8 - Procter Gambal

COMPANY NAME PROCTER & GAMBLE Co PG
TICKER PG
CURRENCY Amounts in millions except per share amounts
LHY 30-Jun-23
PROCTER & GAMBLE Co PG
HISTORICAL
Amounts in millions except per share amounts 30 Jun 2020 30 Jun 2021
HISTORICAL
30 Jun 2022 30 Jun 2023 30 Jun 2024 30 Jun 2025 30 Jun 2026
HISTORICAL
NET SALES 76,118

Cost of products sold 37,108
Selling, general and administrative expense 21,024
OPERATING INCOME 17,986
Interest expense -502
Interest income 45
Other non-operating income, net 86
EARNINGS BEFORE INCOME TAXES 17,615
Income taxes 3,263
NET EARNINGS 14,352
Less: Net earnings attributable to noncontrolling interests 46
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 14,306
NET EARNINGS PER COMMON SHARE (1)

Basic 5.69
Diluted 5.50
HISTORICAL
82,006 80,187 82,593 85,070 87,622

42,760 42,157 43,422 44,724 46,066
21,112 20,217 20,824 21,448 22,092
18,134 17,813 18,347 18,898 19,465
-756 -439 -452 -466 -480
307 51 53 54 56
668 570 587 605 623
18,353 17,995 18,535 19,091 19,664
3,615 3,202 3,298 3,397 3,499
14,738 14,793 15,237 15,694 16,165
85 51 53 54 56
14,653 14,742 15,184 15,640 16,109
6.00 6.07
5.81 5.90
HISTORICAL
Assets
CURRENT ASSETS
Cash and cash equivalents 16,181 10,288
Accounts receivable 4,178 4,725
INVENTORIES
Materials and supplies 1,414 1,645
Work in process 674 719
Finished goods 3,410 3,619
Total inventories 5,498 5,983
Prepaid expenses and other current assets 2,130 2,095
TOTAL CURRENT ASSETS 27,987 23,091
PROPERTY, PLANT AND EQUIPMENT, NET 20,692 21,686
GOODWILL 39,901 40,924
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 23,792 23,642
OTHER NONCURRENT ASSETS 8,328 9,964
TOTAL ASSETS 120,700 119,307
Liabilities and Shareholders' Equity

CURRENT LIABILITIES
Accounts payable 12,071 13,720
Accrued and other liabilities 9,722 10,523
Debt due within one year 11,183 8,889
TOTAL CURRENT LIABILITIES 32,976 33,132
LONG-TERM DEBT 23,537 23,099
DEFERRED INCOME TAXES 6,199 6,153
OTHER NONCURRENT LIABILITIES 11,110 10,269
TOTAL LIABILITIES 73,822 72,653
SHAREHOLDERS' EQUITY
Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)
897 870
Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)
— —
Common stock, stated value $1 per share (10,000 shares authorized; shares issued:
4,0092023 - 4,009.2,
4,009 2022 - 4,009.2)
Additional paid-in capital 64,194 64,848
Reserve for ESOP debt retirement -1,080 -1,006
Accumulated other comprehensive loss -16,165 -13,744
Treasury stock (shares held: 2023 - 1,647.1; 2022 - 1,615.4) -105,573 -114,973
Retained earnings 100,239 106,374
Noncontrolling interest 357 276
TOTAL SHAREHOLDERS' EQUITY 46,878 46,654
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 120,700 119,307
BALANCE SHEET TALLY 0 0
HISTORICAL
7,214 8,246 23,280 38,768 54,725

5,143 5,471 5,635 5,804 5,978
2,168 1,863 1,919 1,976 2,036

856 956 985 1,014 1,045
3,900 4,254 4,382 4,513 4,648
6,924 7,073 7,285 7,504 7,729
2,372 1,858 1,914 1,971 2,030
21,653 22,648 38,114 54,047 70,463
21,195 21,909 22,640 23,389 24,157
39,700 40,659 40,659 40,659 40,659
23,679 23,783 23,783 23,783 23,783
10,981 11,830 11,830 11,830 11,830
117,208 120,829 137,026 153,709 170,892
14,882 14,598 15,036 15,487 15,952

