Fin 640(No plagiarism please)

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Apple (AAPL)

	Apple (AAPL) Stock
	2016	2017	2018	2019	2020	2021
Revenues	215639	224264.56	233235.1424	242564.548096	252267.13001984	262357.815220634
Cost of Goods Sold	131376	156985.192	163264.59968	169795.1836672	176586.991013888	183650.470654444
Selling, General & Administrative Expenses	14194	38124.9752	39649.974208	41235.97317632	41624.0764532736	43289.0395114046
Research and development	10045	0	0	0	0	0
Operating Income	60024	29154.3928	30320.568512	31533.39125248	34056.0625526784	35418.3050547855
Net Interest Expenditure	-1348	0	0	0	0	0
Pre-Tax Income	61372	29154.3928	30320.568512	31533.39125248	34056.0625526784	35418.3050547855
Taxes	15685	8746.31784	9096.1705536	9460.017375744	10216.8187658035	10625.4915164357
Net Income	45687	20408.07496	21224.3979584	22073.373876736	23839.2437868749	24792.8135383499
Earnings Per Share	8.3067272727	3.7105590836	3.858981447	4.0133407049	4.3344079612	4.5077842797
Shares Outstanding	5500	5500	5500	5500	5500	5500
	Apple (AAPL) Bond
	Firm	Ind Avg
Debt & Coverage Ratios
Debt/Assets	0.6013224076	0.5
Debt/Equity	0.68	0.47
Current Assets/Current Liability	1.35
EBITDA/Interest	43.15	24.46
Debt/EBITDA	0.32	0.28
Cash Flow Ops/Total Debt	0.27	0.22

