# In the cash flow

Document Sample

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1   Gross margin equals sales less cost - of - products - sold. The adjusted cost - of - goods - sold is derived by reducing the
reported amount by the change in the LIFO reserve during the year. As the LIFO reserve declined in 1991,1992, 1996,
1998, 2000 and 2001 (due to declining prices), FIFO cost - of - goods - sold exceeds LIFO cost - of - goods - sold for
those years.                                                                                                            120807

In 1998, we have a strange situation. Inventories increased based on LIFO, but decreased based on FIFO. How could
this be ? Since LIFO inventory increased, inventory in units must have increased. We can take unit cost as \$1.00 at the
end of 1997. All the LIFO inventory increase must have come from purchases made at the beginnning of 1998 - say at
cost \$1.00 and the value and units are
As LIFO reserve decreased, there must have been a huge decrease in unit costs. In fact a 1998 footnote in the 10-K says

3. Inventories:
Inventories consist of approximately 50% raw materials and supplies, and 50% finished and semi-finished products in 1998
(60% and 40% in 1997). Inventories valued using the last-in, first-out (LIFO) method of accounting represent
approximately 85% of total inventories in 1998 (90% in 1997). If the first-in, first-out (FIFO) method of accounting had
been used, inventories would have been \$5,120,960 higher in 1998 (\$100,575,518 higher in 1997). Use of the lower of
cost or market reduced inventories by \$25,059,973 in 1998 (none in 1997).

Analysis
From FIFO values                       FIFO                         units        Ending                     \$mn
Beginning inventory                 \$497.63 /     \$ 1.000    =    497.63         LIFO inventory          435.89
Additions                                   /     \$ 1.000    =                   LIFO reserve              5.12
Ending inventory                     ####                         497.63         Current cost            441.01
56.62
Unit cost                                          \$441.01    / 497.630 =           \$0.89
Writeoffs on addtions                                1.000    -   0.886 =           0.114 per unit
Writeoffs on addtions                                0.114    x         =                 \$ mn
Writeoffs on beginning inventory                    25.060    -         =          25.060 \$ mn

This means that some of the beginning LIFO inventory was valued at more than the ending unit cost of
\$0.89

2   Over the period, gross margins held steady, declined from 2001. Gross margins as a percent of
sales also followed the same patern. FIFO gross margins show a similar trend. FIFO gross margins are more
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volatile relative to sales than the reported amounts, as price changes magnify operating changes. Not
surprisingly, prices rose in periods of strong demand growth (and profitability). The contrast between reported
and adjusted amounts is particularly striking in 1998 vs. 1997. (the FIFO decline is much higher).

3   The adjustment to gross margins must be carried down to pretax income, and then to net income. The final
step, multiplying the pretax adjustment by (1 - t), requires the marginal tax rate t. Here we will use the implied
tax rate rather than the marginal tax rate. The net income (and earnings per share) trends are similar to those
of gross margins. The reported (LIFO) amounts are more stable as they exclude the price effects. The reported
EPS show a slightly higher growth rate.

4   The adjustment to Nucor's book value per share (BVPS) is simply the LIFO reserve. As elsewhere in the text and
problems, we make this adjustment pretax as there is little possibility that the LIFO reserve will be liquidated.
(Nucor's rapid sales growth reduces this likelihood further.) The adjusted BVPS is computed using the same
number of shares Nucor uses to report (unadjusted) BVPS. The adjustment increases BVPS each year, although
the percentage adjustment is lower for years when the LIFO reserve declines. The adjustment slightly reduces the
growth rate of BVPS (using 1990 as the base year) . Given the variability of the LIFO reserve, the effect on BVPS
varies with the choice of base and ending years.

5   The effect of LIFO on cash from operations (CFO) is the tax effect, equal to the LIFO effect (change in LIFO
reserve) multiplied by the tax rate t.

6   LIFO reduces the carrying value of inventory, lowering working capital and the current ratio. The adjusted
amounts are, therefore, higher as the LIFO reserve is added (pretax) to current assets. The adjusted current
ratio is always higher. The adjusted amounts are, however, more volatile, as they include the effect of price
changes on Nucor's inventory. Note however that the differences between FIFO and LIFO disappear in 1998 and
are much smaller in 1999 as a result of the sharp decline in the LIFO reserve.
LIFO also affects return on equity. Adjustments to FIFO always increase the denominator (equity); the effect on
return (net income) varies. The most striking differences are in 1996 and 1998. In those years, when prices
declined, the adjusted ROE is significantly lower

7   The inventory turnover ratios calculated in exhibit 6CS-1 vary, as expected, with the inventory method. The LIFO
ratios are always higher as the ratio denominator (average inventory) is understated by the LIFO reserve. The
FIFO and current cost ratios are similar, as discussed in the text. The current cost method, using LIFO COPS in
the numerator and FIFO inventory in the denominator, is the best measure of economic turnover. By this
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measure, Nucor's inventory turnover declined over the period, from 8.00 to 7.45. Growth in inventory was
greater than growth in sales.

8   The major advantages to Nucor of using the LIFO method are:
F   Reduced volatility of reported gross margin and income            (answers 2 and 3 above)
F   Higher cash flow due to tax savings (answer 4)
F   Higher reported inventory turnover ratio
The major disadvantages of the LIFO method are:
F   Reduced reported income in most years (answer 3)
F   Lower reported stockholders' equity (answer 5) Ratios that use equity (such as the debt - to - equity ratio) are
understated.
F   Lower current ratio (answer 6) . Ratios that use total assets are also understated.

9   Prices have declined dramatically, especially in 1998 and 2003
The major implication is the reduced cash flows in the years the LIFO reserve declined (1996 and 1998) as Nucor
had to pay higher taxes. Declining prices in some years offset the benefits of LIFO when prices rise. On the other
hand, the price declines increase LIFO income as well as balance sheet ratios, as the difference between FIFO and
LIFO inventory declines.

10 When a company switches from LIFO to FIFO, it must pay taxes on the accumulated LIFO reserve. Thus, the best
time to switch would have been at the end of 1998 when the LIFO reserve was smallest – mitigating the tax
consequences.

11 A switch to FIFO would have signaled that Nucor expects the price of steel scrap to continue to decline. In that
environment, the switch to FIFO would be motivated by the desire to lower taxes, and the elimination of the
record keeping requirements of the LIFO method.

12 Nucor says the following about sales:
Net sales for 2004 increased 82% to \$11.38 billion, compared with \$6.27 billion in 2003. The average sales price per
ton increased 66% from \$359 in 2003 to \$595 in 2004, while total shipments to outside customers increased 9%.
Approximately 85% of the increase was due to higher average selling prices resulting from increased demand for our
products, which affected base prices, and the implementation of a raw materials surcharge to address historically high
scrap costs. The remaining 15% of the sales increase was due to higher sales volume resulting from increased
demand and the additional production capacity obtained from the acquisition of assets from Corus Tuscaloosa and
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Worthington in the second half of 2004 and the ramp-up of production at Nucor Steel Decatur, LLC throughout the
year.

Nucor says the following about costs:
The major component of cost of products sold is raw material costs. The average volume of raw materials used
increased 12% from 2003 to 2004, The average price of raw materials increased 67% from 2003 to 2004.
As a result of the increases in the cost of scrap and scrap substitutes, Nucor incurred a charge to value inventories
using the last-in, first-out (“LIFO”) method of accounting of \$375.9 million in 2004 compared with a charge of \$115.0
million in 2003

In the cash flow section, they report an increase in inventory of 196.99.

13

Annual
Price       Return
Jan   1   2003   21.00
Jan   1   2004   31.00         48%
Jan   1   2005   50.00         61%
Jan   1   2006   65.00         30%

In the 2004 annula report, Nucor summarized the quarterly earnings:
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As we can see, the earnings per share just boomed in that 2-year period. The market isjust reacting to that. Why did the EPS explode ? -
mainly due to sales increase. The annula report also says that NUE has been able to raise steel prices syubstantially in 2004 passing the cost
increases to customers.

NUE also seems to have bought a lot of other companies just befor eth steel boom.

14 Steel Dynamics Inc

1997           1998            1999
Sales                                                    514.79          618.82

COGS                                                      398.30          448.36
Depreciation and Amortization                              30.68           39.27
Total COGS                                                428.98          487.63
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Gross margin                                      85.81       131.19
% of sales                                       16.67%       21.20%

Net income                                        31.68        39.43
Ending equity                      337.59        351.06       391.37
Average equity                                   344.33       371.22
Return on equity                                  9.20%       10.62%

Ending inventory                    60.16        126.71       106.74
Average inventory                                 93.44       116.73
Turnover ratio                                     4.59         4.18

We should convert STLD results to LIFO. We start by using Nucor data to estimate the 1998 and 1999
(de)inflation rates:

1998         1999     Alternate method                            1998
Change in LIFO Reserve              (95.46)       23.47                                               (95.46)
FIFO Opening Inventory         /    497.63       441.01      valued at LIFO    85.00%                 422.99
(de)inflation rates:               -19.18%        5.32%                                              -22.57%
Beginning inventory            x     60.16       126.71                                                60.16
LIFO effect                         (11.54)        6.74                                               (13.58)
FIFO COGS                           428.98       487.63                                               428.98
Thus LIFO COGS is estimated at      417.44       494.37                                               415.40

Recomputing STLD's ratios:
1997          1998         1999         Alternate method          1998
Sales                                            514.79       618.82                                 514.79
Gross margin                                      97.35       124.45                                  99.39
% of sales                                       18.91%       20.11%                                 19.31%

Net income                                        31.68         39.43                                 31.68
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After tax LIFO effect
65.00%                                               (7.50)        4.38                                   (8.83)
Adjusted net income                                  39.18        35.05                                   40.51

Ending equity                        337.59         351.06       391.37
Average equity                                      344.33       371.22                                  344.33
Adjusted return on equity                           11.38%        9.44%                                  11.76%

Ending inventory                      60.16         126.71       106.74
Average inventory                                    93.44       116.73
Turnover ratio                                        4.47         4.24

We use LIFO adjusted COGS to estimate the gross margin ratio as it better measures current costs. Relative to
reported numbers, the ratio improves for 1998 and declines in 1999. In keeping with the policy of using LIFO
for income statement values and FIFO for balance sheet numbers, the ROE and inventory turnover are
calculated with net income and COGS on a LIFO basis and equity and inventory using FIFO. As a result, all the
ratios are on a current cost basis.

Since prices declined in 1998, COGS on a LIFO basis was lower than COGS on a FIFO basis; when prices increased
in 1999 the reverse was true.

The adjusted (current cost) ratios provide a more useful comparison as they remove the effects of the volatile
price changes. Using the gross margin percentage as an example, the reported numbers indicate a sharp
increase of 4.5% from 1998 to 1999 (16.7% -> 21.2%). After removing the effects of inflation (holding gains
and losses) we find a more stable year-to-year relationship; an increase of only 1.2% as the gross margin
percentage rose from 18.9% to 20.1%.

The effects of adjustment can be illustrated by comparing the two companies' ROE over the two years on a
reported as well as adjusted basis

Reported basis              LIFO                        FIFO
1998           1999            1998          1999          1998     1999
ROE
Nucor                                13.36%         11.28%       13.36%           11.28%     10.04%      11.93%
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STLD                                  9.20%         10.62%        11.38%            9.44%      9.20%     10.62%
Difference                            4.16%          0.66%         1.98%            1.84%      0.84%      1.31%

On a reported basis, relative to STLD, Nucor’s 1998 ROE is superior by almost 50%. In 1999, however, the ROE
differences almost disappear, as Nucor’s ROE declined and STLD’s ROE increased. These effects primarily
reflect the difference in inventory accounting methods, rather than real changes in relative profitability.

When we use the same accounting methods for both companies, we find that:
§ Nucor’s 1998 ROE is still superior to STLD’s but by a much smaller amount (18% on a LIFO basis
and 8% on a FIFO basis rather than 50% as reported).
§ The differences between Nucor and STLD’s ROE remained stable in 1999 as the change of ROE
was similar for both companies.[1]

The direction of change depended on whether LIFO or FIFO was used; i.e. whether price changes (inventory
holding gains or losses) were included or excluded. On a LIFO basis, excluding price changes, ROE fell for both
companies. On a FIFO basis, with inventory profits included (as prices rose in 1999), ROE increased.

This example illustrates the difficulty of comparing firms using different inventory methods. Reported data
impossible given lack of data. Some ingenuity may be required to obtain meaningful comparisons. Once
reported data have been made comparable, the analyst can focus on real operating differences.
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Reserve
#REF!      #REF!     #REF!    #REF!
#REF!     #REF!

1.000
497.63
1

Price            100.58

#REF!       #REF!             #REF!
Writeoff   #REF!       #REF!     25.06

25.06

Actual Writeoff     25.06
10 of 75                                      Nucor Analysis - Data
Years ended December 31 (\$ millions)     1995      1996      1997      1998     1999     2000      2001      2002     2003       2004
120807                   Std dev
Sales                              ##### ##### ##### ##### ##### ##### ##### ##### ##### ######

LIFO Cost of Products Sold        ##### ##### ##### ##### ##### ##### ##### ##### #####                                  8,732.37
Depreciation, Depletion, & Amortiz 173.89 182.23 218.76 253.12 256.64 259.37 289.06 307.10 364.11                          383.31
LIFO Cost of Goods Sold           ##### ##### ##### ##### ##### ##### ##### ##### #####                                  9,115.68

LIFO gross margin                  561.88   507.87     605.56   559.45    528.87   660.67    318.95    468.80   269.27 2,261.15
LIFO gross margin %      4.43 %    16.23%   13.93%     14.47%   13.48%    13.19%   14.41%     7.71%     9.76%    4.30%   19.88%

LIFO reserve                        93.93     73.90    100.58     5.12     28.59    19.36      8.29     42.61   157.59    533.50
Change in LIFO reserve                       (20.03)    26.68   (95.46)    23.47    (9.23)   (11.07)    34.32   114.98    375.91

*1   FIFO Cost of Goods Sold                     ##### ##### ##### ##### ##### ##### ##### ##### 8,739.77
*2   FIFO gross margin                            487.84  632.24  463.99  552.34  651.44 307.88  503.12 384.25 2,637.06
FIFO gross margin % 4.97 %                  13.38 % 15.11 % 11.18 % 13.78 % 14.20 % 7.44 % 10.48 % 6.13 % 23.18 %

LIFO Pretax income                 432.34   387.77     460.18   415.31    379.19   478.31    173.86    309.53    90.83   1,812.17
LIFO Net income                    274.54   248.17     294.48   263.71    244.59   310.91    112.96    162.08    62.78   1,121.49
LIFO Earnings per share             \$3.14    \$2.83      \$3.35    \$3.00     \$2.80    \$3.80     \$1.45     \$2.08    \$0.80      \$7.08
No. of shares for income            87.43    87.69      87.87    87.86     87.25    81.76     77.71     78.09    78.27     158.38

*3   FIFO pretax income                 432.34   367.74     486.86   319.85    402.66   469.08    162.79    343.85   205.81 2,188.08
Tax rate (efffective)              35.00%   35.00%     35.00%   35.00%    35.00%   35.00%    35.00%    35.00%   35.00%   35.00%
*4   FIFO Net Inc. - LIFO Net Inc.               (13.02)     17.34   (62.05)    15.26    (6.00)    (7.20)    22.31    74.74   244.34
*5   FIFO net income                    274.54   235.15     311.82   201.66    259.85   304.91    105.76    184.39   137.52 1,365.83

FIFO EPS                            \$3.14    \$2.68      \$3.55    \$2.30     \$2.98    \$3.73     \$1.36     \$2.36    \$1.76     \$8.62

LIFO CFO                           447.16   450.61     577.33   641.90    604.83   820.76    495.12    497.22   494.62   1,029.72
*6   Tax effect of LIFO                           (7.01)      9.34   (33.41)     8.21    (3.23)    (3.87)    12.01    40.24     131.57
FIFO CFO                           447.16   457.62     567.99   675.31    596.62   823.99    498.99    485.21   454.38     898.15

LIFO inventory                     306.77   385.80     397.05   435.89    464.98   461.15    466.69    588.99   560.40   1,239.89
Change
*7   FIFO inventory                     400.70   459.70     497.63   441.01    493.57   480.51    474.98    631.60   717.99   1,773.39
Change
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*1   FIFO Cost of Products Sold        = LIFO Cost of Products Sold          -      Change in LIFO reserve
*2   FIFO gross margin                 =
*3   FIFO pretax income                =
*4   FIFO Net Inc. - LIFO Net Inc.     =
*5   FIFO net income                   =
*6   Tax effect of LIFO                =
*7   FIFO inventory                    =

1995      1996      1997        1998        1999    2000        2001    2002      2003      2004
LIFO reserve                           93.93     73.90    100.58        5.12       28.59   19.36        8.29   42.61    157.59    533.50
LIFO reserve (after tax)                 61.05   48.04   65.38    3.33   18.58   12.58    5.39   27.70  102.43  346.78
LIFO Stockholders' equity              ##### ##### ##### ##### ##### ##### ##### ##### ##### 3,455.99
FIFO Stockholders' equity              ##### ##### ##### ##### ##### ##### ##### ##### ##### 3,802.77
Shares Outstanding at Year End           87.60   87.80   88.00   87.35   87.13   77.58   77.82   78.18   78.59  159.51
LIFO Book value / share                \$ 15.78 \$ 18.33 \$ 21.32 \$ 23.73 \$ 25.96 \$ 27.47 \$ 28.29 \$ 29.71 \$ 29.80 \$ 21.67
*10 FIFO Book value / share                 \$16.47  \$18.88  \$22.07  \$23.77  \$26.18  \$27.63  \$28.36  \$30.07  \$31.10  \$23.84

LIFO   Current assets                 830.74    828.38   ##### ##### ##### ##### ##### ##### #####                               3,174.95
LIFO   Current liabilities            447.14    465.65    524.45 486.90  531.03 558.07 484.16 591.54 629.60                      1,065.79
LIFO   Working capital                383.60    362.73    601.06 642.57 ##### 823.38   889.51 832.60 990.96                      2,109.16
LIFO   Current ratio                    1.86      1.78      2.15   2.32    2.90   2.48   2.84   2.41   2.57                          2.98

*11 FIFO Current Assets                    924.67    902.28   ##### ##### ##### ##### ##### ##### #####                               3,708.45
FIFO Working Capital                   477.53    436.63    701.64 647.69 ##### 842.74 897.80 875.21 #####                         2,642.66
FIFO Current Ratio                       2.07      1.94      2.34   2.33   2.95  2.51   2.85   2.48   2.82                            3.48

LIFO Return on equity                          16.59 % 16.90 % 13.36 % 11.28 % 14.15 %              5.21 %     7.16 %   2.69 %   38.68 %
FIFO Return on equity                          15.17 % 17.33 % 10.04 % 11.93 % 13.78 %              4.86 %     8.09 %   5.74 %   43.73 %

LIFO Inventory turnover                           9.07      9.14        8.62       7.73     8.48        8.23    8.21    10.43      10.13
FIFO Inventory turnover                           7.34      7.42        7.86       7.40     8.08        8.02    7.77     8.72       7.02
Current Cost Inventory turnover                   7.30      7.48        7.65       7.45     8.06        8.00    7.83     8.89       7.32

*10 FIFO Book value / share            =                         ÷         #REF!
*11 FIFO Current Assets                =                         ÷       LIFO reserve
12 of 75   Nucor Analysis - Data

Ratios
Liquidity
Current Ratio
Quick Ratio
Working Capital Per Share
Cash Flow Per Share
Activity
Inventory Turnover
Receivables Turnover
Total Assets Turnover
Average Collection
Period (Days)
Days To Sell Inventory
Operating Cycle
(Days)
Performance
Sales/Net Property,
Plant, And Equipment
Sales/Stockholder
Equity
Profitability
Operating Margin
Before Depreciation
(%)
Operating Margin After
Pretax Profit (%)
Depreciation Margin
(%)
Net Profit Margin (%)
Return On Assets (%)
Return On Equity (%)
Return On
Investments (%)
Return On Average
Assets (%)
Return On Average
Equity (%)
Return On Average
Investments (%)
Leverage
13 of 75   Nucor Analysis - Data

Interest Coverage
Before Tax
Interest Coverage
After Tax
Long-Term
Debt/Common Equity
(%)
Long-Term
Debt/Shareholder
Equity (%)
Total Debt/Invested
Capital (%)
Total Debt/Total
Assets (%)
Total Assets/Common
Equity
Dividends
Dividend Payout (%)
Dividend Yield (%)
STATEMENT OF FINANCIAL POSITION                          1994        1995        1996        1997        1998        1999
-------------------------------------------------               --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
ASSETS
Cash & Equivalents                                     101.93       201.8       104.4 283.38            308.7 572.19
Receivables - Total (Net)                              258.13 283.21 292.64 386.35 299.25 393.76
Inventories - Total                                    243.03 306.77            385.8 397.05 435.89 464.98
Prepaid Expenses                                              0           0           0           0           0           0
Current Assets - Other                                  35.61       38.97       45.54       58.73       85.64 107.58
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Current Assets - Total                                  638.7 830.74 828.38 1125.51 1129.47 1538.51
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Plant, Property & Equip (Gross)                      1977.58 2212.89 2698.75 2956.69 3397.77 3679.92
Accumulated Depreciation                               614.36 747.49            907.6 1097.82 1300.69 1488.58
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Plant, Property & Equip (Net)                        1363.22 1465.4 1791.15 1858.88 2097.08 2191.34
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Investments at Equity                                         0           0           0           0           0           0
Investments and Advances - Other                              0           0           0           0           0           0
Intangibles                                                   0           0           0           0           0           0
Deferred Charges                                              0           0           0           0           0           0
Assets - Other                                                0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
TOTAL ASSETS                                         2001.92 2296.14 2619.53 2984.38 3226.55 3729.85
=========== =========== ===========
=========== =========== ===========
LIABILITIES
Accounts Payable                                        182.85    214.56      224.37      260.27      198.33      255.23
Notes Payable                                                0         0           0           0           0           0
Accrued Expenses                                    C           C           C           C           C           C
Taxes Payable                                           15.51         11.3      10.29         9.99      26.09         2.46
Debt (Long-Term) Due In One Year                          0.25        0.15        0.75        0.25            0           0
Other Current Liabilities                              183.86 221.12 230.25 253.95 262.48 273.35
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Total Current Liabilities                              382.47 447.14 465.65 524.45                      486.9 531.03
Long Term Debt                                             173 106.85           152.6 167.95 215.45 390.45
Deferred Taxes (Balance Sheet)                              63           51          50          59          85        101
Investment Tax Credit                                         0           0           0           0           0           0
Minority Interest                                      175.99 220.66 265.71 276.19                      282.4 280.87
Liabilities - Other                                     84.86       88.38       76.28       80.36       84.25 164.25
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
TOTAL LIABILITIES                                      879.31 914.03 1010.24 1107.96 1153.99 1467.6
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
SHAREHOLDERS' EQUITY
Preferred Stock                                               0           0           0           0           0           0
Common Stock                                              35.8        35.9      35.95            36     36.02       36.04
Capital Surplus                                         39.27       48.67       55.05       62.04       67.25       70.91
Retained Earnings (Net Other)                          1065.8 1315.85 1535.95 1795.28 2016.86 2216.09
Less: Treasury Stock                                    18.26         18.3      17.66       16.89       47.58       60.79
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
TOTAL SHAREHOLDERS' EQUITY                                      1122.61 1382.11 1609.29 1876.43 2072.55 2262.25
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
TOTAL LIABILITIES & EQUITY                                      2001.92 2296.14 2619.53 2984.38 3226.55 3729.85
=========== =========== ===========
=========== =========== ===========

INCOME STATEMENT                                                   1994        1995        1996         1997        1998        1999
-------------------------------------------------                   --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Sales (Net)                                                2975.6 3462.05 3647.03 4184.5 4151.23 4009.35
Cost of Goods Sold                                       2334.11 2726.28 2956.93 3360.18 3338.66 3223.84
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Gross Profit                                               641.49 735.77 690.11 824.32 812.57 785.51
Selling, General, & Admin Expenses                         113.39 130.68 120.39 145.41 147.97 154.77
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Operating Income Before Depreciation                        528.1 605.09 569.72 678.91                      664.6 630.73
Depreciation, Depletion, & Amortiz                         157.65 173.89 182.23 218.76 253.12 256.64
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Operating Income After Depreciation                        370.45       431.2 387.49 460.15 411.48 374.09
Interest Expense                                            14.59         9.28        7.55        9.28           10     20.52
Non-Operating Income/Expense                                  1.08      10.41         7.84        9.32      13.83       25.61
Special Items                                                     0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Pretax Income                                              356.93 432.34 387.77 460.18 415.31 379.19
Income Taxes - Total                                        130.3       157.8       139.6       165.7       151.6       134.6
Minority Interest                                       C           C           C           C           C           C
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
226.63 274.54 248.17 294.48 263.71 244.59
Income Before Extraordinary Items & Discontinued Operations (EI&DO)
Extraordinary Items                                               0           0           0           0           0           0
Discontinued Operations                                           0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Net Income (Loss)                                          226.63 274.54 248.17 294.48 263.71 244.59
=========== =========== ===========
=========== =========== ===========
Income Before EI&DO                                        226.63 274.54 248.17 294.48 263.71 244.59
Preferred Dividends                                               0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Available for Common Before EI&DO                          226.63 274.54 248.17 294.48 263.71 244.59
Common Stk Equivalents - Savings                                  0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Adjusted Available for Common                              226.63 274.54 248.17 294.48 263.71 244.59
=========== =========== ===========
=========== =========== ===========
EARNINGS PER SHARE:
Primary - Excluding EI&DO                                      2.6        3.14        2.83        3.35            3        2.8
Primary - Including EI&DO                                      2.6        3.14        2.83        3.35            3        2.8
Fully Diluted - Excluding EI&DO EI&DO                         2.59        3.13        2.83        3.35            3        2.8
Fully Diluted - Including EI&DO                               2.59        3.13        2.83        3.35            3        2.8
COMMON SHARES:
for Primary EPS Calculation                                 87.17       87.43       87.69       87.87       87.86       87.25
for Fully Diluted EPS Calculation                             87.5      87.61       87.78       87.92       87.88       87.29
Outstanding at Fiscal Year End                              87.33         87.6        87.8           88     87.35       87.13

STATEMENT OF RETAINED EARNINGS                                     34669       35034       35400       35765       36130       36495
-------------------------------------------------                          --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Retained Rearnings - Beginning Balance                            854.86 1065.8 1315.85 1535.95 1795.28 2016.86
Net Income                                                        226.63 274.54 248.17 294.48 263.71 244.59
Cash Dividends                                                     15.69       24.49       28.06       35.15       42.13       45.35
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Retained Earnings After Dividends                      1065.8 1315.85 1535.95 1795.28 2016.86 2216.09
Change - Foreign Currency Translation               .           .           .           .           .           .
Adj. to Long-Term Marketable Securities                       0           0           0           0           0           0
Other CMP Adj,(Stock Splits/Retirement)                       0           0           0           0           0           0
Non-CMP(COMPUSTAT) Adjustments - PLUG CALCU                   0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Retained Earnings - Ending Balance                     1065.8 1315.85 1535.95 1795.28 2016.86 2216.09
Retroactive Adjustments (Acct'g Chgs)                         0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Retained Earnings - After Adjustments                  1065.8 1315.85 1535.95 1795.28 2016.86 2216.09
=========== =========== ===========
=========== =========== ===========

Format   Code   (FC)   =1                           Statement    =   Working Capital Statement by Source and Use
Format   Code   (FC)   =2                           Statement    =   Cash Statement by Source and Use of Funds
Format   Code   (FC)   =3                           Statement    =   Cash Statement by Activity
Format   Code   (FC)   =7                           Statement    =   Statement of Cash Flows
Format   Code   (FC)   for this firm =>                    7             7         7        7        7        7