9,554 10,929 11,257 11,595 11,942
8,645 10,229 10,229 10,229 10,229
33,081 35,756 36,522 37,311 38,123
22,848 24,378 24,378 24,378 24,378
6,809 6,478 6,672 6,873 7,079
7,616 7,152 7,152 7,152 7,152
70,354 73,764 74,724 75,713 76,732
843 819 819 819 819

— —
4,009 4,009 4,009 4,009 4,009
65,795 66,556 66,556 66,556 66,556
-916 -821 -821 -821 -821
-12,189 -12,220 -12,220 -12,220 -12,220
-123,382 -129,736 -129,736 -129,736 -129,736
112,429 118,170 133,407 149,101 165,265
265 288 288 288 288
46,854 47,065 62,302 77,996 94,160
117,208 120,829 137,026 153,709 170,892
0 0 0 0 0
Amounts in millions except per share amounts

Amounts in millions except per share amounts
OPERATING ACTIVITIES
Net earnings
Depreciation and amortization
Loss on early extinguishment of debt
Share-based compensation expense
Deferred income taxes
Loss/(gain) on sale of assets
Change in accounts receivable
Change in inventories
Change in accounts payable and accrued and other liabilities
Change in other operating assets and liabilities
Other
TOTAL OPERATING ACTIVITIES
INVESTING ACTIVITIES
Capital expenditures
Proceeds from asset sales
Acquisitions, net of cash acquired
Other investing activity
TOTAL INVESTING ACTIVITIES
FINANCING ACTIVITIES
Dividends to shareholders
Additions to short-term debt with original maturities of more than three months
Reductions in short-term debt with original maturities of more than three months
Net additions/(reductions) to other short-term debt
Additions to long-term debt
Reductions in long-term debt (1)
Treasury stock purchases
Impact of stock options and other
TOTAL FINANCING ACTIVITIES
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR
SUPPLEMENTAL DISCLOSURE
Cash payments for interest
Cash payments for income taxes
(1)Includes early extinguishment of debt costs of $512 in 2021.
HISTORICAL
30 Jun 2020 30 Jun 2021 30 Jun 2022 30 Jun 2023 30 Jun 2024 30 Jun 2025 30 Jun 2026
14,352 14,793 14,738 15,237 15,694 16,165

2,735 2,807 2,714 1,275 1,317 1,361
512 — 0
540 528 545
-258 -402 -453 194 200 206
-16 -85 -40
-342 -694 -307 -164 -169 -174
-309 -1,247 -119 -212 -219 -225
1,391 1,429 313 766 789 812
-369 -635 -1,107
135 229 564 -56 -57 -59
18,371 16,723 16,848 17,040 17,555 18,086
-2,787 -3,156 -3,062 -2,006 -2,067 -2,129

42 110 46
-34 -1,381 -765
-55 3 281
-2,834 -4,424 -3,500 -2,006 -2,067 -2,129
-8,263 -8,770 -8,999

7,675 10,411 17,168
-7,577 -11,478 -13,031
-3,431 917 -3,319
4,417 4,385 3,997
-4,987 -2,343 -1,878
-11,009 -10,003 -7,353 0 0 0
1,644 2,005 1,269
-21,531 -14,876 -12,146 0 0 0
101 -497 -170
-5,893 -3,074 1,032 15,034 15,489 15,957
16,181 10,288 7,214 8,246 23,280 38,768
10,288 7,214 8,246 23,280 38,768 54,725
531 451 721

3,822 3,818 4,278
HISTORICAL
PROPERTY, PLANT AND EQUIPMENT

Buildings
Openings 7700
Purcahse - Capex 465
(Sales) 0
Closing 7,700 8,165
Capex as % sales 0.61%
Machinery and equipment

