 177.000 442.000 328.000 860.000 976.000 2,331.000 1,604.000 3,155.000 1,621.000 2,263.000 2,613.000 2,649.000 3,296.000 5,301.000 4,888.000 2,785.000 2,334.000 2,983.000 963.000 902.000 2,824.000 Receivables - Total (Net) 746.000 798.000 996.000 1,074.000 1,378.000 1,459.000 2,034.000 2,341.000 2,874.000 3,469.000 3,678.000 3,848.000 4,452.000 4,204.000 4,402.000 4,050.000 3,446.000 3,611.000 8,857.000 10,335.000 11,401.000 11,185.000 Inventories - Total 2,165.000 2,191.000 3,026.000 3,319.000 3,708.000 4,100.000 4,391.000 5,472.000 5,958.000 6,370.000 6,575.000 7,031.000 7,478.000 7,740.000 7,748.000 7,812.000 7,723.000 8,805.000 5,303.000 5,977.000 6,306.000 5,745.000 Prepaid Expenses .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Current Assets - Other 310.000 385.000 429.000 377.000 448.000 752.000 417.000 463.000 311.000 490.000 733.000 694.000 789.000 504.000 435.000 657.000 617.000 697.000 1,185.000 914.000 1,171.000 1,789.000 Current Assets - Total 3,491.000 3,551.000 4,893.000 5,098.000 6,394.000 7,287.000 9,173.000 9,880.000 12,298.000 11,950.000 13,249.000 14,186.000 15,368.000 15,744.000 17,886.000 17,407.000 14,571.000 15,447.000 18,328.000 18,189.000 19,780.000 21,543.000 Plant, Property & Equip (Gross) 2,388.000 2,640.000 3,538.000 3,469.000 3,903.000 4,202.000 4,314.000 4,188.000 4,729.000 5,340.000 5,677.000 5,959.000 6,518.000 7,003.000 7,248.000 7,292.000 7,676.000 7,929.000 8,237.000 9,403.000 11,584.000 12,375.000 Accumulated Depreciation 1,219.000 1,346.000 1,770.000 1,613.000 1,818.000 2,033.000 2,189.000 2,020.000 2,257.000 2,468.000 2,765.000 2,988.000 3,234.000 3,600.000 3,833.000 3,963.000 4,210.000 4,462.000 4,720.000 5,055.000 5,286.000 5,614.000 Plant, Property & Equip (Net) 1,169.000 1,294.000 1,768.000 1,856.000 2,085.000 2,169.000 2,125.000 2,168.000 2,472.000 2,872.000 2,912.000 2,971.000 3,284.000 3,403.000 3,415.000 3,329.000 3,466.000 3,467.000 3,517.000 4,348.000 6,298.000 6,761.000 Investments at Equity .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Investments and Advances - Other .000 .000 .000 .000 .000 Intangibles 2,513.000 2,531.000 3,758.000 4,070.000 7,113.000 7,405.000 7,585.000 9,725.000 9,914.000 13,030.000 14,367.000 14,641.000 15,389.000 13,431.000 13,194.000 12,643.000 12,206.000 12,123.000 12,616.000 22,179.000 21,992.000 22,170.000 Deferred Charges .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Assets - Other 601.000 611.000 650.000 707.000 591.000 683.000 708.000 603.000 1,049.000 521.000 549.000 747.000 842.000 1,731.000 953.000 1,976.000 1,754.000 1,835.000 585.000 692.000 771.000 834.000 TOTAL ASSETS 7,774.000 7,987.000 11,069.000 11,731.000 16,183.000 17,544.000 19,591.000 22,376.000 25,733.000 28,373.000 31,077.000 32,545.000 34,883.000 34,309.000 35,448.000 35,355.000 31,997.000 32,872.000 35,046.000 45,408.000 48,841.000 51,308.000 Accounts Payable 631.000 717.000 904.000 1,056.000 1,317.000 1,508.000 1,710.000 1,956.000 2,318.000 2,443.000 2,365.000 2,736.000 2,895.000 2,469.000 2,248.000 2,057.000 1,964.000 2,538.000 3,207.000 3,179.000 3,162.000 2,952.000 Notes Payable 852.000 340.000 .000 .000 .000 .000 .000 .000 .000 905.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 850.000 .000 .000 Accrued Expenses 479.000 454.000 698.000 731.000 919.000 799.000 808.000 1,003.000 1,690.000 1,648.000 1,564.000 1,564.000 1,695.000 1,731.000 1,607.000 1,447.000 1,321.000 1,335.000 1,401.000 1,468.000 1,543.000 1,651.000 Taxes Payable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long-Term) Due In One Year 1.000 .000 1,211.000 732.000 747.000 6.000 510.000 7.000 673.000 6.000 705.000 773.000 23.000 1.000 1.000 501.000 501.000 900.000 2.000 187.000 3,239.000 3,333.000 Other Current Liabilities 1,969.000 1,844.000 2,464.000 2,794.000 3,552.000 3,860.000 4,687.000 5,861.000 6,173.000 7,006.000 7,301.000 7,668.000 8,227.000 9,150.000 9,945.000 11,193.000 9,980.000 9,408.000 9,890.000 10,523.000 10,400.000 9,679.000 Total Current Liabilities 3,453.000 2,901.000 4,579.000 4,582.000 5,616.000 5,374.000 6,907.000 7,824.000 9,164.000 10,360.000 10,371.000 11,177.000 11,145.000 11,620.000 12,194.000 13,751.000 12,445.000 12,846.000 13,099.000 14,739.000 16,801.000 15,964.000 Long Term Debt 169.000 162.000 724.000 718.000 3,296.000 3,291.000 2,781.000 2,774.000 2,118.000 3,113.000 3,159.000 2,430.000 3,907.000 3,908.000 3,908.000 3,410.000 2,898.000 2,988.000 3,980.000 11,699.000 10,548.000 11,399.000 Deferred Taxes (Balance Sheet) 215.000 197.000 351.000 644.000 756.000 854.000 997.000 99.000 519.000 220.000 170.000 144.000 137.000 82.000 75.000 72.000 244.000 577.000 481.000 461.000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 981.000 1,104.000 1,023.000 1,035.000 999.000 1,046.000 1,002.000 1,097.000 1,686.000 4,748.000 4,605.000 5,402.000 6,429.000 7,247.000 4,708.000 6,283.000 5,841.000 5,990.000 6,288.000 6,661.000 7,434.000 7,823.000 TOTAL LIABILITIES 4,603.000 4,167.000 6,541.000 6,532.000 10,262.000 10,355.000 11,446.000 12,549.000 13,965.000 18,320.000 18,654.000 19,229.000 21,651.000 22,919.000 20,947.000 23,526.000 21,259.000 21,896.000 23,611.000 33,676.000 35,264.000 35,647.000 Noncontrolling Interest - Redeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 241.000 241.000 241.000 241.000 241.000 241.000 241.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 482.000 Capital Surplus 246.000 378.000 453.000 516.000 597.000 757.000 886.000 880.000 1,141.000 1,346.000 1,518.000 1,729.000 1,888.000 1,988.000 2,226.000 2,548.000 2,730.000 2,819.000 2,872.000 2,946.000 3,039.000 3,124.000 Retained Earnings (Net Other) 3,357.000 4,034.000 4,764.000 5,458.000 6,362.000 7,397.000 8,511.000 9,920.000 12,026.000 11,574.000 13,886.000 15,640.000 16,605.000 15,085.000 18,243.000 18,195.000 19,918.000 21,831.000 23,624.000 25,548.000 27,414.000 29,948.000 Less: Treasury Stock 673.000 833.000 930.000 1,016.000 1,279.000 1,206.000 1,493.000 1,455.000 1,881.000 3,349.000 3,463.000 4,535.000 5,743.000 6,165.000 6,450.000 9,396.000 12,392.000 14,156.000 15,543.000 17,244.000 17,358.000 17,893.000 Shareholders Equity - Parent 3,171.000 3,820.000 4,528.000 5,199.000 5,921.000 7,189.000 8,145.000 9,827.000 11,768.000 10,053.000 12,423.000 13,316.000 13,232.000 11,390.000 14,501.000 11,829.000 10,738.000 10,976.000 11,435.000 11,732.000 13,577.000 15,661.000 Noncontrolling Interest - Nonredeemable .000 .000 .000 TOTAL SHAREHOLDERS EQUITY 3,171.000 3,820.000 4,528.000 5,199.000 5,921.000 7,189.000 8,145.000 9,827.000 11,768.000 10,053.000 12,423.000 13,316.000 13,232.000 11,390.000 14,501.000 11,829.000 10,738.000 10,976.000 11,435.000 11,732.000 13,577.000 15,661.000 Sales (Net) 8,959.000 10,356.000 12,163.000 13,829.000 16,617.000 19,178.000 21,244.000 24,063.000 27,240.000 29,300.000 31,981.000 32,466.000 32,677.000 31,682.000 31,218.000 30,852.000 31,469.000 31,353.000 30,973.000 36,193.000 39,350.000 37,925.000 Cost of Goods Sold 7,629.000 8,801.000 10,407.000 12,034.000 14,873.000 16,911.000 18,705.000 19,553.000 22,061.000 23,481.000 25,790.000 25,988.000 26,118.000 25,366.000 24,898.000 24,483.000 24,857.000 24,650.000 24,345.000 28,715.000 31,548.000 30,816.000 Gross Profit 1,330.000 1,555.000 1,756.000 1,795.000 1,744.000 2,267.000 2,539.000 4,510.000 5,179.000 5,819.000 6,191.000 6,478.000 6,559.000 6,316.000 6,320.000 6,369.000 6,612.000 6,703.000 6,628.000 7,478.000 7,802.000 7,109.000 Selling, General, & Admin Expenses 1,501.000 1,643.000 1,719.000 1,954.000 1,964.000 2,030.000 2,178.000 2,041.000 1,955.000 1,975.000 1,940.000 2,010.000 2,258.000 2,411.000 2,192.000 Operating Income Before Depreciation 1,330.000 1,555.000 1,756.000 1,795.000 1,744.000 2,267.000 2,539.000 3,009.000 3,536.000 4,100.000 4,237.000 4,514.000 4,529.000 4,138.000 4,279.000 4,414.000 4,637.000 4,763.000 4,618.000 5,220.000 5,391.000 4,917.000 Depreciation, Depletion, & Amortization 193.000 226.000 271.000 213.000 277.000 326.000 342.000 384.000 423.000 447.000 562.000 569.000 592.000 620.000 556.000 496.000 482.000 454.000 441.000 763.000 743.000 784.000 Operating Income After Depreciation 1,137.000 1,329.000 1,485.000 1,582.000 1,467.000 1,941.000 2,197.000 2,625.000 3,113.000 3,653.000 3,675.000 3,945.000 3,937.000 3,518.000 3,723.000 3,918.000 4,155.000 4,309.000 4,177.000 4,457.000 4,648.000 4,133.000 Interest Expense 53.000 72.000 68.000 55.000 108.000 157.000 154.000 156.000 131.000 133.000 171.000 167.000 155.000 168.000 103.000 103.000 98.000 99.000 117.000 374.000 472.000 489.000 Non-Operating Income/Expense 19.000 5.000 7.000 21.000 13.000 1.000 57.000 58.000 65.000 84.000 9.000 12.000 26.000 -1.000 25.000 16.000 22.000 21.000 17.000 32.000 26.000 94.000 Special Items 23.000 .000 .000 36.000 .000 .000 .000 .000 .000 .000 .000 .000 -90.000 -2,808.000 -38.000 -29.000 23.000 .000 .000 -30.000 .000 Pretax Income 1,126.000 1,262.000 1,424.000 1,584.000 1,372.000 1,785.000 2,100.000 2,527.000 3,047.000 3,604.000 3,513.000 3,790.000 3,718.000 541.000 3,607.000 3,802.000 4,102.000 4,231.000 4,077.000 4,085.000 4,202.000 3,738.000 Income Taxes - Total 246.000 361.000 481.000 533.000 375.000 582.000 632.000 817.000 967.000 1,126.000 1,106.000 1,162.000 1,166.000 873.000 1,121.000 1,129.000 1,137.000 1,169.000 1,165.000 727.000 718.000 571.000 Minority Interest .000 .000 INCOME BEFORE EI&DO 880.000 901.000 943.000 1,051.000 997.000 1,203.000 1,468.000 1,710.000 2,080.000 2,478.000 2,407.000 2,628.000 2,552.000 -332.000 2,486.000 2,673.000 2,965.000 3,062.000 2,912.000 3,358.000 3,484.000 3,167.000 Extraordinary Items .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 .000 .000 -134.000 7.000 24.000 -7.000 146.000 -8.000 -19.000 -13.000 -4.000 -26.000 .000 -129.000 -140.000 .000 -107.000 .000 -13.000 .000 .000 Net Income (Loss) 880.000 901.000 943.000 917.000 1,004.000 1,227.000 1,461.000 1,856.000 2,072.000 2,459.000 2,394.000 2,624.000 2,526.000 -332.000 2,357.000 2,533.000 2,965.000 2,955.000 2,912.000 3,345.000 3,484.000 3,167.000 Preferred Dividends .