1997 Census-Quarterly Financial Report for Manufacturing_ Mining_ and Trade Corporations-Second Quarter

for publishing statistics for 50 years Second QUARTER 1997 U.S. Department of Commerce Economics and Statistics Administration BUREAU OF THE CENSUS QFR/97-2 QFR/97-2 for publishing statistics for 50 years Second QUARTER 1997 Issued September 1997 U.S. Department of Commerce William M. Daley, Secretary Economics and Statistics Administration Lee Price, Acting Under Secretary for Economic Affairs BUREAU OF THE CENSUS Martha Farnsworth Riche, Director Acknowledgments Many people regularly participate in the quarterly production of this report, which is prepared under the general direction of Ruth Runyan, Assistant Chief for Financial Statistics, and under the general supervision of Ewen M. Wilson, Chief, Agriculture and Financial Statistics Division. Ronald H. Lee, Chief, Accounting Operations Branch, plans and manages the financial data collection effort. Ronald B. Horton directs the data analysis activities of James Clayton, Katherine Lee, James Pierce, Yolando St. George, Joseph White, and Zenaida Williams. Joseph C. Kirby, Jr., manages the telephone follow-up work of Altessia Blake, Traci Brown, and Lolita Curtis-Hammond, and the data keying by Katrina Reed, Lakeisha Tyson-Cook, and Kimberly Whittington. Frank M. Hartman, Chief, Corporate Analysis Branch, assisted by Ruth Gladden, Cecilia Johnson, James Mercury, Irene Miller, Joan Sanders, Jack Schroeder, and Angela Walker, reviews and analyzes corporate structure and industry classification of companies participating in the program. Cheryl Nelson, assisted by Gloria Simmons, Donna Madariaga, and Minnie Whiteside, maintains the program’s records, controls correspondence, and records receipt of reports. Laura Gonchar Schmitz, assisted by Frances Tucker and Shirley Ayres, provides sample maintenance, production planning, and data processing support. Donna Farley coordinates the various phases of the publication process, including table preparation. Ruth Detlefsen, Assistant Chief for Research and Methodology, provides monitoring of the integrity of the samples. Carol Caldwell, Chief of the Research and Methods Branch, directs sample design and quality control with primary responsibility for these activities assigned to Mark S. Sands. Mitchell L. Trager, Assistant Chief for Systems and Methodolgy, Economic Planning and Coordination Division, provides general direction of the computer processing of data. Computer programs and network applications are provided under the direction of John Sullivan, Chief of the Systems and Technology Branch. John Studds is responsible for computer program development and network design. The staff of the Administrative and Customer Services Division, Walter C. Odom, Chief, provides publication planning, design, composition, editorial review, and printing planning and procurement. Nelsa Brown provides publication coordination and editing. A special acknowledgment is due to the many corporations whose cooperation each quarter is essential to the success of this report. ECONOMICS AND STATISTICS ADMINISTRATION Economics and Statistics Administration Lee Price, Acting Under Secretary for Economic Affairs BUREAU OF THE CENSUS Martha Farnsworth Riche, Director Bradford R. Huther, Deputy Director Paula J. Schneider, Principal Associate Director for Programs Frederick T. Knickerbocker, Associate Director for Economic Programs Thomas L. Mesenbourg, Assistant Director for Economic Programs AGRICULTURE AND FINANCIAL STATISTICS DIVISION Ewen M. Wilson, Chief SUGGESTED CITATION U.S. Bureau of the Census, Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Second Quarter 1997, Series QFR/97-2, U.S. Government Printing Office, Washington, DC, 1997. III Contents Page Index to Quarterly Financial Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V IX Table A. B. C. D. E. F. G. H. I. J. K. L. Rates of Change in Sales and Profits of All Manufacturing, Mining, and Trade Corporations, by Division and Major Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Profits Per Dollar of Sales, by Division and Major Group. . . . . . . . . . . . . . . . . . . . . . . . . . Profits Per Dollar of Sales, Manufacturing Corporations, by Asset Size. . . . . . . . . . Annual Rates of Profit on Stockholders’ Equity, by Division and Major Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual Rates of Profit on Stockholders’ Equity, Manufacturing Corporations, by Asset Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rates of Return, All Manufacturing Corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rates of Return, All Mining Corporations, Assets $50 Million and Over . . . . . . . . . Rates of Return, All Wholesale Trade Corporations, Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rates of Return, All Retail Trade Corporations, Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Composition of the Sample, by Division and Asset Size . . . . . . . . . . . . . . . . . . . . . . . . . . Sampling Variability, by Division and Major Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Seasonally Adjusted Net Sales and Net Income After Tax, Manufacturing Corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXII XXIV XXV XXVI XXVII XXVIII XXIX XXX XXXI XXXII XXXIII XXXIV Financial Data Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 V INDEX TO QUARTERLY FINANCIAL STATISTICS TABLE NO. TITLE ALL MANUFACTURING (Beginning in the first quarter 1987, the universe of manufacturing corporations was redefined to exclude corporations with less than $250,000 in assets at the time of sample selection. See text, page XI) 1.0 1.1 16.0 16.1 45.0 45.1 46.0 46.1 47.0 47.1 48.0 48.1 49.0 49.1 50.0 50.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Universe and Total Assets Under $5 Million, $5-$10 Million, $10-$25 Million . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $5 Million, $5-$10 Million, $10-$25 Million. . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25-$50 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25-$50 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $50-$100 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50-$100 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $$100-$250 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $100-$250 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $250-$1,000 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $250-$1,000 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $1,000 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $1,000 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ALL NONDURABLE MANUFACTURING INDUSTRIES 1.0 1.1 17.0 17.1 45.0 45.1 46.0 46.1 47.0 47.1 48.0 48.1 49.0 49.1 50.0 50.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Universe and Total Assets Under $5 Million, $5-$10 Million, $10-$25 Million . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $5 Million, $5-$10 Million, $10-$25 Million. . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25-$50 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25-$50 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $50-$100 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50-$100 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $$100-$250 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $100-$250 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $250-$1,000 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $250-$1,000 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $1,000 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $1,000 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FOOD AND KINDRED PRODUCTS (INCLUDES TOBACCO)—SIC 20 AND 21 2.0 2.1 19.0 19.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TEXTILE MILL PRODUCTS—SIC 22 2.0 2.1 20.0 20.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . APPAREL (INCLUDES LEATHER)—SIC 23 AND 31 3.0 3.1 21.0 21.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAPER AND ALLIED PRODUCTS—SIC 26 3.0 3.1 22.0 22.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PRINTING AND PUBLISHING—SIC 27 4.0 4.1 23.0 23.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14, 15 16, 17 82 83 11 13 80 81 10, 11 12, 13 78 79 7 9 76 77 6, 7 8, 9 74 75 3 5 66, 67 68, 69 127 129 131 133 135 137 139 141 143 145 147 149 2, 3 4, 5 62, 63 64, 65 126 128 130 132 134 136 138 140 142 144 146 148 PAGE(S) VI INDEX TO QUARTERLY FINANCIAL STATISTICS TABLE NO. TITLE CHEMICALS AND ALLIED PRODUCTS—SIC 28 4.0 4.1 24.0 24.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INDUSTRIAL CHEMICALS AND SYNTHETICS—SIC 281, 2, AND 6 5.0 5.1 25.0 25.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DRUGS—SIC 283 5.0 5.1 26.0 26.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RESIDUAL OF CHEMICALS—SIC 284, 5, 7, and 9 (New Data Tables) 6.0 6.1 27.0 27.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PETROLEUM AND COAL PRODUCTS—SIC 29 6.0 6.1 28.0 28.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS—SIC 30 7.0 7.1 29.0 29.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ALL DURABLE MANUFACTURING INDUSTRIES 7.0 7.1 18.0 18.1 45.0 45.1 46.0 46.1 47.0 47.1 48.0 48.1 49.0 49.1 50.0 50.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Universe and Total Assets Under $5 Million, $5-$10 Million, $10-$25 Million . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $5 Million, $5-$10 Million, $10-$25 Million. . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25-$50 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25-$50 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $50-$100 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50-$100 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $$100-$250 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $100-$250 Million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $250-$1,000 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $250-$1,000 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $1,000 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $1,000 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STONE, CLAY, AND GLASS PRODUCTS—SIC 32 8.0 8.1 30.0 30.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PRIMARY METAL INDUSTRIES—SIC 33 8.0 8.1 31.0 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 33 98 30, 31 32, 33 96 97 27 29 70, 71 72, 73 127 129 131 133 135 137 139 141 143 145 147 149 26, 27 28, 29 94 95 23 25 92 93 22, 23 24, 25 90 91 19 21 88 89 18, 19 20, 21 86 87 15 17 84 85 PAGE(S) VII INDEX TO QUARTERLY FINANCIAL STATISTICS TABLE NO. 31.1 TITLE Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IRON AND STEEL—SIC 331, 2, AND 9 PAGE(S) 99 9.0 9.1 32.0 32.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NONFERROUS METALS—SIC 333-6 34, 35 36, 37 100 101 9.0 9.1 33.0 33.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FABRICATED METAL PRODUCTS—SIC 34 35 37 102 103 10.0 10.1 34.0 34.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MACHINERY, EXCEPT ELECTRICAL—SIC 35 38, 39 40, 41 104 105 10.0 10.1 35.0 35.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ELECTRICAL AND ELECTRONIC EQUIPMENT—SIC 36 39 41 106 107 11.0 11.1 36.0 36.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRANSPORTATION EQUIPMENT—SIC 37 42, 43 44, 45 108 109 11.0 11.1 37.0 37.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MOTOR VEHICLES AND EQUIPMENT—SIC 371 43 45 110 111 12.0 12.1 38.0 38.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AIRCRAFT, GUIDED MISSILES, AND PARTS—SIC 372, 6 46, 47 48, 49 112 113 12.0 12.1 39.0 39.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INSTRUMENTS AND RELATED PRODUCTS—SIC 38 47 49 114 115 13.0 13.1 40.0 40.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OTHER DURABLE MANUFACTURING INDUSTRIES 50, 51 52, 53 116 117 13.0 13.1 41.0 41.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 53 118 119 VIII INDEX TO QUARTERLY FINANCIAL STATISTICS TABLE NO. TITLE LUMBER AND WOOD PRODUCTS—SIC 24 (New Data Tables) 14.0 14.1 42.0 23.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FURNITURE AND FIXTURES—SIC 25 (New Data Tables) 14.0 14.1 43.0 43.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MISCELLANEOUS MANUFACTURING—SIC 39 (New Data Tables) 15.0 15.1 44.0 44.1 Income Statement—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Universe and Total Assets Under $25 Million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income Statement—Total Assets $25 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $25 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58, 59 60, 61 124 125 55 57 122 123 54, 55 56, 57 120 121 PAGE(S) (Beginning in the fourth quarter of 1988, the mining, wholesale and retail trade tables only include estimates for corporations with assets of $50 million or over at the time of sample selection. See text, page XIV) ALL MINING 51.0 51.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ALL WHOLESALE TRADE 51.0 51.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WHOLESALE TRADE-DURABLE GOODS—SIC 50 51.0 51.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WHOLESALE TRADE-NONDURABLE GOODS—SIC 51 51.0 51.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ALL RETAIL TRADE 52.0 52.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RETAIL-GENERAL MERCHANDISE STORES—SIC 53 52.0 52.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RETAIL-FOOD STORES—SIC 54 52.0 52.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RETAIL-ALL OTHER 52.0 52.1 Income Statement—Total Assets $50 Million and Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sheet—Total Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 157 155 157 155 157 154 156 151 153 151 153 151 153 150 152 IX Introduction THE QUARTERLY FINANCIAL REPORT PROGRAM publishes up-to-date aggregate statistics on the financial results and position of U.S. corporations. Based upon an extensive sample survey, the Quarterly Financial Report (QFR) presents estimated statements of income and retained earnings, balance sheets, and related financial and operating ratios for all manufacturing corporations and large mining and trade corporations. The statistical data are classified by industry and by asset size. Pertinent data are provided, when possible, on material distortions in comparability owing to changes in accounting conventions or user needs. Purpose of Report: The main purpose of the QFR is to provide timely, accurate data on business financial conditions for use by Government and private-sector organizations and individuals. Among its users, the Commerce Department regularly employs QFR data as an important component in determining corporate profits for GDP and National Income estimates; the Federal Reserve Board uses the QFR to assess industrial debt structure, liquidity, and profitability; the Treasury Department estimates corporate tax liability through use of QFR data; the Council of Economic Advisors and Congressional Committees utilize key indicators derived from QFR data as they design economic policies and draft legislation; the Federal Trade Commission (FTC) utilizes the series as a basic reference point in analyzing the financial performance of American industries; and banking institutions and financial analysts draw upon the series in making investment evaluations. Responsibility: The QFR is prepared by the Agriculture and Financial Statistics Division, Bureau of the Census, Washington, DC 20233, telephone (301) 763-5435. The FTC had been responsible for the program from inception in 1947 until December 1982. That responsibility was shared with the Securities and Exchange Commission until 1971. The program designs and maintains on a current basis statistical cross sections (i.e., probability samples) of corporate enterprises; collects, analyzes, and summarizes periodic confidential reports from those corporations; estimates national aggregates based upon the individual company reports; and publishes the resulting aggregates. Publication Schedules: QFR data is scheduled for release approximately 75 days after the end of the first, second, and third calendar quarters and approximately 95 days after the end of the fourth calendar quarter. The QFR publishes information on the most recently closed quarter for manufacturing, mining, and wholesaling and the preceding quarter’s data for retailing except in the fourth quarter, when the 95-day publication lag permits synchronized presentation. The following table defines the four reporting quarters for the surveyed industry divisions in terms of the month in which any given surveyed corporation’s fiscal quarter ends: Reporting Quarters for Surveys Industry Divisions* QFR Quarter First . . . . . . . Second . . . . Third. . . . . . . Fourth . . . . . Manufacturing, Mining, and Wholesale Trade Jan., Feb., or Mar. Apr., May, or Jun. Jul., Aug., or Sep. Oct., Nov., or Dec. Retail Trade Feb., Mar., or Apr. May, Jun., or Jul. Aug., Sep., or Oct. Nov., Dec., or Jan. *Coverage is for corporations whose quarter ends as indicated. Coverage: Since the fourth quarter of 1973, reporting corporations have been instructed to consolidate the domestic operations of every corporation which is taxable under the U.S. Internal Revenue Code and is owned more than 50 percent by a reporting corporation and its majorityowned subsidiaries. In addition, consolidation is required for every majority-owned Domestic International Sales Corporation. Corporations that manufacture goods within the United States or base their sales activity in the United States and export their goods are considered domestic and are consolidated. Specifically excluded from consolidation are foreign entities (either corporate or noncorporate), foreign branch operations, and domestic corporations primarily engaged in foreign operations. Therefore, subsidiaries that were created in foreign countries to manufacture and/or sell primarily in foreign markets are not consolidated. Also excluded from consolidation are domestic corporations primarily engaged in banking, finance, or insurance (as defined in Major Groups 60-63 and in Group 672 of the Standard Industrial Classification Manual, 1987 (SIC Manual)). Consolidation is optional for domestic corporations required to file monthly or quarterly financial statements with the Interstate Commerce Commission, the Federal Communications Commission, or the Federal Energy Regulatory Commission. Nonconsolidated subsidiaries are accounted for on either the cost or equity method, at the option of the reporting corporation. All those that carry their subsidiary investments at cost report dividend income with other nonoperating income (expense). Manufacturing corporations with X assets less than $50 million that record investments in subsidiaries on the equity method report equity in earnings (losses) with other nonoperating income (expense); corporations with assets of $50 million and over report equity in earnings (losses) on a designated data line. Treatment of foreign branch net income (or loss) and the equity in foreign branches is similar to that used by corporations accounting for nonconsolidated subsidiaries on the equity method. How Corporations Are Classified by Industry: The industry combinations used in the QFR are defined in accordance with the Standard Industrial Classification Manual, 1987. The SIC Manual has the industry detail necessary to classify the product lines used for coding the sample corporations. Each corporation in the survey is required to provide a breakdown of gross receipts by source industry. These data are analyzed to determine the classification of each corporation. A reporting corporation is initially classified into the SIC division accounting for more gross receipts than any other SIC division. To be in scope for the QFR, more gross receipts of the reporting corporation must be accounted for by either (not a combination of) SIC Division B (Mining), Division D (Manufacturing), Division F (Wholesale Trade), or Division G (Retail Trade) than by any other SIC division. For the most part, after a corporation is assigned to a division, it is further classified by the 2-digit SIC major group accounting for more gross receipts than any other 2-digit group within the division. In certain cases, corporations are further classified into 3-digit SIC groups. QFR data are published for these major groups except when precision criteria are not satisfied. In those cases, major groups are collapsed into a residual category, such as Other Durable Manufacturing Industries. Note that these procedures may lead to a conglomerate corporation being assigned to a major group from which only a small proportion of its receipts are obtained. For example, if a corporation obtains 25 percent of its gross receipts from mining activities, 30 percent from manufacturing, 20 percent from wholesale, and 25 percent from retail, it would be classified in the Manufacturing Division. Furthermore, if the 30 percent of manufacturing activity was conducted in two major groups, 20 percent in one and 10 percent in the other, the activities of the corporation as a whole would be classified in the major group accounting for 20 percent of total receipts. When a corporation is drawn into the sample, its classification is determined using the most current information available. The corporation remains in that category for eight quarters unless there is a change in its corporate structure or it is deleted from the sample. After eight quarters, its classification is reviewed again using the most current information available. If there is a change in reporting entity’s corporate structure (e.g., merger, acquisition, or divestiture), its industry classification is reviewed at the time of change. How Corporations Are Classified by Size: Each reporting manufacturing corporation is classified and tabulated according to its total assets reported for that quarter. Prior to 1973, each manufacturing corporation was classified according to its total assets at the end of the quarter for which it first submitted a report. Unless deleted from the sample in the interim, it remained in the same asset size category until the first quarter of the following calendar year when it was classified according to its total assets at the end of that quarter. Mining and trade corporations are classified and tabulated according to total assets at time of sample selection. Prior to fourth quarter 1987, they were classified according to total assets at the end of the reference quarter. Ratio Formatted Data: Many quantitative indicators are used to assess the financial strength of an enterprise and the success of its operations. The simplest is to assemble related financial items, such as sales and profits, and to express this relationship in the form of a ratio. Using these ratios, various aspects of corporate operations may be compared with the performance of other corporations or groups of corporations of similar size or in a similar industry. The QFR’s ratio formatted income statement and selected balance sheet ratios are expressed as a percent of net sales and total assets, respectively. The operating and financial characteristics of the respective industries and asset size groups are thus reduced to a common denominator to facilitate analysis. The ratio tables include the following additional basic operating ratios: a. Annual Rate of Profit on Stockholders’ Equity at End of Period. This ratio is obtained by multiplying income for the quarter before or after domestic taxes (including branch income (loss) and equity in the earnings of nonconsolidated subsidiaries net of foreign taxes) by four, to put it on an annual basis, and then dividing by stockholders’ equity at the end of the quarter. It measures the rate of return which accrues to stockholders on their investment. b. Annual Rate of Profit on Total Assets. This ratio is obtained by multiplying income, as defined in deriving the rate of profit on stockholders’ equity, both before and after taxes, by four, and then dividing by total assets at the end of the quarter. This ratio measures the productivity of assets in terms of producing income. c. Total Current Assets to Total Current Liabilities. This ratio is obtained by dividing total current assets by total current liabilities. It measures the ability to discharge current maturing obligations from existing current assets. XI d. Total Cash and U.S. Government and Other Securities to Total Current Liabilities. This ratio is obtained by dividing total cash and U.S. Government and other securities by total current liabilities. It measures the ability to discharge current liabilities from liquid assets. e. Total Stockholders’ Equity to Total Debt. This ratio is obtained by dividing total stockholders’ equity by the total of short-term loans, current installments on longterm debt, and long-term debt due in more than 1 year. It indicates the extent of leverage financing used. Description of the Sample: The frame from which the major portion of the sample is selected consists of the Internal Revenue Service (IRS) file of those corporate entities which are required to file Form 1120, 1120A, or 1120S and which also have as their principal industrial activity either manufacturing, mining, or wholesale or retail trade. The IRS frame is stratified based on industry classification and size of total assets and gross receipts. This frame is sampled once each year. Nearly all corporations whose operations are within the scope of the QFR and which have total assets of $250 million and over are included in the sample with certainty (i.e., they have a 1-out-of-1 sampling fraction). Manufacturing corporations with total assets of less than $250 million are subject to a noncertainty stratified simple random sample, as are those corporations in mining, wholesale trade, and retail trade with total assets equal to $50 million and over and less than $250 million. The sampling rates range from approximately 1-out-of-160 to 1-out-of-2. Table J summarizes the resulting active sample sizes by division and size groups. Corporations in the noncertainty portion of the sample are rotated into the survey using a replacement scheme which provides that one-eighth of the sample is replaced each quarter. Corporations removed are those that have been in the reporting group the longest (usually eight quarters). Therefore, samples of noncertainty corporations for adjacent quarters are seven-eights identical; for quarters ending nine months apart, they are five-eights identical, etc. The IRS frame does not contain those corporate entities whose first income tax return had not been processed. In