I have created an excel work book for Lockheed Martin. I have completed all sections of this project except for the the projected income statements; Projected Income Statement, Projected Balance Sheet, Projected Cashflows. I am struggling with these three items. Could some one please walk me through the projections using excel. The numbers I have come up with are obviously incorrect. I am including all of the instructions for the entire excel work book, but I only need help with the last three tabs. Can someone help me with the three year projections for Lockheed Martin? I have included screen shots of all needed work to do this.

Excel Project: Historical Financial Statements Assignment Instructions

Overview

Instructions

• My Company is Lockheed Martin
• Go to the Securities and Exchange Commission's EDGAR database and access your chosen company's most recent Form 10-K (annual report). (For help with this process, see the Module 1: Week 1 presentation, "Downloading Financial Statements from the SEC EDGAR Database.")
• Using Excel workbook, including data for your chosen company as follows:
  • The 1^st tab (worksheet) in your Financial Statement Analysis Template must be labeled Company Information. The following information must be included:
    • Company Name and ticker symbol
    • Industry
    • Products or services offered
    • Major competitors
    • An example of this tab is provided in Exhibit A.
  • The 2^nd tab in your Financial Statement Analysis Template must be labeled Historical Income Statements.
    • Include the latest three years based on SEC filings.
    • Ensure that the worksheet includes a header with:
      • Company Name
      • Financial Statement Name (Income Statements)
      • Financial Statement Dates
      • Denomination level ($s in millions or thousands, etc.)
  • The 3^rd tab in your Financial Statement Analysis Template must be labeled Historical Balance Sheets.
    • Include the latest three years based on SEC (10-K) filings. (Note: Some 10-Ks only provided 2 years of balance sheet data. You may need to download the second most recent 10-K for your company in order to obtain 3 years of balance sheet data.)
    • Ensure that the worksheet includes a header with:
      • Company Name
      • Financial Statement Name
      • Financial Statement Dates
      • Denomination level ($s in millions or thousands, etc.)
    • A partial balance sheet example is provided in Exhibit B.
  • The 4^th tab in your Financial Statement Analysis Template must be labeled Historical Statement of Cash Flows.
    • Include the latest three years based on SEC (10-K) filings.
    • Make sure that the Income Statement, Balance Sheet, and Cash Flows Statement tie in as follows:
      • Net Income from Income Statement agrees with Net Income on the Statement of Cash Flows.
      • Ending Cash Balance from Statement of Cash Flows agrees with Cash in the Balance Sheet.
    • Ensure that the worksheet includes a header with:
      • Company Name
      • Financial Statement Name
      • Financial Statement Dates
      • Denomination level ($s in millions or thousands, etc.)
  • Other instructions:
    • The Excel workbook should be professionally formatted. Professional formatting includes:
      • All numbers are formatted similarly. The use of decimals, commas for thousands, and other formatting is consistent.
      • Dollar signs are included in the first and last numbers of each column.
      • Subtotals and totals are preceded by a single underline. Totals are followed by a double underline.
      • All extraneous information is removed from the spreadsheet. Sometimes, files downloaded from the SEC website contains extra characters or other things that need to be deleted.
      • Line descriptions are indented/bolded in a manner that makes the spreadsheet easy to read.
    • All totals and subtotals should be calculated using formulas.

Excel Project: Competitor Analysis Assignment Instructions

Overview

Competitor #1 Income Statement (Tab 5), Competitor #1 Balance Sheet (Tab 6), Competitor #1 Cash Flows (Tab 7), Competitor #2 Income Statement (Tab 8), Competitor #2 Balance Sheet (Tab 9), Competitor #2 Cash Flows (Tab 10), Historical and Competitor Ratios (Tab 11)