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 4.400 4.510 4.690 5.220 5.040 6.030 7.310 4.240 5.140 6.260 6.240 6.890 7.010 -.940 7.090 7.970 9.230 10.050 9.730 11.370 12.090 11.040 EPS - Primary - Including EI&DO 4.400 4.510 4.690 4.550 5.080 6.150 7.280 4.600 5.120 6.210 6.210 6.880 6.940 -.940 6.720 7.560 9.230 9.700 9.730 11.330 12.090 11.040 EPS - Fully Diluted - Excluding EI&DO 4.360 4.480 4.650 5.180 5.000 5.970 7.250 4.200 5.100 6.220 6.200 6.820 6.940 -.940 7.030 7.830 9.080 9.870 9.560 11.220 11.980 11.000 EPS - Fully Diluted - Including EI&DO 4.360 4.480 4.650 4.520 5.040 6.090 7.220 4.560 5.080 6.170 6.170 6.810 6.870 -.940 6.670 7.420 9.080 9.520 9.560 11.180 11.980 11.000 SHARES - for Primary EPS Calculation 199.988 199.840 201.142 201.357 197.790 199.563 200.819 403.424 404.417 396.238 385.475 381.240 364.147 353.346 350.714 335.192 321.313 304.707 299.172 295.262 288.286 286.922 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 202.057 201.262 202.907 202.852 199.152 201.467 202.424 406.827 408.145 398.746 387.923 385.236 367.524 353.346 353.499 341.331 326.652 310.387 304.637 299.160 290.836 287.913 SHARES - Outstanding at Fiscal Year End 201.013 200.501 200.745 200.993 197.966 201.033 200.182 405.792 403.980 386.711 385.705 372.052 356.438 353.674 353.403 332.164 312.987 302.419 296.896 288.698 289.610 286.478 Operating Activities - Net Cash Flow 1,016.000 1,071.000 1,103.000 1,125.000 1,723.000 1,802.000 2,056.000 2,128.000 2,925.000 3,110.000 2,840.000 2,984.000 3,211.000 2,685.000 3,097.000 3,764.000 2,456.000 2,144.000 3,839.000 3,128.000 2,930.000 3,799.000 Capital Expenditures 197.000 288.000 356.000 264.000 224.000 266.000 279.000 334.000 474.000 490.000 385.000 370.000 458.000 450.000 440.000 521.000 569.000 392.000 428.000 690.000 987.000 967.000 Sale of Property Plant and Equipment .000 .000 .000 .000 .000 .000 Acquisitions 1,090.000 71.000 1,451.000 275.000 3,044.000 543.000 277.000 2,342.000 330.000 3,224.000 811.000 233.000 1,560.000 444.000 1.000 .000 399.000 10,099.000 19.000 203.000 Investing Activites - Net Cash Flow -1,223.000 -329.000 -1,746.000 -400.000 -3,232.000 -783.000 -181.000 -2,316.000 -852.000 -3,662.000 -1,392.000 -408.000 -1,974.000 -656.000 -367.000 -1,102.000 200.000 -426.000 -791.000 -10,234.000 -994.000 -974.000 Cash Dividends 136.000 202.000 219.000 236.000 249.000 278.000 314.000 359.000 445.000 533.000 577.000 631.000 673.000 893.000 591.000 822.000 873.000 911.000 986.000 1,075.000 1,152.000 1,240.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 52.000 78.000 70.000 55.000 79.000 149.000 142.000 155.000 127.000 124.000 137.000 168.000 133.000 186.000 94.000 94.000 90.000 83.000 93.000 312.000 434.000 459.000 Income Taxes Paid 289.000 268.000 326.000 377.000 268.000 302.000 529.000 743.000 759.000 841.000 860.000 1,060.000 1,083.000 1,155.000 888.000 1,019.000 871.000 959.000 617.000 532.000 572.000 764.000 Funds From Operations - Total Current Debt - Changes .000 904.000 -904.000 .000 .000 .000 851.000 -850.000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 2.000 2.000 2.000 2.000 2.000 2.000 2.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date .940 1.020 1.100 1.180 1.260 1.400 1.560 .890 1.100 1.340 1.490 1.640 1.830 2.510 1.680 2.420 2.690 2.970 3.280 3.630 3.990 4.320 Dividends (Cash) - Common 156.000 205.000 224.000 240.000 253.000 287.000 322.000 372.000 469.000 551.000 588.000 641.000 685.000 725.000 789.000 834.000 888.000 932.000 1,008.000 1,101.000 1,177.000 1,265.000 Dividends (Cash) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 52.750 78.000 79.640 79.370 90.390 104.600 114.050 74.350 88.990 57.590 68.170 70.960 66.410 69.270 95.550 137.620 137.360 172.660 203.450 157.210 176.350 148.820 Price - Fiscal Year Close 52.750 78.000 79.640 79.370 90.390 104.600 114.050 74.350 88.990 57.590 68.170 70.960 66.410 69.270 95.550 137.620 137.360 172.660 203.450 157.210 176.350 148.820 Receivables - Estimated Doubtful Rental Expense 71.000 111.000 98.000 113.000 191.000 179.000 198.000 216.000 230.000 258.000 258.000 274.000 301.000 311.000 297.000 283.000 307.000 309.000 380.000 421.000 400.000 Research and Development Expense 103.000 143.000 203.000 253.000 282.000 329.000 344.000 377.000 430.000 474.000 520.000 508.000 545.000 544.000 310.000 358.000 395.000 418.000 521.000 502.000 466.000 374.000 NOCraw NAME: NORTHROP GRUMMAN CORP TICKER SYMBOL: NOC PRIMARY SIC CODE: 3728 STOCK EXCHANGE: 11 New York Stock Exchange CUSIP: 666807 STATEMENT OF FINANCIAL POSITION Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) ASSETS     Cash & Equivalents 142.000 319.000 464.000 1,412.000 342.000 1,230.000 1,605.000 1,015.000 963.000 1,548.000 3,333.000 3,769.000 3,252.000 3,862.000 5,150.000 3,863.000 2,319.000 2,541.000 11,225.000 1,579.000 2,245.000 4,907.000     Receivables - Total (Net) 1,402.000 1,557.000 2,735.000 2,889.000 3,198.000 3,546.000 3,656.000 3,566.000 3,813.000 3,904.000 3,394.000 4,057.000 2,964.000 2,858.000 2,685.000 2,806.000 2,841.000 3,299.000 3,976.000 6,474.000 6,660.000 6,641.000     Inventories - Total 1,190.000 585.000 1,226.000 1,091.000 1,147.000 1,061.000 1,174.000 1,178.000 1,045.000 1,003.000 1,170.000 1,185.000 873.000 798.000 698.000 742.000 807.000 816.000 780.000 654.000 783.000 759.000     Prepaid Expenses 36.000 44.000     Current Assets - Other 23.000 21.000 164.000 10,443.000 1,058.000 1,070.000 1,114.000 960.000 951.000 734.000 738.000 893.000 657.000 874.000 955.000 773.000 367.000 200.000 368.000 973.000 997.000 3,037.000 Current Assets - Total 2,793.000 2,526.000 4,589.000 15,835.000 5,745.000 6,907.000 7,549.000 6,719.000 6,772.000 7,189.000 8,635.000 9,904.000 7,746.000 8,392.000 9,488.000 8,184.000 6,334.000 6,856.000 16,349.000 9,680.000 10,685.000 15,344.000     Plant, Property & Equip (Gross) 2,895.000 2,343.000 3,940.000 4,996.000 5,780.000 6,399.000 7,004.000 7,546.000 8,155.000 8,613.000 9,084.000 9,764.000 6,980.000 7,033.000 7,143.000 7,602.000 7,913.000 8,419.000 9,291.000 11,741.000 14,273.000 14,939.000     Accumulated Depreciation 1,655.000 1,328.000 1,173.000 1,391.000 1,744.000 2,189.000 2,600.000 3,015.000 3,440.000 3,803.000 4,216.000 4,722.000 3,933.000 4,146.000 4,337.000 4,611.000 4,849.000 4,831.000 5,066.000 5,369.000 5,850.000 6,335.000 Plant, Property & Equip (Net) 1,240.000 1,015.000 2,767.000 3,605.000 4,036.000 4,210.000 4,404.000 4,531.000 4,715.000 4,810.000 4,868.000 5,042.000 3,047.000 2,887.000 2,806.000 2,991.000 3,064.000 3,588.000 4,225.000 6,372.000 8,423.000 8,604.000     Investments at Equity .000 .000 .000 .000 .000 .000     Investments and Advances - Other 135.000 180.000 233.000 262.000 223.000 261.000 310.000 336.000 310.000 330.000 353.000 335.000 382.000 396.000     Intangibles 4,266.000 4,432.000 9,807.000 18,210.000 19,043.000 18,683.000 18,727.000 18,358.000 18,746.000 15,465.000 14,390.000 14,296.000 12,529.000 12,568.000 12,542.000 12,567.000 12,537.000 12,511.000 12,507.000 20,044.000 19,748.000 18,301.000     Deferred Charges 910.000 1,356.000 2,994.000 3,618.000 2,988.000 2,914.000 2,854.000 .000 .000 .000 .000 .000 .000 128.000 118.000 129.000 128.000 131.000 216.000 317.000 319.000     Assets - Other 76.000 158.000 729.000 998.000 1,197.000 647.000 680.000 2,401.000 3,140.000 2,553.000 2,126.000 1,917.000 1,866.000 2,435.000 1,107.000 2,376.000 2,080.000 2,201.000 1,352.000 1,006.000 1,534.000 1,505.000 TOTAL ASSETS 9,285.000 9,622.000 20,886.000 42,266.000 33,009.000 33,361.000 34,214.000 32,009.000 33,373.000 30,197.000 30,252.000 31,421.000 25,411.000 26,543.000 26,381.000 26,572.000 24,454.000 25,614.000 34,917.000 37,653.000 41,089.000 44,469.000 LIABILITIES     Accounts Payable 490.000 564.000 1,019.000 1,427.000 1,491.000 1,750.000 1,767.000 1,686.000 1,901.000 1,943.000 1,921.000 1,846.000 1,481.000 1,392.000 1,229.000 1,305.000 1,282.000 1,554.000 1,661.000 2,182.000 2,226.000 1,806.000     Notes Payable 25.000 .000 38.000 22.000 10.000 9.000 50.000 95.000 26.000 24.000 12.000 10.000 8.000 .000 .000 .000 .000 .000 .000 198.000 .000 .000     Accrued Expenses 366.000 365.000 847.000 1,018.000 995.000 1,070.000 1,109.000 1,177.000 1,180.000 1,355.000 1,281.000 1,349.000 1,196.000 1,173.000 1,169.000 1,441.000 1,195.000 1,342.000 1,382.000 1,676.000 1,865.000 1,997.000     Taxes Payable 58.000 86.000 137.000 1,237.000 356.000 454.000 668.000 535.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Debt (Long-Term) Due In One Year 200.000 10.000 420.000 203.000 461.000 33.000 1,214.000 75.000 111.000 477.000 91.000 774.000 5.000 5.000 2.000 3.000 110.000 12.000 867.000 517.000 1,370.000 1,005.000     Other Current Liabilities 1,325.000 1,663.000 2,671.000 7,466.000 3,048.000 2,907.000 3,166.000 3,185.000 3,214.000 3,625.000 3,680.000 4,407.000 3,445.000 3,486.000 3,415.000 3,143.000 2,870.000 2,722.000 3,055.000 3,701.000 3,973.000 4,772.000 Total Current Liabilities 2,464.000 2,688.000 5,132.000 11,373.000 6,361.000 6,223.000 7,974.000 6,753.000 6,432.000 7,424.000 6,985.000 8,386.000 6,135.000 6,056.000 5,815.000 5,892.000 5,457.000 5,630.000 6,965.000 8,274.000 9,434.000 9,580.000     Long Term Debt 2,000.000 1,605.000 5,033.000 9,398.000 5,760.000 5,466.000 4,231.000 4,342.000 4,268.000 3,443.000 4,191.000 4,045.000 3,935.000 3,930.000 5,928.000 5,925.000 6,416.000 7,058.000 14,399.000 13,883.000 14,078.000 15,604.000     Deferred Taxes (Balance Sheet) 64.000 276.000 669.000 .000 509.000 506.000 595.000 .000 330.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 108.000 .000 .000     Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Liabilities - Other 1,500.000 1,134.000 2,189.000 6,684.000 4,581.000 4,466.000 4,586.000 4,299.000 4,656.000 7,410.000 6,389.000 5,433.000 5,005.000 7,043.000 4,018.000 7,520.000 7,059.000 7,667.000 6,505.000 7,201.000 8,758.000 8,706.000     Noncontrolling Interest - Redeemable .000 .000 122.000 139.000 13.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL LIABILITIES 6,028.000 5,703.000 13,145.000 27,594.000 17,224.000 16,661.000 17,386.000 15,394.000 15,686.000 18,277.000 17,565.000 17,864.000 15,075.000 17,029.000 15,761.000 19,337.000 18,932.000 20,355.000 27,869.000 29,466.000 32,270.000 33,890.000 SHAREHOLDERS' EQUITY     Preferred Stock .