INCOME STATEMENT

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

26%

11%

14%

8%

2,031

2,567

2,858

3,260

3,510

876

1,128

1,251

1,398

1,509

1,155

1,439

1,607

1,862

2,001

Selling & Adminstrative & Depr.

& Amort Expenses

779

967

1,118

1,300

1,435

Income After Depreciation &

Amortization

376

472

489

562

567

Non-Operating Income

-18

Interest Expense

10

16

Pretax Income

384

452

492

561

558

Income Taxes

119

144

138

173

171

10

13

11

10

10

Investment Gains/Losses

Other Income/Charges

265

307

354

388

387

255

295

343

378

377

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

Cash & Equivalents

402

288

177

320

276

Receivables

263

302

363

455

431

Inventories

372

489

506

571

597

Other Current Assets

104

156

97

134

186

1,141

1,235

1,144

1,479

1,490

217

282

335

356

346

Investments & Advances

Other Non-Current Assets

Deferred Charges

100

118

355

395

372

SALES GROWTH %
Sales
Cost Of Goods
Gross Profit

Minority Interest

Income From Cont. Operations

Extras & Discontinued
Operations
Net Income

BALANCE SHEET
Assets

Notes Receivable

Total Current Assets

Net Property & Equipment

Intangibles
Deposits & Other Assets

Total Assets
Liabilities & Shareholders
Equity
Notes Payable

1,468

1,643

1,842

2,230

2,208

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

122

158

150

165

159

Current Portion Long-Term Debt

13

17

Current Portion Capital Leases

184

208

223

286

244

Income Taxes Payable

28

16

31

27

27

Other Current Liabilities

339

391

407

492

447

57

104

88

114

104

Convertible Debt

Long-Term Debt

75

495

614

Non-Current Capital Leases

Other Non-Current Liabilities

15

25

31

55

59

Minority Interest (Liabilities)

416

526

602

1,155

1,224

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

Preferred Stock

Common Stock (Par)

117

149

138

154

172

1,090

1,385

1,066

877

822

27

33

36

43

-10

183

451

Total Shareholder's Equity

1,052

1,117

1,240

1,075

984

Total Liabilities & Shareholder's

Equity

1,468

1,643

1,842

2,230

2,208

Total Common Equity

1,052

1,117

1,240

1,075

984

65

62.6

60

55.2

51

16.18

17.84

20.67

19.48

19.29

12/31/2014

12/31/2013

12/31/2012

12/31/2011

12/31/2010

Accounts Payable

Accrued Expenses

Total Current Liabilities

Mortgages
Deferred Taxes/Income

Total Liabilities
Shareholders Equity

Capital Surplus
Retained Earnings
Other Equity
Treasury Stock

Shares Outstanding
Book Value Per Share

CASH FLOW STAMENT

Cash Flow From Operations,

Investments & Financial
Activities
Net Income (Loss)

386.61

388.05

354.26

307.4

264.89

95.93

81.94

65.54

51.93

40.56

-129.85

-71.9

18.11

-147.51

-137.39

Other Operating Activities

35.2

13.6

13.7

39.45

41.12

Net Cash From Operating

Activities

387.88

411.68

451.6

251.27

209.18

Property & Equipment

-94.19

-93.22

-112.32

-88.46

-46.09

Acquisition/ Disposition of
Subsidiaries

-15.52

-229.15

Investments

0.02

8.03

-0.31

Other Investing Activities

-8.97

-14.44

-3.68

-29.64

-1.13

Net Cash from Investing

Activities

-103.16

-123.17

-345.15

-110.07

-47.53

12/31/2014

12/31/2013

12/31/2012

12/31/2011

12/31/2010

-434.68

-574.66

-265.2

-254.51

-175.81

122.32

430.62

56.18

4.05

0.85

-12.82

-4.21

-10.57

0.61

4.37

-325.18

-148.25

-219.59

-249.86

-170.58

-3.76

2.98

2.88

3.37

-3.44

-44.22

143.24

-110.26

-105.3

-12.38

320.48

177.24

287.5

392.79

405.18

Depreciation/Amortization &
Depletion
Net Change from
Assets/Liabilities
Net Cash from Discontinued
Operations