Openings 33260
(Sales) 0
Closing 33,260 35,367
Land
Openings 777
Purcahse - Capex 31
(Sales) 0
Closing 777 808
Construction in progress
Openings 2034
(Sales) 0
Closing 2,034 2,358
TOTAL PROPERTY, PLANT AND EQUIPMENT 43,771 46,698
Total capex 2927

Purchase 2927
Sales 0
Accumulated depreciation
Opening Accumulated depreciation -23,079
Accumulated depreciation during the year -1,933
Closing Accumulated depreciation -23,079 -25,012
Accumulated depreciation as % during year -8%
PROPERTY, PLANT AND EQUIPMENT, NET 20,692 21,686

HISTORICAL
8165 8,087 8277 8,473 8,674

-78 190 196 202 208
0 0
8,087 8,277 8,473 8,674 8,882
#NAME? 0.24% 0.24% 0.24% 0.24%
35367 35,098 36521 37,987 39,496

-269 1423 1,466 1,510 1,555
0 0
35,098 36,521 37,987 39,496 41,051
#NAME? 1.77% 1.77% 1.77% 1.77%
808 756 867 981 1,099

-52 111 114 118 121
0 0
756 867 981 1,099 1,220
#NAME? 0.14% 0.14% 0.14% 0.14%
2358 2,756 2980 3,211 3,448

398 224 231 238 245
0 0
2,756 2,980 3,211 3,448 3,693
#NAME? 0.28% 0.28% 0.28% 0.28%
46,697 48,645 50,651 52,718 54,847
-1 1948 2,006 2,067 2,129

-1 1948 2,006 2,067 2,129
0 0 0 0 0
-25,012 -25,502 -26,736 -28,011 -29,329
-490 -1,234 -1275 -1317 -1361
-25,502 -26,736 -28,011 -29,329 -30,689
-2% -5% -5% -5% -5%
21,195 21,909 22,640 23,389 24,157

HISTORICAL
Common Stock Shares

Opening 2,479,746
Net earnings
Other comprehensive income/(loss)
Dividends and dividend equivalents ($3.2419 per share):
Common
Preferred
Treasury stock purchases -81343
Employee stock plans 28,001
Preferred stock conversions 3,302
ESOP debt impacts
Noncontrolling interest, net
Closing 2,429,706
Common Stock Amount

Opening $4,009
Net earnings
Common
Preferred
Employee stock plans
Preferred stock conversions
ESOP debt impacts
Closing $4,009
Preferred Stock
Opening $897
Net earnings
Common
Preferred
Preferred stock conversions -27
ESOP debt impacts
Closing $870
Additional Paid-In Capital

Opening $64,194
Net earnings
Common
Preferred
Employee stock plans 650
Preferred stock conversions 4
ESOP debt impacts
Closing $64,848
Reserve for ESOP Debt Retirement

Opening ($1,080)
Net earnings
Common
Preferred
ESOP debt impacts 74
Closing ($1,006)
Opening ($16,165)
Net earnings
Other comprehensive income/(loss) 2,421
Common
Preferred
ESOP debt impacts
Closing ($13,744)
Treasury Stock
Opening ($105,573)
Net earnings
Common
Preferred
Preferred stock conversions 23
ESOP debt impacts
Closing ($114,973)
Retained Earnings
Opening $100,239
Net earnings 14,306
Common -8020
Preferred -271
Closing $106,374
Noncontrolling Interest
Opening $357
Net earnings 46
Other comprehensive income/(loss) 4
Common
Preferred
ESOP debt impacts
Noncontrolling interest, net -131
Closing $276
Total Shareholders' Equity

Opening $46,878
Net earnings 14,352
Other comprehensive income/(loss) 2,425
Common -8020
Preferred -271
Preferred stock conversions —
Noncontrolling interest, net -131
Closing $46,654
HISTORICAL
2,362,120 2,362,120 2,362,120
-67088 -52021
28,042 17,424
3,217 2,840
2,393,877 2,362,120 2362120 2362120 2362120
$4,009 $4,009 4,009 4,009 4,009
$4,009 4,009 4009 4009 4009
819 819 819
-27 -24
$843 819 819 819 819
66,556 66,556 66,556
945 758
4 3
-2 —
$65,795 66,556 66556 66556 66556
-821 -821 -821
90 95
($916) -821 -821 -821 -821
-12,220 -12,220 -12,220
1,555 -31
($12,189) -12,220 -12220 -12220 -12220
-129,736 -129,736 -129,736