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Common Stock 1,028.000 1,200.000 4,451.000 12,511.000 12,433.000 364.000 347.000 346.000 338.000 327.000 307.000 291.000 254.000 239.000 218.000 199.000 181.000 175.000 174.000 171.000 168.000 167.000     Capital Surplus .000 .000 .000 -11.000 -6.000 12,423.000 11,571.000 11,346.000 10,661.000 9,645.000 8,657.000 7,778.000 3,873.000 2,924.000 848.000 .000 .000 .000 44.000 .000 .000 58.000     Retained Earnings (Net Other) 2,229.000 2,719.000 2,940.000 1,822.000 3,358.000 3,913.000 4,910.000 4,923.000 6,688.000 1,948.000 3,723.000 5,488.000 6,209.000 6,351.000 9,554.000 7,036.000 5,341.000 5,084.000 6,830.000 8,016.000 8,651.000 10,354.000     Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 3,257.000 3,919.000 7,741.000 14,672.000 15,785.000 16,700.000 16,828.000 16,615.000 17,687.000 11,920.000 12,687.000 13,557.000 10,336.000 9,514.000 10,620.000 7,235.000 5,522.000 5,259.000 7,048.000 8,187.000 8,819.000 10,579.000 Noncontrolling Interest - Nonredeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL SHAREHOLDERS EQUITY 3,257.000 3,919.000 7,741.000 14,672.000 15,785.000 16,700.000 16,828.000 16,615.000 17,687.000 11,920.000 12,687.000 13,557.000 10,336.000 9,514.000 10,620.000 7,235.000 5,522.000 5,259.000 7,048.000 8,187.000 8,819.000 10,579.000 TOTAL LIABILITIES AND EQUITY 9,285.000 9,622.000 20,886.000 42,266.000 33,009.000 33,361.000 34,214.000 32,009.000 33,373.000 30,197.000 30,252.000 31,421.000 25,411.000 26,543.000 26,381.000 26,572.000 24,454.000 25,614.000 34,917.000 37,653.000 41,089.000 44,469.000 INCOME STATEMENT Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Sales (Net) 8,995.000 7,618.000 13,558.000 17,206.000 26,206.000 29,853.000 30,721.000 30,148.000 32,018.000 33,887.000 33,755.000 34,757.000 26,412.000 25,218.000 24,661.000 23,904.000 23,526.000 24,508.000 25,803.000 30,095.000 33,841.000 36,799.000     Cost of Goods Sold 6,463.000 5,065.000 10,574.000 13,579.000 21,640.000 24,401.000 24,817.000 23,957.000 25,094.000 26,936.000 27,441.000 27,813.000 20,287.000 19,154.000 18,787.000 17,916.000 17,417.000 18,275.000 19,374.000 22,475.000 25,564.000 28,054.000 Gross Profit 2,532.000 2,553.000 2,984.000 3,627.000 4,566.000 5,452.000 5,904.000 6,191.000 6,924.000 6,951.000 6,314.000 6,944.000 6,125.000 6,064.000 5,874.000 5,988.000 6,109.000 6,233.000 6,429.000 7,620.000 8,277.000 8,745.000     Selling, General, & Admin Expenses 1,174.000 1,074.000 1,335.000 1,711.000 2,346.000 2,712.000 2,953.000 2,921.500 3,208.000 3,240.000 3,206.000 3,078.000 2,350.000 2,450.000 2,256.000 2,405.000 2,566.000 2,584.000 2,655.000 3,011.000 3,290.000 3,413.000 Operating Income Before Depreciation 1,358.000 1,479.000 1,649.000 1,916.000 2,220.000 2,740.000 2,951.000 3,269.500 3,716.000 3,711.000 3,108.000 3,866.000 3,775.000 3,614.000 3,618.000 3,583.000 3,543.000 3,649.000 3,774.000 4,609.000 4,987.000 5,332.000     Depreciation, Depletion, & Amortiz 389.000 381.000 645.000 525.000 682.000 734.000 773.000 703.000 710.000 708.000 689.000 700.000 499.000 484.000 495.000 462.000 467.000 456.000 475.000 800.000 1,018.000 1,267.000 Operating Income After Depreciation 969.000 1,098.000 1,004.000 1,391.000 1,538.000 2,006.000 2,178.000 2,566.500 3,006.000 3,003.000 2,419.000 3,166.000 3,276.000 3,130.000 3,123.000 3,121.000 3,076.000 3,193.000 3,299.000 3,809.000 3,969.000 4,065.000     Interest Expense 224.000 175.000 373.000 422.000 497.000 431.000 388.000 347.000 336.000 295.000 281.000 281.000 221.000 212.000 257.000 282.000 301.000 301.000 360.000 562.000 528.000 593.000     Non-Operating Income/Expense 17.000 52.000 68.000 40.000 90.000 68.000 254.000 169.000 16.000 -21.000 64.000 37.000 28.000 47.000 27.000 23.000 15.000 31.000 110.000 524.000 -893.000 256.000     Special Items .000 .000 -28.000 .000 -112.500 -3,055.000 64.000 -327.000 .000 .000 -30.000 75.000 .000 .000 -29.000 .000 .000 Pretax Income 762.000 975.000 699.000 1,009.000 1,131.000 1,615.000 2,044.000 2,276.000 2,686.000 -368.000 2,266.000 2,595.000 3,083.000 2,965.000 2,863.000 2,937.000 2,790.000 2,923.000 3,049.000 3,742.000 2,548.000 3,728.000     Income Taxes - Total 279.000 350.000 272.000 312.000 323.000 522.000 661.000 709.000 883.000 913.000 693.000 557.000 997.000 987.000 911.000 868.000 800.000 723.000 1,034.000 513.000 300.000 539.000     Minority Interest .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Before EI&DO 483.000 625.000 427.000 697.000 808.000 1,093.000 1,383.000 1,567.000 1,803.000 -1,281.000 1,573.000 2,038.000 2,086.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000     Extraordinary Items -16.000 .000 .000 -432.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000     Discontinued Operations .000 -17.000 .000 -201.000 58.000 -9.000 17.000 -25.000 -13.000 19.000 113.000 15.000 32.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Net Income (Loss) 467.000 608.000 427.000 64.000 866.000 1,084.000 1,400.000 1,542.000 1,790.000 -1,262.000 1,686.000 2,053.000 2,118.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000 Income Before EI&DO 483.000 625.000 427.000 697.000 808.000 1,093.000 1,383.000 1,567.000 1,803.000 -1,281.000 1,573.000 2,038.000 2,086.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000     Preferred Dividends .000 .000 18.000 25.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Available for Common Before EI&DO 483.000 625.000 409.000 672.000 796.000 1,093.000 1,383.000 1,567.000 1,803.000 -1,281.000 1,573.000 2,038.000 2,086.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000     Common Stock Equivalents - Savings .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Adjusted Available for Common 483.000 625.000 409.000 672.000 796.000 1,093.000 1,383.000 1,567.000 1,803.000 -1,281.000 1,573.000 2,038.000 2,086.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000 EARNINGS PER SHARE     EPS - Primary, Excluding EI&DO 6.970 8.860 4.840 5.820 4.360 3.040 3.880 4.530 5.280 -3.830 4.930 6.860 7.540 7.960 8.500 9.910 10.510 12.300 11.550 18.590 13.280 19.080     EPS - Primary, Including EI&DO 6.730 8.610 4.840 .350 4.680 3.010 3.930 4.460 5.240 -3.770 5.280 6.910 7.650 7.960 8.500 9.910 10.510 12.300 11.550 18.590 13.280 19.080     EPS - Fully Diluted, Excluding EI&DO 6.930 8.820 4.800 5.720 4.320 2.990 3.810 4.440 5.160 -3.830 4.870 6.770 7.410 7.810 8.350 9.750 10.390 12.190 11.470 18.490 13.220 19.030     EPS - Fully Diluted, Including EI&DO 6.690 8.580 4.800 .340 4.640 2.970 3.850 4.370 5.120 -3.770 5.210 6.820 7.520 7.810 8.350 9.750 10.390 12.190 11.470 18.490 13.220 19.030 COMMON SHARES     Common Shares for Primary EPS Calculation 69.300 70.580 84.460 115.530 182.630 359.700 356.500 345.700 341.700 334.500 319.200 296.900 276.800 248.600 229.600 208.800 189.400 178.900 174.400 173.700 169.300 167.100     Common Shares for Fully Diluted EPS Calc. 69.700 70.880 85.260 117.430 184.180 365.000 363.170 358.600 354.300 334.500 323.300 301.100 281.600 253.400 233.900 212.100 191.600 180.500 175.600 174.600 170.000 167.600     Common Shares Outstanding at Fiscal Yr End 69.719 72.058 108.556 182.602 181.108 364.430 347.357 345.922 337.835 327.013 306.865 290.957 253.890 239.210 217.599 198.930 181.303 175.068 174.086 170.607 167.848 166.717 STATEMENT OF RETAINED EARNINGS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Retained Rearnings - Beginning Balance 1,861.000 2,229.000 2,719.000 2,940.000 1,822.000 3,358.000 3,913.000 4,910.000 4,923.000 6,688.000 1,948.000 3,723.000 5,488.000 6,209.000 6,351.000 9,554.000 7,036.000 5,341.000 5,084.000 6,830.000 8,016.000 8,651.000 Net Income 467.000 608.000 427.000 64.000 866.000 1,084.000 1,400.000 1,542.000 1,790.000 -1,262.000 1,686.000 2,053.000 2,118.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000 Cash Dividends 111.000 114.000 158.000 205.000 305.000 322.000 359.000 402.000 504.000 525.000 539.000 545.000 543.000 535.000 545.000 563.000 603.000 640.000 689.000 821.000 880.000 953.000 Retained Earnings After Dividends 2,217.000 2,723.000 2,988.000 2,799.000 2,383.000 4,120.000 4,954.000 6,050.000 6,209.000 4,901.000 3,095.000 5,231.000 7,063.000 7,652.000 7,758.000 11,060.000 8,423.000 6,901.000 6,410.000 9,238.000 9,384.000 10,887.000 Change - Foreign Currency Translation Adj. to Long-Term Marketable Securities .000 .000 .000 .000 1.000 27.000 -3.000 2.000 3.000 Other CMP Adj,(Stock Splits/Retirement) -19.000 -23.000 -65.000 -1,041.000 -77.000 -142.000 -142.000 -1,284.000 -736.000 -3,652.000 -3,055.000 -2,757.000 -3,486.000 -4,791.000 -3,002.000 -5,315.000 -5,238.000 -5,414.000 -4,582.000 92.000 50.000 -128.000 Non-Compustat Adjustments (Plug Calculation) 47.000 19.000 17.000 496.000 1,052.000 -65.000 98.000 157.000 1,215.000 699.000 3,683.000 3,014.000 2,632.000 3,490.000 4,798.000 1,291.000 2,156.000 3,597.000 5,002.000 -1,314.000 -783.000 -405.000 Retained Earnings - Ending Balance 2,245.000 2,719.000 2,940.000 2,254.000 3,358.000 3,913.000 4,910.000 4,923.000 6,688.000 1,948.000 3,723.000 5,488.000 6,209.000 6,351.000 9,554.000 7,036.000 5,341.000 5,084.000 6,830.000 8,016.000 8,651.000 10,354.000 Retroactive Adjustments (Acct'g Chgs) -16.000 .000 .000 -432.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Retained Earnings - After Adjustments 2,229.000 2,719.000 2,940.000 1,822.000 3,358.000 3,913.000 4,910.000 4,923.000 6,688.000 1,948.000 3,723.000 5,488.000 6,209.000 6,351.000 9,554.000 7,036.000 5,341.000 5,084.000 6,830.000 8,016.000 8,651.000 10,354.000 STATEMENT OF CASH FLOWS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) INDIRECT OPERATING ACTIVITIES Income Before Extraordinary Items 483.000 625.000 427.000 697.000 808.000 1,093.000 1,383.000 1,567.000 1,803.000 -1,281.000 1,573.000 2,038.000 2,086.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000 Depreciation and Amortizations 389.000 381.000 645.000 525.000 682.000 734.000 773.000 705.000 730.000 761.000 736.000 738.000 544.000 510.000 495.000 462.000 467.000 456.000 475.000 800.000 1,018.000 1,267.000 Extraordinary Items and Disc. Operations -16.000 39.000 .000 -181.000 28.000 -10.000 .000 -99.000 -27.000 -36.000 120.000 15.000 -232.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Deferred Taxes .000 .000 .000 .000 .000 91.000 105.000 183.000 175.000 183.000 112.000 60.000 441.000 78.000 128.000 216.000 572.000 36.000 603.000 234.000 -509.000 210.000 Equity in Net Loss (Earnings) .000 .000 .000 .000 .000 Sale of PPEq and Investments - Loss (Gain) 21.000 13.000 -7.000 .000 20.000 14.000 -144.000 -90.000 19.000 13.000 -446.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Funds from Operations - Other -227.000 -472.000 -187.000 323.000 90.000 148.000 221.000 200.000 148.000 3,210.000 99.000 311.000 189.000 126.000 135.000 -16.000 -40.000 -32.000 51.000 712.000 2,115.000 1,090.000 Receivables - Decrease (Increase) -5,674.000 -5,270.000 -2,209.000 -6,487.000 -351.000 -6,313.000 -664.000 350.000 90.000 171.000 -105.000 -30.000 -461.000 -677.000 -95.000 -213.000 -125.000 Inventory - Decrease (Increase) 3.000 -230.000 -73.000 8.000 -521.000 -291.000 -61.000 -2.000 46.000 101.000 -24.000 -80.000 -15.000 36.000 -37.000 -135.000 18.000 Accounts/P and Accrued Liabs - Inc(Dec) -2.000 87.000 -696.000 -265.000 -325.000 322.000 361.000 160.000 108.000 416.000 -151.000 330.000 -341.000 23.000 -169.000 Income Taxes - Accrued - Increase(Decrease) 58.000 28.000 -13.000 1,049.000 -960.000 98.000 295.000 -68.000 -59.000 241.000 65.000 -26.000 -32.000 -75.000 2.000 84.000 135.000 148.000 -157.000 -258.000 -63.000 -238.000 Other Assets and Liabilities - Net Change 501.000 309.000 648.000 -459.000 455.000 5,117.000 5,133.000 1,480.000 6,472.000 576.000 6,629.000 -288.000 -888.000 -136.000 -332.000 -93.000 -852.000 481.000 267.000 -758.000 -164.000 -1,106.000 Operating Actiities - Net Cash Flow 1,207.000 1,010.000 817.000 1,689.000 798.000 1,936.000 2,627.000 1,756.000 2,890.000 3,211.000 2,133.000 2,453.000 2,115.000 2,640.000 2,483.000 2,593.000 2,162.000 2,813.000 2,613.000 3,827.000 4,297.000 4,305.000 INVESTING ACTIVITIES Investments - Increase .000 .000 .000 .000 .000 .000 .000 35.