STATEMENT OF CASH FLOWS (Format Code (FC)=7)           34669        35034       35400       35765       36130       36495
-------------------------------------------------               --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items                      226.63 274.54 248.17 294.48 263.71 244.59
Depreciation and Amortizations                         157.65 173.89 182.23 218.76 253.12 256.64
Extraordinary Items and Disc. Operations                      0           0           0           0           0           0
Deferred Taxes                                               -2        -15           -8          -4          -1       10.6
Equity in Net Loss (Earnings)                                 0           0           0           0           0           0
Sale of PPEq and Investments - Loss (Gain)                    0           0           0           0           0           0
Funds from Operations - Other                           17.67       48.18       82.57       90.36 102.47            85.65
Receivables - Decrease(Increase)                       -55.96      -25.07        -9.43     -93.72       87.11      -94.52
Inventory - Decrease (Increase)                        -28.01      -63.75      -79.03      -11.25      -38.84        -29.1
Accounts/P and Accrued Liabs - Inc(Dec)                 17.11       31.72         9.81        35.9     -61.94         56.9
Income Taxes - Accrued - Increase(Decrease)               1.24       -4.21       -1.01        -0.3        16.1     -23.63
Other Assets and Liabilities - Net Change                 90.6      26.87         25.3      47.09       21.17       97.71
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Operating Actiities - Net Cash Flow                    424.95 447.16 450.61 577.33                      641.9 604.83
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
INVESTING ACTIVITIES
Investments - Increase                                        0           0           0           0           0           0
Sale of Investments                                           0           0           0           0           0           0
Short term Investments - Change                               0           0           0           0           0           0
Capital Expenditures                                   185.32 263.42 537.44 306.75 502.91 374.72
Sale of Property Plant and Equipment                      5.22        0.92        1.59        0.77        2.93        0.44
Acquisitions                                                  0           0           0           0           0           0
Investing Activities - Other                                  0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Investing Activites - Net Cash Flow                   -180.11      -262.5 -535.84 -305.98 -499.99 -374.28
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
FINANCING ACTIVITIES
Sale of Common and Preferred Stock                        9.5         9.67        7.07        7.81       6.56        5.22
Purchase of Common and Preferred Stock                      0         0.22           0           0      32.02       14.76
Cash Dividends                                          15.69        24.49       28.06       35.15      42.13       45.35
Long Term Debt - Issuance                                   0           24        46.5          15      47.25         175
Long Term Debt - Reduction                              179.2        90.25        0.15        0.15          0           0
Current Debt - Changes                              C           C            C           C                  0           0
Financing Activities - Other                                    15.22        -3.51     -37.52      -79.87      -96.27      -87.18
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Financing Activities - Net Cash Flow                          -170.17      -84.79      -12.16      -92.37      -116.6       32.93
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Exchange Rate Effect                                                  0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Cash and Cash Equivalents - Change                              74.68       99.87        -97.4 178.98           25.32 263.49
=========== =========== ===========
=========== =========== ===========
OTHER INFORMATION:
Interest Paid - Net                                           16.06    9.21  6.95  8.73  9.36 14.69
Income Taxes Paid                                            124.37   176.5 152.9 175.9 158.7 147.4
=========== =========== ===========
=========== =========== ===========

CASH STATEMENT - SOURCE & USE (Format Code(FC) = 2) 34669         35034       35400       35765       36130       36495
-------------------------------------------------             --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
SOURCES OF FUNDS
Income Before Extraordinary Items                    226.63 274.54 248.17 294.48 263.71 244.59
Depreciation and Amortizations                       157.65 173.89 182.23 218.76 253.12 256.64
Extraordinary Items & Discontinued Items                    0           0           0           0           0           0
Deferred Taxes                                             -2        -15           -8          -4          -1       10.6
Equity In Earnings                                          0           0           0           0           0           0
Sale of PPEq and Investments - Loss (Gain)                  0           0           0           0           0           0
Funds from Operations - Other                         17.67       48.18       82.57       90.36 102.47            85.65
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Funds From Operations - Total                     .           .           .           .           .           .
Sale of Property, Plant and Equipment                   5.22        0.92        1.59        0.77        2.93        0.44
Sale of Preferred Stock                                  9.5        9.67        7.07        7.81        6.56        5.22
Sale of Investments                                         0           0           0           0           0           0
Issuance of Long Term Debt                                  0          24       46.5           15     47.25          175
Sources of Funds - Other                          .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Sources of Funds - Total                          .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
USES OF FUNDS
Cash Dividends                                        15.69       24.49       28.06       35.15       42.13       45.35
Capital Expenditures                                 185.32 263.42 537.44 306.75 502.91 374.72
Investments Increase                                        0           0           0           0           0           0
Long Term Debt Reduction                              179.2       90.25         0.15        0.15            0           0
Purchase of Common and Preferred Stock                      0       0.22            0           0     32.02       14.76
Acquisitions                                                0           0           0           0           0           0
Uses of Funds - Other                             .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Uses of Funds - Total                             .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
NET CHANGE IN WORKING CAPITAL                     .           .           .           .           .           .
Current Debt - Changes                            C           C           C           C                     0           0
Working Capital Changes - Other - Inc(Dec)        .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Cash and Equivalents - Changes                        74.68       99.87        -97.4 178.98           25.32 263.49
=========== =========== ===========
=========== =========== ===========

CASH STATEMENT BY ACTIVITY(Format Code = 3)                    34669        35034       35400       35765       36130       36495
-------------------------------------------------                       --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
OPERATIONS
Income Before Extraordinary Items                             226.63      274.54      248.17      294.48      263.71      244.59
Depreciation and Amortizations                         157.65 173.89 182.23 218.76 253.12 256.64
Extraordinary Items & Discontinued Items                      0           0           0           0           0           0
Deferred Taxes                                               -2        -15           -8          -4          -1       10.6
Equity In Earnings                                            0           0           0           0           0           0
Sale of PPEq and Investments - Loss (Gain)                    0           0           0           0           0           0
Funds From Operations - Other                           17.67       48.18       82.57       90.36 102.47            85.65
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Funds From Operations - Total                       .           .           .           .           .           .

Working capital change - Other - Inc(Dec)           .            .            .            .            .            .

INVESTMENTS:
Capital Expenditures                                    185.32       263.42       537.44       306.75       502.91       374.72
Sale of Property, Plant and Equipment                     5.22         0.92         1.59         0.77         2.93         0.44
Acquisitions                                                 0            0            0            0            0            0
Increase in Investments                                      0            0            0            0            0            0
Sale of Investments                                          0            0            0            0            0            0

FINANCING:
Current Debt - Changes                              C            C            C            C                     0            0
Issuance of Long Term Debt                                   0           24         46.5           15        47.25          175
Long Term Debt - Reduction                               179.2        90.25         0.15         0.15            0            0
Purchase of Common and Preferred Stock                       0         0.22            0            0        32.02        14.76
Sale of Common and Preferred Stock                         9.5         9.67         7.07         7.81         6.56         5.22
Cash Dividends                                           15.69        24.49        28.06        35.15        42.13        45.35

OTHER ACTIVITIES
Uses of Funds - Other                               .           .           .           .           .           .
Sources of Funds - Other                            .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Cash and Equivalents - Changes                          74.68       99.87        -97.4 178.98           25.32 263.49
=========== =========== ===========
=========== =========== ===========

WORKING CAPITAL STATEMENT (Format Code = 1)            34669        35034       35400       35765       36130       36495
-------------------------------------------------               --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
SOURCES OF WORKING CAPITAL:
Income Before Extraordinary Items                      226.63 274.54 248.17 294.48 263.71 244.59
Depreciation and Amortization                          157.65 173.89 182.23 218.76 253.12 256.64
Extraordinary Items and Discontinued Items                    0           0           0           0           0           0
Deferred Taxes                                               -2        -15           -8          -4          -1       10.6
Equity in Earnings                                            0           0           0           0           0           0
Sale of PPEq and Investments - Loss(Gain)                     0           0           0           0           0           0
Funds From Operations -Other                            17.67       48.18       82.57       90.36 102.47            85.65
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Funds From Operations Total                         .           .           .           .           .           .
Sale of Property, Plant and Equipment                     5.22        0.92        1.59        0.77        2.93        0.44
Sale of Common and Preferred Stock                         9.5        9.67        7.07        7.81        6.56        5.22
Sale of Investments                                           0           0           0           0           0           0
Issuance of Long Term Debt                                    0          24       46.5           15     47.25          175
Sources of Funds - Other                            .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Sources of Funds - Total                            .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
USES OF WORKING CAPITAL:
Cash Dividends                                           15.69        24.49        28.06        35.15        42.13        45.35
Capital Expenditures                                    185.32    263.42     537.44      306.75      502.91     374.72
Investments - Increase                                       0         0          0           0           0          0
Long Term Debt - Reduction                               179.2     90.25       0.15        0.15           0          0
Purchase of Common and Preferred Stock                       0      0.22          0           0       32.02      14.76
Acquisitions                                                 0         0          0           0           0          0
Uses of Funds - Other                               .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Uses of Funds - Total                               .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Working Capital Changes - Total                     .           .           .           .           .           .
=========== =========== ===========
=========== =========== ===========

ADDITIONAL SCHEDULES:                                   34669       35034       35400       35765       36130       36495
-------------------------------------------------               --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Receivables - Trade                                    258.13 283.21 292.64 386.35 299.25 393.76
Income Tax Refund                                             0           0           0           0           0           0
Receivables - Other - Current                                 0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Receivables - Total (Net)                              258.13 283.21 292.64 386.35 299.25 393.76
=========== =========== ===========
=========== =========== ===========
Inventories   -   Raw Materials                     .           .           .           .           .           .
Inventories   -   Work In Process                   .           .           .           .           .           .
Inventories   -   Finished Goods                    .           .           .           .           .           .
Inventories   -   Other                             .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Inventories - Total                                    243.03 306.77            385.8 397.05 435.89 464.98
=========== =========== ===========
=========== =========== ===========
LESS: Debt (Long Term) Due In One Year                   -0.25       -0.15       -0.75       -0.25            0           0
Debt - Convertible Subordinated                               0           0           0           0           0           0
Debt - Senior Convertible                                     0           0           0           0           0           0
Debt - Subordinated                                           0           0           0           0           0           0
Debt - Notes                                                90            0           0           0           0        175
Debt - Debentures                                           83 106.85           152.6 167.95 215.45 215.45
Debt - Long Term - Other                                      0           0           0           0           0           0
Debt - Capitalized Lease Obligations                          0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Long Term Debt Total                                       173 106.85           152.6 167.95 215.45 390.45
=========== =========== ===========
=========== =========== ===========
Property, Plant and Equipment(Cost)
Beginning Balance                                   .             1977.58 .             .           .           .
Capital Expenditures                                    185.32     263.42 537.44 306.75 502.91 374.72
Retirements                                         .           .           .           .           .           .
Other Changes                                       .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Ending Balance                                        1977.58 2212.89 .                   2956.69 3397.77 3679.92
=========== =========== ===========
=========== =========== ===========
Accumulated Depreciation on PPEq:
Beginning Balance                                   .              614.36 .             .           .           .
Depreciation Expense                                .           .           .           .           .           .
Depletion Expense                                   .           .           .           .           .           .
Retirements                                         .           .           .           .           .           .
Other Changes                                       .           .           .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Ending Balance                                         614.36 747.49 .                    1097.82 1300.69 1488.58
=========== =========== ===========
=========== =========== ===========
Deferred Taxes - Federal                                         -2        -15           -8          -4          -1       10.6
Deferred Taxes - Foreign                                          0           0           0           0           0           0
Deferred Taxes - State                                            0           0           0           0           0           0
Income Taxes - Federal                                      132.3       172.8       147.6       169.7       152.6          124
Income Taxes - Foreign                                            0           0           0           0           0           0
Income Taxes - State                                              0           0           0           0           0           0
Income Taxes - Other                                              0           0           0           0           0           0
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Income Taxes - Total                                        130.3       157.8       139.6       165.7       151.6       134.6
=========== =========== ===========
=========== =========== ===========
Common Shares Reserved For Conversion
Convertible Debt                                                  0           0 .           .           .           .
Preferred Stock                                                   0           0 .           .           .           .
Stock Options                                                 2.43        2.27 .            .           .           .
Warrants and Other                                                0           0 .           .           .           .
--------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Total                                                         2.43        2.27 .            .           .           .
=========== =========== ===========
=========== =========== ===========

ADDITIONAL DATA                                             34669       35034       35400       35765       36130       36495
-------------------------------------------------                   --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Acquisitions - Income Contribution                                0           0           0           0           0           0
Acquisitions - Sales Contribution                                 0           0           0           0           0           0
Adjustmnet Factor-Cum, Ex-Date                                    1           1           1           1           1           1
Advertising Expense                                     .           .           .           .           .           .
Auditor                                                           3           3           3           3           7           7
Auditor's Opinion                                                 1           1           1           1           1           1
Average Short Term Borrowing Rate                                 0           0           0           0           0           0
Average Short term Borrowing \$                                    0           0           0           0           0           0
Senior Debt Rating - Monthly/S&P                                  6           6           6           6           6           6
Senior Debt Rating - Monthly Note/S&P                   GQ          GQ          GQ          GQ
Subordinated Debt Rating                                .           .           .           .           .           .
Commercial Paper Rating                                        101         101         101         101         101         101
Common Shareholders (# of)                                      38           39          39          50          62          55
Common Shares Traded (Calendar Yr)                          57.33       88.83       68.78       78.29       85.17       95.64
Compensating Balance                                    .           .           .           .           .           .
Convertible Debt and Preferred Stock                              0           0           0           0           0           0
Debt (Long Term) Maturing Due in 2 Years                      0.15        0.75        1.25            0           0           0
Debt (Long Term) Maturing Due in 3 Years                      0.75        1.25            1           0           0           0
Debt (Long Term) Maturing Due in 4 Years Years                1.25            1           1           0           0        0.3
Debt (Long Term) Maturing Due in 5 Years                          1           1           1           0        0.3         0.3
Debt - Long-Term Debt - Tied to Prime                           90            0           0           0           0           0
Debt - Martgages and Other Securities                             0           0           0           0           0           0
Debt - Unamortized Debt Discount and Other                        0           0           0           0           0           0
Dividends (Cash)per Share Ex-Date                             0.18        0.28        0.32         0.4        0.48        0.52
Dividends (Cash) - Common                                   15.69       24.49       28.06       35.15       42.13       45.35
Dividends (Cash) - Preferred                                      0           0           0           0           0           0
Employees (# of)                                               5.9         6.2         6.6         6.9         7.2         7.5
Equity in Earnings - Unconsolimonyy Subs                  2001.92 2296.14 2619.53 2984.38 3226.55 3729.85
Foreign Currency Translation Adj (Rate) - B/S Balance             0           0           0           0           0           0
Foreign Currency Translation Adj - I/S [G/(L)]          .           .           .           .           .           .
Fortune Rank                                                   379         359         371         349         374         397
Interest Capitalized (in fiscal yr                                0           0           0           0           0           0
Interest Capitalized - Net Income Effect                          0           0           0           0           0           0
Interest Expense on Long Term Debt                          14.59         9.28        7.55        9.28           10     20.52
Inventory Valuation Method                                   2            2            2            2            2            2
Investment Tax Credit                                        0            0            0            0            0            0
Labor Related Expenses                               .            .            .            .            .            .
LIFO Reserve                                              81.66        93.93         73.9       100.58         5.12        28.59
Order Backlog                                               715          610          743         1070          710         1033
Pension and Retirement Expense                       .            .            .            .            .            .
Pension - Assumed Rate of Return                     .            .            .            .            .            .
Pension - Net Assets Available                       .            .            .            .            .            .
Pension - Present Value Nonvested                    .            .            .            .            .            .
Pension - Present Value Vested                       .            .            .            .            .            .
Pension - Unfunded Past Service                      .            .            .            .            .            .
Pension - Unfunded Vested Benefits                   .            .            .            .            .            .
Preferred Stock - Dividends In Arrears                        0            0            0            0            0            0
Preferred Stock - Liquidation Value                           0            0            0            0            0            0
Preferred Stock - Redemption Value                            0            0            0            0            0            0
Present Value - Noncapitalized Leases                         0            0            0            0            0            0
Price - Calendar Year Close                               55.38        57.13           51        48.31        43.25        54.81
Price - Calendar Year High                                   72        63.25           63        62.94        60.63        61.81
Price - Calendar Year Low                                 48.75           42        45.13        44.75        35.25        41.63
Price - Fiscal Year Close                                 55.38        57.13           51        48.31        43.25        54.81
Receivables - Estimated Doubtful                          14.94        16.69         14.6        17.98        16.28        21.09
Rental Commitments - Minimum Year+1                  .            .            .            .            .            .
Rental Commitments - Minimum Year+2                  .            .            .            .            .            .
Rental Commitments - Minimum Year+3                  .            .            .            .            .            .
Rental Commitments - Minimum Year+4                  .            .            .            .            .            .
Rental Commitments - Minimum Year+5                  .            .            .            .            .            .
Rental Expense                                       .            .            .            .            .            .
Rental Income                                        .            .            .            .            .            .
Research and Development Expense                     .            .            .            .            .            .
Tax Loss Carry Forward                                        0            0            0            0            0            0
Treasury Stock (\$) - Common                               18.26         18.3        17.66        16.89        47.58        60.79
Treasury Stock (\$) - Preferred                                0            0            0            0            0            0
Treasury Stock - # Shares                                  2.17         2.16         2.08         1.99          2.7         2.97
Z_FN: Footnote Information Follows
Z_FN: Accumulated Depr - Total                       TS           TS           TS           TS           TS           TS
Z_FN: Acquisition - Sales Contribution
Z_FN: Assets-Total/Total Liab
Z_FN: Capital Expenditures - Annual
Z_FN: Common Stock - Annual
Z_FN: Cost of Goods Sold - Annual                    BD           BD           BD           BD           BD           BD
Z_FN: Depreciation and Amortization
Z_FN: Earnings Per Share - Primary - Annual
Z_FN: Equity In Earnings - Unconsol Subs - Annual
Z_FN: Foreign Currency Adjustment - Annual
Z_FN: Income Before EI&DO - Adj for CS Eq - Annual
Z_FN: Income Taxes - Payable - Annual
Z_FN: Income Taxes - Total - Annual
Z_FN: Interest Expense - Annual
Z_FN: Investment Tax Credit
Z_FN: Long term Debt - Total - Annual
Z_FN: Net Income (Loss) - Annual
Z_FN: Op Income After Depr- Annual
Z_FN: Preferred Stock - Liq Value
Z_FN: Retained Earnings - Annual
Z_FN: Sales (Net)
Z_FN: Selling, General, and Admin Exp - Annual
Z_FN: Treasury Stock (\$) Common - Annual

FINANCIAL STATEMENT AND MARKET RELATION           TYPE            34669       35034       35400       35765       36130       36495
-------------------------------------------------                         --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
LIFE OF GROSS PLANT                               PLANT           12.54       12.73       14.81       13.52       13.42       14.34
AGE OF DEPRECIATED PLANT                          PLANT              3.9         4.3        4.98        5.02        5.14         5.8
AGE OF REMAINNIG PLANT                            PLANT             8.65        8.43        9.83         8.5        8.28        8.54
CURRENT ASSETS / CURRENT LIABILITIES LIQUIDITY                      1.67        1.86        1.78        2.15        2.32         2.9
CASH / CURRENT LIBILITIES                         LIQUIDITY         0.27        0.45        0.22        0.54        0.63        1.08
ACCOUNTS RECEIVABLE TURNOVER                      LIQUIDITY       12.93       12.79       12.67       12.33       12.11       11.57
DAYS SALES IN ACCOUNTS RECEIVABLE                 LIQUIDITY       27.84       28.15       28.42       29.21       29.73       31.11
DOUBTFUL ACCOUNTS/ACCOUNTS RECEIVABLE             LIQUIDITY         0.06        0.06        0.05        0.05        0.05        0.06
INVENTORY TURNOVER                                LIQUIDITY       10.19         9.92        8.54        8.58        8.02        7.16
DAYS TO SELL INVENTORY                            LIQUIDITY       35.32         36.3      42.16       41.94       44.91         50.3
ACID-TEST                                         LIQUIDITY         0.94        1.08        0.85        1.28        1.25        1.82
ROE/ROA                                           FIN_LEV     .           .           .           .           .           .
TOTAL ASSETS / COMMON EQUITY                      FIN_LEV           1.78        1.66        1.63        1.59        1.56        1.65
AVG TOTAL ASSETS / AVG COMMON EQUITY FIN_LEV                        1.89        1.72        1.64        1.61        1.57         1.6
TOTAL LIABILITIES / TOTAL ASSETS                  FIN_LEV           0.44         0.4        0.39        0.37        0.36        0.39
TOTAL DEBT / TOTAL ASSETS                         FIN_LEV           0.32        0.28        0.27        0.26        0.24        0.29
TOTAL LIBILITIES / COMMON EQUITY                  FIN_LEV           0.78        0.66        0.63        0.59        0.56        0.65
TOTAL DEBT /COMMON EQUITY                         FIN_LEV           0.57        0.46        0.43        0.41        0.38        0.48
PREFERRED STOCK / TOTAL ASSETS                    FIN_LEV               0           0           0           0           0           0
PREFERRED STOCK / COMMON EQUITY                   FIN_LEV               0           0           0           0           0           0
OIADP / INTEREST                                  COVERAGE        25.39       46.48       51.32       49.57       41.15       18.23
OIADP / (INTEREST + PS_DIV)                       COVERAGE        25.39       46.48       51.32       49.57       41.15       18.23
CASHFLOW - ASSETS PRE-TAX / INTEREST COVERAGE                     26.34       37.55         7.84      47.73       29.99       18.44
CASHFLOW - ASSETS PRE-TAX / (INTEREST+PS_DIV)     COVERAGE        26.34       37.55         7.84      47.73       29.99       18.44
RETURN ON COMMON EQUITY                           ROR               0.22        0.22        0.17        0.17        0.13        0.11
RETURN ON TOTAL ASSETS                            ROR         .           .           .           .           .           .
RETURN ON COMMON EQUITY (BEFORE EI&DO)            ROR               0.22        0.22        0.17        0.17        0.13        0.11
RETURN ON TOTAL ASSETS (BEFORE EI&DO) ROR                     .           .           .           .           .           .
INCOME TO CS / SALES                              ROR               0.08        0.08        0.07        0.07        0.06        0.06
INCOME/SALES                                      ROR               0.08        0.08        0.07        0.07        0.06        0.06
INCOME ON ASSETS / SALES                          EFF         .           .           .           .           .           .
SALES / AVG TOTAL ASSETS                          ROR               1.55        1.61        1.48        1.49        1.34        1.15
COST OF GOODS SOLD / SALES                        EXP_SALE          0.78        0.79        0.81         0.8         0.8         0.8
SELLING, GEN & ADMIN / SALES                      EXP_SALE          0.04        0.04        0.03        0.03        0.04        0.04
DEPREC & AMORTIZATION / SALES                     EXP_SALE          0.05        0.05        0.05        0.05        0.06        0.06
INTEREST EXPENSE / SALES                          EXP_SALES             0           0           0           0           0       0.01
INCOME TAXES / SALES                              EXP_SALE          0.04        0.05        0.04        0.04        0.04        0.03
EI&DO / SALES                                     EXP_SALE              0           0           0           0           0           0
ADVERTISING / SALES                               EXP_SALE    .           .           .           .           .           .
RESEARCH AND DEVELOPMENT / SALES                  EXP_SALE    .           .           .           .           .           .
PRICE / EARNINGS (PRIMARY)                        MULTIPLE          21.3      18.19       18.02       14.42       14.42       19.58
PRICE / EARNINGS (PRIMARY BEFORE EI&DO) ULTIPLE   M                 21.3      18.19       18.02       14.42       14.42       19.58
PRICE / OPERATING CASH FLOW (PRIMARY) MULTIPLE                    11.36       11.17         9.92        7.35        5.92        7.91
PRICE / CASH FLOW TO EQUITY (PRIMARY) MULTIPLE                    11.14       19.45 .                 16.18       37.62       69.52
PRICE / SALES (PRIMARY)                           MULTIPLE          1.62        1.44        1.23        1.01        0.92        1.19
PRICE/ OIADP(PRIMARY)                             MULTIPLE        13.03       11.58       11.54         9.23        9.24      12.78
PRICE / COMMON DIVIDENDS                          MULTIPLE       307.64 204.02 159.38 120.78                        90.1 105.41
MVEQ / BVEQ                                       MULTIPLE          4.31        3.62        2.78        2.27        1.82        2.11
(MVEQ + BV_DEBT) / TOTAL ASSETS                   MULTIPLE          2.85        2.58        2.09         1.8        1.53        1.67
COMMON STOCK RETURN - FISCAL YEAR                 RETURN            0.05        0.04        -0.1       -0.04       -0.09        0.28
NOTES:                                       S = Semi Annual Figure
A = Annual Figure
C = Combined Figure
I = Insignificant Figure
. = Not Available Figure

CHECKS ON THE COMPUSTAT DATA                                 34669       35034       35400       35765       36130       36495
-------------------------------------------------                    --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Retained Earnings Check - B/S with Stat                            0           0           0           0           0           0
Retained Earnings Check - Stat t w t-1                             0           0           0           0           0           0
Current Assets Check                                               0           0           0           0           0           0
Total Assets Check                                                 0           0           0           0           0           0
Current Liabilities Check                                          0           0           0           0           0           0
Common Equity Check                                                0           0           0           0           0           0
TOTAL LIABILITIES & EQUITY Check                                   0           0           0           0           0           0
assets=equities Check                                              0           0           0           0           0           0
gross profit check                                                 0           0           0           0           0           0
Operating Profit Check                                             0           0           0           0           0           0
Pretax Income                                                      0           0           0           0           0           0
Net Income (Loss)                                                  0           0           0           0           0           0
Available for Common Before EI&DO                                  0           0           0           0           0           0
Adjusted Available for Common                                      0           0           0           0           0           0
Format Code (FC) for this firm =>                                  7           7           7           7           7           7
Operating Activities - Net Cash Flow (F-Code = 7)                  0           0           0           0           0           0
Investing Activiteis - Net Cash Flow (F-Code = 7)                  0           0           0           0           0           0
Financing Activities - Net Cash Flow (F-Code = 7)                  0           0           0           0           0           0
Cash and Equivalents - Change (F-Code = 7)                         0           0           0           0           0           0
Funds From Operations - Total (F-Code = 2)                  399.96 481.61 504.97                 599.6       618.3 597.48
Sources of Funds - Total (F-Code = 2)                        14.72       34.59       55.17       23.58       56.74 180.67
Uses of Funds - Total (F-Code = 2)                          380.22 378.37 565.65 342.05 577.06 434.83
Cash and Equivalents - Changes (F-Code = 2)                 -74.68      -99.87         97.4 -178.98         -25.32 -263.49
Funds From Operations - Total (F-Code = 3)                  399.96 481.61 504.97                 599.6       618.3 597.48
Cash and Equivalents - Changes (F-Code = 3)                -440.17 -443.65 -413.09 -497.46 -545.63 -517.66
Funds From Operations - Total (F-Code = 1)                  399.96 481.61 504.97                 599.6       618.3 597.48
Sources of Funds - Total (F-Code = 1)                        14.72       34.59       55.17       23.58       56.74 180.67
Uses of Funds - Total (F-Code = 1)                          380.22 378.37 565.65 342.05 577.06 434.83
Working Capital Changes - Total (F-Code = 1)             .           .           .           .           .           .
Add'l Sch: Receivables                                             0           0           0           0           0           0
Add'l Sch: Inventories                                     -243.03 -306.77          -385.8 -397.05 -435.89 -464.98
Add'l Sch: Debt - Long Term                                   -0.25       -0.15       -0.75       -0.25            0           0
Add'l Sch: Property, Plant, & Equip                        -1792.3       28.12 537.44 -2649.9 -2894.9 -3305.2
Add'l Sch: Accumulated Depreciation                      .             -133.12 .             .           .           .
Add'l Sch: Income Taxes                                            0           0           0           0           0           0
Add'l Sch: Common Shares Reserved - Conversion                     0           0 .           .           .           .
=========== =========== ===========
=========== =========== ===========
SUM OF CHECKS                                              -553.63 1322.29 2598.75 -1186.6 -772.22 -1520.9
=========== =========== ===========
=========== =========== ===========