addition, several months elapse between the sample selection and its introduction into the QFR program. To keep the QFR sample of larger corporations (i.e., those with total assets of at least $250 million) as up-to-date as possible, a separate nonprobability procedure is followed. Each quarter, a file containing applications for a Federal Social Security Employer’s Identification Number filed with the Social Security Administation during the previous quarter by new corporations is reviewed. Corporations thought to meet QFR’s in-scope criteria are mailed classification forms. If their response indicates that the corporation does meet QFR’s in-scope criteria, they will be included in the survey with certainty for the remainder of the year. Precision of the Estimates: There are two types of errors possible in an estimate based on a sample survey, sampling and nonsampling. Sampling errors occur because observations are made only on a sample, not on the entire population. Nonsampling errors can be attributed to many sources in the collection and processing of data. The accuracy of a survey result is determined by the joint effects of sampling and nonsampling errors. Measures of Sampling Error: The particular sample used in this survey is one of a large number of all possible samples of the same size that could have been selected using the same design. Estimates derived from the different samples would differ from each other. The average of these estimates would be close to the estimate derived from a complete enumeration of the population. This assumes that a complete enumeration has the same nonsampling errors as the sample surveys. The standard error of the estimate is a measure of the variability among the estimates from all possible samples of the same size and design and, thus, is a measure of the precision with which an estimate from a particular sample approximates the results of a complete enumeration. The coefficient of variation (expressed as a percent) is the standard error of the estimate times 100 percent, divided by the estimate. Note that the coefficient of a variation is an estimate derived from the sample and is also subject to sampling variability. Table K gives the estimates of the coefficients of variation in percent for the quarterly dollar value of Net sales, Depreciation, Inventories, and Total assets estimates as shown in this report. Also in Table K are the estimates of the standard errors for the item Income before income taxes. Note that these estimated coefficients of variation and standard errors are biased downward because of present estimation techniques for the standard error. Therefore, the estimated coefficients of variation and the standard error represent a lower bound to this measure of precision. The coefficients of variation presented in the table permit certain confidence statements about the sample estimates. As noted before, the particular sample used in this survey is one of a large number of samples of the same size that could have been selected using the same design. In about 2 out of 3 (67 percent) of these samples, the estimate would differ from a complete enumeration by less than the corresponding percent for that estimate shown in the sampling variability table. In about 19 out of 20 (95 percent) of these samples, the estimates would differ from the results of a complete enumeration by less than twice the percentage shown. To illustrate the computations involved in the above confidence statements as related to dollar volume net sales estimates, assume that an estimate of net sales for all manufacturing published in Table 1.0 is $525,000 million for a particular quarter and that the coefficient of variation for this estimate, as given in Table K is 0.2 percent or XII 0.002. Multiplying $525,000 million by 0.002 yields $1,050 million. Therefore, a 67-percent confidence interval is $523,950 million to $526,050 million ($525,000 million plus or minus $1,050 million). If corresponding confidence intervals were constructed for all possible samples of the same size and design, approximately 2 out of 3 (67 percent) of the intervals would contain the figure obtained from a complete enumeration. Similarly, a 95-percent confidence interval is $522,900 million to $527,100 million ($525,000 million plus or minus $2,100 million). To illustrate the computations involved in the above confidence statements as related to income before income taxes estimates, assume that an estimate of income before income taxes for all manufacturing published in Table 1.0 is $18,571 million for a particular quarter and that the standard error for this estimate, as given in Table K is 0.3. Thus, a 67-percent confidence interval is $18,570.7 million to $18,571.3 million ($18,571 million plus or minus $0.3 million). This 67-percent confidence interval would have the same properties as the 67-percent confidence interval discussed in the previous paragraph. A 95-percent confidence interval is $18,570.4 million to $18,571.6 million ($18,571 million plus or minus $0.6 million). Nonsampling Errors: Nonsampling errors arise from many sources: (1) inability to obtain information about all cases in the sample, (2) response errors, (3) definitional difficulties, (4) differences in the interpretation of questions, (5) mistakes in recording or coding the data obtained, and (6) other errors of collection, response, coverage, and estimation of missing data. These nonsampling errors also occur in complete censuses. Some examples of circumstances and individual corporate practices which lead to nonsampling errors are: a. Corporations in Chapter XI bankruptcy are unable to prepare a report within QFR time frames. Although these corporations have continuing operations and are therefore required to file QFR reports, courtimposed constraints sometimes make timely compliance impossible. b. Requiring precise, audited data to be reported within 25 days after the end of the corporation’s quarter could impose a significant burden. Therefore, the submission of estimated data is permissible. This practice may lead to some measurement error. c. Small corporations frequently lack sophisticated recordkeeping systems to generate quarterly financial data. They also may lack the staff to prepare precise, detailed QFR reports. Inconsistency in classification of data items from quarter to quarter may lead to a bias of unknown direction. financial results. There are parallel classifications created to link traditional corporate accounting to this specialized accounting, but the resulting match is not perfect. The sales and profits of cooperatives and 1120S corporations are small relative to most industry totals, but their special problems do lessen estimate accuracy. As calculated for this report, the coefficients of variation measure certain nonsampling errors but do not measure any systematic biases in the data. Bias is the difference, averaged over all possible samples of the same size and design, between the estimate and the true value being estimated. Although no direct measures of the biases have been obtained, precautionary steps were taken in all phases of the collection, processing, and tabulation of the data in an effort to minimize their influence. One major source of bias in the published estimates is due to imputing data for nonrespondents, for late reporters, and for data which fail edit. Comparisons with Other Statistics: QFR estimates will not necessarily agree with other financial and industrial statistics compilations whether based upon a sample or complete canvass. For example: a. The QFR eliminates multiple counting of interplant and other intracompany transfers included in census establishment statistics. It also eliminates multiple counting of intercorporate transfers included in statistics based upon nonconsolidated, partly consolidated, or combined reports from multicorporate enterprises. b. Each corporation which filed either a U.S. Corporation Income Tax Return (i.e., Form 1120 or 1120S) or an application for a Federal Social Security Employer’s Identification Number and was classified in one of the four QFR industry divisions has a known probability of being drawn into the QFR sample. Each corporation in the QFR sample is therefore given its proper weight in computing the QFR estimates. The composition of the sample changes each quarter to reflect the effects of corporate births, deaths, acquisitions, divestitures, mergers, consolidations, and the like. Furthermore, to redistribute the reporting responsibility as equitably as possible among the smallest corporations, one-eighth of the nonexhaustive sample stratum is replaced each quarter. The QFR estimates may therefore differ significantly from estimates based upon reports for identical groups of corporations. c. The conventional accounting concept of profits is used in the QFR estimates. This differs from the concept of profits employed in the national income and product accounts. In measuring profits for national income accounting purposes, capital gains and dividends received by corporations are deducted from profits, capital losses and depletion charges are added to profits, and adjustments are made for international flows affecting profits. d. Occasionally, corporations electing to be taxed through their shareholders (1120S) and cooperatives are drawn into the sample. These enterprises use specialized systems of accounts and terminology in reporting XIII d. Corporations’ QFR submissions generally embody the accounting conventions adopted for financial reporting purposes. As such, they may differ from those used by corporations for reporting income to the IRS; e.g., in the more frequent application of accelerated depreciation on tax returns. Therefore, annual income and balance sheet information derived from tax returns dating back to 1909, which can be found in the IRS report series Statistics of Income: Corporation Income Tax Returns, may not be comparable. e. QFR estimates by corporation size are based upon the total assets of consolidated corporate enterprises. They differ from estimates based upon other criteria such as value of shipments or number of employees. They differ also from estimates based upon other reporting units such as establishments, nonconsolidated corporations, or enterprises consolidated differently than in the QFR. f. QFR estimates are based upon a changing sample of audited, unaudited, and estimated reports required to be submitted within 25 days after the end of each quarterly reporting period by corporations which are not necessarily identical entities from quarter to quarter. Aggregated for any four consecutive quarters, the QFR estimates will differ from similar aggregations of finalized and audited annual reports for accounting years which are not necessarily identical from corporation to corporation. The change in consolidation rules and the creation of a line item to reflect equity in earnings from nonconsolidated subsidiaries significantly lessened the comparability of preand post-Q4 1973 reports. QFR internal accounting procedures prior to the rule change required the classification of equity in earnings (losses) as a direct credit or charge to retained earnings. Therefore, when a reporting corporation indicated by footnote that its equity in nonconsolidated subsidiary earnings (losses) was included in its current quarter’s income (loss), the QFR accounting staff made the appropriate adjustment. With the advent of this format, this adjustment is not made. Thus, the equity in earnings (losses) is accounted for as an element of the parent corporation’s quarterly income (loss) after taxes. The treatment of dividend income received from nonconsolidated subsidiaries accounted for by the cost method has remained consistent under both the new and old format. In these instances, dividends received are included in net income before taxes through the nonoperating income line. A comparison of aggregated totals published under both the old and new consolidation rules indicates the following:1 a. There was a net decrease in sales, apparently due to the exclusion of foreign activities previously included. b. There was a net decrease in Net Income Before Taxes (NIBT), apparently due to two major effects. Equity in earnings (losses) from nonconsolidated subsidiaries is currently reflected on a designated line below NIBT, whereas prior reports often included this amount in NIBT. If the reporting company did not footnote this inclusion, QFR accountants were unable to make the proper adjustment. If foreign activity was fully consolidated, foreign earnings were also included in NIBT. The new consolidation rules minimize this effect as well. c. The net effect of the rule changes on Net Income After Taxes (NIAT) was small. Under both rules, foreign activity should be included above the NIAT line. The slight degree of difference also suggests that the QFR footnoted equity in earnings (losses) of nonconsolidated subsidiaries were not extensive enough to affect comparative published data materially. Changes in the Series—Accounting: When the QFR series began in 1947, corporations were instructed to consolidate all of their subsidiaries which were taxable under the U.S. Internal Revenue Code and which were fully consolidated in their latest report to stockholders. All other subsidiaries were to be accounted for as investments. Closely held corporations which did not prepare stockholder reports were to report on a basis consistent with their audited or corporation prepared reports. The income tax liability rule was expected to eliminate most foreign operations. However, as the number of multinational corporations increased between 1947 and 1973, foreign operations gradually became more and more significant in the QFR data. An interagency task force composed of user agency representatives was created to resolve this problem. New consolidation rules were put into effect in the fourth quarter of 1973 to maximize coverage and minimize the impact of foreign operations on QFR statistics (see Coverage). As a result of these changes, foreign operations are included on an investment basis. In addition, the breadth of the new consolidation rules was expanded to include certain domestic subsidiaries previously excluded under the old rules. Also, the rules were clarified with respect to the scope of coverage. Domestic subsidiaries engaged in banking, finance, or insurance are not to be consolidated. d. Noncurrent Assets include investments in nonconsolidated subsidiaries under either the cost or equity method. The rule change precluding full consolidation of foreign activity caused a marked increase in this line item. Corporations that consolidated foreign activity fully up to 1973 were required to eliminate their investment in accordance with generally accepted accounting principles. Now, since foreign activity is not fully consolidated, investments in these subsidiaries are included in the noncurrent asset line. 1 See the QFR, Second Quarter 1975, Appendix Tables I and II. XIV Changes in the Series—Industry Classification: In the reports for the first quarter of 1947 through the fourth quarter of 1958, classification was based on the 1945 edition of the SIC Manual. Beginning with the first quarter of 1959, corporations were classified within the framework of the 1957 SIC edition. The SIC was revised again in 1967, but did not affect the level of aggregation used in the QFR. A 1972 SIC revision required the reclassification of some corporations. Reclassifications having a measurable effect on the industry estimates were incorporated in the fourth-quarter revision of the 1972 data published in the first quarter of the 1973 QFR. Similarly, the 1987 SIC revision has resulted in some reclassifications. Revisions of 1987 data provided in the first quarter of 1988 include measurable changes. Beginning in 1969, Newspaper Publishing was included in the QFR coverage of manufacturing corporations. Prior to the first quarter of 1974, a corporation was classified as a manufacturer only if 50 percent or more of its gross receipts were derived from manufacturing operations. The new classification rules (see How Corporations Are Classified by Industry) are more inclusive. Therefore, in the series existing prior to 1974, fewer corporations qualified for inclusion as manufacturers. Changes in the Series—Sampling: The first sample in this survey was drawn from U.S. Corporation Income Tax Returns (Form 1120) filed with IRS for the taxable year 1943. A second sample was drawn from income tax returns for the taxable year 1949. The third (current) sample was drawn from income tax returns for the taxable year 1954 and each taxable year thereafter. Each sample has been supplemented by quarterly samples of applications for a Federal Social Security Employer’s Identification Number filed with the SSA. The second and third samples were drawn in order to redistribute the reporting responsibility among the smallest corporations and to maintain representativeness on a current basis. (The older the sample, the less representative it is of the current population.) The third (current) sample meets both requirements to the fullest extent permitted by known sampling methodology, consistent with a minimal budgetary allocation. The first sample was used to generate estimates for each quarter in calendar years 1947 to 1951, inclusive; the second sample, from the third quarter of 1951 to the second quarter of 1956, inclusive; the third (current) sample, from the second quarter of 1956 to date. From the third quarter 1977 through the fourth quarter 1986, the strata including very small manufacturing firms (generally those with assets less than $250,000) and all newly incorporated manufacturers were estimated for by multivariate techniques. Beginning in the first quarter 1987, the QFR universe of corporations has been redefined to exclude these strata. In the fourth quarter of 1987 through the third quarter of 1988, the mining, wholesale and retail trade tables only included estimates for corporations with assets of $25 million and over at the time of sample selection, fall 1987. Prior to that quarter, estimates were based upon reports from corporations with that asset level at the end of the reference quarter. Beginning in the fourth quarter of 1988, the asset level for inclusion in published mining, wholesale and retail trade estimates was raised to $50 million at the time of sample selection. For 50 years, the QFR Program has requested a sample of corporations to file financial data on a universal form. In 1980, Congress mandated a reduction in both QFR form complexity and sample size. In response, the program adopted a short form for surveyed corporations generally with total assets of less than $50 million. Corporations with higher asset values submit the long form, which has been in use since 1974. To accomplish the sample size cut, the threshold for sampling on less than a 1:1 ratio was raised from $10 million to $25 million in assets. The threshold for sampling was subsequently raised to $50 million in 1988 and to $250 million in 1995. (See Description of the Sample on page XI.) The resulting reduced sample size was optimally allocated with further cuts made in asset sizes below $10 million. The results of these changes are reflected beginning in the Q4 1981 report as follows: a. Tables presenting universe estimates by SIC division and major group are published on the short-form basis. Therefore, the more detailed data submitted by larger corporations (generally those with assets of $50 million and over) are collapsed in these tables. Immediately following, on pages XVII and XVIII, is a table used by the program which provides the reader with a key to trace ‘‘long’’ to ‘‘short’’ format conversion. b. Tables presenting estimates by major group for manufacturing corporations with assets of $25 million and over are published on the long-form basis but are presented separately. c. The combination of change in sample design; i.e., raising of the sampling threshold with further sample size cuts in small company strata, and the updating of IRS population estimates necessitated revision of previously published estimates for Q4 1980-Q3 1981. d. It is especially important to note that published universe estimates of ‘‘Income (or loss) before taxes’’ include all equity in earnings (losses) from nonconsolidated subsidiaries and foreign branches. This change places these universe estimates on a different basis than those previously published. To minimize the impact of this change, please consider the following: 1. Corporations filing the ‘‘short form’’ report equity in earnings (losses) of nonconsolidated subsidiaries and foreign branches as a component of ‘‘Net nonoperating income (expense).’’ Although this treatment will introduce elements of foreign earnings (losses) into ‘‘Income (or loss) before income XV taxes,’’ the contribution of foreign earnings (losses) of these smaller asset size corporations to this data item has been historically insignificant. 2. Corporations with assets of $50 million and over continue to report equity in earnings (losses) as a separate data item. As can be seen in the conversion table (following page), this data item is collapsed for universe estimation into ‘‘Net nonoperating income (expense).’’ However, since these larger asset size corporations continue to report equity in earnings (losses) separately, as reflected in the tables published for corporations with assets of $25 million and over, comparability with prior data can be achieved, for the most part, through subtraction. New tables were also introduced in the Q4 1981 publication that provide the user with the following: a. Asset size data (under $25 million, $25 million and over) by SIC major groups in manufacturing; b. SIC major group data for wholesale trade (SIC 50 and 51) and retail trade (SIC 53, 54, and all other); c. More asset size breaks for durable and nondurable manufacturing industries; and d. Historical rates of return tables for wholesaling, retailing, and mining. Data Revisions: Revisions to the QFR data are attributable primarily to industry reclassifications of major corporations involved in merger/acquisition activities or restructuring of operations. In order to reflect these changes and to provide users with comparable data, revisions are made each quarter to the most recent four quarters of previously published data. Also, when respondents submit corrections after publication, we reflect such corrections in the next publication. Summary Chronology of Discontinuities: Because of the various QFR series changes discussed above, discontinuities were introduced that affect use of the published estimates in constructing time series. In order to help users evaluate the adequacy of past data for the analysis of economic changes, a table of discontinuities is provided. Note that not all aggregates are affected by all discontinuities. The user will need to examine each situation in the light of his or her needs. XIX Table of Discontinuities in Quarterly Financial Report Series YEAR OF OCCURENCE 1951 1956 1958 1969 1973 1974 REASON Change of Sample for Q1-Q2 1951) Change of Sample Adoption of 1957 SIC Inclusion of Newspapers Industry reclassifications and adoption of 1972 SIC Change in Questionnaire, Rules of Consolidation, and Rules for Industry Classification Change in Inventory Valuation Industry Reclassifications Industry Reclassifications Adjustment of Level, All Mining Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Adjustment of Level, All Divisions Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Collapse of Tobacco Industry Data into Food Industry Data Industry Reclassifications and Redefinition of Manufacturing Universe Change in Definition of Mining and Trade Samples Industry Reclassifications Change in Definition of Mining and Trade Samples Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Industry Reclassifications Change in Definition of Manufacturing, Mining and Trade Samples PERIODS FOR WHICH OVERLAP DATA WERE PROVIDED Q3 1951-Q4 1951 (Revised data) Q2 1956 Q1 1958-Q4 1958 No overlap provided Q1 1972-Q4 1972 All items, Q4 1973 Six items, Q1 1974-Q4 1974 One item, Q4 1973-Q4 1974 Q1 1974-Q4 1974 Q1 1975-Q4 1975 Q4 1975-Q3 1976 Q1 1976-Q4 1976 Q1 1977-Q4 1977 Q1 1978-Q4 1978 Q1 1979-Q4 1979 Q1 1980-Q4 1980 Q4 1980-Q3 1981 Q1 1981-Q4 1981 Q1 1982-Q4 1982 Q1 1983-Q4 1983 Q1 1984-Q4 1984 Q1 1985-Q4 1985 Q1 1985-Q4 1985 Q1 1986-Q4 1986 Q1 1973 Q1 1974 Q2 1975-Appendix Table II Q2 1975-Appendix Tables III and IV Q1 1975 Q1 1976 Q4 1976 Q1 1977 Q1 1978 Q1 1979 Q1 1980 Q1 1981 Q4 1981 Q1 1982 Q1 1983 Q1 1984 Q1 1985 Q1 1986 Q1 1986 Q1 1987 REPORT IN WHICH NEW OR REVISED DATA APPEARED Q2 1952 Q3 1956 Q1 1959 1974 1975 1976 1976 1977 1978 1979 1980 1981 1981 1981 1982 1983 1984 1985 1985 1986 1987 1988 1988 1989 1990 1991 1992 1993 1994 1995 1996 Q4 1986-Q3 1987 Q1 1987-Q4 1987 Q4 1987-Q3 1988 Q1 1988-Q4 1988 Q1 1989-Q4 1989 Q1 1990-Q4 1990 Q1 1991-Q4 1991 Q1 1992-Q4 1992 Q1 1993-Q4 1993 Q1 1994-Q4 1994 Q4 1994-Q3 1995 Q4 1987 Q1 1988 Q4 1988 Q1 1989 Q1 1990 Q1 1991 Q1 1992 Q1 1993 Q1 1994 Q1 1995 Q4 1995 XXI SUMMARY DATA TABLES XXII TABLE A RATES OF CHANGE IN SALES AND PROFITS OF ALL MANUFACTURING, MINING, AND TRADE CORPORATIONS, BY DIVISION AND MAJOR GROUP (An electronic version of selected data from this table is available through a commercial vendor as part of CENDATA, Census Bureau’s on-line information utility. For further information, contact Customer Services, ACSD, Bureau of the Census, Washington, DC 20233, or call (301)457−4100) Sales Industry 2Q 19962 1Q 19972 (million dollars) All manufacturing corporations. . . . . . . . . . . . . . . . . . . . . . . Nondurable manufacturing corporations . . . . . . . . . . . . . . Food and kindred products4 . . . . . . . . . . . . . . . . . . . . Textile mill products . . . . . . . . . . . . . . . . . . . . . . . . . . . Apparel6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Paper and allied products . . . . . . . . . . . . . . . . . . . . . . Printing and publishing . . . . . . . . . . . . . . . . . . . . . . . . . Chemicals and allied products . . . . . . . . . . . . . . . . . . Industrial chemicals and synthetics7 . . . . . . . . . . Drugs7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Residual of chemicals7. . . . . . . . . . . . . . . . . . . . . . Petroleum and coal products. . . . . . . . . . . . . . . . . . . . Rubber and miscellaneous plastics products . . . . . . Durable manufacturing corporations. . . . . . . . . . . . . . . . Stone, clay, and glass products . . . . . . . . . . . . . . . . . . . Primary metal industries . . . . . . . . . . . . . . . . . . . . . . . . . . Iron and steel7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonferrous metals7 . . . . . . . . . . . . . . . . . . . . . . . . . Fabricated metal products . . . . . . . . . . . . . . . . . . . . . . Machinery, except electrical . . . . . . . . . . . . . . . . . . . . Electrical and electronic equipment . . . . . . . . . . . . . . Transportation equipment . . . . . . . . . . . . . . . . . . . . . . Motor vehicles and equipment7 . . . . . . . . . . . . . . Aircraft, guided missiles, and parts7 . . . . . . . . . . Instruments and related products . . . . . . . . . . . . . . . . . Other durable manufacturing corporations . . . . . . . . . Lumber and wood products7 . . . . . . . . . . . . . . . . . Furniture and fixtures7 . . . . . . . . . . . . . . . . . . . . . . Miscellaneous manufacturing7 . . . . . . . . . . . . . . . All mining corporations8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . All retail trade corporations8 . . . . . . . . . . . . . . . . . . . . . . . . . All wholesale trade corporations8 . . . . . . . . . . . . . . . . . . . . 