Sheet1

Growth Profitability and Financial Ratios for Apple Inc
Financials
	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Revenue USD Mil	24,578	37,491	42,905	65,225	108,249	156,508	170,910	182,795	233,715	215,639	220,457
Gross Margin %	33.2	35.2	40.1	39.4	40.5	43.9	37.6	38.6	40.1	39.1	38.4
Operating Income USD Mil	4,407	8,327	11,740	18,385	33,790	55,241	48,999	52,503	71,230	60,024	59,322
Operating Margin %	17.9	22.2	27.4	28.2	31.2	35.3	28.7	28.7	30.5	27.8	26.9
Net Income USD Mil	3,495	6,119	8,235	14,013	25,922	41,733	37,037	39,510	53,394	45,687	45,730
Earnings Per Share USD	0.56	0.97	1.3	2.16	3.95	6.31	5.68	6.45	9.22	8.31	8.58
Dividends USD						0.38	1.63	1.81	1.98	2.18	2.28
Payout Ratio % *							27.4	28.5	22.3	24.8	26.6
Shares Mil	6,225	6,315	6,349	6,473	6,557	6,617	6,522	6,123	5,793	5,500	5,364
Book Value Per Share * USD	2.2	3.39	5.02	7.45	11.78	16.99	19.6	20.62	22.53	23.71	25.72
Operating Cash Flow USD Mil	5,470	9,596	10,159	18,595	37,529	50,856	53,666	59,713	81,266	65,824	66,339
Cap Spending USD Mil	-986	-1,199	-1,213	-2,121	-7,452	-9,402	-9,076	-9,813	-11,488	-13,548	-13,378
Free Cash Flow USD Mil	4,484	8,397	8,946	16,474	30,077	41,454	44,590	49,900	69,778	52,276	52,961
Free Cash Flow Per Share * USD	0.63	1.33	1.41	2.54	4.59	6.31	6.46	7.73	11.82	8.97
Working Capital USD Mil	12,657	20,598	20,049	20,956	17,018	19,111	29,628	5,083	8,768	27,863
Key Ratios -> Profitability
Margins % of Sales	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Revenue	100	100	100	100	100	100	100	100	100	100	100
COGS	66.83	64.8	59.86	60.62	59.52	56.13	62.38	61.41	59.94	60.92	61.59
Gross Margin	33.17	35.2	40.14	39.38	40.48	43.87	37.62	38.59	40.06	39.08	38.41
SG&A	12.06	10.03	9.67	8.46	7.02	6.42	6.34	6.56	6.13	6.58	6.62
R&D	3.18	2.96	3.11	2.73	2.24	2.16	2.62	3.3	3.45	4.66	4.89
Other
Operating Margin	17.93	22.21	27.36	28.19	31.22	35.3	28.67	28.72	30.48	27.84	26.91
Net Int Inc & Other	2.44	1.65	0.76	0.24	0.38	0.33	0.68	0.54	0.55	0.63	1
EBT Margin	20.37	23.86	28.12	28.42	31.6	35.63	29.35	29.26	31.03	28.46	27.91
Profitability	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Tax Rate %	30.19	29.89	31.75	24.42	24.22	25.16	26.15	26.13	26.37	25.56	25.67
Net Margin %	14.56	14.88	19.19	21.48	23.95	26.67	21.67	21.61	22.85	21.19	20.74
Asset Turnover (Average)	1.13	1	0.99	1.06	1.13	1.07	0.89	0.83	0.89	0.7	0.69
Return on Assets %	16.43	14.89	18.92	22.84	27.07	28.54	19.34	18.01	20.45	14.93	14.29
Financial Leverage (Average)	1.74	1.88	1.5	1.57	1.52	1.49	1.68	2.08	2.43	2.51	2.5
Return on Equity %	28.52	27.19	31.27	35.28	41.67	42.84	30.64	33.61	46.25	36.9	34.57
Return on Invested Capital %	24.84	27.19	30.22	34.69	41.04	42.01	26.08	26.2	31.32	21.95	19.75
Interest Coverage							369.79	140.28	99.93	43.15	33.14
Key Ratios -> Growth
	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	Latest Qtr
Revenue %
Year over Year	24.29	35.3	32.1	52.02	65.96	44.58	9.2	6.95	27.86	-7.73	4.63
3-Year Average	42.6	32.6	30.48	39.54	49.37	53.94	37.86	19.08	14.3	8.06
5-Year Average	33.12	39.23	38.97	36.17	41.16	45.49	39.39	33.63	29.08	14.78
10-Year Average	12.99	18.52	21.47	23.37	35.05	39.17	39.31	36.27	32.58	27.29
Operating Income %
Year over Year	79.74	42.32	87.09	56.6	83.79	63.48	-11.3	7.15	35.67	-15.73	0.79
3-Year Average	138.25	56.09	68.52	60.96	75.28	67.57	38.65	15.82	8.84	7
5-Year Average	203.93		104.78	61.96	68.97	65.8	50.84	34.93	31.11	12.18
10-Year Average		37.44	41.73	42.78		124.48		66.23	45.72	37.68
Net Income %
Year over Year	75.77	38.27	70.36	70.16	84.99	60.99	-11.25	6.68	35.14	-14.43
3-Year Average	133.11	53.56	60.57	58.85	75.03	71.77	38.26	15.08	8.56	7.25
5-Year Average	121.89	133.93	97.22	60.03	67.11	64.2	50.27	36.84	30.67	12
10-Year Average		31.65	29.92	33.39		90.88	87.49	64.28	44.61	36.81
EPS %
Year over Year	73.13	36.39	69.4	66.85	82.71	59.5	-9.97	13.58	42.95	-9.87	10.53
3-Year Average	122.87	50.9	58.74	56.8	72.85	69.41	37.92	17.71	13.49	13.53
5-Year Average	112.83	124.02	91.24	57.56	64.9	62.22	49.29	37.82	33.62	16.01
10-Year Average		26.15	25.97	30.11		85.81	82.88	62.35	45.1	38.31
Key Ratios -> Cash Flow
Cash Flow Ratios	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Operating Cash Flow Growth % YOY	146.4	75.43	5.87	83.04	101.82	35.51	5.53	11.27	36.09	-19
Free Cash Flow Growth % YOY	186.88	87.27	6.54	84.15	82.57	37.83	7.57	11.91	39.84	-25.08
Cap Ex as a % of Sales	4.01	3.2	2.83	3.25	6.88	6.01	5.31	5.37	4.92	6.28	6.07
Free Cash Flow/Sales %	18.24	22.4	20.85	25.26	27.79	26.49	26.09	27.3	29.86	24.24	24.02
Free Cash Flow/Net Income	1.28	1.37	1.09	1.18	1.16	0.99	1.2	1.26	1.31	1.14	1.16
Key Ratios -> Financial Health
Balance Sheet Items (in %)	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	Latest Qtr
Cash & Short-Term Investments	60.7	61.89	49.4	34.08	22.3	16.54	19.59	10.82	14.32	20.88	20.06
Accounts Receivable	15.9	11.89	10.65	13.2	10.07	10.62	9.97	11.74	10.45	9.11	6.16
Inventory	1.37	1.29	0.96	1.4	0.67	0.45	0.85	0.91	0.81	0.66	0.87
Other Current Assets	8.66	12.6	5.43	6.76	5.62	5.14	4.99	6.09	5.19	2.57	3.4
Total Current Assets	86.62	87.66	66.43	55.44	38.66	32.75	35.4	29.56	30.77	33.22	30.49
Net PP&E	7.23	6.2	6.22	6.34	6.68	8.78	8.02	8.9	7.74	8.4	8.12
Intangibles	1.66	1.24	1.18	1.44	3.81	3.04	2.78	3.78	3.1	2.68	2.42
Other Long-Term Assets	4.49	4.89	26.17	36.78	50.85	55.43	53.8	57.77	58.39	55.7	58.97
Total Assets	100	100	100	100	100	100	100	100	100	100	100
Accounts Payable	19.61	13.95	11.79	15.98	12.57	12.03	10.81	13.02	12.22	11.59	8.54
Short-Term Debt								2.72	3.79	3.61	4.18
Taxes Payable			0.91	0.28	0.98	0.87	0.58	0.52
Accrued Liabilities	4.97	9.4	7.2	6.45	6.97	4.76	2.52	3.32	8.67	6.85	6.9
Other Short-Term Liabilities	12.11	12.26	4.32	4.85	3.52	4.23	7.19	7.78	3.08	2.51	2.3
Total Current Liabilities	36.69	35.61	24.22	27.56	24.04	21.89	21.09	27.37	27.75	24.56	21.92
Long-Term Debt							8.19	12.5	18.41	23.45	25.27
Other Long-Term Liabilities	5.98	11.25	9.17	8.87	10.13	10.97	11.03	12.02	12.76	12.12	12.73
Total Liabilities	42.67	46.86	33.39	36.43	34.16	32.86	40.31	51.89	58.91	60.13	59.92
Total Stockholders' Equity	57.33	53.14	66.61	63.57	65.84	67.14	59.69	48.11	41.09	39.87	40.08
Total Liabilities & Equity	100	100	100	100	100	100	100	100	100	100	100
Liquidity/Financial Health	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	Latest Qtr
Current Ratio	2.36	2.46	2.74	2.01	1.61	1.5	1.68	1.08	1.11	1.35	1.39
Quick Ratio	2.09	2.07	2.48	1.72	1.35	1.24	1.4	0.82	0.89	1.22	1.2
Financial Leverage	1.74	1.88	1.5	1.57	1.52	1.49	1.68	2.08	2.43	2.51	2.5
Debt/Equity							0.14	0.26	0.45	0.59	0.63
Key Ratios -> Efficiency Ratios
Efficiency	2007-09	2008-09	2009-09	2010-09	2011-09	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Days Sales Outstanding	21.96	22.81	24.6	24.82	18.34	19.01	25.66	30.51	26.79	27.59	19.71
Days Inventory	7.09	7.31	6.85	6.95	5.17	3.26	4.37	6.3	5.81	6.22	6.98
Payables Period	96.25	89.74	79.02	81.3	75.48	74.38	74.54	85.45	85.57	101.11	72.14
Cash Conversion Cycle	-67.19	-59.61	-47.58	-49.53	-51.96	-52.13	-44.5	-48.64	-52.97	-67.29	-45.46
Receivables Turnover	16.62	16	14.84	14.71	19.9	19.2	14.22	11.96	13.62	13.23	18.52
Inventory Turnover	51.47	49.9	53.28	52.51	70.53	112.12	83.45	57.94	62.82	58.64	52.31
Fixed Assets Turnover	15.42	15.15	15.86	16.89	17.26	13.48	10.67	9.82	10.85	8.71	8.75
Asset Turnover	1.13	1	0.99	1.06	1.13	1.07	0.89	0.83	0.89	0.7	0.69