CHECKS ON DATA FOR RELATIONS                                 34669       35034       35400       35765       36130       36495
-------------------------------------------------                    --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
DEPRECIATION, DEPLETION AND AMORTIZATION                    157.65 173.89 182.23 218.76 253.12 256.64
TOTAL CURRENT LIABILITIES                                   382.47 447.14 465.65 524.45                      486.9 531.03
AVERAGE RECEIVABLES                                         230.15 270.67 287.92                 339.5       342.8       346.5
AVERAGE INVENTORY                                           229.02       274.9 346.29 391.42 416.47 450.43
AVERAGE COMMON EQUITY                                   1012.39 1252.36 1495.7 1742.86 1974.49 2167.4
AVERAGE TOTAL ASSETS                                    1915.59 2149.03 2457.84 2801.96 3105.46 3478.2
COMMON EQUITY                                           1122.61 1382.11 1609.29 1876.43 2072.55 2262.25
TOTAL ASSETS                                            2001.92 2296.14 2619.53 2984.38 3226.55 3729.85
INTEREST EXPENSE                                           14.59         9.28        7.55        9.28           10     20.52
INTEREST + PS_DIV                                          14.59         9.28        7.55        9.28           10     20.52
SALES                                                     2975.6 3462.05 3647.03 4184.5 4151.23 4009.35
EPS - Primary - Excluding EI&DO                               2.6        3.14        2.83        3.35            3        2.8
EPS - Primary - Including EI&DO                               2.6        3.14        2.83        3.35            3        2.8
EPS - Fully Diluted - Excluding EI&DO                        2.59        3.13        2.83        3.35            3        2.8
EPS - Fully Diluted - Including EI&DO                        2.59        3.13        2.83        3.35            3        2.8
OPERATING CASH FLOW - PRIMARY SHARE                          4.88        5.11        5.14        6.57        7.31        6.93
CASH FLOW TO EQUITY- PRIMARY SHARE                           4.97        2.94 .                  2.99        1.15        0.79
OIADP(PRIMARY, INCOME BEFORE INTEREST,TA                     4.25        4.93        4.42        5.24        4.68        4.29
COMMON DIVIDENDS PER SHARE                                   0.18        0.28        0.32         0.4        0.48        0.52
SALES PER SHARE- PRIMARY                                   34.14         39.6      41.59       47.62       47.25       45.95
-------------------------------------------------                  --------------------
--------------------                --------------------
--------------------                --------------------
--------------------
Inputs into Financial Statement and Market Relations
Cash & Equivalents                                       101.93       201.8       104.4      283.38       308.7      572.19
Receivables - Total (Net)                                258.13      283.21      292.64      386.35      299.25      393.76
Inventories - Total                                      243.03      306.77       385.8      397.05      435.89      464.98
Prepaid Expenses                                              0           0           0           0           0           0
Current Assets - Other                                    35.61       38.97       45.54       58.73       85.64      107.58
Current Assets - Total                                    638.7      830.74      828.38     1125.51     1129.47     1538.51
Plant, Property & Equip (Gross)                         1977.58     2212.89     2698.75     2956.69     3397.77     3679.92
Accumulated Depreciation                                 614.36      747.49       907.6     1097.82     1300.69     1488.58
Plant, Property & Equip (Net)                           1363.22      1465.4     1791.15     1858.88     2097.08     2191.34
Investments at Equity                                         0           0           0           0           0           0
Investments and Advances - Other                              0           0           0           0           0           0
Intangibles                                                   0           0           0           0           0           0
Deferred Charges                                              0           0           0           0           0           0
Assets - Other                                                0           0           0           0           0           0
TOTAL ASSETS                                            2001.92     2296.14     2619.53     2984.38     3226.55     3729.85
Accounts Payable                                         182.85      214.56      224.37      260.27      198.33      255.23
Notes Payable                                                 0           0           0           0           0           0
Accrued Expenses                                       C           C           C           C           C           C
Taxes Payable                                             15.51        11.3       10.29        9.99       26.09        2.46
Debt (Long-Term) Due In One Year                           0.25        0.15        0.75        0.25           0           0
Other Current Liabilities                                183.86      221.12      230.25      253.95      262.48      273.35
Total Current Liabilities                                382.47      447.14      465.65      524.45       486.9      531.03
Long Term Debt                                              173      106.85       152.6      167.95      215.45      390.45
Deferred Taxes (Balance Sheet)                               63          51          50          59          85         101
Investment Tax Credit                                         0           0           0           0           0           0
Minority Interest                                        175.99      220.66      265.71      276.19       282.4      280.87
Liabilities - Other                                       84.86       88.38       76.28       80.36       84.25      164.25
TOTAL LIABILITIES                                        879.31      914.03     1010.24     1107.96     1153.99      1467.6
Preferred Stock                                               0           0           0           0           0           0
Common Stock                                               35.8        35.9       35.95          36       36.02       36.04
Capital Surplus                                           39.27       48.67       55.05       62.04       67.25       70.91
Retained Earnings (Net Other)                            1065.8     1315.85     1535.95     1795.28     2016.86     2216.09
Less: Treasury Stock                                      18.26        18.3       17.66       16.89       47.58       60.79
TOTAL SHAREHOLDERS' EQUITY                              1122.61     1382.11     1609.29     1876.43     2072.55     2262.25
Sales (Net)                                              2975.6     3462.05     3647.03      4184.5     4151.23     4009.35
Cost of Goods Sold                                      2334.11     2726.28     2956.93     3360.18     3338.66     3223.84
Gross Profit                                             641.49      735.77      690.11      824.32      812.57      785.51
Selling, General, & Admin Expenses                  113.39        130.68       120.39       145.41       147.97       154.77
Operating Income Before Depreciation                 528.1        605.09       569.72       678.91        664.6       630.73
Depreciation, Depletion, & Amortization             157.65        173.89       182.23       218.76       253.12       256.64
Operating Income After Depreciation                 370.45         431.2       387.49       460.15       411.48       374.09
Interest Expense                                     14.59          9.28         7.55         9.28           10        20.52
Non-Operating Income/Expense                          1.08         10.41         7.84         9.32        13.83        25.61
Special Items                                            0             0            0            0            0            0
Pretax Income                                       356.93        432.34       387.77       460.18       415.31       379.19
Income Taxes - Total                                 130.3         157.8        139.6        165.7        151.6        134.6
Minority Interest                               C             C            C            C            C            C
INCOME BEFORE EI&DO                                 226.63        274.54       248.17       294.48       263.71       244.59
Extraordinary Items                                      0             0            0            0            0            0
Discontinued Operations                                  0             0            0            0            0            0
Net Income (Loss)                                   226.63        274.54       248.17       294.48       263.71       244.59
Preferred Dividends                                      0             0            0            0            0            0
EPS - Primary - Excluding EI&DO                        2.6          3.14         2.83         3.35            3          2.8
EPS - Primary - Including EI&DO                        2.6          3.14         2.83         3.35            3          2.8
EPS - Fully Diluted - Excluding EI&DO                 2.59          3.13         2.83         3.35            3          2.8
EPS - Fully Diluted - Including EI&DO                 2.59          3.13         2.83         3.35            3          2.8
SHARES - for Primary EPS Calculation                 87.17         87.43        87.69        87.87        87.86        87.25
SHARES - for Fully Diluted EPS Calculation            87.5         87.61        87.78        87.92        87.88        87.29
SHARES - Outstanding at Fiscal Year End              87.33          87.6         87.8           88        87.35        87.13
STATEMENT OF CASH FLOWS (Format Code=7)
Operating Activities - Net Cash Flow                 424.95       447.16 450.61 577.33     641.9 604.83
Capital Expenditures                                 185.32       263.42 537.44 306.75 502.91 374.72
Sale of Property Plant and Equipment                   5.22         0.92    1.59    0.77    2.93    0.44
Acquisitions                                              0            0       0       0       0       0
Investing Activites - Net Cash Flow                 -180.11       -262.5 -535.84 -305.98 -499.99 -374.28
Cash Dividends                                        15.69        24.49   28.06   35.15   42.13   45.35
Interest Paid - Net                                   16.06         9.21    6.95    8.73    9.36   14.69
Income Taxes Paid                                    124.37        176.5   152.9   175.9   158.7   147.4
CASH STATEMENT - SOURCE & USE (Format Code=2)
Funds From Operations - Total                   .             .            .            .            .            .
Current Debt - Changes                          C             C            C            C                    0            0
Working Capital Changes - Other - Inc(Dec)      .             .            .            .            .            .
Adjustmnet Factor-Cum, Ex-Date                           1            1            1            1            1            1
Advertising Expense                             .             .            .            .            .            .
Dividends (Cash)per Share Ex-Date                     0.18          0.28         0.32          0.4         0.48         0.52
Dividends (Cash) - Common                            15.69         24.49        28.06        35.15        42.13        45.35
Dividends (Cash) - Preferred                             0             0            0            0            0            0
Preferred Stock - Liquidation Value                      0             0            0            0            0            0
Preferred Stock - Redemption Value                       0             0            0            0            0            0
Price - Calendar Year Close                          55.38         57.13           51        48.31        43.25        54.81
Price - Fiscal Year Close                            55.38         57.13           51        48.31        43.25        54.81
Receivables - Estimated Doubtful                     14.94         16.69         14.6        17.98        16.28        21.09
Rental Expense                                  .             .            .            .            .            .
Research and Development Expense                .             .            .            .            .            .
ACCOUNTING AVERAGE TAX RATE                           0.37          0.36    0.36              0.36         0.37         0.35
OPERATING CASH FLOW                                 424.95        447.16 450.61             577.33        641.9       604.83
CASH FLOW ON ASSETS                                 254.11        190.55   -80.4            277.29       148.26       243.79
CASH FLOW TO EQUITY                                 433.31         256.8 -126.75            262.44       101.01        68.79
NAME:    NUCOR CORP
NUE
TICKER SYMBOL:
PRIMARY SIC CODE: STEEL WORKS & BLAST FURNACES
3312
.
STOCK EXCHANGE: 1 New York Stock Exchange and in the S&P Industrials In

2000        2001        2002        2003          2004            STATEMENT OF FINANCIAL POSITION12/1/95 12/1/96             12/1/97
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
ASSETS
490.58 462.35 219.01 350.33                      779.05             Cash & Equivalents                201.8         104.4       283.38
350.19 330.86 483.61 572.48                      962.76             Receivables - Total (Net) 283.21              292.64        386.35
461.15 466.69 588.99                 560.4 1239.89                  Inventories - Total             306.77          385.8       397.05
0           0           0           0            0           Prepaid Expenses                        0            0             0
79.53 113.77 132.54 137.35                      193.26             Current Assets - Other            38.97         45.54         58.73
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
1381.45 1373.67 1424.14 1620.56 3174.95                               Current Assets - Total          830.74        828.38 1125.51
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
4024.84 4226.57 5094.23 5330.82 5693.62                               Plant, Property & Equip (Gross)2212.89 2698.75 2956.69
1684.5 1860.91 2162.17 2513.68 2875.31                              Accumulated Depreciation 747.49                 907.6 1097.82
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
2340.34 2365.66 2932.06 2817.14 2818.31                               Plant, Property & Equip (Net)   1465.4 1791.15 1858.88
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
0           0           0           0            0           Investments at Equity                   0            0             0
0           0           0           0            0           Investments and Advances - Other        0            0             0
0           0           0           0            0           Intangibles                             0            0             0
0           0           0           0            0           Deferred Charges                        0            0             0
0     20.03         24.8      54.66       139.95             Assets - Other                          0            0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
3721.79 3759.35             4381 4492.35 6133.21                      TOTAL ASSETS                   2296.14 2619.53 2984.38
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
LIABILITIES
203.33    189.24      247.23      329.86        471.55             Accounts Payable                214.56        224.37        260.27
0         0           0           0             0             Notes Payable                           0            0             0
C           C           C           C           C                      Accrued Expenses            C             C             C
0           0       8.95            0       28.96            Taxes Payable                      11.3         10.29          9.99
0           0          16           0            0           Debt (Long-Term) Due In One Year   0.15           0.75         0.25
354.73 294.92 319.36 299.73                      565.28             Other Current Liabilities 221.12              230.25        253.95
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
558.07 484.16 591.54                 629.6 1065.79                  Total Current Liabilities 447.14              465.65        524.45
460.45 460.45 878.55 903.55                      923.55             Long Term Debt                  106.85          152.6       167.95
105          144 C                257.8         309.8            Deferred Taxes (Balance Sheet) 1      5             50            59
0           0           0           0            0           Investment Tax Credit                   0            0             0
312.26 283.89 216.66 177.28                      173.31             Minority Interest               220.66        265.71        276.19
155.05 185.39 371.27 182.05                      204.77             Liabilities - Other               88.38         76.28         80.36
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
1590.84 1557.89 2058.01 2150.28 2677.22                               TOTAL LIABILITIES               914.03 1010.24 1107.96
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
SHAREHOLDERS' EQUITY
0           0           0           0            0           Preferred Stock                         0            0             0
36.05       36.13       36.27       36.43         73.75            Common Stock                       35.9         35.95             36
71.5      81.19         99.4      117.4       146.81             Capital Surplus                   48.67         55.05         62.04
2478.79 2538.88 2641.58 2641.71 3687.38                               Retained Earnings (Net Other)  1315.85 1535.95 1795.28
455.37 454.74 454.26 453.46                      451.96             Less: Treasury Stock               18.3         17.66         16.89
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
2130.95 2201.46 2322.99 2342.08 3455.99                                                      EQUITY
TOTAL SHAREHOLDERS' 1382.11 1609.29 1876.43
--------------------
--------------------                --------------------
--------------------    --------------------                                     --------------------
--------------------        --------------------
3721.79 3759.35             4381 4492.35 6133.21                                             2296.14 2619.53 2984.38
TOTAL LIABILITIES & EQUITY
=========== ===========
=========== =========== ===========                                                        ===========   ===========   ===========

2000        2001         2002        2003         2004             INCOME STATEMENT                 35034         35400         35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
4586.15 4139.25 4801.78 6265.82 11376.83                              Sales (Net)                    3462.05 3647.03              4184.5
3666.11 3531.24 4025.88 5632.44 8732.37                               Cost of Goods Sold             2726.28 2956.93 3360.18
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
920.03 608.01            775.9 633.39 2644.46                       Gross Profit                    735.77        690.11        824.32
183.18 158.76 175.59 165.37                      415.03                                             130.68
Selling, General, & Admin Expenses 120.39                   145.41
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
736.86 449.25 600.31 468.02 2229.43                                                                 605.09
Operating Income Before Depreciation          569.72        678.91
259.37 289.06            307.1 364.11            383.31             Depreciation, Depletion, &173.89 Amortiz 182.23             218.76
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
477.49 160.19 293.21 103.91 1846.13                                                                   431.2
Operating Income After Depreciation 387.49                  460.15
22.45            22     22.92       27.15         29.34            Interest Expense                   9.28           7.55         9.28
23.27       15.48         8.63        2.53          6.98           Non-Operating Income/Expense      10.41           7.84         9.32
0       20.2        30.6      11.55          -11.6           Special Items                          0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
478.31 173.86 309.53                 90.83 1812.17                  Pretax Income                   432.34        387.77        460.18
167.4         60.9      67.97          4.1      609.79             Income Taxes - Total              157.8         139.6         165.7
C           C               79.47       23.95         80.89            Minority Interest           C             C             C
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
310.91 112.96 162.08                 62.78 1121.49                                                  274.54
Income Before Extraordinary Items & 248.17                  294.48
Discontinued Operations (EI&DO)
0           0           0           0            0           Extraordinary Items                    0             0             0
0           0           0           0            0           Discontinued Operations                0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
310.91 112.96 162.08                 62.78 1121.49                  Net Income (Loss)               274.54        248.17        294.48
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
310.91 112.96 162.08                 62.78 1121.49                  Income Before EI&DO             274.54        248.17        294.48
0           0           0           0            0           Preferred Dividends                    0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
310.91 112.96 162.08                 62.78 1121.49                                                  274.54
Available for Common Before EI&DO 248.17                    294.48
0           0           0           0            0           Common Stk Equivalents - Savings       0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
310.91 112.96 162.08                 62.78 1121.49                  Adjusted Available for Common   274.54        248.17        294.48
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
EARNINGS PER SHARE:
3.8       1.45        2.08          0.8         7.08            Primary - Excluding EI&DO 3.14                    2.83         3.35
3.8       1.45        2.08          0.8         7.08            Primary - Including EI&DO 3.14                    2.83         3.35
3.8       1.45        2.07          0.8         7.02                                               3.13
Fully Diluted - Excluding EI&DO EI&DO 2.83                     3.35
3.8       1.45        2.07          0.8         7.02            Fully Diluted - Including EI&DO    3.13           2.83         3.35
COMMON SHARES:
81.76       77.71       78.09       78.27       158.38             for Primary EPS Calculation 87.43               87.69         87.87
81.78       77.78       78.25       78.42       159.75             for Fully Diluted EPS Calculation 87.61         87.78         87.92
77.58       77.82       78.18       78.59       159.51             Outstanding at Fiscal Year End     87.6           87.8            88

36861       37226       37591       37956        38322             STATEMENT OF RETAINED35034        EARNINGS35400              35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
2216.09 2478.79 2538.88 2641.58 2641.71                                                               1065.8 1315.85 1535.95
Retained Rearnings - Beginning Balance
310.91 112.96 162.08                 62.78 1121.49                  Net Income                      274.54        248.17        294.48
48.21       52.86       59.38       62.65         74.64            Cash Dividends                    24.49         28.06         35.15
--------------------
--------------------                --------------------
--------------------    --------------------                                        --------------------
--------------------        --------------------
2478.79 2538.88 2641.58 2641.71 3688.56                                                        1315.85
Retained Earnings After Dividends 1535.95 1795.28
.           .           .           .           .                                             .
Change - Foreign Currency Translation.             .
0           0           0           0            0                                             0
Adj. to Long-Term Marketable Securities 0                     0
0           0           0           0        -1.18                                             0
Other CMP Adj,(Stock Splits/Retirement) 0                     0
0           0           0           0            0                                             0
Non-CMP(COMPUSTAT) Adjustments - PLUG CALCU 0   0
--------------------
--------------------                --------------------
--------------------    --------------------                                        --------------------
--------------------        --------------------
2478.79 2538.88 2641.58 2641.71 3687.38                                                        1315.85
Retained Earnings - Ending Balance 1535.95 1795.28
0           0           0           0            0           Retroactive Adjustments (Acct'g0   Chgs)        0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                        --------------------
--------------------        --------------------
2478.79 2538.88 2641.58 2641.71 3687.38                                                         Adjustments
Retained Earnings - After1315.85 1535.95 1795.28
=========== ===========
=========== =========== ===========                                                           ===========   ===========   ===========

ource and Use                                                                          Format   Code   (FC)   = 1 Statement =      Working Capital Statement by Source and
Format   Code   (FC)   = 2 Statement =      Cash Statement by Source and Use of Fun
Format   Code   (FC)   = 3 Statement =      Cash Statement by Activity
Format   Code   (FC)   = 7 Statement =      Statement of Cash Flows
7           7           7           7             7           Format   Code   (FC)                  7
for this firm =>            7          7

36861        37226       37591       37956        38322                                              35034
STATEMENT OF CASH FLOWS (Format35400 (FC)=7)     Code        35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
INDIRECT OPERATING ACTIVITIES
310.91 112.96 162.08                 62.78 1121.49                                                  274.54
Income Before Extraordinary Items 248.17                    294.48
259.37 289.06            307.1 364.11            383.31             Depreciation and Amortizations  173.89        182.23        218.76
0           0           0           0             0                                                 0
Extraordinary Items and Disc. Operations 0                         0
19.4           11       31.2        74.3          6.69           Deferred Taxes                       -15            -8            -4
0           0           0           0             0          Equity in Net Loss (Earnings) 0                      0             0
0    -20.22             0       -4.4           -1.6          Sale of PPEq and Investments - 0       Loss (Gain)0                0
151.28 103.04            79.47       23.94         94.09            Funds from Operations - Other     48.18         82.57         90.36
43.58       33.79      -99.78      -88.87        -354.9            Receivables - Decrease(Increase) -25.07          -9.43       -93.72
3.83        26.3     -58.37       28.97      -635.64             Inventory - Decrease (Increase)  -63.75        -79.03        -11.25
-51.9     -46.18         35.8      54.76       358.81                                               31.72
Accounts/P and Accrued Liabs - Inc(Dec)           9.81         35.9
-4.36            0 C           C                   35.4                                             -4.21
Income Taxes - Accrued - Increase(Decrease)      -1.01          -0.3
88.65      -14.64       39.72      -20.98         22.07                                              26.87
Other Assets and Liabilities - Net Change         25.3        47.09
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
820.76 495.12 497.22 494.62 1029.72                                                                 447.16
Operating Actiities - Net Cash Flow 450.61                  577.33
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
INVESTING ACTIVITIES
0           0       5.57      22.12         82.46            Investments - Increase                 0             0             0
0           0           0           0            0           Sale of Investments                    0             0             0
0           0           0           0            0           Short term Investments - Change        0             0             0
415.4 261.15            243.6 215.41            285.93             Capital Expenditures            263.42        537.44        306.75
5.13      22.65         0.45      11.63           3.09                                              0.92
Sale of Property Plant and Equipment 1.59                      0.77
0     121.9 652.69            34.94       169.65             Acquisitions                           0             0             0
0           0           0      -6.74             0           Investing Activities - Other           0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
-410.28      -360.4 -901.41 -267.58              -534.94                                              -262.5
Investing Activites - Net Cash Flow -535.84                -305.98
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
FINANCING ACTIVITIES
4.74        10.41   18.83   18.96                68.63                                                9.67
Sale of Common and Preferred Stock 7.07                        7.81
398.73            0       0       0                    0                                                0.22
Purchase of Common and Preferred Stock 0                           0
48.21        52.86   59.38   62.65                74.64             Cash Dividends                    24.49         28.06         35.15
70            0     350      25                   20             Long Term Debt - Issuance             24          46.5            15
0            0     1.9      16                    0             Long Term Debt - Reduction        90.25           0.15         0.15
0            0 C       C                          0             Current Debt - Changes      C             C             C
-119.88 -120.49          -146.7      -61.02        -80.06            Financing Activities - Other -3.51         -37.52        -79.87
--------------------
--------------------                --------------------
--------------------    --------------------                                         --------------------
--------------------        --------------------
-492.09 -162.94 160.85               -95.71        -66.07                                         -84.79
Financing Activities - Net Cash Flow -12.16              -92.37
--------------------
--------------------                --------------------
--------------------    --------------------                                         --------------------
--------------------        --------------------
0           0           0           0            0           Exchange Rate Effect               0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                         --------------------
--------------------        --------------------
-81.61      -28.23 -243.34 131.33                428.72                                           99.87
Cash and Cash Equivalents - Change -97.4                178.98
=========== ===========
=========== =========== ===========                                                            ===========   ===========   ===========
OTHER INFORMATION:
21.27   22.03 19.89  33.01  32.4                                     Interest Paid - Net            9.21          6.95          8.73
152.4   20.42 31.69 -54.93 550.1                                     Income Taxes Paid             176.5         152.9         175.9
=========== ===========
=========== =========== ===========                                                            ===========   ===========   ===========

36861        37226       37591       37956        38322                                              35034         35400
CASH STATEMENT - SOURCE & USE (Format Code(FC) = 2)          35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
SOURCES OF FUNDS
310.91 112.96 162.08                 62.78 1121.49                                                  274.54
Income Before Extraordinary Items 248.17                    294.48
259.37 289.06            307.1 364.11            383.31             Depreciation and Amortizations  173.89        182.23        218.76
0           0           0           0             0                                                 0
Extraordinary Items & Discontinued Items 0                         0
19.4           11       31.2        74.3          6.69           Deferred Taxes                       -15            -8            -4
0           0           0           0             0          Equity In Earnings                     0             0             0
0    -20.22             0       -4.4           -1.6          Sale of PPEq and Investments - 0       Loss (Gain)0                0
151.28 103.04            79.47       23.94         94.09            Funds from Operations - Other     48.18         82.57         90.36
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
.           .           .           .           .                                                  .
Funds From Operations - Total             .             .
5.13      22.65         0.45      11.63           3.09                                              0.92
Sale of Property, Plant and Equipment 1.59                     0.77
4.74      10.41       18.83       18.96         68.63            Sale of Preferred Stock            9.67           7.07         7.81
0           0           0           0             0          Sale of Investments                    0             0             0
70            0        350           25            20          Issuance of Long Term Debt 24                     46.5            15
.           .           .           .           .                      Sources of Funds - Other    .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
.           .           .           .           .                      Sources of Funds - Total    .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
USES OF FUNDS
48.21       52.86       59.38       62.65         74.64             Cash Dividends                    24.49         28.06         35.15
415.4      261.15       243.6      215.41        285.93             Capital Expenditures            263.42        537.44        306.75
0           0        5.57       22.12         82.46             Investments Increase                   0             0             0
0           0         1.9          16             0             Long Term Debt Reduction 90.25                    0.15         0.15
398.73           0           0           0             0                                                0.22
Purchase of Common and Preferred Stock 0                           0
0       121.9      652.69       34.94        169.65             Acquisitions                           0             0             0
.           .           .           .           .                      Uses of Funds - Other .                   .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
.           .           .           .           .                      Uses of Funds - Total .                   .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
.           .           .           .           .                                                  .
NET CHANGE IN WORKING CAPITAL             .             .
0           0 C           C                      0           Current Debt - Changes      C             C             C
.           .           .           .           .                                                  .
Working Capital Changes - Other -. Inc(Dec) .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
-81.61      -28.23 -243.34 131.33                428.72             Cash and Equivalents - Changes    99.87          -97.4      178.98
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========

36861        37226       37591       37956        38322                                              35034
CASH STATEMENT BY ACTIVITY(Format Code = 3)    35400         35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
OPERATIONS
310.91      112.96      162.08        62.78     1121.49                                              274.54
Income Before Extraordinary Items 248.17                    294.48
259.37 289.06            307.1 364.11            383.31                                       173.89
Depreciation and Amortizations          182.23        218.76
0           0           0           0             0                                           0
Extraordinary Items & Discontinued Items 0                   0
19.4           11       31.2        74.3          6.69           Deferred Taxes                 -15            -8            -4
0           0           0           0             0          Equity In Earnings               0             0             0
0    -20.22             0       -4.4           -1.6          Sale of PPEq and Investments - 0 Loss (Gain)0                0
151.28 103.04            79.47       23.94         94.09                                        48.18
Funds From Operations - Other             82.57         90.36
--------------------
--------------------                --------------------
--------------------    --------------------                                       --------------------
--------------------        --------------------
.           .           .           .           .                                            .
Funds From Operations - Total       .             .

.            .            .            .            .                                       .            .
Working capital change - Other - Inc(Dec)              .