1 2 3 Rate of change 2Q 1997 2Q 1996 to 2Q 1997 (percent) 985,946 459,632 120,381 17,507 16,641 41,429 46,400 107,996 42,788 29,024 36,184 77,510 31,768 526,314 18,369 39,525 19,806 19,718 45,312 111,670 105,410 132,706 89,282 35,525 29,577 43,746 19,594 15,467 8,685 15,356 NA 275,741 +4 3 3 3 3 3 1Q 1997 to 2Q 1997 948,430 455,919 119,481 17,610 16,617 40,843 42,741 106,255 42,426 27,020 36,809 81,403 30,968 492,511 18,474 38,149 18,016 20,133 42,224 102,650 93,765 128,263 86,124 33,194 29,092 39,894 17,880 13,952 8,062 13,416 235,246 260,274 933,233 446,881 116,109 17,095 16,591 39,325 44,325 103,049 41,339 28,374 33,336 80,741 29,647 486,352 15,141 36,463 18,308 18,155 42,491 103,617 98,567 122,517 83,971 31,695 26,991 40,565 18,053 14,215 8,297 15,927 238,001 271,389 +6 +3 +4 3 3 +9 3 3 +5 +5 +5 +4 3 +7 3 −5 3 +9 −4 +7 +8 +21 +8 +8 +9 3 +7 3 3 +10 3 +7 +9 +12 +3 +4 +7 3 3 3 3 3 +8 +7 +8 +6 +12 +10 3 3 3 3 3 +14 NA +6 NA 3 Includes net income (loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries net of foreign taxes. Some of the data in this column have been revised since their first appearance. See footnotes to Tables 1.0 — 52.1. Sampling variability precludes characterizing change. 4 Includes tobacco industry. 5 Change in excess of 100 percent, or change from gain to loss or vice versa. 6 Includes leather industry. 7 Included in major industry above. 8 Mining, wholesale and retail trade data are the quarterly results of companies in those divisions with assets over $50 million. Data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. XXIII Income before income taxes1 Rate of change 2Q 19962 1Q 19972 (million dollars) 82,740 39,816 8,990 832 273 2,480 3,058 11,923 1,427 5,350 5,146 10,062 2,197 42,924 1,752 2,512 963 1,549 3,194 8,833 9,274 11,260 7,499 2,989 3,536 2,563 1,154 808 601 1,953 6,539 5,187 81,248 42,583 7,922 651 1,134 1,659 3,612 16,732 4,980 6,085 5,668 9,218 1,654 38,665 −497 2,329 816 1,512 3,131 8,562 11,508 9,150 6,111 2,590 2,329 2,155 1,074 608 472 2,810 6,159 5,690 92,019 43,216 10,679 945 1,110 1,450 4,512 12,748 5,610 2,229 4,908 9,224 2,548 48,803 1,901 2,892 1,266 1,626 3,839 9,735 12,245 11,732 7,978 3,023 3,170 3,289 1,506 1,119 663 2,297 NA 6,620 2Q 1997 2Q 1996 to 2Q 1997 1Q 1997 to 2Q 1997 2Q 19962 Income after income taxes1 Rate of change 1Q 19972 (million dollars) +13 +1 +35 +45 3 2Q 1997 2Q 1996 to 2Q 1997 1Q 1996 to 2Q 1997 (percent) +11 +9 +19 3 5 (percent) 66,716 30,843 7,504 661 918 1,041 2,985 8,603 3,987 980 3,637 7,174 1,956 35,874 1,356 2,118 903 1,215 2,936 7,363 8,669 8,797 6,110 2,177 2,157 2,478 1,246 788 444 1,650 NA 4,480 +12 +9 +22 3 5 59,386 28,332 6,168 596 255 1,593 1,946 7,988 −226 4,214 4,001 8,137 1,649 31,054 1,247 1,780 666 1,114 2,416 6,444 6,489 8,225 5,624 2,108 2,552 1,903 933 550 419 1,435 3,916 3,277 59,873 32,996 5,727 424 865 1,127 2,346 13,332 3,521 5,048 4,763 7,942 1,232 26,877 −766 1,685 565 1,120 2,368 5,580 7,916 6,924 4,839 1,799 1,493 1,679 918 453 308 2,027 3,623 3,769 +11 −7 +31 +56 3 3 −42 +48 +7 5 −58 −5 −8 +16 +14 3 −13 +25 −24 +13 −63 −13 3 −35 +53 +8 5 +54 +26 5 −77 −9 −12 +19 +16 3 +27 −35 +13 −81 −24 −10 +59 +33 5 +15 +32 3 +24 +55 3 +20 +10 +32 +4 +6 3 3 +28 3 +39 3 +23 +14 +6 +28 +31 +17 +36 +53 +40 +84 +40 −18 NA +16 +19 +36 +9 +22 +14 +34 +7 +9 +3 3 +26 +60 3 +24 +32 +10 +27 +26 +21 3 +30 3 +43 3 +48 +36 +74 3 +18 NA +28 +15 NA +37 −19 NA +19 XXIV TABLE B PROFITS PER DOLLAR OF SALES, BY DIVISION AND MAJOR GROUP (Cents) Income before income taxes1 Industry 2Q 1996 8.7 8.7 7.5 4.7 1.6 6.1 7.2 11.2 3.4 19.8 14.0 12.4 7.1 8.7 9.5 6.6 5.3 7.7 7.6 8.6 9.9 8.8 8.7 9.0 12.2 6.4 6.5 5.8 7.5 14.6 2.8 2.0 3Q 1996 9.0 10.1 8.0 5.3 6.6 6.3 9.7 16.6 11.0 19.6 20.8 10.2 6.1 7.9 10.4 5.6 5.0 6.1 9.1 7.9 9.4 6.3 5.5 8.1 11.2 6.2 5.8 6.5 6.5 14.7 3.2 2.0 4Q 1996 7.2 7.8 8.5 3.0 4.1 3.1 11.0 9.6 6.2 14.5 9.4 8.9 1.0 6.8 5.2 3.7 1.3 6.0 5.3 8.0 10.0 4.7 3.9 7.1 8.1 5.3 3.3 7.3 5.8 12.9 3.8 2.0 1Q 1997 8.7 9.5 6.8 3.8 6.8 4.2 8.1 16.2 12.0 21.4 17.0 11.4 5.6 8.0 (3.3) 6.4 4.5 8.3 7.4 8.3 11.7 7.5 7.3 8.2 8.6 5.3 5.9 4.3 5.7 17.6 2.6 2.1 2 Income after income taxes2 2Q 1997 9.3 9.4 8.9 5.4 6.7 3.5 9.7 11.8 13.1 7.7 13.6 11.9 8.0 9.3 10.3 7.3 6.4 8.2 8.5 8.7 11.6 8.8 8.9 8.5 10.7 7.5 7.7 7.2 7.6 15.0 NA 2.4 2Q 1996 6.3 6.2 5.2 3.4 1.5 3.9 4.6 7.5 (0.5) 15.6 10.9 10.0 5.3 6.3 6.7 4.7 3.7 5.5 5.7 6.3 6.9 6.4 6.5 6.4 8.8 4.8 5.2 3.9 5.2 10.7 1.7 1.3 3Q 1996 6.6 7.6 5.7 3.7 4.4 4.3 6.5 13.2 8.2 15.9 16.8 8.0 4.7 5.7 7.8 3.9 3.4 4.4 7.2 5.8 6.4 4.6 4.2 5.6 8.0 4.8 5.1 4.5 4.6 14.1 2.0 1.3 4Q 1996 5.5 6.0 5.9 2.1 3.5 2.2 7.1 8.2 4.6 14.5 7.1 7.8 1.1 4.9 3.5 2.3 0.6 3.8 3.6 6.1 7.1 3.9 3.6 5.2 5.6 3.6 2.2 4.9 4.2 10.1 2.3 1.2 1Q 1997 6.4 7.4 4.9 2.5 5.2 2.9 5.3 12.9 8.5 17.8 14.3 9.8 4.2 5.5 (5.1) 4.6 3.1 6.2 5.6 5.4 8.0 5.7 5.8 5.7 5.5 4.1 5.1 3.2 3.7 12.7 1.5 1.4 2Q 1997 6.8 6.7 6.2 3.8 5.5 2.5 6.4 8.0 9.3 3.4 10.1 9.3 6.2 6.8 7.4 5.4 4.6 6.2 6.5 6.6 8.2 6.6 6.8 6.1 7.3 5.7 6.4 5.1 5.1 10.7 NA 1.6 All manufacturing corporations . . . . . . . . . . . . . . . . . Nondurable manufacturing corporations. . . . . . . Food and kindred products3 . . . . . . . . . . . . . . . Textile mill products . . . . . . . . . . . . . . . . . . . . . . Apparel4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Paper and allied products . . . . . . . . . . . . . . . . . Printing and publishing . . . . . . . . . . . . . . . . . . . Chemicals and allied products . . . . . . . . . . . . . Industrial chemicals and synthetics5 . . . . Drugs5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Residual of chemicals5 . . . . . . . . . . . . . . . . Petroleum and coal products . . . . . . . . . . . . . . Rubber and miscellaneous plastics products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Durable manufacturing corporations . . . . . . . . . . Stone, clay, and glass products. . . . . . . . . . . . Primary metal industries . . . . . . . . . . . . . . . . . . Iron and steel5 . . . . . . . . . . . . . . . . . . . . . . . Nonferrous metals5 . . . . . . . . . . . . . . . . . . . Fabricated metal products . . . . . . . . . . . . . . . . Machinery, except electrical . . . . . . . . . . . . . . . Electrical and electronic equipment . . . . . . . . Transportation equipment . . . . . . . . . . . . . . . . . Motor vehicles and equipment5 . . . . . . . . . Aircraft, guided missiles, and parts5 . . . . . Instruments and related products . . . . . . . . . . Other durable manufacturing corporations . . Lumber and wood products5 . . . . . . . . . . . Furniture and fixtures5 . . . . . . . . . . . . . . . . Miscellaneous manufacturing5 . . . . . . . . . . All mining corporations6 . . . . . . . . . . . . . . . . . . . . . . . All retail trade corporations6 . . . . . . . . . . . . . . . . . . . All wholesale trade corporations6 . . . . . . . . . . . . . . . 1 Based on profit figures which include net income (loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries, net of foreign taxes. 2 Some of the rates in this column have been revised since their first appearance. See footnotes to Tables 1.0 — 52.1. 3 Includes tobacco industry. 4 Includes leather industry. 5 Included in major industry above. 6 Mining, wholesale and retail trade data are the quarterly results of companies in those divisions with assets over $50 million. Data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. XXV TABLE C PROFITS PER DOLLAR OF SALES, MANUFACTURING CORPORATIONS, BY ASSET SIZE (Cents) Income before income taxes1 Asset size 2Q 1996 8.7 5.4 7.0 6.2 6.1 6.5 5.8 6.4 10.4 8.7 5.9 8.3 7.4 7.1 6.0 6.1 6.9 10.2 8.7 4.5 5.0 4.3 5.1 7.0 5.3 5.9 10.6 3Q 1996 9.0 6.4 7.1 6.0 6.0 6.3 5.4 6.5 10.7 7.9 7.2 8.1 6.6 5.9 5.2 5.7 7.6 8.7 10.1 5.1 5.9 5.3 6.2 7.3 5.1 5.3 12.6 4Q 1996 7.2 2.4 4.4 4.7 4.6 5.1 5.1 4.4 9.1 6.8 1.9 5.1 4.7 5.4 4.4 5.7 3.9 8.7 7.8 3.3 3.4 4.6 3.7 5.9 4.4 4.9 9.6 1Q 1997 8.7 5.5 7.6 5.4 5.5 4.8 3.9 5.2 10.9 8.0 5.1 8.6 5.7 6.3 4.6 3.9 5.5 9.8 9.5 6.1 6.0 4.9 4.6 5.2 3.9 4.9 12.0 2 Income after income taxes2 2Q 1997 9.3 6.5 7.4 7.5 6.0 5.3 5.6 6.7 11.2 9.3 6.8 8.4 7.9 6.2 3.8 5.7 7.1 11.2 9.4 6.0 6.1 7.0 5.8 6.9 5.5 6.2 11.2 2Q 1996 6.3 4.5 5.6 5.0 4.3 4.4 3.8 4.1 7.5 6.3 4.9 6.7 6.0 5.0 3.8 3.8 4.4 7.4 6.2 3.9 3.9 3.4 3.6 5.2 3.8 3.7 7.5 3Q 1996 6.6 5.5 5.7 4.8 4.4 4.4 3.5 4.3 8.0 5.7 6.2 6.3 5.1 4.4 3.5 3.7 5.1 6.3 7.6 4.4 4.9 4.3 4.5 5.3 3.4 3.4 9.5 4Q 1996 5.5 1.6 3.0 3.5 2.9 3.6 3.6 2.5 7.2 4.9 1.1 3.4 3.3 3.7 2.8 3.9 2.2 6.6 6.0 2.4 2.4 3.8 2.1 4.5 3.1 2.8 7.7 1Q 1997 6.4 4.6 6.3 4.2 4.2 3.4 2.2 3.1 8.1 5.5 4.3 6.9 4.4 4.7 3.1 2.0 3.1 6.8 7.4 5.2 5.4 3.9 3.5 3.8 2.5 3.2 9.4 2Q 1997 6.8 5.7 6.3 6.1 4.4 3.7 3.6 4.3 8.1 6.8 5.9 7.1 6.4 4.3 2.2 3.5 4.6 8.2 6.7 5.2 5.4 5.7 4.4 5.3 3.7 3.9 7.9 All manufacturing corporations . . . . . . . . . . . . . . . . . Under $5 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5 million to $10 million . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . 1,000 million and over . . . . . . . . . . . . . . . . . . . . . . Durable goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Under $5 million . . . . . . . . . . . . . . . . . . . . . . . . . . $5 million to $10 million . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . Nondurable goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . Under $5 million . . . . . . . . . . . . . . . . . . . . . . . . . . $5 million to $10 million . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . 3 3 3 1 Based on profit figures which include net income (loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries, net of foreign taxes. 2 Some of the rates in this column have been revised since their first appearance. See footnotes to Tables 1.0 — 52.1. 3 Excludes manufacturing corporations with less than $250,000 in assets at the time of sample selection. (See text, page XI.) XXVI TABLE D ANNUAL RATES OF PROFIT ON STOCKHOLDERS’ EQUITY, BY DIVISION AND MAJOR GROUP (Percent) Income before income taxes1 Industry 2Q 1996 24.9 24.0 25.6 17.1 9.5 16.4 15.9 26.5 9.2 35.4 35.9 28.7 25.4 25.8 31.4 21.3 19.1 22.8 27.4 24.3 22.3 34.7 39.6 27.8 22.1 23.7 26.0 22.0 22.1 16.2 16.7 15.8 3Q 1996 24.9 27.4 28.1 19.2 41.6 16.9 22.1 37.1 28.4 32.4 52.2 23.3 20.5 22.4 33.6 16.8 17.1 16.6 32.4 21.7 20.9 22.5 22.0 24.1 19.8 23.3 24.5 24.8 19.2 16.0 18.9 15.6 4Q 1996 20.1 20.8 29.7 11.1 25.0 7.9 24.2 19.8 13.8 24.3 22.0 21.9 3.6 19.4 16.3 10.7 4.0 16.0 17.7 22.3 23.2 17.9 16.5 23.3 13.8 20.0 13.6 28.6 19.0 14.5 25.5 15.2 1Q 1997 22.7 24.0 22.3 13.4 36.5 10.5 16.3 33.6 28.6 35.2 37.5 24.6 18.7 21.5 (8.8) 18.5 14.4 21.8 24.3 21.9 24.0 28.0 30.3 25.1 13.6 18.6 22.9 15.4 16.0 18.8 14.7 15.4 2 Income after income taxes2 2Q 1997 25.3 23.9 29.7 19.5 33.9 9.1 19.3 25.3 31.6 13.1 31.6 24.3 29.0 26.7 31.5 22.6 22.1 23.0 29.8 24.7 25.3 34.5 38.0 28.4 18.0 27.5 31.5 27.3 21.7 15.2 NA 17.3 2Q 1996 17.9 17.1 17.6 12.3 8.8 10.5 10.1 17.8 (1.5) 27.9 27.9 23.2 19.1 18.7 22.3 15.1 13.2 16.4 20.8 17.7 15.6 25.4 29.7 19.6 15.9 17.6 21.0 15.0 15.4 11.9 10.0 10.0 3Q 1996 18.4 20.6 20.0 13.3 27.7 11.4 14.8 29.4 21.3 26.2 42.1 18.2 16.0 16.3 25.1 11.8 11.5 12.0 25.7 15.9 14.2 16.6 17.1 16.7 14.1 18.1 21.4 17.4 13.6 15.3 12.0 10.0 4Q 1996 15.2 16.2 20.5 7.8 21.7 5.8 15.7 17.0 10.3 24.4 16.7 19.2 3.8 14.2 11.0 6.6 2.0 10.3 12.2 16.9 16.4 14.7 15.1 17.2 9.5 13.6 8.9 19.2 13.8 11.2 15.5 9.1 1Q 1997 16.8 18.6 16.1 8.8 27.8 7.1 10.6 26.8 20.2 29.2 31.5 21.2 13.9 15.0 (13.6) 13.4 10.0 16.2 18.4 14.2 16.5 21.2 24.0 17.5 8.7 14.5 19.6 11.4 10.5 13.5 8.6 10.2 2Q 1997 18.3 17.1 20.9 13.6 28.0 6.5 12.8 17.1 22.5 5.8 23.4 18.9 22.3 19.6 22.5 16.5 15.7 17.2 22.8 18.7 17.9 25.9 29.1 20.4 12.2 20.8 26.0 19.2 14.5 10.9 NA 11.7 All manufacturing corporations . . . . . . . . . . . . . . . . . Nondurable manufacturing corporations . . . . Food and kindred products3 . . . . . . . . . . . . . . . Textile mill products . . . . . . . . . . . . . . . . . . . . . . Apparel4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Paper and allied products . . . . . . . . . . . . . . . . . Printing and publishing . . . . . . . . . . . . . . . . . . . Chemicals and allied products . . . . . . . . . . . . . Industrial chemicals and synthetics5 . . . . Drugs5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Residual of chemicals5 . . . . . . . . . . . . . . . . Petroleum and coal products . . . . . . . . . . . . . . Rubber and miscellaneous plastics products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Durable manufacturing corporations . . . . . . . . Stone, clay, and glass products. . . . . . . . . . . . Primary metal industries . . . . . . . . . . . . . . . . . . Iron and steel5 . . . . . . . . . . . . . . . . . . . . . . . Nonferrous metals5 . . . . . . . . . . . . . . . . . . . Fabricated metal products . . . . . . . . . . . . . . . . Machinery, except electrical . . . . . . . . . . . . . . . Electrical and electronic equipment . . . . . . . . Transportation equipment . . . . . . . . . . . . . . . . . Motor vehicles and equipment5 . . . . . . . . . Aircraft, guided missiles, and parts5 . . . . . Instruments and related products . . . . . . . . . . Other durable manufacturing corporations . . Lumber and wood products5 . . . . . . . . . . . . Furniture and fixtures5 . . . . . . . . . . . . . . . . . . Miscellaneous manufacturing5 . . . . . . . . . . . All mining corporations6 . . . . . . . . . . . . . . . . . . . . . . . All retail trade corporations6 . . . . . . . . . . . . . . . . . . . All wholesale trade corporations6 . . . . . . . . . . . . . . . 1 Based on profit figures which include net income (loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries, net of foreign taxes. 2 Some of the rates in this column have been revised since their first appearance. See footnotes to Tables 1.0 — 52.1. 3 Includes tobacco industry. 4 Includes leather industry. 5 Included in major industry above. 6 Mining, wholesale and retail trade data are the quarterly results of companies in those divisions with assets over $50 million. Data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. XXVII TABLE E ANNUAL RATES OF PROFIT ON STOCKHOLDERS’ EQUITY, MANUFACTURING CORPORATIONS, BY ASSET SIZE (Percent) Income before income taxes1 Asset size 2Q 1996 24.9 30.2 32.3 26.1 24.1 21.1 18.7 20.1 25.8 25.8 30.6 34.1 29.4 27.8 17.6 17.1 20.5 27.3 24.0 29.4 28.7 20.3 20.2 26.0 21.6 19.5 24.6 3Q 1996 24.9 34.1 34.9 24.9 23.6 19.2 18.0 19.7 25.8 22.4 35.7 32.0 25.6 23.2 14.5 16.2 21.5 22.1 27.4 31.0 41.6 23.7 24.0 25.1 21.2 17.3 29.0 4Q 1996 20.1 13.4 21.7 18.3 16.6 17.6 16.1 13.3 22.1 19.4 9.9 21.1 16.7 18.9 13.2 15.5 10.8 22.7 20.8 19.8 23.2 21.1 13.9 23.3 17.0 17.0 21.6 1Q 1997 22.7 28.6 33.7 21.4 18.2 16.1 10.9 15.2 24.8 21.5 24.6 33.9 21.6 20.1 14.1 9.3 14.5 24.1 24.0 36.3 33.4 21.1 16.0 19.0 14.0 16.4 25.3 2 Income after income taxes2 2Q 1997 25.3 35.5 32.9 32.5 22.7 17.5 16.5 20.6 26.1 26.7 36.2 33.4 34.3 22.4 11.8 14.7 20.2 28.8 23.9 34.2 32.0 29.7 23.0 24.8 20.1 21.0 23.8 2Q 1996 17.9 25.4 26.0 21.1 17.2 14.5 12.5 12.8 18.5 18.7 25.5 27.8 23.9 19.7 11.1 10.8 13.2 19.8 17.1 25.1 22.5 16.0 14.4 19.2 15.4 12.2 17.5 3Q 1996 18.4 29.2 27.8 19.6 17.3 13.5 11.8 12.9 19.2 16.3 30.6 24.8 19.8 17.3 9.8 10.3 14.3 16.0 20.6 26.7 34.6 19.2 17.3 18.2 14.3 11.0 21.9 4Q 1996 15.2 8.8 14.9 13.9 10.5 12.5 11.2 7.6 17.4 14.2 5.9 14.1 11.9 12.8 8.4 10.6 6.1 17.4 16.2 14.1 16.6 17.4 7.8 17.8 12.1 9.7 17.4 1Q 1997 16.8 24.2 28.0 16.7 13.8 11.3 6.0 9.1 18.5 15.0 20.8 27.2 16.8 15.1 9.5 4.7 8.0 16.9 18.6 30.7 29.9 16.5 12.2 14.0 8.7 10.8 19.8 2Q 1997 18.3 31.0 28.1 26.2 16.4 12.2 10.5 13.1 18.9 19.6 31.8 28.2 27.6 15.7 6.8 9.0 13.1 21.3 17.1 29.5 28.0 24.3 17.4 19.1 13.5 13.1 16.9 All manufacturing corporations . . . . . . . . . . . . . . . . . Under $5 million . . . . . . . . . . . . . . . . . . . . . . . . . . $5 million to $10 million . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . Durable goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Under $5 million . . . . . . . . . . . . . . . . . . . . . . . . . . $5 million to $10 million . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . Nondurable goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . Under $5 million . . . . . . . . . . . . . . . . . . . . . . . . . . $5 million to $10 million . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . 3 3 3 1 Based on profit figures which include net income (loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries, net of foreign taxes. 2 Some of the rates in this column have been revised since their first appearance. See footnotes to Tables 1.0 — 52.1. 3 Excludes manufacturing corporations with less than $250,000 in assets at the time of sample selection. (See text, page XI.) XXVIII TABLE F RATES OF RETURN, ALL MANUFACTURING CORPORATIONS Annual rate of profit on stockholders’ equity (percent) Before taxes 1978 Q1 2 3 4 1979 Q1 2 3 4 1980 Q1 2 3 4 1981 Q1 2 3 4 1982 Q1 2 3 4 1983 Q1 2 3 4 1984 Q1 2 3 4 1985 Q1 2 3 4 1986 Q1 2 3 4 1987 Q1 2 3 4 1 Year and quarter Profit per dollar of sales (cents) Before taxes 7.9 9.5 8.9 9.1 9.0 9.7 8.7 8.0 8.5 7.7 7.2 7.2 7.5 8.3 7.4 6.4 5.8 5.9 5.5 4.1 4.9 6.6 6.8 6.8 7.5 8.1 6.7 6.1 6.3 6.3 5.8 5.2 5.7 6.8 5.6 5.1 6.8 8.0 8.2 6.1 After taxes Year and quarter Annual rate of profit on stockholders’ equity1 (percent) Before taxes 21.9 24.6 22.4 21.3 21.6 21.5 18.7 14.0 15.6 19.2 16.0 10.4 10.3 12.4 10.4 4.5 (25.7) 16.3 14.1 7.0 4.4 14.5 14.4 12.1 18.7 23.8 23.4 22.4 24.6 25.8 22.6 16.5 21.7 24.9 24.9 20.1 22.7 25.3 After taxes 15.8 17.5 16.0 15.3 15.3 14.8 13.4 11.2 10.9 13.5 11.2 7.1 7.0 8.7 6.6 3.2 (17.4) 11.6 10.5 3.7 4.4 9.8 9.5 8.5 13.2 17.2 16.8 16.4 17.6 18.6 16.2 12.3 15.8 17.9 18.4 15.2 16.8 18.3 Profit per dollar of sales1 (cents) Before taxes 8.3 8.9 8.4 7.7 8.0 7.5 6.9 5.1 6.0 7.1 6.0 3.8 4.1 4.7 4.0 1.7 (9.6) 5.8 5.1 2.4 1.6 4.9 5.0 4.1 6.6 7.9 8.0 7.5 8.7 8.9 8.0 5.8 8.0 8.7 9.0 7.2 8.7 9.3 After taxes 6.0 6.3 6.0 5.5 5.7 5.2 4.9 4.1 4.2 5.0 4.2 2.6 2.8 3.3 2.5 1.2 (6.5) 4.1 3.8 1.3 1.6 3.3 3.3 2.9 4.7 5.7 5.7 5.5 6.2 6.5 5.8 4.3 5.8 6.3 6.6 5.5 6.4 6.8 After taxes 12.4 16.6 14.9 16.1 15.7 18.1 16.3 15.7 15.4 13.6 12.5 14.0 13.6 15.6 13.4 12.0 10.1 10.5 9.2 7.2 7.9 10.9 11.3 11.9 12.5 14.5 11.9 11.0 10.5 10.9 9.9 9.3 9.0 12.2 8.4 8.5 11.2 14.2 14.6 11.5 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 20.7 27.0 24.4 25.8 25.4 28.8 25.1 23.7 24.5 21.8 19.8 21.3 21.7 24.7 21.2 17.8 15.3 16.2 14.4 10.5 12.3 17.2 17.6 18.2 20.0 22.6 17.8 16.4 16.5 17.3 15.4 14.1 14.4 17.7 13.9 13.2 17.2 21.3 21.6 16.7 4.7 1988 Q1. . . . . . . . . 5.9 2. . . . . . . . . 5.4 3. . . . . . . . . 5.6 4. . . . . . . . . 5.6 1989 Q1. . . . . . . . . 6.1 2. . . . . . . . . 5.7 3. . . . . . . . . 5.3 4. . . . . . . . . 5.3 1990 Q1. . . . . . . . . 4.8 2. . . . . . . . . 4.5 3. . . . . . . . . 4.7 4. . . . . . . . . 4.7 1991 Q1. . . . . . . . . 5.3 2. . . . . . . . . 4.7 3. . . . . . . . . 4.3 4. . . . . . . . . 3.8 1992 Q1. . . . . . . . . 3.8 2. . . . . . . . . 3.5 3. . . . . . . . . 2.8 4. . . . . . . . . 3.2 1993 Q1. . . . . . . . . 4.2 2. . . . . . . . . 4.3 3. . . . . . . . . 4.5 4. . . . . . . . . 4.7 1994 Q1. . . . . . . . . 5.2 2. . . . . . . . . 4.4 3. . . . . . . . . 4.1 4. . . . . . . . . 4.0 1995 Q1. . . . . . . . . 4.0 2. . . . . . . . . 3.7 3. . . . . . . . . 3.4 4. . . . . . . . . 3.6 1996 Q1. . . . . . . . . 4.7 2. . . . . . . . . 3.4 3. . . . . . . . . 3.3 4. . . . . . . . . 4.4 1997 Q1. . . . . . . . . 5.3 2. . . . . . . . . 5.6 4.2 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. XXIX TABLE G RATES OF RETURN, ALL MINING CORPORATIONS, ASSETS $50 MILLION AND OVER Year and quarter Annual rate of profit on stockholders’ equity1 (percent) Before taxes 1987 Q4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988 Q1 2 3 4 1989 Q1 2 3 4 1990 Q1 2 3 4 1991 Q1 2 3 4 1992 Q1 2 3 4 1993 Q1 2 3 4 1994 Q1 2 3 4 1995 Q1 2 3 4 1996 Q1 2 3 4 .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... 0.7 7.1 9.5 1.2 2.0 10.6 9.9 9.3 7.8 13.5 6.4 14.1 12.3 8.4 6.4 4.4 (3.4) (10.9) 2.0 3.7 2.8 2.8 11.7 5.0 0.6 (3.9) 9.2 7.4 1.3 2.8 8.4 (6.1) 4.9 9.3 16.2 16.0 14.5 18.8 15.2 After taxes (1.6) 4.5 6.5 (2.0) 0.2 7.4 6.5 5.9 4.0 8.8 4.7 9.1 10.3 6.0 4.8 3.4 (3.7) (8.2) 1.7 2.0 1.5 2.8 8.6 4.0 1.0 (5.7) 7.2 5.7 1.1 2.4 6.3 (4.2) 3.7 7.0 11.9 15.3 11.2 13.5 10.9 Profit per dollar of sales1 (cents) Before taxes 0.5 5.2 6.7 0.9 1.3 8.1 7.4 6.6 5.5 10.3 4.9 10.4 7.3 6.4 5.0 3.4 (2.6) (9.8) 1.8 3.2 2.3 2.4 10.5 4.4 0.5 (3.4) 7.9 6.3 1.1 2.7 7.7 (5.7) 4.4 8.5 14.6 14.7 12.9 17.6 15.0 After taxes (1.1) 3.4 4.6 (1.4) 0.2 5.6 4.8 4.2 2.9 6.7 3.6 6.7 6.1 4.6 3.8 2.6 (2.8) (7.4) 1.5 1.7 1.2 2.4 7.7 3.5 0.9 (5.0) 6.1 4.8 0.9 2.3 5.8 (3.9) 3.3 6.4 10.7 14.1 10.1 12.7 10.7 1997 Q1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .................................... 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. XXX TABLE H RATES OF RETURN, ALL WHOLESALE TRADE CORPORATIONS, ASSETS $50 MILLION AND OVER Year and quarter Annual rate of profit on stockholders’ equity1 (percent) Before taxes 1987 Q4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988 Q1 2 3 4 1989 Q1 2 3 4 1990 Q1 2 3 4 1991 Q1 2 3 4 1992 Q1 2 3 4 1993 Q1 2 3 4 1994 Q1 2 3 4 1995 Q1 2 3 4 1996 Q1 2 3 4 .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... 13.1 14.9 14.6 17.2 17.4 14.6 14.8 14.6 11.1 10.5 10.2 9.8 8.3 6.0 8.2 9.4 7.8 6.0 9.7 9.8 10.0 4.8 15.4 8.3 12.6 12.1 14.1 1.2 11.3 13.0 14.0 14.2 14.8 16.5 15.8 15.6 15.2 15.4 17.3 After taxes 6.2 9.6 9.3 11.7 10.6 9.5 10.1 10.4 5.8 6.0 5.0 5.7 3.3 3.0 4.5 5.8 3.8 2.7 6.2 6.0 6.5 2.7 9.8 5.0 8.7 8.1 9.3 (3.3) 6.7 8.6 8.7 9.6 9.7 10.6 10.0 10.0 9.1 10.2 11.7 Profit per dollar of sales1 (cents) Before taxes 1.6 1.9 1.8 2.1 2.0 1.7 1.7 1.8 1.3 1.2 1.3 1.2 1.0 0.8 1.1 1.2 1.0 0.8 1.2 1.2 1.2 0.6 2.0 1.1 1.6 1.6 1.9 0.2 1.4 1.7 1.8 1.9 1.9 2.1 2.0 2.0 2.0 2.1 2.4 After taxes 0.7 1.2 1.1 1.4 1.2 1.1 1.2 1.3 0.7 0.7 0.6 0.7 0.4 0.4 0.6 0.8 0.5 0.3 0.8 0.8 0.8 0.4 1.3 0.7 1.1 1.1 1.2 (0.4) 0.8 1.1 1.1 1.3 1.2 1.4 1.3 1.3 1.2 1.4 1.6 1997 Q1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .................................... 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. XXXI TABLE I RATES OF RETURN, ALL RETAIL TRADE CORPORATIONS, ASSETS $50 MILLION AND OVER Year and quarter Annual rate of profit on stockholders’ equity1 (percent) Before taxes 1987 Q4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988 Q1 2 3 4 1989 Q1 2 3 4 1990 Q1 2 3 4 1991 Q1 2 3 4 1992 Q1 2 3 4 1993 Q1 2 3 4 1994 Q1 2 3 4 1995 Q1 2 3 4 1996 Q1 2 3 4 .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... 32.1 13.1 15.3 14.9 31.4 18.1 15.2 17.7 20.1 5.4 12.3 13.3 29.2 7.5 14.4 11.9 22.3 (1.7) 16.0 11.4 19.6 9.8 19.5 14.6 22.1 14.9 19.8 19.1 33.5 13.6 16.5 15.7 21.0 12.9 16.7 18.9 25.6 14.7 NA After taxes 20.7 8.4 10.0 9.2 22.5 11.0 9.5 11.6 7.0 0.7 6.9 7.4 18.8 3.3 8.2 5.9 11.3 (2.8) 9.1 5.8 10.4 5.3 12.7 8.7 11.5 8.5 12.7 11.5 20.6 8.7 10.1 9.7 11.5 7.7 10.0 12.0 15.5 8.6 NA Profit per dollar of sales1 (cents) Before taxes 5.1 2.4 2.6 2.5 4.4 2.9 2.3 2.6 2.5 0.8 1.6 1.7 3.5 1.1 2.0 1.7 2.8 (0.3) 2.4 1.7 2.6 1.6 3.0 2.3 3.1 2.4 3.2 3.1 5.0 2.4 2.7 2.6 3.1 2.2 2.8 3.2 3.8 2.6 NA After taxes 3.3 1.5 1.7 1.5 3.2 1.8 1.4 1.7 0.9 0.1 0.9 1.0 2.2 0.5 1.1 0.8 1.4 (0.4) 1.4 0.9 1.4 0.8 1.9 1.4 1.6 1.4 2.0 1.8 3.1 1.5 1.7 1.6 1.7 1.3 1.7 2.0 2.3 1.5 NA 1997 Q1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .................................... 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. XXXII TABLE J COMPOSITION OF THE SAMPLE, BY DIVISION AND ASSET SIZE Manufacturing1 Asset size Total assets2 Million dollars All asset sizes. . . . . . . . . . . . . . . . . . . . . . . . Under $10 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10 million and over . . . . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . 4 Mining1 Number of active corps. in sample3 6,649 2,896 3,753 875 506 503 615 750 504 Total assets Million dollars 134,959 65 134,894 108 688 3,224 10,169 45,354 75,350 2 Percent 100 5 95 2 2 2 4 11 73 Retail trade1 8 Percent 100 0 100 0 1 2 8 33 56 Wholesale trade1 Number of active corps. in sample5 189 5 184 3 8 38 45 66 34 3,656,570 166,104 3,490,466 86,253 79,035 88,403 164,383 403,627 2,668,766 Total assets2 Million dollars All asset sizes. . . . . . . . . . . . . . . . . . . . . . . . Under $10 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10 million and over . . . . . . . . . . . . . . . . . . . . . . . . $10 million to $25 million. . . . . . . . . . . . . . . . . . . . $25 million to $50 million. . . . . . . . . . . . . . . . . . . . $50 million to $100 million. . . . . . . . . . . . . . . . . . . $100 million to $250 million . . . . . . . . . . . . . . . . . $250 million to $1,000 million . . . . . . . . . . . . . . . . $1,000 million and over . . . . . . . . . . . . . . . . . . . . . 488,376 108 488,268 388 2,552 14,792 36,245 79,982 354,308 Percent 100 0 100 0 1 3 7 16 73 Number of active corps. in sample6 556 15 541 13 31 109 152 155 81 Total assets2 Million dollars 463,677 192 463,485 879 5,346 26,153 54,651 104,255 272,201 Percent 100 0 100 0 1 6 12 22 59 Number of active corps. in sample7 845 27 818 26 74 201 240 193 84 1 Mining, wholesale and retail trade data are the quarterly results of companies in those divisions with assets over $50 million. Data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. 2 Estimated universe total; figures are rounded and will not necessarily add to totals. 3 Drawn from a universe of approximately 172,100. 4 Excludes manufacturing corporations with less than $250,000 in assets at the time of sample selection. (See text, page XI.) 5 Drawn from a universe of approximately 400. 