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Sale of Investments .000 .000 148.000 29.000 .000 23.000 238.000 209.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Short term Investments - Change .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -250.000 250.000 .000 .000 .000 .000 .000 .000 .000 .000 Capital Expenditures 201.000 274.000 393.000 538.000 635.000 672.000 824.000 737.000 685.000 681.000 654.000 770.000 488.000 331.000 364.000 561.000 471.000 920.000 928.000 1,249.000 1,264.000 1,420.000 Sale of Property Plant and Equipment 40.000 44.000 86.000 45.000 86.000 28.000 11.000 21.000 22.000 19.000 .000 .000 .000 .000 .000 .000 .000 .000 205.000 Acquisitions 232.000 510.000 3,061.000 -181.000 66.000 .000 361.000 .000 690.000 92.000 33.000 .000 .000 .000 .000 .000 .000 .000 .000 7,657.000 .000 .000 Investing Activities - Other 1.000 662.000 16.000 165.000 3,496.000 630.000 81.000 -59.000 -77.000 128.000 1,554.000 9.000 1,418.000 -3.000 18.000 -84.000 40.000 115.000 39.000 28.000 57.000 4.000 Investing Activites - Net Cash Flow -392.000 -78.000 -3,204.000 -118.000 2,881.000 9.000 -855.000 -601.000 -1,430.000 -626.000 867.000 -761.000 680.000 -84.000 -346.000 -645.000 -431.000 -805.000 -889.000 -8,878.000 -1,207.000 -1,211.000 FINANCING ACTIVITIES Sale of Common and Preferred Stock 6.000 19.000 825.000 76.000 33.000 834.000 163.000 393.000 274.000 103.000 51.000 142.000 101.000 188.000 184.000 .000 .000 .000 .000 .000 .000 .000 Purchase of Common and Preferred Stock .000 .000 .000 .000 200.000 786.000 1,210.000 825.000 1,175.000 1,555.000 1,100.000 1,177.000 2,295.000 1,316.000 2,371.000 2,668.000 3,182.000 1,700.000 485.000 1,348.000 809.000 556.000 Cash Dividends 111.000 114.000 158.000 205.000 305.000 322.000 359.000 402.000 504.000 525.000 539.000 545.000 543.000 535.000 545.000 563.000 603.000 640.000 689.000 821.000 880.000 953.000 Long Term Debt - Issuance 22.000 .000 3,354.000 507.000 758.000 101.000 62.000 247.000 .000 .000 843.000 1,484.000 .000 .000 2,841.000 .000 600.000 884.000 8,245.000 .000 .000 2,239.000 Long Term Debt - Reduction 634.000 660.000 1,425.000 1,001.000 4,575.000 836.000 53.000 1,215.000 90.000 113.000 474.000 1,190.000 768.000 .000 877.000 .000 .000 321.000 13.000 2,596.000 531.000 1,105.000 Current Debt - Changes -69.000 -2.000 -12.000 -2.000 .000 .000 198.000 -198.000 Financing Activities - Other .000 .000 -64.000 .000 -460.000 .000 .000 .000 .000 .000 .000 .000 -6.000 -78.000 -81.000 -4.000 -90.000 -9.000 -98.000 -28.000 -6.000 -57.000 Financing Activities - Net Cash Flow -717.000 -755.000 2,532.000 -623.000 -4,749.000 -1,009.000 -1,397.000 -1,745.000 -1,512.000 -2,044.000 -1,229.000 -1,266.000 -3,494.000 -1,696.000 -849.000 -3,235.000 -3,275.000 -1,786.000 6,960.000 -4,595.000 -2,424.000 -432.000 Exchange Rate Effect .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Cash and Cash Equivalents - Change 98.000 177.000 145.000 948.000 -1,070.000 936.000 375.000 -590.000 -52.000 541.000 1,771.000 426.000 -699.000 860.000 1,288.000 -1,287.000 -1,544.000 222.000 8,684.000 -9,646.000 666.000 2,662.000 OTHER INFORMATION Interest Paid - Net< 216.000 165.000 333.000 334.000 593.000 443.000 404.000 366.000 355.000 287.000 269.000 280.000 227.000 200.000 234.000 281.000 291.000 299.000 273.000 456.000 521.000 572.000 Income Taxes Paid 10.000 42.000 103.000 75.000 974.000 328.000 331.000 618.000 853.000 719.000 1,282.000 1,071.000 810.000 1,119.000 880.000 727.000 118.000 691.000 517.000 270.000 324.000 312.000 ADDITIONAL SCHEDULES Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Receivables - Trade 3,904.000 3,394.000 4,057.000 2,964.000 2,858.000 2,685.000 2,806.000 2,841.000 3,299.000 3,976.000 6,474.000 6,660.000 6,641.000 Income Tax Refund .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Other - Current 1,402.000 1,557.000 2,735.000 2,889.000 3,198.000 3,546.000 3,656.000 3,566.000 3,813.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Receivables - Total (Net) 1,402.000 1,557.000 2,735.000 2,889.000 3,198.000 3,546.000 3,656.000 3,566.000 3,813.000 3,904.000 3,394.000 4,057.000 2,964.000 2,858.000 2,685.000 2,806.000 2,841.000 3,299.000 3,976.000 6,474.000 6,660.000 6,641.000 Inventories - Raw Materials Inventories - Work In Process Inventories - Finished Goods Inventories - Other Inventories - Total 1,190.000 585.000 1,226.000 1,091.000 1,147.000 1,061.000 1,174.000 1,178.000 1,045.000 1,003.000 1,170.000 1,185.000 873.000 798.000 698.000 742.000 807.000 816.000 780.000 654.000 783.000 759.000 LESS: Debt (Long Term) Due In One Year -200.000 -10.000 -420.000 -203.000 -461.000 -33.000 -1,214.000 -75.000 -111.000 -477.000 -91.000 -774.000 -5.000 -5.000 -2.000 -3.000 -110.000 -12.000 -867.000 -517.000 -1,370.000 -1,005.000 Debt - Convertible Subordinated .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Senior Convertible .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Subordinated .000 10.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt - Notes 750.000 750.000 3,104.000 6,636.000 5,780.000 5,064.000 5,002.000 3,777.000 3,505.000 3,400.000 3,764.000 4,473.000 3,650.000 3,650.000 5,650.000 5,650.000 6,250.000 6,693.000 14,093.000 13,593.000 12,593.000 14,143.000 Debt - Debentures 850.000 855.000 2,200.000 2,826.000 200.000 200.000 200.000 200.000 Debt - Long Term - Other 600.000 .000 149.000 139.000 441.000 435.000 443.000 640.000 674.000 320.000 318.000 146.000 253.000 253.000 245.000 245.000 245.000 408.000 388.000 363.000 1,549.000 1,536.000 Debt - Capitalized Lease Obligations .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 37.000 32.000 35.000 33.000 31.000 Long Term Debt Total 2,000.000 1,605.000 5,033.000 9,398.000 5,760.000 5,466.000 4,231.000 4,342.000 4,268.000 3,443.000 4,191.000 4,045.000 3,935.000 3,930.000 5,928.000 5,925.000 6,416.000 7,058.000 14,399.000 13,883.000 14,078.000 15,604.000 Property, Plant and Equipment (Cost) Beginning Balance Capital Expenditures 201.000 274.000 393.000 538.000 635.000 672.000 824.000 737.000 685.000 681.000 654.000 770.000 488.000 331.000 364.000 561.000 471.000 920.000 928.000 1,249.000 1,264.000 1,420.000 Retirements Other Changes Ending Balance 2,895.000 2,343.000 3,940.000 4,996.000 5,780.000 6,399.000 7,004.000 7,546.000 8,155.000 8,613.000 9,084.000 9,764.000 6,980.000 7,033.000 7,143.000 7,602.000 7,913.000 8,419.000 9,291.000 11,741.000 14,273.000 14,939.000 Accumulated Depreciation on PPE Beginning Balance Depreciation Expense Depletion Expense Retirements Other Changes Ending Balance 1,655.000 1,328.000 1,173.000 1,391.000 1,744.000 2,189.000 2,600.000 3,015.000 3,440.000 3,803.000 4,216.000 4,722.000 3,933.000 4,146.000 4,337.000 4,611.000 4,849.000 4,831.000 5,066.000 5,369.000 5,850.000 6,335.000 Deferred Taxes - Federal 212.000 249.000 213.000 472.000 49.000 581.000 213.000 -474.000 288.000 Deferred Taxes - Foreign .000 .000 .000 -3.000 -1.000 -4.000 1.000 6.000 2.000 Deferred Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Federal 63.000 96.000 46.000 1,017.000 -155.000 475.000 495.000 524.000 671.000 770.000 527.000 500.000 592.000 912.000 803.000 701.000 310.000 661.000 449.000 292.000 758.000 246.000 Income Taxes - Foreign 4.000 5.000 13.000 16.000 18.000 28.000 27.000 27.000 42.000 35.000 34.000 11.000 18.000 15.000 28.000 10.000 21.000 14.000 8.000 7.000 10.000 3.000 Income Taxes - State .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Income Taxes - Total 279.000 350.000 272.000 312.000 323.000 522.000 661.000 709.000 883.000 913.000 693.000 557.000 997.000 987.000 911.000 868.000 800.000 723.000 1,034.000 513.000 300.000 539.000 Common Shares Reserved For Conversion Convertible Debt Preferred Stock Stock Options Warrants and Other Total ADDITIONAL DATA Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Acquisitions - Income Contribution .000 -49.000 94.000 72.000 .000 .000 .000 69.000 .000 .000 Acquisitions - Sales Contribution .000 2,244.000 7,613.000 4,297.000 .000 .000 .000 4,630.000 .000 .000 Adjustmnet Factor-Cum, Ex-Date 2.000 2.000 2.000 2.000 2.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Average Short Term Borrowing Rate Average Short term Borrowing Common Shareholders (# of) 11.173 11.750 17.880 28.212 39.345 40.110 39.025 37.467 40.223 35.269 34.020 32.388 30.908 29.333 27.914 26.699 25.444 24.427 23.420 22.385 21.374 20.639 Common Shares Traded (Calendar Yr) 82,060,900.000 112,938,300.000 239,529,600.000 444,134,400.000 315,181,747.000 407,777,100.000 371,214,300.000 354,454,500.000 413,122,123.000 626,626,768.000 651,059,587.000 509,347,195.000 603,981,353.000 401,496,588.000 395,649,491.000 301,346,412.000 312,348,023.000 265,431,680.000 194,027,510.000 305,045,136.000 235,088,754.000 249,545,491.000 Compensating Balance .000 .000 .000 Convertible Debt and Preferred Stock .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long Term) Maturing Due in 2 Years 200.000 .000 105.000 1,085.000 33.000 1,211.000 73.000 109.000 473.000 91.000 778.000 5.000 5.000 353.000 3.000 110.000 3.000 853.000 518.000 1,127.000 742.000 1,505.000 Debt (Long Term) Maturing Due in 3 Years 50.000 .000 358.000 207.000 1,211.000 73.000 109.000 466.000 91.000 783.000 2.000 4.000 353.000 502.000 110.000 3.000 1,053.000 567.000 1,045.000 741.000 1,505.000 1,053.000 Debt (Long Term) Maturing Due in 4 Years Years .000 355.000 10.000 2,095.000 73.000 108.000 466.000 89.000 773.000 2.000 2.000 353.000 502.000 110.000 3.000 153.000 504.000 94.000 834.000 1,505.000 1,053.000 3.000 Debt (Long Term) Maturing Due in 5 Years 350.000 1,094.000 82.000 108.000 472.000 90.000 766.000 3.000 2.000 352.000 502.000 109.000 3.000 1,053.000 504.000 31.000 740.000 1,505.000 1,053.000 3.000 1,503.000 Debt - Long-Term Debt - Tied to Prime .000 .000 .000 .000 .000 .000 .000 .000 400.000 400.000 .000 .000 .000 .000 .000 135.000 Debt - Martgages and Other Securities .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 37.000 32.000 35.000 33.000 31.000 Debt - Unamortized Debt Discount and Other .