I need help with company valuations and portfolio analysis project.

FIN 640 Milestone One Guidelines and Rubric Overview: For your final project, the CEO has asked you, the new investment manager of XYZ Tech Company, to produce an investment analysis report describing how to invest the firm's cash and cash equivalents in the financial markets. You will prepare an investment analysis report for the company, which will include a portfolio analysis template that you will use to outline how you will invest the cash in selected public corporations. Finally, your reasons behind your investment strategies should be noted in an executive summary. For this first milestone, due in Module Three, you will submit your company profile. Using the investment parameters for XYZ Tech Company along with your own financial database research, you will fill in the portfolio analysis template and write a 2- to 3-page paper outlining the securities that your company will invest in to create a well-diversified investment portfolio. You will analyze each company and its performance in the financial markets over the past five years, include a company valuation for each firm, and identify stakeholders in the company. Prompt: First, visit Morningstar to retrieve stock and bond information for each of the following companies: Apple, Inc. (AAPL) Caterpillar (CAT) Consolidated Edison (ED) Northern Trust (NTRS) Macy's (M) Next, using the portfolio analysis template, provide the specified data to explain the company's growth period (revenues, earnings market share, etc.). Finally, in a 2- to 3-page paper, discuss the five-year history of each company by visiting the respective websites and databases covering the firm and industry. The paper should briefly discuss the products and services produced by each company that were major contributors to the company's success. It should also discuss each company's strengths given the competitive nature of the industry. Based on the financial items and key ratios of the company that you have researched, include a brief discussion of the company's valuation. (Hint: The Key Ratios on the Morningstar website list competition and industry ratios and could be downloaded directly into Excel for easier comparison.) You should also identify the key stakeholders, particularly common stakeholders, in the company. Specifically, you must address the following critical elements: I. Company and Market Analysis: In this section, you will analyze the company and its position in the financial markets. A. Financial Markets i. Analyze the five-year performance of the domestic economy relative to the financial markets (using the portfolio analysis template). ii. Explain specific market performance data based on compiled asset valuation model inputs supported by database research of five-year sector and industry performance and current trends. iii. Evaluate the impact of the five-year and current macroeconomic data on asset prices. B. Company Valuation i. Analyze the company's financial items and key ratios for a comparison to peers and industry (using the portfolio analysis template). ii. Determine the intrinsic value of assets by inputting data into the various asset valuation models. D. Stakeholders i. Identify five key stakeholders and their needs in relation to the company's portfolio. ii. Identify the common stockholders' primary objective and their required return on equity. Refer to your text readings and other course resources to support your responses. In Milestones Two and Three, and for the final project submission, you will be using the portfolio analysis template that you have prepared in this milestone. Be sure to refer back to this (and update and revise it as necessary) as you continue your work throughout the course. You should also be monitoring the portfolio's performance on a daily basis and reading the financial periodicals provided among the course resources to stay current with your investments. Be sure to apply instructor feedback on this milestone to your final project. Rubric Guidelines for Submission: Submit both your completed portfolio analysis template and company profile. The written component of this milestone should be submitted as a Word document, 2-3 pages in length, double-spaced, using 12-point Times New Roman font, one-inch margins, and the latest edition of the APA manual for formatting and citations. Please note that the grading rubric for this milestone submission is not identical to that of the final project. The Final Project Rubric will include an additional \"Exemplary\" category that provides guidance as to how you can go above and beyond \"Proficient\" in your final submission. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Financial Markets: Domestic Economy Proficient (100%) Analyzes the five-year performance of the domestic economy relative to the financial markets Financial Markets: Asset Valuation Model Inputs Explains specific market performance data based on compiled asset valuation model inputs supported by database research of five-year sector and industry performance and current trends Financial Markets: Macroeconomic Data Evaluates the impact of the fiveyear and current macroeconomic data on asset prices Company Valuation: Financial Items and Key Ratios Analyzes the company's financial items and key ratios in order to demonstrate a comparison to peers and industry Needs Improvement (75%) Analyzes the five-year performance of the domestic economy relative to the financial markets, but analysis is cursory or contains inaccuracies Explains specific market performance data based on compiled asset valuation model inputs, but explanation is cursory, is not supported by database research of five-year sector and industry performance and current trends, or contains inaccuracies Evaluates the impact of the fiveyear and current macroeconomic data on asset prices, but evaluation is cursory or contains inaccuracies Analyzes the company's financial items and key ratios in order to demonstrate a comparison to peers and industry, but analysis is cursory, comparison is incomplete, or response contains inaccuracies Not Evident (0%) Does not analyze the performance of the domestic economy Value 13 Does not explain specific market performance data based on compiled asset valuation model inputs 13 Does not evaluate the impact of the macroeconomic data on asset prices 13 Does not analyze the company's financial items and key ratios in order to demonstrate a comparison to peers and industry 13 Company Valuation: Intrinsic Value Stakeholders: Key Stakeholders Determines the intrinsic value of assets by inputting data into the various asset valuation models and explains how each model was applied Identifies five key stakeholders and their needs in relation to the company's portfolio Stakeholders: Common Stockholders Identifies the common stockholders' primary objective and their required return on equity Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Determines the intrinsic value of