6 Drawn from a universe of approximately 1,000. 7 Drawn from a universe of approximately 1,350. 8 Composition of sample, first quarter 1997, revised. XXXIII TABLE K SAMPLING VARIABILITY, BY DIVISION AND MAJOR GROUP Coefficient of variation in percent1 Industry Net sales All manufacturing corporations. . . . . . . . . . . . . . . . . . . . . . . Nondurable manufacturing corporations . . . . . . . . . . . . Food and kindred products3 . . . . . . . . . . . . . . . . . . . Textile mill products . . . . . . . . . . . . . . . . . . . . . . . . . . Apparel4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Paper and allied products . . . . . . . . . . . . . . . . . . . . . Printing and publishing . . . . . . . . . . . . . . . . . . . . . . . . Chemicals and allied products . . . . . . . . . . . . . . . . . Industrial chemicals and synthetics5 . . . . . . . . . . Drugs5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Residual of chemicals5. . . . . . . . . . . . . . . . . . . . . . Petroleum and coal products . . . . . . . . . . . . . . . . . . Rubber and miscellaneous plastics products . . . . . Durable manufacturing corporations. . . . . . . . . . . . . . . . Stone, clay, and glass products . . . . . . . . . . . . . . . . Primary metal industries. . . . . . . . . . . . . . . . . . . . . . . Iron and Steel5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonferrous metals5 . . . . . . . . . . . . . . . . . . . . . . . . . Fabricated metal products . . . . . . . . . . . . . . . . . . . . . Machinery, except electrical . . . . . . . . . . . . . . . . . . . Electrical and electronic equipment . . . . . . . . . . . . . Transportation equipment . . . . . . . . . . . . . . . . . . . . . Motor vehicles and equipment5 . . . . . . . . . . . . . . Aircraft, guided missiles, and parts5 . . . . . . . . . . Instruments and related products . . . . . . . . . . . . . . . Other durable manufacturing corporations . . . . . . . Lumber and wood products5 . . . . . . . . . . . . . . . . . Furniture and fixtures5 . . . . . . . . . . . . . . . . . . . . . . Miscellaneous manufacturing5 . . . . . . . . . . . . . . . All mining corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All retail trade corporations . . . . . . . . . . . . . . . . . . . . . . . . . . All wholesale trade corporations . . . . . . . . . . . . . . . . . . . . . 1 2 Standard error in million dollars1 Total assets 0.2 0.2 0.5 1.6 2.8 0.6 0.8 0.3 0.3 0.7 0.7 0.1 1.9 0.4 1.5 1.2 1.9 1.4 1.6 0.8 0.7 0.2 0.3 0.2 2.8 2.1 3.6 3.7 3.8 1.7 NA 0.5 Income before income taxes2 561 259 126 56 83 88 106 104 48 70 60 23 104 498 67 69 54 44 176 220 238 93 68 37 262 160 126 58 79 121 NA 109 Depreciation 0.3 0.4 1.0 2.4 3.3 0.8 1.3 0.5 0.4 1.1 1.3 0.1 2.7 0.5 2.3 1.5 2.0 2.2 2.3 1.2 0.9 0.4 0.6 0.3 1.7 2.8 4.9 3.8 4.9 2.1 NA 0.9 Inventories 0.4 0.5 1.1 2.5 3.3 1.3 1.9 0.8 0.8 2.1 1.5 1.0 2.2 0.6 2.5 1.5 2.0 2.3 2.5 1.7 1.2 0.4 1.0 0.4 3.3 3.9 5.2 8.9 5.7 3.2 NA 0.9 0.3 0.4 0.8 2.3 3.3 1.2 1.2 0.6 0.6 1.1 1.2 0.4 2.0 0.5 2.2 1.5 2.1 2.2 2.0 0.9 0.9 0.4 0.5 0.4 1.9 3.2 6.2 3.9 4.6 1.5 NA 0.7 Second quarter 1997. The coefficient of variation (CV) for the item ‘‘Income before income taxes’’ is more volatile than for the other items shown on this table. This is due in part to the fact that ‘‘Income before income taxes’’ can be negative. Aggregation of positive and negative values may result in totals which approach zero and cause the CV’s to rapidly increase. Therefore, the standard error (in millions of dollars) is provided as a measure of precision for this item and should show consistency from quarter to quarter. 3 Includes tobacco industry. 4 Includes leather industry. 5 Included in major industry above. XXXIV TABLE L SEASONALLY ADJUSTED NET SALES AND NET INCOME AFTER TAX, MANUFACTURING CORPORATIONS (Millions of dollars) Industry group and year Q1 All manufacturing: 1979. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1981. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1982. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1983. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1989. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All nondurable manufacturing: 1979. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1981. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1982. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1983. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1989. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All durable manufacturing: 1979. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1981. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1982. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1983. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1989. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Net sales Q2 Q3 Q4 Q1 Net income after tax Q2 Q3 Q4 415,367 475,763 532,328 514,932 503,530 581,711 581,186 559,290 572,388 631,667 685,630 692,938 678,318 704,530 743,865 784,895 871,968 914,588 963,999 428,951 458,855 540,525 512,937 517,436 586,049 581,541 553,539 583,005 641,614 693,040 693,197 684,251 718,070 750,882 802,145 870,854 929,743 966,953 440,962 467,400 543,306 510,576 537,578 580,421 582,116 550,592 602,043 650,297 684,504 706,965 698,419 729,653 753,431 825,713 884,779 950,669 455,827 494,750 528,169 500,633 554,702 586,707 586,746 557,625 619,922 671,541 681,136 716,620 699,220 737,233 766,652 841,946 900,302 961,042 23,194 25,427 25,181 26,816 16,760 27,977 23,691 20,281 25,491 37,840 38,926 29,258 19,888 (42,449) 12,823 36,980 53,828 52,622 61,144 24,714 20,287 26,591 25,696 19,268 27,937 20,315 23,409 28,061 37,992 32,419 30,648 17,927 24,549 19,626 41,556 52,410 54,413 61,786 25,414 21,545 25,658 23,441 23,550 25,910 21,692 18,453 33,086 37,736 32,095 28,007 15,991 26,236 23,829 46,041 50,030 62,041 25,216 25,158 23,830 16,723 26,321 26,024 22,188 21,210 29,163 41,193 32,936 23,776 13,773 14,923 27,605 52,046 43,842 57,885 201,096 248,882 290,822 282,498 276,075 308,941 296,334 280,070 284,325 320,958 342,722 355,460 363,418 367,327 381,938 387,412 425,755 441,728 461,330 213,398 247,111 291,374 280,936 281,234 309,891 296,962 273,117 295,370 325,480 351,489 350,400 360,504 374,371 382,593 394,633 427,378 452,114 456,310 223,865 251,149 293,854 282,122 288,996 304,466 295,516 269,942 306,628 327,943 346,473 364,271 365,804 378,417 379,389 405,793 431,133 458,327 237,055 266,330 288,970 280,423 293,915 304,240 300,110 272,597 313,359 336,499 346,929 382,446 366,858 379,988 381,217 409,886 436,126 463,608 11,437 15,368 14,645 19,592 11,591 15,648 13,563 11,903 14,302 21,610 21,948 16,278 16,886 (3,990) 12,860 19,231 26,393 28,683 33,010 12,672 13,342 15,270 19,152 12,874 15,429 11,248 14,122 15,980 21,525 19,216 18,868 14,771 18,328 15,464 20,077 28,428 28,507 30,991 14,425 13,701 14,808 17,624 14,927 14,064 12,462 11,189 18,294 21,706 18,421 18,807 15,026 17,334 12,119 23,269 28,766 33,875 14,831 14,415 14,801 14,625 16,393 13,728 11,960 13,431 14,080 22,703 21,055 16,705 13,410 15,175 15,760 26,352 21,678 29,303 214,271 226,881 241,506 232,434 227,455 272,770 284,852 279,220 288,063 310,709 342,908 337,478 314,900 337,203 361,927 397,483 446,213 472,860 502,669 215,553 211,744 249,151 232,001 236,202 276,158 284,579 280,422 287,635 316,134 341,551 342,797 323,747 343,699 368,289 407,512 443,476 477,629 510,643 217,097 216,251 249,452 228,454 248,582 275,955 286,600 280,650 295,415 322,354 338,031 342,694 332,615 351,236 374,042 419,920 453,646 492,342 218,772 228,420 239,199 220,210 260,787 282,467 286,636 285,028 306,563 335,042 334,207 334,174 332,362 357,245 385,435 432,060 464,176 497,434 11,757 10,059 10,536 7,224 5,169 12,329 10,128 8,378 11,189 16,230 16,978 12,980 3,002 (38,459) (37) 17,749 27,435 23,939 28,134 12,042 6,945 11,321 6,544 6,394 12,508 9,067 9,287 12,081 16,467 13,203 11,780 3,156 6,221 4,162 21,479 23,982 25,906 30,795 10,989 7,844 10,850 5,817 8,623 11,846 9,230 7,264 14,792 16,030 13,674 9,200 965 8,902 11,710 22,772 21,264 28,166 10,385 10,743 9,029 2,098 9,927 12,296 10,228 7,779 15,083 18,490 11,881 7,061 363 (252) 11,845 25,694 22,164 28,582 Revised. NOTE: Seasonally adjusted estimates are the result of removing normal seasonal patterns from an unadjusted data series to bring out underlying trends. The seasonally adjusted estimate is computed by dividing the unadjusted estimate by its seasonal component or factor. To obtain the seasonally adjusted estimates and seasonal factors, the unadjusted data are run through the X-11 ARIMA, a modification of the Census Method II, a seasonal adjustment program. Further information on the X-11 ARIMA may be obtained from the Associate Director for Statistical Design, Methodology, and Standards, Bureau of the Census, Washington, DC 20233. 1 FINANCIAL DATA TABLES 2 TABLE 1.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN ALL MANUFACTURING AND ALL NONDURABLE MANUFACTURING INDUSTRIES All Manufacturing1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 948,430 33,882 837,674 76,874 5,867 82,740 23,355 59,386 27,067 32,319 843,876 (10,555) 865,641 946,314 34,624 839,077 72,613 12,126 84,738 22,035 62,704 23,317 39,386 860,370 (16,055) 883,702 977,294 35,739 875,119 66,436 4,309 70,745 17,225 53,520 24,932 28,588 883,145 (6,583) 905,150 933,233 34,857 828,679 69,697 11,552 81,248 21,375 59,873 21,106 38,768 904,802 (24,798) 918,771 985,946 35,578 868,010 82,358 9,662 92,019 25,303 66,716 25,591 41,125 914,164 (10,239) 945,050 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.6 88.3 8.1 0.6 8.7 2.5 6.3 100.0 3.7 88.7 7.7 1.3 9.0 2.3 6.6 (percent) 100.0 3.7 89.5 6.8 0.4 7.2 1.8 5.5 100.0 3.7 88.8 7.5 1.2 8.7 2.3 6.4 100.0 3.6 88.0 8.4 1.0 9.3 2.6 6.8 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 24.92 17.89 9.59 6.88 24.91 18.44 9.67 7.15 20.12 15.22 7.94 6.01 22.74 16.76 8.99 6.62 25.31 18.35 10.07 7.30 1.38 0.20 1.44 1.39 0.22 1.46 1.37 0.23 1.54 1.40 0.23 1.53 1.40 0.23 1.55 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 3 All Manufacturing Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 All Nondurable Manufacturing1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 All Nondurable Manufacturing Assets Under $25 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 136,722 3,278 124,108 9,337 (1,215) 8,121 1,451 6,670 2,853 3,817 72,885 (898) 75,805 138,489 3,399 125,053 10,037 (1,126) 8,911 1,569 7,342 2,455 4,887 76,387 (476) 80,798 137,858 3,455 128,431 5,971 (1,177) 4,794 1,421 3,373 2,287 1,086 81,096 (523) 81,658 131,486 3,359 119,639 8,489 (747) 7,742 1,356 6,385 2,330 4,055 78,532 (1,451) 81,136 140,720 3,373 126,761 10,586 (742) 9,844 1,492 8,353 3,275 5,078 79,854 (981) 83,952 455,919 17,237 398,501 40,181 (365) 39,816 11,484 28,332 13,997 14,335 482,964 (7,559) 489,740 (million dollars) 462,463 17,702 403,501 41,260 5,306 46,566 11,637 34,929 15,132 19,797 486,382 (11,707) 494,472 470,528 18,249 414,962 37,318 (807) 36,510 8,068 28,443 16,753 11,690 494,130 (1,785) 504,035 446,881 17,447 391,710 37,723 4,860 42,583 9,586 32,996 13,700 19,296 501,704 (16,411) 504,589 459,632 17,755 399,368 42,508 708 43,216 12,374 30,843 16,104 14,738 507,711 (2,859) 519,591 53,987 1,389 49,469 3,129 (661) 2,468 446 2,022 1,025 998 27,274 (284) 27,988 (million dollars) 55,247 1,439 50,437 3,372 (418) 2,953 474 2,480 946 1,534 28,711 (258) 29,987 55,138 1,413 51,138 2,588 (529) 2,058 503 1,556 1,001 554 29,953 (245) 30,263 52,665 1,377 48,035 3,254 (235) 3,018 482 2,536 1,167 1,369 29,701 (448) 30,622 54,628 1,386 49,587 3,654 (194) 3,460 518 2,942 1,228 1,714 31,533 (481) 32,767 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.4 90.8 6.8 (0.9) 5.9 1.1 4.9 100.0 2.5 90.3 7.2 (0.8) 6.4 1.1 5.3 100.0 2.5 93.2 4.3 (0.9) 3.5 1.0 2.4 100.0 2.6 91.0 6.5 (0.6) 5.9 1.0 4.9 100.0 2.4 90.1 7.5 (0.5) 7.0 1.1 5.9 100.0 3.8 87.4 8.8 (0.1) 8.7 2.5 6.2 100.0 3.8 87.3 8.9 1.1 10.1 2.5 7.6 (percent) 100.0 3.9 88.2 7.9 (0.2) 7.8 1.7 6.0 100.0 3.9 87.7 8.4 1.1 9.5 2.1 7.4 100.0 3.9 86.9 9.2 0.2 9.4 2.7 6.7 100.0 2.6 91.6 5.8 (1.2) 4.6 0.8 3.7 100.0 2.6 91.3 6.1 (0.8) 5.3 0.9 4.5 (percent) 100.0 2.6 92.7 4.7 (1.0) 3.7 0.9 2.8 100.0 2.6 91.2 6.2 (0.4) 5.7 0.9 4.8 100.0 2.5 90.8 6.7 (0.4) 6.3 0.9 5.4 (percent) 29.29 24.05 13.07 10.74 30.92 25.48 13.98 11.52 16.85 11.86 7.64 5.38 27.22 22.45 12.24 10.10 33.87 28.74 15.60 13.24 24.02 17.09 8.98 6.39 27.41 20.56 10.36 7.77 20.83 16.23 8.01 6.24 23.98 18.58 9.25 7.17 23.93 17.08 9.36 6.68 25.99 21.29 10.66 8.74 29.90 25.11 12.29 10.32 20.90 15.79 8.72 6.59 29.89 25.11 12.65 10.63 32.06 27.25 14.58 12.40 1.95 0.30 1.41 1.96 0.33 1.46 1.95 0.34 1.46 1.92 0.32 1.45 1.98 0.33 1.53 1.25 0.14 1.19 1.27 0.16 1.21 1.26 0.16 1.28 1.28 0.16 1.27 1.30 0.16 1.30 1.79 0.25 1.20 1.83 0.28 1.22 1.84 0.32 1.25 1.82 0.29 1.27 1.90 0.33 1.50 4 TABLE 1.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN ALL MANUFACTURING AND ALL NONDURABLE MANUFACTURING INDUSTRIES All Manufacturing1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 64,150 26,297 90,447 86,436 176,882 456,333 424,853 146,256 1,204,324 1,962,121 110,637 1,036,817 1,035,941 1,210,618 3,450,884 68,568 28,896 97,464 93,355 190,819 462,361 428,300 145,925 1,227,406 1,980,420 109,795 1,044,378 1,045,837 1,233,721 3,506,964 75,514 26,682 102,196 104,495 206,691 455,076 424,426 147,420 1,233,613 1,991,848 108,915 1,045,638 1,055,124 1,275,544 3,564,281 78,572 23,790 102,361 104,344 206,705 460,922 437,578 154,715 1,259,919 2,010,838 105,331 1,059,575 1,056,594 1,299,264 3,615,777 76,922 26,463 103,386 101,110 204,496 473,956 438,938 154,323 1,271,713 2,023,246 100,632 1,062,692 1,061,186 1,323,671 3,656,570 57,455 91,430 274,992 32,069 24,560 35,654 355,004 871,163 219,935 492,969 538,720 2,122,787 462,456 865,641 1,328,097 3,450,884 61,287 89,001 271,851 33,689 25,349 34,579 365,890 881,645 219,569 502,564 542,653 2,146,431 476,831 883,702 1,360,533 3,506,964 56,447 78,587 287,001 34,289 24,369 36,887 380,304 897,883 216,276 498,122 545,678 2,157,960 501,171 905,150 1,406,321 3,564,281 63,489 81,106 280,671 42,605 24,198 37,677 372,002 901,748 224,969 504,029 556,009 2,186,756 510,250 918,771 1,429,021 3,615,777 61,584 83,615 285,620 38,680 23,475 34,054 379,870 906,898 230,227 505,068 559,909 2,202,101 509,419 945,050 1,454,469 3,656,570 333,161 345,761 335,729 358,171 364,815 (percent of total assets) 5.1 13.2 12.3 34.9 30.0 6.0 25.2 20.7 61.5 38.5 5.4 13.2 12.2 35.0 29.8 5.9 25.1 20.6 61.2 38.8 5.8 12.8 11.9 34.6 29.6 5.5 25.2 20.1 60.5 39.5 5.7 12.7 12.1 34.8 29.2 5.7 24.9 20.1 60.5 39.5 5.6 13.0 12.0 34.8 29.0 5.5 24.8 20.1 60.2 39.8 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 5 All Manufacturing Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 All Nondurable Manufacturing1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 All Nondurable Manufacturing Assets Under $25 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 15,950 2,872 18,821 5,798 24,620 65,708 58,906 9,336 158,569 178,649 4,851 108,919 74,581 15,371 248,521 17,670 3,026 20,696 6,550 27,246 67,290 59,919 9,590 164,045 182,019 4,643 111,032 75,629 15,201 254,876 18,716 2,749 21,465 6,237 27,702 63,938 59,765 9,535 160,939 181,360 4,405 110,707 75,057 14,918 250,915 17,691 2,814 20,505 6,178 26,684 65,281 59,728 10,383 162,077 184,216 4,332 112,466 76,083 14,784 252,944 17,895 2,728 20,623 6,318 26,941 67,388 59,474 9,900 163,702 22,654 9,079 31,733 23,234 54,967 198,019 173,503 68,047 494,535 (million dollars) 25,339 8,646 33,984 27,376 61,360 201,124 174,598 66,884 503,966 26,504 8,733 35,236 29,700 64,936 199,703 174,646 69,068 508,354 27,215 8,002 35,216 30,925 66,142 198,222 178,619 71,733 514,716 27,693 7,358 35,050 29,015 64,066 201,069 176,110 71,250 512,494 4,964 898 5,862 1,922 7,784 25,079 19,044 3,333 55,240 73,127 1,895 43,646 31,376 5,990 92,606 (million dollars) 5,670 1,011 6,681 2,308 8,989 25,660 20,080 3,356 58,085 74,528 1,780 44,380 31,928 6,075 96,088 6,479 1,112 7,591 2,325 9,917 24,004 19,857 3,386 57,164 73,525 1,561 43,815 31,272 6,005 94,441 6,069 944 7,013 2,128 9,141 24,707 19,795 3,610 57,253 75,092 1,633 44,743 31,982 6,221 95,456 6,451 1,063 7,514 2,510 10,024 24,939 19,328 3,735 58,025 74,402 1,573 45,193 30,782 6,119 94,926 181,272 1,130,208 1,136,927 1,142,901 1,148,175 1,153,611 4,477 83,615 82,408 81,447 77,457 72,513 111,715 592,567 595,816 598,331 603,607 604,775 74,035 14,620 621,256 657,918 623,519 670,736 626,018 689,380 622,024 703,801 621,348 712,904 252,357 1,773,708 1,798,221 1,823,752 1,840,542 1,846,747 15,891 2,820 35,290 1,163 6,358 2,754 17,246 81,523 27,212 23,537 5,325 137,597 35,120 75,805 110,924 248,521 16,416 3,415 35,493 1,530 6,147 2,643 18,159 83,803 26,908 23,582 5,310 139,603 34,475 80,798 115,273 254,876 17,053 2,823 34,557 1,512 6,267 2,611 17,579 82,402 26,716 22,399 5,603 137,119 32,137 81,658 113,795 250,915 17,469 2,469 35,316 1,440 6,406 2,749 18,467 84,315 26,634 22,771 5,459 139,179 32,629 81,136 113,765 252,944 16,238 2,881 35,631 1,363 6,052 2,668 17,914 82,748 26,372 21,677 5,311 32,297 83,952 116,249 28,026 52,189 124,039 19,287 11,882 22,208 137,096 394,728 125,033 316,316 274,494 173,397 489,740 663,137 29,080 52,714 122,229 19,611 12,595 21,381 137,857 395,467 124,734 320,915 277,533 185,101 494,472 679,573 26,284 45,334 132,739 17,755 11,637 22,988 146,283 403,020 121,944 317,415 280,378 196,959 504,035 700,994 29,007 50,711 124,418 21,659 11,696 23,138 140,607 401,236 124,505 321,970 282,566 205,677 504,589 710,265 26,615 49,800 125,487 20,249 11,582 20,200 139,399 393,333 125,269 321,032 284,606 202,917 519,591 722,507 5,519 896 14,498 365 2,720 1,102 5,723 30,823 11,461 9,886 2,443 54,613 10,005 27,988 37,993 92,606 5,781 899 14,372 518 2,473 1,184 6,537 31,764 11,966 10,199 2,652 56,582 9,520 29,987 39,506 96,088 6,133 785 14,034 491 2,561 1,023 6,071 31,099 11,395 9,644 2,907 55,045 9,133 30,263 39,396 94,441 6,415 831 13,873 504 2,542 1,173 6,064 31,402 11,932 8,994 2,734 55,061 9,772 30,622 40,394 95,456 5,456 996 14,183 464 2,545 1,144 5,781 30,569 11,177 7,529 2,472 51,748 10,411 32,767 43,178 94,926 136,108 1,110,572 1,118,648 1,122,758 1,130,276 1,124,239 252,357 1,773,708 1,798,221 1,823,752 1,840,542 1,846,747 77,046 80,243 78,538 77,762 80,954 99,807 108,499 105,334 113,480 119,161 24,417 26,321 26,065 25,851 27,456 (percent of total assets) (percent of total assets) (percent of total assets) 9.9 26.4 23.7 63.8 30.0 11.2 32.8 20.4 55.4 44.6 10.7 26.4 23.5 64.4 29.7 11.1 32.9 19.9 54.8 45.2 11.0 25.5 23.8 64.1 29.9 11.4 32.8 19.5 54.6 45.4 10.5 25.8 23.6 64.1 30.1 11.5 33.3 19.5 55.0 45.0 10.7 26.7 23.6 64.9 29.3 11.0 32.8 19.1 53.9 46.1 3.1 11.2 9.8 27.9 35.0 6.5 22.3 24.8 62.6 37.4 3.4 11.2 9.7 28.0 34.7 6.4 22.0 24.7 62.2 37.8 3.6 11.0 9.6 27.9 34.3 5.8 22.1 24.1 61.6 38.4 3.6 10.8 9.7 28.0 33.8 6.3 21.8 24.3 61.4 38.6 3.5 10.9 9.5 27.8 33.6 5.8 21.3 24.2 60.9 39.1 8.4 27.1 20.6 59.7 33.9 11.1 33.3 23.1 59.0 41.0 9.4 26.7 20.9 60.4 33.2 10.7 33.1 23.1 58.9 41.1 10.5 25.4 21.0 60.5 33.1 11.1 32.9 22.3 58.3 41.7 9.6 25.9 20.7 60.0 33.5 11.5 32.9 21.9 57.7 42.3 10.6 26.3 20.4 61.1 32.4 10.6 32.2 19.7 54.5 45.5 6 TABLE 2.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 20, 21, AND 22 Food and Kindred Products1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,481 3,081 106,323 10,077 (1,087) 8,990 2,822 6,168 3,048 3,120 121,034 (421) 123,732 124,371 3,126 110,422 10,823 (858) 9,965 2,849 7,116 3,282 3,833 123,762 (1,299) 126,297 124,536 3,290 109,902 11,344 (753) 10,592 3,285 7,307 3,797 3,510 125,458 (86) 128,882 116,109 3,060 103,027 10,022 (2,100) 7,922 2,195 5,727 3,193 2,534 128,719 (999) 130,254 120,381 3,335 105,279 11,768 (1,089) 10,679 3,175 7,504 3,640 3,864 130,036 (332) 133,567 4Q 1996 2 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 2.6 89.0 8.4 (0.9) 7.5 2.4 5.2 100.0 2.5 88.8 8.7 (0.7) 8.0 2.3 5.7 (percent) 100.0 2.6 88.2 9.1 (0.6) 8.5 2.6 5.9 100.0 2.6 88.7 8.6 (1.8) 6.8 1.9 4.9 100.0 2.8 87.5 9.8 (0.9) 8.9 2.6 6.2 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.63 17.58 9.10 6.24 28.07 20.04 9.89 7.07 29.74 20.52 10.45 7.21 22.31 16.13 7.86 5.68 29.69 20.86 10.64 7.48 1.24 0.16 0.97 1.26 0.17 0.95 1.19 0.16 0.98 1.22 0.17 0.97 1.27 0.18 1.00 1 Tobacco industry data are included in food industry data. Major merger and acquisition activities in previous years resulted in the reclassification of a significant portion of gross receipts and assets from tobacco to food. The remainder, composed of data from highly specialized tobacco manufacturers, is too small to be considered publishable as a separate industry. 2 Prior quarters’data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 3 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 7 Food and Kindred Products Assets Under $25 Million1 2 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Textile Mill Products 3Q 1996 4Q 1996 1Q 19973 2Q 1997 2Q 1996 Textile Mill Products Assets Under $25 Million 3Q 1996 4Q 1996 1Q 19973 2Q 1997 (million dollars) 10,909 238 10,292 378 (98) 280 38 242 204 39 5,289 (37) 5,290 12,517 279 11,772 466 (73) 393 76 317 176 141 5,624 (58) 5,707 12,473 286 11,528 658 (62) 596 115 481 133 348 5,253 (71) 5,530 11,369 269 10,712 388 (69) 319 45 274 99 174 6,158 (65) 6,268 10,710 283 10,031 396 (54) 342 64 278 152 126 5,675 (55) 5,745 17,610 619 15,895 1,097 (265) 832 235 596 252 345 10,969 4 11,317 (million dollars) 17,852 674 15,942 1,236 (290) 946 289 657 149 508 11,182 (55) 11,635 17,474 693 15,671 1,111 (579) 532 158 375 146 228 11,604 (56) 11,776 17,095 675 15,357 1,063 (411) 651 227 424 202 222 11,770 95 12,087 17,507 684 15,612 1,211 (267) 945 284 661 169 492 12,416 (186) 12,722 3,759 84 3,405 271 (28) 242 47 195 61 134 2,335 (28) 2,440 (million dollars) 3,689 103 3,326 260 (35) 225 49 176 44 132 2,179 38 2,350 3,546 97 3,279 170 (41) 129 45 84 36 48 2,341 (22) 2,367 3,862 109 3,533 220 (57) 163 28 135 80 56 2,700 18 2,774 3,855 100 3,557 199 50 248 42 206 59 148 2,522 (67) 2,602 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.2 94.3 3.5 (0.9) 2.6 0.3 2.2 100.0 2.2 94.0 3.7 (0.6) 3.1 0.6 2.5 100.0 2.3 92.4 5.3 (0.5) 4.8 0.9 3.9 100.0 2.4 94.2 3.4 (0.6) 2.8 0.4 2.4 100.0 2.6 93.7 3.7 (0.5) 3.2 0.6 2.6 100.0 3.5 90.3 6.2 (1.5) 4.7 1.3 3.4 100.0 3.8 89.3 6.9 (1.6) 5.3 1.6 3.7 (percent) 100.0 4.0 89.7 6.4 (3.3) 3.0 0.9 2.1 100.0 3.9 89.8 6.2 (2.4) 3.8 1.3 2.5 100.0 3.9 89.2 6.9 (1.5) 5.4 1.6 3.8 100.0 2.2 90.6 7.2 (0.8) 6.5 1.3 5.2 100.0 2.8 90.1 7.1 (1.0) 6.1 1.3 4.8 (percent) 100.0 2.7 92.5 4.8 (1.1) 3.6 1.3 2.4 100.0 2.8 91.5 5.7 (1.5) 4.2 0.7 3.5 100.0 2.6 92.3 5.2 1.3 6.4 1.1 5.3 (percent) 14.63 12.66 6.70 5.80 19.43 15.68 8.35 6.74 29.59 23.88 13.20 10.65 15.41 13.22 7.16 6.14 17.03 13.83 8.12 6.59 17.14 12.29 6.75 4.84 19.20 13.34 7.56 5.25 11.06 7.78 4.43 3.12 13.44 8.75 5.35 3.49 19.48 13.63 7.87 5.51 32.12 25.87 15.62 12.58 30.52 23.93 13.68 10.73 19.13 12.50 8.40 5.49 19.99 16.60 9.33 7.74 31.60 26.23 14.49 12.02 1.81 0.24 1.36 1.74 0.22 1.27 1.76 0.27 1.33 1.73 0.23 1.43 1.74 0.26 1.52 2.16 0.15 1.01 2.21 0.14 1.03 2.15 0.16 1.08 2.28 0.16 1.04 2.25 0.15 1.07 1.94 0.25 1.79 1.89 0.24 1.45 1.83 0.21 1.39 1.90 0.23 1.55 1.83 0.26 1.54 8 TABLE 2.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 20, 21, AND 22 Food and Kindred Products1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 9.1 11.9 27.7 27.0 7.4 22.4 29.2 64.5 35.5 3.8 9.4 12.2 28.6 26.7 7.8 22.6 29.4 64.7 35.3 3.8 9.2 12.3 28.5 26.7 8.1 23.9 27.8 64.9 35.1 3.9 8.9 12.2 28.2 27.1 7.9 23.1 28.4 64.8 35.2 4.0 9.1 11.7 28.1 27.4 6.9 22.2 28.9 64.2 35.8 20,836 24,036 18,578 20,431 23,697 6,418 11,377 26,429 5,001 3,722 8,035 27,605 88,587 30,088 85,377 50,971 255,023 16,578 123,732 140,311 395,333 7,990 12,963 26,126 4,818 3,722 6,869 28,520 91,009 32,307 86,127 51,384 260,828 15,718 126,297 142,015 402,843 7,337 14,544 28,517 5,370 3,296 7,796 29,981 96,842 31,973 80,848 53,192 262,854 13,574 128,882 142,456 405,310 6,935 13,610 26,500 5,984 3,276 8,041 28,824 93,169 32,393 82,195 53,472 261,229 11,807 130,254 142,061 403,291 6,805 9,998 27,652 5,733 3,426 7,070 28,599 89,283 31,743 84,135 52,428 257,589 10,317 133,567 143,885 401,473 3,980 813 4,792 9,767 14,559 36,029 47,065 11,770 109,423 186,760 7,841 88,033 106,567 179,343 395,333 2Q 1996 3Q 1996 (million dollars) 4,461 823 5,285 10,024 15,308 37,889 49,108 12,740 115,045 188,966 7,720 89,274 107,412 180,386 402,843 4,604 1,038 5,642 9,748 15,390 37,171 49,990 12,870 115,420 191,640 7,458 90,706 108,391 181,499 405,310 4,905 1,085 5,990 9,651 15,642 35,754 49,085 13,119 113,600 193,878 7,604 92,193 109,289 180,402 403,291 6,050 1,289 7,339 8,597 15,936 36,586 46,910 13,548 112,980 196,235 7,245 93,434 110,047 178,446 401,473 4Q 1996 2 1Q 1997 2Q 1997 (percent of total assets) 1 Tobacco industry data are included in food industry data. Major merger and acquisition activities in previous years resulted in the reclassification of a significant portion of gross receipts and assets from tobacco to food. The remainder, composed of data from highly specialized tobacco manufactures, is too small to be considered publishable as a separate industry. 