INVESTMENTS:
415.4       261.15        243.6       215.41       285.93         Capital Expenditures       263.42   537.44                  306.75
5.13        22.65         0.45        11.63         3.09                                      0.92
Sale of Property, Plant and Equipment 1.59                    0.77
0        121.9       652.69        34.94       169.65         Acquisitions                    0        0                       0
0            0         5.57        22.12        82.46         Increase in Investments         0        0                       0
0            0            0            0            0         Sale of Investments             0        0                       0

FINANCING:
0            0 C       C                            0                              C
Current Debt - Changes          C         C
70            0     350      25                     20         Issuance of Long Term Debt 24        46.5                       15
0            0     1.9      16                      0                                  90.25
Long Term Debt - Reduction           0.15                     0.15
398.73            0       0       0                      0                                    0.22
Purchase of Common and Preferred Stock 0                         0
4.74        10.41   18.83   18.96                  68.63                                    9.67
Sale of Common and Preferred Stock 7.07                       7.81
48.21        52.86   59.38   62.65                  74.64         Cash Dividends           24.49     28.06                     35.15

OTHER ACTIVITIES
.           .           .           .           .                      Uses of Funds - Other .             .             .
.           .           .           .           .                                            .
Sources of Funds - Other            .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                       --------------------
--------------------        --------------------
-81.61      -28.23 -243.34 131.33                428.72                                         99.87
Cash and Equivalents - Changes             -97.4      178.98
=========== ===========
=========== =========== ===========                                                          ===========   ===========   ===========

36861        37226       37591       37956        38322                                              35034
WORKING CAPITAL STATEMENT (Format Code = 35765 35400          1)
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
SOURCES OF WORKING CAPITAL:
310.91 112.96 162.08                 62.78 1121.49                                                  274.54
Income Before Extraordinary Items 248.17                    294.48
259.37 289.06            307.1 364.11            383.31             Depreciation and Amortization   173.89        182.23        218.76
0           0           0           0             0                                                 0
Extraordinary Items and Discontinued Items           0             0
19.4           11       31.2        74.3          6.69           Deferred Taxes                       -15            -8            -4
0           0           0           0             0          Equity in Earnings                     0             0             0
0    -20.22             0       -4.4           -1.6          Sale of PPEq and Investments - 0       Loss(Gain) 0                0
151.28 103.04            79.47       23.94         94.09            Funds From Operations -Other      48.18         82.57         90.36
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
.           .           .           .           .                      Funds From Operations Total .             .             .
5.13      22.65         0.45      11.63           3.09                                              0.92
Sale of Property, Plant and Equipment 1.59                     0.77
4.74      10.41       18.83       18.96         68.63                                               9.67
Sale of Common and Preferred Stock 7.07                        7.81
0           0           0           0             0          Sale of Investments                    0             0             0
70            0        350           25            20          Issuance of Long Term Debt 24                     46.5            15
.           .           .           .           .                      Sources of Funds - Other    .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
.           .           .           .           .                      Sources of Funds - Total    .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
USES OF WORKING CAPITAL:
48.21        52.86        59.38        62.65        74.64         Cash Dividends                    24.49         28.06         35.15
415.4       261.15        243.6       215.41       285.93         Capital Expenditures      263.42        537.44        306.75
0            0         5.57        22.12        82.46         Investments - Increase           0             0             0
0            0          1.9           16            0         Long Term Debt - Reduction  90.25          0.15          0.15
398.73            0            0            0            0                                      0.22
Purchase of Common and Preferred Stock 0                     0
0        121.9       652.69        34.94       169.65         Acquisitions                     0             0             0
.           .           .           .           .                      Uses of Funds - Other .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                       --------------------
--------------------        --------------------
.           .           .           .           .                      Uses of Funds - Total .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                       --------------------
--------------------        --------------------
.           .           .           .           .                                            .
Working Capital Changes - Total .                 .
=========== ===========
=========== =========== ===========                                                          ===========   ===========   ===========

36861       37226       37591       37956        38322             ADDITIONAL SCHEDULES: 35034                    35400         35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
350.19 330.86 483.61 572.48                      962.76             Receivables - Trade             283.21        292.64        386.35
0           0           0           0            0           Income Tax Refund                      0             0             0
0           0           0           0            0           Receivables - Other - Current 0                      0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
350.19 330.86 483.61 572.48                      962.76             Receivables - Total (Net) 283.21              292.64        386.35
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
.           .           .           .           .                      Inventories - Raw Materials .             .             .
.           .           .           .           .                                                  .
Inventories - Work In Process             .             .
.           .           .           .           .                      Inventories - Finished Goods.             .             .
.           .           .           .           .                      Inventories - Other         .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
461.15 466.69 588.99                 560.4 1239.89                  Inventories - Total             306.77          385.8       397.05
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
0           0        -16            0            0                                             -0.15
LESS: Debt (Long Term) Due In One Year           -0.75         -0.25
0           0           0           0            0           Debt - Convertible Subordinated0                     0             0
0           0           0           0            0           Debt - Senior Convertible              0             0             0
0           0           0           0            0           Debt - Subordinated                    0             0             0
175          175         525         525           525           Debt - Notes                           0             0             0
285.45 285.45 353.55 378.55                      398.55             Debt - Debentures               106.85          152.6       167.95
0           0           0           0            0           Debt - Long Term - Other               0             0             0
0           0           0           0            0           Debt - Capitalized Lease Obligations   0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
460.45 460.45 878.55 903.55                      923.55             Long Term Debt Total            106.85          152.6       167.95
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
Property, Plant and Equipment(Cost)
.            .            .            .            .                  Beginning Balance              1977.58 .                .
415.4       261.15        243.6       215.41   285.93             Capital Expenditures            263.42        537.44        306.75
.           .           .           .           .                      Retirements                 .             .             .
.           .           .           .           .                      Other Changes               .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
4024.84 4226.57 5094.23 5330.82 5693.62                              Ending Balance                 2212.89 .                   2956.69
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
Accumulated Depreciation on PPEq:
.           .           .           .           .                      Beginning Balance               614.36 .                .
.           .           .           .           .                      Depreciation Expense .                    .             .
.           .           .           .           .                      Depletion Expense           .             .             .
.           .           .           .           .                      Retirements                 .             .             .
.           .           .           .           .                      Other Changes               .             .             .
--------------------
--------------------                --------------------
--------------------    --------------------                                             --------------------
--------------------        --------------------
1684.5 1860.91 2162.17 2513.68 2875.31                              Ending Balance                  747.49 .                   1097.82
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
19.4           11       31.4        71.5          7.19           Deferred Taxes - Federal        -15            -8            -4
0           0       -0.2            0             0          Deferred Taxes - Foreign          0             0             0
0           0           0        2.8           -0.5          Deferred Taxes - State            0             0             0
148        49.9           54      -58.5      574.11             Income Taxes - Federal       172.8         147.6         169.7
0           0           0           0             0          Income Taxes - Foreign            0             0             0
0           0    -17.23        -11.7        28.99            Income Taxes - State              0             0             0
0           0           0           0             0          Income Taxes - Other              0             0             0
--------------------
--------------------                --------------------
--------------------    --------------------                                        --------------------
--------------------        --------------------
167.4         60.9      67.97          4.1      609.79             Income Taxes - Total         157.8         139.6         165.7
=========== ===========
=========== =========== ===========                                                           ===========   ===========   ===========
Common Shares Reserved For Conversion
.           .           .           .           .                      Convertible Debt                  0 .              .
.           .           .           .           .                      Preferred Stock                   0 .              .
.           .           .           .           .                      Stock Options                 2.27 .               .
.           .           .           .           .                      Warrants and Other                0 .              .
--------------------
--------------------                --------------------
--------------------    --------------------                                        --------------------
--------------------        --------------------
.           .           .           .           .                      Total                         2.27 .               .
=========== ===========
=========== =========== ===========                                                           ===========   ===========   ===========

36861        37226       37591       37956        38322             ADDITIONAL DATA                  35034         35400         35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
0 I               16.03             0 I                      Acquisitions - Income Contribution     0             0             0
0 I              550.99             0 I                      Acquisitions - Sales Contribution0                   0             0
1           1           1           1            2           Adjustmnet Factor-Cum, Ex-Date         4             4             4
.           .           .           .           .                      Advertising Expense .                     .             .
7           7           7           7            7           Auditor                                3             3             3
1           1           1           1            1           Auditor's Opinion                      1             1             1
0           0 .           .           .                      Average Short Term Borrowing Rate      0             0             0
0           0 .           .           .                      Average Short term Borrowing \$0                      0             0
6           6           7           7            7           Senior Debt Rating - Monthly/S&P       6             6             6
GQ
Senior Debt Rating - Monthly Note/S&P     GQ            GQ
.            .            .            .            .                  Subordinated Debt Rating    .             .             .
101          101          102          102           102        Commercial Paper Rating             101            101          101
51           47           64           61            82        Common Shareholders (# of) 39                       39            50
111.65       129.54       201.32       203.94        665.89                                          88.83
Common Shares Traded (Calendar Yr) 68.78                      78.29
.         .               .          .              .                  Compensating Balance.                     .             .
0       0                  0       0                  0        Convertible Debt and Preferred Stock   0             0             0
0     0.3                  0       0                1.3                                           0.75
Debt (Long Term) Maturing Due in 2 Years          1.25             0
0.3     0.3                  0    1.25                  0                                           1.25
Debt (Long Term) Maturing Due in 3 Years 1                         0
0.3     0.3               1.25       0                  0        Debt (Long Term) Maturing Due1in 4 Years 1            Years        0
0.3    1.55                  0       0              180.4        Debt (Long Term) Maturing Due1in 5 Years 1                         0
0   206.3              467.3 378.55              398.55        Debt - Long-Term Debt - Tied to Prime  0             0             0
0       0                  0       0                  0        Debt - Martgages and Other Securities  0             0             0
0       0                  0       0                  0                                               0
Debt - Unamortized Debt Discount and Other           0             0
0.6    0.68               0.76     0.8               0.47        Dividends (Cash)per Share Ex-Date  0.28           0.32           0.4
48.21   52.86              59.38   62.65              74.64        Dividends (Cash) - Common         24.49         28.06         35.15
0       0                  0       0                  0        Dividends (Cash) - Preferred           0             0             0
7.9     8.4                9.8     9.9               10.6        Employees (# of)                     6.2           6.6           6.9
3721.79 3759.35               4381 4492.35            6133.21                                       2296.14        Subs
Equity in Earnings - Unconsolimonyy2619.53 2984.38
0       0                  0       0                  0                                               0             0
Foreign Currency Translation Adj (Rate) - B/S Balance 0
.         .               .          .              .                                              .
Foreign Currency Translation Adj -. I/S [G/(L)].
373     391                342     297               189         Fortune Rank                        359            371          349
0       0                  0       0                 0         Interest Capitalized (in fiscal yr 0                 0             0
.         .               .          .              .                                                         0
Interest Capitalized - Net Income Effect             0             0
22.45      22         .          .              .                                                     9.28
Interest Expense on Long Term Debt 7.55                        9.28
2            2            2            2             2    Inventory Valuation Method      2          2         2
0            0            0            0             0    Investment Tax Credit           0          0         0
.            .            .            .            .             Labor Related Expenses  .          .         .
19.36         8.29        42.61       157.59         533.5   LIFO Reserve                93.93       73.9    100.58
845          794          816         1431        2038.4   Order Backlog                 610        743      1070
.            .            .            .            .                                     .
Pension and Retirement Expense .             .
.            .            .            .            .                                     .
Pension - Assumed Rate of Return.            .
.            .            .            .            .                                     .
Pension - Net Assets Available     .         .
.            .            .            .            .                                     .
Pension - Present Value Nonvested  .         .
.            .            .            .            .                                     .
Pension - Present Value Vested .             .
.            .            .            .            .                                     .
Pension - Unfunded Past Service .            .
.            .            .            .            .                                     .
Pension - Unfunded Vested Benefits .         .
0            0            0       0                  0                                   0
Preferred Stock - Dividends In Arrears     0         0
0            0            0       0                  0                                   0
Preferred Stock - Liquidation Value        0         0
0            0            0       0                  0                                   0
Preferred Stock - Redemption Value         0         0
0            0            0       0                  0                                   0
Present Value - Noncapitalized Leases      0         0
39.69        52.96         41.3      56              52.34   Price - Calendar Year Close 57.13         51     48.31
56.44         56.5        70.15   58.79              55.47   Price - Calendar Year High 63.25          63     62.94
29.5        33.45           36   35.03              26.08   Price - Calendar Year Low      42      45.13     44.75
39.69        52.96         41.3      56              52.34   Price - Fiscal Year Close   57.13         51     48.31
27.57        20.18        20.04   22.72               40.4                               16.69
Receivables - Estimated Doubtful        14.6     17.98
.            .                  1.08 .              .                                                .
Rental Commitments - .Minimum Year+1         .
.            .            .          .              .                                                .
Rental Commitments - .Minimum Year+2         .
.            .            .          .              .                                                .
Rental Commitments - .Minimum Year+3         .
.            .            .          .              .                                                .
Rental Commitments - .Minimum Year+4         .
.            .            .          .              .                                                .
Rental Commitments - .Minimum Year+5         .
.            .            .          .              .             Rental Expense          .          .         .
.            .            .          .              .             Rental Income           .          .         .
.            .            .          .              .                                     .
Research and Development Expense   .         .
0            0            0       0                  0   Tax Loss Carry Forward          0          0         0
455.37       454.74       454.26 453.46              451.96   Treasury Stock (\$) - Common  18.3      17.66     16.89
0            0            0       0                  0   Treasury Stock (\$) - Preferred 0           0         0
12.53        12.51         12.5   12.48              24.87   Treasury Stock - # Shares 2.16          2.08      1.99
Z_FN: Footnote Information Follows
TS           TS           TS           TS           TS                                    TS
Z_FN: Accumulated Depr - Total TS            TS
AP                                      Z_FN: Acquisition - Sales Contribution
Z_FN: Assets-Total/Total Liab
Z_FN: Capital Expenditures - Annual
Z_FN: Common Stock - Annual
BD           BD           BD           BD           BD                                    BD
Z_FN: Cost of Goods Sold - Annual  BD        BD
Z_FN: Depreciation and Amortization
Z_FN: Earnings Per Share - Primary - Annual
Z_FN: Equity In Earnings - Unconsol Subs - Annual
Z_FN: Foreign Currency Adjustment - Annual
Z_FN: Income Before EI&DO - Adj for CS Eq - Annual
Z_FN: Income Taxes - Payable - Annual
Z_FN: Income Taxes - Total - Annual
Z_FN: Interest Expense - Annual
Z_FN: Investment Tax Credit
Z_FN: Long term Debt - Total - Annual
Z_FN: Net Income (Loss) - Annual
Z_FN: Op Income After Depr- Annual
Z_FN: Preferred Stock - Liq Value
Z_FN: Retained Earnings - Annual
AA                                      Z_FN: Sales (Net)
Z_FN: Selling, General, and Admin Exp - Annual
Z_FN: Treasury Stock (\$) Common - Annual

36861        37226       37591       37956        38322             FINANCIAL TYPE                   35034
STATEMENT AND MARKET35400          RELATION35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
15.52       14.62       16.59       14.64         14.85            LIFE OF GROSS PLANT
PLANT               12.73         14.81         13.52
6.49        6.44        7.04         6.9           7.5                         PLANT
AGE OF DEPRECIATED PLANT4.3                       4.98          5.02
9.02        8.18        9.55        7.74          7.35                         PLANT
AGE OF REMAINNIG PLANT 8.43                       9.83           8.5
2.48        2.84        2.41        2.57          2.98           CURRENT ASSETS / CURRENT LIABILITIES
LIQUIDITY            1.86           1.78          2.15
0.88        0.95        0.37        0.56          0.73                         LIQUIDITY
CASH / CURRENT LIBILITIES0.45                     0.22          0.54
12.33       12.16       11.79       11.87         14.82                           RECEIVABLE 12.79
ACCOUNTS LIQUIDITY TURNOVER 12.67                             12.33
29.2      29.62       30.53       30.34         24.29            DAYS SALES IN ACCOUNTS28.15
LIQUIDITY            RECEIVABLE   28.42         29.21
0.07        0.06        0.05        0.04          0.05                         ACCOUNTS/ACCOUNTS RECEIVABLE 0.05
DOUBTFUL LIQUIDITY                 0.06           0.05
7.92        7.61        7.63         9.8           9.7           INVENTORY TURNOVER
LIQUIDITY            9.92           8.54          8.58
45.47         47.3        47.2      36.73         37.11                          LIQUIDITY
DAYS TO SELL INVENTORY 36.3                     42.16         41.94
1.51        1.64        1.19        1.47          1.63           ACID-TEST LIQUIDITY                1.08           0.85          1.28
.           .                 1.12        1.06          1.68           ROE/ROA FIN_LEV .                         .             .
1.75        1.71        1.89        1.92          1.77           TOTAL ASSETS / COMMON EQUITY
FIN_LEV              1.66           1.63          1.59
1.7        1.73         1.8         1.9          1.83           AVG TOTALFIN_LEV / AVG COMMON EQUITY
ASSETS              1.72           1.64          1.61
0.43        0.41        0.47        0.48          0.44                         FIN_LEV
TOTAL LIABILITIES / TOTAL ASSETS 0.390.4                        0.37
0.32         0.3        0.42        0.38          0.36           TOTAL DEBT / TOTAL ASSETS
FIN_LEV              0.28           0.27          0.26
0.75        0.71        0.89        0.92          0.77                         FIN_LEV              0.66
TOTAL LIBILITIES / COMMON EQUITY 0.63                           0.59
0.55        0.51        0.79        0.73          0.63           TOTAL DEBT /COMMON EQUITY
FIN_LEV              0.46           0.43          0.41
0           0           0           0            0           PREFERRED STOCK / TOTAL ASSETS
FIN_LEV                  0             0             0
0           0           0           0            0                         FIN_LEV
PREFERRED STOCK / COMMON 0              EQUITY 0                   0
21.27         7.28      12.79         3.83        62.93            OIADP / INTEREST
COVERAGE            46.48         51.32         49.57
21.27         7.28      12.79         3.83        62.93            OIADP / (INTEREST + PS_DIV)
COVERAGE            46.48         51.32         49.57
26.39       15.08       14.83       11.82         46.91            CASHFLOWCOVERAGEPRE-TAX / INTEREST
- ASSETS           37.55           7.84        47.73
26.39       15.08       14.83       11.82         46.91            CASHFLOWCOVERAGEPRE-TAX / (INTEREST+PS_DIV)
- ASSETS           37.55           7.84        47.73
0.14        0.05        0.07        0.03          0.39           RETURN ON COMMON EQUITY
ROR                  0.22           0.17          0.17
.           .                 0.06        0.03          0.23           RETURN ON TOTAL ASSETS
ROR           .             .             .
0.14        0.05        0.07        0.03          0.39                         ROR                  0.22
RETURN ON COMMON EQUITY (BEFORE EI&DO) 0.17       0.17
.           .                 0.06        0.03          0.23           RETURN ON TOTAL ASSETS (BEFORE EI&DO)
ROR           .             .             .
0.07        0.03        0.03        0.01           0.1           INCOME TO CS / SALES
ROR                  0.08           0.07          0.07
0.07        0.03        0.03        0.01           0.1           INCOME/SALES  ROR                  0.08           0.07          0.07
.           .                 0.05        0.02          0.11           INCOME ON ASSETS / .
EFF           SALES         .             .
1.23        1.11        1.18        1.41          2.14                         ROR
SALES / AVG TOTAL ASSETS1.61                      1.48          1.49
0.8        0.85        0.84         0.9          0.77           COST OF GOODS SOLD / SALES
EXP_SALE             0.79           0.81           0.8
0.04        0.04        0.04        0.03          0.04           SELLING, GEN & ADMIN / SALES
EXP_SALE             0.04           0.03          0.03
0.06        0.07        0.06        0.06          0.03           DEPREC & AMORTIZATION /0.05
EXP_SALE              SALES         0.05          0.05
0       0.01            0           0            0                         EXP_SALES
INTEREST EXPENSE / SALES 0                           0             0
0.04        0.01        0.01            0         0.05           INCOME TAXES / SALES
EXP_SALE             0.05           0.04          0.04
0           0           0           0            0           EI&DO / SALES EXP_SALE                 0             0             0
.           .           .           .           .                                    EXP_SALE
.           .           .           .           .                                    AND DEVELOPMENT / .
RESEARCH EXP_SALE .                       SALES         .
10.44       36.52       19.86            70         7.39           PRICE / EARNINGS (PRIMARY)
MULTIPLE            18.19         18.02         14.42
10.44       36.52       19.86            70         7.39                         MULTIPLE            18.19
PRICE / EARNINGS (PRIMARY BEFORE18.02            EI&DO) 14.42
3.95        8.31        6.49        8.86          8.05           PRICE / OPERATING CASH FLOW (PRIMARY)
MULTIPLE            11.17           9.92          7.35
9.14      15.19 .                 14.24         11.11                          MULTIPLE            19.45 .
PRICE / CASH FLOW TO EQUITY (PRIMARY)                         16.18
0.71        0.99        0.67         0.7          0.73                         MULTIPLE
PRICE / SALES (PRIMARY) 1.44                      1.23          1.01
6.8      25.69            11     42.18           4.49                         MULTIPLE
66.15       77.88       54.34            70     111.36             PRICE / COMMON DIVIDENDS
MULTIPLE          204.02        159.38        120.78
1.44        1.87        1.39        1.88          2.42           MVEQ / BVEQ   MULTIPLE             3.62           2.78          2.27
1.25        1.51        1.21        1.46           1.8                         MULTIPLE             2.58
(MVEQ + BV_DEBT) / TOTAL ASSETS 2.09                             1.8
-0.26        0.35       -0.21        0.38         -0.06           COMMON STOCK RETURN - FISCAL YEAR
RETURN               0.04           -0.1         -0.04
NOTES:       S = Semi Annual Figure
A = Annual Figure
C = Combined Figure
I = Insignificant Figure
. = Not Available Figure

36861       37226       37591       37956        38322                                              35034
CHECKS ON THE COMPUSTAT DATA 35400                           35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
0           0           0           0            0                                                  0
Retained Earnings Check - B/S with Stat 0                          0
0           0           0           0            0           Retained Earnings Check - Stat t0w t-1               0             0
0           0           0           0            0           Current Assets Check                   0             0             0
0           0           0           0            0           Total Assets Check                     0             0             0
0           0           0           0            0           Current Liabilities Check              0             0             0
0           0           0           0            0           Common Equity Check                    0             0             0
0           0           0           0            0           TOTAL LIABILITIES & EQUITY Check       0             0             0
0           0           0           0            0           assets=equities Check                  0             0             0
0           0           0           0            0           gross profit check                     0             0             0
0           0           0           0            0           Operating Profit Check                 0             0             0
0           0           0           0            0           Pretax Income                          0             0             0
0           0           0           0            0           Net Income (Loss)                      0             0             0
0           0           0           0            0           Available for Common Before EI&DO      0             0             0
0           0           0           0            0           Adjusted Available for Common 0                      0             0
7           7           7           7            7           Format Code (FC) for this firm =>      7             7             7
0           0           0           0            0                                                  0
Operating Activities - Net Cash Flow (F-Code = 7)    0             0
0           0           0           0            0                                                  0
Investing Activiteis - Net Cash Flow (F-Code = 7)    0             0
0           0           0           0            0                                                  0
Financing Activities - Net Cash Flow (F-Code = 7)    0             0
0           0           0           0            0                                                  0
Cash and Equivalents - Change (F-Code = 7)           0             0
740.95 495.84 579.85 520.74 1603.98                                                                 481.61
Funds From Operations - Total (F-Code = 2)    504.97          599.6
79.86       33.06 369.28              55.6        91.72                                              34.59
Sources of Funds - Total (F-Code = 2) 55.17                   23.58
862.35 435.91 963.14 351.13                      612.67                                             378.37
Uses of Funds - Total (F-Code = 2) 565.65                   342.05
81.61       28.23 243.34 -131.33               -428.72                                              -99.87           97.4
Cash and Equivalents - Changes (F-Code = 2) -178.98
740.95 495.84 579.85 520.74 1603.98                                                                 481.61
Funds From Operations - Total (F-Code = 3)    504.97          599.6
-700.87 -374.62 -350.52 -426.86                  -949.66                                            -443.65       -413.09
Cash and Equivalents - Changes (F-Code = 3) -497.46
740.95 495.84 579.85 520.74 1603.98                                                                 481.61
Funds From Operations - Total (F-Code = 1)    504.97          599.6
79.86       33.06 369.28              55.6        91.72                                              34.59
Sources of Funds - Total (F-Code = 1) 55.17                   23.58
862.35 435.91 963.14 351.13                      612.67                                             378.37
Uses of Funds - Total (F-Code = 1) 565.65                   342.05
.           .           .           .           .                                                  .             .
Working Capital Changes - Total (F-Code = 1)            .
0           0           0           0            0           Add'l Sch: Receivables                 0             0             0
-461.15 -466.69 -588.99              -560.4 -1239.89                 Add'l Sch: Inventories         -306.77         -385.8      -397.05
0           0        -16            0            0           Add'l Sch: Debt - Long Term       -0.15          -0.75         -0.25
-3609.4 -3965.4 -4850.6 -5115.4 -5407.69                                                               28.12
Add'l Sch: Property, Plant, & Equip 537.44 -2649.94
.           .           .           .           .                                                     -133.12 .
0           0           0           0            0           Add'l Sch: Income Taxes                0             0             0
.           .           .           .           .                                                             0 .
Add'l Sch: Common Shares Reserved - Conversion          .
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========
-575.58       -2346 -1151.4 -3851.3 -1798.24                         SUM OF CHECKS                  1322.29 2598.75 -1186.61
=========== ===========
=========== =========== ===========                                                                ===========   ===========   ===========