assets by inputting data into the various asset valuation models, but determination contains inaccuracies, or asset valuation models are not used correctly, or lacks explanation Identifies key stakeholders and their needs in relation to the company's portfolio, but does not identify five stakeholders, needs are inappropriately identified in relation to the portfolio, or response contains inaccuracies Identifies the common stockholders' primary objective and their required return on equity, but identification is inaccurate or does not take into account either the objective or return on equity Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not determine the intrinsic value of assets 13 Does not identify key stakeholders and their needs in relation to the company's portfolio 13 Does not identify the common stockholders' primary objective or their required return on equity 13 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 9 100% FIN 640 Milestone Two Guidelines and Rubric Overview: For your final project, the CEO has asked you, the new investment manager of XYZ Tech Company, to produce an investment analysis report. You will prepare an investment analysis report for the company, which will include portfolio analysis that you have compiled, a complete portfolio, and a justification of your investment strategies in an executive summary. For this second milestone, due in Module Five, you will first complete the Company and Market Analysis portion of your final project. Using historic and quantitative data, you will provide a brief discussion of the absolute and relative performance of the chosen companies in terms of industry trends. Next, with your completed company and market analysis in mind, you will begin to construct an investment portfolio that includes a consideration of assets, securities, and rates of return for each of the companies that you will be including in the portfolio. Prompt: Referring to the microeconomic and quantitative data that you have gathered and analyzed, in a 2- to 3-page paper, first briefly discuss each company's stocks and bonds (both corporate and government) for absolute and relative investment performance with regard to industry trends. Next, with your company and market analysis in mind, begin to construct an investment portfolio that includes a consideration of assets, securities, and rates of return for each of the companies that you will be including in the portfolio. Specifically, the following critical elements must be addressed: I. Company and Market Analysis: In this section, you will analyze the company and its position in the financial markets. C. Industry Trends i. Compile historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models. ii. Analyze quantitative data across sectors and industries to measure absolute and relative performance. II. Portfolio: With your company and market analysis in mind, construct a complete portfolio that includes the following: A. Assets i. Explain the inclusion of specific asset classes for the portfolio, considering the portfolio's risk/return trade-offs and the company's investment objectives. ii. Apply the asset allocation weightings across asset classes, sectors, and industries. B. Securities i. Analyze the company's historical revenue and earnings growth in order to demonstrate a comparison to that of peers in the industry. ii. Determine the intrinsic value of assets utilizing the asset valuation models. C. Rates of Return i. Analyze the assets' historical risk and rates of return, utilizing a comparison of the assets' rates of return to similar securities or benchmarks for support. ii. Calculate required rates of return, utilizing various asset valuation models (e.g., stock valuation models, bond valuation models, real estate valuation models, etc.). For your milestones and the final project, you will need to use the portfolio analysis template that you prepared in Milestone One as a reference. Be sure to refer back to this (and update and revise it as necessary) as you continue your work throughout the course. You should also be monitoring the portfolio's performance on a daily basis and reading the financial periodicals provided among the course resources to stay current with your investments. Be sure to apply instructor feedback on this milestone to your final project. Rubric Guidelines for Submission: The written component of the milestone should be submitted as a Word document, 2-3 pages in length, double-spaced, using 12-point Times New Roman font, one-inch margins, and the latest edition of the APA manual for formatting and citations. Please note that the grading rubric for this milestone submission is not identical to that of the final project. The Final Project Rubric will include an additional \"Exemplary\" category that provides guidance as to how you can go above and beyond \"Proficient\" in your final submission. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Company and Market Analysis: Industry Trends: Microeconomic Data Proficient (100%) Compiles historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models Company and Market Analysis: Industry Trends: Absolute and Relative Performance Analyzes quantitative data across sectors and industries to measure absolute and relative performance Portfolio: Assets: Asset Classes Explains the inclusion of specific asset classes for the portfolio, considering the portfolio's risk/return trade-offs and the company's investment objectives Needs Improvement (75%) Compiles historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models, but compilation is incomplete or contains inaccuracies Analyzes quantitative data across sectors and industries to measure absolute and relative performance, but analysis is cursory, contains inaccuracies, or is not used to measure absolute and relative performance Explains the inclusion of specific asset classes for the portfolio, but does not consider risk/return trade-offs or investment objectives, or explanation is cursory or contains inaccuracies Not Evident (0%) Does not compile historic industry microeconomic data Value 11.5 Does not analyze quantitative data across sectors and industries 11.5 Does not explain the inclusion of specific asset classes for the portfolio 11.5 Portfolio: Assets: Allocation Weightings Applies the asset allocation weightings across asset classes, sectors, and industries Portfolio: Securities: Historical Analyzes the company's historical revenue and earnings growth in order to demonstrate a comparison to that of peers in the industry Portfolio: Securities: Intrinsic Value Determines the intrinsic value of assets utilizing the asset valuation models Portfolio: Rates of Return: Historical Analyzes the assets' historical risk and rates of return utilizing a comparison of the assets' rates of return to similar securities or benchmarks for support Portfolio: Rates of Return: Calculate Calculates required rates of return utilizing various asset valuation models Submission has no major errors related