2 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 3 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 9 Food and Kindred Products Assets Under $25 Million1 2 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Textile Mill Products 3Q 1996 4Q 1996 1Q 19973 2Q 1997 2Q 1996 Textile Mill Products Assets Under $25 Million 3Q 1996 4Q 1996 1Q 19973 2Q 1997 (million dollars) 715 85 800 421 1,221 3,510 3,795 548 9,074 14,092 790 8,234 6,648 1,008 16,730 876 89 965 386 1,352 4,144 4,692 485 10,673 15,390 731 8,921 7,199 951 18,823 900 130 1,030 488 1,518 3,699 4,158 470 9,845 15,867 617 9,128 7,356 873 18,074 739 182 921 308 1,229 3,606 3,942 531 9,308 16,361 618 9,374 7,606 905 17,819 780 89 869 441 1,309 3,427 3,616 529 8,882 15,753 486 9,268 6,971 1,003 16,856 808 239 1,047 595 1,642 9,822 10,872 1,122 23,458 36,888 552 19,213 18,227 7,588 49,272 (million dollars) 721 190 911 632 1,543 10,228 10,915 1,357 24,043 37,537 556 19,860 18,234 7,759 50,036 748 179 928 788 1,715 8,989 10,532 1,605 22,842 37,368 564 20,263 17,668 7,518 48,028 776 73 849 810 1,659 9,467 10,988 1,428 23,542 37,337 535 20,246 17,626 7,506 48,675 868 113 981 567 1,548 9,584 10,981 1,601 23,713 36,645 494 20,134 17,005 7,312 48,031 344 113 457 34 490 1,727 1,538 112 3,868 5,257 68 3,197 2,128 214 6,210 (million dollars) 339 113 453 72 525 1,690 1,619 240 4,073 5,591 82 3,385 2,287 215 6,576 273 77 351 81 431 1,510 1,580 236 3,757 5,437 77 3,329 2,185 200 6,143 373 29 402 118 520 1,864 1,645 194 4,223 6,009 49 3,552 2,506 265 6,995 461 49 510 117 627 1,759 1,709 239 4,334 5,679 50 3,400 2,330 197 6,861 1,278 28 2,325 52 453 141 731 5,008 1,870 1,857 333 9,068 2,372 5,290 7,662 16,730 1,403 84 2,889 138 378 298 947 6,136 1,989 2,242 365 10,731 2,385 5,707 8,092 18,823 1,347 98 2,641 76 442 147 847 5,597 1,956 2,057 402 10,012 2,532 5,530 8,062 18,074 1,348 131 2,484 55 427 153 783 5,382 2,226 1,482 456 9,545 2,006 6,268 8,274 17,819 1,063 248 2,238 51 508 98 908 5,115 2,059 1,304 345 8,823 2,288 5,745 8,034 16,856 1,564 164 4,174 217 894 670 3,180 10,863 9,696 6,197 3,109 29,866 8,089 11,317 19,407 49,272 1,412 125 4,384 219 966 430 3,349 10,884 9,671 6,549 3,237 30,342 8,060 11,635 19,694 50,036 1,396 277 4,255 195 995 439 3,055 10,614 8,483 6,312 3,367 28,775 7,477 11,776 19,253 48,028 1,535 179 4,348 246 785 244 2,973 10,310 9,542 6,334 3,103 29,289 7,299 12,087 19,386 48,675 1,762 172 4,209 224 908 225 3,051 10,551 8,703 6,337 3,040 28,632 6,676 12,722 19,399 48,031 266 44 981 44 214 96 349 1,994 618 449 130 3,191 579 2,440 3,020 6,210 287 70 1,042 42 263 90 363 2,156 852 470 149 3,627 599 2,350 2,948 6,576 335 69 983 46 249 59 307 2,048 742 490 165 3,445 331 2,367 2,698 6,143 342 98 1,112 19 211 97 342 2,221 844 513 154 3,732 489 2,774 3,263 6,995 424 138 1,090 24 166 92 437 2,372 611 608 126 3,716 542 2,602 3,145 6,861 4,066 4,537 4,248 3,927 3,767 12,595 13,159 12,228 13,232 13,162 1,874 1,917 1,710 2,002 1,962 (percent of total assets) (percent of total assets) (percent of total assets) 7.3 21.0 22.7 54.2 39.7 11.3 29.9 22.3 54.2 45.8 7.2 22.0 24.9 56.7 38.2 11.5 32.6 22.5 57.0 43.0 8.4 20.5 23.0 54.5 40.7 11.2 31.0 22.2 55.4 44.6 6.9 20.2 22.1 52.2 42.7 11.6 30.2 20.8 53.6 46.4 7.8 20.3 21.4 52.7 41.4 11.4 30.3 19.9 52.3 47.7 3.3 19.9 22.1 47.6 37.0 6.7 22.0 32.3 60.6 39.4 3.1 20.4 21.8 48.1 36.4 5.8 21.8 32.4 60.6 39.4 3.6 18.7 21.9 47.6 36.8 6.5 22.1 30.8 59.9 40.1 3.4 19.4 22.6 48.4 36.2 5.7 21.2 32.6 60.2 39.8 3.2 20.0 22.9 49.4 35.4 6.5 22.0 31.3 59.6 40.4 7.9 27.8 24.8 62.3 34.3 10.0 32.1 17.2 51.4 48.6 8.0 25.7 24.6 61.9 34.8 10.9 32.8 20.0 55.2 44.8 7.0 24.6 25.7 61.2 35.6 11.6 33.3 20.1 56.1 43.9 7.4 26.7 23.5 60.4 35.8 10.7 31.8 19.4 53.3 46.7 9.1 25.6 24.9 63.2 34.0 11.9 34.6 17.8 54.2 45.8 10 TABLE 3.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 23, 26, AND 31 Apparel1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,617 269 15,871 477 (204) 273 19 255 268 (13) 9,687 (3,858) 5,815 18,432 237 16,893 1,302 (78) 1,224 408 816 426 390 6,033 2 6,425 18,919 264 17,706 948 (178) 770 101 669 359 310 7,201 (156) 7,354 16,591 257 15,111 1,222 (89) 1,134 269 865 490 375 7,356 (126) 7,606 16,641 238 15,425 978 132 1,110 192 918 459 458 8,309 (134) 8,634 4Q 1996 1Q 19972 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 1.6 95.5 2.9 (1.2) 1.6 0.1 1.5 100.0 1.3 91.7 7.1 (0.4) 6.6 2.2 4.4 (percent) 100.0 1.4 93.6 5.0 (0.9) 4.1 0.5 3.5 100.0 1.6 91.1 7.4 (0.5) 6.8 1.6 5.2 100.0 1.4 92.7 5.9 0.8 6.7 1.2 5.5 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes 2 9.48 8.83 2.90 2.70 41.60 27.73 12.63 8.42 25.00 21.71 8.05 6.99 36.47 27.83 11.98 9.14 33.86 28.00 12.07 9.98 2.10 0.18 0.76 2.06 0.19 0.74 2.08 0.25 0.84 2.09 0.19 0.84 2.07 0.18 1.01 Leather Products. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 11 Apparel Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 19972 2Q 1997 2Q 19962 Paper and Allied Products 3Q 19962 4Q 19962 1Q 1997 2Q 1997 2Q 19962 Paper and Allied Products Assets Under $25 Million 3Q 19962 4Q 19962 1Q 1997 2Q 1997 (million dollars) 6,408 80 6,176 153 (85) 68 39 29 120 (91) 1,291 146 1,346 6,196 59 5,842 295 (71) 224 29 195 142 53 1,723 20 1,796 6,485 77 6,311 97 (92) 6 3 3 213 (210) 2,163 (23) 1,931 6,317 65 5,737 514 (15) 500 76 424 176 248 2,389 (5) 2,632 6,925 54 6,510 361 (7) 354 39 314 270 45 3,797 (13) 3,829 40,843 2,144 35,343 3,356 (876) 2,480 887 1,593 824 769 37,289 (469) 37,590 (million dollars) 40,927 2,197 35,081 3,650 (1,053) 2,597 844 1,753 944 808 38,148 71 39,027 39,138 2,163 34,346 2,628 (1,429) 1,199 322 877 760 116 38,187 (86) 38,218 39,325 2,260 34,413 2,652 (992) 1,659 532 1,127 895 232 38,490 64 38,787 41,429 2,270 36,114 3,045 (1,595) 1,450 409 1,041 980 61 38,853 (236) 38,679 5,221 138 4,732 351 (42) 309 43 266 92 173 2,729 (75) 2,827 (million dollars) 5,240 123 4,648 469 (45) 424 58 367 60 306 3,259 (85) 3,480 5,124 129 4,597 398 (96) 301 57 244 68 177 3,021 (102) 3,096 4,838 133 4,358 347 (48) 299 49 250 105 145 3,156 (169) 3,132 5,086 146 4,453 487 (41) 446 62 384 125 260 3,292 (64) 3,487 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 1.2 96.4 2.4 (1.3) 1.1 0.6 0.5 100.0 1.0 94.3 4.8 (1.1) 3.6 0.5 3.1 100.0 1.2 97.3 1.5 (1.4) 0.1 0.0 0.0 100.0 1.0 90.8 8.1 (0.2) 7.9 1.2 6.7 100.0 0.8 94.0 5.2 (0.1) 5.1 0.6 4.5 100.0 5.2 86.5 8.2 (2.1) 6.1 2.2 3.9 100.0 5.4 85.7 8.9 (2.6) 6.3 2.1 4.3 (percent) 100.0 5.5 87.8 6.7 (3.7) 3.1 0.8 2.2 100.0 5.7 87.5 6.7 (2.5) 4.2 1.4 2.9 100.0 5.5 87.2 7.4 (3.8) 3.5 1.0 2.5 100.0 2.6 90.6 6.7 (0.8) 5.9 0.8 5.1 100.0 2.4 88.7 8.9 (0.9) 8.1 1.1 7.0 (percent) 100.0 2.5 89.7 7.8 (1.9) 5.9 1.1 4.8 100.0 2.7 90.1 7.2 (1.0) 6.2 1.0 5.2 100.0 2.9 87.6 9.6 (0.8) 8.8 1.2 7.6 (percent) 10.21 4.38 2.86 1.23 33.18 28.85 9.04 7.86 0.85 0.45 0.23 0.13 58.04 49.26 19.62 16.65 30.47 27.07 13.88 12.33 16.40 10.54 5.89 3.78 16.85 11.38 6.10 4.12 7.88 5.76 2.86 2.09 10.51 7.14 3.71 2.52 9.07 6.51 3.25 2.33 35.99 30.95 14.20 12.21 44.34 38.33 19.53 16.88 34.02 27.60 14.22 11.53 33.90 28.32 12.49 10.44 44.63 38.40 19.34 16.64 1.76 0.15 0.70 1.82 0.19 0.64 1.74 0.21 0.64 1.94 0.21 0.82 1.86 0.24 1.75 1.37 0.11 0.92 1.38 0.14 0.94 1.39 0.13 0.95 1.36 0.13 0.88 1.46 0.16 0.91 1.84 0.22 1.08 1.91 0.25 1.34 1.83 0.25 1.19 1.74 0.19 0.94 1.93 0.29 1.24 12 TABLE 3.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 23, 26, AND 31 Apparel1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Leather Products. 2 Prior quarters’ data are revised 3 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 1,103 99 1,203 903 2,105 8,566 12,590 1,449 24,711 13,403 409 7,127 6,685 6,270 37,666 1,285 183 1,468 884 2,353 9,931 12,138 1,437 25,858 13,202 396 7,033 6,565 6,340 38,764 1,652 243 1,894 1,110 3,004 9,240 11,585 1,553 25,383 13,178 334 7,065 6,448 6,428 38,258 1,352 202 1,554 768 2,323 9,321 11,720 1,625 24,989 13,222 310 7,181 6,350 6,530 37,869 1,229 184 1,413 773 2,186 8,506 11,942 1,832 24,466 12,053 282 6,499 5,836 6,469 36,772 2,280 433 4,593 278 514 267 3,411 11,777 6,956 4,808 2,598 26,140 5,711 5,815 11,526 37,666 2,731 363 4,669 364 537 346 3,518 12,528 6,712 5,128 2,626 26,995 5,344 6,425 11,769 38,764 2,479 276 4,948 335 470 215 3,507 12,230 5,323 5,876 2,509 25,938 4,966 7,354 12,320 38,258 2,627 433 4,398 417 546 183 3,342 11,946 5,203 5,765 2,518 25,433 4,830 7,606 12,436 37,869 2,110 405 4,817 258 613 316 3,312 11,832 5,706 3,896 2,226 23,659 4,479 8,634 13,113 36,772 12,933 13,330 13,153 13,042 12,635 (percent of total assets) 5.6 22.7 33.4 65.6 17.7 9.3 31.3 31.3 69.4 30.6 6.1 25.6 31.3 66.7 16.9 10.2 32.3 30.5 69.6 30.4 7.9 24.2 30.3 66.3 16.9 9.0 32.0 29.3 67.8 32.2 6.1 24.6 30.9 66.0 16.8 9.9 31.5 28.9 67.2 32.8 5.9 23.1 32.5 66.5 15.9 9.4 32.2 26.1 64.3 35.7 to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 13 Apparel Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 19973 2Q 1997 2Q 1996 Paper and Allied Products2 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 19963 Paper and Allied Products Assets Under $25 Million 3Q 19963 4Q 19963 1Q 1997 2Q 1997 (million dollars) 387 57 444 179 623 2,850 3,409 352 7,234 4,069 134 2,526 1,677 642 9,553 497 107 605 192 797 3,144 3,489 379 7,809 3,665 124 2,293 1,496 615 9,920 661 72 733 191 924 2,906 3,635 322 7,786 3,720 79 2,335 1,464 749 10,000 579 150 729 115 844 2,936 3,521 536 7,837 3,972 74 2,524 1,522 825 10,184 632 168 800 259 1,060 2,971 3,639 484 8,153 3,270 49 2,052 1,268 782 10,203 1,679 84 1,763 1,435 3,198 16,618 15,683 5,483 40,981 149,673 11,178 66,951 93,900 33,620 168,501 (million dollars) 1,948 215 2,163 1,918 4,081 16,417 15,674 5,326 41,498 151,100 11,159 67,627 94,632 34,060 170,191 2,042 170 2,211 1,595 3,806 15,437 15,393 5,264 39,900 150,626 11,096 67,605 94,117 33,480 167,498 2,036 205 2,241 1,935 4,176 16,838 16,846 5,544 43,404 156,074 11,068 70,542 96,600 38,920 178,923 2,351 200 2,551 2,326 4,877 17,333 16,011 5,371 43,592 157,576 11,163 72,178 96,561 38,445 178,599 460 3 463 156 619 2,423 1,748 331 5,120 7,676 68 4,517 3,227 352 8,700 (million dollars) 431 100 531 157 688 2,378 1,827 345 5,239 7,448 54 4,409 3,092 355 8,686 508 40 548 131 679 2,263 1,711 369 5,022 7,307 58 4,348 3,016 441 8,479 447 2 449 177 626 2,524 2,125 368 5,644 7,765 81 4,528 3,318 607 9,569 545 13 558 254 812 2,413 1,658 498 5,380 8,187 85 4,934 3,337 515 9,232 921 131 2,016 23 105 150 759 4,104 612 1,913 252 6,881 1,327 1,346 2,672 9,553 1,143 139 1,946 35 165 105 758 4,291 645 2,038 243 7,216 907 1,796 2,704 9,920 1,261 121 2,059 19 199 91 713 4,462 592 2,032 151 7,238 832 1,931 2,762 10,000 1,163 195 1,768 53 190 73 600 4,042 903 1,693 102 6,741 811 2,632 3,443 10,184 1,032 167 2,236 51 224 107 557 4,372 593 526 66 5,557 818 3,829 4,646 10,203 1,335 5,621 9,923 578 895 1,601 9,949 29,903 16,781 39,296 22,044 108,024 22,887 37,590 60,477 168,501 1,470 5,317 9,804 834 1,035 1,502 10,152 30,115 16,862 39,678 21,907 108,562 22,602 39,027 61,629 170,191 1,303 4,482 9,762 679 978 1,610 9,979 28,793 15,593 40,367 21,901 106,653 22,626 38,218 60,845 167,498 1,568 6,087 9,716 1,158 1,012 2,112 10,375 32,029 17,131 43,903 22,733 115,797 24,340 38,787 63,127 178,923 1,409 5,556 9,934 749 844 1,214 10,244 29,951 16,982 44,006 23,704 114,644 25,276 38,679 63,954 178,599 400 147 1,385 38 285 83 446 2,785 1,544 720 219 5,268 605 2,827 3,432 8,700 403 154 1,221 65 291 34 576 2,745 1,434 533 148 4,860 346 3,480 3,826 8,686 439 157 1,163 55 257 68 601 2,739 1,469 578 151 4,937 446 3,096 3,543 8,479 584 18 1,354 88 315 204 680 3,242 1,712 909 180 6,043 394 3,132 3,526 9,569 407 79 1,222 72 313 149 538 2,781 1,479 788 183 5,231 514 3,487 4,001 9,232 3,130 3,518 3,324 3,795 3,781 11,079 11,383 11,107 11,375 13,641 2,336 2,493 2,283 2,402 2,599 (percent of total assets) (percent of total assets) (percent of total assets) 6.5 29.8 35.7 75.7 17.6 13.7 43.0 26.4 72.0 28.0 8.0 31.7 35.2 78.7 15.1 15.7 43.3 27.0 72.7 27.3 9.2 29.1 36.3 77.9 14.6 16.7 44.6 26.2 72.4 27.6 8.3 28.8 34.6 77.0 14.9 15.9 39.7 25.5 66.2 33.8 10.4 29.1 35.7 79.9 12.4 14.9 42.8 11.0 54.5 45.5 1.9 9.9 9.3 24.3 55.7 5.6 17.7 33.3 64.1 35.9 2.4 9.6 9.2 24.4 55.6 5.5 17.7 33.2 63.8 36.2 2.3 9.2 9.2 23.8 56.2 5.1 17.2 33.4 63.7 36.3 2.3 9.4 9.4 24.3 54.0 6.1 17.9 34.1 64.7 35.3 2.7 9.7 9.0 24.4 54.1 5.1 16.8 34.1 64.2 35.8 7.1 27.8 20.1 58.9 37.1 10.6 32.0 26.1 60.5 39.5 7.9 27.4 21.0 60.3 35.6 10.2 31.6 22.6 56.0 44.0 8.0 26.7 20.2 59.2 35.6 10.8 32.3 24.1 58.2 41.8 6.5 26.4 22.2 59.0 34.7 11.7 33.9 27.4 63.1 36.9 8.8 26.1 18.0 58.3 36.1 10.3 30.1 24.5 56.7 43.3 14 TABLE 4.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 27 AND 28 Printing and Publishing1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,741 1,853 37,177 3,711 (653) 3,058 1,112 1,946 950 997 51,381 509 52,887 45,213 1,979 38,646 4,588 (181) 4,407 1,468 2,939 1,085 1,854 52,643 382 54,879 47,902 1,996 40,812 5,093 162 5,256 1,842 3,414 1,405 2,008 54,462 292 56,762 44,325 1,941 38,665 3,719 (107) 3,612 1,266 2,346 1,433 913 56,766 (545) 57,134 46,400 1,971 39,400 5,029 (517) 4,512 1,527 2,985 1,127 1,858 56,814 2,881 61,552 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 4.3 87.0 8.7 (1.5) 7.2 2.6 4.6 100.0 4.4 85.5 10.1 (0.4) 9.7 3.2 6.5 (percent) 100.0 4.2 85.2 10.6 0.3 11.0 3.8 7.1 100.0 4.4 87.2 8.4 (0.2) 8.1 2.9 5.3 100.0 4.2 84.9 10.8 (1.1) 9.7 3.3 6.4 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 15.89 10.11 6.32 4.02 22.14 14.77 8.75 5.83 24.23 15.74 9.68 6.29 16.27 10.57 6.57 4.27 19.28 12.75 7.99 5.28 1.43 0.25 1.31 1.43 0.23 1.26 1.41 0.26 1.32 1.44 0.25 1.29 1.45 0.25 1.35 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 15 Printing and Publishing Assets Under $25 Million 2Q 1996 3Q 19962 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Chemicals and Allied Products1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Chemicals and Allied Products Assets Under $25 Million 3Q 1996 4Q 19962 1Q 19972 2Q 1997 (million dollars) 11,636 404 10,603 630 (145) 485 91 394 224 171 6,954 (156) 6,969 12,128 439 10,908 781 (59) 722 103 619 209 411 7,157 (116) 7,452 12,107 389 11,145 573 (77) 496 114 382 172 210 7,404 (58) 7,556 11,057 368 10,022 667 42 709 86 623 320 303 6,652 (173) 6,782 12,198 399 10,986 812 (77) 735 109 626 219 407 6,947 (118) 7,236 106,255 4,282 89,474 12,500 (577) 11,923 3,935 7,988 5,122 2,866 123,101 (3,138) 122,829 (million dollars) 104,199 4,386 88,274 11,539 5,736 17,276 3,569 13,707 5,520 8,188 119,597 (10,141) 117,643 103,052 4,477 89,957 8,618 1,234 9,852 1,406 8,446 5,582 2,864 119,702 (1,438) 121,128 103,049 4,230 87,678 11,141 5,591 16,732 3,399 13,332 3,688 9,644 119,414 (4,194) 124,864 107,996 4,407 92,479 11,110 1,638 12,748 4,145 8,603 5,337 3,267 126,801 (4,376) 125,692 5,592 122 4,963 507 (101) 405 87 319 62 257 2,778 (67) 2,967 (million dollars) 5,430 117 4,939 374 (40) 334 59 275 157 118 2,527 (59) 2,586 5,363 114 4,964 285 (36) 249 66 183 253 (70) 3,273 31 3,234 5,190 108 4,635 447 (37) 410 73 337 219 119 2,529 (56) 2,592 5,265 99 4,748 418 (14) 404 54 350 141 209 2,433 0 2,642 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 3.5 91.1 5.4 (1.2) 4.2 0.8 3.4 100.0 3.6 89.9 6.4 (0.5) 6.0 0.8 5.1 100.0 3.2 92.0 4.7 (0.6) 4.1 0.9 3.2 100.0 3.3 90.6 6.0 0.4 6.4 0.8 5.6 100.0 3.3 90.1 6.7 (0.6) 6.0 0.9 5.1 100.0 4.0 84.2 11.8 (0.5) 11.2 3.7 7.5 100.0 4.2 84.7 11.1 5.5 16.6 3.4 13.2 (percent) 100.0 4.3 87.3 8.4 1.2 9.6 1.4 8.2 100.0 4.1 85.1 10.8 5.4 16.2 3.3 12.9 100.0 4.1 85.6 10.3 1.5 11.8 3.8 8.0 100.0 2.2 88.8 9.1 (1.8) 7.3 1.6 5.7 100.0 2.1 91.0 6.9 (0.7) 6.1 1.1 5.1 (percent) 100.0 2.1 92.6 5.3 (0.7) 4.6 1.2 3.4 100.0 2.1 89.3 8.6 (0.7) 7.9 1.4 6.5 100.0 1.9 90.2 7.9 (0.3) 7.7 1.0 6.6 (percent) 22.05 17.92 8.80 7.15 31.48 27.01 12.62 10.83 23.07 17.78 9.03 6.96 33.62 29.54 13.26 11.65 31.35 26.69 12.68 10.80 26.54 17.78 9.05 6.06 37.09 29.43 13.03 10.34 19.83 17.00 7.35 6.30 33.59 26.76 12.51 9.97 25.33 17.10 9.47 6.39 38.67 30.39 16.21 12.74 33.11 27.28 13.70 11.28 20.18 14.81 9.49 6.97 35.86 29.52 16.60 13.66 34.80 30.12 17.38 15.04 1.81 0.39 1.14 1.84 0.44 1.20 1.87 0.48 1.19 1.85 0.49 1.15 1.90 0.48 1.21 1.09 0.11 1.14 1.11 0.13 1.19 1.13 0.14 1.35 1.15 0.13 1.34 1.15 0.13 1.34 1.68 0.18 1.45 1.79 0.25 1.32 1.96 0.37 1.66 1.94 0.32 1.68 2.13 0.39 1.93 16 TABLE 4.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 27 AND 28 Printing and Publishing1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 4,691 493 5,185 3,707 8,892 24,445 10,373 7,674 51,383 80,340 2,560 43,325 39,574 102,483 193,440 4,765 501 5,266 3,734 9,000 26,568 10,515 8,684 54,767 82,252 2,603 44,325 40,531 106,175 201,473 4,973 592 5,565 5,002 10,566 28,589 10,587 8,389 58,132 82,163 2,573 43,566 41,170 117,873 217,175 5,574 500 6,074 3,789 9,864 26,860 10,680 8,684 56,088 83,151 2,699 44,374 41,476 122,301 219,866 5,781 558 6,339 3,291 9,630 27,390 10,794 8,660 56,474 84,230 2,735 45,285 41,680 127,757 225,911 2,330 2,102 11,495 1,091 1,372 1,397 16,194 35,982 16,589 35,077 28,816 116,464 24,089 52,887 76,976 193,440 2,803 1,780 11,909 1,329 1,315 1,925 17,283 38,343 16,229 39,150 28,136 121,858 24,735 54,879 79,615 201,473 2,695 1,701 14,119 1,391 1,303 1,518 18,618 41,345 16,471 42,284 30,300 130,399 30,014 56,762 86,775 217,175 3,133 2,059 12,720 1,391 1,092 1,688 16,875 38,957 17,058 43,878 31,197 131,089 31,643 57,134 88,777 219,866 3,144 1,952 12,726 1,345 1,303 1,593 17,013 39,076 18,230 43,115 31,883 132,303 32,055 61,552 93,608 225,911 15,401 16,424 16,787 17,131 17,398 (percent of total assets) 4.6 12.6 5.4 26.6 20.5 3.7 18.6 26.7 60.2 39.8 4.5 13.2 5.2 27.2 20.1 4.0 19.0 27.5 60.5 39.5 4.9 13.2 4.9 26.8 19.0 3.3 19.0 27.1 60.0 40.0 4.5 12.2 4.9 25.5 18.9 3.6 17.7 27.8 59.6 40.4 4.3 12.1 4.8 25.0 18.4 3.6 17.3 27.2 58.6 41.4 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 17 Printing and Publishing Assets Under $25 Million 2Q 1996 3Q 19962 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Chemicals and Allied Products1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Chemicals and Allied Products Assets Under $25 Million 3Q 1996 4Q 19962 1Q 19972 2Q 1997 (million dollars) 1,669 311 1,980 669 2,649 6,186 2,434 921 12,190 19,737 398 12,577 7,558 2,302 22,050 1,865 358 2,224 810 3,034 6,175 2,406 1,036 12,650 20,357 418 12,789 7,987 2,232 22,869 2,200 376 2,576 662 3,238 6,108 2,221 928 12,495 19,240 342 12,070 7,512 1,946 21,953 2,252 229 2,481 764 3,245 5,824 2,211 894 12,173 19,105 434 12,023 7,516 1,706 21,394 2,205 343 2,548 785 3,334 6,498 2,446 980 13,258 20,667 415 12,981 8,101 1,818 23,177 6,481 3,682 10,162 4,719 14,882 58,088 47,573 30,353 150,896 286,454 12,453 140,076 158,832 217,227 526,955 (million dollars) 8,099 2,882 10,981 6,545 17,526 55,504 47,068 27,115 147,212 288,388 12,643 141,368 159,664 223,312 530,188 8,196 2,771 10,967 7,314 18,281 53,981 47,380 28,932 148,573 291,094 12,917 142,808 161,203 226,143 535,919 6,851 2,765 9,616 8,080 17,696 55,885 49,360 29,984 152,926 292,117 9,591 143,915 157,793 224,288 535,007 6,657 2,298 8,955 7,651 16,606 57,875 49,046 28,892 152,419 296,423 9,510 146,032 159,901 226,251 538,572 452 89 541 160 701 2,984 2,428 519 6,632 5,914 223 3,275 2,862 507 10,002 (million dollars) 562 74 636 262 898 2,885 2,304 328 6,415 5,852 177 3,307 2,721 609 9,746 865 222 1,086 258 1,345 2,683 2,614 400 7,041 6,041 186 3,398 2,830 624 10,494 657 190 847 287 1,134 2,655 2,636 437 6,862 5,617 174 3,336 2,455 560 9,877 622 220 842 321 1,162 2,620 2,324 310 6,417 5,371 137 3,276 2,232 647 9,295 938 185 2,814 57 755 389 1,608 6,746 2,841 2,629 1,032 13,248 1,833 6,969 8,802 22,050 849 194 2,672 82 658 402 2,011 6,868 2,886 2,681 1,263 13,697 1,720 7,452 9,172 22,869 755 133 2,718 100 657 397 1,924 6,685 2,895 2,355 1,423 13,358 1,038 7,556 8,594 21,953 931 167 2,599 119 599 439 1,711 6,565 2,737 2,470 1,187 12,960 1,653 6,782 8,435 21,394 1,035 143 2,895 109 594 452 1,768 6,994 3,171 2,372 1,263 13,801 2,139 7,236 9,375 23,177 9,341 24,554 34,215 7,871 1,612 6,608 54,355 138,556 24,702 90,315 93,700 347,272 56,853 122,829 179,682 526,955 8,287 24,851 31,978 7,541 2,291 5,726 52,482 133,156 23,951 90,860 95,890 343,858 68,686 117,643 186,329 530,188 7,096 18,512 33,761 6,234 2,044 6,021 57,291 130,960 24,166 89,054 92,979 337,159 77,632 121,128 198,760 535,919 8,526 21,829 33,819 7,537 2,282 5,235 53,677 132,905 23,351 87,603 91,874 335,734 74,408 124,864 199,272 535,007 7,256 23,811 33,917 7,612 1,980 4,567 52,955 132,099 22,596 89,524 93,048 337,267 75,613 125,692 201,305 538,572 584 194 2,022 84 329 62 664 3,939 1,147 579 143 5,808 1,226 2,967 4,193 10,002 685 119 1,774 76 217 75 639 3,584 1,273 694 163 5,715 1,446 2,586 4,031 9,746 789 77 1,785 69 250 55 575 3,600 1,246 565 145 5,556 1,704 3,234 4,938 10,494 824 56 1,656 54 199 58 686 3,531 1,100 480 195 5,306 1,979 2,592 4,571 9,877 543 131 1,578 39 183 74 465 3,013 850 626 164 4,652 2,002 2,642 4,643 9,295 5,444 5,782 5,809 5,607 6,264 12,340 14,056 17,614 20,020 20,321 2,693 2,831 3,441 3,331 3,404 (percent of total assets) (percent of total assets) (percent of total assets) 12.0 28.1 11.0 55.3 34.3 10.3 30.6 24.8 60.1 39.9 13.3 27.0 10.5 55.3 34.9 9.2 30.0 24.3 59.9 40.1 14.7 27.8 10.1 56.9 34.2 8.8 30.5 23.9 60.9 39.1 15.2 27.2 10.3 56.9 35.1 10.1 30.7 24.3 60.6 39.4 14.4 28.0 10.6 57.2 35.0 9.7 30.2 23.9 59.5 40.5 2.8 11.0 9.0 28.6 30.1 8.1 26.3 21.8 65.9 34.1 3.3 10.5 8.9 27.8 30.1 7.8 25.1 21.6 64.9 35.1 3.4 10.1 8.8 27.7 30.1 6.3 24.4 21.1 62.9 37.1 3.3 10.4 9.2 28.6 29.5 7.1 24.8 20.8 62.8 37.2 3.1 10.7 9.1 28.3 29.7 6.9 24.5 20.8 62.6 37.4 7.0 29.8 24.3 66.3 28.6 11.6 39.4 17.3 58.1 41.9 9.2 29.6 23.6 65.8 27.9 11.2 36.8 20.2 58.6 41.4 12.8 25.6 24.9 67.1 27.0 11.1 34.3 17.3 52.9 47.1 11.5 26.9 26.7 69.5 24.9 11.5 35.8 16.0 53.7 46.3 12.5 28.2 25.0 69.0 24.0 10.0 32.4 15.8 50.0 50.0 18 TABLE 5.0—INCOME STATEMENT FOR CORPORATIONS IN SIC INDUSTRY GROUPS 281, 2, 6, AND 283 Industrial Chemicals and Synthetics1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,426 2,256 35,411 4,759 (3,332) 1,427 1,653 (226) 878 (1,104) 38,466 (984) 36,377 41,256 2,331 34,911 4,015 508 4,523 1,121 3,402 939 2,463 36,080 (8,759) 29,784 40,158 2,464 34,866 2,829 (344) 2,485 627 1,858 1,006 852 32,786 (577) 33,062 41,339 2,203 35,120 4,016 964 4,980 1,459 3,521 784 2,737 32,746 (1,715) 33,768 42,788 2,295 35,656 4,836 774 5,610 1,623 3,987 1,110 2,876 33,501 (2,342) 34,035 4Q 1996 2 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 5.3 83.5 11.2 (7.9) 3.4 3.9 (0.5) 100.0 5.7 84.6 9.7 1.2 11.0 2.7 8.2 (percent) 100.0 6.1 86.8 7.0 (0.9) 6.2 1.6 4.6 100.0 5.3 85.0 9.7 2.3 12.0 3.5 8.5 100.0 5.4 83.3 11.3 1.8 13.1 3.8 9.3 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included in Chemicals and Allied Products. 2 Prior quarters’ data are revised to reflect additional 3 9.22 (1.46) 2.61 (0.42) 28.38 21.35 8.23 6.19 13.79 10.31 4.49 3.36 28.57 20.20 9.19 6.50 31.62 22.47 10.33 7.34 1.10 0.08 0.90 1.09 0.10 0.92 1.15 0.11 1.10 1.20 0.10 1.07 1.18 0.09 1.10 information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 19 Industrial Chemicals and Synthetics Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 3Q 19963 Drugs1 4Q 19963 1Q 19973 2Q 1997 2Q 1996 Drugs Assets Under $25 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 1,302 32 1,077 193 (37) 155 21 134 9 125 568 (16) 677 1,398 32 1,220 146 (8) 138 22 115 66 49 512 (31) 530 1,751 33 1,512 206 (3) 203 17 186 76 110 761 (8) 862 1,380 28 1,201 151 (3) 148 30 118 85 33 876 (22) 886 1,095 23 927 145 (5) 139 24 115 25 90 692 (5) 778 27,020 892 22,429 3,699 1,652 5,350 1,137 4,214 2,801 1,413 41,615 (839) 42,189 (million dollars) 27,120 946 22,900 3,275 2,032 5,306 1,007 4,300 3,359 940 43,302 1,566 45,808 28,520 926 25,147 2,447 1,696 4,143 (4) 4,147 2,895 1,253 45,092 (74) 46,270 28,374 906 23,951 3,517 2,568 6,085 1,037 5,048 1,609 3,439 45,385 (1,484) 47,340 29,024 961 25,845 2,217 12 2,229 1,249 980 2,744 (1,764) 49,523 (810) 46,949 916 27 804 85 (9) 76 28 48 19 30 444 (1) 473 (million dollars) 627 22 539 66 0 65 20 45 57 (12) 349 2 339 627 15 597 16 (4) 12 18 (6) 166 (172) 457 2 287 561 19 523 19 (2) 17 5 12 24 (12) (45) (7) (65) 572 18 492 62 9 70 5 65 30 35 230 (3) 262 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.5 82.7 14.8 (2.9) 11.9 1.6 10.3 100.0 2.3 87.3 10.4 (0.6) 9.8 1.6 8.2 100.0 1.9 86.4 11.8 (0.2) 11.6 1.0 10.6 100.0 2.0 87.1 10.9 (0.2) 10.7 2.2 8.6 100.0 2.1 84.7 13.2 (0.5) 12.7 2.2 10.5 100.0 3.3 83.0 13.7 6.1 19.8 4.2 15.6 100.0 3.5 84.4 12.1 7.5 19.6 3.7 15.9 (percent) 100.0 3.2 88.2 8.6 5.9 14.5 0.0 14.5 100.0 3.2 84.4 12.4 9.0 21.4 3.7 17.8 100.0 3.3 89.0 7.6 0.0 7.7 4.3 3.4 100.0 2.9 87.8 9.3 (1.0) 8.3 3.0 5.3 100.0 3.4 86.1 10.5 (0.1) 10.4 3.2 7.2 (percent) 100.0 2.4 95.1 2.5 (0.6) 1.8 2.9 (1.0) 100.0 3.3 93.4 3.3 (0.3) 3.0 0.9 2.2 100.0 3.1 86.1 10.8 1.5 12.3 0.9 11.4 (percent) 69.91 60.33 27.81 24.00 71.44 59.83 24.65 20.64 71.59 65.65 30.52 27.99 53.83 42.89 25.63 20.42 53.50 44.26 29.94 24.77 35.38 27.87 13.32 10.49 32.37 26.23 13.00 10.53 24.33 24.35 9.92 9.93 35.24 29.23 14.52 12.05 13.09 5.75 5.31 2.33 28.15 17.85 14.41 9.14 25.59 17.72 14.23 9.85 4.43 (2.48) 2.60 (1.46) 7.87 5.63 4.46 3.19 31.63 29.37 19.30 17.91 1.45 0.09 1.27 1.54 0.20 0.95 1.82 0.35 1.41 1.82 0.19 1.74 2.55 0.40 2.19 0.97 0.13 1.29 1.04 0.16 1.43 1.10 0.18 1.55 1.10 0.17 1.62 1.15 0.17 1.54 1.91 0.37 2.22 2.19 0.62 2.16 2.46 0.74 2.45 2.50 0.74 2.34 2.71 0.58 2.89 20 TABLE 5.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 281, 2, 6, AND 283 Industrial Chemicals and Synthetics1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included in Chemicals and Allied Products. 2 Prior quarters’ data are revised to reflect additional 3 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 1,538 1,841 3,378 924 4,303 26,012 18,509 10,156 58,980 163,202 8,559 85,920 85,842 73,465 218,287 1,975 2,029 4,003 1,072 5,075 24,141 18,486 9,170 56,872 164,376 8,702 86,413 86,665 76,225 219,761 1,864 1,815 3,679 1,944 5,624 23,391 18,952 8,319 56,286 166,158 8,855 87,693 87,320 77,590 221,196 1,546 1,865 3,410 1,594 5,004 24,243 19,479 9,027 57,753 167,591 5,494 88,559 84,526 74,391 216,671 1,554 1,142 2,696 1,567 4,263 24,967 18,674 8,428 56,332 169,558 5,486 89,452 85,591 75,368 217,291 4,545 10,733 13,564 2,510 450 2,906 18,737 53,445 8,400 41,589 52,930 156,364 25,545 36,377 61,923 218,287 4,002 10,951 12,965 2,352 713 2,413 18,601 51,997 8,768 42,431 52,828 156,024 33,954 29,784 63,738 219,761 2,830 8,596 14,186 1,830 452 2,593 18,521 49,008 8,802 41,997 49,337 149,144 38,990 33,062 72,051 221,196 2,669 9,672 13,555 2,193 491 2,268 17,092 47,941 8,064 41,845 49,092 146,942 35,960 33,768 69,729 216,671 2,520 10,071 13,218 2,232 432 2,044 17,315 47,832 7,766 41,739 48,974 146,311 36,944 34,035 70,980 217,291 5,535 4,875 7,278 9,813 8,499 (percent of total assets) 2.0 11.9 8.5 27.0 39.3 8.5 24.5 22.9 71.6 28.4 2.3 11.0 8.4 25.9 39.4 8.2 23.7 23.3 71.0 29.0 2.5 10.6 8.6 25.4 39.5 6.6 22.2 23.0 67.4 32.6 2.3 11.2 9.0 26.7 39.0 6.9 22.1 23.0 67.8 32.2 2.0 11.5 8.6 25.9 39.4 6.9 22.0 22.8 67.3 32.7 information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 21 Industrial Chemicals and Synthetics Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 3Q 19963 Drugs1 4Q 19963 1Q 19973 2Q 1997 2Q 1996 Drugs Assets Under $25 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 65 8 73 0 73 640 381 145 1,240 1,611 26 758 879 114 2,233 137 8 145 26 171 670 420 53 1,315 1,433 32 695 770 147 2,232 226 29 255 64 320 714 576 38 1,648 1,668 32 841 859 152 2,658 96 28 124 21 144 628 526 105 1,404 1,465 27 735 757 151 2,311 140 1 140 48 188 521 415 75 1,200 1,224 18 693 550 113 1,863 2,561 1,273 3,834 2,174 6,008 13,625 13,091 13,869 46,593 54,841 1,079 21,746 34,174 79,957 160,724 (million dollars) 2,964 264 3,228 3,786 7,014 13,838 13,069 12,245 46,166 55,937 1,194 22,381 34,750 82,410 163,326 3,734 548 4,282 3,648 7,930 13,977 12,677 14,081 48,665 56,541 1,252 22,737 35,057 83,328 167,050 3,025 594 3,619 4,492 8,111 14,863 13,316 14,773 51,064 54,990 1,192 22,040 34,142 82,355 167,561 2,810 751 3,561 4,136 7,697 15,683 14,265 13,606 51,251 56,717 1,124 22,841 34,999 81,746 167,997 138 79 217 49 266 452 524 131 1,372 1,046 26 476 595 140 2,107 (million dollars) 131 58 189 135 324 403 348 66 1,141 957 30 397 591 101 1,833 209 72 281 40 322 321 375 47 1,065 994 55 431 618 91 1,774 196 44 240 52 292 286 364 41 983 835 39 409 465 82 1,530 135 37 173 18 191 292 368 43 893 828 39 418 448 115 1,455 94 74 405 34 73 12 161 853 307 139 45 1,344 211 677 888 2,233 173 35 428 32 62 2 124 855 295 242 69 1,462 240 530 770 2,232 160 34 515 25 66 5 103 907 380 161 76 1,525 271 862 1,133 2,658 146 3 341 25 71 4 182 772 389 18 31 1,211 214 886 1,101 2,311 86 5 240 8 48 7 76 471 201 127 21 821 265 778 1,043 1,863 2,708 7,498 8,503 3,689 513 2,532 22,460 47,903 7,220 26,421 18,695 100,240 18,295 42,189 60,484 160,724 2,244 8,295 7,664 2,850 482 2,147 20,631 44,315 6,684 26,046 20,711 97,755 19,763 45,808 65,570 163,326 2,278 5,556 7,811 2,697 351 2,490 23,225 44,407 6,712 26,664 21,145 98,929 21,851 46,270 68,121 167,050 2,396 5,953 8,729 3,122 510 1,613 24,169 46,491 6,820 25,316 19,866 98,492 21,729 47,340 69,068 167,561 2,431 5,520 8,929 3,024 510 1,407 22,788 44,609 6,589 27,753 20,893 99,844 21,204 46,949 68,153 167,997 127 9 360 23 45 30 122 718 158 115 38 1,029 606 473 1,079 2,107 121 14 197 17 36 23 113 520 192 86 15 813 681 339 1,019 1,833 79 8 188 10 28 26 93 432 203 81 16 732 756 287 1,042 1,774 92 1 174 1 28 8 89 393 178 64 28 663 932 (65) 868 1,530 32 3 175 2 27 22 68 329 126 98 15 568 626 262 888 1,455 387 459 740 632 729 (1,310) 1,851 4,258 4,573 6,643 655 621 633 591 563 (percent of total assets) (percent of total assets) (percent of total assets) 3.3 28.7 17.1 55.5 39.4 11.3 38.2 20.0 60.2 39.8 7.7 30.0 18.8 58.9 34.5 12.2 38.3 24.1 65.5 34.5 12.0 26.9 21.6 62.0 32.3 10.0 34.1 20.4 57.4 42.6 6.2 27.2 22.7 60.7 32.7 9.7 33.4 17.6 52.4 47.6 10.1 28.0 22.3 64.4 29.5 7.9 25.3 17.6 44.0 56.0 3.7 8.5 8.1 29.0 21.3 8.3 29.8 20.9 62.4 37.6 4.3 8.5 8.0 28.3 21.3 8.1 27.1 20.0 59.9 40.1 4.7 8.4 7.6 29.1 21.0 6.4 26.6 20.0 59.2 40.8 4.8 8.9 7.9 30.5 20.4 6.3 27.7 19.2 58.8 41.2 4.6 9.3 8.5 30.5 20.8 5.8 26.6 20.4 59.4 40.6 12.6 21.4 24.8 65.1 28.2 9.9 34.0 13.0 48.8 51.2 17.7 22.0 19.0 62.2 32.3 10.5 28.4 15.2 44.4 55.6 18.1 18.1 21.1 60.0 34.8 8.1 24.4 15.9 41.2 58.8 19.1 18.7 23.8 64.3 30.4 8.5 25.7 15.8 43.3 56.7 13.1 20.0 25.3 61.3 30.8 5.8 22.6 15.3 39.0 61.0 22 TABLE 6.