Uses of Funds
Issuance (Repurchase) of
Capital Stock
Issuance (Repayment) of Debt
Increase (Decrease) ShortTerm Debt
Payment of Dividends & Other
Distributions
Other Financing Activities
Net Cash from Financing
Activities
Effect of Exchange Rate
Changes
Net Change In Cash &
Equivalents
Cash at Beginning of Period

Cash at End of Period

Diluted Net EPS

276.26

320.48

177.24

287.5

392.79

7.1

6.56

5.59

4.61

3.77

% of rev

ASUUMPTION
SALES GROWTH %
GOING FORWARD
100.00%
100.00% Sales
42.99%
43.00% Cost Of Goods
Gross Profit
57.01%

12/31/2015

12/31/2016

-5%

3%

3,334.50
1,433.84
1,900.67

3,434.54
1,476.85
1,957.68

1,333.80

1,373.81

566.87

583.87

5.47
561.39
179.65
10.00

###
583.87
186.84
###

Selling & Adminstrative &

Depr. & Amort Expenses

40.88%

40.00%
Income After Depreciation &
Amortization

16.15%
0.20%
0.46% 3% of debt
15.90%
4.87%
0.28%

0.00%

Non-Operating Income
Interest Expense
Pretax Income

32.00% Income Taxes

10.00 Minority Interest

0.00%

0.00%

Investment Gains/Losses

###

0.00%

0.00%

Other Income/Charges

###

Income From Cont.

Operations

11.03%
0.00%
10.74%

0.00%

mkt sec
7.86%
12.28%

381.75

397.03

Net Income

371.75

387.03

Assets

(17.20)
293.55
436.39

147.10
302.36
449.48

Extras & Discontinued

Operations

8.80% Cash & Equivalents

13.09% Receivables
Notes Receivable

17.01%

17.25% Inventories

5.30%
42.45%

4.73%

9.86%

10.37%

10.60%

Other Current Assets

Total Current Assets
Net Property & Equipment

###

575.29

592.55

157.61
1,462.85

162.34
1,506.73

345.76

356.14

Investments & Advances

###

Other Non-Current Assets

###

Deferred Charges

###

10.60% Intangibles
Deposits & Other Assets

353.40
-

364.00
###

62.91%

Total Assets

2,162.01

2,226.87

Liabilities & Shareholders

Equity
Notes Payable

4.79% Accounts Payable

4.53%

Current Portion Long-Term

0.44% Debt
Current Portion Capital
Leases

0.48%

6.95%

7.83% Accrued Expenses

0.77%

0.80%

Income Taxes Payable

Other Current Liabilities
Total Current Liabilities

12.74%

Mortgages

2.96%

3.22%

Deferred Taxes/Income
Convertible Debt

17.49%

17.49% Long-Term Debt

Non-Current Capital Leases

1.68%

1.68%

Other Non-Current Liabilities

Minority Interest (Liabilities)

34.87%

Total Liabilities

###

159.58

164.37

14.78

15.22

261.05
26.60
-

###
268.88
27.40
###

462.00
-

475.86
###

107.37
182.34

110.60
###
-

56.15
807.87

###
57.83
###
644.29

Shareholders Equity
Preferred Stock
Common Stock (Par)

4.90%
23.42%
-0.28%

Capital Surplus
Retained Earnings
Other Equity
Treasury Stock

28.03% ADJ as needed

Total Liabilities &

Shareholder's Equity

62.91%
imbalance
1.45%
0.55%

Total Shareholder's Equity

1,355.75

1,742.78

2,163.62

2,387.07

18.80

13.11

Cash Flow From

Operations, Investments &
Financial
Activities
Net Income (Loss)

1.16%

Depreciation/Amortization &
2.36% Depletion
Net Change from
Assets/Liabilities

371.75

387.03

78.73

81.10

59.71

(21.22)

Net Cash from Discontinued

Operations

Other Operating Activities

Net Cash From Operating

Activities

510.19

446.91

(78.50)