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 -31.000 -82.000 -73.000 -64.000 -75.000 Dividends (Cash)per Share Ex-Date 1.600 1.600 1.600 1.600 1.600 .890 1.010 1.160 1.480 1.570 1.690 1.840 1.970 2.150 2.380 2.710 3.100 3.500 3.900 4.700 5.160 5.670 Dividends (Cash) - Common 111.000 114.000 158.000 205.000 305.000 322.000 359.000 414.000 520.000 532.000 539.000 545.000 543.000 539.000 552.000 578.000 596.000 633.000 687.000 822.000 880.000 951.000 Dividends (Cash) - Preferred .000 .000 18.000 25.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Employees (# of) 44.600 39.300 96.800 117.300 122.600 125.400 123.600 122.200 122.600 123.600 120.700 117.100 72.500 68.100 65.300 64.300 65.000 67.000 70.000 85.000 90.000 97.000 Equity in Earnings - Unconsolidated Subs 9,285.000 9,622.000 20,886.000 42,266.000 33,009.000 33,361.000 34,214.000 32,009.000 33,373.000 30,197.000 30,252.000 31,421.000 25,411.000 26,543.000 26,381.000 26,572.000 24,454.000 25,614.000 34,917.000 37,653.000 41,089.000 44,469.000 Foreign Currency Translation Adj - Bal. Sheet .000 .000 -6.000 -7.000 3.000 14.000 .000 22.000 34.000 10.000 41.000 .000 -4.000 4.000 18.000 -41.000 -82.000 -132.000 -136.000 -144.000 -147.000 Foreign Currency Translation Adj - Inc. Stmnt. Interest Capitalized (in fiscal yr) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Interest Capitalized - Net Income Effect .000 Interest Expense on Long Term Debt Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Labor Related Expenses 3,304.000 2,581.000 5,073.000 6,926.000 10,996.000 12,529.000 12,272.000 12,528.000 12,947.000 13,665.000 14,751.000 14,032.000 10,275.000 LIFO Reserve .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Order Backlog 10,424.000 10,106.000 20,731.000 26,053.000 26,866.000 27,562.000 22,027.000 30,508.000 64,059.000 78,052.000 69,186.000 64,183.000 39,515.000 40,809.000 37,033.000 38,199.000 35,923.000 45,339.000 42,878.000 53,500.000 64,840.000 80,969.000 Preferred Stock - Dividends In Arrears .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Present Value - Noncapitalized Leases 95.000 55.000 97.000 160.000 233.000 268.000 383.000 447.000 526.000 588.000 630.000 670.000 585.000 593.000 659.000 811.000 898.000 1,056.000 1,395.000 1,745.000 3,476.000 3,741.000 Price - Calendar Year Close 54.063 83.000 100.810 97.000 95.600 54.360 60.110 67.700 78.640 45.040 55.850 64.780 58.480 67.580 114.610 147.390 188.810 232.580 306.910 244.900 343.970 304.720 Price - Calendar Year High 75.938 93.875 110.560 135.000 101.100 58.150 60.260 71.370 85.210 83.400 57.315 69.800 72.500 71.250 116.190 153.190 193.990 253.800 311.153 360.880 383.890 385.005 Price - Calendar Year Low 47.000 42.625 76.400 87.200 78.270 46.905 51.100 59.100 66.230 33.960 33.810 53.500 49.200 56.590 64.200 109.170 141.580 175.000 223.880 223.630 237.080 263.310 Price - Fiscal Year Close 54.063 83.000 100.810 97.000 95.600 54.360 60.110 67.700 78.640 45.040 55.850 64.780 58.480 67.580 114.610 147.390 188.810 232.580 306.910 244.900 343.970 304.720 Receivables - Estimated Doubtful 37.674 53.000 46.102 289.920 243.000 268.000 228.000 308.000 286.000 301.000 324.000 31.000 54.000 60.000 69.000 68.000 59.000 63.000 79.000 73.000 78.000 73.000 Rental Commitments - Minimum Year+1 93.000 109.000 268.000 367.000 347.000 386.000 420.000 420.000 445.000 459.000 382.000 367.000 297.000 274.000 277.000 267.000 251.000 257.000 232.000 312.000 300.000 298.000 Rental Commitments - Minimum Year+2 70.000 121.000 223.000 297.000 297.000 289.000 331.000 337.000 368.000 366.000 304.000 289.000 234.000 237.000 232.000 214.000 201.000 186.000 195.000 270.000 262.000 267.000 Rental Commitments - Minimum Year+3 60.000 113.000 182.000 236.000 232.000 243.000 279.000 263.000 293.000 270.000 238.000 210.000 208.000 198.000 176.000 140.000 135.000 131.000 145.000 221.000 224.000 228.000 Rental Commitments - Minimum Year+4 51.000 104.000 144.000 181.000 196.000 205.000 230.000 208.000 211.000 227.000 181.000 181.000 176.000 157.000 107.000 84.000 99.000 92.000 120.000 186.000 185.000 185.000 Rental Commitments - Minimum Year+5 42.000 74.000 113.000 149.000 159.000 178.000 207.000 149.000 183.000 176.000 161.000 149.000 136.000 76.000 61.000 57.000 61.000 66.000 87.000 152.000 146.000 142.000 Rental Expense 117.000 122.000 219.000 233.000 471.000 465.000 514.000 549.000 585.000 584.000 549.000 492.000 420.000 347.000 298.000 304.000 302.000 298.000 300.000 375.000 404.000 441.000 Rental Income 8.000 9.000 Research and Development Expense 197.000 216.000 342.000 406.000 434.000 504.000 538.000 574.000 537.000 576.000 610.000 603.000 543.000 520.000 507.000 569.000 712.000 705.000 639.000 764.000 953.000 1,100.000 Tax Loss Carry Forward .000 .000 .000 192.000 185.000 189.000 211.000 198.000 191.000 142.000 330.000 310.000 419.000 Treasury Stock ($) - Common .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock ($) - Preferred .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Treasury Stock - # Shares .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 INPUTS INTO FINANCIAL STATEMENTS AND MARKET RELATIONS Fiscal Year: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (FYR Ending): (31DEC1999 ) (31DEC2000 ) (31DEC2001 ) (31DEC2002 ) (31DEC2003 ) (31DEC2004 ) (31DEC2005 ) (31DEC2006 ) (31DEC2007 ) (31DEC2008 ) (31DEC2009 ) (31DEC2010 ) (31DEC2011 ) (31DEC2012 ) (31DEC2013 ) (31DEC2014 ) (31DEC2015 ) (31DEC2016 ) (31DEC2017 ) (31DEC2018 ) (31DEC2019 ) (31DEC2020 ) Cash & Equivalents 142.000 319.000 464.000 1,412.000 342.000 1,230.000 1,605.000 1,015.000 963.000 1,548.000 3,333.000 3,769.000 3,252.000 3,862.000 5,150.000 3,863.000 2,319.000 2,541.000 11,225.000 1,579.000 2,245.000 4,907.000 Receivables - Total (Net) 1,402.000 1,557.000 2,735.000 2,889.000 3,198.000 3,546.000 3,656.000 3,566.000 3,813.000 3,904.000 3,394.000 4,057.000 2,964.000 2,858.000 2,685.000 2,806.000 2,841.000 3,299.000 3,976.000 6,474.000 6,660.000 6,641.000 Inventories - Total 1,190.000 585.000 1,226.000 1,091.000 1,147.000 1,061.000 1,174.000 1,178.000 1,045.000 1,003.000 1,170.000 1,185.000 873.000 798.000 698.000 742.000 807.000 816.000 780.000 654.000 783.000 759.000 Prepaid Expenses 36.000 44.000 Current Assets - Other 23.000 21.000 164.000 10,443.000 1,058.000 1,070.000 1,114.000 960.000 951.000 734.000 738.000 893.000 657.000 874.000 955.000 773.000 367.000 200.000 368.000 973.000 997.000 3,037.000 Current Assets - Total 2,793.000 2,526.000 4,589.000 15,835.000 5,745.000 6,907.000 7,549.000 6,719.000 6,772.000 7,189.000 8,635.000 9,904.000 7,746.000 8,392.000 9,488.000 8,184.000 6,334.000 6,856.000 16,349.000 9,680.000 10,685.000 15,344.000 Plant, Property & Equip (Gross) 2,895.000 2,343.000 3,940.000 4,996.000 5,780.000 6,399.000 7,004.000 7,546.000 8,155.000 8,613.000 9,084.000 9,764.000 6,980.000 7,033.000 7,143.000 7,602.000 7,913.000 8,419.000 9,291.000 11,741.000 14,273.000 14,939.000 Accumulated Depreciation 1,655.000 1,328.000 1,173.000 1,391.000 1,744.000 2,189.000 2,600.000 3,015.000 3,440.000 3,803.000 4,216.000 4,722.000 3,933.000 4,146.000 4,337.000 4,611.000 4,849.000 4,831.000 5,066.000 5,369.000 5,850.000 6,335.000 Plant, Property & Equip (Net) 1,240.000 1,015.000 2,767.000 3,605.000 4,036.000 4,210.000 4,404.000 4,531.000 4,715.000 4,810.000 4,868.000 5,042.000 3,047.000 2,887.000 2,806.000 2,991.000 3,064.000 3,588.000 4,225.000 6,372.000 8,423.000 8,604.000 Investments at Equity .000 .000 .000 .000 .000 .000 Investments and Advances - Other 135.000 180.000 233.000 262.000 223.000 261.000 310.000 336.000 310.000 330.000 353.000 335.000 382.000 396.000 Intangibles 4,266.000 4,432.000 9,807.000 18,210.000 19,043.000 18,683.000 18,727.000 18,358.000 18,746.000 15,465.000 14,390.000 14,296.000 12,529.000 12,568.000 12,542.000 12,567.000 12,537.000 12,511.000 12,507.000 20,044.000 19,748.000 18,301.000 Deferred Charges 910.000 1,356.000 2,994.000 3,618.000 2,988.000 2,914.000 2,854.000 .000 .000 .000 .000 .000 .000 128.000 118.000 129.000 128.000 131.000 216.000 317.000 319.000 Assets - Other 76.000 158.000 729.000 998.000 1,197.000 647.000 680.000 2,401.000 3,140.000 2,553.000 2,126.000 1,917.000 1,866.000 2,435.000 1,107.000 2,376.000 2,080.000 2,201.000 1,352.000 1,006.000 1,534.000 1,505.000 TOTAL ASSETS 9,285.000 9,622.000 20,886.000 42,266.000 33,009.000 33,361.000 34,214.000 32,009.000 33,373.000 30,197.000 30,252.000 31,421.000 25,411.000 26,543.000 26,381.000 26,572.000 24,454.000 25,614.000 34,917.000 37,653.000 41,089.000 44,469.000 Accounts Payable 490.000 564.000 1,019.000 1,427.000 1,491.000 1,750.000 1,767.000 1,686.000 1,901.000 1,943.000 1,921.000 1,846.000 1,481.000 1,392.000 1,229.000 1,305.000 1,282.000 1,554.000 1,661.000 2,182.000 2,226.000 1,806.000 Notes Payable 25.000 .000 38.000 22.000 10.000 9.000 50.000 95.000 26.000 24.000 12.000 10.000 8.000 .000 .000 .000 .000 .000 .000 198.000 .000 .000 Accrued Expenses 366.000 365.000 847.000 1,018.000 995.000 1,070.000 1,109.000 1,177.000 1,180.000 1,355.000 1,281.000 1,349.000 1,196.000 1,173.000 1,169.000 1,441.000 1,195.000 1,342.000 1,382.000 1,676.000 1,865.000 1,997.000 Taxes Payable 58.000 86.000 137.000 1,237.000 356.000 454.000 668.000 535.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Debt (Long-Term) Due In One Year 200.000 10.000 420.000 203.000 461.000 33.000 1,214.000 75.000 111.000 477.000 91.000 774.000 5.000 5.000 2.000 3.000 110.000 12.000 867.000 517.000 1,370.000 1,005.000 Other Current Liabilities 1,691.000 2,028.000 3,518.000 8,484.000 4,043.000 3,977.000 4,275.000 4,362.000 4,394.000 4,980.000 4,961.000 5,756.000 4,641.000 4,659.000 4,584.000 4,584.000 4,065.000 4,064.000 4,437.000 5,377.000 5,838.000 6,769.000 Total Current Liabilities 2,464.000 2,688.000 5,132.000 11,373.000 6,361.000 6,223.000 7,974.000 6,753.000 6,432.000 7,424.000 6,985.000 8,386.000 6,135.000 6,056.000 5,815.000 5,892.000 5,457.000 5,630.000 6,965.000 8,274.000 9,434.000 9,580.000 Long Term Debt 2,000.000 1,605.000 5,033.000 9,398.000 5,760.000 5,466.000 4,231.000 4,342.000 4,268.000 3,443.000 4,191.000 4,045.000 3,935.000 3,930.000 5,928.000 5,925.000 6,416.000 7,058.000 14,399.000 13,883.000 14,078.000 15,604.000 Deferred Taxes (Balance Sheet) 64.000 276.000 669.000 .000 509.000 506.000 595.000 .000 330.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 108.000 .000 .000 Investment Tax Credit .