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 284, 5, 7, 9, and 29 Residual of Chemicals1 Item 2Q 1996 3Q 19963 4Q 19963 1Q 19973 2Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,809 1,134 31,634 4,042 1,104 5,146 1,145 4,001 1,443 2,557 43,020 (1,314) 44,263 35,823 1,109 30,463 4,250 3,197 7,447 1,441 6,006 1,222 4,784 40,215 (2,948) 42,052 34,373 1,087 29,944 3,343 (118) 3,225 783 2,441 1,682 759 41,824 (787) 41,796 33,336 1,121 28,607 3,608 2,059 5,668 904 4,763 1,296 3,468 41,283 (995) 43,756 36,184 1,150 30,978 4,057 852 4,908 1,272 3,637 1,482 2,154 43,777 (1,223) 44,708 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.1 85.9 11.0 3.0 14.0 3.1 10.9 100.0 3.1 85.0 11.9 8.9 20.8 4.0 16.8 (percent) 100.0 3.2 87.1 9.7 (0.3) 9.4 2.3 7.1 100.0 3.4 85.8 10.8 6.2 17.0 2.7 14.3 100.0 3.2 85.6 11.2 2.4 13.6 3.5 10.1 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included in Chemicals and Allied Products. 2 Prior quarters’ data are revised to reflect additional 3 35.94 27.94 13.91 10.82 52.24 42.13 20.25 16.33 22.01 16.67 8.73 6.61 37.49 31.51 15.04 12.64 31.58 23.40 12.81 9.49 1.22 0.12 1.38 1.20 0.15 1.40 1.16 0.13 1.56 1.15 0.12 1.47 1.13 0.12 1.52 information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 23 Residual of Chemicals Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 19963 1Q 19973 2Q 1997 2Q 1996 Petroleum and Coal Products2 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Petroleum and Coal Products Assets Under $25 Million 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 3,375 64 3,082 229 (55) 174 38 136 34 103 1,765 (50) 1,817 3,405 63 3,180 162 (31) 131 16 115 34 81 1,666 (30) 1,717 2,985 66 2,856 63 (28) 35 31 3 11 (8) 2,056 37 2,085 3,249 62 2,911 277 (33) 245 38 207 109 98 1,698 (26) 1,770 3,598 58 3,329 212 (17) 194 25 169 86 83 1,511 8 1,602 81,403 3,848 71,250 6,305 3,757 10,062 1,925 8,137 3,062 5,076 112,467 (81) 117,462 (million dollars) 81,582 3,939 71,758 5,885 2,453 8,338 1,808 6,530 3,205 3,325 116,999 (610) 119,715 89,617 4,191 79,773 5,653 2,350 8,003 973 7,030 4,338 2,692 119,893 (149) 122,437 80,741 3,822 71,104 5,816 3,402 9,218 1,276 7,942 3,455 4,487 122,211 (10,619) 116,079 77,510 3,696 67,309 6,506 2,718 9,224 2,050 7,174 3,777 3,397 116,183 (200) 119,380 673 16 631 26 (3) 23 (1) 24 6 18 537 (9) 546 (million dollars) 640 11 589 39 (4) 35 4 32 13 19 477 9 505 465 13 476 (23) (4) (27) 0 (26) 11 (37) 482 (7) 437 454 12 438 5 3 8 1 7 22 (15) 417 4 407 352 6 312 33 (11) 23 2 21 6 15 132 (1) 146 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 1.9 91.3 6.8 (1.6) 5.2 1.1 4.0 100.0 1.8 93.4 4.8 (0.9) 3.8 0.5 3.4 100.0 2.2 95.7 2.1 (1.0) 1.2 1.1 0.1 100.0 1.9 89.6 8.5 (1.0) 7.5 1.2 6.4 100.0 1.6 92.5 5.9 (0.5) 5.4 0.7 4.7 100.0 4.7 87.5 7.7 4.6 12.4 2.4 10.0 100.0 4.8 88.0 7.2 3.0 10.2 2.2 8.0 (percent) 100.0 4.7 89.0 6.3 2.6 8.9 1.1 7.8 100.0 4.7 88.1 7.2 4.2 11.4 1.6 9.8 100.0 4.8 86.8 8.4 3.5 11.9 2.6 9.3 100.0 2.3 93.8 3.9 (0.5) 3.4 (0.2) 3.6 100.0 1.8 92.1 6.1 (0.6) 5.5 0.6 4.9 (percent) 100.0 2.7 102.3 (5.0) (0.8) (5.7) (0.1) (5.6) 100.0 2.6 96.4 1.0 0.7 1.7 0.1 1.6 100.0 1.8 88.8 9.5 (3.0) 6.4 0.6 5.8 (percent) 31.31 24.52 12.31 9.64 23.36 20.45 9.22 8.07 5.02 0.48 2.29 0.22 37.60 31.82 16.21 13.72 28.64 24.92 13.00 11.31 28.71 23.22 12.71 10.28 23.29 18.24 10.42 8.16 21.87 19.21 9.77 8.59 24.61 21.20 11.21 9.66 24.26 18.87 11.20 8.71 15.35 16.08 7.76 8.13 23.85 21.30 12.77 11.41 (22.18) (21.82) (11.02) (10.84) 6.25 5.82 3.00 2.80 37.01 33.64 14.31 13.00 1.70 0.15 1.30 1.79 0.18 1.26 1.92 0.31 1.58 1.89 0.29 1.52 1.95 0.35 1.67 1.06 0.12 2.07 1.08 0.14 2.17 1.06 0.15 2.28 1.09 0.19 2.35 1.06 0.16 2.41 1.68 0.25 2.16 1.77 0.33 2.52 1.95 0.31 2.16 1.51 0.15 2.10 1.24 0.10 1.70 24 TABLE 6.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 284, 5, 7, 9, AND 29 Residual of Chemicals1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included in Chemicals and Allied Products. 2 Prior quarters’ data are revised to reflect additional 3 2Q 1996 3Q 19963 4Q 19963 1Q 19973 2Q 1997 (million dollars) 2,382 568 2,950 1,621 4,571 18,451 15,973 6,328 45,323 68,411 2,816 32,411 38,816 63,805 147,944 3,161 589 3,750 1,686 5,436 17,525 15,513 5,700 44,174 68,075 2,748 32,574 38,249 64,677 147,100 2,598 408 3,006 1,722 4,728 16,613 15,751 6,532 43,623 68,395 2,809 32,378 38,826 65,225 147,674 2,280 306 2,586 1,995 4,581 16,779 16,564 6,183 44,108 69,535 2,905 33,316 39,125 67,541 150,775 2,294 405 2,699 1,948 4,647 17,225 16,106 6,858 44,836 70,149 2,901 33,738 39,311 69,136 153,284 2,088 6,324 12,148 1,671 648 1,171 13,159 37,208 9,082 22,304 22,074 90,668 13,013 44,263 57,276 147,944 2,041 5,606 11,349 2,338 1,096 1,165 13,250 36,844 8,499 22,384 22,351 90,079 14,970 42,052 57,021 147,100 1,988 4,360 11,765 1,707 1,241 938 15,546 37,545 8,652 20,392 22,497 89,086 16,792 41,796 58,588 147,674 3,461 6,204 11,535 2,222 1,280 1,355 12,417 38,474 8,468 20,442 22,917 90,300 16,719 43,756 60,475 150,775 2,305 8,221 11,770 2,356 1,039 1,116 12,852 39,658 8,241 20,032 23,181 91,112 17,464 44,708 62,172 153,284 8,116 7,330 6,078 5,635 5,179 (percent of total assets) 3.1 12.5 10.8 30.6 26.2 6.9 25.1 21.2 61.3 38.7 3.7 11.9 10.5 30.0 26.0 6.7 25.0 21.0 61.2 38.8 3.2 11.2 10.7 29.5 26.3 5.7 25.4 19.7 60.3 39.7 3.0 11.1 11.0 29.3 25.9 8.1 25.5 19.2 59.9 40.1 3.0 11.2 10.5 29.3 25.6 8.3 25.9 18.5 59.4 40.6 information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 25 Residual of Chemicals Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 19963 1Q 19973 2Q 1997 2Q 1996 Petroleum and Coal Products2 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Petroleum and Coal Products Assets Under $25 Million 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 249 2 251 111 362 1,892 1,524 243 4,020 3,257 172 2,041 1,388 254 5,662 294 8 303 101 403 1,811 1,536 210 3,960 3,461 114 2,216 1,360 361 5,681 429 120 550 154 703 1,647 1,663 314 4,328 3,379 99 2,125 1,353 381 6,062 365 117 483 214 697 1,740 1,747 291 4,475 3,317 108 2,191 1,234 327 6,036 347 182 529 255 783 1,807 1,541 192 4,323 3,319 80 2,164 1,234 419 5,976 2,231 3,253 5,484 923 6,407 28,136 15,741 7,428 57,712 315,211 47,309 196,955 165,565 93,346 316,623 (million dollars) 2,134 3,463 5,596 2,224 7,820 28,520 15,911 7,427 59,679 314,381 46,203 195,512 165,072 95,189 319,941 2,349 3,302 5,650 3,071 8,721 31,247 15,390 7,259 62,618 316,005 45,338 195,388 165,955 98,934 327,507 3,427 2,824 6,251 4,811 11,062 27,798 15,815 8,316 62,990 310,246 44,437 193,614 161,069 104,972 329,031 2,447 2,331 4,778 4,542 9,320 27,045 16,340 8,222 60,928 308,748 39,756 189,681 158,823 109,546 329,296 67 19 86 19 105 337 231 42 716 1,030 34 663 401 69 1,187 (million dollars) 101 15 116 13 129 310 218 36 693 848 32 558 323 92 1,109 84 1 85 8 93 225 215 56 588 652 29 383 299 82 969 57 2 59 0 59 254 223 62 597 733 40 447 326 97 1,021 29 0 29 0 29 192 107 35 363 432 14 259 187 81 631 362 112 1,258 27 211 20 381 2,369 682 325 60 3,436 409 1,817 2,226 5,662 391 70 1,149 27 119 50 403 2,209 787 365 79 3,440 525 1,717 2,242 5,681 550 35 1,081 35 156 24 379 2,260 663 323 53 3,300 677 2,085 2,762 6,062 586 51 1,141 28 99 47 415 2,366 533 398 136 3,433 832 1,770 2,603 6,036 425 123 1,163 29 107 44 321 2,212 523 402 127 3,264 1,110 1,602 2,713 5,976 716 6,517 24,550 3,609 713 2,984 15,275 54,365 9,084 47,612 65,383 176,444 22,716 117,462 140,178 316,623 543 5,951 25,019 3,797 677 4,109 15,273 55,369 8,640 46,141 66,595 176,745 23,480 119,715 143,195 319,941 730 4,260 28,710 2,837 720 4,942 16,998 59,197 8,991 44,623 68,293 181,104 23,967 122,437 146,404 327,507 738 5,102 24,052 4,148 786 5,126 17,646 57,597 7,972 43,964 69,647 179,181 33,771 116,079 149,850 329,031 991 6,979 23,327 3,374 649 4,784 17,185 57,289 8,098 41,513 70,289 177,189 32,727 119,380 152,107 329,296 64 46 210 5 21 5 74 425 91 51 20 587 54 546 600 1,187 55 62 188 0 10 5 71 391 56 47 20 515 89 505 594 1,109 71 0 148 5 10 10 59 302 47 86 52 488 44 437 482 969 104 0 163 0 9 10 111 396 46 65 24 530 84 407 490 1,021 56 0 148 3 5 7 74 292 41 35 18 387 98 146 244 631 1,651 1,751 2,068 2,108 2,111 3,347 4,310 3,421 5,393 3,639 291 302 286 202 70 (percent of total assets) (percent of total assets) (percent of total assets) 6.4 33.4 26.9 71.0 24.5 12.5 41.8 17.7 60.7 39.3 7.1 31.9 27.0 69.7 23.9 11.1 38.9 20.2 60.5 39.5 11.6 27.2 27.4 71.4 22.3 12.7 37.3 16.2 54.4 45.6 11.5 28.8 28.9 74.1 20.4 13.0 39.2 15.4 56.9 43.1 13.1 30.2 25.8 72.3 20.6 11.7 37.0 15.4 54.6 45.4 2.0 8.9 5.0 18.2 52.3 3.4 17.2 17.9 55.7 44.3 2.4 8.9 5.0 18.7 51.6 3.6 17.3 17.1 55.2 44.8 2.7 9.5 4.7 19.1 50.7 3.2 18.1 16.3 55.3 44.7 3.4 8.4 4.8 19.1 49.0 3.6 17.5 15.8 54.5 45.5 2.8 8.2 5.0 18.5 48.2 4.1 17.4 15.1 53.8 46.2 8.9 28.4 19.5 60.3 33.8 11.5 35.8 12.0 49.4 50.6 11.6 28.0 19.7 62.6 29.1 11.9 35.3 9.4 46.5 53.6 9.6 23.2 22.1 60.7 30.8 9.3 31.2 13.7 50.3 49.7 5.8 24.9 21.8 58.5 31.9 12.1 38.8 10.9 51.9 48.1 4.7 30.4 16.9 57.5 29.6 10.7 46.4 12.1 61.3 38.7 26 TABLE 7.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 30 AND ALL DURABLE MANUFACTURING INDUSTRIES Rubber and Misc. Plastics Products Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,968 1,141 27,169 2,659 (461) 2,197 549 1,649 473 1,176 17,037 (105) 18,108 29,886 1,163 26,485 2,238 (424) 1,814 402 1,412 521 891 18,018 (57) 18,852 29,890 1,174 26,794 1,922 (1,615) 307 (18) 325 364 (39) 17,623 (106) 17,478 29,647 1,202 26,356 2,089 (434) 1,654 423 1,232 343 888 16,977 (89) 17,776 31,768 1,156 27,751 2,861 (313) 2,548 592 1,956 615 1,341 18,298 (275) 19,364 4Q 1996 1Q 19972 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.7 87.7 8.6 (1.5) 7.1 1.8 5.3 100.0 3.9 88.6 7.5 (1.4) 6.1 1.3 4.7 (percent) 100.0 3.9 89.6 6.4 (5.4) 1.0 (0.1) 1.1 100.0 4.1 88.9 7.0 (1.5) 5.6 1.4 4.2 100.0 3.6 87.4 9.0 (1.0) 8.0 1.9 6.2 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 25.42 19.07 10.23 7.68 20.54 15.98 8.56 6.66 3.59 3.80 1.46 1.55 18.72 13.93 7.53 5.61 29.01 22.27 11.57 8.88 1.46 0.13 1.28 1.49 0.15 1.39 1.54 0.15 1.32 1.53 0.15 1.26 1.63 0.17 1.25 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 27 Rubber and Misc. Plastics Products Assets Under $25 Million 2Q 1996 3Q 1996 4Q 1996 1Q 19972 2Q 1997 All Durable Manufacturing Industries1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 All Durable Manufacturing Industries Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 9,788 308 8,667 813 (158) 655 102 553 256 297 5,363 (57) 5,603 9,408 307 8,413 687 (91) 596 97 499 145 354 5,764 (7) 6,111 9,575 307 8,838 430 (123) 307 104 204 116 88 6,016 6 6,110 9,579 313 8,600 666 (54) 611 125 486 147 340 5,700 (4) 6,035 10,238 298 8,990 949 (41) 908 144 764 257 507 6,736 (163) 7,080 492,511 16,645 439,173 36,693 6,232 42,924 11,870 31,054 13,071 17,984 360,913 (2,995) 375,901 (million dollars) 483,851 16,923 435,576 31,352 6,820 38,173 10,398 27,775 8,186 19,589 373,989 (4,348) 389,230 506,767 17,490 460,158 29,119 5,116 34,235 9,158 25,077 8,179 16,898 389,015 (4,799) 401,114 486,352 17,410 436,969 31,974 6,692 38,665 11,789 26,877 7,405 19,471 403,098 (8,387) 414,182 526,314 17,823 468,642 39,849 8,954 48,803 12,929 35,874 9,487 26,386 406,454 (7,381) 425,459 82,735 1,888 74,639 6,207 (555) 5,653 1,006 4,647 1,828 2,819 45,611 (614) 47,816 (million dollars) 83,241 1,960 74,616 6,665 (708) 5,957 1,095 4,862 1,509 3,353 47,677 (218) 50,811 82,720 2,043 77,294 3,384 (647) 2,736 919 1,817 1,286 532 51,143 (279) 51,395 78,821 1,982 71,604 5,235 (512) 4,723 874 3,849 1,163 2,686 48,830 (1,002) 50,514 86,093 1,987 77,174 6,932 (547) 6,384 973 5,411 2,047 3,364 48,321 (500) 51,184 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 3.1 88.5 8.3 (1.6) 6.7 1.0 5.6 100.0 3.3 89.4 7.3 (1.0) 6.3 1.0 5.3 100.0 3.2 92.3 4.5 (1.3) 3.2 1.1 2.1 100.0 3.3 89.8 6.9 (0.6) 6.4 1.3 5.1 100.0 2.9 87.8 9.3 (0.4) 8.9 1.4 7.5 100.0 3.4 89.2 7.5 1.3 8.7 2.4 6.3 100.0 3.5 90.0 6.5 1.4 7.9 2.1 5.7 (percent) 100.0 3.5 90.8 5.7 1.0 6.8 1.8 4.9 100.0 3.6 89.8 6.6 1.4 8.0 2.4 5.5 100.0 3.4 89.0 7.6 1.7 9.3 2.5 6.8 100.0 2.3 90.2 7.5 (0.7) 6.8 1.2 5.6 100.0 2.4 89.6 8.0 (0.9) 7.2 1.3 5.8 (percent) 100.0 2.5 93.4 4.1 (0.8) 3.3 1.1 2.2 100.0 2.5 90.8 6.6 (0.6) 6.0 1.1 4.9 100.0 2.3 89.6 8.1 (0.6) 7.4 1.1 6.3 (percent) 34.41 29.06 14.41 12.17 29.30 24.52 12.99 10.87 14.79 9.81 6.71 4.45 29.14 23.17 13.15 10.46 39.96 33.61 19.46 16.36 25.82 18.68 10.24 7.41 22.42 16.32 8.94 6.50 19.41 14.22 7.87 5.76 21.52 14.96 8.71 6.06 26.67 19.60 10.79 7.93 31.00 25.49 14.50 11.92 31.45 25.67 15.01 12.25 14.71 9.77 6.99 4.65 25.75 20.99 12.00 9.78 34.95 29.62 16.22 13.75 1.79 0.24 1.20 1.88 0.28 1.35 1.88 0.30 1.41 1.76 0.25 1.46 2.00 0.30 1.70 1.49 0.26 1.82 1.49 0.27 1.84 1.47 0.29 1.93 1.49 0.28 1.92 1.48 0.27 1.91 2.04 0.33 1.55 2.04 0.35 1.63 2.02 0.35 1.61 1.98 0.33 1.57 2.03 0.32 1.55 28 TABLE 7.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 30 AND ALL DURABLE MANUFACTURING INDUSTRIES Rubber and Misc. Plastics Products Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 19972 2Q 1997 1,681 415 2,097 1,186 3,283 16,315 13,606 2,768 35,972 61,479 1,313 30,887 31,905 18,042 85,918 1,925 389 2,314 1,415 3,729 16,067 13,269 2,797 35,862 61,100 1,127 30,818 31,409 17,515 84,787 1,941 438 2,379 1,073 3,452 15,049 13,790 3,196 35,486 60,827 1,168 30,929 31,065 17,505 84,057 2,293 347 2,640 1,080 3,720 16,299 14,126 3,032 37,177 62,149 1,213 31,541 31,821 18,882 87,880 2,310 385 2,694 1,268 3,963 16,749 14,086 3,123 37,921 61,699 1,328 31,533 31,495 18,677 88,093 4,042 1,421 8,660 642 2,160 644 7,127 24,695 11,136 7,635 7,873 51,338 16,472 18,108 34,580 85,918 3,843 1,365 8,340 709 2,052 473 7,280 24,062 10,362 7,280 7,756 49,460 16,475 18,852 35,327 84,787 3,247 1,281 8,667 715 1,830 447 6,853 23,040 10,945 8,053 7,838 49,875 16,704 17,478 34,182 84,057 3,946 1,412 8,865 779 1,919 508 6,894 24,322 11,854 8,327 8,021 52,525 17,579 17,776 35,355 87,880 3,138 927 8,905 953 1,859 431 7,040 23,252 13,211 8,505 7,987 52,955 15,773 19,364 35,137 88,093 11,277 11,801 12,446 12,855 14,669 (percent of total assets) 3.8 19.0 15.8 41.9 37.1 9.6 28.7 21.9 59.8 40.2 4.4 18.9 15.6 42.3 37.0 9.1 28.4 20.8 58.3 41.7 4.1 17.9 16.4 42.2 37.0 8.1 27.4 22.6 59.3 40.7 4.2 18.5 16.1 42.3 36.2 8.9 27.7 23.0 59.8 40.2 4.5 19.0 16.0 43.0 35.8 7.3 26.4 24.7 60.1 39.9 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 29 Rubber and Misc. Plastics Products Assets Under $25 Million 2Q 1996 3Q 1996 4Q 1996 1Q 19972 2Q 1997 All Durable Manufacturing Industries1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 All Durable Manufacturing Industries Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 870 221 1,091 284 1,375 5,063 3,460 507 10,405 15,353 180 8,657 6,876 894 18,175 997 155 1,151 415 1,566 4,934 3,526 506 10,533 15,377 162 8,717 6,822 1,005 18,360 989 193 1,182 506 1,688 4,610 3,725 606 10,629 15,261 174 8,824 6,611 1,090 18,329 964 161 1,125 359 1,484 5,044 3,491 589 10,609 15,529 162 8,960 6,732 1,257 18,597 1,177 181 1,358 333 1,691 5,059 3,830 659 11,239 15,044 336 9,023 6,357 1,075 41,496 17,218 58,714 63,202 121,916 258,315 251,350 78,209 709,789 831,913 27,022 444,249 414,686 552,700 (million dollars) 43,230 20,250 63,480 65,979 129,459 261,237 253,702 79,042 723,440 843,493 27,387 448,562 422,318 562,985 49,010 17,949 66,959 74,795 141,754 255,373 249,780 78,352 725,259 848,947 27,467 447,308 429,106 586,164 51,357 15,788 67,145 73,419 140,564 262,700 258,959 82,981 745,203 862,663 27,874 455,968 434,569 595,463 49,229 19,106 68,335 72,095 140,430 272,887 262,828 83,073 759,218 869,635 28,119 457,916 439,838 610,767 10,986 1,974 12,960 3,876 16,836 40,629 39,862 6,003 103,330 105,522 2,956 65,272 43,205 9,381 155,916 (million dollars) 12,000 2,015 14,015 4,242 18,257 41,631 39,839 6,234 105,960 107,491 2,863 66,653 43,701 9,126 158,788 12,238 1,636 13,874 3,912 17,785 39,934 39,908 6,148 103,776 107,834 2,843 66,893 43,785 8,913 156,474 11,622 1,871 13,493 4,051 17,543 40,574 39,934 6,773 11,444 1,665 13,109 3,808 16,917 42,449 40,145 6,165 104,824 105,676 109,124 106,870 2,699 2,904 67,723 66,521 44,101 8,563 43,253 8,501 18,671 1,677,175 1,708,743 1,740,529 1,775,235 1,809,823 157,488 157,431 1,069 121 2,745 62 558 175 1,092 5,822 2,738 1,688 315 10,563 2,009 5,603 7,612 18,175 957 77 2,641 80 492 175 1,172 5,594 2,831 1,496 301 10,221 2,028 6,111 8,139 18,360 1,137 131 2,536 121 499 198 1,044 5,666 2,446 1,483 417 10,012 2,207 6,110 8,317 18,329 1,119 166 2,738 115 593 140 1,152 6,023 2,364 1,381 437 10,205 2,357 6,035 8,392 18,597 897 90 2,777 115 553 164 1,034 5,630 2,372 1,270 308 2,011 7,080 9,091 29,429 39,241 150,952 12,782 12,678 13,446 217,908 476,435 94,901 176,653 264,226 289,059 375,901 664,960 32,207 36,287 149,622 14,078 12,754 13,198 228,033 486,178 94,835 181,650 265,120 291,730 389,230 680,960 30,163 33,253 154,262 16,533 12,732 13,899 234,021 494,863 94,332 180,707 265,300 304,212 401,114 705,326 34,482 30,395 156,253 20,946 12,502 14,540 231,395 500,512 100,464 182,059 273,444 304,574 414,182 718,756 34,969 33,814 160,133 18,431 11,893 13,854 240,471 513,565 104,958 184,036 275,303 306,502 425,459 731,961 10,373 1,923 20,792 798 3,639 1,652 11,523 50,700 15,751 13,651 2,881 82,984 25,115 47,816 72,931 155,916 10,634 2,516 21,121 1,011 3,674 1,460 11,622 52,038 14,942 13,383 2,658 83,021 24,955 50,811 75,767 158,788 10,920 2,038 20,524 1,021 3,705 1,588 11,507 51,302 15,321 12,755 2,696 82,074 23,004 51,395 74,399 156,474 11,054 1,638 21,443 936 3,864 1,575 12,402 52,913 14,702 13,777 2,725 84,118 22,856 50,514 73,370 10,782 1,884 21,448 899 3,508 1,524 12,134 52,179 15,195 14,148 2,839 84,361 21,886 51,184 73,070 9,581 1,012,215 1,027,783 1,035,203 1,056,479 1,077,862 18,671 1,677,175 1,708,743 1,740,529 1,775,235 1,809,823 157,488 157,431 4,583 4,939 4,962 4,586 5,609 233,354 237,262 230,396 244,691 245,654 52,629 53,922 52,473 51,911 53,497 (percent of total assets) (percent of total assets) (percent of total assets) 7.6 27.9 19.0 57.2 37.8 10.7 32.0 24.4 58.1 41.9 8.5 26.9 19.2 57.4 37.2 9.3 30.5 23.5 55.7 44.3 9.2 25.2 20.3 58.0 36.1 10.7 30.9 21.4 54.6 45.4 8.0 27.1 18.8 57.0 36.2 10.9 32.4 20.1 54.9 45.1 9.1 27.1 20.5 60.2 34.0 9.2 30.2 19.5 51.3 48.7 7.3 15.4 15.0 42.3 24.7 5.7 28.4 16.2 60.4 39.6 7.6 15.3 14.8 42.3 24.7 5.5 28.5 16.1 60.1 39.9 8.1 14.7 14.4 41.7 24.7 5.1 28.4 15.8 59.5 40.5 7.9 14.8 14.6 42.0 24.5 5.1 28.2 16.0 59.5 40.5 7.8 15.1 14.5 41.9 24.3 5.3 28.4 16.0 59.6 40.4 10.8 26.1 25.6 66.3 27.7 11.3 32.5 18.9 53.2 46.8 11.5 26.2 25.1 66.7 27.5 11.5 32.8 17.8 52.3 47.7 11.4 25.5 25.5 66.3 28.0 11.7 32.8 18.0 52.5 47.5 11.1 25.8 25.4 66.6 28.0 11.5 33.6 18.0 53.4 46.6 10.7 27.0 25.5 67.1 27.5 11.2 33.1 18.7 53.6 46.4 30 TABLE 8.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 32 AND 33 Stone, Clay, and Glass Products Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,474 772 15,649 2,054 (302) 1,752 505 1,247 181 1,066 5,112 (158) 6,020 19,419 795 16,180 2,443 (416) 2,028 514 1,513 317 1,196 6,943 (12) 8,128 18,155 804 15,661 1,690 (752) 938 306 632 298 334 7,185 (764) 6,755 15,141 792 13,485 864 (1,361) (497) 269 (766) 231 (997) 6,288 164 5,455 18,369 825 15,424 2,121 (220) 1,901 545 1,356 484 872 5,769 (134) 6,507 4Q 1996 1Q 19971 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 4.2 84.7 11.1 (1.6) 9.5 2.7 6.7 100.0 4.1 83.3 12.6 (2.1) 10.4 2.6 7.8 (percent) 100.0 4.4 86.3 9.3 (4.1) 5.2 1.7 3.5 100.0 5.2 89.1 5.7 (9.0) (3.3) 1.8 (5.1) 100.0 4.5 84.0 11.5 (1.2) 10.3 3.0 7.4 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 31.39 22.34 10.59 7.54 33.58 25.06 11.91 8.89 16.31 10.99 5.73 3.86 (8.81) (13.58) (3.01) (4.64) 31.48 22.45 11.35 8.09 1.42 0.15 1.01 1.50 0.19 1.07 1.46 0.21 1.05 1.54 0.19 0.98 1.60 0.17 1.08 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 31 Stone, Clay, and Glass Products Assets Under $25 Million 2Q 1996 3Q 1996 4Q 1996 1Q 19971 2Q 1997 2Q 1996 Primary Metal Industries 3Q 1996 4Q 19961 1Q 19971 2Q 1997 2Q 1996 Primary Metal Industries Assets Under $25 Million 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 5,560 160 4,983 417 60 477 69 408 101 307 2,751 (60) 2,998 5,261 156 4,528 577 9 586 73 513 159 354 3,986 53 4,393 4,799 159 4,386 253 (42) 211 59 152 114 38 3,185 10 3,234 4,065 144 3,927 (6) (16) (21) 28 (49) 49 (98) 2,935 (57) 2,780 5,181 146 4,657 379 (16) 362 57 305 194 111 2,988 27 3,127 38,149 1,339 34,219 2,591 (79) 2,512 732 1,780 480 1,300 20,707 (247) 21,760 (million dollars) 36,376 1,365 32,919 2,093 (60) 2,032 607 1,425 484 941 20,939 (60) 21,820 36,016 1,348 32,778 1,891 (571) 1,320 503 817 385 432 21,711 50 22,193 36,463 1,386 32,710 2,367 (38) 2,329 644 1,685 436 1,248 22,545 (369) 23,424 39,525 1,421 35,250 2,853 39 2,892 774 2,118 578 1,541 22,834 (401) 23,974 4,228 100 3,800 328 (38) 290 74 216 52 163 2,663 (10) 2,817 (million dollars) 3,574 93 3,240 241 (18) 223 46 177 25 152 2,717 (15) 2,854 3,960 109 3,643 208 (35) 173 58 115 55 59 3,020 10 3,090 3,581 86 3,149 345 8 354 58 296 58 238 2,935 (78) 3,095 4,228 99 3,834 296 (23) 273 45 229 83 146 2,965 (53) 3,058 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.9 89.6 7.5 1.1 8.6 1.2 7.3 100.0 3.0 86.1 11.0 0.2 11.1 1.4 9.8 100.0 3.3 91.4 5.3 (0.9) 4.4 1.2 3.2 100.0 3.5 96.6 (0.1) (0.4) (0.5) 0.7 (1.2) 100.0 2.8 89.9 7.3 (0.3) 7.0 1.1 5.9 100.0 3.5 89.7 6.8 (0.2) 6.6 1.9 4.7 100.0 3.8 90.5 5.8 (0.2) 5.6 1.7 3.9 (percent) 100.0 3.7 91.0 5.2 (1.6) 3.7 1.4 2.3 100.0 3.8 89.7 6.5 (0.1) 6.4 1.8 4.6 100.0 3.6 89.2 7.2 0.1 7.3 2.0 5.4 100.0 2.4 89.9 7.7 (0.9) 6.9 1.7 5.1 100.0 2.6 90.7 6.7 (0.5) 6.2 1.3 4.9 (percent) 100.0 2.8 92.0 5.2 (0.9) 4.4 1.5 2.9 100.0 2.4 88.0 9.6 0.2 9.9 1.6 8.3 100.0 2.3 90.7 7.0 (0.5) 6.5 1.1 5.4 (percent) 45.41 38.81 19.34 16.53 47.69 41.78 24.16 21.17 18.88 13.63 8.74 6.31 (2.02) (4.67) (0.88) (2.03) 31.49 26.52 15.29 12.87 21.26 15.07 7.92 5.61 16.82 11.80 6.39 4.48 10.68 6.61 4.04 2.50 18.48 13.37 7.05 5.10 22.59 16.55 8.66 6.34 37.72 28.09 15.41 11.48 27.67 21.94 13.31 10.55 19.28 12.77 8.79 5.82 38.98 32.60 20.28 16.96 29.50 24.69 14.49 12.13 1.56 0.24 1.62 2.08 0.42 1.84 1.83 0.36 1.59 1.77 0.39 1.38 2.04 0.39 1.72 1.75 0.22 1.45 1.73 0.23 1.51 1.64 0.23 1.48 1.67 0.21 1.48 1.71 0.22 1.52 2.01 0.30 1.08 1.80 0.23 1.58 1.82 0.23 1.49 2.08 0.35 1.95 2.05 0.29 1.84 32 TABLE 8.