Apple Income Statement

APPLE INC (AAPL) CashFlowFlag INCOME STATEMENT
Fiscal year ends in September. USD in millions except per share data.	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Revenue	156508	170910	182795	233715	215639	218118
Cost of revenue	87846	106606	112258	140089	131376	134102
Gross profit	68662	64304	70537	93626	84263	84016
Operating expenses
Research and development	3381	4475	6041	8067	10045	10512
Sales, General and administrative	10040	10830	11993	14329	14194	14292
Total operating expenses	13421	15305	18034	22396	24239	24804
Operating income	55241	48999	52503	71230	60024	59212
Interest Expense		136	384	733	1456	1705
Other income (expense)	522	1292	1364	2018	2804	3472
Income before taxes	55763	50155	53483	72515	61372	60979
Provision for income taxes	14030	13118	13973	19121	15685	15762
Net income from continuing operations	41733	37037	39510	53394	45687	45217
Net income	41733	37037	39510	53394	45687	45217
Net income available to common shareholders	41733	37037	39510	53394	45687	45217
Earnings per share
Basic	6.38	5.72	6.49	9.28	8.35	8.43
Diluted	6.31	5.68	6.45	9.22	8.31	8.39
Weighted average shares outstanding
Basic	6544	6477	6086	5753	5471	5406
Diluted	6617	6522	6123	5793	5500	5434
EBITDA	58518	57048	61813	84505	73333	73222

Apple Balance Sheet

APPLE INC (AAPL) CashFlowFlag BALANCE SHEET
Fiscal year ends in September. USD in millions except per share data.	2012-09	2013-09	2014-09	2015-09	2016-09
Assets
Current assets
Cash
Cash and cash equivalents	10746	14259	13844	21120	20484
Short-term investments	18383	26287	11233	20481	46671
Total cash	29129	40546	25077	41601	67155
Receivables	10930	13102	17460	16849	15754
Inventories	791	1764	2111	2349	2132
Deferred income taxes	2583	3453	4318	5546
Other current assets	14220	14421	19565	23033	21828
Total current assets	57653	73286	68531	89378	106869
Non-current assets
Property, plant and equipment
Gross property, plant and equipment	21887	28519	39015	49257	61245
Accumulated Depreciation	-6435	-11922	-18391	-26786	-34235
Net property, plant and equipment	15452	16597	20624	22471	27010
Equity and other investments	92122	106215	130162	164065	170430
Goodwill	1135	1577	4616	5116	5414
Intangible assets	4224	4179	4142	3893	3206
Other long-term assets	5478	5146	3764	5556	8757
Total non-current assets	118411	133714	163308	201101	214817
Total assets	176064	207000	231839	290479	321686
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt			6308	10999	11605
Accounts payable	21175	22367	30196	35490	37294
Taxes payable	1535	1200	1209
Accrued liabilities	8387	5217	7689	25181	22027
Deferred revenues	5953	7435	9548	8940	8080
Other current liabilities	1492	7439	8498
Total current liabilities	38542	43658	63448	80610	79006
Non-current liabilities
Long-term debt		16960	28987	53463	75427
Deferred taxes liabilities		16489	20259	24062	26019
Deferred revenues	2648	2625	3031	3624	2930
Other long-term liabilities	16664	3719	4567	9365	10055
Total non-current liabilities	19312	39793	56844	90514	114431
Total liabilities	57854	83451	120292	171124	193437
Stockholders' equity
Common stock			23313	27416	31251
Additional paid-in capital	16422	19764
Retained earnings	101289	104256	87152	92284	96364
Accumulated other comprehensive income	499	-471	1082	-345	634
Total stockholders' equity	118210	123549	111547	119355	128249
Total liabilities and stockholders' equity	176064	207000	231839	290479	321686

Apple Cash Flow

APPLE INC (AAPL) Statement of CASH FLOW
Fiscal year ends in September. USD in millions except per share data.	2012-09	2013-09	2014-09	2015-09	2016-09	TTM
Cash Flows From Operating Activities
Net income	41733	37037	39510	53394	45687	45217
Depreciation & amortization	3277	6757	7946	11257	10505	10538
Deferred income taxes	4405	1141	2347	1382	4938	4798
Stock based compensation	1740	2253	2863	3586	4210	4388
Accounts receivable	-5551	-2172	-4232	611	1095	-1104
Inventory	-15	-973	-76	-238	217	-261
Accounts payable	4467	2340	5938	5400	1791	5103
Other working capital	800	7283	5417	5874	-2619	-2878
Other non-cash items						-384
Net cash provided by operating activities	50856	53666	59713	81266	65824	65417
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-8295	-8165	-9571	-11247	-12734	-12456
Acquisitions, net	-350	-496	-3765	-343	-297	-228
Purchases of investments	-151232	-148489	-217128	-166402	-143816	-150126
Sales/Maturities of investments	112805	124447	208111	121985	111794	118709
Purchases of intangibles	-1107	-911	-242	-241	-814	-506
Other investing activities	-48	-160	16	-26	-110	-42
Net cash used for investing activities	-48227	-33774	-22579	-56274	-45977	-44649
Cash Flows From Financing Activities
Debt issued		16896	18266
Debt repayment					-2500
Common stock issued	665	530	730	543	495	494
Common stock repurchased		-22860	-45000	-35253	-29722	-33710
Dividend paid	-2488	-10564	-11126	-11561	-12150	-12311
Other financing activities	125	-381	-419	28555	23394	24441
Net cash provided by (used for) financing activities	-1698	-16379	-37549	-17716	-20483	-21086
Net change in cash	931	3513	-415	7276	-636	-318
Cash at beginning of period	9815	10746	14259	13844	21120	16689
Cash at end of period	10746	14259	13844	21120	20484	16371
Free Cash Flow
Operating cash flow	50856	53666	59713	81266	65824	65417
Capital expenditure	-9402	-9076	-9813	-11488	-13548	-12962
Free cash flow	41454	44590	49900	69778	52276	52455