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Liabilities - Other 1,500.000 1,134.000 2,189.000 6,684.000 4,581.000 4,466.000 4,586.000 4,299.000 4,656.000 7,410.000 6,389.000 5,433.000 5,005.000 7,043.000 4,018.000 7,520.000 7,059.000 7,667.000 6,505.000 7,201.000 8,758.000 8,706.000 TOTAL LIABILITIES 6,028.000 5,703.000 13,145.000 27,594.000 17,224.000 16,661.000 17,386.000 15,394.000 15,686.000 18,277.000 17,565.000 17,864.000 15,075.000 17,029.000 15,761.000 19,337.000 18,932.000 20,355.000 27,869.000 29,466.000 32,270.000 33,890.000 Noncontrolling Interest - Redeemable .000 .000 122.000 139.000 13.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Common Stock 1,028.000 1,200.000 4,451.000 12,511.000 12,433.000 364.000 347.000 346.000 338.000 327.000 307.000 291.000 254.000 239.000 218.000 199.000 181.000 175.000 174.000 171.000 168.000 167.000 Capital Surplus .000 .000 .000 -11.000 -6.000 12,423.000 11,571.000 11,346.000 10,661.000 9,645.000 8,657.000 7,778.000 3,873.000 2,924.000 848.000 .000 .000 .000 44.000 .000 .000 58.000 Retained Earnings (Net Other) 2,229.000 2,719.000 2,940.000 1,822.000 3,358.000 3,913.000 4,910.000 4,923.000 6,688.000 1,948.000 3,723.000 5,488.000 6,209.000 6,351.000 9,554.000 7,036.000 5,341.000 5,084.000 6,830.000 8,016.000 8,651.000 10,354.000 Less: Treasury Stock .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Shareholders Equity - Parent 3,257.000 3,919.000 7,741.000 14,672.000 15,785.000 16,700.000 16,828.000 16,615.000 17,687.000 11,920.000 12,687.000 13,557.000 10,336.000 9,514.000 10,620.000 7,235.000 5,522.000 5,259.000 7,048.000 8,187.000 8,819.000 10,579.000 Noncontrolling Interest - Nonredeemable .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 TOTAL SHAREHOLDERS EQUITY 3,257.000 3,919.000 7,741.000 14,672.000 15,785.000 16,700.000 16,828.000 16,615.000 17,687.000 11,920.000 12,687.000 13,557.000 10,336.000 9,514.000 10,620.000 7,235.000 5,522.000 5,259.000 7,048.000 8,187.000 8,819.000 10,579.000 Sales (Net) 8,995.000 7,618.000 13,558.000 17,206.000 26,206.000 29,853.000 30,721.000 30,148.000 32,018.000 33,887.000 33,755.000 34,757.000 26,412.000 25,218.000 24,661.000 23,904.000 23,526.000 24,508.000 25,803.000 30,095.000 33,841.000 36,799.000 Cost of Goods Sold 6,463.000 5,065.000 10,574.000 13,579.000 21,640.000 24,401.000 24,817.000 23,957.000 25,094.000 26,936.000 27,441.000 27,813.000 20,287.000 19,154.000 18,787.000 17,916.000 17,417.000 18,275.000 19,374.000 22,475.000 25,564.000 28,054.000 Gross Profit 2,532.000 2,553.000 2,984.000 3,627.000 4,566.000 5,452.000 5,904.000 6,191.000 6,924.000 6,951.000 6,314.000 6,944.000 6,125.000 6,064.000 5,874.000 5,988.000 6,109.000 6,233.000 6,429.000 7,620.000 8,277.000 8,745.000 Selling, General, & Admin Expenses 1,174.000 1,074.000 1,335.000 1,711.000 2,346.000 2,712.000 2,953.000 2,921.500 3,208.000 3,240.000 3,206.000 3,078.000 2,350.000 2,450.000 2,256.000 2,405.000 2,566.000 2,584.000 2,655.000 3,011.000 3,290.000 3,413.000 Operating Income Before Depreciation 1,358.000 1,479.000 1,649.000 1,916.000 2,220.000 2,740.000 2,951.000 3,269.500 3,716.000 3,711.000 3,108.000 3,866.000 3,775.000 3,614.000 3,618.000 3,583.000 3,543.000 3,649.000 3,774.000 4,609.000 4,987.000 5,332.000 Depreciation, Depletion, & Amortization 389.000 381.000 645.000 525.000 682.000 734.000 773.000 703.000 710.000 708.000 689.000 700.000 499.000 484.000 495.000 462.000 467.000 456.000 475.000 800.000 1,018.000 1,267.000 Operating Income After Depreciation 969.000 1,098.000 1,004.000 1,391.000 1,538.000 2,006.000 2,178.000 2,566.500 3,006.000 3,003.000 2,419.000 3,166.000 3,276.000 3,130.000 3,123.000 3,121.000 3,076.000 3,193.000 3,299.000 3,809.000 3,969.000 4,065.000 Interest Expense 224.000 175.000 373.000 422.000 497.000 431.000 388.000 347.000 336.000 295.000 281.000 281.000 221.000 212.000 257.000 282.000 301.000 301.000 360.000 562.000 528.000 593.000 Non-Operating Income/Expense 17.000 52.000 68.000 40.000 90.000 68.000 254.000 169.000 16.000 -21.000 64.000 37.000 28.000 47.000 27.000 23.000 15.000 31.000 110.000 524.000 -893.000 256.000 Special Items .000 .000 -28.000 .000 -112.500 -3,055.000 64.000 -327.000 .000 .000 -30.000 75.000 .000 .000 -29.000 .000 .000 Pretax Income 762.000 975.000 699.000 1,009.000 1,131.000 1,615.000 2,044.000 2,276.000 2,686.000 -368.000 2,266.000 2,595.000 3,083.000 2,965.000 2,863.000 2,937.000 2,790.000 2,923.000 3,049.000 3,742.000 2,548.000 3,728.000 Income Taxes - Total 279.000 350.000 272.000 312.000 323.000 522.000 661.000 709.000 883.000 913.000 693.000 557.000 997.000 987.000 911.000 868.000 800.000 723.000 1,034.000 513.000 300.000 539.000 Minority Interest .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 INCOME BEFORE EI&DO 483.000 625.000 427.000 697.000 808.000 1,093.000 1,383.000 1,567.000 1,803.000 -1,281.000 1,573.000 2,038.000 2,086.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000 Extraordinary Items -16.000 .000 .000 -432.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Discontinued Operations .000 -17.000 .000 -201.000 58.000 -9.000 17.000 -25.000 -13.000 19.000 113.000 15.000 32.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Net Income (Loss) 467.000 608.000 427.000 64.000 866.000 1,084.000 1,400.000 1,542.000 1,790.000 -1,262.000 1,686.000 2,053.000 2,118.000 1,978.000 1,952.000 2,069.000 1,990.000 2,200.000 2,015.000 3,229.000 2,248.000 3,189.000 Preferred Dividends .000 .000 18.000 25.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 EPS - Primary - Excluding EI&DO 6.970 8.860 4.840 5.820 4.360 3.040 3.880 4.530 5.280 -3.830 4.930 6.860 7.540 7.960 8.500 9.910 10.510 12.300 11.550 18.590 13.280 19.080 EPS - Primary - Including EI&DO 6.730 8.610 4.840 .350 4.680 3.010 3.930 4.460 5.240 -3.770 5.280 6.910 7.650 7.960 8.500 9.910 10.510 12.300 11.550 18.590 13.280 19.080 EPS - Fully Diluted - Excluding EI&DO 6.930 8.820 4.800 5.720 4.320 2.990 3.810 4.440 5.160 -3.830 4.870 6.770 7.410 7.810 8.350 9.750 10.390 12.190 11.470 18.490 13.220 19.030 EPS - Fully Diluted - Including EI&DO 6.690 8.580 4.800 .340 4.640 2.970 3.850 4.370 5.120 -3.770 5.210 6.820 7.520 7.810 8.350 9.750 10.390 12.190 11.470 18.490 13.220 19.030 SHARES - for Primary EPS Calculation 69.300 70.580 84.460 115.530 182.630 359.700 356.500 345.700 341.700 334.500 319.200 296.900 276.800 248.600 229.600 208.800 189.400 178.900 174.400 173.700 169.300 167.100 STATEMENT OF CASH FLOWS SHARES - for Fully Diluted EPS Calculation 69.700 70.880 85.260 117.430 184.180 365.000 363.170 358.600 354.300 334.500 323.300 301.100 281.600 253.400 233.900 212.100 191.600 180.500 175.600 174.600 170.000 167.600 SHARES - Outstanding at Fiscal Year End 69.719 72.058 108.556 182.602 181.108 364.430 347.357 345.922 337.835 327.013 306.865 290.957 253.890 239.210 217.599 198.930 181.303 175.068 174.086 170.607 167.848 166.717 Operating Activities - Net Cash Flow 1,207.000 1,010.000 817.000 1,689.000 798.000 1,936.000 2,627.000 1,756.000 2,890.000 3,211.000 2,133.000 2,453.000 2,115.000 2,640.000 2,483.000 2,593.000 2,162.000 2,813.000 2,613.000 3,827.000 4,297.000 4,305.000 Capital Expenditures 201.000 274.000 393.000 538.000 635.000 672.000 824.000 737.000 685.000 681.000 654.000 770.000 488.000 331.000 364.000 561.000 471.000 920.000 928.000 1,249.000 1,264.000 1,420.000 Sale of Property Plant and Equipment 40.000 44.000 86.000 45.000 86.000 28.000 11.000 21.000 22.000 19.000 .000 .000 .000 .000 .000 .000 .000 .000 205.000 Acquisitions 232.000 510.000 3,061.000 -181.000 66.000 .000 361.000 .000 690.000 92.000 33.000 .000 .000 .000 .000 .000 .000 .000 .000 7,657.000 .000 .000 Investing Activites - Net Cash Flow -392.000 -78.000 -3,204.000 -118.000 2,881.000 9.000 -855.000 -601.000 -1,430.000 -626.000 867.000 -761.000 680.000 -84.000 -346.000 -645.000 -431.000 -805.000 -889.000 -8,878.000 -1,207.000 -1,211.000 Cash Dividends 111.000 114.000 158.000 205.000 305.000 322.000 359.000 402.000 504.000 525.000 539.000 545.000 543.000 535.000 545.000 563.000 603.000 640.000 689.000 821.000 880.000 953.000 CASH STATEMENT - SOURCE & USE Interest Paid - Net 216.000 165.000 333.000 334.000 593.000 443.000 404.000 366.000 355.000 287.000 269.000 280.000 227.000 200.000 234.000 281.000 291.000 299.000 273.000 456.000 521.000 572.000 Income Taxes Paid 10.000 42.000 103.000 75.000 974.000 328.000 331.000 618.000 853.000 719.000 1,282.000 1,071.000 810.000 1,119.000 880.000 727.000 118.000 691.000 517.000 270.000 324.000 312.000 Funds From Operations - Total Current Debt - Changes -69.000 -2.000 -12.000 -2.000 .000 .000 198.000 -198.000 Working Capital Changes - Other - Inc(Dec) Adjustmnet Factor-Cum, Ex-Date 2.000 2.000 2.000 2.000 2.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Advertising Expense Dividends (Cash)per Share Ex-Date 1.600 1.600 1.600 1.600 1.600 .890 1.010 1.160 1.480 1.570 1.690 1.840 1.970 2.150 2.380 2.710 3.100 3.500 3.900 4.700 5.160 5.670 Dividends (Cash) - Common 111.000 114.000 158.000 205.000 305.000 322.000 359.000 414.000 520.000 532.000 539.000 545.000 543.000 539.000 552.000 578.000 596.000 633.000 687.000 822.000 880.000 951.000 Dividends (Cash) - Preferred .000 .000 18.000 25.000 12.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Liquidation Value .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Preferred Stock - Redemption Value .000 .000 350.000 350.000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 Price - Calendar Year Close 54.063 83.000 100.810 97.000 95.600 54.360 60.110 67.700 78.640 45.040 55.850 64.780 58.480 67.580 114.610 147.390 188.810 232.580 306.910 244.900 343.970 304.720 Price - Fiscal Year Close 54.063 83.000 100.810 97.000 95.600 54.360 60.110 67.700 78.640 45.040 55.850 64.780 58.480 67.580 114.610 147.390 188.810 232.580 306.910 244.900 343.970 304.720 Receivables - Estimated Doubtful 37.674 53.000 46.102 289.920 243.000 268.000 228.000 308.000 286.000 301.000 324.000 31.000 54.000 60.000 69.000 68.000 59.000 63.000 79.000 73.000 78.000 73.000 Rental Expense 117.000 122.000 219.000 233.000 471.000 465.000 514.000 549.000 585.000 584.000 549.000 492.000 420.000 347.000 298.000 304.000 302.000 298.000 300.000 375.000 404.000 441.000 Research and Development Expense 197.000 216.000 342.000 406.000 434.000 504.000 538.000 574.000 537.000 576.000 610.000 603.000 543.000 520.000 507.000 569.000 712.000 705.000 639.000 764.000 953.000 1,100.000 LMT LOCKHEED MARTIN CORP 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 39,620 41,862 42,731 45,189 45,803 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 Cost of Goods Sold (35,422) (36,830) (37,237) (39,959) (40,757) (41,651) (42,006) (39,833) (39,281) (39,804) (40,939) (44,185) (45,146) (50,196) SG&A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Depreciation & Amortization (764) (819) (845) (854) (841) (1,008) (988) (990) (994) (1,026) (1,215) (1,195) (1,161) (1,189) Operating