-10003 -7353
1,571 978
23 21
($123,382) -129,736 -129736 -129736 -129736
118,170 133,407 149,101

14,742 14,653 15,237 15,694 16,165
-8514 -8742
-281 -282
108 112
$112,429 118,170 133406.79 149100.684 165265.394
288 288 288

51 85
-8 -7
-54 -55
$265 288 288 288 288
47,065 62,302 77,996

14,793 14,738 15,237 15,694 16,165
1,547 -38 0 0 0
-8514 -8742 0 0 0
-281 -282 0 0 0
-10003 -7353 0 0 0
2,516 1,736 0 0 0
— — 0 0 0
198 207 0 0 0
-56 -55 0 0 0
$46,854 47,065 62301.79 77995.6837 94160.3942
Amounts in millions except per share amounts; fiscal years ended June 30
NET SALES
Cost of products sold
Selling, general and administrative expense
OPERATING INCOME
Interest expense
Interest income
Other non-operating income, net
EARNINGS BEFORE INCOME TAXES
Income taxes
NET EARNINGS
Less: Net earnings attributable to noncontrolling interests
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE
NET EARNINGS PER COMMON SHARE (1)

Basic
Diluted
Amounts in millions; fiscal years ended June 30
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR
OPERATING ACTIVITIES
Net earnings
Depreciation and amortization
Loss on early extinguishment of debt
Share-based compensation expense
Deferred income taxes
Loss/(gain) on sale of assets
Change in accounts receivable
Change in inventories
Change in accounts payable and accrued and other liabilities
Change in other operating assets and liabilities
Other
TOTAL OPERATING ACTIVITIES
INVESTING ACTIVITIES
Capital expenditures
Proceeds from asset sales
Acquisitions, net of cash acquired
Other investing activity
TOTAL INVESTING ACTIVITIES
FINANCING ACTIVITIES
Dividends to shareholders
Additions to short-term debt with original maturities of more than three months
Reductions in short-term debt with original maturities of more than three months
Net additions/(reductions) to other short-term debt
Additions to long-term debt
Reductions in long-term debt (1)
Impact of stock options and other
TOTAL FINANCING ACTIVITIES
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR
SUPPLEMENTAL DISCLOSURE
Cash payments for interest
Cash payments for income taxes
(1)Includes early extinguishment of debt costs of $512 in 2021.
2021 2022 2023
76,118 80,187 82,006
37,108 42,157 42,760
21,024 20,217 21,112
17,986 17,813 18,134
-502 -439 -756
45 51 307
86 570 668
17,615 17,995 18,353
3,263 3,202 3,615
14,352 14,793 14,738
46 51 85
14,306 14,742 14,653
5.69 6.00 6.07

5.50 5.81 5.90
2021 2022 2023
16,181 10,288 7,214
14,352 14,793 14,738

2,735 2,807 2,714
512 — —
540 528 545
-258 -402 -453
-16 -85 -40
-342 -694 -307
-309 -1,247 -119
1,391 1,429 313
-369 -635 -1,107
135 229 564
18,371 16,723 16,848
-2,787 -3,156 -3,062

42 110 46
-34 -1,381 -765
-55 3 281
-2,834 -4,424 -3,500
-8,263 -8,770 -8,999

7,675 10,411 17,168
-7,577 -11,478 ###
-3,431 917 -3,319
4,417 4,385 3,997
-4,987 -2,343 -1,878
-11,009 -10,003 -7,353
1,644 2,005 1,269
-21,531 -14,876 ###
101 -497 -170
-5,893 -3,074 1,032
10,288 7,214 8,246
531 451 721