to citations, grammar, spelling, syntax, or organization Articulation of Response Applies the asset allocation weightings across asset classes, sectors, and industries, but application is incomplete or contains inaccuracies Analyzes the company's historical revenue and earnings growth, but analysis is incomplete, does not demonstrate a comparison to peers, or contains inaccuracies Determines the intrinsic value of assets, but determination does not utilize asset valuation models, is incomplete, or contains inaccuracies Analyzes the assets' historical risk and rates of return utilizing a comparison of the assets' rates of return to similar securities or benchmarks, but analysis is cursory, is insufficiently supported, or contains inaccuracies Calculates rates of return, but calculations are incomplete or contain inaccuracies Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not apply the asset allocation weightings across asset classes, sectors, or industries 11.5 Does not analyze the company's historical revenue or earnings growth 11.5 Does not determine the intrinsic value of assets 11.5 Does not analyze the assets' historical risk and rates of return utilizing a comparison of the assets' rates of return to similar securities or benchmarks 11.5 Does not calculate rates of return 11.5 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 8 100% FIN 640 Milestone Three Guidelines and Rubric Overview: For your final project, the CEO has asked you, the new investment manager of XYZ Tech Company, to produce an investment analysis report. You will prepare an investment analysis report for the company, portfolio analysis template, a complete portfolio, and a justification of your investment strategies in an executive summary. For this last milestone, due in Module Seven, you will first complete your portfolio by comparing the risk/return trade-off on the investments you are compiling. Then, as part of the beginning of your executive summary, you will describe how your investments performed on both an absolute and relative (index or benchmark) basis. You will also assess investment performance for the seven securities by calculating the portfolio's overall investment performance and briefly note how each security contributed to the portfolio's performance. Prompt: First, review your completed portfolio analysis template to access the financial data you gathered for the seven securities in your investment portfolio. Forecast each company's future revenues and earnings growth and analyze the risk and return tradeoff for these investments. In a 2- to 3-page paper, complete your portfolio by comparing the risk/return trade-off of the investments and then, in beginning your executive summary, describe how making these investments will position the company to generate an attractive absolute and relative investment performance and assess investment performance utilizing specific performance measurements. Specifically, the following critical elements must be addressed: II. Portfolio: With your company and market analysis in mind, construct a complete portfolio that includes the following: D. Compare the risk/return trade-off on the investments. Keep in mind the rates of return for shareholders on the proposed investment portfolio. III. Executive Summary: Justify your investment strategies in a summary, utilizing your company and market analysis and portfolio for support. Include the following in your justification: A. Describe how making these investments will position the company to generate an attractive absolute and relative investment performance. Support with examples. C. Assess investment performance utilizing specific performance measurements. Support your responses with the data from the portfolio analysis template and other information you have gathered from the financial resources you have consulted in this course. Be sure to apply instructor feedback on this milestone to your final project. Rubric Guidelines for Submission: The written component of this milestone should be submitted as a Word document, 2-3 pages in length (this includes the start of your executive summary), double-spaced, using 12-point Times New Roman font, one-inch margins, and the latest edition of the APA manual for formatting and citations. Please note that the grading rubric for this milestone submission is not identical to that of the final project. The Final Project Rubric will include an additional \"Exemplary\" category that provides guidance as to how you can go above and beyond \"Proficient\" in your final submission. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Portfolio: Risks/Return Proficient (100%) Compares the risk/return trade-off on the investments Executive Summary: Position Describes how making these investments will position the company within its industry in the market, supported with examples Executive Summary: Investment Performance Assesses investment performance utilizing specific performance measurements Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Needs Improvement (75%) Compares the risk/return trade-off on the investments, but comparison is incomplete or contains inaccuracies Describes how making these investments will position the company within its industry in the market, but description is cursory, is insufficiently supported, or contains inaccuracies Assesses investment performance utilizing specific performance measurements, but measurements used are inappropriate, or assessment is incomplete or contains inaccuracies Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Not Evident (0%) Does not compare the risk/return trade-off on the investments Value 30 Does not describe how making these investments will position the company within its industry in the market 30 Does not utilize performance measurements to assess investment performance 30 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100% Apple (AAPL) Stock 2016 2017 2018 2019 2020 2021 Revenues Cost of Goods Sold Selling, General & Administrative Expenses Research and development Operating Income Net Interest Expenditure Pre-Tax Income Taxes Net Income 215639 131376 14194 10045 60024 -1348 61372 15685 45687 224265 156985 38125 0 29154.4 0 29154.4 8746.32 20408.1 233235 163265 39650 0 30320.6 0 30320.6 9096.17 21224.4 242565 169795 41236 0 31533.4 0 31533.4 9460.02 22073.4 252267 176587 41624.1 0 34056.1 0 34056.1 10216.8 23839.2 262358 183650 43289 0 35418.3 0 35418.3 10625.5 24792.8 Earnings Per Share 8.30673 3.71056 3.85898 4.01334 4.33441 4.50778 Shares Outstanding 5500 5500 5500 5500 Apple (AAPL) Bond Firm Debt & Coverage Ratios Debt/Assets Debt/Equity Current Assets/Current Liability EBITDA/Interest Debt/EBITDA Cash Flow Ops/Total Debt 0.60132 0.68 1.35 43.15 0.32 0.27 Ind Avg 0.5 0.47 24.46 0.28 0.22 5500 5500 Growth Profitability and Financial Ratios for Apple Inc Financials Revenue USD Mil Gross Margin % Operating Income USD Mil Operating Margin % Net Income USD Mil Earnings Per Share USD Dividends USD Payout Ratio % * Shares Mil