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 32 AND 33 Stone, Clay, and Glass Products Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 19972 2Q 1997 1,491 212 1,703 582 2,285 10,427 7,297 1,731 21,741 45,305 4,130 22,953 26,482 17,927 66,149 2,132 231 2,363 506 2,868 10,751 7,137 1,784 22,540 46,299 4,400 23,294 27,405 18,156 68,101 2,129 309 2,437 609 3,047 9,129 7,329 1,896 21,401 46,740 4,406 23,403 27,743 16,298 65,442 1,748 329 2,077 582 2,659 9,001 7,545 1,772 20,978 47,311 4,429 23,497 28,244 16,852 66,074 1,591 255 1,846 521 2,367 10,283 7,649 1,604 21,902 47,672 4,415 23,882 28,206 16,911 67,019 1,782 621 6,494 416 736 590 4,637 15,275 6,998 11,394 10,160 43,827 16,302 6,020 22,322 66,149 1,605 742 5,987 578 666 562 4,849 14,989 6,565 12,417 9,976 43,946 16,027 8,128 24,154 68,101 1,228 843 6,227 322 778 544 4,708 14,650 6,072 12,361 9,349 42,433 16,254 6,755 23,009 65,442 991 742 5,688 394 779 585 4,465 13,643 7,592 12,375 9,894 43,505 17,114 5,455 22,569 66,074 1,177 772 5,781 406 519 444 4,618 13,716 8,142 11,284 9,725 42,866 17,646 6,507 24,153 67,019 6,465 7,551 6,751 7,335 8,186 (percent of total assets) 3.5 15.8 11.0 32.9 40.0 5.6 23.1 27.8 66.3 33.7 4.2 15.8 10.5 33.1 40.2 5.3 22.0 27.8 64.5 35.5 4.7 14.0 11.2 32.7 42.4 5.2 22.4 28.2 64.8 35.2 4.0 13.6 11.4 31.7 42.7 4.7 20.6 30.2 65.8 34.2 3.5 15.3 11.4 32.7 42.1 4.5 20.5 28.9 64.0 36.0 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 33 Stone, Clay, and Glass Products Assets Under $25 Million 2Q 1996 3Q 1996 4Q 1996 1Q 19972 2Q 1997 2Q 1996 Primary Metal Industries1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Primary Metal Industries Assets Under $25 Million 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 578 146 724 150 873 2,821 1,774 235 5,704 8,871 460 5,721 3,609 560 9,873 792 151 943 188 1,131 2,547 1,638 279 5,596 8,787 508 5,686 3,608 500 9,704 851 163 1,014 89 1,103 2,339 1,831 343 5,617 8,410 400 5,194 3,616 420 9,654 860 193 1,053 144 1,197 2,146 1,802 321 5,465 8,823 440 5,447 3,816 462 9,742 753 172 925 154 1,079 2,601 1,718 248 5,646 8,188 455 5,308 3,334 504 9,484 2,302 503 2,805 3,277 6,082 18,937 19,393 2,994 47,406 96,780 4,348 47,657 53,471 25,942 126,819 (million dollars) 2,293 351 2,645 3,498 6,143 18,131 19,070 3,096 46,439 97,920 4,368 47,973 54,314 26,539 127,293 2,560 582 3,142 3,368 6,510 17,581 19,877 3,328 47,297 100,521 4,481 48,587 56,415 27,104 130,817 2,555 342 2,897 3,083 5,980 18,906 20,027 3,496 48,409 101,745 4,595 49,686 56,655 27,089 132,153 2,669 438 3,107 3,399 6,506 19,530 19,937 3,491 49,465 102,506 4,578 50,071 57,013 27,094 133,572 418 188 606 97 703 2,144 1,466 370 4,682 5,842 98 3,483 2,458 377 7,517 (million dollars) 352 89 441 61 502 1,819 1,158 481 3,961 5,591 89 3,363 2,317 415 6,693 474 34 508 104 612 2,112 1,677 475 4,875 6,315 112 3,713 2,714 281 7,871 518 65 583 147 730 2,010 1,277 331 4,348 5,764 139 3,591 2,312 316 6,976 512 48 560 86 646 2,134 1,398 333 4,510 6,223 128 3,656 2,695 335 7,541 405 64 2,161 59 241 58 657 3,645 1,041 778 204 5,669 1,206 2,998 4,204 9,873 394 72 1,387 106 210 107 412 2,689 904 983 213 4,789 523 4,393 4,916 9,704 518 59 1,553 43 196 96 596 3,061 915 1,029 178 5,184 1,236 3,234 4,470 9,654 300 87 1,584 29 231 167 690 3,088 969 1,321 133 5,511 1,451 2,780 4,231 9,742 322 105 1,489 51 160 88 551 2,766 1,210 795 109 4,881 1,477 3,127 4,604 9,484 1,665 1,321 11,171 662 1,147 1,986 9,090 27,041 8,200 18,169 26,149 79,559 25,500 21,760 47,260 126,819 1,166 1,302 10,897 727 1,261 2,052 9,418 26,823 8,464 17,699 25,986 78,972 26,501 21,820 48,321 127,293 1,465 1,590 11,494 702 1,205 2,628 9,767 28,850 8,541 18,020 25,986 81,397 27,227 22,193 49,420 130,817 1,797 1,284 11,214 856 1,328 2,916 9,551 28,946 8,943 17,801 26,061 81,751 26,978 23,424 50,402 132,153 1,732 1,058 12,020 624 1,031 2,790 9,687 28,942 9,329 17,810 26,292 82,373 27,225 23,974 51,199 133,572 429 167 1,046 12 226 56 398 2,334 1,119 840 151 4,445 255 2,817 3,072 7,517 272 222 876 40 317 39 435 2,200 732 460 83 3,474 364 2,854 3,219 6,693 382 198 1,195 56 333 89 426 2,679 816 592 197 4,283 498 3,090 3,587 7,871 321 64 881 21 330 93 381 2,090 633 421 203 3,347 534 3,095 3,629 6,976 260 49 1,112 11 251 94 422 2,198 846 510 283 3,837 646 3,058 3,704 7,541 2,058 2,907 2,556 2,377 2,880 20,365 19,616 18,447 19,462 20,523 2,348 1,761 2,196 2,258 2,312 (percent of total assets) (percent of total assets) (percent of total assets) 8.8 28.6 18.0 57.8 36.6 7.8 36.9 18.4 57.4 42.6 11.7 26.2 16.9 57.7 37.2 8.1 27.7 19.4 49.3 50.7 11.4 24.2 19.0 58.2 37.5 9.0 31.7 20.2 53.7 46.3 12.3 22.0 18.5 56.1 39.2 8.1 31.7 23.6 56.6 43.4 11.4 27.4 18.1 59.5 35.2 7.1 29.2 21.2 51.5 48.5 4.8 14.9 15.3 37.4 42.2 4.8 21.3 20.8 62.7 37.3 4.8 14.2 15.0 36.5 42.7 4.5 21.1 20.5 62.0 38.0 5.0 13.4 15.2 36.2 43.1 5.2 22.1 20.3 62.2 37.8 4.5 14.3 15.2 36.6 42.9 5.6 21.9 20.3 61.9 38.1 4.9 14.6 14.9 37.0 42.7 5.0 21.7 20.3 61.7 38.3 9.3 28.5 19.5 62.3 32.7 11.6 31.1 26.1 59.1 40.9 7.5 27.2 17.3 59.2 34.6 12.7 32.9 17.8 51.9 48.1 7.8 26.8 21.3 61.9 34.5 12.7 34.0 17.9 54.4 45.6 10.5 28.8 18.3 62.3 33.1 11.5 30.0 15.1 48.0 52.0 8.6 28.3 18.5 59.8 35.7 8.6 29.2 18.0 50.9 49.1 34 TABLE 9.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 331, 2, 9, AND 333−6 Iron and Steel1 Item 2Q 1996 3Q 1996 4Q 19962 1Q 1997 2Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,016 674 16,265 1,076 (113) 963 297 666 205 460 4,656 (20) 5,097 17,740 679 16,124 937 (44) 893 294 599 219 379 4,955 (10) 5,324 17,562 678 16,076 808 (587) 221 113 108 155 (47) 5,413 (2) 5,364 18,308 701 16,604 1,003 (187) 816 252 565 168 397 6,157 (132) 6,422 19,806 716 17,785 1,306 (39) 1,266 363 903 300 603 6,059 (4) 6,659 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.7 90.3 6.0 (0.6) 5.3 1.6 3.7 100.0 3.8 90.9 5.3 (0.2) 5.0 1.7 3.4 (percent) 100.0 3.9 91.5 4.6 (3.3) 1.3 0.6 0.6 100.0 3.8 90.7 5.5 (1.0) 4.5 1.4 3.1 100.0 3.6 89.8 6.6 (0.2) 6.4 1.8 4.6 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included 2 19.12 13.22 6.47 4.48 17.12 11.48 5.81 3.90 4.02 1.97 1.39 0.68 14.39 9.96 5.03 3.48 22.06 15.74 7.71 5.50 1.95 0.34 1.41 1.93 0.31 1.42 1.86 0.28 1.44 1.86 0.27 1.41 1.87 0.27 1.45 in Primary Metal Industries. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 35 Iron and Steel Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Nonferrous Metals1 3Q 1996 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Nonferrous Metals Assets Under $25 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 1,409 43 1,245 121 (10) 112 31 80 24 56 1,101 1 1,159 1,032 34 927 71 (3) 68 18 50 9 41 1,020 5 1,067 1,294 36 1,174 85 (25) 60 17 43 17 26 1,131 0 1,158 1,178 29 1,015 135 4 139 23 115 20 95 1,349 (94) 1,351 1,455 34 1,291 130 (5) 124 19 106 41 64 1,357 (11) 1,410 20,133 665 17,953 1,515 35 1,549 435 1,114 275 839 16,051 (227) 16,663 (million dollars) 18,636 685 16,795 1,156 (17) 1,139 313 826 265 562 15,984 (50) 16,496 18,455 670 16,702 1,083 16 1,099 391 708 230 479 16,298 52 16,829 18,155 685 16,106 1,364 149 1,512 392 1,120 269 852 16,388 (238) 17,002 19,718 705 17,465 1,548 78 1,626 411 1,215 278 937 16,775 (397) 17,315 2,819 58 2,555 206 (28) 178 43 135 28 107 1,562 (11) 1,658 (million dollars) 2,542 59 2,313 170 (15) 155 28 127 16 111 1,697 (20) 1,788 2,666 74 2,470 123 (9) 113 41 72 39 33 1,889 10 1,932 2,402 57 2,134 211 4 215 34 181 39 142 1,586 15 1,744 2,773 65 2,542 166 (17) 149 26 123 41 81 1,609 (42) 1,648 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 3.0 88.4 8.6 (0.7) 7.9 2.2 5.7 100.0 3.3 89.8 6.9 (0.3) 6.5 1.7 4.8 100.0 2.8 90.7 6.6 (1.9) 4.6 1.3 3.3 100.0 2.5 86.1 11.4 0.3 11.8 2.0 9.8 100.0 2.3 88.8 8.9 (0.4) 8.6 1.3 7.3 100.0 3.3 89.2 7.5 0.2 7.7 2.2 5.5 100.0 3.7 90.1 6.2 (0.1) 6.1 1.7 4.4 (percent) 100.0 3.6 90.5 5.9 0.1 6.0 2.1 3.8 100.0 3.8 88.7 7.5 0.8 8.3 2.2 6.2 100.0 3.6 88.6 7.8 0.4 8.2 2.1 6.2 100.0 2.0 90.6 7.3 (1.0) 6.3 1.5 4.8 100.0 2.3 91.0 6.7 (0.6) 6.1 1.1 5.0 (percent) 100.0 2.8 92.6 4.6 (0.4) 4.2 1.5 2.7 100.0 2.4 88.8 8.8 0.2 9.0 1.4 7.5 100.0 2.4 91.7 6.0 (0.6) 5.4 0.9 4.4 (percent) 35.05 25.26 14.82 10.68 21.94 16.15 11.76 8.65 17.44 12.39 8.56 6.08 38.01 31.57 22.76 18.90 32.73 27.83 17.87 15.20 22.85 16.44 9.21 6.62 16.60 12.04 6.92 5.02 16.03 10.33 6.53 4.21 21.82 16.16 9.00 6.66 23.03 17.21 9.58 7.16 39.61 30.10 15.81 12.01 31.23 25.53 14.12 11.54 20.43 13.01 8.92 5.68 39.64 33.30 18.95 15.92 27.25 22.50 12.51 10.33 2.53 0.68 1.06 2.37 0.45 1.86 2.02 0.31 1.66 2.46 0.51 2.58 2.20 0.31 2.12 1.59 0.13 1.49 1.55 0.15 1.59 1.45 0.18 1.51 1.50 0.15 1.54 1.56 0.18 1.58 1.77 0.13 1.10 1.62 0.16 1.44 1.73 0.19 1.40 1.92 0.28 1.67 1.98 0.29 1.69 36 TABLE 9.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 331, 2, 9, AND 333−6 Iron and Steel1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included in Primary 2 Prior quarters’ data 3 2Q 1996 3Q 1996 4Q 19963 1Q 19973 2Q 1997 (million dollars) 1,413 164 1,576 2,522 4,098 8,228 10,415 973 23,714 48,511 1,210 22,261 27,460 8,330 59,504 1,393 65 1,458 2,516 3,974 8,509 10,829 1,140 24,452 49,317 1,228 22,688 27,857 9,131 61,440 1,165 38 1,203 2,535 3,738 8,144 11,561 1,124 24,566 51,244 1,287 23,138 29,393 9,557 63,517 1,171 24 1,194 2,530 3,724 8,747 11,649 1,266 25,387 52,630 1,290 24,160 29,759 9,773 64,919 1,215 38 1,253 2,528 3,781 9,139 11,716 1,381 26,017 52,796 1,260 24,324 29,733 9,929 65,678 545 241 5,924 298 316 364 4,485 12,172 5,130 7,682 14,381 39,365 15,043 5,097 20,139 59,504 600 284 5,885 339 323 443 4,769 12,643 5,252 7,799 14,878 40,572 15,543 5,324 20,867 61,440 737 534 6,123 305 383 261 4,830 13,174 5,579 7,799 14,961 41,513 16,640 5,364 22,003 63,517 937 759 5,833 393 564 402 4,732 13,620 5,860 7,540 15,219 42,239 16,257 6,422 22,680 64,919 882 567 6,363 284 411 428 4,994 13,928 5,730 7,867 15,189 42,715 16,305 6,659 22,964 65,678 11,542 11,809 11,393 11,767 12,088 (percent of total assets) 6.9 13.8 17.5 39.9 46.1 2.4 20.5 21.5 66.2 33.8 6.5 13.8 17.6 39.8 45.3 2.7 20.6 21.2 66.0 34.0 5.9 12.8 18.2 38.7 46.3 3.0 20.7 21.1 65.4 34.6 5.7 13.5 17.9 39.1 45.8 4.1 21.0 20.6 65.1 34.9 5.8 13.9 17.8 39.6 45.3 3.5 21.2 20.7 65.0 35.0 Metal Industries. are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 37 Iron and Steel Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Nonferrous Metals1 3Q 1996 4Q 1996 2 Nonferrous Metals Assets Under $25 Million1 1Q 1997 2Q 1997 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 301 101 402 82 484 730 512 89 1,814 2,645 49 1,574 1,120 76 3,010 181 39 220 23 243 556 372 94 1,265 2,151 30 1,218 963 71 2,298 198 3 201 49 250 697 587 100 1,634 2,396 58 1,363 1,091 70 2,794 185 0 185 128 314 645 423 137 1,519 2,178 40 1,357 861 54 2,434 167 3 170 60 230 752 558 114 1,654 2,453 41 1,446 1,048 83 2,785 889 339 1,228 755 1,983 10,709 8,978 2,022 23,692 48,269 3,138 25,397 26,011 17,612 67,315 (million dollars) 900 287 1,186 982 2,169 9,622 8,241 1,956 21,987 48,602 3,140 25,285 26,457 17,409 65,853 1,394 544 1,939 834 2,772 9,437 8,317 2,204 22,731 49,277 3,195 25,450 27,022 17,547 67,300 1,384 318 1,703 553 2,256 10,159 8,377 2,230 23,022 49,116 3,305 25,525 26,895 17,316 67,234 1,453 400 1,854 871 2,725 10,392 8,221 2,111 23,448 49,710 3,318 25,747 27,281 17,165 67,894 116 88 204 15 218 1,414 954 282 2,868 3,197 49 1,909 1,338 301 4,507 (million dollars) 171 49 220 39 259 1,263 786 387 2,696 3,440 59 2,145 1,355 344 4,395 276 31 307 55 362 1,415 1,090 375 3,242 3,919 55 2,350 1,623 211 5,077 332 65 397 19 416 1,366 853 194 2,829 3,585 99 2,234 1,450 262 4,542 345 45 390 26 416 1,383 839 219 2,857 3,770 87 2,210 1,647 252 4,756 85 36 374 2 76 18 125 717 484 501 35 1,737 114 1,159 1,273 3,010 46 36 265 8 62 15 102 534 199 305 29 1,067 165 1,067 1,232 2,298 76 46 400 10 103 28 147 809 282 291 41 1,423 214 1,158 1,372 2,794 67 40 276 20 92 32 89 617 173 160 27 977 106 1,351 1,458 2,434 50 40 366 7 110 43 138 753 300 175 37 1,264 110 1,410 1,520 2,785 1,120 1,080 5,247 364 831 1,623 4,605 14,869 3,070 10,488 11,768 40,194 10,457 16,663 27,121 67,315 566 1,018 5,012 388 938 1,609 4,649 14,181 3,211 9,900 11,108 38,400 10,958 16,496 27,454 65,853 727 1,056 5,370 397 822 2,367 4,937 15,676 2,961 10,221 11,025 39,883 10,588 16,829 27,417 67,300 861 525 5,381 463 765 2,513 4,819 15,327 3,082 10,261 10,842 39,512 10,720 17,002 27,722 67,234 850 492 5,657 340 620 2,362 4,693 15,013 3,599 9,943 11,102 39,658 10,921 17,315 28,236 67,894 344 130 672 10 150 38 273 1,618 635 340 116 2,708 141 1,658 1,799 4,507 226 186 611 31 254 24 333 1,666 533 155 54 2,407 200 1,788 1,987 4,395 306 153 796 46 230 61 279 1,870 534 301 156 2,861 284 1,932 2,216 5,077 254 24 604 1 238 60 292 1,473 459 261 177 2,371 428 1,744 2,171 4,542 210 9 746 4 141 51 284 1,446 546 335 246 2,573 535 1,648 2,183 4,756 1,098 731 825 902 901 8,823 7,807 7,054 7,696 8,435 1,251 1,030 1,372 1,356 1,411 (percent of total assets) (percent of total assets) (percent of total assets) 16.1 24.2 17.0 60.3 37.2 7.1 23.8 32.7 57.7 42.3 10.6 24.2 16.2 55.0 41.9 6.9 23.2 21.9 46.4 53.6 9.0 25.0 21.0 58.5 39.0 9.0 29.0 20.5 50.9 49.1 12.9 26.5 17.4 62.4 35.4 9.5 25.3 13.7 40.1 59.9 8.2 27.0 20.1 59.4 37.6 8.6 27.0 17.1 45.4 54.6 2.9 15.9 13.3 35.2 38.6 6.9 22.1 20.2 59.7 40.3 3.3 14.6 12.5 33.4 40.2 6.2 21.5 19.9 58.3 41.7 4.1 14.0 12.4 33.8 40.2 7.4 23.3 19.6 59.3 40.7 3.4 15.1 12.5 34.2 40.0 6.9 22.8 19.9 58.8 41.2 4.0 15.3 12.1 34.5 40.2 6.4 22.1 19.9 58.4 41.6 4.8 31.4 21.2 63.6 29.7 14.6 35.9 21.6 60.1 39.9 5.9 28.7 17.9 61.3 30.8 15.7 37.9 15.6 54.8 45.2 7.1 27.9 21.5 63.9 32.0 14.7 36.8 16.4 56.4 43.6 9.2 30.1 18.8 62.3 31.9 12.6 32.4 15.9 52.2 47.8 8.7 29.1 17.6 60.1 34.6 8.7 30.4 18.6 54.1 45.9 38 TABLE 10.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 34 AND 35 Fabricated Metal Products1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,224 1,172 37,479 3,574 (379) 3,194 779 2,416 861 1,555 27,638 (144) 29,049 43,656 1,209 38,493 3,955 21 3,976 826 3,150 1,074 2,076 28,497 (28) 30,545 42,065 1,232 37,990 2,842 (612) 2,230 696 1,534 864 671 30,349 1,447 32,467 42,491 1,228 37,755 3,508 (377) 3,131 763 2,368 560 1,807 31,670 (390) 33,087 45,312 1,209 39,965 4,138 (299) 3,839 903 2,936 1,026 1,910 31,641 (222) 33,329 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 2.8 88.8 8.5 (0.9) 7.6 1.8 5.7 100.0 2.8 88.2 9.1 0.0 9.1 1.9 7.2 (percent) 100.0 2.9 90.3 6.8 (1.5) 5.3 1.7 3.6 100.0 2.9 88.9 8.3 (0.9) 7.4 1.8 5.6 100.0 2.7 88.2 9.1 (0.7) 8.5 2.0 6.5 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 27.45 20.76 11.07 8.37 32.38 25.66 13.11 10.39 17.74 12.21 7.42 5.11 24.27 18.36 10.09 7.63 29.83 22.82 12.25 9.37 1.74 0.19 1.33 1.68 0.19 1.31 1.71 0.22 1.34 1.72 0.20 1.33 1.71 0.19 1.27 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 39 Fabricated Metal Products Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Machinery, Except Electrical1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Machinery, Except Electrical Assets Under $25 Million 3Q 1996 4Q 1996 1Q 19972 2Q 1997 (million dollars) 19,095 432 17,045 1,617 (114) 1,503 218 1,285 484 801 13,772 (4) 14,569 19,884 450 17,557 1,876 (201) 1,676 266 1,409 313 1,097 12,390 (95) 13,392 19,000 477 17,569 954 (160) 794 211 583 371 212 13,640 (155) 13,697 19,056 447 16,944 1,665 (108) 1,557 243 1,314 267 1,047 12,793 (165) 13,676 20,716 436 18,520 1,760 (137) 1,623 216 1,407 624 783 12,001 (67) 12,718 102,650 3,105 93,259 6,286 2,547 8,833 2,389 6,444 1,265 5,178 66,151 (287) 71,043 (million dollars) 99,787 3,244 92,021 4,522 3,409 7,930 2,141 5,790 1,225 4,565 70,601 (1,420) 73,746 107,264 3,152 99,555 4,557 4,055 8,612 2,081 6,531 1,098 5,434 75,048 (5,017) 75,464 103,617 3,342 95,356 4,919 3,643 8,562 2,982 5,580 954 4,625 76,018 (2,402) 78,241 111,670 3,388 101,219 7,063 2,672 9,735 2,372 7,363 1,567 5,796 74,441 (1,256) 78,982 18,610 507 16,593 1,510 (186) 1,324 256 1,068 287 780 12,252 (148) 12,884 (million dollars) 18,646 552 16,698 1,396 (156) 1,240 295 944 238 706 12,212 (75) 12,844 18,674 547 17,229 898 (297) 601 243 358 197 161 13,752 (142) 13,771 18,059 576 16,058 1,425 (136) 1,290 257 1,032 179 854 12,809 (366) 13,296 19,346 549 17,062 1,734 (190) 1,544 279 1,265 347 918 12,316 (104) 13,130 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.3 89.3 8.5 (0.6) 7.9 1.1 6.7 100.0 2.3 88.3 9.4 (1.0) 8.4 1.3 7.1 100.0 2.5 92.5 5.0 (0.8) 4.2 1.1 3.1 100.0 2.3 88.9 8.7 (0.6) 8.2 1.3 6.9 100.0 2.1 89.4 8.5 (0.7) 7.8 1.0 6.8 100.0 3.0 90.9 6.1 2.5 8.6 2.3 6.3 100.0 3.3 92.2 4.5 3.4 7.9 2.1 5.8 (percent) 100.0 2.9 92.8 4.2 3.8 8.0 1.9 6.1 100.0 3.2 92.0 4.7 3.5 8.3 2.9 5.4 100.0 3.0 90.6 6.3 2.4 8.7 2.1 6.6 100.0 2.7 89.2 8.1 (1.0) 7.1 1.4 5.7 100.0 3.0 89.6 7.5 (0.8) 6.6 1.6 5.1 (percent) 100.0 2.9 92.3 4.8 (1.6) 3.2 1.3 1.9 100.0 3.2 88.9 7.9 (0.8) 7.1 1.4 5.7 100.0 2.8 88.2 9.0 (1.0) 8.0 1.4 6.5 (percent) 34.81 29.76 16.90 14.44 38.96 32.76 18.21 15.31 18.54 13.61 8.94 6.56 35.27 29.77 17.28 14.59 39.55 34.29 18.15 15.74 24.33 17.75 10.38 7.57 21.74 15.87 9.34 6.82 22.30 16.91 9.76 7.40 21.85 14.24 9.46 6.17 24.72 18.70 10.61 8.02 27.98 22.56 13.07 10.54 26.35 20.07 12.36 9.41 12.78 7.62 6.07 3.62 28.29 22.64 12.61 10.10 34.04 27.89 14.93 12.23 2.08 0.34 1.66 1.97 0.30 1.55 2.09 0.35 1.59 2.14 0.35 1.68 2.07 0.29 1.46 1.58 0.23 1.89 1.55 0.25 1.94 1.55 0.29 2.09 1.58 0.29 1.97 1.56 0.29 1.95 2.00 0.31 1.58 1.98 0.35 1.60 2.04 0.36 1.60 1.85 0.31 1.44 1.86 0.32 1.45 40 TABLE 10.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 34 AND 35 Fabricated Metal Products1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 3,854 520 4,374 1,784 6,158 23,539 20,811 5,352 55,861 63,346 1,677 34,453 30,570 29,011 115,442 4,395 484 4,879 1,663 6,542 25,068 21,087 5,472 58,169 65,487 1,497 35,257 31,727 31,381 121,277 4,903 574 5,477 1,873 7,350 22,848 20,984 5,224 56,407 65,733 1,434 35,560 31,607 32,179 120,193 4,538 589 5,127 1,564 6,691 24,957 21,934 5,322 58,904 65,644 1,374 35,054 31,965 33,285 124,153 4,391 449 4,840 1,704 6,544 25,230 21,669 5,379 58,822 65,568 1,529 35,117 31,980 34,535 125,337 4,532 2,823 11,523 565 1,596 697 10,436 32,172 12,569 12,900 11,250 68,891 17,502 29,049 46,551 115,442 5,000 3,135 11,881 639 1,579 804 11,634 34,672 12,408 14,540 10,548 72,169 18,564 30,545 49,108 121,277 3,928 2,706 11,559 537 1,520 808 11,855 32,912 13,926 14,736 8,340 69,914 17,812 32,467 50,279 120,193 4,541 2,811 12,385 759 1,675 819 11,275 34,264 14,569 14,451 9,279 72,562 18,505 33,087 51,591 124,153 4,450 3,161 12,109 653 1,522 924 11,522 34,341 14,962 15,415 9,147 73,865 18,143 33,329 51,472 125,337 23,689 23,497 23,495 24,640 24,481 (percent of total assets) 5.3 20.4 18.0 48.4 26.5 8.3 27.9 22.1 59.7 40.3 5.4 20.7 17.4 48.0 26.2 8.7 28.6 22.2 59.5 40.5 6.1 19.0 17.5 46.9 26.3 7.6 27.4 23.9 58.2 41.8 5.4 20.1 17.7 47.4 25.7 8.0 27.6 23.3 58.4 41.6 5.2 20.1 17.3 46.9 25.5 8.0 27.4 24.2 58.9 41.1 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 41 Fabricated Metal Products Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Machinery, Except Electrical1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Machinery, Except Electrical Assets Under $25 Million 3Q 1996 4Q 1996 1Q 19972 2Q 1997 (million dollars) 2,443 389 2,832 925 3,757 10,029 7,966 1,253 23,006 25,528 514 15,357 10,685 1,894 35,584 2,685 309 2,994 690 3,684 10,938 8,231 1,269 24,121 26,465 421 15,922 10,964 1,733 36,818 2,872 366 3,237 687 3,924 9,942 8,019 1,335 23,220 25,994 402 15,974 10,422 1,881 35,524 3,110 326 3,436 495 3,932 10,619 8,004 1,612 24,166 24,952 381 15,234 10,099 1,780 36,045 2,557 250 2,808 530 3,337 11,145 8,100 1,488 24,071 24,846 521 15,377 9,990 1,697 35,758 8,792 4,051 12,844 11,239 24,083 66,800 53,313 18,026 162,221 142,859 3,726 82,608 63,977 114,168 340,366 (million dollars) 8,763 4,312 13,075 12,718 25,793 63,809 52,905 17,858 160,365 144,809 3,719 83,547 64,981 114,292 339,639 10,544 4,549 15,094 15,654 30,747 64,589 51,563 18,330 165,230 147,708 3,759 84,382 67,084 120,649 352,963 12,483 4,003 16,486 15,802 32,288 66,313 54,129 20,728 173,459 151,814 3,626 86,929 68,510 119,997 361,966 12,770 4,130 16,900 15,913 32,813 68,810 55,394 20,328 177,346 150,919 3,808 85,827 68,900 120,789 367,035 2,805 512 3,316 898 4,215 10,066 11,205 1,489 26,975 28,333 559 18,029 10,863 2,695 40,533 (million dollars) 2,984 722 3,706 980 4,686 10,054 10,681 1,408 26,828 29,266 498 18,939 10,825 2,476 40,129 3,221 520 3,740 928 4,668 9,951 10,182 1,400 26,202 29,478 531 19,162 10,846 2,508 39,556 3,125 405 3,530 951 4,480 10,306 10,600 1,795 27,182 30,724 416 19,837 11,304 2,408 40,893 3,477 512 3,989 886 4,876 10,618 10,839 1,693 28,026 29,299 477 18,814 10,962 2,383 41,372 2,255 401 5,007 198 826 261 2,090 11,038 3,804 2,865 604 18,311 2,704 14,569 17,272 35,584 2,706 503 5,317 239 822 318 2,354 12,259 3,520 3,230 603 19,612 3,814 13,392 17,206 36,818 2,417 407 4,835 193 734 361 2,179 11,126 3,644 3,188 441 18,398 3,428 13,697 17,125 35,524 2,404 442 4,999 185 849 291 2,129 11,298 3,326 3,204 558 18,385 3,984 13,676 17,660 36,045 2,447 535 5,113 156 747 334 2,310 11,642 3,655 3,555 492 19,344 3,696 12,718 16,414 35,758 8,200 9,372 34,583 2,952 2,110 2,871 42,770 102,858 17,887 36,365 38,027 195,137 74,186 71,043 145,229 340,366 8,685 8,595 33,746 3,191 2,165 2,909 43,995 103,287 17,543 35,294 37,609 193,733 72,160 73,746 145,906 339,639 7,778 7,012 36,274 4,139 2,194 3,146 45,826 106,369 16,914 36,906 38,283 198,473 79,026 75,464 154,490 352,963 10,349 5,398 36,708 4,774 2,451 4,157 46,280 110,117 18,046 39,284 37,791 205,238 78,486 78,241 156,728 361,966 11,371 5,524 39,020 4,675 2,799 3,803 46,578 113,770 17,751 39,708 38,304 209,533 78,520 78,982 157,502 367,035 2,716 491 4,715 250 1,046 459 3,785 13,462 3,941 3,315 885 21,603 6,045 12,884 18,929 40,533 2,871 453 4,775 257 1,095 377 3,730 13,559 3,976 2,974 805 21,314 5,972 12,844 18,816 40,129 2,644 370 4,630 259 1,038 406 3,501 12,849 3,984 3,306 621 20,759 5,026 13,771 18,797 39,556 3,321 436 4,861 310 1,150 429 4,155 14,662 3,817 3,541 636 22,657 4,940 13,296 18,236 40,893 3,152 437 5,203 319 1,082 467 4,432 15,092 3,742 3,605 785 23,224 5,018 13,130 18,148 41,372 11,967 11,862 12,094 12,868 12,429 59,363 57,078 58,861 63,342 63,576 13,513 13,269 13,353 12,519 12,934 (percent of total assets) (percent of total assets) (percent of total assets) 10.6 28.2 22.4 64.7 30.0 10.4 31.0 18.8 51.5 48.5 10.0 29.7 22.4 65.5 29.8 11.8 33.3 18.4 53.3 46.7 11.0 28.0 22.6 65.4 29.3 11.0 31.3 19.3 51.8 48.2 10.9 29.5 22.2 67.0 28.0 11.1 31.3 18.1 51.0 49.0 9.3 31.2 22.7 67.3 27.9 11.3 32.6 20.1 54.1 45.9 7.1 19.6 15.7 47.7 18.8 6.6 30.2 16.0 57.3 42.7 7.6 18.8 15.6 47.2 19.1 6.6 30.4 15.6 57.0 43.0 8.7 18.3 14.6 46.8 19.0 5.7 30.1 15.3 56.2 43.8 8.9 18.3 15.0 47.9 18.9 6.2 30.4 15.9 56.7 43.3 8.9 18.7 15.1 48.3 18.8 6.4 31.0 15.6 57.1 42.9 10.4 24.8 27.6 66.6 26.8 11.6 33.2 17.9 53.3 46.7 11.7 25.1 26.6 66.9 27.0 11.9 33.8 17.3 53.1 46.9 11.8 25.2 25.7 66.2 27.4 11.2 32.5 18.5 52.5 47.5 11.0 25.2 25.9 66.5 27.6 13.0 35.9 18.0 55.4 44.6 11.8 25.7 26.2 67.7 26.5 12.4 36.5 17.7 56.1 43.9 42 TABLE 11.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 36 AND 37 Electrical and Electronic Equipment1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,765 3,705 81,900 8,160 1,114 9,274 2,785 6,489 1,874 4,615 99,604 (574) 103,645 94,797 3,809 83,668 7,320 1,610 8,930 2,850 6,080 1,973 4,107 102,115 (441) 105,781 106,791 4,130 92,480 10,181 536 10,717 3,110 7,607 1,943 5,664 109,985 (302) 115,347 98,567 4,101 84,938 9,528 1,980 11,508 3,592 7,916 1,744 6,172 118,199 (2,514) 121,857 105,410 4,255 90,962 10,193 2,052 12,245 3,577 8,669 2,002 6,666 119,677 (1,661) 124,683 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 4.0 87.3 8.7 1.2 9.9 3.0 6.9 100.0 4.0 88.3 7.7 1.7 9.4 3.0 6.4 (percent) 100.0 3.9 86.6 9.5 0.5 10.0 2.9 7.1 100.0 4.2 86.2 9.7 2.0 11.7 3.6 8.0 100.0 4.0 86.3 9.7 1.9 11.6 3.4 8.2 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 22.30 15.60 10.76 7.53 20.89 14.22 10.02 6.82 23.17 16.45 11.44 8.12 23.98 16.49 11.95 8.22 25.35 17.94 12.53 8.87 1.52 0.25 2.41 1.54 0.26 2.37 1.54 0.31 2.63 1.57 0.32 2.69 1.55 0.30 2.67 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 43 Electrical and Electronic Equipment Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Transportation Equipment 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Transportation Equipment Assets Under $25 Million 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 9,846 188 8,858 800 (82) 718 175 543 237 306 4,257 (27) 4,537 8,950 185 8,122 643 (76) 567 156 411 228 183 4,074 11 4,268 9,965 207 9,135 622 (89) 533 156 377 208 169 4,449 (77) 4,541 9,380 195 8,517 669 (44) 625 100 525 132 393 5,019 (65) 5,347 9,153 195 8,254 705 (4) 701 122 579 270 309 4,363 (68) 4,604 128,263 4,450 115,289 8,524 2,736 11,260 3,036 8,225 6,690 1,534 73,167 (919) 73,781 (million dollars) 119,492 4,451 109,830 5,211 2,265 7,476 1,970 5,506 1,830 3,676 74,142 (194) 77,624 125,524 4,565 117,298 3,661 2,222 5,882 1,042 4,841 2,157 2,684 72,978 (376) 75,286 122,517 4,426 111,758 6,332 2,817 9,150 2,226 6,924 2,039 4,885 76,211 (1,352) 79,744 132,706 4,452 120,900 7,354 4,378 11,732 2,935 8,797 2,204 6,593 78,039 (2,428) 82,204 3,808 77 3,539 193 (29) 164 46 118 92 27 733 (55) 704 (million dollars) 4,000 78 3,711 212 (11) 201 45 156 46 110 1,675 2 1,786 3,978 84 3,877 17 (16) 1 17 (16) 25 (41) 1,555 58 1,572 4,261 86 3,904 272 (49) 223 51 172 90 82 2,298 (41) 2,339 4,804 80 4,197 527 (21) 506 60 446 86 360 2,210 (18) 2,552 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 1.9 90.0 8.1 (0.8) 7.3 1.8 5.5 100.0 2.1 90.7 7.2 (0.8) 6.3 1.7 4.6 100.0 2.1 91.7 6.2 (0.9) 5.3 1.6 3.8 100.0 2.1 90.8 7.1 (0.5) 6.7 1.1 5.6 100.0 2.1 90.2 7.7 0.0 7.7 1.3 6.3 100.0 3.5 89.9 6.6 2.1 8.8 2.4 6.4 100.0 3.7 91.9 4.4 1.9 6.3 1.6 4.6 (percent) 100.0 3.6 93.4 2.9 1.8 4.7 0.8 3.9 100.0 3.6 91.2 5.2 2.3 7.5 1.8 5.7 100.0 3.4 91.1 5.5 3.3 8.8 2.2 6.6 100.0 2.0 92.9 5.1 (0.8) 4.3 1.2 3.1 100.0 1.9 92.8 5.3 (0.3) 5.0 1.1 3.9 (percent) 100.0 2.1 97.5 0.4 (0.4) 0.0 0.4 (0.4) 100.0 2.0 91.6 6.4 (1.2) 5.2 1.2 4.0 100.0 1.7 87.4 11.0 (0.4) 10.5 1.2 9.3 (percent) 32.51 24.59 15.63 11.82 26.34 19.10 12.42 9.00 24.89 17.60 11.73 8.29 28.89 24.28 13.65 11.47 33.82 27.94 16.64 13.75 34.71 25.35 9.94 7.26 22.49 16.56 6.45 4.75 17.90 14.73 5.11 4.21 28.00 21.19 7.92 5.99 34.49 25.86 9.87 7.40 37.36 26.96 10.16 7.33 27.72 21.46 10.96 8.49 0.11 (2.32) 0.04 (0.87) 28.22 21.77 11.71 9.04 65.09 57.36 27.41 24.16 2.25 0.41 1.73 2.21 0.44 1.64 2.09 0.39 1.79 2.15 0.41 1.72 2.14 0.40 1.95 1.17 0.28 1.82 1.17 0.29 1.82 1.14 0.28 1.95 1.13 0.26 2.02 1.12 0.26 2.01 1.60 0.22 0.60 1.58 0.22 1.26 1.65 0.22 1.09 1.70 0.22 1.49 1.80 0.34 1.44 44 TABLE 11.