3,822 3,818 4,278
Amounts in millions except stated values; as of June 30
Assets
CURRENT ASSETS
Cash and cash equivalents
Accounts receivable
INVENTORIES
Materials and supplies
Work in process
Finished goods
Total inventories
Prepaid expenses and other current assets
TOTAL CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT, NET
GOODWILL
TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET
OTHER NONCURRENT ASSETS
TOTAL ASSETS
Liabilities and Shareholders' Equity

CURRENT LIABILITIES
Accounts payable
Accrued and other liabilities
Debt due within one year
TOTAL CURRENT LIABILITIES
LONG-TERM DEBT
DEFERRED INCOME TAXES
OTHER NONCURRENT LIABILITIES
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)
Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)
Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2023 - 4,009.2, 2022 - 4,009.2)
Additional paid-in capital
Reserve for ESOP debt retirement
Accumulated other comprehensive loss
Treasury stock (shares held: 2023 - 1,647.1; 2022 - 1,615.4)
Retained earnings
Noncontrolling interest
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
2020 2021 2022 2023
16,181 10,288 7,214 8,246

4,178 4,725 5,143 5,471
1,414 1,645 2,168 1,863

674 719 856 956
3,410 3,619 3,900 4,254
5,498 5,983 6,924 7,073
2,130 2,095 2,372 1,858
27,987 23,091 21,653 22,648
20,692 21,686 21,195 21,909
39,901 40,924 39,700 40,659
23,792 23,642 23,679 23,783
8,328 9,964 10,981 11,830
120,700 119,307 117,208 120,829
12,071 13,720 14,882 14,598

9,722 10,523 9,554 10,929
11,183 8,889 8,645 10,229
32,976 33,132 33,081 35,756
23,537 23,099 22,848 24,378
6,199 6,153 6,809 6,478
11,110 10,269 7,616 7,152
73,822 72,653 70,354 73,764
897 870 843 819

— — — —
4,009 4,009 4,009 4,009
64,194 64,848 65,795 66,556
-1,080 -1,006 -916 -821
-16,165 -13,744 -12,189 -12,220
-105,573 -114,973 -123,382 -129,736
100,239 106,374 112,429 118,170
357 276 265 288
46,878 46,654 46,854 47,065
120,700 119,307 117,208 120,829
As of June 30
PROPERTY, PLANT AND EQUIPMENT
Buildings
Machinery and equipment
Land
Construction in progress
TOTAL PROPERTY, PLANT AND EQUIPMENT
Accumulated depreciation
PROPERTY, PLANT AND EQUIPMENT, NET
2020 2021 2022 2023
7,700 8,165 8,087 8,277

33,260 35,367 35,098 36,521
777 808 756 867
2,034 2,358 2,756 2,980
43,771 46,698 46,697 48,645
-23,079 -25,012 -25,502 -26,736
20,692 21,686 21,195 21,909
2021 2022 2023
Common Stock Shares
Opening 2,479,746
Net earnings
Common
Preferred
Treasury stock purchases -81343 -67088 -52021
Employee stock plans 28,001 28,042 17,424
Preferred stock conversions 3,302 3,217 2,840
ESOP debt impacts
Closing 2,429,706 2,393,877 2,362,120
Common Stock Amount

Opening $4,009 $4,009
Net earnings
Common
Preferred
ESOP debt impacts
Closing $4,009 $4,009 $4,009
Preferred Stock
Opening $897
Net earnings
Common
Preferred
Preferred stock conversions -27 -27 -24
ESOP debt impacts
Closing $870 $843 $819
Additional Paid-In Capital

Opening $64,194
Net earnings
Common
Preferred
Employee stock plans 650 945 758
Preferred stock conversions 4 4 3
ESOP debt impacts
Noncontrolling interest, net -2 —
Closing $64,848 $65,795 $66,556
Reserve for ESOP Debt Retirement