Instructions

• Continue in the same Excel workbook prepared in Module 2: Week 2, adding the following tabs:
  • The 5^th tab and 8^th tabs in your Financial Statement Analysis Template must be labeled (Competitor Company Name) Income Statements. (Replace "Competitor Company Name" with the name of the competitor.)
    • Include the latest three yearsof income statements for your competitor based on SEC filings.
    • Ensure that the worksheet includes a header with:
      • Company Name
      • Financial Statement Name (Income Statements)
      • Financial Statement Dates
      • Denomination level ($s in millions or thousands, etc.)
  • The 6^th and 9^th tabs in your Financial Statement Analysis Template must be labeled (Competitor Company Name) Balance Sheets. (Replace "Competitor Company Name" with the name of the competitor.)
    • Include the latest three years of balance sheets for your first competitor based on SEC (10-K) filings. (Note: Some 10-Ks only provided 2 years of balance sheet data. You may need to download the second most recent 10-K for your company in order to obtain 3 years of balance sheet data.)
    • Ensure that the worksheet includes a header with:
      • Company Name
      • Financial Statement Name
      • Financial Statement Dates
      • Denomination level ($s in millions or thousands, etc.)
  • The 7^th and 10^th tabs in your Financial Statement Analysis Template must be labeled (Competitor Company Name) Cash Flows. (Replace "Competitor Company Name" with the name of the competitor.)
    • Include the latest three years based on SEC (10-K) filings.
    • Make sure that the Income Statement, Balance Sheet, and Cash Flows Statement tie in as follows:
      • Net Income from Income statement agrees with Net Income on the Statement of Cash Flows
      • Ending Cash Balance from Statement of Cash Flows agrees with Cash in the Balance Sheet
  • The 11^th tab in your Financial Statement Analysis Template must be labeled Historical and Competitor Ratios
    • The list of ratios to be included are as follows.They should be grouped under the headings, as shown:
      • Liquidity Ratios
        • Current Ratio
        • Quick Ratio
      • Leverage Ratios
        • Debt to Total Assets Ratio
        • Debt Equity Ratio
        • Long-Term Debt to Equity
        • Times Interest Earned Ratio
      • Activity Ratios
        • Inventory Turnover
        • Fixed Assets Turnover
        • Total Assets Turnover
        • Accounts Receivable Turnover
        • Average Collection Period
      • Profitability Ratios
        • Gross Profit Margin
        • Operating Profit Margin
        • Net Profit Margin
        • Return on Total Assets (ROA)
        • Return on Stockholders' Equity (ROE)
        • Earnings Per Share (EPS)
        • Price Earnings Ratio
    • Calculate the ratios for your chosen company for the last three years, linking the ratio calculations back to the historical financial statement tabs (Tabs 2-4) using formulas.
    • Calculate the ratios for each of your company's competitors (most recent year only), linking the ratio calculations to the competitor financial statements shown in Tabs 5-10 using formulas.
    • Using the internet, locate the industry averages for the ratios listed above, and include them in the final column of the ratio tab. Include a footnote on the tab to identify the source of the industry averages.
  • Other instructions:
    • The Excel workbook should be professionally formatted.Professional formatting includes:
      • All numbers are formatted similarly. The use of decimals, commas for thousands, and other formatting is consistent.
      • Dollar signs are included in the first and last numbers of each column.
      • Subtotals and totals are preceded by a single underline. Totals are followed by a double underline.
      • Line descriptions are indented/bolded in a manner that makes the spreadsheet easy to read.
    • All totals and subtotals in the competitor financial statements as well as the ratio calculations should be calculated using formulas.

Excel Project: Projecting Financial Statements Assignment Instructions

Overview

Common Sized Balance Sheets (Tabs 12), Common Sized Income Statements (Tab 13), Horizontal Analysis Balance Sheets (Tab 14), Horizontal Analysis Income Statements (Tab 15), and Projected Financial Statements (Tabs 16-18)

Instructions

Continue in the same Excel workbook prepared in Module 4: Week 4, adding the following tabs:

• The 12^th tab in your Financial Statement Analysis Template must be labeled Common Sized Balance Sheets.
  • Set-up like the Historical Balance Sheets (Tab 3), this worksheet should use formulas to calculate the common sized percentages, linking to the Historical Balance Sheets for the calculations. "Total Assets" should be used as the base for all common sized calculations on the Balance Sheets. Common sized percentages should be calculated for all three historical years presented.
  • See Exhibit A for a partial example of this tab.
• The 13^th tab in your Financial Statement Analysis Template must be labeled Common Sized Income Statements.
  • Set-up like the Historical Income Statements (Tab 2), this worksheet should use formulas to calculate the common sized percentages, linking to the Historical Income Statements for the calculations."Revenue" or "Total Revenue" (depending on your company) should be used as the base for all common sized calculations on the Income Statements. Common sized percentages should be calculated for all three historical years presented.
• The 14^th tab in your Financial Statement Analysis Template must be labeled Horizontal Analysis of Balance Sheets.
  • Start by copying and pasting the Historical Balance Sheets from Tab 3 to this worksheet. Then, add dollar and percentage change columns between each of the set of historical years.
  • See Exhibit B for an example of this tab.
• The 15^th tab in your Financial Statement Analysis Template must be labeled Horizontal Analysis of Income Statements.
  • Start by copying and pasting the Historical Income Statements from Tab 2 to this worksheet. Then, add dollar and percentage change columns between each of the set of historical years.
• The 16^th tab in your Financial Statement Analysis Template must be labeled Projected Income Statements. Three years of projected statements should be included, starting with the most recent year after the company's last issued report.
• The 17^th tab in your Financial Statement Analysis Template must be labeled Projected Balance Sheets. Three years of projected statements should be included. Three years of projected statements should be included, starting with the most recent year after the company's last issued report.
• The 18^th tab in your Financial Statement Analysis Template must be labeled Projected Statement of Cash Flows. Three years of projected statements should be included, starting with the most recent year after the company's last issued report.
  • Other information relating to projected tabs:
    • Projections should be based on research performed on your company and its industry. Use historical, trend, ratio data and current and future economic projections as well as information from the company's MD&A to aid in preparing projections.
    • Clearly state your assumptions in a text box at the bottom of each tab. Cite sources for assumptions based on research.
    • The statements should be consistent, reasonable, and accurate.Areas that will be checked for accuracy include:
      • The Balance Sheets should balance for all years presented.
      • Retained earnings should be properly calculated using the prior year's balance, net income, and dividends.
      • The Ending Cash Balance on the Statement of Cash Flows should agree to the Cash Balance shown on the Balance Sheet for the same year.
      • Net Income on the Income Statements should match what is reported on the top of the Statement of Cash Flows (if indirect method is used).
• Other instructions:
  • The Excel workbook should be professionally formatted.Professional formatting includes:
    • All numbers are formatted similarly. The use of decimals, commas for thousands, and other formatting is consistent.
    • Dollar signs are included in the first and last numbers of each column.
    • Subtotals and totals are preceded by a single underline. Totals are followed by a double underline.
    • Line descriptions are indented/bolded in a manner that makes the spreadsheet easy to read.

All common sized, horizontal analysis, and projection items should be calculated using formulas. Totals and subtotals should also be calculated using formulas.