Caterpillar (CAT)

	Caterpillar (CAT) Stock
	2016	2017	2018	2019	2020	2021
Revenues	38537	40078.48	41681.6192	43348.883968	45082.83932672	46886.1528997888
Cost of Goods Sold	28309	28054.936	29177.13344	30344.2187776	31557.987528704	32820.3070298522
Selling, General & Administrative Expenses	4686	6813.3416	7085.875264	7369.31027456	7438.6684889088	7736.2152284652
Research and development	5044	0	0	0	0	0
Operating Income	498	5210.2024	5418.610496	5635.35491584	6086.1833091072	6329.6306414715
Net Interest Expenditure	359	0	0	0	0	0
Pre-Tax Income	139	5210.2024	5418.610496	5635.35491584	6086.1833091072	6329.6306414715
Taxes	192	1563.06072	1625.5831488	1690.606474752	1825.8549927322	1898.8891924414
Net Income	-67	3647.14168	3793.0273472	3944.748441088	4260.328316375	4430.74144903
Earnings Per Share	-0.1147260274	6.2451056164	6.4949098411	6.7547062347	7.2950827335	7.5868860429
Shares Outstanding	584	584	584	584	584	584
	Caterpillar (CAT) Bond
	Firm	Ind Avg
Debt & Coverage Ratios
Debt/Assets	0.49	0.52
Debt/Equity	2.8	2.39
Current Assets/Current Liability	1.22	2.05
EBITDA/Interest	3.88
Debt/EBITDA	8.61	9.73
Cash Flow Ops/Total Debt	0.15	0.12

CAT Income Statement

CATERPILLAR INC (CAT) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Revenue	65875	55656	55184	47011	38537	38537
Cost of revenue	47055	40727	39767	33742	28309	28309
Gross profit	18820	14929	15417	13269	10228	10228
Operating expenses
Research and development	2466	2046	2135	2165	1951	1951
Sales, General and administrative	5919	5547	5697	5199	4686	4686
Other operating expenses	1862	1708	2257	2649	3093	3093
Total operating expenses	10247	9301	10089	10013	9730	9730
Operating income	8573	5628	5328	3256	498	498
Interest Expense	467	465	484	507	505	505
Other income (expense)	130	-35	239	106	146	146
Income before taxes	8236	5128	5083	2855	139	139
Provision for income taxes	2528	1319	1380	742	192	192
Other income	14	-6	8		-6	-6
Net income from continuing operations	5722	3803	3711	2113	-59	-59
Other	-41	-14	-16	-11	-8	-8
Net income	5681	3789	3695	2102	-67	-67
Net income available to common shareholders	5681	3789	3695	2102	-67	-67
Earnings per share
Basic	8.71	5.87	5.99	3.54	-0.11	-0.11
Diluted	8.48	5.75	5.88	3.5	-0.11	-0.11
Weighted average shares outstanding
Basic	653	645	617	594	584	584
Diluted	670	659	629	601	584	584
EBITDA	12313	9407	9354	6995	4274	4274

CAT Balance Sheet

CATERPILLAR INC (CAT) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12
Assets
Current assets
Cash
Cash and cash equivalents	5490	6081	7341	6460	7168
Total cash	5490	6081	7341	6460	7168
Receivables	18952	17176	16764	15686	14503
Inventories	15547	12625	12205	9700	8614
Deferred income taxes	1547	1553	1739	1526
Prepaid expenses	988	900	818	1046	1682
Total current assets	42524	38335	38867	34418	31967
Non-current assets
Property, plant and equipment
Gross property, plant and equipment	29932	31316	31572	31977	31940
Accumulated Depreciation	-13471	-14241	-14995	-15887	-16618
Net property, plant and equipment	16461	17075	16577	16090	15322
Equity and other investments	272	272	257	246
Goodwill	6942	6956	6694	6615	6020
Intangible assets	4016	3596	3076	2821	2349
Deferred income taxes	2011	594	1404	1654	2790
Other long-term assets	17130	18068	17806	16653	16256
Total non-current assets	46832	46561	45814	44079	42737
Total assets	89356	84896	84681	78497	74704
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt	12391	11031	11501	12846	13965
Accounts payable	6753	6560	6515	5023	4614
Accrued liabilities	5578	5115	5986	5110	4299
Deferred revenues	2978	2360	1697	1146	1167
Other current liabilities	2055	2231	2178	2178	2087
Total current liabilities	29755	27297	27877	26303	26132
Non-current liabilities
Long-term debt	27752	26719	27784	25170	22750
Capital leases				77	68
Pensions and other benefits	11085	6973	8963	8843	9357
Minority interest	50	67	80	76	76
Other long-term liabilities	3182	3029	3231	3219	3184
Total non-current liabilities	42069	36788	40058	37385	35435
Total liabilities	71824	64085	67935	63688	61567
Stockholders' equity
Common stock	4481	4709	5016	5238	5277
Retained earnings	29558	31854	33887	34208	27377
Treasury stock	-10074	-11854	-15726	-17640	-17478
Accumulated other comprehensive income	-6433	-3898	-6431	-6997	-2039
Total stockholders' equity	17532	20811	16746	14809	13137
Total liabilities and stockholders' equity	89356	84896	84681	78497	74704