36861       37226       37591       37956        38322                                              35034
CHECKS ON DATA FOR RELATIONS 35400                           35765
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
259.37 289.06            307.1 364.11            383.31                                             173.89
DEPRECIATION, DEPLETION AND AMORTIZATION      182.23        218.76
558.07 484.16 591.54                 629.6 1065.79                  TOTAL CURRENT LIABILITIES       447.14        465.65        524.45
371.97 340.52 407.23 528.04                      767.62             AVERAGE RECEIVABLES 270.67                    287.92          339.5
463.07 463.92 527.84 574.69                      900.14             AVERAGE INVENTORY                 274.9       346.29        391.42
2196.6 2166.21 2262.22 2332.53 2899.03                              AVERAGE COMMON EQUITY          1252.36        1495.7 1742.86
3725.82 3740.57 4070.17 4436.68 5312.78                               AVERAGE TOTAL ASSETS           2149.03 2457.84 2801.96
2130.95 2201.46 2322.99 2342.08 3455.99                               COMMON EQUITY                  1382.11 1609.29 1876.43
3721.79 3759.35             4381 4492.35 6133.21                      TOTAL ASSETS                   2296.14 2619.53 2984.38
22.45            22     22.92       27.15         29.34            INTEREST EXPENSE                   9.28           7.55         9.28
22.45            22     22.92       27.15         29.34            INTEREST + PS_DIV                  9.28           7.55         9.28
4586.15 4139.25 4801.78 6265.82 11376.83                              SALES                          3462.05 3647.03              4184.5
3.8        1.45        2.08         0.8          7.08           EPS - Primary - Excluding EI&DO    3.14           2.83         3.35
3.8        1.45        2.08         0.8          7.08           EPS - Primary - Including EI&DO    3.14           2.83         3.35
3.8        1.45        2.07         0.8          7.02                                              3.13
EPS - Fully Diluted - Excluding EI&DO 2.83                     3.35
3.8        1.45        2.07         0.8          7.02                                              3.13
EPS - Fully Diluted - Including EI&DO 2.83                     3.35
10.04         6.37        6.37        6.32           6.5           OPERATING CASH FLOW - PRIMARY SHARE5.11           5.14         6.57
4.34        3.49 .                  3.93          4.71           CASH FLOW TO EQUITY- PRIMARY SHARE 2.94 .                      2.99
5.84        2.06        3.75        1.33        11.66                                               4.93
OIADP(PRIMARY, INCOME BEFORE INTEREST,TA 5.24     4.42
0.6        0.68        0.76         0.8          0.47           COMMON DIVIDENDS PER SHARE         0.28           0.32           0.4
56.09       53.27       61.49       80.06         71.83            SALES PER SHARE- PRIMARY           39.6         41.59         47.62
--------------------
--------------------    --------------------
--------------------
--------------------                               --------------------
--------------------
-------------------------------------------------       --------------------
Inputs into Financial Statement and Market Relations
490.58      462.35      219.01      350.33   779.05                  Cash & Equivalents                201.8         104.4       283.38
350.19      330.86      483.61      572.48   962.76                  Receivables - Total (Net) 283.21              292.64        386.35
461.15      466.69      588.99       560.4 1239.89                   Inventories - Total             306.77          385.8       397.05
0           0           0           0        0                  Prepaid Expenses                        0            0             0
79.53      113.77      132.54      137.35   193.26                  Current Assets - Other            38.97         45.54         58.73
1381.45     1373.67     1424.14     1620.56 3174.95                   Current Assets - Total          830.74        828.38 1125.51
4024.84     4226.57     5094.23     5330.82 5693.62                   Plant, Property & Equip (Gross)2212.89 2698.75 2956.69
1684.5     1860.91     2162.17     2513.68 2875.31                   Accumulated Depreciation 747.49                 907.6 1097.82
2340.34     2365.66     2932.06     2817.14 2818.31                   Plant, Property & Equip (Net)   1465.4 1791.15 1858.88
0           0           0           0        0                  Investments at Equity                   0            0             0
0           0           0           0        0                  Investments and Advances - Other        0            0             0
0           0           0           0        0                  Intangibles                             0            0             0
0           0           0           0        0                  Deferred Charges                        0            0             0
0       20.03        24.8       54.66   139.95                  Assets - Other                          0            0             0
3721.79     3759.35        4381     4492.35 6133.21                   TOTAL ASSETS                   2296.14 2619.53 2984.38
203.33      189.24      247.23      329.86   471.55                  Accounts Payable                214.56        224.37        260.27
0           0           0           0        0                  Notes Payable                           0            0             0
C           C           C           C        C                         Accrued Expenses            C             C             C
0           0        8.95           0    28.96                  Taxes Payable                      11.3         10.29          9.99
0           0          16           0        0                  Debt (Long-Term) Due In One Year   0.15           0.75         0.25
354.73      294.92      319.36      299.73   565.28                  Other Current Liabilities 221.12              230.25        253.95
558.07      484.16      591.54       629.6 1065.79                   Total Current Liabilities 447.14              465.65        524.45
460.45      460.45      878.55      903.55   923.55                  Long Term Debt                  106.85          152.6       167.95
105         144    C              257.8    309.8                  Deferred Taxes (Balance Sheet) 1      5             50            59
0           0           0           0        0                  Investment Tax Credit                   0            0             0
312.26      283.89      216.66      177.28   173.31                  Minority Interest               220.66        265.71        276.19
155.05      185.39      371.27      182.05   204.77                  Liabilities - Other               88.38         76.28         80.36
1590.84     1557.89     2058.01     2150.28 2677.22                   TOTAL LIABILITIES               914.03 1010.24 1107.96
0           0           0           0        0                  Preferred Stock                         0            0             0
36.05       36.13       36.27       36.43    73.75                  Common Stock                       35.9         35.95             36
71.5       81.19        99.4       117.4   146.81                  Capital Surplus                   48.67         55.05         62.04
2478.79     2538.88     2641.58     2641.71 3687.38                   Retained Earnings (Net Other)  1315.85 1535.95 1795.28
455.37      454.74      454.26      453.46   451.96                  Less: Treasury Stock               18.3         17.66         16.89
2130.95     2201.46     2322.99     2342.08 3455.99                                                  EQUITY
TOTAL SHAREHOLDERS' 1382.11 1609.29 1876.43
4586.15     4139.25     4801.78     6265.82 11376.83                  Sales (Net)                    3462.05 3647.03              4184.5
3666.11     3531.24     4025.88     5632.44 8732.37                   Cost of Goods Sold             2726.28 2956.93 3360.18
920.03      608.01       775.9      633.39 2644.46                   Gross Profit                    735.77        690.11        824.32
183.18        158.76   175.59       165.37        415.03                               130.68
Selling, General, & Admin Expenses 120.39         145.41
736.86        449.25   600.31       468.02       2229.43                               605.09
Operating Income Before Depreciation    569.72    678.91
259.37        289.06    307.1       364.11        383.31                                Amortization
Depreciation, Depletion, &173.89        182.23    218.76
477.49        160.19   293.21       103.91       1846.13                                431.2
Operating Income After Depreciation 387.49        460.15
22.45            22    22.92        27.15         29.34   Interest Expense              9.28        7.55      9.28
23.27         15.48     8.63         2.53          6.98   Non-Operating Income/Expense 10.41        7.84      9.32
0          20.2     30.6        11.55         -11.6   Special Items                    0           0         0
478.31        173.86   309.53        90.83       1812.17   Pretax Income               432.34      387.77    460.18
167.4          60.9    67.97          4.1        609.79   Income Taxes - Total         157.8       139.6     165.7
C             C             79.47        23.95         80.89   Minority Interest       C          C           C
310.91        112.96   162.08        62.78       1121.49   INCOME BEFORE EI&DO 274.54              248.17    294.48
0             0        0            0             0   Extraordinary Items              0           0         0
0             0        0            0             0   Discontinued Operations          0           0         0
310.91        112.96   162.08        62.78       1121.49   Net Income (Loss)           274.54      248.17    294.48
0             0        0            0             0   Preferred Dividends              0           0         0
3.8          1.45     2.08          0.8          7.08                                 3.14
EPS - Primary - Excluding EI&DO           2.83      3.35
3.8          1.45     2.08          0.8          7.08                                 3.14
EPS - Primary - Including EI&DO           2.83      3.35
3.8          1.45     2.07          0.8          7.02                                 3.13
EPS - Fully Diluted - Excluding EI&DO 2.83          3.35
3.8          1.45     2.07          0.8          7.02                                 3.13
EPS - Fully Diluted - Including EI&DO 2.83          3.35
81.76         77.71    78.09        78.27        158.38                                87.43
SHARES - for Primary EPS Calculation 87.69         87.87
81.78         77.78    78.25        78.42        159.75                                87.61       87.78
SHARES - for Fully Diluted EPS Calculation         87.92
77.58         77.82    78.18        78.59        159.51                                 87.6
SHARES - Outstanding at Fiscal Year End   87.8        88
STATEMENT OF CASH FLOWS (Format Code=7)
820.76       495.12 497.22 494.62               1029.72                               447.16
Operating Activities - Net Cash Flow 450.61       577.33
415.4       261.15   243.6 215.41               285.93   Capital Expenditures        263.42      537.44    306.75
5.13        22.65    0.45   11.63                3.09                                 0.92
Sale of Property Plant and Equipment 1.59           0.77
0        121.9 652.69    34.94              169.65   Acquisitions                     0           0         0
-410.28       -360.4 -901.41 -267.58             -534.94                               -262.5
Investing Activites - Net Cash Flow -535.84      -305.98
48.21        52.86   59.38   62.65               74.64   Cash Dividends               24.49       28.06     35.15
21.27        22.03   19.89   33.01                32.4   Interest Paid - Net           9.21        6.95      8.73
152.4        20.42   31.69  -54.93               550.1   Income Taxes Paid            176.5       152.9     175.9
CASH STATEMENT - SOURCE & USE (Format Code=2)
.             .          .          .            .                                     .
Funds From Operations - Total      .           .
0             0 C          C                     0    Current Debt - Changes  C          C           C
.             .          .          .            .                                     .
Working Capital Changes - Other -. Inc(Dec) .
1             1       1            1             2    Adjustmnet Factor-Cum, Ex-Date   4           4         4
.             .          .          .            .             Advertising Expense .              .           .
0.6          0.68    0.76           0.8          0.47                                 0.28
Dividends (Cash)per Share Ex-Date         0.32       0.4
48.21         52.86   59.38         62.65         74.64   Dividends (Cash) - Common    24.49       28.06     35.15
0             0       0             0             0   Dividends (Cash) - Preferred     0           0         0
0             0       0             0             0                                    0
Preferred Stock - Liquidation Value          0         0
0             0       0             0             0                                    0
Preferred Stock - Redemption Value           0         0
39.69         52.96    41.3            56         52.34   Price - Calendar Year Close 57.13           51     48.31
39.69         52.96    41.3            56         52.34   Price - Fiscal Year Close    57.13          51     48.31
27.57         20.18   20.04         22.72          40.4                                16.69
Receivables - Estimated Doubtful          14.6     17.98
.             .          .          .            .             Rental Expense          .          .           .
.             .          .          .            .                                     .
Research and Development Expense   .           .
0.35          0.35    0.22          0.05          0.34   ACCOUNTING AVERAGE TAX0.36     RATE       0.36      0.36
820.76        495.12 497.22         494.62       1029.72   OPERATING CASH FLOW 447.16              450.61    577.33
425.07        270.92 271.96         316.77        766.35   CASH FLOW ON ASSETS 190.55               -80.4    277.29
355.07        270.92 -162.14        307.77        746.35   CASH FLOW TO EQUITY 256.8              -126.75    262.44
LAST FURNACES

hange and in the S&P Industrials Index
pany

12/1/98 12/1/99 12/1/00                   12/1/01 12/1/02 12/1/03 12/1/04 12/1/05 12/1/06
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

308.7       572.19        490.58        462.35        219.01        350.33        779.05 1837.51 2196.28
299.25        393.76        350.19        330.86        483.61        572.48        962.76 1000.63 1067.32
435.89        464.98        461.15        466.69        588.99          560.4 1239.89             945.05 1141.19
0             0             0             0             0             0             0             0             0
85.64       107.58          79.53       113.77        132.54        137.35        193.26        288.36        270.24
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1129.47 1538.51 1381.45 1373.67 1424.14 1620.56 3174.95 4071.55 4675.04
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
3397.77 3679.92 4024.84 4226.57 5094.23 5330.82 5693.62 6056.94 6393.46
1300.69 1488.58              1684.5 1860.91 2162.17 2513.68 2875.31 3201.22 3537.04
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2097.08 2191.34 2340.34 2365.66 2932.06 2817.14 2818.31 2855.72 2856.42
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
0             0             0             0             0             0             0          161         184.5
0             0             0             0             0             0             0           6.9             0
0             0             0             0             0             0             0             0      143.27
0             0             0             0             0             0             0             0             0
0             0             0        20.03          24.8         54.66       139.95          43.62         25.77
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
3226.55 3729.85 3721.79 3759.35                             4381 4492.35 6133.21 7138.79 7884.99
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

198.33        255.23        203.33        189.24        247.23        329.86        471.55        501.62        516.64
0             0             0             0             0             0             0             0             0
C             C             C             C             C             C             C             C             C
26.09          2.46              0             0         8.95              0        28.96              0             0
0             0             0             0            16             0             0         1.25              0
262.48        273.35        354.73        294.92        319.36        299.73        565.28        752.83        933.39
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
486.9       531.03        558.07        484.16        591.54          629.6 1065.79             1255.7 1450.03
215.45        390.45        460.45        460.45        878.55        903.55        923.55          922.3         922.3
85          101           105           144 C                     257.8         309.8         294.6           249
0             0             0             0             0             0             0             0             0
282.4       280.87        312.26        283.89        216.66        177.28        173.31        194.09        238.59
84.25       164.25        155.05        185.39        371.27        182.05        204.77        192.31        199.08
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1153.99        1467.6 1590.84 1557.89 2058.01 2150.28 2677.22                                         2859          3059
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

0             0             0             0             0             0             0             0             0
36.02         36.04         36.05         36.13         36.27         36.43         73.75         74.12       149.01
67.25         70.91          71.5         81.19          99.4         117.4       146.81        188.56        195.54
2016.86 2216.09 2478.79 2538.88 2641.58 2641.71 3687.38 4755.71 5813.18
47.58         60.79       455.37        454.74        454.26        453.46        451.96        738.61 1331.74
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2072.55 2262.25 2130.95 2201.46 2322.99 2342.08 3455.99 4279.79 4825.99
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
3226.55 3729.85 3721.79 3759.35                             4381 4492.35 6133.21 7138.79 7884.99
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
4151.23 4009.35 4586.15 4139.25 4801.78 6265.82 11376.83                                            12701 14751.27
3338.66 3223.84 3666.11 3531.24 4025.88 5632.44 8732.37 9710.34 10919.19
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
812.57        785.51        920.03        608.01          775.9       633.39 2644.46 2990.66 3832.08
147.97        154.77        183.18        158.76        175.59        165.37        415.03        493.56        592.47
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
664.6       630.73        736.86        449.25        600.31        468.02 2229.43              2497.1 3239.61
253.12        256.64        259.37        289.06          307.1       364.11        383.31        375.05        363.94
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
411.48        374.09        477.49        160.19        293.21        103.91 1846.13 2122.04 2875.67
10        20.52         22.45             22        22.92         27.15         29.34         36.57         40.35
13.83         25.61         23.27         15.48          8.63          2.53           6.98        32.37         77.72
0             0             0         20.2          30.6         11.55          -11.6           9.2             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
415.31        379.19        478.31        173.86        309.53          90.83 1812.17 2127.04 2913.04
151.6         134.6         167.4          60.9         67.97            4.1      609.79        706.08        936.14
C             C             C             C                   79.47         23.95         80.89       110.67        219.22
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

3          2.8           3.8          1.45          2.08           0.8          7.08          8.34          5.73
3          2.8           3.8          1.45          2.08           0.8          7.08          8.34          5.73
3          2.8           3.8          1.45          2.07           0.8          7.02          8.26          5.68
3          2.8           3.8          1.45          2.07           0.8          7.02          8.26          5.68

87.86         87.25         81.76         77.71         78.09         78.27        158.38        157.13        306.62
87.88         87.29         81.78         77.78         78.25         78.42        159.75        158.57        309.38
87.35         87.13         77.58         77.82         78.18         78.59        159.51        155.11        300.95

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1795.28 2016.86 2216.09 2478.79 2538.88 2641.58 2641.71 3687.38 4755.71
263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
42.13         45.35         48.21         52.86         59.38         62.65         74.64       209.75        577.82
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2016.86 2216.09 2478.79 2538.88 2641.58 2641.71 3688.56 4787.91 5935.58
.             .             .             .             .             .             .             .             .
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0         -1.18          46.6          -6.9
0             0             0             0             0             0             0         -78.8       -115.5
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2016.86 2216.09 2478.79 2538.88 2641.58 2641.71 3687.38 4755.71 5813.18
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2016.86 2216.09 2478.79 2538.88 2641.58 2641.71 3687.38 4755.71 5813.18
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

ng Capital Statement by Source and Use
Statement by Source and Use of Funds
Statement by Activity
ment of Cash Flows
7          7                  7             7             7             7             7             7             7

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
253.12        256.64        259.37        289.06          307.1       364.11        383.31        375.05        363.94
0             0             0             0             0             0             0             0             0
-1          10.6          19.4            11         31.2          74.3          6.69        -29.38        -38.91
0             0             0             0             0             0             0 C              C
0             0             0       -20.22              0          -4.4          -1.6             0             0
102.47          85.65       151.28        103.04          79.47         23.94         94.09       123.03        252.52
87.11        -94.52         43.58         33.79        -99.78        -88.87        -354.9        -19.43        -33.88
-38.84          -29.1          3.83         26.3        -58.37         28.97      -635.64        337.86       -143.97
-61.94           56.9         -51.9       -46.18          35.8         54.76       358.81          63.64         77.96
16.1        -23.63          -4.36             0 C              C                    35.4        -68.33          -7.23
21.17         97.71         88.65        -14.64         39.72        -20.98         22.07         43.89         23.13
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
641.9       604.83        820.76        495.12        497.22        494.62 1029.72 2136.62 2251.23
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

0             0             0             0         5.57         22.12         82.46          41.9         34.32
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0     -857.36       -553.27
502.91        374.72          415.4       261.15          243.6       215.41        285.93        331.47          338.4
2.93          0.44          5.13         22.65          0.45         11.63          3.09          0.75          2.18
0             0             0        121.9       652.69          34.94       169.65        154.86        223.92
0             0             0             0             0         -6.74             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
-499.99       -374.28       -410.28         -360.4      -901.41       -267.58       -534.94 -1384.84 -1147.74
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

6.56          5.22          4.74         10.41         18.83         18.96         68.63         40.21         37.23
32.02         14.76        398.73             0             0             0             0        291.24        599.45
42.13         45.35         48.21         52.86         59.38         62.65         74.64        209.75        577.82
47.25           175            70             0           350            25            20             0             0
0             0             0             0           1.9            16             0             0             0
0             0             0             0 C                 C                     0             0         -1.25
-96.27        -87.18      -119.88       -120.49         -146.7        -61.02        -80.06        -89.89      -174.71
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
-116.6         32.93      -492.09       -162.94        160.85         -95.71        -66.07      -550.67 -1297.99
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
25.32       263.49         -81.61        -28.23      -243.34        131.33        428.72          201.1        -194.5
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

9.36    14.69    21.27    22.03    19.89    33.01     32.4     37.2     41.5
158.7    147.4    152.4    20.42    31.69   -54.93    550.1    806.7      971
===========
===========       ===========
===========
===========
===========       ===========
===========       ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
253.12        256.64        259.37        289.06          307.1       364.11        383.31        375.05        363.94
0             0             0             0             0             0             0             0             0
-1         10.6          19.4             11         31.2          74.3          6.69        -29.38        -38.91
0             0             0             0             0             0             0 C              C
0             0             0       -20.22              0          -4.4          -1.6             0             0
102.47          85.65       151.28        103.04          79.47         23.94         94.09       123.03        252.52
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
2.93          0.44          5.13         22.65          0.45         11.63          3.09          0.75          2.18
6.56          5.22          4.74         10.41         18.83         18.96         68.63         40.21         37.23
0             0             0             0             0             0             0             0             0
47.25           175             70             0          350             25            20             0             0
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

42.13         45.35         48.21         52.86         59.38         62.65         74.64        209.75        577.82
502.91        374.72         415.4        261.15         243.6        215.41        285.93        331.47         338.4
0             0             0             0          5.57         22.12         82.46          41.9         34.32
0             0             0             0           1.9            16             0             0             0
32.02         14.76        398.73             0             0             0             0        291.24        599.45
0             0             0         121.9        652.69         34.94        169.65        154.86        223.92
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
0             0             0             0 C              C                        0             0         -1.25
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
25.32       263.49         -81.61        -28.23      -243.34        131.33        428.72          201.1        -194.5
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

263.71        244.59        310.91        112.96        162.08         62.78      1121.49       1310.28       1757.68
253.12        256.64        259.37        289.06          307.1       364.11        383.31        375.05        363.94
0             0             0             0             0             0             0             0             0
-1         10.6          19.4             11         31.2          74.3          6.69        -29.38        -38.91
0             0             0             0             0             0             0 C              C
0             0             0       -20.22              0          -4.4          -1.6             0             0
102.47          85.65       151.28        103.04          79.47         23.94         94.09       123.03        252.52
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .

.            .             .             .             .             .             .             .             .

502.91        374.72         415.4        261.15         243.6        215.41        285.93        331.47         338.4
2.93          0.44          5.13         22.65          0.45         11.63          3.09          0.75          2.18
0             0             0         121.9        652.69         34.94        169.65        154.86        223.92
0             0             0             0          5.57         22.12         82.46          41.9         34.32
0             0             0             0             0             0             0             0             0

0             0             0             0 C               C                       0             0         -1.25
47.25           175            70             0           350            25            20             0             0
0             0             0             0           1.9            16             0             0             0
32.02         14.76        398.73             0             0             0             0        291.24        599.45
6.56          5.22          4.74         10.41         18.83         18.96         68.63         40.21         37.23
42.13         45.35         48.21         52.86         59.38         62.65         74.64        209.75        577.82

.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
25.32       263.49         -81.61        -28.23      -243.34        131.33        428.72          201.1        -194.5
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

263.71        244.59        310.91        112.96        162.08          62.78 1121.49 1310.28 1757.68
253.12        256.64        259.37        289.06          307.1       364.11        383.31        375.05        363.94
0             0             0             0             0             0             0             0             0
-1         10.6          19.4             11         31.2          74.3          6.69        -29.38        -38.91
0             0             0             0             0             0             0 C              C
0             0             0       -20.22              0          -4.4          -1.6             0             0
102.47          85.65       151.28        103.04          79.47         23.94         94.09       123.03        252.52
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
2.93          0.44          5.13         22.65          0.45         11.63          3.09          0.75          2.18
6.56          5.22          4.74         10.41         18.83         18.96         68.63         40.21         37.23
0             0             0             0             0             0             0             0             0
47.25           175             70             0          350             25            20             0             0
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

42.13         45.35         48.21         52.86         59.38         62.65         74.64        209.75        577.82
502.91        374.72        415.4        261.15         243.6       215.41        285.93        331.47         338.4
0             0            0             0          5.57        22.12         82.46          41.9         34.32
0             0            0             0           1.9           16             0             0             0
32.02         14.76       398.73             0             0            0             0        291.24        599.45
0             0            0         121.9        652.69        34.94        169.65        154.86        223.92
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
299.25        393.76        350.19        330.86        483.61        572.48        962.76 1000.63 1067.32
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
299.25        393.76        350.19        330.86        483.61        572.48        962.76 1000.63 1067.32
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
435.89        464.98        461.15        466.69        588.99          560.4 1239.89             945.05 1141.19
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
0             0             0             0           -16             0             0         -1.25             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0          175           175           175           525           525           525            525          525
215.45        215.45        285.45        285.45        353.55        378.55        398.55          397.3         397.3
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
215.45        390.45        460.45        460.45        878.55        903.55        923.55          922.3         922.3
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

.            .             .             .            .             .             .             .            .
502.91        374.72         415.4       261.15         243.6       215.41        285.93        331.47            338.4
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
3397.77 3679.92 4024.84 4226.57 5094.23 5330.82 5693.62 6056.94 6393.46
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1300.69 1488.58              1684.5 1860.91 2162.17 2513.68 2875.31 3201.22 3537.04
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
-1         10.6          19.4             11         31.4           71.5         7.19        -28.18        -38.91
0             0             0             0          -0.2             0             0             0             0
0             0             0             0             0           2.8          -0.5          -1.2             0
152.6           124           148          49.9             54         -58.5      574.11        685.48        902.11
0             0             0             0             0             0             0             0             0
0             0             0             0       -17.23          -11.7        28.99         49.98         72.94
0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
151.6         134.6         167.4          60.9         67.97            4.1      609.79        706.08        936.14
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.             .             .             .             .             .             .             .             .
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
0             0             0 I                    16.03              0 I              I             I
0             0             0 I                  550.99               0 I              I             I
4             4             4             4             4             4             2             2             1
.             .             .             .             .             .             .             .             .
7             7             7             7             7             7             7             7             7
1             1             1             1             1             1             1             1             1
0             0             0             0 .              .             .             .             .
0             0             0             0 .              .             .             .             .
6             6             6             6             7             7             7             7             7

.             .             .             .             .             .             .             .            .
101           101           101           101          102            102           102          102           102
62            55            51            47           64             61            82          120            19
85.17         95.64        111.65        129.54       201.32         203.94        665.89       687.38        1255.3
.             .             .             .             .             .             .             .       .
0             0             0             0            0              0             0         0        0
0             0             0           0.3            0              0           1.3         0        0
0             0           0.3           0.3            0           1.25             0         0    180.4
0           0.3           0.3           0.3         1.25              0             0     180.4        0
0.3           0.3           0.3          1.55            0              0         180.4         0 .
0             0             0         206.3        467.3         378.55        398.55    398.55    397.3
0             0             0             0            0              0             0         0        0
0             0             0             0            0              0             0         0        0
0.48          0.52           0.6          0.68         0.76            0.8          0.47      1.85     2.15
42.13         45.35         48.21         52.86        59.38          62.65         74.64    289.73   658.09
0             0             0             0            0              0             0         0        0
7.2           7.5           7.9           8.4          9.8            9.9          10.6      11.3     11.9
3226.55       3729.85       3721.79       3759.35         4381        4492.35       6133.21   7138.79 7884.99
0             0             0             0            0              0             0         0    11.37
.             .           .               .             .             .             .           .         .
374           397           373           391           342           297           189       177      161
0             0             0             0             0             0             0         0        0
0             0 .               .           .               .             .           .         .
10         20.52         22.45            22 .               .             .           .         .
2            2             2             2              2            2             2            21             21
0            0             0             0              0            0             0             0              0
.            .            .             .             .             .             .             .             .
5.12        28.59         19.36          8.29         42.61        157.59         533.5         381.9          387.2
710         1033           845           794           816          1431        2038.4        3343.7         3092.4
.            .            .             .             .             .             .             .             .
.            .            .             .             .             .             .             .             .
.            .            .             .             .             .             .             .             .
.            .            .             .             .             .             .             .             .
.            .            .             .             .             .             .             .             .
.            .            .             .             .             .             .             .             .
.            .            .             .             .             .             .             .             .
0            0             0             0             0             0             0             0              0
0            0             0             0             0             0             0             0              0
0            0             0             0             0             0             0             0              0
0            0             0             0             0             0             0             0              0
43.25        54.81         39.69         52.96          41.3            56         52.34         66.72          54.66
60.63        61.81         56.44          56.5         70.15         58.79         55.47         70.21          67.55
35.25        41.63          29.5         33.45            36         35.03         26.08         45.55          33.64
43.25        54.81         39.69         52.96          41.3            56         52.34         66.72          54.66
16.28        21.09         27.57         20.18         20.04         22.72          40.4          39.2             38
.            .            .             .                    1.08 .               .             .             .
.            .            .             .             .           .               .             .             .
.            .            .             .             .           .               .             .             .
.            .            .             .             .           .               .             .             .
.            .            .             .             .           .               .             .             .
.            .            .             .             .           .               .             .             .
.            .            .             .             .           .               .             .             .
.            .            .             .             .           .               .             .             .
0            0             0             0             0             0             0             0              0
47.58        60.79        455.37        454.74        454.26        453.46        451.96        738.61        1331.74
0            0             0             0             0             0             0             0              0
2.7         2.97         12.53         12.51          12.5         12.48         24.87         30.19          71.57