Book Value Per Share * USD Operating Cash Flow USD Mil Cap Spending USD Mil Free Cash Flow USD Mil Free Cash Flow Per Share * USD Working Capital USD Mil Key Ratios -> Profitability Margins % of Sales Revenue COGS Gross Margin SG&A R&D Other Operating Margin Net Int Inc & Other EBT Margin Profitability Tax Rate % Net Margin % Asset Turnover (Average) Return on Assets % Financial Leverage (Average) Return on Equity % Return on Invested Capital % Interest Coverage 2007-09 2008-09 2009-09 2010-09 2011-09 24,578 37,491 42,905 65,225 108,249 33.2 35.2 40.1 39.4 40.5 4,407 8,327 11,740 18,385 33,790 17.9 22.2 27.4 28.2 31.2 3,495 6,119 8,235 14,013 25,922 0.56 0.97 1.3 2.16 3.95 6,225 2.2 5,470 -986 4,484 0.63 12,657 6,315 3.39 9,596 -1,199 8,397 1.33 20,598 6,349 5.02 10,159 -1,213 8,946 1.41 20,049 6,473 7.45 18,595 -2,121 16,474 2.54 20,956 6,557 11.78 37,529 -7,452 30,077 4.59 17,018 2007-09 2008-09 2009-09 2010-09 2011-09 100 100 100 100 100 66.83 64.8 59.86 60.62 59.52 33.17 35.2 40.14 39.38 40.48 12.06 10.03 9.67 8.46 7.02 3.18 2.96 3.11 2.73 2.24 17.93 2.44 20.37 22.21 1.65 23.86 27.36 0.76 28.12 28.19 0.24 28.42 31.22 0.38 31.6 2007-09 2008-09 2009-09 2010-09 2011-09 30.19 29.89 31.75 24.42 24.22 14.56 14.88 19.19 21.48 23.95 1.13 1 0.99 1.06 1.13 16.43 14.89 18.92 22.84 27.07 1.74 1.88 1.5 1.57 1.52 28.52 27.19 31.27 35.28 41.67 24.84 27.19 30.22 34.69 41.04 Key Ratios -> Growth 2007-09 2008-09 2009-09 2010-09 2011-09 Revenue % Year over Year 3-Year Average 5-Year Average 10-Year Average 24.29 42.6 33.12 12.99 35.3 32.6 39.23 18.52 32.1 30.48 38.97 21.47 52.02 39.54 36.17 23.37 65.96 49.37 41.16 35.05 Operating Income % Year over Year 3-Year Average 5-Year Average 10-Year Average Net Income % Year over Year 3-Year Average 5-Year Average 10-Year Average EPS % Year over Year 3-Year Average 5-Year Average 10-Year Average Key Ratios -> Cash Flow Cash Flow Ratios Operating Cash Flow Growth % YOY Free Cash Flow Growth % YOY Cap Ex as a % of Sales Free Cash Flow/Sales % Free Cash Flow/Net Income Key Ratios -> Financial Health Balance Sheet Items (in %) Cash & Short-Term Investments Accounts Receivable Inventory Other Current Assets Total Current Assets Net PP&E Intangibles Other Long-Term Assets Total Assets Accounts Payable Short-Term Debt Taxes Payable Accrued Liabilities Other Short-Term Liabilities Total Current Liabilities Long-Term Debt Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities & Equity Liquidity/Financial Health 79.74 138.25 203.93 42.32 56.09 56.6 60.96 61.96 42.78 83.79 75.28 68.97 37.44 87.09 68.52 104.78 41.73 75.77 133.11 121.89 38.27 53.56 133.93 31.65 70.36 60.57 97.22 29.92 70.16 58.85 60.03 33.39 84.99 75.03 67.11 73.13 122.87 112.83 36.39 50.9 124.02 26.15 69.4 58.74 91.24 25.97 66.85 56.8 57.56 30.11 82.71 72.85 64.9 2007-09 2008-09 2009-09 2010-09 2011-09 146.4 75.43 5.87 83.04 101.82 186.88 87.27 6.54 84.15 82.57 4.01 3.2 2.83 3.25 6.88 18.24 22.4 20.85 25.26 27.79 1.28 1.37 1.09 1.18 1.16 2007-09 2008-09 2009-09 2010-09 2011-09 60.7 61.89 49.4 34.08 22.3 15.9 11.89 10.65 13.2 10.07 1.37 1.29 0.96 1.4 0.67 8.66 12.6 5.43 6.76 5.62 86.62 87.66 66.43 55.44 38.66 7.23 6.2 6.22 6.34 6.68 1.66 1.24 1.18 1.44 3.81 4.49 4.89 26.17 36.78 50.85 100 100 100 100 100 19.61 13.95 11.79 15.98 12.57 4.97 12.11 36.69 9.4 12.26 35.61 0.91 7.2 4.32 24.22 0.28 6.45 4.85 27.56 0.98 6.97 3.52 24.04 5.98 42.67 57.33 100 11.25 46.86 53.14 100 9.17 33.39 66.61 100 8.87 36.43 63.57 100 10.13 34.16 65.84 100 2007-09 2008-09 2009-09 2010-09 2011-09 Current Ratio Quick Ratio Financial Leverage Debt/Equity Key Ratios -> Efficiency Ratios Efficiency Days Sales Outstanding Days Inventory Payables Period Cash Conversion Cycle Receivables Turnover Inventory Turnover Fixed Assets Turnover Asset Turnover 2.36 2.09 1.74 2.46 2.07 1.88 2.74 2.48 1.5 2.01 1.72 1.57 1.61 1.35 1.52 2007-09 2008-09 2009-09 2010-09 2011-09 21.96 22.81 24.6 24.82 18.34 7.09 7.31 6.85 6.95 5.17 96.25 89.74 79.02 81.3 75.48 -67.19 -59.61 -47.58 -49.53 -51.96 16.62 16 14.84 14.71 19.9 51.47 49.9 53.28 52.51 70.53 15.42 15.15 15.86 16.89 17.26 1.13 1 0.99 1.06 1.13 2012-09 2013-09 2014-09 2015-09 2016-09 TTM 156,508 170,910 182,795 233,715 215,639 220,457 43.9 37.6 38.6 40.1 39.1 38.4 55,241 48,999 52,503 71,230 60,024 59,322 35.3 28.7 28.7 30.5 27.8 26.9 41,733 37,037 39,510 53,394 45,687 45,730 6.31 5.68 6.45 9.22 8.31 8.58 0.38 1.63 1.81 1.98 2.18 2.28 27.4 28.5 22.3 24.8 26.6 6,617 6,522 6,123 5,793 5,500 5,364 16.99 19.6 20.62 22.53 23.71 25.72 50,856 53,666 59,713 81,266 65,824 66,339 -9,402 -9,076 -9,813 -11,488 -13,548 -13,378 41,454 44,590 49,900 69,778 52,276 52,961 6.31 6.46 7.73 11.82 8.97 19,111 29,628 5,083 8,768 27,863 2012-09 2013-09 2014-09 2015-09 2016-09 TTM 100 100 100 100 100 100 56.13 62.38 61.41 59.94 60.92 61.59 43.87 37.62 38.59 40.06 39.08 38.41 6.42 6.34 6.56 6.13 6.58 6.62 2.16 2.62 3.3 3.45 4.66 4.89 35.3 0.33 35.63 28.67 0.68 29.35 28.72 0.54 29.26 30.48 0.55 31.03 27.84 0.63 28.46 2012-09 2013-09 2014-09 2015-09 2016-09 TTM 25.16 26.15 26.13 26.37 25.56 26.67 21.67 21.61 22.85 21.19 1.07 0.89 0.83 0.89 0.7 28.54 19.34 18.01 20.45 14.93 1.49 1.68 2.08 2.43 2.51 42.84 30.64 33.61 46.25 36.9 42.01 26.08 26.2 31.32 21.95 369.79 140.28 99.93 43.15 26.91 1 27.91 25.67 20.74 0.69 14.29 2.5 34.57 19.75 33.14 2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr 44.58 53.94 45.49 39.17 9.2 37.86 39.39 39.31 6.95 19.08 33.63 36.27 27.86 14.3 29.08 32.58 -7.73 8.06 14.78 27.29 4.63 63.48 67.57 65.8 124.48 -11.3 38.65 50.84 7.15 15.82 34.93 66.23 35.67 8.84 31.11 45.72 -15.73 7 12.18 37.68 60.99 71.77 64.2 90.88 -11.25 38.26 50.27 87.49 6.68 15.08 36.84 64.28 35.14 8.56 30.67 44.61 -14.43 7.25 12 36.81 59.5 69.41 62.22 85.81 -9.97 37.92 49.29 82.88 13.58 17.71 37.82 62.35 42.95 13.49 33.62 45.1 -9.87 13.53 16.01 38.31 0.79 10.53 2012-09 2013-09 2014-09 2015-09 2016-09 TTM 35.51 5.53 11.27 36.09 -19 37.83 7.57 11.91 39.84 -25.08 6.01 5.31 5.37 4.92 6.28 6.07 26.49 26.09 27.3 29.86 24.24 24.02 0.99 1.2 1.26 1.31 1.14 1.16 2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr 16.54 19.59 10.82 14.32 20.88 20.06 10.62 9.97 11.74 10.45 9.11 6.16 0.45 0.85 0.91 0.81 0.66 0.87 5.14 4.99 6.09 5.19 2.57 3.4 32.75 35.4 29.56 30.77 33.22 30.49 8.78 8.02 8.9 7.74 8.4 8.12 3.04 2.78 3.78 3.1 2.68 2.42 55.43 53.8 57.77 58.39 55.7 58.97 100 100 100 100 100 100 12.03 10.81 13.02 12.22 11.59 8.54 2.72 3.79 3.61 4.18 0.87 0.58 0.52 4.76 2.52 3.32 8.67 6.85 6.9 4.23 7.19 7.78 3.08 2.51 2.3 21.89 21.09 27.37 27.75 24.56 21.92 8.19 12.5 18.41 23.45 25.27 10.97 11.03 12.02 12.76 12.12 12.73 32.86 40.31 51.89 58.91 60.13 59.92 67.14 59.69 48.11 41.09 39.87 40.08 100 100 100 100 100 100 2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr 1.5 1.24 1.49 1.68 1.4 1.68 0.14 1.08 0.82 2.08 0.26 1.11 0.89 2.43 0.45 1.35 1.22 2.51 0.59 1.39 1.2 2.5 0.63 2012-09 2013-09 2014-09 2015-09 2016-09 TTM 19.01 25.66 30.51 26.79 27.59 19.71 3.26 4.37 6.3 5.81 6.22 6.98 74.38 74.54 85.45 85.57 101.11 72.14 -52.13 -44.5 -48.64 -52.97 -67.29 -45.46 19.2 14.22 