CAT Cash Flow

CATERPILLAR INC (CAT) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Cash Flows From Operating Activities
Net income	5722	3803	3711	2113	-59	-59
Depreciation & amortization	2813	3087	3163	3046	3034	3034
Investment/asset impairment charges	580				595	595
Inventory	-1149	2658	101	2274	1109	1109
Accounts payable	-1868	134	222	-1165	-200	-200
Accrued liabilities	183	-108	891	-588	-909	-909
Other working capital	-849	135	-584	487	628	628
Other non-cash items	-191	482	553	508	1410	1410
Net cash provided by operating activities	5241	10191	8057	6675	5608	5608
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-1726	-1924	-1840	-1873	-1819	-1819
Property, plant, and equipment reductions	1117	844	904	760	899	899
Acquisitions, net	581	170	169	178	-191	-191
Purchases of investments	-12412	-402	-825	-885	-391	-391
Sales/Maturities of investments	9433	449	810	351	694	694
Other investing activities	-3183	-4183	-2845	-2048	-952	-952
Net cash used for investing activities	-6190	-5046	-3627	-3517	-1760	-1760
Cash Flows From Financing Activities
Debt issued	16015	9328	10649	5132	5115	5115
Debt repayment	-11099	-10870	-9248	-8292	-6565	-6565
Common stock issued	52	128	239	33	-23	-23
Common stock repurchased		-2000	-4238	-2025
Dividend paid	-1617	-1111	-1620	-1757	-1799	-1799
Other financing activities	198	14	1222	3039	160	160
Net cash provided by (used for) financing activities	3549	-4511	-2996	-3870	-3112	-3112
Effect of exchange rate changes	-167	-43	-174	-169	-28	-28
Net change in cash	2433	591	1260	-881	708	708
Cash at beginning of period	3057	5490	6081	7341	6460	6460
Cash at end of period	5490	6081	7341	6460	7168	7168
Free Cash Flow
Operating cash flow	5241	10191	8057	6675	5608	5608
Capital expenditure	-5076	-4446	-3379	-3261	-2928	-2928
Free cash flow	165	5745	4678	3414	2680	2680

Consolidated Edison (ED)

	Consolidated Edison (ED) Stock
	2016	2017	2018	2019	2020	2021
Revenues	12075	12558	13060.32	13582.7328	14126.042112	14691.08379648
Cost of Goods Sold	3088	8790.6	9142.224	9507.91296	9888.2294784	10283.758657536
Selling, General & Administrative Expenses	5196	2134.86	2220.2544	2309.064576	2330.79694848	2424.0288264192
Research and development	1216	0	0	0	0	0
Operating Income	2575	1632.54	1697.8416	1765.755264	1907.01568512	1983.2963125248
Net Interest Expenditure	632	0	0	0	0	0
Pre-Tax Income	1943	1632.54	1697.8416	1765.755264	1907.01568512	1983.2963125248
Taxes	698	489.762	509.35248	529.7265792	572.104705536	594.9888937574
Net Income	1245	1142.778	1188.48912	1236.0286848	1334.910979584	1388.3074187674
Earnings Per Share	4.1225165563	3.7840331126	3.9353944371	4.0928102146	4.4202350317	4.597044433
Shares Outstanding	302	302	302	302	302	302
	Consolidated Edison (ED) Bond
	Firm	Ind Avg
Debt & Coverage Ratios
Debt/Assets	0.33	0.36
Debt/Equity	1.11	0.93
Current Assets/Current Liability	0.89	0.75
EBITDA/Interest	5.51
Debt/EBITDA	4.1	3.29
Cash Flow Ops/Total Debt	0.22	44.04

ED Income Statement

CONSOLIDATED EDISON INC (ED) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Revenue	12188	12354	12919	12554	12075	12075
Cost of revenue	3887	4054	4513	3716	3088	3088
Gross profit	8301	8300	8406	8838	8987	8987
Operating expenses
Operation and maintenance	3182	3137	3294	3344	3269	3269
Depreciation and amortization	955	1024	1071	1130	1216	1216
Other operating expenses	1825	1895	1832	1937	1927	1927
Total operating expenses	5962	6056	6197	6411	6412	6412
Operating income	2339	2244	2209	2427	2575	2575
Interest Expense	604	719	592	656	702	702
Other income (expense)	6	13	43	27	70	70
Income before income taxes	1741	1538	1660	1798	1943	1943
Provision for income taxes	600	476	568	605	698	698
Net income from continuing operations	1141	1062	1092	1193	1245	1245
Net income	1141	1062	1092	1193	1245	1245
Preferred dividend	3
Net income available to common shareholders	1138	1062	1092	1193	1245	1245
Earnings per share
Basic	3.88	3.62	3.73	4.07	4.15	4.15
Diluted	3.86	3.61	3.71	4.05	4.12	4.12
Weighted average shares outstanding
Basic	293	293	293	293	300	300
Diluted	294	294	294	294	302	302
EBITDA	3300	3281	3323	3584	3861	3861