Home Insert Draw Page Layout Formulas Data Review View Automate Tell me Comments LE Share Arial (Body) v 11 AA B v General Insert v Ex AP- O. Ex Delete v Paste BIUV MvAv $ ~ % 9 Conditional Format Cell Sort & Find & Analyze Sensitivity Show Formatting as Table Styles Format v v Filter Select Data ToolPak Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Commands Group G36 X V fx A B C D E F G H J K L M N O P Q R S Lockheed Martin Historical Balance Sheets A W N As of December 31, 2022, December 31, 2021, and December 31, 2020 USD ($) $ in Millions 6 ASSETS Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Current assets Cash and cash equivalents $ 2,547 $ 3,604 $ 3,160 Receivables, net 2,505 1,963 1,978 10 Contract assets 12,318 10,579 9,545 11 Inventories 3,088 2,981 3,545 12 Other current assets 533 688 13 Total current assets 20,991 19,815 19,378 14 Property, plant and equipment, net 7,975 7,597 7,213 15 Goodwill 10,780 10,813 10,806 16 Intangible assets, net 2,459 2,706 3,012 17 Deferred income taxes 3,744 2,290 3,475 18 Other noncurrent assets 6,931 7,652 6,826 19 Total assets 52,880 50,873 50,710 0 LIABILITIES 21 Current Liabilities 22 Accounts payable 2,117 780 880 23 Salaries, benefits and payroll taxes 3,075 3,10 3,163 24 Contract liabilities 8,488 8,107 7,545 25 Other current liabilities 2,207 2,002 2,345 26 Total current liabilities 15,887 13,997 13,933 27 Long-term debt, net 15,429 11,670 11,669 28 Accrued pension liabilities 5,472 8,319 12,874 29 Other noncurrent liabilities 6,826 5,928 ,196 30 Total liabilities 43,614 39,914 44,672 31 Stockholders' equity 32 Common stock, $1 par value per share 254 271 279 33 Additional paid-in capital 92 94 221 34 Retained earnings 16,943 21,600 21,636 35 Accumulated other comprehensive loss 8,023 (11,006) (16,121) 36 Total stockholders' equity 26 10,959 6,038 37 Total liabilities and equity $ 52,880 $ 50,873 $ 50,710 38 39 40 1 1 Company Information Historical Income Statements Historical Balance Sheet Statement of Cash Flows General Dynamics Inc Statement General Dynamics Balance Sheet General Dynamics Cash Flows +Home Insert Draw Page Layout Formulas Data Review View Automate Tell me Comments LE Share Times New Roman v 12 VA A do v Number Insert v Ex Delete Paste B IUV MvAv E $ ~ % 9 Conditional Format Cell Sort & Find & Analyze Sensitivity Show Formatting as Table Styles Format v Filter Select Data ToolPak Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Commands Group C21 X V fx =SUM(C19:C20) A B C D E F G H K L M Lockhead Martin Corp Income Statements As of December 31, 2022, December 31, 2021, and December 31, 2020 |YOU A W N - USD ($) $ in Millions 31-Dec-22 Dec. 31, 2021 Dec. 31, 2020 NET SALES Total net sales $ 65,984 $ 67,044 $ 65,398 60 00 Cost of sales 10 Severance and other charges (100) (36) (27) 11 Other unallocated, net 1,260 1,789 1,650 12 Total cost of sales (57,697) (57,983) (56,744) 13 Gross profit 8,287 9,061 8,654 14 Other income (expense), net 61 62 (10) 15 Operating profit 3,34 ),123 8,644 16 Interest expense (623) (569) 591) Non-service FAS pension (expense) income 971) (1,292) 219 18 Other non-operating (expense) income, net (74) 288 (37) 19 Earnings from continuing operations before income taxes 6,680 7,550 8,235 20 Income tax expense 948) 1,235) (1,347) 21 Net earnings from continuing operations 5,732 5,315 6,888 22 Net loss from discontinued operations 0 0 (55) 23 Net earnings $ 5,732 $ 6,315 $ 6,833 24 Earnings per share 25 Basic earnings per common share (in dollars per share) $ 21.74 $ 22.85 $ 24.60 26 Diluted earnings per common share (in dollars per share) $ 21.66 $ 22.76 $ 24.30 27 28 29 30 31 32 33 Company Information Historical Income Statements Historical Balance Sheet Statement of Cash Flows General Dynamics Inc Statement General Dynamics Balance Sheet General Dynamics Cash Flows +Home Insert Draw Page Layout Formulas Data Review View Automate Tell me Comments Share Times New Roman v 12 VA A ab General Insert O x Delete v V v Paste BIUV MVAv $ ~ % " 00 -20 Conditional Format Cell Sort & Find & Analyze Sensitivity Show Formatting as Table Styles Format v ) v Filter Select Data ToolPak Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Commands Group 120 4 X V fx A B C D E F G H 1 J K L M N 0 P