11.96 13.62 13.23 18.52 112.12 83.45 57.94 62.82 58.64 52.31 13.48 10.67 9.82 10.85 8.71 8.75 1.07 0.89 0.83 0.89 0.7 0.69 APPLE INC (AAPL) CashFlowFlag INCOME STATEMENT Fiscal year ends in September. USD in millions except per share data. Revenue Cost of revenue Gross profit Operating expenses Research and development Sales, General and administrative Total operating expenses Operating income Interest Expense Other income (expense) Income before taxes Provision for income taxes Net income from continuing operations Net income Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA 2012-09 2013-09 2014-09 156508 170910 182795 87846 106606 112258 68662 64304 70537 3381 10040 13421 55241 522 55763 14030 41733 41733 41733 4475 10830 15305 48999 136 1292 50155 13118 37037 37037 37037 6041 11993 18034 52503 384 1364 53483 13973 39510 39510 39510 6.38 6.31 5.72 5.68 6.49 6.45 6544 6617 58518 6477 6522 57048 6086 6123 61813 2015-09 2016-09 TTM 233715 215639 218118 140089 131376 134102 93626 84263 84016 8067 14329 22396 71230 733 2018 72515 19121 53394 53394 53394 10045 14194 24239 60024 1456 2804 61372 15685 45687 45687 45687 10512 14292 24804 59212 1705 3472 60979 15762 45217 45217 45217 9.28 9.22 8.35 8.31 8.43 8.39 5753 5793 84505 5471 5406 5500 5434 73333 73222 APPLE INC (AAPL) CashFlowFlag BALANCE SHEET Fiscal year ends in September. USD in millions except per share data. Assets Current assets Cash Cash and cash equivalents Short-term investments Total cash Receivables Inventories Deferred income taxes Other current assets Total current assets Non-current assets Property, plant and equipment Gross property, plant and equipment Accumulated Depreciation Net property, plant and equipment Equity and other investments Goodwill Intangible assets Other long-term assets Total non-current assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt Accounts payable Taxes payable Accrued liabilities Deferred revenues Other current liabilities Total current liabilities Non-current liabilities Long-term debt Deferred taxes liabilities Deferred revenues Other long-term liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 2012-09 2013-09 2014-09 10746 18383 29129 10930 791 2583 14220 57653 14259 26287 40546 13102 1764 3453 14421 73286 13844 11233 25077 17460 2111 4318 19565 68531 21887 28519 39015 -6435 -11922 -18391 15452 16597 20624 92122 106215 130162 1135 1577 4616 4224 4179 4142 5478 5146 3764 118411 133714 163308 176064 207000 231839 6308 30196 1209 7689 9548 8498 63448 21175 1535 8387 5953 1492 38542 22367 1200 5217 7435 7439 43658 2648 16664 19312 57854 16960 28987 16489 20259 2625 3031 3719 4567 39793 56844 83451 120292 23313 16422 19764 101289 104256 87152 499 -471 1082 118210 123549 111547 176064 207000 231839 2015-09 2016-09 21120 20484 20481 46671 41601 67155 16849 15754 2349 2132 5546 23033 21828 89378 106869 49257 61245 -26786 -34235 22471 27010 164065 170430 5116 5414 3893 3206 5556 8757 201101 214817 290479 321686 10999 35490 11605 37294 25181 8940 22027 8080 80610 79006 53463 75427 24062 26019 3624 2930 9365 10055 90514 114431 171124 193437 27416 31251 92284 96364 -345 634 119355 128249 290479 321686 APPLE INC (AAPL) Statement of CASH FLOW Fiscal year ends in September. USD in millions except per share data. Cash Flows From Operating Activities Net income Depreciation & amortization Deferred income taxes Stock based compensation Accounts receivable Inventory Accounts payable Other working capital Other non-cash items Net cash provided by operating activities Cash Flows From Investing Activities Investments in property, plant, and equipment Acquisitions, net Purchases of investments Sales/Maturities of investments Purchases of intangibles Other investing activities Net cash used for investing activities Cash Flows From Financing Activities Debt issued Debt repayment Common stock issued Common stock repurchased Dividend paid Other financing activities Net cash provided by (used for) financing activities Net change in cash Cash at beginning of period Cash at end of period Free Cash Flow Operating cash flow Capital expenditure Free cash flow 2012-09 2013-09 2014-09 41733 3277 4405 1740 -5551 -15 4467 800 37037 6757 1141 2253 -2172 -973 2340 7283 39510 7946 2347 2863 -4232 -76 5938 5417 50856 53666 59713 -8295 -8165 -9571 -350 -496 -3765 -151232 -148489 -217128 112805 124447 208111 -1107 -911 -242 -48 -160 16 -48227 -33774 -22579 16896 18266 -2488 125 -1698 931 9815 10746 530 -22860 -10564 -381 -16379 3513 10746 14259 730 -45000 -11126 -419 -37549 -415 14259 13844 50856 -9402 41454 53666 -9076 44590 59713 -9813 49900 665 2015-09 2016-09 TTM 53394 11257 1382 3586 611 -238 5400 5874 45687 10505 4938 4210 1095 217 1791 -2619 81266 65824 45217 10538 4798 4388 -1104 -261 5103 -2878 -384 65417 -11247 -12734 -12456 -343 -297 -228 -166402 -143816 -150126 121985 111794 118709 -241 -814 -506 -26 -110 -42 -56274 -45977 -44649 543 -35253 -11561 28555 -17716 7276 13844 21120 -2500 495 -29722 -12150 23394 -20483 -636 21120 20484 494 -33710 -12311 24441 -21086 -318 16689 16371 81266 -11488 69778 65824 -13548 52276 65417 -12962 52455 Caterpillar (CAT) Stock 2016 Revenues Cost of Goods Sold Selling, General & Administrative Expenses Research and development Operating Income Net Interest Expenditure Pre-Tax Income Taxes Net Income Earnings Per Share Shares Outstanding 38537 28309 4686 5044 498 359 139 192 -67 2017 2018 2019 2020 2021 40078.5 28054.9 6813.34 0 5210.2 0 5210.2 1563.06 3647.14 41681.6 29177.1 7085.88 0 5418.61 0 5418.61 1625.58 3793.03 43348.9 30344.2 7369.31 0 5635.35 0 5635.35 1690.61 3944.75 45082.8 31558 7438.67 0 6086.18 0 6086.18 1825.85 4260.33 46886.2 32820.3 7736.22 0 6329.63 0 6329.63 1898.89 4430.74 -0.11473 6.24511 6.49491 6.75471 7.29508 7.58689 584 584 584 584 Caterpillar (CAT) Bond Firm Debt & Coverage Ratios Debt/Assets Debt/Equity Current Assets/Current Liability EBITDA/Interest Debt/EBITDA Cash Flow Ops/Total Debt 0.49 2.8 1.22 3.88 8.61 0.15 Ind Avg 0.52 2.39 2.05 9.73 0.12 584 584 CATERPILLAR INC (CAT) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. USD in millions except per share data. Revenue Cost of revenue Gross profit Operating expenses Research and development Sales, General and administrative Other operating expenses Total operating expenses Operating income Interest Expense Other income (expense) Income before taxes Provision for income taxes Other income Net income from continuing operations Other Net income Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA 2012-12 2013-12 2014-12 65875 55656 55184 47055 40727 39767 18820 14929 15417 2466 5919 1862 10247 8573 467 130 8236 2528 14 5722 -41 5681 5681 2046 5547 1708 9301 5628 465 -35 5128 1319 -6 3803 -14 3789 3789 2135 5697 2257 10089 5328 484 239 5083 1380 8 3711 -16 3695 3695 8.71 8.48 5.87 5.75 5.99 5.88 653 670 12313 645 659 9407 617 629 9354 2015-12 2016-12 TTM 47011 38537 38537 33742 28309 28309 13269 10228 10228 2165 5199 2649 10013 3256 507 106 2855 742 2113 -11 2102 2102 1951 4686 3093 9730 498 505 146 139 192 -6 -59 -8 -67 -67 1951 4686 3093 9730 498 505 146 139 192 -6 -59 -8 -67 -67 3.54 3.5 -0.11 -0.11 -0.11 -0.11 594 601 6995 584 584 4274 584 584 4274 CATERPILLAR INC (CAT) CashFlowFlag BALANCE SHEET Fiscal year ends in December. USD in millions except per share data. Assets Current assets Cash Cash and cash equivalents Total cash Receivables Inventories Deferred income taxes Prepaid expenses Total current assets Non-current assets Property, plant and equipment Gross property, plant and equipment Accumulated Depreciation Net property, plant and equipment Equity and other investments Goodwill Intangible assets Deferred income taxes Other long-term assets Total non-current assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt Accounts payable Accrued liabilities Deferred revenues Other current liabilities Total current liabilities Non-current liabilities Long-term debt Capital leases Pensions and other benefits Minority interest Other long-term liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock Retained earnings Treasury stock Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 2012-12 2013-12 2014-12 5490 5490 18952 15547 1547 988 42524 6081 6081 17176 12625 1553 900 38335 7341 7341 16764 12205 1739 818 38867 29932 -13471 16461 272 6942 4016 2011 17130 46832 89356 31316 -14241 17075 272 6956 3596 594 18068 46561 84896 31572 -14995 16577 257 6694 3076 1404 17806 45814 84681 12391 6753 5578 2978 2055 29755 11031 6560 5115 2360 2231 27297 11501 6515 5986 1697 2178 27877 27752 26719 27784 11085 50 3182 42069 71824 6973 67 3029 36788 64085 8963 80 3231 40058 67935 4481 29558 -10074 -6433 17532 89356 4709 31854 -11854 -3898 20811 84896 5016 33887 -15726 -6431 16746 84681 2015-12 2016-12 6460 6460 15686 9700 1526 1046 34418 7168 7168 14503 8614 31977 -15887 16090 246 6615 2821 1654 16653 44079 78497 31940 -16618 15322 12846 5023 5110 1146 2178 26303 13965 4614 4299 1167 2087 26132 25170 77 8843 76 3219 37385 63688 22750 68 9357 76 3184 35435 61567 5238 34208 -17640 -6997 14809 78497 5277 27377 -17478 -2039 13137 74704 1682 31967 6020 2349 2790 16256 42737 74704 CATERPILLAR INC (CAT) Statement of CASH FLOW Fiscal year ends in December. USD in millions except per share data. Cash Flows From Operating Activities Net income Depreciation & amortization Investment/asset impairment charges Inventory Accounts payable Accrued liabilities Other working capital Other non-cash items Net cash provided by operating activities Cash Flows From Investing Activities Investments in property, plant, and equipment Property, plant, and equipment reductions Acquisitions, net Purchases of investments Sales/Maturities of investments Other investing activities Net cash used for investing activities Cash Flows From Financing Activities Debt issued Debt repayment Common stock issued Common stock repurchased Dividend paid Other financing activities Net cash provided by (used for) financing activities Effect of exchange rate changes Net change in cash Cash at beginning of period Cash at end of period Free Cash Flow Operating cash flow Capital expenditure Free cash flow 2012-12 2013-12 2014-12 5722 2813 580 -1149 -1868 183 -849 -191 5241 3803 3087 3711 3163 2658 134 -108 135 482 10191 101 222 891 -584 553 8057 -1726 1117 581 -12412 9433 -3183 -6190 -1924 844 170 -402 449 -4183 -5046 -1840 904 169 -825 810 -2845 -3627 16015 -11099 52 -1617 198 3549 -167 2433 3057 5490 9328 -10870 128 -2000 -1111 14 -4511 -43 591 5490 6081 10649 -9248 239 -4238 -1620 1222 -2996 -174 1260 6081 7341 5241 -5076 165 10191 -4446 5745 8057 -3379 4678 2015-12 2016-12 TTM 2113 3046 2274 -1165 -588 487 508 6675 -59 3034 595 1109 -200 -909 628 1410 5608 -59 3034 595 1109 -200 -909 628 1410 5608 -1873 760 178 -885 351 -2048 -3517 -1819 -1819 899 899 -191 -191 -391 -391 694 694 -952 -952 -1760 -1760 5132 -8292 33 -2025 -1757 3039 -3870 -169 -881 7341 6460 5115 5115 -6565 -6565 -23 -23 6675 -3261 3414 5608 5608 -2928 -2928 2680 2680 -1799 160 -3112 -28 708 6460 7168 -1799 160 -3112 -28 708 6460 7168 Consolidated Edison (ED) Stock 2016 Revenues Cost of Goods Sold Selling, General & Administrative Expenses Research and development Operating Income Net Interest Expenditure Pre-Tax Income Taxes Net Income Earnings Per Share Shares Outstanding 12075 3088 5196 1216 2575 632 1943 698 1245 2017 2018 2019 2020 2021 12558 8790.6 2134.86 0 1632.54 0 1632.54 489.762 1142.78 13060.3 9142.22 2220.25 0 1697.84 0 1697.84 509.352 1188.49 13582.7 9507.91 2309.06 0 1765.76 0 1765.76 529.727 1236.03 14126 9888.23 2330.8 0 1907.02 0 1907.02 572.105 1334.91 14691.1 10283.8 2424.03 0 1983.3 0 1983.3 594.989 1388.31 4.12252 3.78403 3.93539 4.09281 4.42024 4.59704 302 302 302 302 302 Consolidated Edison (ED) Bond Firm Debt & Coverage Ratios Debt/Assets Debt/Equity Current Assets/Current Liability EBITDA/Interest Debt/EBITDA Cash Flow Ops/Total Debt 0.33 1.11 0.89 5.51 4.1 0.22 Ind Avg 0.36 0.93 0.75 3.29 44.04 302 CONSOLIDATED EDISON INC (ED) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. USD in millions except per share data. Revenue Cost of revenue Gross profit Operating expenses Operation and maintenance Depreciation and amortization Other operating expenses Total operating expenses Operating income Interest Expense Other income (expense) Income before income taxes Provision for income taxes Net income from continuing operations Net income Preferred dividend Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA 2012-12 2013-12 2014-12 12188 12354 12919 3887 4054 4513 8301 8300 8406 3182 955 1825 5962 2339 604 6 1741 600 1141 1141 3 1138 3137 1024 1895 6056 2244 719 13 1538 476 1062 1062 3294 1071 1832 6197 2209 592 43 1660 568 1092 1092 1062 1092 3.88 3.86 3.62 3.61 3.73 3.71 293 294 3300 293 294 3281 293 294 3323 2015-12 2016-12 TTM 12554 12075 12075 3716 3088 3088 8838 8987 8987 3344 1130 1937 6411 2427 656 27 1798 605 1193 1193 3269 1216 1927 6412 2575 702 70 1943 698 1245 1245 3269 1216 1927 6412 2575 702 70 1943 698 1245 1245 1193 1245 1245 4.07 4.05 4.15 4.12 4.15 4.12 293 294 3584 300 302 3861 300 302 3861 CONSOLIDATED EDISON INC (ED) CashFlowFlag BALANCE SHEET Fiscal year ends in December. USD in millions except per share data. Assets Current assets Cash Cash and cash equivalents Total cash Receivables Inventories Prepaid expenses Other current assets Total current assets Non-current assets Property, plant and equipment Gross property, plant and equipment Accumulated Depreciation Net property, plant and equipment Equity and other investments Goodwill Intangible assets Regulatory assets Other long-term assets Total non-current assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt Accounts payable Taxes payable Accrued liabilities Deferred revenues Other current liabilities Total current liabilities Non-current liabilities Long-term debt Capital leases Deferred taxes liabilities Pensions and other benefits Regulatory liabilities Minority interest Other long-term liabilities Total non-current liabilities Total liabilities stockholders' equity Common stock Additional paid-in capital Retained