(91.47)

Acquisition/ Disposition of
Subsidiaries

Investments

Other Investing Activities

Net Cash from Investing

Activities

(78.50)

(91.47)

(431.34)

(182.34)

Payment of Dividends &

Other Distributions

Other Financing Activities

(431.34)

-182.34

Property & Equipment

Uses of Funds
Issuance (Repurchase) of
Capital Stock
Issuance (Repayment) of
Debt
Increase (Decrease) ShortTerm Debt

Net Cash from Financing

Activities
Effect of Exchange Rate
Changes
Net Change In Cash &
Equivalents
cash needed for operations

0.36

173.10

17.55

8.81

excess cash(shortfall)

(17.20)

164.29

12/31/2017

12/31/2018

12/31/2019

5%

7%

7%

3,606.26
1,550.69
2,055.57

3,858.70
1,659.24
2,199.46

4,128.81
1,775.39
2,353.42

1,442.50

1,543.48

1,651.52

613.06

655.98

701.90

613.06
196.18
10.00

655.98
209.91
10.00

701.90
224.61
10.00

###

416.88

446.07

477.29

406.88

436.07

467.29

484.63
317.48
471.96

818.75
339.70
504.99

1,176.96
363.48
540.34

622.17

665.73

712.33

170.46
1,582.07

182.39
1,692.81

195.16
1,811.31

373.94

400.12

428.13

###

###

382.20
-

408.96
-

437.58
-

2,338.21

2,501.89

2,677.02

172.59

184.67

197.60

15.98

17.10

18.30

282.32

302.08

323.23

28.76

30.78

32.93

499.66
-

534.63
-

572.06
-

116.12
###

124.25
-

132.95
-

###

60.73

64.98

69.52

676.51

723.86

774.53

2,149.66

2,585.73

3,053.02

2,826.17

3,309.59

3,827.55

3.33

(11.05)

(26.43)

406.88

436.07

467.29

85.15

91.11

97.49

(36.43)

(53.55)

(57.29)

455.61

473.63

507.49

(102.96)

(117.29)

(125.50)

(102.96)

(117.29)

(125.50)

352.65

356.34

381.99

15.12

22.22

23.78

337.53

334.12

358.21

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

2,031

2,567

2,858

3,260

3,510

876

1,128

1,251

1,398

1,509

1,155

1,439

1,607

1,862

2,001

Selling & Adminstrative &

Depr. & Amort Expenses

779

967

1,118

1,300

1,435

Income After Depreciation

& Amortization

376

472

489

562

567

Non-Operating Income

-18

Interest Expense

10

16

Pretax Income

384

452

492

561

558

Income Taxes

119

144

138

173

171

10

13

11

10

10

Investment Gains/Losses

Other Income/Charges

265

307

354

388

387

255

295

343

378

377

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

417

524

554

644

662

Sales
Cost Of Goods
Gross Profit

Minority Interest

Income From Cont.

Operations
Extras & Discontinued
Operations
Net Income
Depreciation Footnote
Income Before
Depreciation &
Amortization

Depreciation &
Amortization (Cash Flow)

41

52

66

82

96

Income After Depreciation

& Amortization

376

472

489

562

567

Earnings Per Share Data

12/31/2010

12/31/2011

12/31/2012

12/31/2013

12/31/2014

67.69

63.97

61.4

57.7

53.1

Diluted EPS Before NonRecurring Items

3.77

4.61

5.39

6.37

7.1

Diluted Net EPS

3.77

4.61

5.59

6.56

7.1

Average Shares

26.39%
28.77%
24.59%

11.34%
10.90%
11.67%

14.07%
11.75%
15.87%

7.67%
7.94%
7.47%

12/31/2014

12/31/2013

Cash &
Equivalents

276

320

Receivables

431

455

Notes
Receivable

Inventories

597

571

Other
Current
Assets

186

134

Total Current
Assets

1,490

1,479

Net Property
& Equipment

346

356

Investments
& Advances

Other NonCurrent
Assets

Deferred
Charges

372

395

2,208

2,230

Assets

24.13%
25.53%

15.62%

16.28%

10.38%

3.60%

14.93%

0.89%

-300.00% -150.00%

0.00%

-22.22%

100.00%

150.00%

100.00%

60.00%

17.71%

8.85%

14.02%

-0.53%

21.01%
30.00%

#DIV/0!
#DIV/0!