TS           TS           TS            TS            TS            TS            TS            TS            TS
AP

BD           BD           BD            BD            BD            BD            BD            BD            BD

BJ            BJ

AA
36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
13.42         14.34         15.52         14.62         16.59         14.64         14.85         16.15         17.57
5.14            5.8          6.49         6.44           7.04           6.9           7.5         8.54           9.72
8.28          8.54           9.02         8.18           9.55         7.74           7.35         7.61           7.85
2.32            2.9          2.48         2.84           2.41         2.57           2.98         3.24           3.22
0.63          1.08           0.88         0.95           0.37         0.56           0.73         1.46           1.51
12.11         11.57         12.33         12.16         11.79         11.87         14.82         12.94         14.27
29.73         31.11           29.2        29.62         30.53         30.34         24.29         27.83         25.23
0.05          0.06           0.07         0.06           0.05         0.04           0.05         0.04           0.04
8.02          7.16           7.92         7.61           7.63           9.8           9.7         8.89         10.47
44.91          50.3         45.47          47.3           47.2        36.73         37.11          40.5         34.39
1.25          1.82           1.51         1.64           1.19         1.47           1.63         2.26           2.25
.             .             .             .                     1.12         1.06           1.68         1.56           1.45
1.56          1.65           1.75         1.71           1.89         1.92           1.77         1.67           1.63
1.57            1.6           1.7         1.73            1.8           1.9          1.83         1.72           1.65
0.36          0.39           0.43         0.41           0.47         0.48           0.44           0.4          0.39
0.24          0.29           0.32           0.3          0.42         0.38           0.36         0.33           0.33
0.56          0.65           0.75         0.71           0.89         0.92           0.77         0.67           0.63
0.38          0.48           0.55         0.51           0.79         0.73           0.63         0.55           0.53
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
41.15         18.23         21.27          7.28         12.79          3.83         62.93         58.03         71.27
41.15         18.23         21.27          7.28         12.79          3.83         62.93         58.03         71.27
29.99         18.44         26.39         15.08         14.83         11.82         46.91         69.36         71.34
29.99         18.44         26.39         15.08         14.83         11.82         46.91         69.36         71.34
0.13          0.11           0.14         0.05           0.07         0.03           0.39         0.34           0.39
.             .             .             .                     0.06         0.03           0.23         0.22           0.27
0.13          0.11           0.14         0.05           0.07         0.03           0.39         0.34           0.39
.             .             .             .                     0.06         0.03           0.23         0.22           0.27
0.06          0.06           0.07         0.03           0.03         0.01            0.1           0.1          0.12
0.06          0.06           0.07         0.03           0.03         0.01            0.1           0.1          0.12
.             .             .             .                     0.05         0.02           0.11         0.11           0.14
1.34          1.15           1.23         1.11           1.18         1.41           2.14         1.91           1.96
0.8           0.8           0.8         0.85           0.84           0.9          0.77         0.76           0.74
0.04          0.04           0.04         0.04           0.04         0.03           0.04         0.04           0.04
0.06          0.06           0.06         0.07           0.06         0.06           0.03         0.03           0.02
0         0.01              0         0.01              0             0             0             0             0
0.04          0.03           0.04         0.01           0.01             0          0.05         0.06           0.06
0             0             0             0             0             0             0             0             0
.             .             .             .             .             .             .             .             .
.             .             .             .             .             .             .             .             .
14.42         19.58         10.44         36.52         19.86             70          7.39             8          9.54
14.42         19.58         10.44         36.52         19.86             70          7.39             8          9.54
5.92          7.91           3.95         8.31           6.49         8.86           8.05         4.91           7.44
37.62         69.52           9.14        15.19 .                     14.24         11.11          5.73           8.62
0.92          1.19           0.71         0.99           0.67           0.7          0.73         0.83           1.14
9.24         12.78            6.8        25.69             11        42.18           4.49         4.94           5.83
90.1       105.41          66.15         77.88         54.34             70      111.36          36.06         25.42
1.82          2.11           1.44         1.87           1.39         1.88           2.42         2.42           3.41
1.53          1.67           1.25         1.51           1.21         1.46            1.8         1.85           2.47
-0.09          0.28          -0.26         0.35          -0.21         0.38          -0.06         0.31          -0.15
36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
7             7             7             7             7             7             7             7             7
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0             0
0             0             0             0             0             0             0             0           -18
0             0             0             0             0             0             0             0             0
618.3       597.48        740.95        495.84        579.85        520.74 1603.98 1778.99 2335.23
56.74       180.67          79.86         33.06       369.28           55.6         91.72         40.96         39.41
577.06        434.83        862.35        435.91        963.14        351.13        612.67 1029.23 1773.91
-25.32      -263.49          81.61         28.23       243.34       -131.33       -428.72         -201.1       193.25
618.3       597.48        740.95        495.84        579.85        520.74 1603.98 1778.99 2335.23
-545.63       -517.66       -700.87       -374.62       -350.52       -426.86       -949.66 -1189.37 -1541.25
618.3       597.48        740.95        495.84        579.85        520.74 1603.98 1778.99 2335.23
56.74       180.67          79.86         33.06       369.28           55.6         91.72         40.96         39.41
577.06        434.83        862.35        435.91        963.14        351.13        612.67 1029.23 1773.91
.             .             .             .             .             .             .             .             .
0             0             0             0             0             0             0             0             0
-435.89       -464.98       -461.15       -466.69       -588.99         -560.4 -1239.89           -945.05 -1141.19
0             0             0             0           -16             0             0         -1.25             0
-2894.86 -3305.21 -3609.43 -3965.42 -4850.63 -5115.41 -5407.69 -5725.47 -6055.05
.             .             .             .             .             .             .             .             .
0             0             0             0             0             0             0             0             0
.             .             .             .             .             .             .             .             .
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
-772.22 -1520.91            -575.58 -2346.04            -1151.4 -3851.34 -1798.24                   -577.9 2077.07
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

36130         36495         36861         37226         37591         37956         38322         38687         39052
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
253.12        256.64        259.37        289.06          307.1       364.11        383.31        375.05        363.94
486.9       531.03        558.07        484.16        591.54          629.6 1065.79             1255.7 1450.03
342.8         346.5       371.97        340.52        407.23        528.04        767.62        981.69 1033.98
416.47        450.43        463.07        463.92        527.84        574.69        900.14 1092.47 1043.12
1974.49        2167.4        2196.6 2166.21 2262.22 2332.53 2899.03 3867.89 4552.89
3105.46        3478.2 3725.82 3740.57 4070.17 4436.68 5312.78                                         6636 7511.89
2072.55 2262.25 2130.95 2201.46 2322.99 2342.08 3455.99 4279.79 4825.99
3226.55 3729.85 3721.79 3759.35                             4381 4492.35 6133.21 7138.79 7884.99
10        20.52         22.45             22        22.92         27.15         29.34         36.57         40.35
10        20.52         22.45             22        22.92         27.15         29.34         36.57         40.35
4151.23 4009.35 4586.15 4139.25 4801.78 6265.82 11376.83                                            12701 14751.27
3           2.8           3.8         1.45          2.08            0.8         7.08          8.34          5.73
3           2.8           3.8         1.45          2.08            0.8         7.08          8.34          5.73
3           2.8           3.8         1.45          2.07            0.8         7.02          8.26          5.68
3           2.8           3.8         1.45          2.07            0.8         7.02          8.26          5.68
7.31          6.93         10.04          6.37          6.37          6.32            6.5         13.6          7.34
1.15          0.79          4.34          3.49 .                      3.93          4.71         11.65          6.34
4.68          4.29          5.84          2.06          3.75          1.33         11.66         13.51          9.38
0.48          0.52            0.6         0.68          0.76            0.8         0.47          1.85          2.15
47.25         45.95         56.09         53.27         61.49         80.06         71.83         80.83         48.11
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------

308.7        572.19        490.58        462.35      219.01        350.33        779.05       1837.51       2196.28
299.25        393.76        350.19        330.86      483.61        572.48        962.76       1000.63       1067.32
435.89        464.98        461.15        466.69      588.99         560.4       1239.89        945.05       1141.19
0             0             0             0           0             0             0             0             0
85.64        107.58         79.53        113.77      132.54        137.35        193.26        288.36        270.24
1129.47       1538.51       1381.45       1373.67     1424.14       1620.56       3174.95       4071.55       4675.04
3397.77       3679.92       4024.84       4226.57     5094.23       5330.82       5693.62       6056.94       6393.46
1300.69       1488.58        1684.5       1860.91     2162.17       2513.68       2875.31       3201.22       3537.04
2097.08       2191.34       2340.34       2365.66     2932.06       2817.14       2818.31       2855.72       2856.42
0             0             0             0           0             0             0           161         184.5
0             0             0             0           0             0             0           6.9             0
0             0             0             0           0             0             0             0        143.27
0             0             0             0           0             0             0             0             0
0             0             0         20.03        24.8         54.66        139.95         43.62         25.77
3226.55       3729.85       3721.79       3759.35        4381       4492.35       6133.21       7138.79       7884.99
198.33        255.23        203.33        189.24      247.23        329.86        471.55        501.62        516.64
0             0             0             0           0             0             0             0             0
C             C             C             C           C        C        C        C        C
26.09          2.46             0             0     8.95        0    28.96        0        0
0             0             0             0       16        0        0     1.25        0
262.48        273.35        354.73        294.92   319.36   299.73   565.28   752.83   933.39
486.9        531.03        558.07        484.16   591.54    629.6 1065.79    1255.7 1450.03
215.45        390.45        460.45        460.45   878.55   903.55   923.55    922.3    922.3
85           101           105           144 C           257.8    309.8    294.6      249
0             0             0             0        0        0        0        0        0
282.4        280.87        312.26        283.89   216.66   177.28   173.31   194.09   238.59
84.25        164.25        155.05        185.39   371.27   182.05   204.77   192.31   199.08
1153.99        1467.6       1590.84       1557.89 2058.01 2150.28 2677.22        2859     3059
0             0             0             0        0        0        0        0        0
36.02         36.04         36.05         36.13    36.27    36.43    73.75    74.12   149.01
67.25         70.91          71.5         81.19     99.4    117.4   146.81   188.56   195.54
2016.86       2216.09       2478.79       2538.88 2641.58 2641.71 3687.38 4755.71 5813.18
47.58         60.79        455.37        454.74   454.26   453.46   451.96   738.61 1331.74
2072.55       2262.25       2130.95       2201.46 2322.99 2342.08 3455.99 4279.79 4825.99
4151.23       4009.35       4586.15       4139.25 4801.78 6265.82 11376.83      12701 14751.27
3338.66       3223.84       3666.11       3531.24 4025.88 5632.44 8732.37 9710.34 10919.19
812.57        785.51        920.03        608.01    775.9   633.39 2644.46 2990.66 3832.08
147.97        154.77        183.18        158.76   175.59        165.37         415.03        493.56         592.47
664.6        630.73        736.86        449.25   600.31        468.02        2229.43        2497.1        3239.61
253.12        256.64        259.37        289.06    307.1        364.11         383.31        375.05         363.94
411.48        374.09        477.49        160.19   293.21        103.91        1846.13       2122.04        2875.67
10         20.52         22.45            22    22.92         27.15          29.34         36.57          40.35
13.83         25.61         23.27         15.48     8.63          2.53           6.98         32.37          77.72
0             0             0          20.2     30.6         11.55          -11.6           9.2              0
415.31        379.19        478.31        173.86   309.53         90.83        1812.17       2127.04        2913.04
151.6         134.6         167.4          60.9    67.97           4.1         609.79        706.08         936.14
C             C             C             C             79.47         23.95          80.89        110.67         219.22
263.71        244.59        310.91        112.96   162.08         62.78        1121.49       1310.28        1757.68
0             0             0             0        0             0              0             0              0
0             0             0             0        0             0              0             0              0
263.71        244.59        310.91        112.96   162.08         62.78        1121.49       1310.28        1757.68
0             0             0             0        0             0              0             0              0
3           2.8           3.8          1.45     2.08           0.8           7.08          8.34           5.73
3           2.8           3.8          1.45     2.08           0.8           7.08          8.34           5.73
3           2.8           3.8          1.45     2.07           0.8           7.02          8.26           5.68
3           2.8           3.8          1.45     2.07           0.8           7.02          8.26           5.68
87.86         87.25         81.76         77.71    78.09         78.27         158.38        157.13         306.62
87.88         87.29         81.78         77.78    78.25         78.42         159.75        158.57         309.38
87.35         87.13         77.58         77.82    78.18         78.59         159.51        155.11         300.95

641.9        604.83        820.76       495.12    497.22        494.62       1029.72        2136.62        2251.23
502.91        374.72         415.4       261.15     243.6        215.41        285.93         331.47          338.4
2.93          0.44          5.13        22.65      0.45         11.63          3.09           0.75           2.18
0             0             0        121.9    652.69         34.94        169.65         154.86         223.92
-499.99       -374.28       -410.28       -360.4   -901.41       -267.58       -534.94       -1384.84       -1147.74
42.13         45.35         48.21        52.86     59.38         62.65         74.64         209.75         577.82
9.36         14.69         21.27        22.03     19.89         33.01          32.4           37.2           41.5
158.7         147.4         152.4        20.42     31.69        -54.93         550.1          806.7            971

.             .             .             .          .           .             .             .              .
0             0             0             0 C           C                      0              0           -1.25
.             .             .             .          .           .             .             .              .
4             4             4             4         4            4             2              2              1
.             .             .             .          .           .             .             .              .
0.48          0.52           0.6          0.68      0.76          0.8           0.47          1.85           2.15
42.13         45.35         48.21         52.86     59.38        62.65          74.64        289.73         658.09
0             0             0             0         0            0              0             0              0
0             0             0             0         0            0              0             0              0
0             0             0             0         0            0              0             0              0
43.25         54.81         39.69         52.96      41.3           56          52.34         66.72          54.66
43.25         54.81         39.69         52.96      41.3           56          52.34         66.72          54.66
16.28         21.09         27.57         20.18     20.04        22.72           40.4          39.2             38
.             .             .             .          .           .             .             .              .
.             .             .             .          .           .             .             .              .
0.37          0.35          0.35          0.35      0.22         0.05           0.34          0.33           0.32
641.9        604.83        820.76        495.12    497.22       494.62        1029.72       2136.62        2251.23
148.26        243.79        425.07        270.92    271.96       316.77         766.35       1830.33        1942.39
101.01         68.79        355.07        270.92   -162.14       307.77         746.35       1830.33        1943.64
NAME:    NUCOR CORP
NUE
TICKER SYMBOL:
PRIMARY SIC CODE: STEEL WORKS & BLAST FURNACES
3312
.
STOCK EXCHANGE: 1 New York Stock Exchange and in the S&P Industrials Index

12/1/95
STATEMENT OF FINANCIAL POSITION             12/1/96 12/1/97 12/1/98 12/1/99 12/1/00 12/1/01                                     12/1/02 12/1/03
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
ASSETS
Cash & Equivalents               201.8         104.4       283.38          308.7       572.19        490.58        462.35        219.01        350.33
Receivables - Total (Net) 283.21              292.64       386.35        299.25        393.76        350.19        330.86        483.61        572.48
Inventories - Total             306.77         385.8       397.05        435.89        464.98        461.15        466.69        588.99          560.4
Prepaid Expenses                       0            0             0             0             0             0             0             0             0
Current Assets - Other           38.97         45.54         58.73         85.64       107.58          79.53       113.77        132.54        137.35
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Current Assets - Total          830.74        828.38 1125.51 1129.47 1538.51 1381.45 1373.67 1424.14 1620.56
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2212.89 2698.75 2956.69 3397.77 3679.92 4024.84 4226.57 5094.23 5330.82
Plant, Property & Equip (Gross)
Accumulated Depreciation747.49                 907.6 1097.82 1300.69 1488.58                         1684.5 1860.91 2162.17 2513.68
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Plant, Property & Equip (Net)   1465.4 1791.15 1858.88 2097.08 2191.34 2340.34 2365.66 2932.06 2817.14
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Investments at Equity                  0            0             0             0             0             0             0             0             0
Investments and Advances - Other       0            0             0             0             0             0             0             0             0
Intangibles                            0            0             0             0             0             0             0             0             0
Deferred Charges                       0            0             0             0             0             0             0             0             0
Assets - Other                         0            0             0             0             0             0        20.03          24.8         54.66
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
TOTAL ASSETS                  2296.14 2619.53 2984.38 3226.55 3729.85 3721.79 3759.35                                               4381 4492.35
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
LIABILITIES
Accounts Payable                214.56        224.37       260.27        198.33        255.23        203.33        189.24        247.23        329.86
Notes Payable                          0            0             0             0             0             0             0             0             0
Accrued Expenses           C             C             C             C             C             C             C             C             C
Taxes Payable                      11.3        10.29          9.99         26.09          2.46              0             0         8.95              0
Debt (Long-Term) Due In One Year   0.15          0.75         0.25              0             0             0             0            16             0
Other Current Liabilities 221.12              230.25       253.95        262.48        273.35        354.73        294.92        319.36        299.73
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Total Current Liabilities 447.14              465.65       524.45          486.9       531.03        558.07        484.16        591.54          629.6
Long Term Debt                  106.85         152.6       167.95        215.45        390.45        460.45        460.45        878.55        903.55
Deferred Taxes (Balance Sheet)       51            50            59            85          101           105           144 C                     257.8
Investment Tax Credit                  0            0             0             0             0             0             0             0             0
Minority Interest               220.66        265.71       276.19          282.4       280.87        312.26        283.89        216.66        177.28
Liabilities - Other              88.38         76.28         80.36         84.25       164.25        155.05        185.39        371.27        182.05
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
TOTAL LIABILITIES               914.03 1010.24 1107.96 1153.99                         1467.6 1590.84 1557.89 2058.01 2150.28
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
SHAREHOLDERS' EQUITY
Preferred Stock                        0            0             0             0             0             0             0             0             0
Common Stock                       35.9        35.95             36        36.02         36.04         36.05         36.13         36.27         36.43
Capital Surplus                  48.67         55.05         62.04         67.25         70.91          71.5         81.19          99.4         117.4
Retained Earnings (Net Other) 1315.85 1535.95 1795.28 2016.86 2216.09 2478.79 2538.88 2641.58 2641.71
Less: Treasury Stock               18.3        17.66         16.89         47.58         60.79       455.37        454.74        454.26        453.46
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
EQUITY
TOTAL SHAREHOLDERS' 1382.11 1609.29 1876.43 2072.55 2262.25 2130.95 2201.46 2322.99 2342.08
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
2296.14 2619.53 2984.38 3226.55 3729.85 3721.79 3759.35
TOTAL LIABILITIES & EQUITY                                                                                                   4381 4492.35
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

INCOME STATEMENT                 35034         35400        35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Sales (Net)                   3462.05 3647.03              4184.5 4151.23 4009.35 4586.15 4139.25 4801.78 6265.82
Cost of Goods Sold            2726.28 2956.93 3360.18 3338.66 3223.84 3666.11 3531.24 4025.88 5632.44
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Gross Profit                    735.77        690.11       824.32        812.57        785.51        920.03        608.01          775.9       633.39
Selling, General, & Admin 130.68Expenses 120.39            145.41        147.97        154.77        183.18        158.76        175.59        165.37
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
605.09
Operating Income Before Depreciation          569.72       678.91          664.6       630.73        736.86        449.25        600.31        468.02
Depreciation, Depletion, &173.89 Amortiz 182.23            218.76        253.12        256.64        259.37        289.06          307.1       364.11
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
431.2
Operating Income After Depreciation 387.49                 460.15        411.48        374.09        477.49        160.19        293.21        103.91
Interest Expense                   9.28          7.55         9.28             10        20.52         22.45             22        22.92         27.15
Non-Operating Income/Expense     10.41           7.84         9.32         13.83         25.61         23.27         15.48          8.63          2.53
Special Items                          0            0             0             0             0             0         20.2          30.6         11.55
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Pretax Income                   432.34        387.77       460.18        415.31        379.19        478.31        173.86        309.53          90.83
Income Taxes - Total             157.8         139.6         165.7         151.6         134.6         167.4          60.9         67.97            4.1
Minority Interest          C             C             C             C             C             C             C                   79.47         23.95
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
274.54
Income Before Extraordinary Items &248.17                  294.48
Discontinued Operations (EI&DO)244.59
263.71                      310.91        112.96        162.08          62.78
Extraordinary Items                    0            0             0             0             0             0             0             0             0
Discontinued Operations                0            0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Net Income (Loss)               274.54        248.17       294.48        263.71        244.59        310.91        112.96        162.08          62.78
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
Income Before EI&DO             274.54        248.17       294.48        263.71        244.59        310.91        112.96        162.08          62.78
Preferred Dividends                    0            0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
274.54
Available for Common Before EI&DO 248.17                   294.48        263.71        244.59        310.91        112.96        162.08          62.78
Common Stk Equivalents - Savings       0            0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Adjusted Available for Common   274.54        248.17       294.48        263.71        244.59        310.91        112.96        162.08          62.78
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
EARNINGS PER SHARE:
Primary - Excluding EI&DO 3.14                   2.83         3.35              3           2.8           3.8         1.45          2.08            0.8
Primary - Including EI&DO 3.14                   2.83         3.35              3           2.8           3.8         1.45          2.08            0.8
3.13
Fully Diluted - Excluding EI&DO EI&DO 2.83                    3.35              3           2.8           3.8         1.45          2.07            0.8
Fully Diluted - Including EI&DO    3.13          2.83         3.35              3           2.8           3.8         1.45          2.07            0.8
COMMON SHARES:
for Primary EPS Calculation87.43               87.69         87.87         87.86         87.25         81.76         77.71         78.09         78.27
for Fully Diluted EPS Calculation87.61         87.78         87.92         87.88         87.29         81.78         77.78         78.25         78.42
Outstanding at Fiscal Year End     87.6          87.8            88        87.35         87.13         77.58         77.82         78.18         78.59

STATEMENT OF RETAINED EARNINGS   35034         35400        35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1065.8 1315.85 1535.95 1795.28 2016.86 2216.09 2478.79 2538.88 2641.58
Retained Rearnings - Beginning Balance
Net Income                      274.54        248.17       294.48        263.71        244.59        310.91        112.96        162.08          62.78
Cash Dividends                   24.49         28.06         35.15         42.13         45.35         48.21         52.86         59.38         62.65
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1315.85
Retained Earnings After Dividends 1535.95 1795.28 2016.86 2216.09 2478.79 2538.88 2641.58 2641.71
.             .
Change - Foreign Currency Translation             .             .             .             .             .             .             .
0
Adj. to Long-Term Marketable Securities 0                    0             0             0             0             0             0             0
0
Other CMP Adj,(Stock Splits/Retirement) 0                    0             0             0             0             0             0             0
0
Non-CMP(COMPUSTAT) Adjustments - PLUG CALCU 0  0                           0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
1315.85
Retained Earnings - Ending Balance 1535.95 1795.28 2016.86 2216.09 2478.79 2538.88 2641.58 2641.71
Retroactive Adjustments (Acct'g0Chgs)          0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Retained Earnings - After1315.85 1535.95 1795.28 2016.86 2216.09 2478.79 2538.88 2641.58 2641.71
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

Format   Code   (FC)   = 1 Statement =     Working Capital Statement by Source and Use
Format   Code   (FC)   = 2 Statement =     Cash Statement by Source and Use of Funds
Format   Code   (FC)   = 3 Statement =     Cash Statement by Activity
Format   Code   (FC)   = 7 Statement =     Statement of Cash Flows
Format   Code   (FC)                 7
for this firm =>           7          7         7          7                         7             7             7             7

35034
STATEMENT OF CASH FLOWS (Format Code (FC)=7)   35400        35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
INDIRECT OPERATING ACTIVITIES
274.54
Income Before Extraordinary Items 248.17                   294.48        263.71        244.59        310.91        112.96        162.08          62.78
Depreciation and Amortizations  173.89        182.23       218.76        253.12        256.64        259.37        289.06          307.1       364.11
0
Extraordinary Items and Disc. Operations 0                        0             0             0             0             0             0             0
Deferred Taxes                      -15            -8            -4            -1          10.6          19.4            11         31.2           74.3
Equity in Net Loss (Earnings) 0                     0             0             0             0             0             0             0             0
Sale of PPEq and Investments - 0       Loss (Gain)  0             0             0             0             0       -20.22              0          -4.4
Funds from Operations - Other    48.18         82.57         90.36       102.47          85.65       151.28        103.04          79.47         23.94
Receivables - Decrease(Increase)-25.07          -9.43       -93.72         87.11        -94.52         43.58         33.79        -99.78        -88.87
Inventory - Decrease (Increase) -63.75        -79.03        -11.25        -38.84          -29.1          3.83         26.3        -58.37         28.97
31.72
Accounts/P and Accrued Liabs - Inc(Dec)          9.81         35.9        -61.94           56.9         -51.9       -46.18          35.8         54.76
-4.21
Income Taxes - Accrued - Increase(Decrease)     -1.01          -0.3         16.1        -23.63          -4.36             0 C              C
- Net
Other Assets and Liabilities 26.87 Change        25.3        47.09         21.17         97.71         88.65        -14.64         39.72        -20.98
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
447.16
Operating Actiities - Net Cash Flow 450.61                 577.33          641.9       604.83        820.76        495.12        497.22        494.62
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
INVESTING ACTIVITIES
Investments - Increase                 0            0             0             0             0             0             0         5.57         22.12
Sale of Investments                    0            0             0             0             0             0             0             0             0
Short term Investments - Change        0            0             0             0             0             0             0             0             0
Capital Expenditures            263.42        537.44       306.75        502.91        374.72          415.4       261.15          243.6       215.41
0.92
Sale of Property Plant and Equipment 1.59                     0.77          2.93           0.44          5.13        22.65          0.45         11.63
Acquisitions                           0            0             0             0             0             0        121.9       652.69          34.94
Investing Activities - Other           0            0             0             0             0             0             0             0         -6.74
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
-262.5
Investing Activites - Net Cash Flow -535.84               -305.98       -499.99       -374.28       -410.28         -360.4      -901.41       -267.58
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
FINANCING ACTIVITIES
9.67
Sale of Common and Preferred Stock 7.07                       7.81          6.56           5.22          4.74        10.41         18.83         18.96
0.22
Purchase of Common and Preferred Stock 0                          0        32.02         14.76       398.73               0             0             0
Cash Dividends                   24.49         28.06         35.15         42.13         45.35         48.21         52.86         59.38         62.65
Long Term Debt - Issuance 24                     46.5            15        47.25            175            70             0          350             25
Long Term Debt - Reduction0.25   9               0.15         0.15              0             0             0             0           1.9            16
Current Debt - Changes     C             C             C                        0             0             0             0 C              C
Financing Activities - Other -3.51            -37.52        -79.87        -96.27        -87.18      -119.88       -120.49         -146.7        -61.02
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
-84.79
Financing Activities - Net Cash Flow -12.16              -92.37        -116.6         32.93      -492.09       -162.94        160.85         -95.71
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Exchange Rate Effect               0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
- Change -97.4
Cash and Cash Equivalents 99.87                         178.98          25.32       263.49         -81.61        -28.23      -243.34        131.33
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
OTHER INFORMATION:
Interest Paid - Net            9.21          6.95          8.73          9.36         14.69         21.27         22.03         19.89         33.01
Income Taxes Paid             176.5         152.9         175.9         158.7         147.4         152.4         20.42         31.69        -54.93
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

35034         35400
CASH STATEMENT - SOURCE & USE (Format Code(FC) = 2) 36130   35765                       36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
SOURCES OF FUNDS
274.54
Income Before Extraordinary Items 248.17                   294.48        263.71        244.59        310.91        112.96        162.08          62.78
Depreciation and Amortizations  173.89        182.23       218.76        253.12        256.64        259.37        289.06          307.1       364.11
0
Extraordinary Items & Discontinued Items 0                        0             0             0             0             0             0             0
Deferred Taxes                      -15            -8            -4            -1         10.6          19.4             11         31.2          74.3
Equity In Earnings                     0            0             0             0             0             0             0             0             0
Sale of PPEq and Investments - 0       Loss (Gain)  0             0             0             0             0       -20.22              0          -4.4
Funds from Operations - Other    48.18         82.57         90.36       102.47          85.65       151.28        103.04          79.47         23.94
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.
Funds From Operations - Total .                        .             .             .             .             .             .             .
0.92
Sale of Property, Plant and Equipment 1.59                    0.77          2.93          0.44          5.13         22.65          0.45         11.63
Sale of Preferred Stock            9.67          7.07         7.81          6.56          5.22          4.74         10.41         18.83         18.96
Sale of Investments                    0            0             0             0             0             0             0             0             0
Issuance of Long Term Debt 24                    46.5            15        47.25           175             70             0          350             25
Sources of Funds - Other   .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Sources of Funds - Total   .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
USES OF FUNDS
Cash Dividends                   24.49         28.06         35.15         42.13         45.35         48.21         52.86         59.38         62.65
Capital Expenditures            263.42        537.44       306.75        502.91        374.72          415.4       261.15          243.6       215.41
Investments Increase                   0            0             0             0             0             0             0         5.57         22.12
Long Term Debt Reduction 90.25                   0.15         0.15              0             0             0             0           1.9            16
0.22
Purchase of Common and Preferred Stock 0                          0        32.02         14.76       398.73               0             0             0
Acquisitions                           0            0             0             0             0             0        121.9       652.69          34.94
Uses of Funds - Other .                  .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Uses of Funds - Total .                  .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.
NET CHANGE IN WORKING CAPITAL            .             .             .             .             .             .             .             .
Current Debt - Changes     C             C             C                        0             0             0             0 C              C
.             .
Working Capital Changes - Other - Inc(Dec) .                         .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Cash and Equivalents - Changes   99.87          -97.4      178.98          25.32       263.49         -81.61        -28.23      -243.34        131.33
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

35034
CASH STATEMENT BY ACTIVITY(Format Code = 3)    35400        35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
OPERATIONS
274.54
Income Before Extraordinary Items 248.17                   294.48        263.71        244.59        310.91        112.96        162.08          62.78
Depreciation and Amortizations  173.89        182.23       218.76        253.12        256.64        259.37        289.06          307.1       364.11
0
Extraordinary Items & Discontinued Items 0                   0             0             0             0             0             0             0
Deferred Taxes                 -15            -8            -4            -1         10.6          19.4             11         31.2          74.3
Equity In Earnings               0             0             0             0             0             0             0             0             0
Sale of PPEq and Investments - 0  Loss (Gain)  0             0             0             0             0       -20.22              0          -4.4
48.18
Funds From Operations - Other             82.57         90.36       102.47          85.65       151.28        103.04          79.47         23.94
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.
Funds From Operations - Total .                   .             .             .             .             .             .             .