Opening ($1,080)
Net earnings
Common
Preferred
ESOP debt impacts 74 90 95
Closing ($1,006) ($916) ($821)
Opening ($16,165)
Net earnings
Other comprehensive income/(loss) 2,421 1,555 -31
Common
Preferred
ESOP debt impacts
Closing ($13,744) ($12,189) ($12,220)
Treasury Stock
Opening ($105,573)
Net earnings
Common
Preferred
Employee stock plans 1,586 1,571 978
Preferred stock conversions 23 23 21
ESOP debt impacts
Closing ($114,973) ($123,382) ($129,736)
Retained Earnings
Opening $100,239
Net earnings 14,306 14,742 14,653
Common -8020 -8514 -8742
Preferred -271 -281 -282
Closing $106,374 $112,429 $118,170
Noncontrolling Interest
Opening $357
Net earnings 46 51 85
Other comprehensive income/(loss) 4 -8 -7
Common
Preferred
ESOP debt impacts
Noncontrolling interest, net -131 -54 -55
Closing $276 $265 $288
Total Shareholders' Equity

Opening $46,878
Net earnings 14,352 14,793 14,738
Other comprehensive income/(loss) 2,425 1,547 -38
Common -8020 -8514 -8742
Preferred -271 -281 -282
Employee stock plans 2,236 2,516 1,736
Preferred stock conversions — — —
Noncontrolling interest, net -131 -56 -55
Closing $46,654 $46,854 $47,065

8 - Procter Gambal

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

8 - Procter Gambal

Uploaded by

Copyright:

Available Formats

COMPANY NAME PROCTER & GAMBLE Co PG

CURRENCY Amounts in millions except per share amounts

NET SALES 76,118

NET EARNINGS PER COMMON SHARE (1)

82,006 80,187 82,593 85,070 87,622

Liabilities and Shareholders' Equity

7,214 8,246 23,280 38,768 54,725

2,168 1,863 1,919 1,976 2,036

14,882 14,598 15,036 15,487 15,952

843 819 819 819 819

Amounts in millions except per share amounts

Amounts in millions except per share amounts

14,352 14,793 14,738 15,237 15,694 16,165

-2,787 -3,156 -3,062 -2,006 -2,067 -2,129

-8,263 -8,770 -8,999

531 451 721

PROPERTY, PLANT AND EQUIPMENT

Capex as % sales 0.61%

Machinery and equipment

Capex as % sales 2.77%

Capex as % sales 0.04%

Capex as % sales 0.43%

TOTAL PROPERTY, PLANT AND EQUIPMENT 43,771 46,698

Total capex 2927

Accumulated depreciation as % during year -8%

PROPERTY, PLANT AND EQUIPMENT, NET 20,692 21,686

8165 8,087 8277 8,473 8,674

#NAME? 0.24% 0.24% 0.24% 0.24%

35367 35,098 36521 37,987 39,496

#NAME? 1.77% 1.77% 1.77% 1.77%

808 756 867 981 1,099

#NAME? 0.14% 0.14% 0.14% 0.14%

2358 2,756 2980 3,211 3,448

#NAME? 0.28% 0.28% 0.28% 0.28%

46,697 48,645 50,651 52,718 54,847

-1 1948 2,006 2,067 2,129

-2% -5% -5% -5% -5%

21,195 21,909 22,640 23,389 24,157

Common Stock Shares

Common Stock Amount

Additional Paid-In Capital

Reserve for ESOP Debt Retirement

Total Shareholders' Equity

2,362,120 2,362,120 2,362,120

2,393,877 2,362,120 2362120 2362120 2362120

$4,009 $4,009 4,009 4,009 4,009

$4,009 4,009 4009 4009 4009

819 819 819

66,556 66,556 66,556

-821 -821 -821

($916) -821 -821 -821 -821

-12,220 -12,220 -12,220

($12,189) -12,220 -12220 -12220 -12220

-129,736 -129,736 -129,736

($123,382) -129,736 -129736 -129736 -129736

118,170 133,407 149,101

$112,429 118,170 133406.79 149100.684 165265.394

288 288 288

47,065 62,302 77,996

NET EARNINGS PER COMMON SHARE (1)

5.69 6.00 6.07

14,352 14,793 14,738