earnings 2012-12 2013-12 2014-12 394 394 1966 330 159 602 3451 1001 1001 2005 363 136 386 3891 699 699 2058 372 163 562 3854 33580 -6641 26939 467 429 2 9705 216 37758 41209 35598 -7162 28436 461 429 4 7201 225 36756 40647 37532 -7705 29827 816 429 3 9156 223 40454 44308 1245 1215 162 247 304 772 3945 1936 1017 476 341 321 639 4730 1360 1019 72 227 344 759 3781 10062 2 8372 4678 1202 10489 1 8466 1727 1728 11631 1079 25395 29340 1261 23672 28402 9076 3914 1993 9 1328 27951 31732 32 4991 7997 32 4995 8338 32 4991 8691 Treasury stock Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity -1037 -114 11869 41209 -1034 -86 12245 40647 -1032 -106 12576 44308 2015-12 2016-12 944 944 1882 350 177 483 3836 776 776 1827 339 159 305 3406 40348 -8139 32209 884 429 2 8096 186 41806 45642 43897 -8681 35216 1921 428 124 7024 136 44849 48255 2268 1008 62 233 354 795 4720 1093 1147 64 251 352 936 3843 12006 14735 9537 2911 1977 9 1430 27870 32590 10205 1847 1905 8 1414 30114 33957 32 5030 9123 33 5854 9559 -1038 -95 13052 45642 -1038 -110 14298 48255 CONSOLIDATED EDISON INC (ED) Statement of CASH FLOW Fiscal year ends in December. USD in millions except per share data. Cash Flows From Operating Activities Net income Depreciation & amortization Amortization of debt discount/premium and issuance costs Deferred income taxes Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Interest payable Income taxes payable Other working capital Other non-cash items Net cash provided by operating activities Cash Flows From Investing Activities Investments in property, plant, and equipment Purchases of investments Sales/Maturities of investments Other investing activities Net cash used for investing activities Cash Flows From Financing Activities Debt issued Debt repayment Common stock issued Redemption of preferred stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Net change in cash Cash at beginning of period Cash at end of period Free Cash Flow Operating cash flow Capital expenditure Free cash flow Supplemental schedule of cash flow data Cash paid for income taxes Cash paid for interest 2012-12 2013-12 2014-12 1141 955 42 584 -99 26 -14 111 -7 -7 -26 -19 -88 2599 1062 1024 10 40 -29 -33 23 -118 96 96 314 149 -82 2552 1092 1071 102 518 44 -10 -27 -9 -113 -113 -404 634 46 2831 -2069 -337 30 -147 -2523 -2538 -175 93 -39 -2659 -2419 -283 108 -165 -2759 939 -305 1831 -709 1850 -480 -239 -712 -13 -330 -254 648 394 -721 -14 387 280 394 674 -739 -678 -47 25 674 699 2599 -2069 530 2552 -2538 14 2831 -2419 412 46 571 69 574 633 561 2015-12 2016-12 TTM 1193 1130 -52 653 96 22 -14 -79 4 4 -10 255 75 3277 1245 1245 1216 1216 -210 -210 783 783 -69 -69 13 13 20 20 29 29 14 14 14 14 2 2 380 380 22 22 3459 3459 -3054 -299 -3680 -3680 -1478 -1478 -304 -3657 182 182 -4976 -4976 1147 -500 2590 2590 -735 -735 702 702 -733 715 629 249 699 948 -763 -763 -449 -449 1345 1345 -172 -172 944 944 772 772 3277 -3054 223 3459 3459 -3680 -3680 -221 -221 -36 597 -180 664 -180 664 Northern Trust (NTRS) Stock 2016 Revenues Cost of Goods Sold Selling, General & Administrative Expenses Research and development Operating Income Net Interest Expenditure Pre-Tax Income Taxes Net Income Earnings Per Share Shares Outstanding 4962 1877 -1877 0 4962 0 4962 485 1032 2017 2018 2019 2020 2021 5160.48 3612.34 877.282 0 670.862 0 670.862 201.259 469.604 5366.9 3756.83 912.373 0 697.697 0 697.697 209.309 488.388 5581.58 3907.1 948.868 0 725.605 0 725.605 217.681 507.923 5804.84 4063.39 957.798 0 783.653 0 783.653 235.096 548.557 6037.03 4225.92 996.11 0 814.999 0 814.999 244.5 570.499 4.50655 2.05067 229 229 2.1327 2.21801 2.39545 2.49126 229 229 Northern Trust (NTRS) Bond Firm Debt & Coverage Ratios Debt/Assets Debt/Equity Current Assets/Current Liability EBITDA/Interest Debt/EBITDA Cash Flow Ops/Total Debt 0.07 0.92 0.18 Ind Avg 0.09 0.65 2.49 6.07 0.18 229 229 NORTHERN TRUST CORP (NTRS) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. USD in millions except per share data. Revenue Operating expenses Compensation and benefits Advertising and promotion Depreciation and amortization Other expenses Total operating expenses Operating income Nonoperating income Interest expense Other income (expense) Total nonoperating income, net Income before taxes Provision for income taxes Other income (expense) Net income Preferred dividend Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted 2012-12 2013-12 2014-12 3896 3923 4331 1526 1507 -1526 -1507 1726 88 20 -1833 3896 3923 4331 297 297 177 177 181 181 3896 305 -2904 687 3923 351 -2844 728 687 728 4331 378 -3141 812 10 802 2.82 2.81 3.07 3.07 3.34 3.32 240 241 237 237 236 242 2015-12 2016-12 TTM 4703 4962 4962 1769 93 11 -1873 1877 1877 84 84 9 9 -1970 -1970 4703 4962 4962 154 154 182 182 182 182 4703 491 -3238 974 23 950 4962 485 -3445 1032 23 1009 4962 485 -3445 1032 23 1009 4.03 3.99 4.35 4.32 4.35 4.32 232 234 228 229 228 229 NORTHERN TRUST CORP (NTRS) CashFlowFlag BALANCE SHEET Fiscal year ends in December. USD in millions except per share data. Assets Cash and cash equivalents Federal funds sold Receivables Investments Loans Property and equipment Goodwill Other assets Total assets Liabilities and stockholders' equity Liabilities Deposits Short-term borrowing Long-term debt Other liabilities Total liabilities Stockholders' equity Preferred stock Common stock Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 2012-12 2013-12 2014-12 30176 35289 17979 61 530 18449 2049 1355 1569 31034 30713 33734 29207 29107 31373 470 455 444 538 502 533 3930 4707 5865 97464 102659 109946 81408 4472 4057 89937 85717 90757 1598 3034 5074 5208 5666 95557 101498 409 1013 6703 -314 -283 7527 97464 388 7102 409 1051 7625 -705 -320 7102 8449 102659 109946 2015-12 2016-12 36986 10133 1614 28648 2157 1044 37567 44501 32987 33661 447 467 526 519 4464 4954 116750 123927 96869 101652 7201 8214 3974 4290 108044 114156 388 882 409 409 1072 1036 8243 8908 -1034 -1094 -373 -370 8706 9770 116750 123927 117987 5940 123927 NORTHERN TRUST CORP (NTRS) Statement of CASH FLOW Fiscal year ends in December. USD in millions except per share data. Cash Flows From Operating Activities Net income Provision for credit losses Depreciation & amortization Amortization of debt discount/premium and issuance costs Deferred tax (benefit) expense Investments (gains) losses Receivable Accrued liabilities Interest payable Income taxes payable Other operating activities Net cash provided by operating activities Cash Flows From Investing Activities Change in deposits with banks Change in federal funds sold and securities purchased under resale agreements Sales/maturity of investments Purchases of investments Property, and equipments, net Acquisitions and dispositions Other investing activities Net cash used for investing activities Cash Flows From Financing Activities Change in deposits Change in federal funds purchased Debt issued Debt repayment Preferred stock issued Repurchases of treasury stock Dividend paid Other financing activities Net cash provided by (used for) financing activities