BALANCE SHEET Fiscal year is January December All values USD Millions 2020 2019 2018 Cash Short Term Investments 13,334 4,072 3,689 Cash Only 11,063 2,548 1,854 Short Term Investments 2,271 1,524 1,835 Cash Short Term Investments Growth 227 46 10 38 12 71 Cash ST Investments Total Assets 36 46 15 07 13 51 Total Accounts Receivable 1,130 1,086 568 Accounts Receivables, Net 355 944 568 Accounts Receivables, Gross 355 944 568 Other Receivables 775 142 Accounts Receivable Growth 4 05 91 20 14 20 Accounts Receivable Turnover 8 01 20 65 38 67 Inventories 414 529 461 Raw Materials 414 529 461 Other Current Assets 295 287 310 Miscellaneous Current Assets 295 287 310 Total Current Assets 15,173 5,974 5,028 Net Property, Plant Equipment 17,723 18,374 19,525 Property, Plant Equipment Gross 29,466 29,062 29,256 Machinery Equipment 26,960 27,301 26,713 Construction in Progress 309 164 1,768 Other Property, Plant Equipment 305 248 775 Accumulated Depreciation 11,743 10,688 9,731 Total Investments and Advances 211 49 95 Other Long Term Investments 211 49 95 Long Term Note Receivable 61 Intangible Assets 1,265 1,266 1,370 Net Goodwill 970 970 970 Net Other Intangibles 295 296 400 Other Assets 216 232 164 Tangible Other Assets 216 232 164 Total Assets 36,573 27,013 27,303 Assets Total Growth 35 39 1 06 4 22 Asset Turnover 0 28 Return On Average Assets 9 67 INCOME STATEMENT Fiscal year is January December All values USD Millions 2020 2019 2018 Sales Revenue 9,048 22,428 21,965 Sales Growth 59 66 2 11 3 87 Cost of Goods Sold (COGS) incl D A 11,835 16,397 15,940 COGS excluding D A 10,580 15,178 14,739 Depreciation Amortization Expense 1,255 1,219 1,201 Depreciation 1,204 1,198 Amortization of Intangibles 15 3 COGS Growth 27 82 2 87 11 16 Gross Income (2,787) 6,031 6,025 Gross Income Growth 146 21 0 10 11 48 Gross Profit Margin 30 80 SG A Expense 1,926 3,026 2,852 Other SG A 1,926 3,026 2,852 SGA Growth 36 35 6 10 0 18 EBIT (4,713) 3,005 3,173 Unusual Expense (906) 24 29 Non Operating Income Expense (179) (61) 9 Non Operating Interest Income 32 90 69 Interest Expense 302 53 58 Interest Expense Growth 469 81 8 62 61 11 Gross Interest Expense 337 89 96 Interest Capitalized 35 36 38 Pretax Income (4,256) 2,957 3,164 Pretax Income Growth 243 93 6 54 3 09 Pretax Margin 47 04 Income Tax (1,182) 657 699 Income Tax Current Domestic (466) 712 398 Income Tax Deferred Domestic (716) (55) 301 Other After Tax Income (Expense) Consolidated Net Income (3,074) 2,300 2,465 Net Income (3,074) 2,300 2,465 Net Income Growth 233 65 6 69 26 57 Net Margin 33 97 Net Income After Extraordinaries (3,074) 2,300 2,465 Net Income Available to Common (3,074) 2,300 2,465 EPS (Basic) (5 44) 4 27 4 29 EPS (Basic) Growth 227 50 0 53 22 98 Basic Shares Outstanding 565 538 573 EPS (Diluted) (5 44) 4 27 4 29 EPS (Diluted) Growth 227 50 0 63 22 86 Diluted Shares Outstanding 565 539 574 EBITDA (3,458) 4,224 4,374 EBITDA Growth 181 87 3 43 15 51 EBITDA Margin 38 22 EBIT (4,713) 3,005 3,173 Analysis (use Excel to complete this section) Provide common size analysis of your companys income statement and balance sheet for the 2 most recent years (must be done using Excel with formulas) Provide horizontal analysis of your companys income statement and balance sheet, showing the dollar amount and percent of change using the 2 most recent years (you must use an Excel spreadsheet with formulas) Perform ratio analysis on your company using the ratios listed in Exhibit 13 16 on page 505 of your text (these must be in an Excel spreadsheet, using formulas to calculate the ratios) You should present them in a similar format as the text group by category, list name of ratio, formula in words, and the ratio calculation Give a short explanation of your conclusions about your company after each category of ratios (i e How liquid is your company How efficiently is it using its assets etc )

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BALANCE SHEET Fiscal year is January-December. All values USD Millions. 2020 2019 2018 Cash & Short Term Investments 13,334 4,072 3,689 Cash Only 11,063 2,548

BALANCE SHEET

Fiscal year is January-December. All values USD Millions.