15.85%

-4.17%
-15.38%

#DIV/0!
#DIV/0!

15.31%

25.36%
-9.09%

#DIV/0!
#DIV/0!

9.60%

-1.16%
0.00%

#DIV/0!
#DIV/0!

-0.26%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

15.69%

16.27%

10.20%

-0.26%

0.90%

0.89%

0.88%

0.88%

25.66%

5.73%

16.25%

2.80%

Intangibles
Deposits &
Other Assets
Total Assets

Liabilities &
Shareholde
rs Equity

26.83%

26.92%

24.24%

3.60%

14.93%

0.89%

0.90%

0.89%

0.88%

0.88%

22.28%
22.28%

-4.02%

16.92%
21.26%

-6.03%

18.18%
17.35%

12/31/2013

159

165

17

13

244

286

Income
Taxes
Payable

27

27

Other
Current
Liabilities

447

492

104

114

Convertible
Debt

Long-Term
Debt

614

495

Non-Current
Capital
Leases

Other NonCurrent
Liabilities

59

55

17.07%

25.53%

-5.50%

12/31/2014

-7.97%

11.46%
8.23%

Notes
Payable
Accounts
Payable
Current
Portion
Long-Term
Debt
Current
Portion
Capital
Leases
Accrued
Expenses

Total Current
Liabilities
Mortgages
Deferred
Taxes/Incom
e

Minority
Interest
(Liabilities)

1,224

1,155

12/31/2014

12/31/2013

Preferred
Stock

Common
Stock (Par)

172

154

822

877

-10

43

Total
Shareholder'
s Equity

984

1,075

Total
Liabilities &
Shareholder'
s Equity

2,208

2,230

984

1,075

51

55.2

19.29

19.48

Total
Liabilities
Shareholde
rs Equity

Capital
Surplus
Retained
Earnings
Other Equity
Treasury
Stock

Total
Common
Equity
Shares
Outstanding
Book Value
Per Share

12/31/2012

12/31/2011

12/31/2010

12/31/2010

12/31/2011

12/31/2012

12/31/2013

177

288

402

402

288

177

320

363

302

263

263

302

363

455

506

489

372

372

489

506

571

97

156

104

104

156

97

134

1,144

1,235

1,141

1,141

1,235

1,144

1,479

335

282

217

217

282

335

356

355

118

100

100

118

355

395

1,842

1,643

1,468

1,468

1,643

1,842

2,230

12/31/2012

12/31/2011

12/31/2010

12/31/2010

12/31/2011

12/31/2012

12/31/2013

150

158

122

122

158

150

165

13

223

208

184

184

208

223

286

31

16

28

28

16

31

27

407

391

339

339

391

407

492

88

104

57

57

104

88

114

75

75

495

31

25

15

15

25

31

55

602

526

416

416

526

602

1,155

12/31/2012

12/31/2011

12/31/2010

12/31/2010

12/31/2011

12/31/2012

12/31/2013

138

149

117

117

149

138

154

1,066

1,385

1,090

1,090

1,385

1,066

877

36

33

27

27

33

36

43

451

183

183

451

1,240

1,117

1,052

1,052

1,117

1,240

1,075

1,842

1,643

1,468

1,468

1,643

1,842

2,230

1,240

1,117

1,052

1,052

1,117

1,240

1,075

60

62.6

65

65

62.6

60

55.2

20.67

17.84

16.18

16.18

17.84

20.67

19.48

12/31/2014

276
431
0
597
186

1,490

346

0
372
0

2,208

12/31/2014

0
159

17

244

27

447
0
104
0
614

59

1,224
12/31/2014
0
1
172
822
-10
0

984

2,208

984

51

19.29