ED Balance Sheet

CONSOLIDATED EDISON INC (ED) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12
Assets
Current assets
Cash
Cash and cash equivalents	394	1001	699	944	776
Total cash	394	1001	699	944	776
Receivables	1966	2005	2058	1882	1827
Inventories	330	363	372	350	339
Prepaid expenses	159	136	163	177	159
Other current assets	602	386	562	483	305
Total current assets	3451	3891	3854	3836	3406
Non-current assets
Property, plant and equipment
Gross property, plant and equipment	33580	35598	37532	40348	43897
Accumulated Depreciation	-6641	-7162	-7705	-8139	-8681
Net property, plant and equipment	26939	28436	29827	32209	35216
Equity and other investments	467	461	816	884	1921
Goodwill	429	429	429	429	428
Intangible assets	2	4	3	2	124
Regulatory assets	9705	7201	9156	8096	7024
Other long-term assets	216	225	223	186	136
Total non-current assets	37758	36756	40454	41806	44849
Total assets	41209	40647	44308	45642	48255
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt	1245	1936	1360	2268	1093
Accounts payable	1215	1017	1019	1008	1147
Taxes payable	162	476	72	62	64
Accrued liabilities	247	341	227	233	251
Deferred revenues	304	321	344	354	352
Other current liabilities	772	639	759	795	936
Total current liabilities	3945	4730	3781	4720	3843
Non-current liabilities
Long-term debt	10062	10489	11631	12006	14735
Capital leases	2	1
Deferred taxes liabilities	8372	8466	9076	9537	10205
Pensions and other benefits	4678	1727	3914	2911	1847
Regulatory liabilities	1202	1728	1993	1977	1905
Minority interest			9	9	8
Other long-term liabilities	1079	1261	1328	1430	1414
Total non-current liabilities	25395	23672	27951	27870	30114
Total liabilities	29340	28402	31732	32590	33957
stockholders' equity
Common stock	32	32	32	32	33
Additional paid-in capital	4991	4995	4991	5030	5854
Retained earnings	7997	8338	8691	9123	9559
Treasury stock	-1037	-1034	-1032	-1038	-1038
Accumulated other comprehensive income	-114	-86	-106	-95	-110
Total stockholders' equity	11869	12245	12576	13052	14298
Total liabilities and stockholders' equity	41209	40647	44308	45642	48255

ED Cash Flow

CONSOLIDATED EDISON INC (ED) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Cash Flows From Operating Activities
Net income	1141	1062	1092	1193	1245	1245
Depreciation & amortization	955	1024	1071	1130	1216	1216
Amortization of debt discount/premium and issuance costs	42	10	102	-52	-210	-210
Deferred income taxes	584	40	518	653	783	783
Accounts receivable	-99	-29	44	96	-69	-69
Inventory	26	-33	-10	22	13	13
Prepaid expenses	-14	23	-27	-14	20	20
Accounts payable	111	-118	-9	-79	29	29
Accrued liabilities	-7	96	-113	4	14	14
Interest payable	-7	96	-113	4	14	14
Income taxes payable	-26	314	-404	-10	2	2
Other working capital	-19	149	634	255	380	380
Other non-cash items	-88	-82	46	75	22	22
Net cash provided by operating activities	2599	2552	2831	3277	3459	3459
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-2069	-2538	-2419	-3054	-3680	-3680
Purchases of investments	-337	-175	-283	-299	-1478	-1478
Sales/Maturities of investments	30	93	108
Other investing activities	-147	-39	-165	-304	182	182
Net cash used for investing activities	-2523	-2659	-2759	-3657	-4976	-4976
Cash Flows From Financing Activities
Debt issued	939	1831	1850	1147	2590	2590
Debt repayment	-305	-709	-480	-500	-735	-735
Common stock issued					702	702
Redemption of preferred stock	-239
Cash dividends paid	-712	-721	-739	-733	-763	-763
Other financing activities	-13	-14	-678	715	-449	-449
Net cash provided by (used for) financing activities	-330	387	-47	629	1345	1345
Net change in cash	-254	280	25	249	-172	-172
Cash at beginning of period	648	394	674	699	944	944
Cash at end of period	394	674	699	948	772	772
Free Cash Flow
Operating cash flow	2599	2552	2831	3277	3459	3459
Capital expenditure	-2069	-2538	-2419	-3054	-3680	-3680
Free cash flow	530	14	412	223	-221	-221
Supplemental schedule of cash flow data
Cash paid for income taxes	46	69	633	-36	-180	-180
Cash paid for interest	571	574	561	597	664	664

Northern Trust (NTRS)

	Northern Trust (NTRS) Stock
	2016	2017	2018	2019	2020	2021
Revenues	4962	5160.48	5366.8992	5581.575168	5804.83817472	6037.0317017088
Cost of Goods Sold	1877	3612.336	3756.82944	3907.1026176	4063.386722304	4225.9221911962
Selling, General & Administrative Expenses	-1877	877.2816	912.372864	948.86777856	957.7982988288	996.110230782
Research and development	0	0	0	0	0	0
Operating Income	4962	670.8624	697.696896	725.60477184	783.6531535872	814.9992797307
Net Interest Expenditure	0	0	0	0	0	0
Pre-Tax Income	4962	670.8624	697.696896	725.60477184	783.6531535872	814.9992797307
Taxes	485	201.25872	209.3090688	217.681431552	235.0959460762	244.4997839192
Net Income	1032	469.60368	488.3878272	507.923340288	548.557207511	570.4994958115
Earnings Per Share	4.5065502183	2.0506710917	2.1326979354	2.2180058528	2.395446321	2.4912641738
Shares Outstanding	229	229	229	229	229	229
	Northern Trust (NTRS) Bond
	Firm	Ind Avg
Debt & Coverage Ratios
Debt/Assets	0.07	0.09
Debt/Equity	0.92	0.65
Current Assets/Current Liability	-	2.49
EBITDA/Interest	-	-
Debt/EBITDA	-	6.07
Cash Flow Ops/Total Debt	0.18	0.18

NTRS Income Statement

NORTHERN TRUST CORP (NTRS) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Revenue	3896	3923	4331	4703	4962	4962
Operating expenses
Compensation and benefits	1526	1507	1726	1769	1877	1877
Advertising and promotion			88	93	84	84
Depreciation and amortization			20	11	9	9
Other expenses	-1526	-1507	-1833	-1873	-1970	-1970
Total operating expenses
Operating income	3896	3923	4331	4703	4962	4962
Nonoperating income
Interest expense	297	177	181	154	182	182
Other income (expense)	297	177	181	154	182	182
Total nonoperating income, net
Income before taxes	3896	3923	4331	4703	4962	4962
Provision for income taxes	305	351	378	491	485	485
Other income (expense)	-2904	-2844	-3141	-3238	-3445	-3445
Net income	687	728	812	974	1032	1032
Preferred dividend			10	23	23	23
Net income available to common shareholders	687	728	802	950	1009	1009
Earnings per share
Basic	2.82	3.07	3.34	4.03	4.35	4.35
Diluted	2.81	3.07	3.32	3.99	4.32	4.32
Weighted average shares outstanding
Basic	240	237	236	232	228	228
Diluted	241	237	242	234	229	229