Profits 3,434 4,213 4,649 4,376 4,205 3,840 4,188 4,535 5,325 5,302 5,094 5,668 7,455 8,427 Operating Taxes (1,016) (1,288) (1,468) (1,287) (1,298) (1,019) (1,365) (1,315) (1,665) (1,497) (1,181) (3,593) (1,011) (1,177) NOPAT 2,418 2,925 3,181 3,089 2,907 2,821 2,823 3,220 3,660 3,805 3,913 2,075 6,444 7,250 Tax Rate 29.59% 30.56% 31.58% 29.41% 30.87% 26.55% 32.59% 29.00% 31.27% 28.23% 23.19% 63.39% 13.57% 13.96% Working Cash 792 837 855 904 916 930 944 907 912 923 945 1,021 772 1,196 Accounts Receivable 4,595 4,925 5,296 6,061 5,757 6,064 7,316 6,147 5,884 8,061 8,202 8,603 11,916 11,431 Inventory 1,657 1,718 1,902 2,183 2,378 2,481 2,937 2,977 2,882 4,962 4,670 4,487 2,997 3,619 Prepaid Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Assets 1,619 1,316 1,256 1,496 1,939 1,964 1,704 1,588 2,117 2,085 399 1,510 418 531 Accounts Payable 2,221 2,163 2,030 2,030 1,627 2,269 2,038 1,397 1,570 1,974 1,653 1,467 2,402 1,281 Accrued Payroll 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,826 1,916 1,764 1,785 2,122 2,466 Income Taxes Payable 243 41 277 217 0 0 0 0 0 0 0 0 0 0 Other Current Liabilities 5,471 6,019 6,309 6,808 7,660 8,197 8,318 7,914 7,716 9,211 9,125 8,635 8,374 8,730 Net Operating Working Capital (856) (971) (991) (59) (167) (691) 896 499 683 2,930 1,674 3,734 3,205 4,300 Net PPE 4,056 4,320 4,488 4,520 4,554 4,611 4,675 4,706 4,755 5,490 5,549 5,775 6,124 7,591 Intangible Assets 9,855 9,850 9,881 11,146 10,631 10,148 10,370 10,348 10,862 18,204 15,284 15,028 14,710 14,328 Invested Capital (w/o Goodwill) 3,200 3,349 3,497 4,461 4,387 3,920 5,571 5,205 5,438 8,420 7,223 9,509 9,329 11,891 Invested Capital (w/ Goodwill) 13,055 13,199 13,378 15,607 15,018 14,068 15,941 15,553 16,300 26,624 22,507 24,537 24,039 26,219 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ROIC w/o Goodwill 99.42% 111.80% 115.13% 88.39% 85.43% 97.67% 68.42% 80.88% 85.58% 57.38% 70.99% 34.39% 81.52% 70.97% ROIC w/ Goodwill 18.52% 22.16% 23.78% 19.79% 19.36% 20.05% 17.71% 20.70% 22.45% 14.29% 17.38% 8.46% 26.80% 27.65% One minus tax rate 70.41% 69.44% 68.42% 70.59% 69.13% 73.45% 67.41% 71.00% 68.73% 71.77% 76.81% 36.61% 86.43% 86.04% Profit Margin 8.67% 10.06% 10.88% 9.68% 9.18% 8.26% 8.88% 10.00% 11.68% 11.49% 10.78% 11.10% 13.87% 14.09% Capital Turns 3.03 3.17 3.19 2.90 3.05 3.31 2.96 2.92 2.80 1.73 2.10 2.08 2.24 2.28 ROIC w/ Goodwill 18.52% 22.16% 23.78% 19.79% 19.36% 20.05% 17.71% 20.70% 22.45% 14.29% 17.38% 8.46% 26.80% 27.65% Check Gross Margin 189.40% 187.98% 187.14% 188.43% 188.98% 189.57% 189.03% 187.82% 186.14% 186.28% 186.65% 186.56% 183.97% 183.92% SGA / Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Depreciation / Sales -1.93% -1.96% -1.98% -1.89% -1.84% -2.17% -2.09% -2.18% -2.18% -2.22% -2.57% -2.34% -2.16% -1.99% Operating WC / Sales 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 1.44% 2.00% Net PPE / Sales 10.24% 10.32% 10.50% 10.00% 9.94% 9.92% 9.91% 10.38% 10.43% 11.90% 11.74% 11.31% 11.39% 12.69% Revenue Growth 5.7% 2.1% 5.8% 1.4% 1.5% 1.5% -3.9% 0.5% 1.2% 2.4% 8.0% 5.3% 11.3% Working Cash / Revenues 2% Working Cash NOC NORTHROP GRUMMAN CORP 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 30,148 32,018 33,887 33,755 34,757 26,412 25,218 24,661 23,904 23,526 24,508 25,803 30,095 33,841 Cost of Goods Sold (23,957) (25,094) (26,936) (27,441) (27,813) (20,287) (19,154) (18,787) (17,916) (17,417) (18,275) (19,374) (22,475) (25,564) SG&A (2,922) (3,208) (3,240) (3,206) (3,078) (2,350) (2,450) (2,256) (2,405) (2,566) (2,584) (2,655) (3,011) (3,290) Depreciation & Amortization (705) (730) (761) (736) (738) (544) (510) (495) (462) (467) (456) (475) (800) (1,018) Operating Profits 2,565 2,986 2,950 2,372 3,128 3,231 3,104 3,123 3,121 3,076 3,193 3,299 3,809 3,969 Operating Taxes (799) (982) 7,319 (725) (671) (1,045) (1,033) (994) (922) (882) (790) (1,119) (522) (467) NOPAT 1,766 2,004 10,269 1,647 2,457 2,186 2,071 2,129 2,199 2,194 2,403 2,180 3,287 3,502 Tax Rate 31.15% 32.87% -248.10% 30.58% 21.46% 32.34% 33.29% 31.82% 29.55% 28.67% 24.73% 33.91% 13.71% 11.77% Working Cash 603 640 678 675 695 528 504 493 478 471 490 516 602 677 Accounts Receivable 3,566 3,813 3,904 3,394 4,057 2,964 2,858 2,685 2,806 2,841 3,299 3,976 6,474 6,660 Inventory 1,178 1,045 1,003 1,170 1,185 873 798 698 742 807 816 780 654 783 Prepaid Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Assets 960 951 734 738 893 657 874 955 773 367 200 368 973 997 Accounts Payable 1,686 1,901 1,943 1,921 1,846 1,481 1,392 1,229 1,305 1,282 1,554 1,661 2,182 2,226 Accrued Payroll 1,177 1,180 1,355 1,281 1,349 1,196 1,173 1,169 1,441 1,195 1,342 1,382 1,676 1,865 Income Taxes Payable 535 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Liabilities 3,185 3,214 3,625 3,680 4,407 3,445 3,486 3,415 3,143 2,870 2,722 3,055 3,701 3,973 Net Operating Working Capital (276) 154 (604) (905) (772) (1,100) (1,017) (982) (1,090) (861) (813) (458) 1,144 1,053 Net PPE 4,531 4,715 4,810 4,868 5,042 3,047 2,887 2,806 2,991 3,064 3,588 4,225 6,372 8,423 Intangible Assets 18,358 18,746 15,465 14,390 14,296 12,529 12,568 12,542 12,567 12,537 12,511 12,507 20,044 19,748 Invested Capital (w/o Goodwill) 4,255 4,869 4,206 3,963 4,270 1,947 1,870 1,824 1,901 2,203 2,775 3,767 7,516 9,476 Invested Capital (w/ Goodwill) 22,613 23,615 19,671 18,353 18,566 14,476 14,438 14,366 14,468 14,740 15,286 16,274 27,560 29,224 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ROIC w/o Goodwill 58.06% 56.15% 262.26% 60.12% 74.81% 140.21% 137.98% 143.86% 139.95% 120.82% 103.03% 70.49% 54.38% 47.70% ROIC w/ Goodwill 7.81% 8.49% 52.20% 8.97% 13.23% 15.10% 14.34% 14.82% 15.20% 14.89% 15.72% 13.40% 11.93% 11.98% One minus tax rate 68.85% 67.13% 348.10% 69.42% 78.54% 67.66% 66.71% 68.18% 70.45% 71.33% 75.27% 66.09% 86.29% 88.23% Profit Margin 8.51% 9.33% 8.71% 7.03% 9.00% 12.23% 12.31% 12.66% 13.06% 13.07% 13.03% 12.79% 12.66% 11.73% Capital Turns 1.33 1.36 1.72 1.84 1.87 1.82 1.75 1.72 1.65 1.60 1.60 1.59 1.09 1.16 ROIC w/ Goodwill 7.81% 8.49% 52.20% 8.97% 13.23% 15.10% 14.34% 14.82% 15.20% 14.89% 15.72% 13.40% 11.93% 11.98% Check Gross Margin 179.46% 178.37% 179.49% 181.29% 180.02% 176.81% 175.95% 176.18% 174.95% 174.03% 174.57% 175.08% 174.68% 175.54% SGA / Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Depreciation / Sales -2.34% -2.28% -2.25% -2.18% -2.12% -2.06% -2.02% -2.01% -1.93% -1.99% -1.86% -1.84% -2.66% -3.01% Operating WC / Sales 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Net PPE / Sales 15.03% 14.73% 14.19% 14.42% 14.51% 11.54% 11.45% 11.38% 12.51% 13.02% 14.64% 16.37% 21.17% 24.89% Revenue Growth 6.2% 5.8% -0.4% 3.0% -24.0% -4.5% -2.2% -3.1% -1.6% 4.2% 5.3% 16.6% 12.4% Working Cash / Revenues 2% BA BOEING CO 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 61,530 66,387 60,909 68,281 64,306 68,735 81,698 86,623 90,762 96,114 94,571 93,392 101,127 84,818 Cost of Goods Sold (48,926) (51,977) (48,950) (55,092) (50,370) (54,417) (67,095) (71,244) (74,708) (80,443) (79,093) (74,208) (79,593) (69,840) SG&A (7,428) (7,381) (6,852) (9,870) (7,710) (7,326) (7,015) (7,027) (6,814) (6,856) (7,008) (7,273) (7,836) (7,128) Depreciation & Amortization (1,559) (1,485) (1,502) (1,678) (1,746) (1,675) (1,811) (1,844) (1,906) (1,833) (1,910) (2,069) (2,114) (2,271) Operating Profits 3,617 5,544 3,605 1,641 4,480 5,317 5,777 6,508 7,334 6,982 6,560 9,842 11,584 5,579 Operating Taxes (1,119) (1,867) (1,210) (375) (1,189) (1,363) (1,962) (1,719) (1,738) (1,931) (793) (1,812) (1,142) (4,008) NOPAT 2,498 3,677 2,395 1,266 3,291 3,954 3,815 4,789 5,596 5,051 5,767 8,030 10,442 1,571 Tax Rate 30.93% 33.67% 33.57% 22.88% 26.54% 25.63% 33.96% 26.41% 23.69% 27.66% 12.09% 18.41% 9.86% 71.85% Working Cash 1,231 1,328 1,218 1,366 1,286 1,375 1,634 1,732 1,815 1,922 1,891 1,868 2,023 1,696 Accounts Receivable 5,655 6,068 6,027 6,153 5,707 6,269 5,972 6,890 7,919 8,925 9,260 10,825 14,364 12,471 Inventory 8,105 9,563 15,612 16,933 24,317 32,240 37,751 42,912 46,756 47,257 43,199 44,344 62,567 76,622 Prepaid Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Assets 2,837 2,341 1,046 966 31 29 28 14 18 0 0 0 2,335 3,106 Accounts Payable 5,643 5,714 5,871 7,096 7,715 8,406 9,394 9,498 10,667 10,800 11,190 12,202 12,916 15,553 Accrued Payroll 6,106 6,637 6,169 12,822 13,802 12,239 12,995 13,589 12,706 13,031 13,736 13,907 13,163 20,787 Income Taxes Payable 670 253 41 182 87 0 117 11 119 262 89 380 485 670 Other Current Liabilities 15,901 18,172 18,284 12,076 12,843 18,276 21,040 26,825 32,296 25,085 24,735 28,445 51,836 52,710 Net Operating Working Capital (10,492) (11,476) (6,462) (6,758) (3,106) 992 1,839 1,625 720 8,926 4,600 2,103 2,889 4,175 Net PPE 7,675 8,265 8,762 8,784 8,931 9,313 9,660 10,224 11,007 12,076 12,807 12,672 12,645 13,684 Intangible Assets 4,745 5,174 6,332 7,196 7,916 7,989 8,146 8,095 7,988 7,783 7,864 8,132 11,269 11,398 Invested Capital (w/o Goodwill) (2,817) (3,211) 2,300 2,026 5,825 10,305 11,499 11,849 11,727 21,002 17,407 14,775 15,534 17,859 Invested Capital (w/ Goodwill) 1,928 1,963 8,632 9,222 13,741 18,294 19,645 19,944 19,715 28,785 25,271 22,907 26,803 29,257 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ROIC w/o Goodwill -144.00% -160.76% 169.42% 145.32% 86.47% 54.63% 48.93% 55.98% 63.97% 32.78% 44.10% 68.35% 80.83% 21.51% ROIC w/ Goodwill 129.60% 187.35% 27.74% 13.72% 23.95% 21.62% 19.42% 24.01% 28.39% 17.55% 22.82% 35.05% 38.96% 5.37% One minus tax rate 69.07% 66.33% 66.43% 77.12% 73.46% 74.37% 66.04% 73.59% 76.31% 72.34% 87.91% 81.59% 90.14% 28.15% Profit Margin 5.88% 8.35% 5.92% 2.40% 6.97% 7.74% 7.07% 7.51% 8.08% 7.26% 6.94% 10.54% 11.45% 6.58% Capital Turns 31.92 33.82 7.06 7.40 4.68 3.76 4.16 4.34 4.60 3.34 3.74 4.08 3.77 2.90 ROIC w/ Goodwill 129.60% 187.35% 27.74% 13.72% 23.95% 21.62% 19.42% 24.01% 28.39% 17.55% 22.82% 35.05% 38.96% 5.37% Check Gross Margin 179.52% 178.29% 180.37% 180.68% 178.33% 179.17% 182.13% 182.25% 182.31% 183.70% 183.63% 179.46% 178.71% 182.34% SGA / Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Depreciation / Sales -2.53% -2.24% -2.47% -2.46% -2.72% -2.44% -2.22% -2.13% -2.10% -1.91% -2.02% -2.22% -2.09% -2.68% Operating WC / Sales 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Net PPE / Sales 12.47% 12.45% 14.39% 12.86% 13.89% 13.55% 11.82% 11.80% 12.13% 12.56% 13.54% 13.57% 12.50% 16.13% Revenue Growth 7.9% -8.3% 12.1% -5.8% 6.9% 18.9% 6.0% 4.8% 5.9% -1.6% -1.2% 8.3% -16.1% Working Cash / Revenues 2% BAESY BAE SYSTEMS PLC 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 24,155 28,393 24,371 32,939 32,473 27,609 27,027 27,950 24,037 24,754 21,948 24,788 21,439 