.           .
Working capital change - Other - Inc(Dec)              .             .             .             .             .            .             .

INVESTMENTS:
Capital Expenditures      263.42    537.44                 306.75        502.91        374.72         415.4        261.15         243.6        215.41
0.92
Sale of Property, Plant and Equipment 1.59                   0.77          2.93          0.44          5.13         22.65          0.45         11.63
Acquisitions                    0        0                      0             0             0             0         121.9        652.69         34.94
Increase in Investments         0        0                      0             0             0             0             0          5.57         22.12
Sale of Investments             0        0                      0             0             0             0             0             0             0

FINANCING:
C
Current Debt - Changes          C        C                                     0             0            0             0 C               C
Issuance of Long Term Debt 24       46.5                        15         47.25           175           70             0           350            25
9
Long Term Debt - Reduction0.25      0.15                      0.15             0             0            0             0           1.9            16
0.22
Purchase of Common and Preferred Stock 0                         0         32.02         14.76       398.73             0             0             0
9.67
Sale of Common and Preferred Stock 7.07                       7.81          6.56          5.22         4.74         10.41         18.83         18.96
Cash Dividends           24.49     28.06                     35.15         42.13         45.35        48.21         52.86         59.38         62.65

OTHER ACTIVITIES
Uses of Funds - Other .             .             .             .             .             .             .             .             .
.
Sources of Funds - Other            .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
99.87
Cash and Equivalents - Changes             -97.4      178.98          25.32       263.49         -81.61        -28.23      -243.34        131.33
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

35034
WORKING CAPITAL STATEMENT (Format Code =35765  35400          1)          36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
SOURCES OF WORKING CAPITAL:
274.54
Income Before Extraordinary Items 248.17                   294.48        263.71        244.59        310.91        112.96        162.08          62.78
Depreciation and Amortization   173.89        182.23       218.76        253.12        256.64        259.37        289.06          307.1       364.11
0
Extraordinary Items and Discontinued Items          0             0             0             0             0             0             0             0
Deferred Taxes                      -15            -8            -4            -1         10.6          19.4             11         31.2          74.3
Equity in Earnings                     0            0             0             0             0             0             0             0             0
Sale of PPEq and Investments - 0       Loss(Gain) 0               0             0             0             0       -20.22              0          -4.4
Funds From Operations -Other     48.18         82.57         90.36       102.47          85.65       151.28        103.04          79.47         23.94
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Funds From Operations Total.             .             .             .             .             .             .             .             .
0.92
Sale of Property, Plant and Equipment 1.59                     0.77         2.93          0.44          5.13         22.65          0.45         11.63
9.67
Sale of Common and Preferred Stock 7.07                        7.81         6.56          5.22          4.74         10.41         18.83         18.96
Sale of Investments                    0            0             0             0             0             0             0             0             0
Issuance of Long Term Debt 24                    46.5            15        47.25           175             70             0          350             25
Sources of Funds - Other   .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Sources of Funds - Total   .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
USES OF WORKING CAPITAL:
Cash Dividends                   24.49         28.06         35.15         42.13         45.35         48.21         52.86         59.38         62.65
Capital Expenditures            263.42        537.44       306.75        502.91        374.72          415.4       261.15          243.6       215.41
Investments - Increase           0             0             0             0             0             0             0         5.57         22.12
9
Long Term Debt - Reduction0.25             0.15          0.15              0             0             0             0           1.9            16
0.22
Purchase of Common and Preferred Stock 0                     0        32.02         14.76       398.73               0             0             0
Acquisitions                     0             0             0             0             0             0        121.9       652.69          34.94
Uses of Funds - Other .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Uses of Funds - Total .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
.
Working Capital Changes - Total .                 .             .             .             .             .             .             .
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

ADDITIONAL SCHEDULES:35034                     35400        35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Receivables - Trade             283.21        292.64       386.35        299.25        393.76        350.19        330.86        483.61        572.48
Income Tax Refund                      0            0             0             0             0             0             0             0             0
Receivables - Other - Current 0                     0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Receivables - Total (Net) 283.21              292.64       386.35        299.25        393.76        350.19        330.86        483.61        572.48
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
Inventories - Raw Materials.             .             .             .             .             .             .             .             .
.
Inventories - Work In Process            .             .             .             .             .             .             .             .
.
Inventories - Finished Goods             .             .             .             .             .             .             .             .
Inventories - Other .                    .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Inventories - Total             306.77         385.8       397.05        435.89        464.98        461.15        466.69        588.99          560.4
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
-0.15
LESS: Debt (Long Term) Due In One Year          -0.75         -0.25             0             0             0             0           -16             0
Debt - Convertible Subordinated        0            0             0             0             0             0             0             0             0
Debt - Senior Convertible              0            0             0             0             0             0             0             0             0
Debt - Subordinated                    0            0             0             0             0             0             0             0             0
Debt - Notes                           0            0             0             0          175           175           175           525           525
Debt - Debentures               106.85         152.6       167.95        215.45        215.45        285.45        285.45        353.55        378.55
Debt - Long Term - Other               0            0             0             0             0             0             0             0             0
Debt - Capitalized Lease Obligations   0            0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Long Term Debt Total            106.85         152.6       167.95        215.45        390.45        460.45        460.45        878.55        903.55
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
Property, Plant and Equipment(Cost)
Beginning Balance             1977.58 .                .             .             .             .             .             .             .
Capital Expenditures            263.42        537.44       306.75        502.91        374.72          415.4       261.15          243.6       215.41
Retirements                .             .             .             .             .             .             .             .             .
Other Changes              .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Ending Balance                2212.89 .                   2956.69 3397.77 3679.92 4024.84 4226.57 5094.23 5330.82
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
Accumulated Depreciation on PPEq:
Beginning Balance               614.36 .               .             .             .             .             .             .             .
Depreciation Expense .                   .             .             .             .             .             .             .             .
Depletion Expense          .             .             .             .             .             .             .             .             .
Retirements                .             .             .             .             .             .             .             .             .
Other Changes              .             .             .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Ending Balance                  747.49 .                  1097.82 1300.69 1488.58                    1684.5 1860.91 2162.17 2513.68
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
Deferred Taxes - Federal            -15            -8            -4            -1         10.6          19.4             11         31.4          71.5
Deferred Taxes - Foreign         0             0             0             0             0             0             0          -0.2             0
Deferred Taxes - State           0             0             0             0             0             0             0             0           2.8
Income Taxes - Federal      172.8         147.6         169.7         152.6           124           148          49.9             54         -58.5
Income Taxes - Foreign           0             0             0             0             0             0             0             0             0
Income Taxes - State             0             0             0             0             0             0             0       -17.23          -11.7
Income Taxes - Other             0             0             0             0             0             0             0             0             0
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Income Taxes - Total        157.8         139.6         165.7         151.6         134.6         167.4          60.9         67.97            4.1
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
Common Shares Reserved For Conversion
Convertible Debt                 0 .              .             .             .             .             .             .             .
Preferred Stock                  0 .              .             .             .             .             .             .             .
Stock Options                2.27 .               .             .             .             .             .             .             .
Warrants and Other               0 .              .             .             .             .             .             .             .
--------------------
--------------------        --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Total                        2.27 .               .             .             .             .             .             .             .
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

ADDITIONAL DATA                  35034        35400         35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Acquisitions - Income Contribution     0            0             0             0             0             0 I                    16.03              0
Acquisitions - Sales Contribution      0            0             0             0             0             0 I                  550.99               0
Adjustmnet Factor-Cum, Ex-Date         4            4             4             4             4             4             4             4             4
Advertising Expense .                    .             .             .             .             .             .             .             .
Auditor                                3            3             3             7             7             7             7             7             7
Auditor's Opinion                      1            1             1             1             1             1             1             1             1
Average Short Term Borrowing 0         Rate         0             0             0             0             0             0 .              .
Average Short term Borrowing \$         0            0             0             0             0             0             0 .              .
Senior Debt Rating - Monthly/S&P       6            6             6             6             6             6             6             7             7
GQ
Senior Debt Rating - Monthly Note/S&P    GQ            GQ
Subordinated Debt Rating   .             .             .             .             .             .             .             .             .
Commercial Paper Rating             101           101          101           101           101           101           101           102           102
Common Shareholders (# of) 39                      39            50            62            55            51            47            64            61
88.83
Common Shares Traded (Calendar Yr) 68.78                     78.29         85.17         95.64       111.65        129.54        201.32        203.94
Compensating Balance.                    .             .             .             .             .             .             .             .
Convertible Debt and Preferred 0       Stock        0             0             0             0             0             0             0             0
0.75
Debt (Long Term) Maturing Due in 2 Years         1.25             0             0             0             0           0.3             0             0
1.25
Debt (Long Term) Maturing Due in 3 Years 1                        0             0             0           0.3           0.3             0         1.25
1
Debt (Long Term) Maturing Due in 4 Years 1           Years        0             0           0.3           0.3           0.3         1.25              0
1
Debt (Long Term) Maturing Due in 5 Years 1                        0           0.3           0.3           0.3         1.55              0             0
Debt - Long-Term Debt - Tied to Prime  0            0             0             0             0             0        206.3         467.3       378.55
Debt - Martgages and Other Securities  0            0             0             0             0             0             0             0             0
0
Debt - Unamortized Debt Discount and Other          0             0             0             0             0             0             0             0
Dividends (Cash)per Share Ex-Date  0.28          0.32           0.4         0.48          0.52            0.6         0.68          0.76            0.8
Dividends (Cash) - Common        24.49         28.06         35.15         42.13         45.35         48.21         52.86         59.38         62.65
Dividends (Cash) - Preferred 0                      0             0             0             0             0             0             0             0
Employees (# of)                    6.2           6.6           6.9           7.2           7.5           7.9           8.4           9.8           9.9
2296.14        Subs
Equity in Earnings - Unconsolimonyy2619.53 2984.38 3226.55 3729.85 3721.79 3759.35                                                  4381 4492.35
0            0
Foreign Currency Translation Adj (Rate) - B/S Balance 0                         0             0             0             0             0             0
.             .
Foreign Currency Translation Adj - I/S [G/(L)]         .             .             .             .             .             .             .
Fortune Rank                        359           371          349           374           397           373           391           342           297
Interest Capitalized (in fiscal yr 0                0             0             0             0             0             0             0             0
0
Interest Capitalized - Net Income Effect            0             0             0             0 .              .             .             .
9.28
Interest Expense on Long Term Debt 7.55                       9.28             10        20.52         22.45             22 .              .
Inventory Valuation Method             2            2             2             2             2             2             2             2             2
Investment Tax Credit           0          0         0           0            0             0             0              0            0
Labor Related Expenses  .         .          .           .            .            .             .             .             .
LIFO Reserve                93.93       73.9    100.58         5.12        28.59         19.36          8.29         42.61        157.59
Order Backlog                 610        743      1070          710         1033           845           794           816          1431
.
Pension and Retirement Expense .             .           .            .            .             .             .             .
.
Pension - Assumed Rate of Return  .          .           .            .            .             .             .             .
.
Pension - Net Assets Available    .          .           .            .            .             .             .             .
.
Pension - Present Value Nonvested .          .           .            .            .             .             .             .
.
Pension - Present Value Vested .             .           .            .            .             .             .             .
.
Pension - Unfunded Past Service .            .           .            .            .             .             .             .
.
Pension - Unfunded Vested Benefits.          .           .            .            .             .             .             .
0
Preferred Stock - Dividends In Arrears     0         0            0            0             0             0             0             0
0
Preferred Stock - Liquidation Value        0         0            0            0             0             0             0             0
0
Preferred Stock - Redemption Value         0         0            0            0             0             0             0             0
0
Present Value - Noncapitalized Leases      0         0            0            0             0             0             0             0
Price - Calendar Year Close57.13          51     48.31        43.25        54.81         39.69         52.96          41.3            56
Price - Calendar Year High 63.25          63     62.94        60.63        61.81         56.44          56.5         70.15         58.79
Price - Calendar Year Low      42      45.13     44.75        35.25        41.63          29.5         33.45            36         35.03
Price - Fiscal Year Close   57.13         51     48.31        43.25        54.81         39.69         52.96          41.3            56
16.69
Receivables - Estimated Doubtful        14.6     17.98        16.28        21.09         27.57         20.18         20.04         22.72
.
Rental Commitments -.Minimum Year+1          .           .            .            .             .                    1.08 .
.
Rental Commitments -.Minimum Year+2          .           .            .            .             .             .           .
.
Rental Commitments -.Minimum Year+3          .           .            .            .             .             .           .
.
Rental Commitments -.Minimum Year+4          .           .            .            .             .             .           .
.
Rental Commitments -.Minimum Year+5          .           .            .            .             .             .           .
Rental Expense          .         .          .           .            .            .             .             .           .
Rental Income           .         .          .           .            .            .             .             .           .
.
Research and Development Expense  .          .           .            .            .             .             .           .
Tax Loss Carry Forward          0          0         0            0            0             0             0             0             0
1
Treasury Stock (\$) - Common8.3         17.66     16.89        47.58        60.79        455.37        454.74        454.26        453.46
Treasury Stock (\$) - Preferred 0           0         0            0            0             0             0             0             0
Treasury Stock - # Shares 2.16          2.08      1.99          2.7         2.97         12.53         12.51          12.5         12.48
Z_FN: Footnote Information Follows
TS
Z_FN: Accumulated Depr - Total TS            TS          TS           TS           TS            TS            TS            TS
Z_FN: Acquisition - Sales Contribution                                                                         AP
Z_FN: Assets-Total/Total Liab
Z_FN: Capital Expenditures - Annual
Z_FN: Common Stock - Annual
BD
Z_FN: Cost of Goods Sold - Annual BD         BD          BD           BD           BD            BD            BD            BD
Z_FN: Depreciation and Amortization
Z_FN: Earnings Per Share - Primary - Annual
Z_FN: Equity In Earnings - Unconsol Subs - Annual
Z_FN: Foreign Currency Adjustment - Annual
Z_FN: Income Before EI&DO - Adj for CS Eq - Annual
Z_FN: Income Taxes - Payable - Annual
Z_FN: Income Taxes - Total - Annual
Z_FN: Interest Expense - Annual
Z_FN: Investment Tax Credit
Z_FN: Long term Debt - Total - Annual
Z_FN: Net Income (Loss) - Annual
Z_FN: Op Income After Depr- Annual
Z_FN: Preferred Stock - Liq Value
Z_FN: Retained Earnings - Annual
Z_FN: Sales (Net)                                                                                              AA
Z_FN: Selling, General, and Admin Exp - Annual
Z_FN: Treasury Stock (\$) Common - Annual

FINANCIAL TYPE                   35034         35400
STATEMENT AND MARKET RELATION35765                          36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
PLANT
LIFE OF GROSS PLANT              12.73         14.81         13.52         13.42         14.34         15.52         14.62         16.59         14.64
PLANT
AGE OF DEPRECIATED PLANT4.3                      4.98          5.02          5.14           5.8          6.49         6.44           7.04           6.9
PLANT
AGE OF REMAINNIG PLANT 8.43                      9.83           8.5          8.28         8.54           9.02         8.18           9.55         7.74
LIQUIDITY            1.86
CURRENT ASSETS / CURRENT LIABILITIES             1.78          2.15          2.32           2.9          2.48         2.84           2.41         2.57
LIQUIDITY
CASH / CURRENT LIBILITIES          0.45          0.22          0.54          0.63         1.08           0.88         0.95           0.37         0.56
RECEIVABLE 12.79
ACCOUNTS LIQUIDITY TURNOVER 12.67                            12.33         12.11         11.57         12.33         12.16         11.79         11.87
LIQUIDITY
DAYS SALES IN ACCOUNTS28.15        RECEIVABLE  28.42         29.21         29.73         31.11           29.2        29.62         30.53         30.34
ACCOUNTS/ACCOUNTS RECEIVABLE 0.05
DOUBTFUL LIQUIDITY                 0.06          0.05                        0.05         0.06           0.07         0.06           0.05         0.04
LIQUIDITY
INVENTORY TURNOVER                 9.92          8.54          8.58          8.02         7.16           7.92         7.61           7.63           9.8
LIQUIDITY
DAYS TO SELL INVENTORY 36.3                    42.16         41.94         44.91          50.3         45.47          47.3           47.2        36.73
ACID-TEST LIQUIDITY                1.08          0.85          1.28          1.25         1.82           1.51         1.64           1.19         1.47
ROE/ROA FIN_LEV .                        .             .             .             .             .             .                     1.12         1.06
FIN_LEV
TOTAL ASSETS / COMMON EQUITY       1.66          1.63          1.59          1.56         1.65           1.75         1.71           1.89         1.92
ASSETS              1.72
AVG TOTALFIN_LEV / AVG COMMON EQUITY             1.64          1.61          1.57           1.6           1.7         1.73            1.8           1.9
FIN_LEV               0.4
TOTAL LIABILITIES / TOTAL ASSETS 0.39                          0.37          0.36         0.39           0.43         0.41           0.47         0.48
FIN_LEV
TOTAL DEBT / TOTAL ASSETS          0.28          0.27          0.26          0.24         0.29           0.32           0.3          0.42         0.38
FIN_LEV              0.66
TOTAL LIBILITIES / COMMON EQUITY 0.63                          0.59          0.56         0.65           0.75         0.71           0.89         0.92
FIN_LEV
TOTAL DEBT /COMMON EQUITY          0.46          0.43          0.41          0.38         0.48           0.55         0.51           0.79         0.73
FIN_LEV
PREFERRED STOCK / TOTAL ASSETS         0             0            0             0             0             0             0             0             0
FIN_LEV
PREFERRED STOCK / COMMON0               EQUITY 0                  0             0             0             0             0             0             0
COVERAGE
OIADP / INTEREST                 46.48         51.32         49.57         41.15         18.23         21.27          7.28         12.79          3.83
COVERAGE
OIADP / (INTEREST + PS_DIV)      46.48         51.32         49.57         41.15         18.23         21.27          7.28         12.79          3.83
- ASSETS          37.55
CASHFLOWCOVERAGEPRE-TAX / INTEREST               7.84        47.73         29.99         18.44         26.39         15.08         14.83         11.82
- ASSETS          37.55
CASHFLOWCOVERAGEPRE-TAX / (INTEREST+PS_DIV)      7.84        47.73         29.99         18.44         26.39         15.08         14.83         11.82
ROR
RETURN ON COMMON EQUITY            0.22          0.17          0.17          0.13         0.11           0.14         0.05           0.07         0.03
ROR
RETURN ON TOTAL ASSETS     .             .             .             .             .             .             .                     0.06         0.03
ROR                  0.22
RETURN ON COMMON EQUITY (BEFORE EI&DO) 0.17      0.17                        0.13         0.11           0.14         0.05           0.07         0.03
ROR          .
RETURN ON TOTAL ASSETS (BEFORE EI&DO)    .             .             .             .             .             .                     0.06         0.03
ROR
INCOME TO CS / SALES               0.08          0.07          0.07          0.06         0.06           0.07         0.03           0.03         0.01
INCOME/SALES  ROR                  0.08          0.07          0.07          0.06         0.06           0.07         0.03           0.03         0.01
EFF
INCOME ON ASSETS / .SALES                .             .             .             .             .             .                     0.05         0.02
ROR
SALES / AVG TOTAL ASSETS1.61                     1.48          1.49          1.34         1.15           1.23         1.11           1.18         1.41
EXP_SALE
COST OF GOODS SOLD / SALES         0.79          0.81           0.8           0.8           0.8           0.8         0.85           0.84           0.9
EXP_SALE
SELLING, GEN & ADMIN / SALES       0.04          0.03          0.03          0.04         0.04           0.04         0.04           0.04         0.03
EXP_SALE
DEPREC & AMORTIZATION / SALES      0.05          0.05          0.05          0.06         0.06           0.06         0.07           0.06         0.06
EXP_SALES
INTEREST EXPENSE / SALES 0                           0            0             0         0.01              0         0.01              0             0
EXP_SALE
INCOME TAXES / SALES               0.05          0.04          0.04          0.04         0.03           0.04         0.01           0.01             0
EI&DO / SALES EXP_SALE                 0             0            0             0             0             0             0             0             0
EXP_SALE .
ADVERTISING / SALES                      .             .             .             .             .             .             .             .
AND DEVELOPMENT / .SALES
RESEARCH EXP_SALE .                                    .             .             .             .             .             .             .
MULTIPLE
PRICE / EARNINGS (PRIMARY)       18.19         18.02         14.42         14.42         19.58         10.44         36.52         19.86             70
MULTIPLE           18.19
PRICE / EARNINGS (PRIMARY BEFORE18.02           EI&DO) 14.42               14.42         19.58         10.44         36.52         19.86             70
MULTIPLE            FLOW
PRICE / OPERATING CASH 11.17 (PRIMARY)           9.92          7.35          5.92         7.91           3.95         8.31           6.49         8.86
MULTIPLE           19.45 .
PRICE / CASH FLOW TO EQUITY (PRIMARY)                        16.18         37.62         69.52           9.14        15.19 .                     14.24
MULTIPLE
PRICE / SALES (PRIMARY) 1.44                     1.23          1.01          0.92         1.19           0.71         0.99           0.67           0.7
MULTIPLE
PRICE/ OIADP(PRIMARY) 11.58                    11.54           9.23          9.24        12.78            6.8        25.69             11        42.18
MULTIPLE
PRICE / COMMON DIVIDENDS        204.02        159.38       120.78            90.1      105.41          66.15         77.88         54.34             70
MVEQ / BVEQ   MULTIPLE             3.62          2.78          2.27          1.82         2.11           1.44         1.87           1.39         1.88
MULTIPLE             2.58
(MVEQ + BV_DEBT) / TOTAL ASSETS 2.09                            1.8          1.53         1.67           1.25         1.51           1.21         1.46
RETURN
COMMON STOCK RETURN - 0.04         FISCAL YEAR    -0.1        -0.04         -0.09         0.28          -0.26         0.35          -0.21         0.38
NOTES:       S = Semi Annual Figure
A = Annual Figure
C = Combined Figure
I = Insignificant Figure
. = Not Available Figure

35034
CHECKS ON THE COMPUSTAT DATA 35400                          35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
0
Retained Earnings Check - B/S with Stat 0                         0             0             0             0             0             0             0
Retained Earnings Check - Stat 0 w t-1 t            0             0             0             0             0             0             0             0
Current Assets Check                   0            0             0             0             0             0             0             0             0
Total Assets Check                     0            0             0             0             0             0             0             0             0
Current Liabilities Check              0            0             0             0             0             0             0             0             0
Common Equity Check                    0            0             0             0             0             0             0             0             0
TOTAL LIABILITIES & EQUITY Check       0            0             0             0             0             0             0             0             0
assets=equities Check                  0            0             0             0             0             0             0             0             0
gross profit check                     0            0             0             0             0             0             0             0             0
Operating Profit Check                 0            0             0             0             0             0             0             0             0
Pretax Income                          0            0             0             0             0             0             0             0             0
Net Income (Loss)                      0            0             0             0             0             0             0             0             0
Available for Common Before EI&DO      0            0             0             0             0             0             0             0             0
Adjusted Available for Common 0                     0             0             0             0             0             0             0             0
Format Code (FC) for this firm =>      7            7             7             7             7             7             7             7             7
0
Operating Activities - Net Cash Flow (F-Code = 7)   0             0             0             0             0             0             0             0
0
Investing Activiteis - Net Cash Flow (F-Code = 7)   0             0             0             0             0             0             0             0
0
Financing Activities - Net Cash Flow (F-Code = 7)   0             0             0             0             0             0             0             0
Cash and Equivalents - Change 0        (F-Code = 7) 0             0             0             0             0             0             0             0
481.61
Funds From Operations - Total (F-Code = 2)    504.97         599.6         618.3       597.48        740.95        495.84        579.85        520.74
34.59
Sources of Funds - Total (F-Code = 2) 55.17                  23.58         56.74       180.67          79.86         33.06       369.28           55.6
378.37
Uses of Funds - Total (F-Code = 2) 565.65                  342.05        577.06        434.83        862.35        435.91        963.14        351.13
-99.87           97.4
Cash and Equivalents - Changes (F-Code = 2) -178.98                       -25.32      -263.49          81.61         28.23       243.34       -131.33
481.61
Funds From Operations - Total (F-Code = 3)    504.97         599.6         618.3       597.48        740.95        495.84        579.85        520.74
-443.65       -413.09
Cash and Equivalents - Changes (F-Code = 3) -497.46                     -545.63       -517.66       -700.87       -374.62       -350.52       -426.86
481.61
Funds From Operations - Total (F-Code = 1)    504.97         599.6         618.3       597.48        740.95        495.84        579.85        520.74
34.59
Sources of Funds - Total (F-Code = 1) 55.17                  23.58         56.74       180.67          79.86         33.06       369.28           55.6
378.37
Uses of Funds - Total (F-Code = 1) 565.65                  342.05        577.06        434.83        862.35        435.91        963.14        351.13
.             .
Working Capital Changes - Total (F-Code = 1)           .             .             .             .             .             .             .
Add'l Sch: Receivables                 0            0             0             0             0             0             0             0             0
Add'l Sch: Inventories -306.77                -385.8      -397.05       -435.89       -464.98       -461.15       -466.69       -588.99         -560.4
Add'l Sch: Debt - Long Term       -0.15         -0.75         -0.25             0             0             0             0           -16             0
28.12
Add'l Sch: Property, Plant, & Equip 537.44 -2649.94 -2894.86 -3305.21 -3609.43 -3965.42 -4850.63 -5115.41
-133.12 .
Add'l Sch: Accumulated Depreciation                    .             .             .             .             .             .             .
Add'l Sch: Income Taxes                0            0             0             0             0             0             0             0             0
0 .
Add'l Sch: Common Shares Reserved - Conversion         .             .             .             .             .             .             .
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========
SUM OF CHECKS                 1322.29 2598.75 -1186.61                  -772.22 -1520.91            -575.58 -2346.04            -1151.4 -3851.34
===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========   ===========