NTRS Balance Sheet

NORTHERN TRUST CORP (NTRS) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12
Assets
Cash and cash equivalents	30176	35289	17979	36986	10133
Federal funds sold	61	530	18449	1614	28648
Receivables	2049	1355	1569	2157	1044
Investments	31034	30713	33734	37567	44501
Loans	29207	29107	31373	32987	33661	117987
Property and equipment	470	455	444	447	467
Goodwill	538	502	533	526	519
Other assets	3930	4707	5865	4464	4954	5940
Total assets	97464	102659	109946	116750	123927	123927
Liabilities and stockholders' equity
Liabilities
Deposits	81408	85717	90757	96869	101652
Short-term borrowing		1598
Long-term debt	4472	3034	5074	7201	8214
Other liabilities	4057	5208	5666	3974	4290
Total liabilities	89937	95557	101498	108044	114156
Stockholders' equity
Preferred stock			388	388	882
Common stock	409	7102	409	409	409
Additional paid-in capital	1013		1051	1072	1036
Retained earnings	6703		7625	8243	8908
Treasury stock	-314		-705	-1034	-1094
Accumulated other comprehensive income	-283		-320	-373	-370
Total stockholders' equity	7527	7102	8449	8706	9770
Total liabilities and stockholders' equity	97464	102659	109946	116750	123927

NTRS Cash Flow

NORTHERN TRUST CORP (NTRS) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Cash Flows From Operating Activities
Net income	687	731	812	974	1032	1032
Provision for credit losses	25	20	6	-43	-26	-26
Depreciation & amortization	289	318	336	352	373	373
Amortization of debt discount/premium and issuance costs	-12	45	35	53	101	101
Deferred tax (benefit) expense	80	67	-36	-146	-176	-176
Investments (gains) losses	2	2	4	0	3	3
Receivable	-42	-206	21	-16	-129	-129
Accrued liabilities	-10	-11	-4	-8	0	0
Interest payable	-10	-11	-4	-8	0	0
Income taxes payable	18	-32	55	207	-129	-129
Other operating activities	-214	-83	-287	470	460	460
Net cash provided by operating activities	814	839	936	1834	1510	1510
Cash Flows From Investing Activities
Change in deposits with banks	3722	-6074	3297	843	-2218	-2218
Change in federal funds sold and securities purchased under resale agreements	60	-469	-533	-550	-373	-373
Sales/maturity of investments	23404	14310	16384	15204	15344	15344
Purchases of investments	-23345	-13884	-19807	-19566	-23315	-23315
Property, and equipments, net	-73	-92	-82	-98	-111	-111
Acquisitions and dispositions					-17	-17
Other investing activities	-2141	525	-7472	-2734	498	498
Net cash used for investing activities	1628	-5683	-8212	-6901	-10192	-10192
Cash Flows From Financing Activities
Change in deposits	-1270	2939	8488	8106	6737	6737
Change in federal funds purchased	-534	402	-64	-920	-220	-220
Debt issued	500	750
Debt repayment	-924	-804	-640	-231	-7	-7
Preferred stock issued			388		494	494
Repurchases of treasury stock	-162	-310	-481	-497	-411	-411
Dividend paid	-354	-221	-303	-348	-356	-356
Other financing activities	-329	1632	-314	2425	1300	1300
Net cash provided by (used for) financing activities	-3073	4388	7074	8534	7537	7537
Effect of exchange rate changes	68	-135	91	-74	59	59
Net change in cash	-563	-590	-112	3394	-1086	-1086
Cash at beginning of period	4315	3753	3162	3051	6418	6418
Cash at end of period	3753	3162	3051	6445	5332	5332
Free Cash Flow
Operating cash flow	814	839	936	1834	1510	1510
Capital expenditure	-312	-385	-410	-434	-473	-473
Free cash flow	502	454	526	1401	1037	1037
Supplemental schedule of cash flow data
Cash paid for income taxes	188	263	279	390	754	754
Cash paid for interest	307	232	186	162	182	182

Macy's (M)

	Macy's (M) Stock
	2016	2017	2018	2019	2020	2021
Revenues	27079	28162.16	29288.6464	30460.192256	31678.59994624	32945.7439440896
Cost of Goods Sold	16496	19713.512	20502.05248	21322.1345792	22175.019962368	23062.0207608627
Selling, General & Administrative Expenses	8256	4787.5672	4979.069888	5178.23268352	5226.9689911296	5436.0477507748
Research and development	288	0	0	0	0	0
Operating Income	2039	3661.0808	3807.524032	3959.82499328	4276.6109927424	4447.6754324521
Net Interest Expenditure	361	0	0	0	0	0
Pre-Tax Income	1678	3661.0808	3807.524032	3959.82499328	4276.6109927424	4447.6754324521
Taxes	608	1098.32424	1142.2572096	1187.947497984	1282.9832978227	1334.3026297356
Net Income	1070	2562.75656	2665.2668224	2771.877495296	2993.6276949197	3113.3728027165
Earnings Per Share	3.2132132132	7.6959656456	8.0038042715	8.3239564423	8.9898729577	9.349467876
Shares Outstanding	333	333	333	333	333	333
	Macy's (M) Bond
	Firm	Ind Avg
Debt & Coverage Ratios
Debt/Assets	32.47
Debt/Equity	158.94
Current Assets/Current Liability	1.35
EBITDA/Interest	4.46
Debt/EBITDA	2.51
Cash Flow Ops/Total Debt