24,243 Cost of Goods Sold (22,089) (25,514) (21,564) (29,395) (28,840) (24,244) (23,965) (24,989) (21,618) (22,609) (19,859) (22,116) (19,129) (21,341) SG&A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Depreciation & Amortization (827) (917) (845) (976) (1,121) (886) (886) (817) (665) (512) (412) (467) (447) (808) Operating Profits 1,240 1,962 1,962 2,567 2,512 2,480 2,176 2,145 1,754 1,634 1,677 2,205 1,863 2,094 Operating Taxes (307) (532) (499) (2,977) (725) (348) (469) (1,250) (259) (220) (310) (486) (290) (121) NOPAT 932 1,430 1,463 (410) 1,787 2,131 1,707 894 1,496 1,414 1,366 1,719 1,573 1,973 Tax Rate 24.80% 27.13% 25.43% 115.96% 28.88% 14.05% 21.55% 58.29% 14.74% 13.49% 18.51% 22.05% 15.58% 5.78% Working Cash 483 568 487 659 649 552 541 559 481 495 439 496 429 485 Accounts Receivable 4,054 5,381 5,216 5,671 4,993 4,818 4,251 4,664 4,060 3,967 3,768 4,494 5,395 6,013 Inventory 774 1,391 1,354 1,434 991 1,112 1,065 1,127 1,075 1,071 918 978 986 1,106 Prepaid Expenses 364 439 384 414 485 416 439 385 391 375 316 384 1,306 1,241 Other Current Assets 98 335 1,006 377 523 241 137 366 190 184 254 156 398 457 Accounts Payable 1,250 1,812 1,468 1,719 1,715 1,501 1,155 1,079 933 1,017 872 863 1,161 894 Accrued Payroll 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Income Taxes Payable 817 990 1,029 1,093 962 727 686 824 698 464 384 413 426 73 Other Current Liabilities 12,835 15,563 13,024 15,845 13,851 12,931 12,626 11,428 10,151 8,716 7,749 8,319 9,275 10,314 Net Operating Working Capital (9,128) (10,251) (7,074) (10,102) (8,886) (8,020) (8,034) (6,230) (5,585) (4,107) (3,310) (3,087) (2,348) (1,980) Net PPE 3,420 3,520 3,576 4,126 4,177 3,878 3,716 3,209 2,475 2,504 2,588 3,017 3,014 4,735 Intangible Assets 14,876 18,968 17,990 18,193 17,264 17,813 17,771 16,135 15,552 14,919 13,896 14,040 13,583 13,735 Invested Capital (w/o Goodwill) (5,708) (6,730) (3,498) (5,976) (4,709) (4,142) (4,319) (3,021) (3,110) (1,603) (722) (70) 666 2,755 Invested Capital (w/ Goodwill) 9,168 12,238 14,492 12,217 12,555 13,672 13,453 13,114 12,442 13,315 13,174 13,971 14,249 16,490 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ROIC w/o Goodwill -30.81% -34.87% -65.98% -9.48% -61.74% -72.84% -60.05% -56.66% -69.48% -120.08% -246.33% -3133.55% 303.37% 100.94% ROIC w/ Goodwill 10.17% 11.69% 10.09% -3.35% 14.23% 15.59% 12.69% 6.82% 12.02% 10.62% 10.37% 12.30% 11.04% 11.96% One minus tax rate 75.20% 72.87% 74.57% -15.96% 71.12% 85.95% 78.45% 41.71% 85.26% 86.51% 81.49% 77.95% 84.42% 94.22% Profit Margin 5.13% 6.91% 8.05% 7.79% 7.74% 8.98% 8.05% 7.67% 7.30% 6.60% 7.64% 8.90% 8.69% 8.64% Capital Turns 2.63 2.32 1.68 2.70 2.59 2.02 2.01 2.13 1.93 1.86 1.67 1.77 1.50 1.47 ROIC w/ Goodwill 10.17% 11.69% 10.09% -3.35% 14.23% 15.59% 12.69% 6.82% 12.02% 10.62% 10.37% 12.30% 11.04% 11.96% Check Gross Margin 191.45% 189.86% 188.48% 189.24% 188.81% 187.81% 188.67% 189.40% 189.94% 191.33% 190.48% 189.22% 189.23% 188.03% SGA / Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Depreciation / Sales -3.42% -3.23% -3.47% -2.96% -3.45% -3.21% -3.28% -2.92% -2.77% -2.07% -1.88% -1.88% -2.08% -3.33% Operating WC / Sales 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Net PPE / Sales 14.16% 12.40% 14.67% 12.53% 12.86% 14.05% 13.75% 11.48% 10.30% 10.11% 11.79% 12.17% 14.06% 19.53% Revenue Growth 17.5% -14.2% 35.2% -1.4% -15.0% -2.1% 3.4% -14.0% 3.0% -11.3% 12.9% -13.5% 13.1% Working Cash / Revenues 2% RTN RAYTHEON CO 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 20,291 21,301 23,174 24,881 25,499 24,857 24,414 23,706 22,826 23,247 24,069 25,348 27,058 29,176 Cost of Goods Sold (16,192) (16,665) (18,123) (19,345) (19,804) (19,170) (18,637) (18,087) (16,856) (17,266) (17,590) (18,526) (19,013) (20,829) SG&A (1,831) (1,936) (2,065) (2,092) (2,273) (2,241) (2,293) (2,191) (2,312) (2,628) (2,882) (2,954) (2,947) (2,938) Depreciation & Amortization (373) (372) (390) (402) (420) (447) (455) (445) (439) (489) (515) (550) (568) (605) Operating Profits 1,895 2,328 2,596 3,042 3,002 2,999 3,029 2,983 3,219 2,864 3,082 3,318 4,530 4,804 Operating Taxes (652) (557) (856) (989) (727) (884) (957) (874) (853) (753) (872) (1,187) (380) (793) NOPAT 1,243 1,771 1,740 2,053 2,275 2,115 2,072 2,109 2,366 2,111 2,210 2,131 4,150 4,011 Tax Rate 34.42% 23.91% 32.99% 32.53% 24.22% 29.48% 31.59% 29.31% 26.48% 26.30% 28.28% 35.79% 8.39% 16.51% Working Cash 406 426 463 498 510 497 488 474 457 465 481 507 541 584 Accounts Receivable 1,705 1,835 1,982 1,669 1,504 1,310 1,357 1,315 1,260 1,342 1,406 6,663 7,324 7,567 Inventory 2,563 2,593 2,682 3,168 3,273 3,552 3,567 3,918 4,139 4,857 5,455 594 758 671 Prepaid Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Assets 2,789 533 494 389 407 447 278 286 174 413 414 669 446 552 Accounts Payable 920 1,141 1,201 1,397 1,538 1,507 1,348 1,178 1,250 1,402 1,520 1,519 1,964 1,796 Accrued Payroll 2,137 1,802 1,978 1,902 2,221 2,081 2,156 2,282 2,396 1,154 1,234 1,342 1,509 1,813 Income Taxes Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Liabilities 2,971 1,845 1,970 2,224 2,201 2,542 2,398 2,350 2,284 3,570 3,673 4,187 4,515 4,470 Net Operating Working Capital 1,435 599 472 201 (266) (324) (212) 183 100 951 1,329 1,385 1,081 1,295 Net PPE 2,131 2,058 2,024 2,001 2,003 2,006 1,986 1,937 1,935 2,005 2,166 2,439 2,840 4,228 Intangible Assets 11,957 12,128 12,145 12,451 12,556 13,192 13,420 13,339 13,677 15,725 15,677 15,640 15,486 15,417 Invested Capital (w/o Goodwill) 3,566 2,657 2,496 2,202 1,737 1,682 1,774 2,120 2,035 2,956 3,495 3,824 3,921 5,523 Invested Capital (w/ Goodwill) 15,523 14,785 14,641 14,653 14,293 14,874 15,194 15,459 15,712 18,681 19,172 19,464 19,407 20,940 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ROIC w/o Goodwill 45.31% 80.67% 85.31% 111.49% 155.15% 152.30% 142.42% 120.45% 137.89% 87.95% 77.97% 70.10% 120.32% 83.58% ROIC w/ Goodwill 8.01% 11.98% 11.88% 14.01% 15.92% 14.22% 13.64% 13.64% 15.06% 11.30% 11.53% 10.95% 21.38% 19.16% One minus tax rate 65.58% 76.09% 67.01% 67.47% 75.78% 70.52% 68.41% 70.69% 73.52% 73.70% 71.72% 64.21% 91.61% 83.49% Profit Margin 9.34% 10.93% 11.20% 12.23% 11.77% 12.07% 12.41% 12.58% 14.10% 12.32% 12.80% 13.09% 16.74% 16.47% Capital Turns 1.31 1.44 1.58 1.70 1.78 1.67 1.61 1.53 1.45 1.24 1.26 1.30 1.39 1.39 ROIC w/ Goodwill 8.01% 11.98% 11.88% 14.01% 15.92% 14.22% 13.64% 13.64% 15.06% 11.30% 11.53% 10.95% 21.38% 19.16% Check Gross Margin 179.80% 178.24% 178.20% 177.75% 177.67% 177.12% 176.34% 176.30% 173.85% 174.27% 173.08% 173.09% 170.27% 171.39% SGA / Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Depreciation / Sales -1.84% -1.75% -1.68% -1.62% -1.65% -1.80% -1.86% -1.88% -1.92% -2.10% -2.14% -2.17% -2.10% -2.07% Operating WC / Sales 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Net PPE / Sales 10.50% 9.66% 8.73% 8.04% 7.86% 8.07% 8.13% 8.17% 8.48% 8.62% 9.00% 9.62% 10.50% 14.49% Revenue Growth 5.0% 8.8% 7.4% 2.5% -2.5% -1.8% -2.9% -3.7% 1.8% 3.5% 5.3% 6.7% 7.8% Working Cash / Revenues 2% GD GENERAL DYNAMICS CORP 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 24,063 27,240 29,300 31,981 32,466 32,677 31,682 31,218 30,852 31,469 31,353 30,973 36,193 39,350 Cost of Goods Sold (19,553) (22,061) (23,481) (25,790) (25,988) (26,118) (25,366) (24,898) (24,483) (24,857) (24,650) (24,345) (28,715) (31,548) SG&A (1,501) (1,643) (1,719) (1,954) (1,964) (2,030) (2,178) (2,041) (1,955) (1,975) (1,940) (2,010) (2,258) (2,411) Depreciation & Amortization (384) (423) (447) (562) (569) (592) (620) (556) (496) (482) (454) (441) (763) (829) Operating Profits 2,625 3,113 3,653 3,675 3,945 3,937 3,518 3,723 3,918 4,155 4,309 4,177 4,457 4,562 Operating Taxes (849) (988) (1,141) (1,157) (1,210) (1,235) (5,677) (1,157) (1,163) (1,152) (1,191) (1,194) (793) (780) NOPAT 1,776 2,125 2,512 2,518 2,735 2,702 (2,159) 2,566 2,755 3,003 3,118 2,983 3,664 3,782 Tax Rate 32.33% 31.74% 31.24% 31.48% 30.66% 31.36% 161.37% 31.08% 29.69% 27.72% 27.63% 28.57% 17.80% 17.09% Working Cash 481 545 586 640 649 654 634 624 617 629 627 619 724 787 Accounts Receivable 2,341 2,874 3,469 3,678 3,848 4,452 4,204 4,402 4,050 3,446 3,611 8,857 10,335 11,401 Inventory 5,472 5,958 6,370 6,575 7,031 7,478 7,740 7,748 7,812 7,723 8,805 5,303 5,977 6,306 Prepaid Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Assets 463 311 490 733 694 789 504 435 657 617 697 1,185 914 1,171 Accounts Payable 1,956 2,318 2,443 2,365 2,736 2,895 2,469 2,248 2,057 1,964 2,538 3,207 3,179 3,162 Accrued Payroll 1,003 1,690 1,648 1,564 1,564 1,695 1,731 1,607 1,447 1,321 1,335 1,401 1,468 1,543 Income Taxes Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Current Liabilities 4,858 4,483 5,358 5,737 6,104 6,532 7,419 8,338 9,746 8,659 8,073 8,489 9,055 8,857 Net Operating Working Capital 940 1,197 1,466 1,960 1,818 2,251 1,463 1,016 (114) 471 1,794 2,867 4,248 6,103 Net PPE 2,168 2,472 2,872 2,912 2,971 3,284 3,403 3,415 3,329 3,466 3,467 3,517 4,348 6,298 Intangible Assets 9,725 9,914 13,030 14,367 14,641 15,389 13,431 13,194 12,643 12,206 12,123 12,616 22,179 21,992 Invested Capital (w/o Goodwill) 3,108 3,669 4,338 4,872 4,789 5,535 4,866 4,431 3,215 3,937 5,261 6,384 8,596 12,401 Invested Capital (w/ Goodwill) 12,833 13,583 17,368 19,239 19,430 20,924 18,297 17,625 15,858 16,143 17,384 19,000 30,775 34,393 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ROIC w/o Goodwill 69.50% 69.45% 68.20% 63.22% 69.00% 59.52% -31.63% 70.45% 101.10% 88.52% 67.90% 53.64% 51.50% 37.19% ROIC w/ Goodwill 13.84% 15.65% 14.46% 13.09% 14.08% 12.92% -11.80% 14.56% 17.37% 18.60% 17.94% 15.70% 11.91% 11.00% One minus tax rate 67.67% 68.26% 68.76% 68.52% 69.34% 68.64% -61.37% 68.92% 70.31% 72.28% 72.37% 71.43% 82.20% 82.91% Profit Margin 10.91% 11.43% 12.47% 11.49% 12.15% 12.05% 11.10% 11.93% 12.70% 13.20% 13.74% 13.49% 12.31% 11.59% Capital Turns 1.88 2.01 1.69 1.66 1.67 1.56 1.73 1.77 1.95 1.95 1.80 1.63 1.18 1.14 ROIC w/ Goodwill 13.84% 15.65% 14.46% 13.09% 14.08% 12.92% -11.80% 14.56% 17.37% 18.60% 17.94% 15.70% 11.91% 11.00% Check Gross Margin 181.26% 180.99% 180.14% 180.64% 180.05% 179.93% 180.06% 179.76% 179.36% 178.99% 178.62% 178.60% 179.34% 180.17% SGA / Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Depreciation / Sales -1.60% -1.55% -1.53% -1.76% -1.75% -1.81% -1.96% -1.78% -1.61% -1.53% -1.45% -1.42% -2.11% -2.11% Operating WC / Sales 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Net PPE / Sales 9.01% 9.07% 9.80% 9.11% 9.15% 10.05% 10.74% 10.94% 10.79% 11.01% 11.06% 11.36% 12.01% 16.01% Revenue Growth 13.2% 7.6% 9.2% 1.5% 0.6% -3.0% -1.5% -1.2% 2.0% -0.4% -1.2% 16.9% 8.7% Working Cash / Revenues 2%