Effect of exchange rate changes Net change in cash Cash at beginning of period Cash at end of period Free Cash Flow Operating cash flow Capital expenditure Free cash flow Supplemental schedule of cash flow data Cash paid for income taxes Cash paid for interest 2012-12 2013-12 687 25 289 -12 80 2 -42 -10 -10 18 -214 814 731 20 318 45 67 2 -206 -11 -11 -32 -83 839 3722 60 23404 -23345 -73 -6074 -469 14310 -13884 -92 -2141 1628 525 -5683 -1270 -534 500 -924 2939 402 750 -804 -162 -354 -329 -3073 68 -563 4315 3753 -310 -221 1632 4388 -135 -590 3753 3162 814 -312 502 839 -385 454 188 307 263 232 2014-12 2015-12 2016-12 TTM 812 6 336 35 -36 4 21 -4 -4 55 -287 936 974 -43 352 53 -146 0 -16 -8 -8 207 470 1834 1032 -26 373 101 -176 3 -129 0 0 -129 460 1510 1032 -26 373 101 -176 3 -129 0 0 -129 460 1510 3297 -533 16384 -19807 -82 843 -550 15204 -19566 -98 -7472 -8212 -2734 -6901 8488 -64 8106 -920 6737 -220 6737 -220 -640 388 -481 -303 -314 7074 91 -112 3162 3051 -231 -497 -348 2425 8534 -74 3394 3051 6445 -7 494 -411 -356 1300 7537 59 -1086 6418 5332 -7 494 -411 -356 1300 7537 59 -1086 6418 5332 936 -410 526 1834 -434 1401 1510 -473 1037 1510 -473 1037 279 186 390 162 754 182 754 182 -2218 -2218 -373 -373 15344 15344 -23315 -23315 -111 -111 -17 -17 498 498 -10192 -10192 Macy's (M) Stock 2016 Revenues Cost of Goods Sold Selling, General & Administrative Expenses Research and development Operating Income Net Interest Expenditure Pre-Tax Income Taxes Net Income Earnings Per Share Shares Outstanding 27079 16496 8256 288 2039 361 1678 608 1070 2017 2018 2019 2020 2021 28162.2 19713.5 4787.57 0 3661.08 0 3661.08 1098.32 2562.76 29288.6 20502.1 4979.07 0 3807.52 0 3807.52 1142.26 2665.27 30460.2 21322.1 5178.23 0 3959.82 0 3959.82 1187.95 2771.88 31678.6 22175 5226.97 0 4276.61 0 4276.61 1282.98 2993.63 32945.7 23062 5436.05 0 4447.68 0 4447.68 1334.3 3113.37 3.21321 7.69597 333 333 8.0038 8.32396 8.98987 9.34947 333 333 Macy's (M) Bond Firm Debt & Coverage Ratios Debt/Assets Debt/Equity Current Assets/Current Liability EBITDA/Interest Debt/EBITDA Cash Flow Ops/Total Debt 32.47 158.94 1.35 4.46 2.51 Ind Avg 333 333 MACY'S INC (M) CashFlowFlag INCOME STATEMENT Fiscal year ends in January. USD in millions except per share data. Revenue Cost of revenue Gross profit Operating expenses Sales, General and administrative Other operating expenses Total operating expenses Operating income Interest Expense Other income (expense) Income before income taxes Provision for income taxes Minority interest Other income Net income from continuing operations Other Net income Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA 2013-01 2014-01 2015-01 27686 27931 28105 16538 16725 16863 11148 11206 11242 8482 5 8487 2661 437 -122 2102 767 8440 88 8528 2678 390 2 2290 804 8355 87 8442 2800 395 -15 2390 864 1335 1486 1526 1335 1335 1486 1486 1526 1526 3.29 3.24 3.93 3.86 4.3 4.22 406 412 3588 378 385 3700 355 362 3821 2016-01 2017-01 TTM 27079 25778 25778 16496 15621 15621 10583 10157 10157 8256 288 8544 2039 363 2 1678 608 -2 -2 1070 2 1072 1072 8265 577 8842 1315 384 21 952 341 -8 -8 611 8 619 619 8265 577 8842 1315 384 21 952 341 -8 -8 611 8 619 619 3.26 3.22 2.01 1.99 2.01 1.99 328 333 3102 308 311 2394 308 311 2394 MACY'S INC (M) CashFlowFlag BALANCE SHEET Fiscal year ends in January. USD in millions except per share data. Assets Current assets Cash Cash and cash equivalents Total cash Receivables Inventories Prepaid expenses Total current assets Non-current assets Property, plant and equipment Land Fixtures and equipment Other properties Property and equipment, at cost Accumulated Depreciation Property, plant and equipment, net Goodwill Intangible assets Other long-term assets Total non-current assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt Capital leases Accounts payable Deferred income taxes Taxes payable Accrued liabilities Other current liabilities Total current liabilities Non-current liabilities Long-term debt Capital leases Deferred taxes liabilities Minority interest Other long-term liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Treasury stock 2013-01 2014-01 2015-01 1836 1836 371 5308 361 7876 2273 2273 438 5557 420 8688 2246 2246 424 5516 493 8679 1736 4909 7498 14143 -5947 8196 3743 561 615 13115 20991 1696 4811 7489 13996 -6066 7930 3743 527 746 12946 21634 1664 4828 6902 13394 -5594 7800 3743 496 743 12782 21461 124 463 76 2204 407 550 542 1248 5075 2437 400 519 520 1387 5726 2526 362 483 2089 6806 6728 7265 1238 1273 1081 1821 9865 14940 1658 9659 15385 2201 10547 16083 4 3872 5108 -2002 4 2522 6235 -1847 4 1048 7340 -1942 5536 Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity -931 6051 20991 -665 6249 21634 -1072 5378 21461 2016-01 2017-01 1109 1109 558 5506 479 7652 1297 1297 522 5399 408 7626 1629 4910 6396 12935 -5319 7616 3897 514 897 12924 20576 1541 4541 5791 11873 -4856 7017 3897 498 813 12225 19851 636 6 2340 300 9 1423 411 625 1710 5728 352 3563 5647 6966 29 1477 3 2123 10598 16326 6535 27 1443 -1 1877 9881 15528 3 621 6334 -1665 3 617 6088 -1489 -1043 4250 20576 -896 4323 19851 MACY'S INC (M) Statement of CASH FLOW Fiscal year ends in January. USD in millions except per share data. Cash Flows From Operating Activities Net income Depreciation & amortization Amortization of debt discount/premium and issuance costs Investment/asset impairment charges Stock based compensation Inventory Prepaid expenses Accounts payable Income taxes payable Other working capital Other non-cash items Net cash provided by operating activities Cash Flows From Investing Activities Investments in property, plant, and equipment Property, plant, and equipment reductions Acquisitions, net Other investing charges Net cash used for investing activities Cash Flows From Financing Activities Short-term borrowing Long-term debt issued Long-term debt repayment Common stock issued Repurchases of treasury stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Net change in cash Cash at beginning of period Cash at end of period Free Cash Flow Operating cash flow Capital expenditure Free cash flow Supplemental schedule of cash flow data Cash paid for income taxes Cash paid for interest 2013-01 2014-01 2015-01 1335 1049 -16 5 61 -191 75 23 -16 -64 1486 1020 -8 88 62 -249 -2 101 -135 186 1526 1036 -5 87 73 40 -3 -17 -36 8 2261 2549 2709 -698 66 -607 132 -770 172 -231 -863 -313 -788 -372 -970 -88 1000 -1803 234 -1397 -324 -11 -2389 -991 2827 1836 24 400 -124 315 -1571 -359 -9 -1324 437 1836 2273 1044 -870 258 -1901 -421 124 -1766 -27 2273 2246 2261 -942 1319 2549 -863 1686 2709 -1068 1641 738 585 835 388 834 413 2016-01 2017-01 TTM 1070 1061 -14 288 65 -60 -78 -69 -279 1984 -777 204 -212 -307 -1092 611 611 1058 1058 -14 -14 479 479 61 61 107 107 -8 -8 -132 -132 125 125 -375 -375 -111 -111 1801 1801 -596 673 -596 673 -264 -187 -264 -187 499 -152 163 -2001 -456 -82 -2029 -1137 2246 1109 2 2 -751 -751 36 36 -316 -316 -459 -459 62 62 -1426 -1426 188 188 1109 1109 1297 1297 1984 -1113 871 1801 1801 -912 -912 889 889 635 383 352 396 352 396