2020

2019

2018

Cash & Short Term Investments

13,334

4,072

3,689

Cash Only

11,063

2,548

1,854

Short-Term Investments

2,271

1,524

1,835

Cash & Short Term Investments Growth

227.46%

10.38%

12.71%

Cash & ST Investments / Total Assets

36.46%

15.07%

13.51%

Total Accounts Receivable

1,130

1,086

568

Accounts Receivables, Net

355

944

568

Accounts Receivables, Gross

355

944

568

Other Receivables

775

142

Accounts Receivable Growth

4.05%

91.20%

-14.20%

Accounts Receivable Turnover

8.01

20.65

38.67

Inventories

414

529

461

Raw Materials

414

529

461

Other Current Assets

295

287

310

Miscellaneous Current Assets

295

287

310

Total Current Assets

15,173

5,974

5,028

Net Property, Plant & Equipment

17,723

18,374

19,525

Property, Plant & Equipment - Gross

29,466

29,062

29,256

Machinery & Equipment

26,960

27,301

26,713

Construction in Progress

309

164

1,768

Other Property, Plant & Equipment

305

248

775

Accumulated Depreciation

11,743

10,688

9,731

Total Investments and Advances

211

Other Long-Term Investments

211

Long-Term Note Receivable

Intangible Assets

1,265

1,266

1,370

Net Goodwill

970

Net Other Intangibles

295

296

400

Other Assets

216

232

164

Tangible Other Assets

216

232

164

Total Assets

36,573

27,013

27,303

Assets - Total - Growth

35.39%

-1.06%

4.22%

Asset Turnover

0.28

Return On Average Assets

-9.67%

INCOME STATEMENT

Fiscal year is January-December. All values USD Millions.	2020	2019	2018
Sales/Revenue	9,048	22,428	21,965
Sales Growth	-59.66%	2.11%	3.87%
Cost of Goods Sold (COGS) incl. D&A	11,835	16,397	15,940
COGS excluding D&A	10,580	15,178	14,739
Depreciation & Amortization Expense	1,255	1,219	1,201
Depreciation	-	1,204	1,198
Amortization of Intangibles	-	15	3
COGS Growth	-27.82%	2.87%	11.16%
Gross Income	(2,787)	6,031	6,025
Gross Income Growth	-146.21%	0.10%	-11.48%
Gross Profit Margin	-30.80%	-	-
SG&A Expense	1,926	3,026	2,852
Other SG&A	1,926	3,026	2,852
SGA Growth	-36.35%	6.10%	0.18%
EBIT	(4,713)	3,005	3,173
Unusual Expense	(906)	24	29
Non Operating Income/Expense	(179)	(61)	9
Non-Operating Interest Income	32	90	69
Interest Expense	302	53	58
Interest Expense Growth	469.81%	-8.62%	61.11%
Gross Interest Expense	337	89	96
Interest Capitalized	35	36	38
Pretax Income	(4,256)	2,957	3,164
Pretax Income Growth	-243.93%	-6.54%	-3.09%
Pretax Margin	-47.04%	-	-
Income Tax	(1,182)	657	699
Income Tax - Current Domestic	(466)	712	398
Income Tax - Deferred Domestic	(716)	(55)	301
Other After Tax Income (Expense)	-	-	-
Consolidated Net Income	(3,074)	2,300	2,465
Net Income	(3,074)	2,300	2,465
Net Income Growth	-233.65%	-6.69%	-26.57%
Net Margin	-33.97%	-	-
Net Income After Extraordinaries	(3,074)	2,300	2,465
Net Income Available to Common	(3,074)	2,300	2,465
EPS (Basic)	(5.44)	4.27	4.29
EPS (Basic) Growth	-227.50%	-0.53%	-22.98%
Basic Shares Outstanding	565	538	573
EPS (Diluted)	(5.44)	4.27	4.29
EPS (Diluted) Growth	-227.50%	-0.63%	-22.86%
Diluted Shares Outstanding	565	539	574
EBITDA	(3,458)	4,224	4,374
EBITDA Growth	-181.87%	-3.43%	-15.51%
EBITDA Margin	-38.22%	-	-
EBIT	(4,713)	3,005	3,173

Analysis: (use Excel to complete this section)

Provide common-size analysis of your companys income statement and balance sheet for the 2 most recent years (must be done using Excel with formulas).

Provide horizontal analysis of your companys income statement and balance sheet, showing the dollar amount and percent of change using the 2 most recent years (you must use an Excel spreadsheet with formulas).

Perform ratio analysis on your company using the ratios listed in Exhibit 13.16 on page 505 of your text (these must be in an Excel spreadsheet, using formulas to calculate the ratios). You should present them in a similar format as the text: group by category, list name of ratio, formula in words, and the ratio calculation. Give a short explanation of your conclusions about your company after each category of ratios (i.e. How liquid is your company? How efficiently is it using its assets? etc.).