Q R S Lockhead Martin Corp Historical Statement of Cash Flows As of December 31, 2022, December 31, 2021, and December 31, 2020 USD ($) $ in Millions 31-Dec-22 Dec. 31, 2021 Dec. 31, 2020 OPERATING ACTIVITIES Net earnings $ 5, 732 $ 6,315 $ 6,833 Adjustments to reconcile net earnings to net cash Depreciation and amortization 1,404 1,364 1,290 Stock-based compensation 238 227 221 Equity method investment impairment 0 128 Tax resolution related to former IS&GS business 55 Deferred income taxes (757) (183 ) 5 Pension settlement charge ,470 ,665 0 Severance and other charges 100 36 27 Changes in: Receivables, net (542) 15 359 Contract assets 1,739 (1,034 (451) Inventories (107) 564 74 Accounts payable ,274 (98 (372) liabilities 381 562 491 Income taxes 148 45 (19 ) Qualified defined benefit pension plans (412) (267 ) (1,197) Other, net 512 10 739 Net cash provided by operating activities 7,802 9,221 8,183 INVESTING ACTIVITIES Capital expenditures (1,670) 1,522) (1,766) Other, net 119 361 (244) 30 Net cash used for investing activities (1,789) (1,161) (2,010) FINANCING ACTIVITIES Issuance of long-term debt, net of related costs 6,211 1,131 Repayments of long-term deb 2,250 (500) (1,650) Repurchases of common stock 7,900) (4,087) (1,100) Dividends paid (3,016) (2,940) (2,764) 36 Other, net (115) (89 (144) Net cash used for financing activities 7,070 7,616) (4,527) Net change in cash and cash equivalents 1,057 44 1,646 Cash and cash equivalents at beginning of year 3,604 ,160 1,514 Cash and cash equivalents at end of year $ 2,547 $ 3,604 $ 3,160 42 13 Company Information Historical Income Statements Historical Balance Sheet Statement of Cash Flows General Dynamics Inc Statement General Dynamics Balance Sheet General Dynamics Cash Flows +Home Insert Draw Page Layout Formulas Data Review View Automate Tell me Comments LE Share Times New Roman v 12 AA E in v Percentage Insert v x Delete v Paste BIUV MvAv ( V $ ~ % " Conditional Format Cell Sort & Find & Analyze Sensitivity Show Formatting as Table Styles Format ) v Filter Select Data ToolPak Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Commands Group G17 X V fx =F17/H17 A B C D E F G H K L M N O P Q Lockhead Martin Corp Horizontal Analysis of Income Statements W N As of December 31, 2022, December 31, 2021, and December 31, 2020 USD ($) $ in Millions 31-Dec-22 $ Change % Change Dec. 31, 2021 $ Change % Change Dec. 31, 2020 NET SALES Total net sales $ 65,984 $ (1,060) -2% $ 67,044 $ 1,646 3% $ 65,398 Cost of sales Severance and other charges (100) (64) 78% (36) (9 33% (27) Other unallocated, net 1,260 (529) -30% 1,789 139 8% 1,650 12 Total cost of sales (57,697) 286 -0.49% (57,983) (1,239 2% (56,744) 13 Gross profit 8,287 (774 -9% 9,061 107 5% 8,654 Other income (expense), net 61 (1) -2% 62 72 -720% (10) Operating profit 8,348 (775) -8% 9,123 479 6% 8,644 16 Interest expense (623) (54) 9% (569) 22 -4% (591) Non-service FAS pension (expense) income (971) 321 .25% (1,292 (1,511) 690% 219 Other non-operating (expense) income, net (74) (362) -126% 288 325 878% (37) Earnings from continuing operations before income taxes ,680 870) 12% 7,550 685 -8% 8,235 20 Income tax expense (948) 287 -23% (1,235) 112 8% (1,347 Net earnings from continuing operations 5,732 (583) -9% 6,315 573) -8% 6,888 Net loss from discontinued operations 0 0 0% 0 55 100% (55) Net earnings $ 5,732 $ (583) -9.23% $ 6,315 $ (518 -8% $ 6,833 25 26 27 28 29 35 38 39 40 42 43 Historical & Competitor Ratios Common Sized Balance Sheets Common Sized Income Statements Horizontal Analysis of Balance Horizontal Analysis of Income Projected Income Statement Projected +Home Insert Draw Page Layout Formulas Data Review View Automate Tell me Comments LE Share Times New Roman v 12 AA ab v Number Insert Ex Delete Paste BIUV V V A v E $ ~ % 9 00 .00 Conditional Format Cell Sort & Find & Analyze Sensitivity Show Formatting as Table Styles Format v Filter Select Data ToolPak Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Commands Group C34 X V fx =D34+'Projected Income Statement'!C23 C D E F G H K L M N O P Q R S Lockheed Martin Projected Balance Sheets O A W N - As of December 31, 2025, December 31, 2024, and December 31, 2023 USD ($) $ in Millions ASSETS Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Current