M Income Statement

MACY'S INC (M) CashFlowFlag INCOME STATEMENT
Fiscal year ends in January. USD in millions except per share data.	2013-01	2014-01	2015-01	2016-01	2017-01	TTM
Revenue	27686	27931	28105	27079	25778	25778
Cost of revenue	16538	16725	16863	16496	15621	15621
Gross profit	11148	11206	11242	10583	10157	10157
Operating expenses
Sales, General and administrative	8482	8440	8355	8256	8265	8265
Other operating expenses	5	88	87	288	577	577
Total operating expenses	8487	8528	8442	8544	8842	8842
Operating income	2661	2678	2800	2039	1315	1315
Interest Expense	437	390	395	363	384	384
Other income (expense)	-122	2	-15	2	21	21
Income before income taxes	2102	2290	2390	1678	952	952
Provision for income taxes	767	804	864	608	341	341
Minority interest				-2	-8	-8
Other income				-2	-8	-8
Net income from continuing operations	1335	1486	1526	1070	611	611
Other				2	8	8
Net income	1335	1486	1526	1072	619	619
Net income available to common shareholders	1335	1486	1526	1072	619	619
Earnings per share
Basic	3.29	3.93	4.3	3.26	2.01	2.01
Diluted	3.24	3.86	4.22	3.22	1.99	1.99
Weighted average shares outstanding
Basic	406	378	355	328	308	308
Diluted	412	385	362	333	311	311
EBITDA	3588	3700	3821	3102	2394	2394

M Balance Sheet

MACY'S INC (M) CashFlowFlag BALANCE SHEET
Fiscal year ends in January. USD in millions except per share data.	2013-01	2014-01	2015-01	2016-01	2017-01
Assets
Current assets
Cash
Cash and cash equivalents	1836	2273	2246	1109	1297
Total cash	1836	2273	2246	1109	1297
Receivables	371	438	424	558	522
Inventories	5308	5557	5516	5506	5399
Prepaid expenses	361	420	493	479	408
Total current assets	7876	8688	8679	7652	7626
Non-current assets
Property, plant and equipment
Land	1736	1696	1664	1629	1541
Fixtures and equipment	4909	4811	4828	4910	4541
Other properties	7498	7489	6902	6396	5791
Property and equipment, at cost	14143	13996	13394	12935	11873
Accumulated Depreciation	-5947	-6066	-5594	-5319	-4856
Property, plant and equipment, net	8196	7930	7800	7616	7017
Goodwill	3743	3743	3743	3897	3897
Intangible assets	561	527	496	514	498
Other long-term assets	615	746	743	897	813
Total non-current assets	13115	12946	12782	12924	12225
Total assets	20991	21634	21461	20576	19851
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt	124	463	76	636	300
Capital leases				6	9
Accounts payable	2204	2437	2526	2340	1423
Deferred income taxes	407	400	362
Taxes payable	550	519	483	411	352
Accrued liabilities	542	520	2089	625
Other current liabilities	1248	1387		1710	3563
Total current liabilities	5075	5726	5536	5728	5647
Non-current liabilities
Long-term debt	6806	6728	7265	6966	6535
Capital leases				29	27
Deferred taxes liabilities	1238	1273	1081	1477	1443
Minority interest				3	-1
Other long-term liabilities	1821	1658	2201	2123	1877
Total non-current liabilities	9865	9659	10547	10598	9881
Total liabilities	14940	15385	16083	16326	15528
Stockholders' equity
Common stock	4	4	4	3	3
Additional paid-in capital	3872	2522	1048	621	617
Retained earnings	5108	6235	7340	6334	6088
Treasury stock	-2002	-1847	-1942	-1665	-1489
Accumulated other comprehensive income	-931	-665	-1072	-1043	-896
Total stockholders' equity	6051	6249	5378	4250	4323
Total liabilities and stockholders' equity	20991	21634	21461	20576	19851

M Cash Flow

MACY'S INC (M) Statement of CASH FLOW
Fiscal year ends in January. USD in millions except per share data.	2013-01	2014-01	2015-01	2016-01	2017-01	TTM
Cash Flows From Operating Activities
Net income	1335	1486	1526	1070	611	611
Depreciation & amortization	1049	1020	1036	1061	1058	1058
Amortization of debt discount/premium and issuance costs	-16	-8	-5	-14	-14	-14
Investment/asset impairment charges	5	88	87	288	479	479
Stock based compensation	61	62	73	65	61	61
Inventory	-191	-249	40	-60	107	107
Prepaid expenses	75	-2	-3		-8	-8
Accounts payable	23	101	-17	-78	-132	-132
Income taxes payable	-16	-135	-36	-69	125	125
Other working capital	-64	186	8	-279	-375	-375
Other non-cash items					-111	-111
Net cash provided by operating activities	2261	2549	2709	1984	1801	1801
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-698	-607	-770	-777	-596	-596
Property, plant, and equipment reductions	66	132	172	204	673	673
Acquisitions, net				-212
Other investing charges	-231	-313	-372	-307	-264	-264
Net cash used for investing activities	-863	-788	-970	-1092	-187	-187
Cash Flows From Financing Activities
Short-term borrowing	-88	24
Long-term debt issued	1000	400	1044	499	2	2
Long-term debt repayment	-1803	-124	-870	-152	-751	-751
Common stock issued	234	315	258	163	36	36
Repurchases of treasury stock	-1397	-1571	-1901	-2001	-316	-316
Cash dividends paid	-324	-359	-421	-456	-459	-459
Other financing activities	-11	-9	124	-82	62	62
Net cash provided by (used for) financing activities	-2389	-1324	-1766	-2029	-1426	-1426
Net change in cash	-991	437	-27	-1137	188	188
Cash at beginning of period	2827	1836	2273	2246	1109	1109
Cash at end of period	1836	2273	2246	1109	1297	1297
Free Cash Flow
Operating cash flow	2261	2549	2709	1984	1801	1801
Capital expenditure	-942	-863	-1068	-1113	-912	-912
Free cash flow	1319	1686	1641	871	889	889
Supplemental schedule of cash flow data
Cash paid for income taxes	738	835	834	635	352	352
Cash paid for interest	585	388	413	383	396	396