35034
CHECKS ON DATA FOR RELATIONS 35400                          35765         36130         36495         36861         37226         37591         37956
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
173.89
DEPRECIATION, DEPLETION AND AMORTIZATION      182.23       218.76        253.12        256.64        259.37        289.06          307.1       364.11
TOTAL CURRENT LIABILITIES       447.14        465.65       524.45          486.9       531.03        558.07        484.16        591.54          629.6
AVERAGE RECEIVABLES 270.67                    287.92         339.5         342.8         346.5       371.97        340.52        407.23        528.04
AVERAGE INVENTORY                274.9        346.29       391.42        416.47        450.43        463.07        463.92        527.84        574.69
AVERAGE COMMON EQUITY         1252.36         1495.7 1742.86 1974.49                   2167.4        2196.6 2166.21 2262.22 2332.53
AVERAGE TOTAL ASSETS          2149.03 2457.84 2801.96 3105.46                          3478.2 3725.82 3740.57 4070.17 4436.68
COMMON EQUITY                 1382.11 1609.29 1876.43 2072.55 2262.25 2130.95 2201.46 2322.99 2342.08
TOTAL ASSETS                  2296.14 2619.53 2984.38 3226.55 3729.85 3721.79 3759.35                                               4381 4492.35
INTEREST EXPENSE                   9.28          7.55         9.28             10        20.52         22.45             22        22.92         27.15
INTEREST + PS_DIV                  9.28          7.55         9.28             10        20.52         22.45             22        22.92         27.15
SALES                         3462.05 3647.03              4184.5 4151.23 4009.35 4586.15 4139.25 4801.78 6265.82
EPS - Primary - Excluding EI&DO    3.14          2.83         3.35              3           2.8           3.8         1.45          2.08            0.8
EPS - Primary - Including EI&DO    3.14          2.83         3.35              3           2.8           3.8         1.45          2.08            0.8
3.13
EPS - Fully Diluted - Excluding EI&DO 2.83                    3.35              3           2.8           3.8         1.45          2.07            0.8
3.13
EPS - Fully Diluted - Including EI&DO 2.83                    3.35              3           2.8           3.8         1.45          2.07            0.8
OPERATING CASH FLOW - PRIMARY SHARE5.11          5.14         6.57          7.31          6.93         10.04          6.37          6.37          6.32
CASH FLOW TO EQUITY- PRIMARY SHARE 2.94 .                     2.99          1.15          0.79          4.34          3.49 .                      3.93
4.93
OIADP(PRIMARY, INCOME BEFORE INTEREST,TA 5.24    4.42                       4.68          4.29          5.84          2.06          3.75          1.33
COMMON DIVIDENDS PER SHARE         0.28          0.32           0.4         0.48          0.52            0.6         0.68          0.76            0.8
SALES PER SHARE- PRIMARY           39.6        41.59         47.62         47.25         45.95         56.09         53.27         61.49         80.06
--------------------
--------------------
-------------------------------------------------      --------------------
--------------------
--------------------
--------------------        --------------------
--------------------        --------------------
Inputs into Financial Statement and Market Relations
Cash & Equivalents               201.8         104.4       283.38          308.7       572.19        490.58        462.35        219.01        350.33
Receivables - Total (Net) 283.21              292.64       386.35        299.25        393.76        350.19        330.86        483.61        572.48
Inventories - Total             306.77         385.8       397.05        435.89        464.98        461.15        466.69        588.99          560.4
Prepaid Expenses                       0            0             0             0             0             0             0             0             0
Current Assets - Other           38.97         45.54         58.73         85.64       107.58          79.53       113.77        132.54        137.35
Current Assets - Total          830.74        828.38 1125.51 1129.47 1538.51 1381.45 1373.67 1424.14 1620.56
2212.89 2698.75 2956.69 3397.77 3679.92 4024.84 4226.57 5094.23 5330.82
Plant, Property & Equip (Gross)
Accumulated Depreciation747.49                 907.6 1097.82 1300.69 1488.58                         1684.5 1860.91 2162.17 2513.68
Plant, Property & Equip (Net)   1465.4 1791.15 1858.88 2097.08 2191.34 2340.34 2365.66 2932.06 2817.14
Investments at Equity                  0            0             0             0             0             0             0             0             0
Investments and Advances - Other       0            0             0             0             0             0             0             0             0
Intangibles                            0            0             0             0             0             0             0             0             0
Deferred Charges                       0            0             0             0             0             0             0             0             0
Assets - Other                         0            0             0             0             0             0        20.03          24.8         54.66
TOTAL ASSETS                  2296.14 2619.53 2984.38 3226.55 3729.85 3721.79 3759.35                                               4381 4492.35
Accounts Payable                214.56        224.37       260.27        198.33        255.23        203.33        189.24        247.23        329.86
Notes Payable                          0            0             0             0             0             0             0             0             0
Accrued Expenses           C             C             C             C             C             C             C             C             C
Taxes Payable                      11.3        10.29          9.99         26.09          2.46              0             0         8.95              0
Debt (Long-Term) Due In One Year   0.15          0.75         0.25              0             0             0             0            16             0
Other Current Liabilities 221.12              230.25       253.95        262.48        273.35        354.73        294.92        319.36        299.73
Total Current Liabilities 447.14              465.65       524.45          486.9       531.03        558.07        484.16        591.54          629.6
Long Term Debt                  106.85         152.6       167.95        215.45        390.45        460.45        460.45        878.55        903.55
Deferred Taxes (Balance Sheet)       51            50            59            85          101           105           144 C                     257.8
Investment Tax Credit                  0            0             0             0             0             0             0             0             0
Minority Interest               220.66        265.71       276.19          282.4       280.87        312.26        283.89        216.66        177.28
Liabilities - Other              88.38         76.28         80.36         84.25       164.25        155.05        185.39        371.27        182.05
TOTAL LIABILITIES               914.03 1010.24 1107.96 1153.99                         1467.6 1590.84 1557.89 2058.01 2150.28
Preferred Stock                        0            0             0             0             0             0             0             0             0
Common Stock                       35.9        35.95             36        36.02         36.04         36.05         36.13         36.27         36.43
Capital Surplus                  48.67         55.05         62.04         67.25         70.91          71.5         81.19          99.4         117.4
Retained Earnings (Net Other) 1315.85 1535.95 1795.28 2016.86 2216.09 2478.79 2538.88 2641.58 2641.71
Less: Treasury Stock               18.3        17.66         16.89         47.58         60.79       455.37        454.74        454.26        453.46
EQUITY
TOTAL SHAREHOLDERS' 1382.11 1609.29 1876.43 2072.55 2262.25 2130.95 2201.46 2322.99 2342.08
Sales (Net)                   3462.05 3647.03              4184.5 4151.23 4009.35 4586.15 4139.25 4801.78 6265.82
Cost of Goods Sold            2726.28 2956.93 3360.18 3338.66 3223.84 3666.11 3531.24 4025.88 5632.44
Gross Profit                    735.77        690.11       824.32        812.57        785.51        920.03        608.01          775.9       633.39
Selling, General, & Admin 130.68Expenses 120.39            145.41        147.97        154.77        183.18        158.76        175.59        165.37
605.09
Operating Income Before Depreciation   569.72     678.91        664.6        630.73        736.86        449.25   600.31        468.02
Amortization
Depreciation, Depletion, &173.89       182.23     218.76       253.12        256.64        259.37        289.06    307.1        364.11
431.2
Operating Income After Depreciation 387.49        460.15       411.48        374.09        477.49        160.19   293.21        103.91
Interest Expense              9.28        7.55      9.28           10         20.52         22.45            22    22.92         27.15
Non-Operating Income/Expense 10.41        7.84      9.32        13.83         25.61         23.27         15.48     8.63          2.53
Special Items                    0           0         0            0             0             0          20.2     30.6         11.55
Pretax Income              432.34      387.77     460.18       415.31        379.19        478.31        173.86   309.53         90.83
Income Taxes - Total         157.8      139.6      165.7        151.6         134.6         167.4          60.9    67.97           4.1
Minority Interest       C          C           C           C             C             C             C             79.47         23.95
INCOME BEFORE EI&DO 274.54             248.17     294.48       263.71        244.59        310.91        112.96   162.08         62.78
Extraordinary Items              0           0         0            0             0             0             0        0             0
Discontinued Operations          0           0         0            0             0             0             0        0             0
Net Income (Loss)          274.54      248.17     294.48       263.71        244.59        310.91        112.96   162.08         62.78
Preferred Dividends              0           0         0            0             0             0             0        0             0
3.14
EPS - Primary - Excluding EI&DO           2.83      3.35            3           2.8           3.8          1.45     2.08           0.8
3.14
EPS - Primary - Including EI&DO           2.83      3.35            3           2.8           3.8          1.45     2.08           0.8
3.13
EPS - Fully Diluted - Excluding EI&DO 2.83          3.35            3           2.8           3.8          1.45     2.07           0.8
3.13
EPS - Fully Diluted - Including EI&DO 2.83          3.35            3           2.8           3.8          1.45     2.07           0.8
87.43
SHARES - for Primary EPS Calculation 87.69         87.87        87.86         87.25         81.76         77.71    78.09         78.27
87.61      87.78
SHARES - for Fully Diluted EPS Calculation         87.92        87.88         87.29         81.78         77.78    78.25         78.42
87.6
SHARES - Outstanding at Fiscal Year End   87.8        88        87.35         87.13         77.58         77.82    78.18         78.59
STATEMENT OF CASH FLOWS (Format Code=7)
447.16
Operating Activities - Net Cash Flow 450.61       577.33         641.9        604.83        820.76       495.12    497.22        494.62
Capital Expenditures       263.42      537.44     306.75        502.91        374.72         415.4       261.15     243.6        215.41
0.92
Sale of Property Plant and Equipment 1.59           0.77          2.93          0.44          5.13        22.65      0.45         11.63
Acquisitions                     0           0         0             0             0             0        121.9    652.69         34.94
-262.5
Investing Activites - Net Cash Flow -535.84      -305.98       -499.99       -374.28       -410.28       -360.4   -901.41       -267.58
Cash Dividends               24.49      28.06      35.15         42.13         45.35         48.21        52.86     59.38         62.65
Interest Paid - Net           9.21        6.95      8.73          9.36         14.69         21.27        22.03     19.89         33.01
Income Taxes Paid            176.5      152.9      175.9         158.7         147.4         152.4        20.42     31.69        -54.93
CASH STATEMENT - SOURCE & USE (Format Code=2)
.
Funds From Operations - Total .                .           .             .             .             .          .           .
Current Debt - Changes  C          C           C                    0             0             0             0 C           C
.          .
Working Capital Changes - Other - Inc(Dec) .               .             .             .             .          .           .
Adjustmnet Factor-Cum, Ex-Date   4           4         4            4             4             4             4         4            4
Advertising Expense .              .           .           .             .             .             .          .           .
0.28
Dividends (Cash)per Share Ex-Date         0.32       0.4         0.48          0.52           0.6          0.68      0.76          0.8
Dividends (Cash) - Common    24.49      28.06      35.15        42.13         45.35         48.21         52.86     59.38        62.65
Dividends (Cash) - Preferred 0               0         0            0             0             0             0         0            0
0
Preferred Stock - Liquidation Value          0         0            0             0             0             0         0            0
0
Preferred Stock - Redemption Value           0         0            0             0             0             0         0            0
Price - Calendar Year Close57.13            51     48.31        43.25         54.81         39.69         52.96      41.3           56
Price - Fiscal Year Close    57.13          51     48.31        43.25         54.81         39.69         52.96      41.3           56
16.69
Receivables - Estimated Doubtful          14.6     17.98        16.28         21.09         27.57         20.18     20.04        22.72
Rental Expense          .          .           .           .             .             .             .          .           .
.
Research and Development Expense   .           .           .             .             .             .          .           .
ACCOUNTING AVERAGE TAX RATE   0.36        0.36      0.36         0.37          0.35          0.35          0.35      0.22         0.05
OPERATING CASH FLOW 447.16             450.61     577.33        641.9        604.83        820.76        495.12    497.22       494.62
CASH FLOW ON ASSETS 190.55               -80.4    277.29       148.26        243.79        425.07        270.92    271.96       316.77
CASH FLOW TO EQUITY 256.8             -126.75     262.44       101.01         68.79        355.07        270.92   -162.14       307.77
12/1/04 12/1/05 12/1/06
--------------------
--------------------        --------------------

779.05 1837.51 2196.28
962.76 1000.63 1067.32
1239.89        945.05 1141.19
0             0             0
193.26        288.36        270.24
--------------------
--------------------        --------------------
3174.95 4071.55 4675.04
--------------------
--------------------        --------------------
5693.62 6056.94 6393.46
2875.31 3201.22 3537.04
--------------------
--------------------        --------------------
2818.31 2855.72 2856.42
--------------------
--------------------        --------------------
0          161         184.5
0           6.9             0
0             0      143.27
0             0             0
139.95          43.62         25.77
--------------------
--------------------        --------------------
6133.21 7138.79 7884.99
===========   ===========   ===========

471.55        501.62        516.64
0             0             0
C             C             C
28.96              0             0
0         1.25              0
565.28        752.83        933.39
--------------------
--------------------        --------------------
1065.79        1255.7 1450.03
923.55          922.3         922.3
309.8         294.6           249
0             0             0
173.31        194.09        238.59
204.77        192.31        199.08
--------------------
--------------------        --------------------
2677.22           2859          3059
--------------------
--------------------        --------------------

0             0             0
73.75         74.12       149.01
146.81        188.56        195.54
3687.38 4755.71 5813.18
451.96        738.61 1331.74
--------------------
--------------------        --------------------
3455.99 4279.79 4825.99
--------------------
--------------------        --------------------
6133.21 7138.79 7884.99
===========   ===========   ===========

38322         38687         39052
--------------------
--------------------        --------------------
11376.83          12701 14751.27
8732.37 9710.34 10919.19
--------------------
--------------------        --------------------
2644.46 2990.66 3832.08
415.03        493.56        592.47
--------------------
--------------------        --------------------
2229.43        2497.1 3239.61
383.31        375.05        363.94
--------------------
--------------------        --------------------
1846.13 2122.04 2875.67
29.34         36.57         40.35
6.98         32.37         77.72
-11.6            9.2             0
--------------------
--------------------        --------------------
1812.17 2127.04 2913.04
609.79        706.08        936.14
80.89       110.67        219.22
--------------------
--------------------        --------------------
1121.49 1310.28 1757.68
0             0             0
0             0             0
--------------------
--------------------        --------------------
1121.49 1310.28 1757.68
===========   ===========   ===========
1121.49 1310.28 1757.68
0             0             0
--------------------
--------------------        --------------------
1121.49 1310.28 1757.68
0             0             0
--------------------
--------------------        --------------------
1121.49 1310.28 1757.68
===========   ===========   ===========

7.08          8.34          5.73
7.08          8.34          5.73
7.02          8.26          5.68
7.02          8.26          5.68

158.38        157.13        306.62
159.75        158.57        309.38
159.51        155.11        300.95

38322         38687         39052
--------------------
--------------------        --------------------
2641.71 3687.38 4755.71
1121.49 1310.28 1757.68
74.64       209.75        577.82
--------------------
--------------------        --------------------
3688.56        4787.91       5935.58
.              .             .
0             0             0
-1.18           46.6          -6.9
0         -78.8       -115.5
--------------------
--------------------        --------------------
3687.38 4755.71 5813.18
0             0             0
--------------------
--------------------        --------------------
3687.38 4755.71 5813.18
===========   ===========   ===========

7             7             7

38322         38687         39052
--------------------
--------------------        --------------------

1121.49 1310.28 1757.68
383.31        375.05        363.94
0             0             0
6.69        -29.38        -38.91
0 C              C
-1.6             0             0
94.09       123.03        252.52
-354.9        -19.43        -33.88
-635.64        337.86       -143.97
358.81          63.64         77.96
35.4        -68.33          -7.23
22.07         43.89         23.13
--------------------
--------------------        --------------------
1029.72 2136.62 2251.23
--------------------
--------------------        --------------------

82.46          41.9         34.32
0             0             0
0     -857.36       -553.27
285.93        331.47          338.4
3.09          0.75          2.18
169.65        154.86        223.92
0             0             0
--------------------
--------------------        --------------------
-534.94 -1384.84 -1147.74
--------------------
--------------------        --------------------

68.63          40.21         37.23
0         291.24        599.45
74.64         209.75        577.82
20              0             0
0              0             0
0              0         -1.25
-80.06         -89.89       -174.71
--------------------
--------------------        --------------------
-66.07      -550.67 -1297.99
--------------------
--------------------        --------------------
0             0             0
--------------------
--------------------        --------------------
428.72          201.1        -194.5
===========   ===========   ===========

32.4     37.2     41.5
550.1    806.7      971
===========
===========       ===========

38322         38687         39052
--------------------
--------------------        --------------------

1121.49 1310.28 1757.68
383.31        375.05        363.94
0             0             0
6.69        -29.38        -38.91
0 C              C
-1.6             0             0
94.09       123.03        252.52
--------------------
--------------------        --------------------
.             .             .
3.09          0.75          2.18
68.63         40.21         37.23
0             0             0
20             0             0
.             .             .
--------------------
--------------------        --------------------
.             .             .
--------------------
--------------------        --------------------

74.64        209.75        577.82
285.93        331.47         338.4
82.46          41.9         34.32
0             0             0
0        291.24        599.45
169.65        154.86        223.92
.             .             .
--------------------
--------------------        --------------------
.             .             .
--------------------
--------------------        --------------------
.             .             .
0             0         -1.25
.             .             .
--------------------
--------------------        --------------------
428.72          201.1        -194.5
===========   ===========   ===========

38322         38687         39052
--------------------
--------------------        --------------------

1121.49       1310.28       1757.68
383.31        375.05        363.94
0             0             0
6.69        -29.38        -38.91
0 C              C
-1.6             0             0
94.09       123.03        252.52
--------------------
--------------------        --------------------
.             .             .

.            .             .

285.93        331.47         338.4
3.09          0.75          2.18
169.65        154.86        223.92
82.46          41.9         34.32
0             0             0

0             0         -1.25
20             0             0
0             0             0
0        291.24        599.45
68.63         40.21         37.23
74.64        209.75        577.82

.             .             .
.             .             .
--------------------
--------------------        --------------------
428.72          201.1        -194.5
===========   ===========   ===========

38322         38687         39052
--------------------
--------------------        --------------------

1121.49 1310.28 1757.68
383.31        375.05        363.94
0             0             0
6.69        -29.38        -38.91
0 C              C
-1.6             0             0
94.09       123.03        252.52
--------------------
--------------------        --------------------
.             .             .
3.09          0.75          2.18
68.63         40.21         37.23
0             0             0
20             0             0
.             .             .
--------------------
--------------------        --------------------
.             .             .
--------------------
--------------------        --------------------

74.64        209.75        577.82
285.93        331.47         338.4
82.46         41.9        34.32
0            0            0
0       291.24       599.45
169.65       154.86       223.92
.             .             .
--------------------
--------------------        --------------------
.             .             .
--------------------
--------------------        --------------------
.             .             .
===========   ===========   ===========

38322         38687         39052
--------------------
--------------------        --------------------
962.76 1000.63 1067.32
0             0             0
0             0             0
--------------------
--------------------        --------------------
962.76 1000.63 1067.32
===========   ===========   ===========
.             .             .
.             .             .
.             .             .
.             .             .
--------------------
--------------------        --------------------
1239.89        945.05 1141.19
===========   ===========   ===========
0         -1.25             0
0             0             0
0             0             0
0             0             0
525            525          525
398.55          397.3         397.3
0             0             0
0             0             0
--------------------
--------------------        --------------------
923.55          922.3         922.3
===========   ===========   ===========

.            .            .
285.93       331.47           338.4
.             .             .
.             .             .
--------------------
--------------------        --------------------
5693.62 6056.94 6393.46
===========   ===========   ===========

.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
--------------------
--------------------        --------------------
2875.31 3201.22 3537.04
===========   ===========   ===========
7.19        -28.18        -38.91
0             0             0
-0.5          -1.2             0
574.11        685.48        902.11
0             0             0
28.99         49.98         72.94
0             0             0
--------------------
--------------------        --------------------
609.79        706.08        936.14
===========   ===========   ===========

.             .             .
.             .             .
.             .             .
.             .             .
--------------------
--------------------        --------------------
.             .             .
===========   ===========   ===========

38322         38687         39052
--------------------
--------------------        --------------------
I             I             I
I             I             I
2             2             1
.             .             .
7             7             7
1             1             1
.             .             .
.             .             .
7             7             7

.             .            .
102          102           102
82          120            19
665.89       687.38        1255.3
.             .       .
0         0        0
1.3         0        0
0         0    180.4
0     180.4        0
180.4         0 .
398.55    398.55    397.3
0         0        0
0         0        0
0.47      1.85     2.15
74.64    289.73   658.09
0         0        0
10.6      11.3     11.9
6133.21   7138.79 7884.99
0         0    11.37
.           .         .
189       177      161
0         0        0
.           .         .
.           .         .
2        21       21
0             0              0
.             .             .
533.5         381.9          387.2
2038.4        3343.7         3092.4
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
0             0              0
0             0              0
0             0              0
0             0              0
52.34         66.72          54.66
55.47         70.21          67.55
26.08         45.55          33.64
52.34         66.72          54.66
40.4          39.2             38
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
.             .             .
0             0              0
451.96        738.61        1331.74
0             0              0
24.87         30.19          71.57

TS            TS            TS

BD            BD            BD

BJ            BJ
38322         38687         39052
--------------------
--------------------        --------------------
14.85         16.15         17.57
7.5         8.54           9.72
7.35          7.61           7.85
2.98          3.24           3.22
0.73          1.46           1.51
14.82         12.94         14.27
24.29         27.83         25.23
0.05          0.04           0.04
9.7         8.89         10.47
37.11          40.5         34.39
1.63          2.26           2.25
1.68          1.56           1.45
1.77          1.67           1.63
1.83          1.72           1.65
0.44            0.4          0.39
0.36          0.33           0.33
0.77          0.67           0.63
0.63          0.55           0.53
0             0             0
0             0             0
62.93         58.03         71.27
62.93         58.03         71.27
46.91         69.36         71.34
46.91         69.36         71.34
0.39          0.34           0.39
0.23          0.22           0.27
0.39          0.34           0.39
0.23          0.22           0.27
0.1           0.1          0.12
0.1           0.1          0.12
0.11          0.11           0.14
2.14          1.91           1.96
0.77          0.76           0.74
0.04          0.04           0.04
0.03          0.03           0.02
0             0             0
0.05          0.06           0.06
0             0             0
.             .             .
.             .             .
7.39              8          9.54
7.39              8          9.54
8.05          4.91           7.44
11.11          5.73           8.62
0.73          0.83           1.14
4.49          4.94           5.83
111.36          36.06         25.42
2.42          2.42           3.41
1.8         1.85           2.47
-0.06          0.31          -0.15
38322         38687         39052
--------------------
--------------------        --------------------
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
0             0             0
7             7             7
0             0             0
0             0             0
0             0           -18
0             0             0
1603.98 1778.99 2335.23
91.72         40.96         39.41
612.67 1029.23 1773.91
-428.72         -201.1       193.25
1603.98 1778.99 2335.23
-949.66 -1189.37 -1541.25
1603.98 1778.99 2335.23
91.72         40.96         39.41
612.67 1029.23 1773.91
.             .             .
0             0             0
-1239.89       -945.05 -1141.19
0         -1.25             0
-5407.69 -5725.47 -6055.05
.             .             .
0             0             0
.             .             .
===========   ===========   ===========
-1798.24         -577.9 2077.07
===========   ===========   ===========

38322         38687         39052
--------------------
--------------------        --------------------
383.31        375.05        363.94
1065.79        1255.7 1450.03
767.62        981.69 1033.98
900.14 1092.47 1043.12
2899.03 3867.89 4552.89
5312.78           6636 7511.89
3455.99 4279.79 4825.99
6133.21 7138.79 7884.99
29.34         36.57         40.35
29.34         36.57         40.35
11376.83          12701 14751.27
7.08          8.34          5.73
7.08          8.34          5.73
7.02          8.26          5.68
7.02          8.26          5.68
6.5         13.6          7.34
4.71         11.65          6.34
11.66         13.51          9.38
0.47          1.85          2.15
71.83         80.83         48.11
--------------------
--------------------        --------------------

779.05       1837.51     2196.28
962.76       1000.63     1067.32
1239.89        945.05     1141.19
0             0           0
193.26        288.36      270.24
3174.95       4071.55     4675.04
5693.62       6056.94     6393.46
2875.31       3201.22     3537.04
2818.31       2855.72     2856.42
0           161       184.5
0           6.9           0
0             0      143.27
0             0           0
139.95         43.62       25.77
6133.21       7138.79     7884.99
471.55        501.62      516.64
0             0           0
C             C           C
28.96               0        0
0            1.25        0
565.28          752.83   933.39
1065.79          1255.7 1450.03
923.55           922.3    922.3
309.8           294.6      249
0               0        0
173.31          194.09   238.59
204.77          192.31   199.08
2677.22            2859     3059
0               0        0
73.75           74.12   149.01
146.81          188.56   195.54
3687.38         4755.71 5813.18
451.96          738.61 1331.74
3455.99         4279.79 4825.99
11376.83           12701 14751.27
8732.37         9710.34 10919.19
2644.46         2990.66 3832.08
415.03          493.56   592.47
2229.43        2497.1        3239.61
383.31        375.05         363.94
1846.13       2122.04        2875.67
29.34         36.57          40.35
6.98         32.37          77.72
-11.6           9.2              0
1812.17       2127.04        2913.04
609.79        706.08         936.14
80.89        110.67         219.22
1121.49       1310.28        1757.68
0             0              0
0             0              0
1121.49       1310.28        1757.68
0             0              0
7.08          8.34           5.73
7.08          8.34           5.73
7.02          8.26           5.68
7.02          8.26           5.68
158.38        157.13         306.62
159.75        158.57         309.38
159.51        155.11         300.95

1029.72        2136.62        2251.23
285.93         331.47          338.4
3.09           0.75           2.18
169.65         154.86         223.92
-534.94       -1384.84       -1147.74
74.64         209.75         577.82
32.4           37.2           41.5
550.1          806.7            971

.             .              .
0              0           -1.25
.             .              .
2              2              1
.             .              .
0.47          1.85           2.15
74.64        289.73         658.09
0             0              0
0             0              0
0             0              0
52.34         66.72          54.66
52.34         66.72          54.66
40.4          39.2             38
.             .              .
.             .              .
0.34          0.33           0.32
1029.72       2136.62        2251.23
766.35       1830.33        1942.39
746.35       1830.33        1943.64
74 of 75                                               STLD Data

STEEL DYNAMICS INC                                        \$ MILLIONS
BALANCE SHEET                                              12/1/1999   12/1/1998   12/1/1997
ASSETS
Cash and Short-Term Investments                               16.62        5.24        8.62
Receivables                                                   86.65       65.96       44.68
Inventories - Total                                          106.74      126.71       60.16
Other Current Assets                                          15.80       24.81       21.85
Total Current Assets                                         225.81      222.72      135.31
Property, Plant, and Equipment - Total (Gross)               851.43      725.41      531.28
Depreciation, Depletion, and Amortization (Accumulated)      108.64       69.54       39.42
Property, Plant, and Equipment - Total (Net)                 742.79      655.87      491.86
Deferred Charges                                                           2.24        0.96
Other Assets                                                  22.97       26.64       12.76
TOTAL ASSETS                                                 991.57      907.47      640.89

LIABILITIES
Debt - Due in One Year                                         7.92        6.93        6.14
Accounts Payable                                              37.64       34.44       54.70
Accrued Expense                                               25.02       19.22       15.69
Total Current Liabilities                                     70.58       60.59       76.53
Long-Term Debt - Total                                       498.04      477.01      213.40
Deferred Taxes                                                29.77       18.80       13.36
Minority Interest                                              1.80         -           -
EQUITY
Common Stock                                                   0.49        0.49        0.49
Capital Surplus                                              335.24      334.36      334.16
Retained Earnings                                             75.29       35.86        4.18
Less: Treasury Stock - Total Dollar Amount                    19.65       19.65        1.24
Total Common Equity                                          391.37      351.06      337.59

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                   991.56      907.46      640.88

COMMON SHARES OUTSTANDING                                     47.97       47.86       49.06
75 of 75                                STLD Data

STEEL DYNAMICS INC
INCOME STATEMENT
(\$ MILLIONS, EXCEPT PER SHARE)

year ending                                                12/1/1999 12/1/1998
Historical Historical

Sales                                                          618.82     514.79
Cost of Goods Sold                                             448.36     398.30
Selling, General, and Administrative Expense                    42.44      20.64

Operating Income Before Depreciation                           128.02      95.85
Depreciation and Amortization                                   39.27      30.68
Interest Expense                                                35.38      23.54
Nonoperating Income (Expense) and Special Items                 11.91      10.99

Pretax Income                                                   65.28      52.63
Income Taxes - Total                                            25.85      20.94

Income Before Extraordinary Items                               39.43      31.68

Net Income (Loss)                                               39.43      31.68

Earnings Per Share (Primary) - Excluding Extraordinary Items      0.82      0.65
Earnings Per Share (Primary) - Including Extraordinary Items      0.82      0.65
Common Shares Used to Calculate Primary EPS                     47.91      48.46
Earnings Per Share (Fully Diluted) - Excluding Extraordinary Items 0.82     0.65
Earnings Per Share (Fully Diluted) - Including Extraordinary Items 0.82     0.65

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