assets Cash and cash equivalents 2,007 $ 2,173 $ 2,352 1 00 Receivables, net 3, 656 3,223 2,841 10 Contract assets 18,075 15,906 13,998 Inventories 2.552 2,719 2.898 12 Other current assets 172 251 366 13 Total current assets 26,46 24,27 22,455 14 Property, plant and equipment, net 9,272 8,818 8,386 15 Goodwill 10,741 10,754 0,767 16 Intangible assets, net 1.814 2,008 2,222 17 Deferred income taxes 5,649 4,925 4,294 18 Other noncurrent assets 7,213 7,118 7,024 19 Total assets 61,151 57,895 $5,148 20 LIABILITIES 21 Current Liabilities Accounts payable 12,351 6,861 3,811 Salaries, benefits and payroll taxes 2,948 2,989 3,032 Contract liabilities 10,131 9,550 9,004 Other current liabilities 2,065 2.111 2,159 Total current liabilities 27,494 21,51 18,005 27 Long-term debt, net 24,151 20,801 17,915 28 Accrued pension liabilities 1,51 2,326 3,568 Other noncurrent liabilities 7,995 7,585 7,195 Total liabilities 61,157 52,223 46,683 Stockholders' equity 32 Common stock, $1 par value per share 221 231 242 33 Additional paid-in capital 32 45 6: Retained earnings 38,326 2,594 26,279 35 Accumulated other comprehensive loss (2,821) (3,997) 5,663) 36 Total stockholders' equity 35,75 28,87 6,038 37 Total liabilities and equity $96,914 $ 81,096 $ 52,721 38 39 40 41 Common Sized Income Statements Horizontal Analysis of Balance Horizontal Analysis of Income Projected Income Statement Projected Balance Sheets Projected Statement Cash Flow + Ready X Accessibility: Investigate + 100%Home Insert Draw Page Layout Formulas Data Review View Automate Tell me Comments LE Share Times New Roman v 12 AA ab v Custom Insert x Delete v Paste B IUV V V A v $ ~ % 9 00 40 Conditional Format Cell Sort & Find & Analyze Sensitivity Show Formatting as Table Styles Format v DV Filter Select Data ToolPak Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Commands Group C9 X V fx =B9-E9 B C D E F G H K L M N O P Q R Lockheed Martin Horizontal Analysis of Balance Sheets As of December 31, 2022, December 31, 2021, and December 31, 2020 USD ($) $ in Millions NO UA W N- ASSETS Dec. 31, 2022 $ Change % Change Dec. 31, 2021 $ Change % Change Dec. 31, 2020 Current assets Cash and cash equivalents $ 2,547 $ (1,057) -29% $ 3,604 $ 444 14% $ 3,160 Receivables, net 2,505 $ 542 28% 1,96 $ (15 -1% 1,978 10 Contract assets 12,318 $ 1,739 16% 10,579 $ 1,034 11% 9,545 Inventories 3.088 $ 107 4% 2.981 $ (564) -16% 3.545 12 Other current assets 533 $ (155) 23% 688 $ (462) 40% 1,150 13 Total current assets 20,991 $ 1,176 6% 19,815 $ 437 2% 19,378 14 Property, plant and equipment, net 7,975 $ 378 5% 7,59' $ 384 5% 7.213 15 Goodwill 0, 780 $ (33) 0% 10,813 $7 0.06% 10,806 16 Intangible assets, net 2,459 $ (247) .9% 2,70 $ (306) 10% 3.012 Deferred income taxes 3,744 $ 1,454 63% 2,290 $ (1,185) -34% 3,475 18 Other noncurrent assets 6,931 $ (721) 9% 7,652 $ 826 12% 6,826 19 Total assets 52,880 $ 2,007 4% 50,873 $ 163 0.32% 50,710 20 LIABILITIES 21 Current Liabilities Accounts payable 2,117 $ 1,337 171% 780 $ (100) -11% 880 Salaries, benefits and payroll taxes 3,075 $ (33) 1% 3,108 $ (55 2% 3,163 Contract liabilities 8,488 $ 381 5% 8,10 $ 562 7% 7,545 Other current liabilities 2,207 $ 205 10% 2,002 $ (343) -15% 2.345 Total current liabilities 15,887 $ 1,890 14% 13,997 64 0.46% 13,933 27 Long-term debt, net 15,429 $ 3,759 32% 11,670 $1 0.01% 11,669 28 Accrued pension liabilities 5,472 $ (2,847) -34% 8,319 $ (4,555) -35% 12,874 29 Other noncurrent liabilities 6,826 $ 898 15% 5,928 $ (268) 4% 6,196 30 Total liabilities 43,614 $ 3,700 9% 39,914 $ (4,758) -11% 44,672 Stockholders' equity Common stock, $1 par value per share 254 $ (17) -6% 271 $ (8) -3% 279 Additional paid-in capita $ (2 ) -2% 94 $ (127) 57% 221 Retained earning 16,943 $ (4,657) 22% 21,600 $ (36 0.17% 21,636 35 Accumulated other comprehensive loss 8,023 $ 2,98 -27% (1 1,006) $ 5,115 -32% (16,121) 36 Total stockholders' equity 9.266 $ (1,693) 15% 10.959 $ 4,921 82% 6,038 37 38 Total liabilities and equity $ 52,880 $ 2,007 4% $ 50,873 $ 163 0.32% $ 50,710 40 41 Common Sized Income Statements Horizontal Analysis of Balance Horizontal Analysis of Income Projected Income Statement Projected Balance Sheets Projected Statement Cash Flow + Ready X Accessibility: Investigate + 100%