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 36 AND 37 Electrical and Electronic Equipment1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 12,253 2,853 15,106 9,893 25,000 54,627 51,765 18,945 150,337 155,144 3,390 81,457 77,077 117,197 344,611 12,224 4,010 16,234 10,536 26,770 57,156 52,623 19,132 155,681 160,286 3,665 84,563 79,387 121,520 356,588 14,577 5,324 19,902 13,474 33,376 59,257 51,342 19,273 163,248 168,642 3,570 88,468 83,744 127,736 374,728 16,104 4,727 20,831 13,143 33,973 60,005 52,980 20,311 167,268 173,739 3,639 91,489 85,888 131,980 385,137 13,704 5,113 18,817 13,768 32,585 62,143 53,152 19,649 167,529 176,535 3,745 93,607 86,673 136,583 390,785 4,500 17,230 26,514 3,877 1,149 2,129 43,390 98,789 11,884 32,234 35,354 178,261 62,705 103,645 166,350 344,611 6,116 14,635 27,370 4,317 1,276 2,005 45,382 101,103 12,635 35,498 36,379 185,615 65,192 105,781 170,973 356,588 6,253 13,431 28,411 5,775 1,373 2,463 48,511 106,216 12,345 34,411 36,726 189,698 69,683 115,347 185,031 374,728 6,652 14,223 28,809 6,237 1,347 2,073 47,250 106,591 13,266 33,935 39,368 193,160 70,120 121,857 191,977 385,137 5,772 15,566 29,089 5,052 1,318 1,353 49,657 107,807 14,062 34,220 41,461 197,550 68,552 124,683 193,235 390,785 51,547 54,579 57,032 60,677 59,722 (percent of total assets) 7.3 15.9 15.0 43.6 22.4 7.2 28.7 12.8 51.7 48.3 7.5 16.0 14.8 43.7 22.3 6.8 28.4 13.5 52.1 47.9 8.9 15.8 13.7 43.6 22.3 6.4 28.3 12.5 50.6 49.4 8.8 15.6 13.8 43.4 22.3 6.2 27.7 12.2 50.2 49.8 8.3 15.9 13.6 42.9 22.2 6.1 27.6 12.4 50.6 49.4 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 45 Electrical and Electronic Equipment Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Transportation Equipment1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Transportation Equipment Assets Under $25 Million 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 1,450 217 1,667 815 2,482 5,135 5,308 682 13,606 9,424 207 6,018 3,613 1,152 18,371 1,468 171 1,639 1,068 2,706 4,961 5,289 597 13,554 9,361 220 6,100 3,482 1,217 18,252 1,613 109 1,722 760 2,481 4,913 5,280 601 13,275 9,974 176 6,329 3,821 1,068 18,164 1,544 195 1,739 869 2,608 5,075 5,267 575 13,526 10,047 168 6,309 3,906 888 18,320 1,417 142 1,560 752 2,312 4,744 4,875 523 12,454 9,535 148 6,278 3,405 990 16,850 3,626 7,510 11,136 28,671 39,807 44,829 61,905 19,691 166,231 221,706 3,520 116,285 108,942 177,955 453,128 (million dollars) 3,894 9,049 12,943 29,451 42,394 46,578 63,499 19,873 172,345 221,841 3,535 115,099 110,277 181,035 463,657 4,576 4,696 9,272 32,225 41,497 43,913 61,818 18,278 165,506 212,174 3,417 107,890 107,700 187,098 460,305 3,590 3,755 7,346 30,865 38,210 44,979 64,533 18,516 166,238 211,822 3,437 109,203 106,055 189,940 462,233 4,566 6,802 11,368 28,415 39,783 45,868 65,988 19,513 171,152 214,205 3,355 108,453 109,107 195,347 475,605 332 83 414 144 558 1,426 1,878 238 4,100 4,269 122 2,322 2,070 280 6,450 (million dollars) 377 84 461 192 653 1,571 2,122 279 4,626 4,179 136 2,247 2,068 634 7,328 360 92 452 189 642 1,490 2,375 286 4,792 4,155 132 2,324 1,964 564 7,320 385 98 483 185 668 1,653 2,506 282 5,109 4,265 175 2,448 1,992 504 7,605 672 83 755 196 951 1,771 2,048 278 5,049 3,983 126 2,084 2,024 305 7,379 1,263 122 2,431 158 333 211 1,522 6,040 1,513 1,648 340 9,541 4,294 4,537 8,830 18,371 1,225 247 2,451 154 332 200 1,533 6,142 1,577 1,669 260 9,647 4,337 4,268 8,605 18,252 1,227 215 2,638 236 302 212 1,522 6,352 1,388 1,427 439 9,606 4,017 4,541 8,558 18,164 1,249 135 2,830 170 272 213 1,425 6,294 1,372 1,786 212 9,665 3,308 5,347 8,656 18,320 1,124 164 2,586 172 363 133 1,284 5,826 1,312 1,157 264 8,559 3,686 4,604 8,291 16,850 2,665 5,205 44,135 1,532 1,616 2,023 84,938 142,114 10,331 49,344 121,563 323,353 55,994 73,781 129,776 453,128 3,509 5,420 42,676 1,710 1,406 2,056 90,437 147,213 9,682 50,902 122,893 330,690 55,343 77,624 132,966 463,657 2,561 4,134 44,344 2,323 1,447 1,380 89,624 145,814 9,919 47,866 125,256 328,855 56,164 75,286 131,450 460,305 2,788 2,844 44,493 5,278 998 1,817 89,015 147,233 9,589 46,766 127,939 331,527 50,962 79,744 130,706 462,233 3,248 3,053 44,565 4,328 885 3,096 94,204 153,379 11,575 45,800 128,801 339,555 53,846 82,204 136,050 475,605 622 159 980 29 117 34 628 2,569 642 1,356 129 4,697 1,049 704 1,753 6,450 450 364 1,325 72 61 97 554 2,923 364 964 178 4,430 1,112 1,786 2,898 7,328 740 129 1,144 44 80 72 705 2,913 851 635 190 4,589 1,159 1,572 2,731 7,320 504 118 1,251 82 165 79 805 3,004 666 586 192 4,448 818 2,339 3,157 7,605 571 173 1,077 54 103 86 741 2,805 508 713 245 4,271 555 2,552 3,107 7,379 7,566 7,412 6,923 7,232 6,628 24,117 25,132 19,692 19,005 17,773 1,531 1,703 1,879 2,105 2,244 (percent of total assets) (percent of total assets) (percent of total assets) 13.5 27.9 28.9 74.1 19.7 10.6 32.9 17.2 51.9 48.1 14.8 27.2 29.0 74.3 19.1 11.0 33.6 17.7 52.9 47.1 13.7 27.0 29.1 73.1 21.0 10.9 35.0 15.5 52.9 47.1 14.2 27.7 28.8 73.8 21.3 10.2 34.4 17.3 52.8 47.2 13.7 28.2 28.9 73.9 20.2 10.7 34.6 14.7 50.8 49.2 8.8 9.9 13.7 36.7 24.0 2.5 31.4 13.2 71.4 28.6 9.1 10.0 13.7 37.2 23.8 2.7 31.8 13.1 71.3 28.7 9.0 9.5 13.4 36.0 23.4 2.1 31.7 12.6 71.4 28.6 8.3 9.7 14.0 36.0 22.9 1.8 31.9 12.2 71.7 28.3 8.4 9.6 13.9 36.0 22.9 2.2 32.2 12.0 71.4 28.6 8.7 22.1 29.1 63.6 32.1 14.4 39.8 30.9 72.8 27.2 8.9 21.4 29.0 63.1 28.2 13.2 39.9 18.2 60.5 39.5 8.8 20.4 32.4 65.5 26.8 14.0 39.8 20.3 62.7 37.3 8.8 21.7 32.9 67.2 26.2 11.3 39.5 16.5 58.5 41.5 12.9 24.0 27.8 68.4 27.4 12.6 38.0 16.6 57.9 42.1 46 TABLE 12.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 371 AND 372, 6 Motor Vehicles and Equipment1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,124 3,078 78,300 4,746 2,753 7,499 1,875 5,624 5,782 (158) 36,998 (429) 36,411 78,210 3,078 73,337 1,794 2,486 4,280 958 3,322 1,273 2,049 36,396 (118) 38,328 83,936 3,288 79,571 1,078 2,236 3,313 293 3,020 1,470 1,550 37,781 (262) 39,069 83,971 3,272 77,502 3,196 2,915 6,111 1,272 4,839 1,544 3,295 39,742 (1,154) 41,883 89,282 3,253 82,417 3,612 4,367 7,978 1,869 6,110 1,424 4,686 39,921 (750) 43,857 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.6 90.9 5.5 3.2 8.7 2.2 6.5 100.0 3.9 93.8 2.3 3.2 5.5 1.2 4.2 (percent) 100.0 3.9 94.8 1.3 2.7 3.9 0.3 3.6 100.0 3.9 92.3 3.8 3.5 7.3 1.5 5.8 100.0 3.6 92.3 4.0 4.9 8.9 2.1 6.8 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 39.58 29.68 11.03 8.27 21.99 17.07 6.14 4.77 16.51 15.05 4.60 4.19 30.31 24.00 8.32 6.59 37.99 29.09 10.53 8.06 1.07 0.37 2.68 1.10 0.38 2.61 1.01 0.36 2.83 0.99 0.32 2.74 0.96 0.32 2.66 Included in Transportation Equipment. 47 Motor Vehicles and Equipment Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Aircraft, Guided Missiles, and Parts1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Aircraft, Guided Missiles, and Parts Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 2,091 37 1,960 93 (15) 78 25 53 27 27 426 (15) 437 2,159 41 1,997 121 (1) 120 31 89 36 53 985 (1) 1,037 1,915 37 1,896 (18) (22) (40) 15 (55) 12 (67) 493 34 460 2,160 40 2,003 116 (6) 111 33 78 33 45 1,002 (4) 1,043 2,395 40 2,122 233 (21) 212 32 180 41 139 858 (1) 996 33,194 1,087 29,077 3,030 (41) 2,989 881 2,108 717 1,391 30,963 (438) 31,916 (million dollars) 32,447 1,066 28,629 2,752 (138) 2,614 808 1,806 411 1,395 32,045 (100) 33,340 32,758 987 29,573 2,198 120 2,317 603 1,714 539 1,175 28,980 (331) 29,824 31,695 955 28,149 2,591 (1) 2,590 790 1,799 390 1,409 29,973 (138) 31,244 35,525 985 31,568 2,972 51 3,023 845 2,177 669 1,508 31,290 (1,833) 30,966 545 16 487 43 (3) 40 8 32 11 21 300 (4) 317 (million dollars) 604 16 528 60 (1) 59 7 52 0 52 514 1 567 701 21 667 14 1 14 (2) 16 8 7 584 4 595 814 19 701 94 4 98 9 88 21 67 684 (10) 741 783 13 631 139 (2) 137 11 125 16 109 716 7 832 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 1.8 93.8 4.5 (0.7) 3.7 1.2 2.5 100.0 1.9 92.5 5.6 0.0 5.6 1.4 4.1 100.0 1.9 99.0 (0.9) (1.2) (2.1) 0.8 (2.9) 100.0 1.9 92.7 5.4 (0.3) 5.1 1.5 3.6 100.0 1.7 88.6 9.7 (0.9) 8.8 1.3 7.5 100.0 3.3 87.6 9.1 (0.1) 9.0 2.7 6.4 100.0 3.3 88.2 8.5 (0.4) 8.1 2.5 5.6 (percent) 100.0 3.0 90.3 6.7 0.4 7.1 1.8 5.2 100.0 3.0 88.8 8.2 0.0 8.2 2.5 5.7 100.0 2.8 88.9 8.4 0.1 8.5 2.4 6.1 100.0 2.9 89.3 7.8 (0.5) 7.3 1.4 5.9 100.0 2.7 87.5 9.9 (0.1) 9.7 1.1 8.6 (percent) 100.0 3.0 95.1 1.9 0.1 2.0 (0.2) 2.3 100.0 2.3 86.1 11.5 0.5 12.0 1.1 10.9 100.0 1.6 80.6 17.8 (0.3) 17.5 1.5 16.0 (percent) 33.64 22.87 9.23 6.27 32.19 23.88 13.43 9.97 (16.16) (22.26) (4.65) (6.41) 33.67 23.62 12.31 8.64 71.18 60.40 24.01 20.37 27.85 19.64 8.34 5.88 24.14 16.68 7.24 5.00 23.27 17.21 6.82 5.04 25.13 17.46 7.44 5.17 28.38 20.44 8.59 6.19 31.77 25.73 14.35 11.63 34.77 30.84 16.73 14.84 8.14 9.03 3.35 3.72 46.55 42.10 21.28 19.25 58.13 53.28 34.16 31.30 1.51 0.17 0.63 1.63 0.17 1.50 1.52 0.12 0.65 1.69 0.09 1.13 1.68 0.20 0.91 1.35 0.19 1.28 1.34 0.20 1.33 1.33 0.19 1.29 1.34 0.19 1.34 1.33 0.18 1.39 1.59 0.18 1.65 1.86 0.24 2.29 1.80 0.29 1.41 1.93 0.35 1.69 2.75 0.71 3.11 48 TABLE 12.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 371 AND 372, 6 Motor Vehicles and Equipment1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included 2 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 1,268 5,629 6,898 21,799 28,697 22,808 19,886 12,821 84,212 139,547 1,222 69,595 71,175 116,616 272,003 1,529 6,810 8,338 22,460 30,798 23,985 20,919 13,144 88,846 139,451 1,213 68,367 72,297 117,566 278,709 1,779 2,226 4,004 26,114 30,118 22,831 20,500 11,283 84,731 142,679 1,255 69,049 74,885 128,493 288,110 1,433 1,544 2,977 24,285 27,262 22,627 21,472 12,415 83,776 144,646 1,297 70,450 75,493 134,366 293,635 1,742 5,060 6,802 21,250 28,052 22,979 21,155 13,201 85,386 147,684 1,253 69,925 79,012 138,787 303,185 1,756 581 29,371 77 1,141 959 44,630 78,515 5,342 18,536 93,813 196,205 39,387 36,411 75,798 272,003 1,837 431 29,041 395 1,077 906 47,026 80,712 5,467 20,123 94,546 200,848 39,533 38,328 77,861 278,709 2,053 813 30,900 113 1,072 540 48,100 83,591 5,230 18,692 100,330 207,843 41,198 39,069 80,267 288,110 2,045 1,142 30,932 2,781 498 462 46,840 84,700 5,123 20,126 103,050 212,998 38,754 41,883 80,637 293,635 2,379 1,109 31,219 2,405 467 1,084 50,014 88,676 6,526 20,028 103,952 219,181 40,147 43,857 84,004 303,185 5,697 8,133 1,141 (924) (3,290) (percent of total assets) 10.6 8.4 7.3 31.0 26.2 1.6 28.9 8.8 72.1 27.9 11.1 8.6 7.5 31.9 25.9 1.6 29.0 9.2 72.1 27.9 10.5 7.9 7.1 29.4 26.0 1.6 29.0 8.3 72.1 27.9 9.3 7.7 7.3 28.5 25.7 1.5 28.8 8.6 72.5 27.5 9.3 7.6 7.0 28.2 26.1 1.8 29.2 8.8 72.3 27.7 in Transportation Equipment. Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 49 Motor Vehicles and Equipment Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Aircraft, Guided Missiles, and Parts1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Aircraft, Guided Missiles, and Parts Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 149 66 215 42 257 822 1,107 128 2,313 1,799 66 946 920 164 3,397 138 64 203 59 262 870 1,198 119 2,449 1,918 46 930 1,034 96 3,579 113 31 144 37 181 784 1,291 128 2,383 1,862 47 954 954 114 3,452 41 44 84 45 129 879 1,407 114 2,529 1,909 60 1,015 954 113 3,596 194 50 244 42 285 887 1,069 122 2,363 1,942 47 946 1,044 121 3,527 1,859 1,821 3,680 5,583 9,263 18,920 32,324 5,192 65,700 61,236 1,731 35,888 27,079 50,610 143,389 (million dollars) 2,024 2,146 4,170 5,484 9,654 19,331 32,330 4,998 66,313 61,016 1,725 35,839 26,903 51,167 144,383 2,021 2,030 4,051 5,025 9,076 18,130 30,873 5,531 63,611 54,216 1,622 31,566 24,272 48,054 135,937 1,703 2,081 3,784 5,603 9,387 19,401 32,552 4,997 66,337 55,248 1,629 32,339 24,538 48,433 139,308 1,502 1,668 3,170 6,114 9,285 19,617 33,626 4,868 67,396 55,477 1,613 32,727 24,364 48,920 140,679 55 10 65 15 80 221 377 23 702 970 26 653 342 70 1,114 (million dollars) 104 7 110 17 127 341 485 24 978 904 37 646 295 131 1,404 117 3 120 65 185 334 602 29 1,149 1,146 41 762 426 137 1,712 161 5 166 64 230 369 624 30 1,253 1,187 41 795 434 152 1,838 234 0 234 71 304 356 474 48 1,181 1,004 34 701 337 85 1,603 505 66 572 19 63 23 290 1,537 479 354 95 2,465 495 437 932 3,397 332 73 708 52 34 15 288 1,502 170 374 40 2,085 457 1,037 1,494 3,579 548 111 523 36 30 6 313 1,567 520 321 51 2,459 533 460 993 3,452 313 80 547 70 87 5 396 1,498 365 310 109 2,282 271 1,043 1,315 3,596 325 100 518 35 73 31 322 1,405 362 418 153 2,338 194 996 1,190 3,527 227 3,088 11,896 1,708 413 659 30,635 48,625 3,499 25,725 22,609 100,459 11,015 31,916 42,930 143,389 190 2,558 10,869 1,561 304 733 33,213 49,426 2,915 25,861 22,870 101,073 9,971 33,340 43,311 144,383 177 1,774 10,688 2,410 320 598 31,683 47,650 3,271 24,820 20,370 96,110 10,004 29,824 39,828 135,937 248 1,605 11,027 2,687 444 1,108 32,495 49,614 3,018 24,420 21,027 98,080 9,984 31,244 41,228 139,308 178 1,791 10,795 2,132 379 1,869 33,442 50,587 2,840 23,557 21,091 98,075 11,638 30,966 42,604 140,679 97 11 92 5 28 4 202 440 24 140 7 611 186 317 503 1,114 65 13 332 7 18 6 86 527 100 92 10 728 109 567 676 1,404 105 4 283 6 31 18 190 637 237 105 27 1,006 110 595 706 1,712 85 22 294 8 57 20 163 649 200 114 35 998 99 741 841 1,838 43 53 163 7 25 6 131 429 60 115 57 661 110 832 942 1,603 776 948 816 1,031 958 17,075 16,887 15,961 16,723 16,809 261 452 512 604 752 (percent of total assets) (percent of total assets) (percent of total assets) 7.6 24.2 32.6 68.1 27.1 19.3 45.2 24.5 72.6 27.4 7.3 24.3 33.5 68.4 28.9 12.7 42.0 15.2 58.3 41.7 5.2 22.7 37.4 69.0 27.6 20.2 45.4 24.4 71.2 28.8 3.6 24.4 39.1 70.3 26.5 13.4 41.6 18.7 63.4 36.6 8.1 25.1 30.3 67.0 29.6 15.0 39.8 22.1 66.3 33.7 6.5 13.2 22.5 45.8 18.9 3.2 33.9 20.3 70.1 29.9 6.7 13.4 22.4 45.9 18.6 2.6 34.2 19.9 70.0 30.0 6.7 13.3 22.7 46.8 17.9 2.0 35.1 20.7 70.7 29.3 6.7 13.9 23.4 47.6 17.6 2.5 35.6 19.7 70.4 29.6 6.6 13.9 23.9 47.9 17.3 3.0 36.0 18.7 69.7 30.3 7.2 19.9 33.9 63.0 30.7 12.6 39.5 14.7 54.8 45.2 9.1 24.3 34.6 69.7 21.0 7.4 37.5 13.7 51.9 48.1 10.8 19.5 35.2 67.1 24.9 9.2 37.2 19.9 58.8 41.2 12.5 20.1 33.9 68.1 23.6 10.0 35.3 17.1 54.3 45.7 19.0 22.2 29.5 73.7 21.0 7.9 26.7 10.9 41.2 58.8 50 TABLE 13.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 38 AND OTHER DURABLE MANUFACTURING INDUSTRIES Instruments and Related Products1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,092 1,152 25,453 2,487 1,049 3,536 984 2,552 801 1,751 37,102 (255) 38,597 29,071 1,086 25,382 2,603 647 3,250 929 2,321 573 1,748 38,908 (1,411) 39,245 28,513 1,162 25,331 2,020 284 2,304 707 1,597 852 744 39,591 417 40,753 26,991 1,101 24,083 1,807 522 2,329 837 1,493 764 728 38,389 (1,184) 37,934 29,577 1,190 25,878 2,509 661 3,170 1,013 2,157 837 1,320 39,973 (777) 40,516 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 4.0 87.5 8.5 3.6 12.2 3.4 8.8 100.0 3.7 87.3 9.0 2.2 11.2 3.2 8.0 (percent) 100.0 4.1 88.8 7.1 1.0 8.1 2.5 5.6 100.0 4.1 89.2 6.7 1.9 8.6 3.1 5.5 100.0 4.0 87.5 8.5 2.2 10.7 3.4 7.3 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 22.05 15.92 10.24 7.39 19.80 14.14 9.33 6.66 13.76 9.54 6.54 4.53 13.61 8.72 6.41 4.11 17.96 12.22 8.41 5.72 1.75 0.36 1.95 1.75 0.35 2.02 1.66 0.35 2.07 1.75 0.40 2.03 1.71 0.36 1.88 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 51 Instruments and Related Products Assets Under $25 Million 2Q 1996 3Q 1996 4Q 19962 1Q 19972 2Q 1997 Other Durable Manufacturing Industries 2Q 1996 3Q 1996 4Q 19962 1Q 19972 2Q 1997 Other Durable Manufacturing Industries Assets Under $25 Million 2Q 1996 3Q 1996 4Q 19962 1Q 19972 2Q 1997 (million dollars) 3,961 84 3,559 318 (83) 236 72 164 53 110 (710) (86) (686) 3,999 79 3,555 365 (85) 280 79 201 90 111 (528) (37) (453) 3,518 81 3,385 51 50 100 43 57 41 16 (136) (53) (174) 3,216 79 3,129 8 (5) 3 46 (44) 49 (92) (1,400) (104) (1,597) 3,410 87 3,194 129 (31) 98 51 47 24 23 (25) (56) (58) 39,894 950 35,927 3,017 (454) 2,563 661 1,903 919 984 31,432 (411) 32,005 (million dollars) 41,252 964 37,081 3,207 (656) 2,551 561 1,990 709 1,281 31,844 (783) 32,342 42,438 1,097 39,065 2,277 (47) 2,231 712 1,518 582 936 32,168 (254) 32,850 40,565 1,033 36,883 2,649 (494) 2,155 476 1,679 676 1,003 33,777 (339) 34,441 43,746 1,083 39,044 3,619 (331) 3,289 811 2,478 790 1,688 34,079 (503) 35,264 17,626 340 16,262 1,024 (83) 942 95 846 522 325 9,892 (224) 9,994 (million dollars) 18,928 367 17,205 1,356 (170) 1,186 135 1,051 411 640 11,150 (63) 11,727 18,827 378 18,069 381 (57) 324 132 192 274 (82) 11,677 70 11,665 17,203 371 15,976 856 (163) 694 91 603 340 263 11,441 (126) 11,578 19,254 395 17,456 1,403 (126) 1,277 144 1,133 420 713 11,501 (161) 12,053 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.1 89.8 8.0 (2.1) 6.0 1.8 4.1 100.0 2.0 88.9 9.1 (2.1) 7.0 2.0 5.0 100.0 2.3 96.2 1.4 1.4 2.9 1.2 1.6 100.0 2.4 97.3 0.2 (0.2) 0.1 1.4 (1.4) 100.0 2.6 93.7 3.8 (0.9) 2.9 1.5 1.4 100.0 2.4 90.1 7.6 (1.1) 6.4 1.7 4.8 100.0 2.3 89.9 7.8 (1.6) 6.2 1.4 4.8 (percent) 100.0 2.6 92.1 5.4 (0.1) 5.3 1.7 3.6 100.0 2.5 90.9 6.5 (1.2) 5.3 1.2 4.1 100.0 2.5 89.3 8.3 (0.8) 7.5 1.9 5.7 100.0 1.9 92.3 5.8 (0.5) 5.3 0.5 4.8 100.0 1.9 90.9 7.2 (0.9) 6.3 0.7 5.6 (percent) 100.0 2.0 96.0 2.0 (0.3) 1.7 0.7 1.0 100.0 2.2 92.9 5.0 (0.9) 4.0 0.5 3.5 100.0 2.1 90.7 7.3 (0.7) 6.6 0.7 5.9 (percent) 19.24 13.38 10.77 7.49 23.15 16.65 12.77 9.18 8.75 5.01 4.65 2.66 0.29 (4.64) 0.13 (2.06) 10.12 4.85 4.74 2.27 23.66 17.56 11.08 8.23 23.26 18.15 10.99 8.58 19.97 13.59 9.37 6.38 18.60 14.49 8.77 6.84 27.54 20.75 13.19 9.94 26.96 24.23 13.06 11.74 31.06 27.52 15.26 13.52 8.92 5.28 4.36 2.58 19.77 17.18 9.43 8.19 34.19 30.34 16.59 14.72 2.59 0.57 2.30 2.51 0.54 2.27 2.22 0.51 2.12 2.12 0.43 1.54 2.28 0.48 1.61 1.92 0.27 1.63 2.00 0.30 1.68 1.91 0.28 1.58 1.96 0.28 1.61 2.00 0.27 1.67 2.06 0.31 1.55 2.15 0.36 1.63 2.06 0.31 1.59 1.97 0.28 1.58 2.16 0.27 1.53 52 TABLE 13.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 38 AND OTHER DURABLE MANUFACTURING INDUSTRIES Instruments and Related Products1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 5,448 812 6,260 5,548 11,809 20,164 18,268 7,581 57,822 56,518 1,445 30,846 27,117 53,221 138,159 5,008 1,051 6,059 5,367 11,426 20,312 18,463 7,623 57,824 55,639 1,455 30,422 26,672 54,865 139,361 5,432 1,220 6,652 5,218 11,870 19,589 17,389 7,820 56,669 55,228 1,285 30,284 26,229 57,933 140,831 6,673 1,061 7,734 5,897 13,631 19,549 18,129 8,218 59,527 56,369 1,269 30,503 27,136 58,637 145,301 6,121 1,059 7,180 5,826 13,006 21,133 18,910 8,545 61,594 58,004 1,146 31,067 28,084 61,068 150,746 2,316 1,927 7,797 2,330 3,166 1,410 14,140 33,086 16,850 7,250 16,844 74,030 25,532 38,597 64,129 138,159 2,300 1,703 7,639 2,439 3,135 1,380 14,480 33,077 16,720 7,278 16,620 73,695 26,421 39,245 65,666 139,361 2,720 1,654 7,603 2,243 2,797 1,400 15,779 34,197 15,792 7,976 15,904 73,869 26,209 40,753 66,962 140,831 3,188 1,642 7,650 2,107 2,733 1,162 15,541 34,023 16,126 8,851 17,857 76,856 30,511 37,934 68,445 145,301 3,303 3,500 8,003 2,106 2,239 679 16,112 35,941 17,666 10,145 16,412 80,164 30,067 40,516 70,582 150,746 24,736 24,747 22,471 25,505 25,653 (percent of total assets) 8.5 14.6 13.2 41.9 19.6 6.4 23.9 17.4 53.6 46.4 8.2 14.6 13.2 41.5 19.1 6.1 23.7 17.2 52.9 47.1 8.4 13.9 12.3 40.2 18.6 6.1 24.3 16.9 52.5 47.5 9.4 13.5 12.5 41.0 18.7 6.0 23.4 17.2 52.9 47.1 8.6 14.0 12.5 40.9 18.6 6.5 23.8 18.4 53.2 46.8 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 53 Instruments and Related Products Assets Under $25 Million 2Q 1996 3Q 1996 4Q 19962 1Q 19972 2Q 1997 Other Durable Manufacturing Industries 2Q 1996 3Q 1996 4Q 19962 1Q 19972 2Q 1997 Other Durable Manufacturing Industries Assets Under $25 Million 2Q 1996 3Q 1996 4Q 19962 1Q 19972 2Q 1997 (million dollars) 931 67 998 403 1,401 2,156 2,311 479 6,346 4,049 104 2,464 1,689 719 8,754 812 113 925 456 1,381 2,176 2,451 388 6,397 3,984 113 2,463 1,633 732 8,763 848 95 943 479 1,422 2,124 2,292 387 6,224 3,980 107 2,416 1,671 745 8,640 695 55 751 469 1,220 1,978 2,388 465 6,050 4,180 94 2,547 1,727 702 8,480 778 82 860 391 1,251 2,044 2,302 333 5,930 4,125 93 2,512 1,706 621 8,257 3,730 756 4,486 2,207 6,693 18,992 18,598 3,888 48,171 50,255 4,787 27,991 27,051 17,278 92,500 (million dollars) 4,522 761 5,282 2,240 7,523 19,433 18,918 4,203 50,076 51,213 4,749 28,407 27,555 15,196 92,828 4,290 693 4,984 2,373 7,357 18,466 19,476 4,203 49,501 52,202 5,114 28,733 28,584 17,167 95,252 3,665 982 4,647 2,484 7,131 18,989 19,682 4,618 50,420 54,218 5,505 29,606 30,117 17,682 98,219 3,419 858 4,277 2,548 6,825 19,890 20,128 4,565 51,408 54,225 5,542 29,892 29,875 18,440 99,723 2,031 372 2,403 444 2,846 6,854 7,953 1,257 18,911 19,206 892 11,878 8,220 1,704 28,835 (million dollars) 2,531 376 2,907 606 3,513 7,564 8,267 1,533 20,877 19,858 879 11,933 8,804 1,419 31,100 1,999 258 2,257 675 2,932 7,064 8,252 1,321 19,569 19,529 983 11,781 8,731 1,444 29,745 1,386 533 1,919 790 2,709 6,786 8,091 1,392 18,978 20,369 887 12,311 8,945 1,503 29,426 1,277 376 1,653 813 2,466 7,391 8,864 1,269 19,989 20,671 956 12,491 9,137 1,665 30,791 333 171 956 30 206 144 607 2,448 789 487 130 3,854 5,585 (686) 4,900 8,754 329 274 976 53 244 56 619 2,552 722 506 150 3,929 5,287 (453) 4,834 8,763 372 344 970 38 278 71 727 2,800 574 522 157 4,054 4,760 (174) 4,586 8,640 460 79 1,107 11 229 70 897 2,853 637 972 247 4,709 5,368 (1,597) 3,771 8,480 433 157 910 38 116 143 807 2,605 620 925 242 4,392 3,922 (58) 3,864 8,257 3,769 742 8,736 448 1,157 1,740 8,508 25,100 10,183 8,996 4,878 49,158 11,338 32,005 43,343 92,500 3,826 754 9,425 476 1,266 1,430 7,837 25,014 10,818 8,020 5,110 48,962 11,523 32,342 43,865 92,828 4,230 1,882 8,351 492 1,418 1,531 7,952 25,855 10,823 8,432 5,456 50,566 11,837 32,850 44,687 95,252 4,176 1,451 9,307 540 1,191 1,011 8,019 25,695 12,333 8,596 5,256 51,880 11,899 34,441 46,339 98,219 3,917 1,179 9,546 588 1,580 765 8,095 25,670 11,470 9,654 5,162 51,955 12,504 35,264 47,768 99,723 2,348 349 3,497 62 643 429 1,836 9,163 2,902 2,362 437 14,864 3,977 9,994 13,971 28,835 2,387 380 4,015 90 593 264 1,986 9,715 3,147 2,598 366 15,826 3,547 11,727 15,274 31,100 2,619 314 3,559 152 744 281 1,852 9,521 3,149 2,056 473 15,199 2,881 11,665 14,546 29,745 2,496 279 3,929 127 639 234 1,920 9,624 3,283 1,946 543 15,396 2,452 11,578 14,030 29,426 2,472 265 3,957 99 686 178 1,587 9,245 3,301 2,887 419 15,852 2,886 12,053 14,939 30,791 3,898 3,846 3,424 3,197 3,325 23,071 25,062 23,646 24,725 25,739 9,748 11,163 10,048 9,354 10,745 (percent of total assets) (percent of total assets) (percent of total assets) 16.0 24.6 26.4 72.5 19.3 9.8 28.0 14.6 44.0 56.0 15.8 24.8 28.0 73.0 18.6 10.3 29.1 14.0 44.8 55.2 16.5 24.6 26.5 72.0 19.3 12.3 32.4 12.6 46.9 53.1 14.4 23.3 28.2 71.4 20.4 9.8 33.6 19.0 55.5 44.5 15.2 24.8 27.9 71.8 20.7 10.2 31.6 18.7 53.2 46.8 7.2 20.5 20.1 52.1 29.2 8.1 27.1 20.7 53.1 46.9 8.1 20.9 20.4 53.9 29.7 7.8 26.9 20.3 52.7 47.3 7.7 19.4 20.4 52.0 30.0 9.5 27.1 20.3 53.1 46.9 7.3 19.3 20.0 51.3 30.7 8.0 26.2 21.4 52.8 47.2 6.8 19.9 20.2 51.6 30.0 7.5 25.7 21.2 52.1 47.9 9.9 23.8 27.6 65.6 28.5 13.0 31.8 18.3 51.5 48.5 11.3 24.3 26.6 67.1 28.3 11.7 31.2 18.5 50.9 49.1 9.9 23.7 27.7 65.8 29.4 13.3 32.0 17.5 51.1 48.9 9.2 23.1 27.5 64.5 30.4 12.4 32.7 17.8 52.3 47.7 8.0 24.0 28.8 64.9 29.7 11.7 30.0 20.1 51.5 48.5 54 TABLE 14.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 24 AND 25 Lumber and Wood Products1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,880 471 16,137 1,272 (118) 1,154 221 933 519 414 13,514 (219) 13,709 19,515 471 17,440 1,603 (468) 1,136 142 994 423 571 14,373 (58) 14,887 18,451 466 17,232 752 (137) 616 212 404 323 81 14,904 (49) 14,935 18,053 484 16,354 1,215 (141) 1,074 156 918 291 627 15,128 (174) 15,582 19,594 490 17,482 1,623 (117) 1,506 261 1,246 417 829 15,080 (130) 15,779 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 2.6 90.2 7.1 (0.7) 6.5 1.2 5.2 100.0 2.4 89.4 8.2 (2.4) 5.8 0.7 5.1 (percent) 100.0 2.5 93.4 4.1 (0.7) 3.3 1.1 2.2 100.0 2.7 90.6 6.7 (0.8) 5.9 0.9 5.1 100.0 2.5 89.2 8.3 (0.6) 7.7 1.3 6.4 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included 2 26.00 21.02 13.05 10.55 24.48 21.43 12.32 10.78 13.56 8.89 6.95 4.56 22.95 19.61 11.22 9.59 31.50 26.05 16.02 13.25 2.01 0.31 1.73 2.13 0.36 1.72 2.11 0.32 1.74 2.00 0.29 1.57 1.95 0.29 1.73 in Other Durable Manufacturing Industries. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 55 Lumber and Wood Products Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Furniture and Fixtures1 3Q 1996 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Furniture and Fixtures Assets Under $25 Million1 3Q 1996 4Q 19962 1Q 19972 2Q 1997 (million dollars) 9,946 229 9,058 659 (43) 617 53 564 372 192 5,188 (158) 5,222 10,711 227 9,649 834 (89) 745 68 677 283 394 5,851 (35) 6,210 9,505 239 9,290 (23) (27) (50) 46 (96) 170 (266) 5,793 (24) 5,503 9,413 234 8,655 524 (90) 434 56 378 206 172 5,486 (40) 5,618 10,514 254 9,343 916 (56) 860 81 779 267 512 5,818 (90) 6,239 13,952 277 12,677 998 (190) 808 258 550 247 303 9,812 (61) 10,054 (million dollars) 13,612 269 12,282 1,061 (176) 885 266 619 178 441 9,018 (50) 9,409 14,530 386 13,073 1,072 (9) 1,063 350 713 161 553 9,574 (352) 9,774 14,215 283 13,006 926 (318) 608 156 453 240 213 10,505 (35) 10,682 15,467 311 13,811 1,345 (225) 1,119 331 788 209 579 11,003 (267) 11,316 4,244 61 3,983 201 (19) 182 25 157 80 76 2,077 (34) 2,120 (million dollars) 4,473 67 4,100 306 (44) 262 44 218 86 132 2,421 3 2,556 4,774 77 4,424 273 (13) 260 57 204 90 114 2,915 40 3,069 4,351 73 4,070 208 (16) 192 19 173 113 60 3,027 (65) 3,022 5,367 80 4,888 399 (45) 354 43 311 84 227 2,969 (42) 3,154 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.3 91.1 6.6 (0.4) 6.2 0.5 5.7 100.0 2.1 90.1 7.8 (0.8) 7.0 0.6 6.3 100.0 2.5 97.7 (0.2) (0.3) (0.5) 0.5 (1.0) 100.0 2.5 92.0 5.6 (1.0) 4.6 0.6 4.0 100.0 2.4 88.9 8.7 (0.5) 8.2 0.8 7.4 100.0 2.0 90.9 7.2 (1.4) 5.8 1.8 3.9 100.0 2.0 90.2 7.8 (1.3) 6.5 2.0 4.5 (percent) 100.0 2.7 90.0 7.4 (0.1) 7.3 2.4 4.9 100.0 2.0 91.5 6.5 (2.2) 4.3 1.1 3.2 100.0 2.0 89.3 8.7 (1.5) 7.2 2.1 5.1 100.0 1.4 93.8 4.7 (0.4) 4.3 0.6 3.7 100.0 1.5 91.7 6.8 (1.0) 5.9 1.0 4.9 (percent) 100.0 1.6 92.7 5.7 (0.3) 5.5 1.2 4.3 100.0 1.7 93.5 4.8 (0.4) 4.4 0.4 4.0 100.0 1.5 91.1 7.4 (0.8) 6.6 0.8 5.8 (percent) 35.06 32.07 16.30 14.91 39.10 35.52 18.62 16.91 (3.02) (5.77) (1.39) (2.66) 26.44 23.05 11.61 10.12 47.31 42.86 22.19 20.10 22.00 14.98 9.65 6.57 24.85 17.39 11.19 7.83 28.56 19.17 12.75 8.55 15.36 11.43 7.33 5.46 27.27 19.21 12.90 9.09 20.00 17.21 10.05 8.65 25.61 21.30 13.27 11.04 23.79 18.61 13.16 10.30 18.40 16.56 9.97 8.97 32.42 28.47 16.28 14.30 1.84 0.27 1.31 2.06 0.37 1.37 1.87 0.27 1.26 1.70 0.27 1.25 1.90 0.27 1.30 1.69 0.20 1.52 1.81 0.24 1.61 1.62 0.24 1.48 1.84 0.24 1.79 1.99 0.21 1.74 2.28 0.41 1.87 2.28 0.44 2.14 2.34 0.44 2.44 2.35 0.39 2.31 2.71 0.31 1.82 56 TABLE 14.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 24 AND 25 Lumber and Wood Products1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Included 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 1,420 280 1,699 1,039 2,738 5,970 7,642 1,665 18,015 22,514 3,983 13,086 13,410 3,965 35,390 2,020 305 2,325 902 3,227 6,198 7,971 1,906 19,302 23,588 4,012 13,377 14,223 3,355 36,880 1,728 112 1,841 881 2,721 5,555 7,872 1,908 18,057 23,272 4,302 13,437 14,137 3,262 35,455 1,446 192 1,638 1,164 2,802 6,160 8,188 2,012 19,161 25,204 4,654 14,354 15,504 3,630 38,295 1,524 222 1,746 1,081 2,827 6,323 7,584 2,070 18,803 24,473 4,740 14,347 14,866 3,946 37,615 1,918 212 3,036 110 635 441 2,603 8,954 3,676 3,383 1,617 17,630 4,051 13,709 17,759 35,390 1,759 291 3,267 208 745 249 2,535 9,055 4,314 3,451 1,506 18,325 3,668 14,887 18,555 36,880 1,848 265 2,754 33 853 318 2,482 8,553 3,977 3,188 1,566 17,284 3,236 14,935 18,171 35,455 2,150 321 3,481 36 730 250 2,609 9,576 5,039 3,413 1,549 19,576 3,137 15,582 18,718 38,295 2,149 184 3,381 137 1,107 250 2,449 9,657 3,859 3,533 1,438 18,487 3,349 15,779 19,128 37,615 9,061 10,247 9,503 9,585 9,145 (percent of total assets) 7.7 16.9 21.6 50.9 37.9 9.0 25.3 20.0 49.8 50.2 8.8 16.8 21.6 52.3 38.6 8.3 24.6 21.1 49.7 50.3 7.7 15.7 22.2 50.9 39.9 9.2 24.1 20.2 48.7 51.3 7.3 16.1 21.4 50.0 40.5 9.0 25.0 22.1 51.1 48.9 7.5 16.8 20.2 50.0 39.5 9.8 25.7 19.7 49.1 50.9 in Other Durable Manufacturing Industries. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 57 Lumber and Wood Products Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 Furniture and Fixtures1 3Q 1996 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Furniture and Fixtures Assets Under $25 Million1 3Q 1996 4Q 19962 1Q 19972 2Q 1997 (million dollars) 855 236 1,091 199 1,290 2,747 4,157 719 8,914 12,258 639 7,614 5,284 941 15,139 1,262 261 1,523 206 1,729 2,871 4,184 889 9,673 12,486 668 7,464 5,690 651 16,014 915 103 1,019 225 1,243 2,551 3,938 750 8,482 11,840 722 7,224 5,338 639 14,459 676 179 855 502 1,357 2,643 3,908 728 8,636 12,936 597 7,906 5,627 688 14,951 706 204 910 381 1,291 2,977 3,905 791 8,965 13,433 760 8,350 5,843 700 15,507 1,392 230 1,623 329 1,952 7,598 6,004 1,249 16,802 16,890 527 8,875 8,542 8,145 33,490 (million dollars) 1,622 195 1,816 465 2,282 7,496 5,846 1,287 16,911 16,408 473 8,781 8,101 6,626 31,637 1,455 299 1,753 649 2,402 6,930 5,955 1,233 16,521 17,186 526 8,945 8,767 8,068 33,356 1,257 436 1,693 447 2,139 6,979 5,951 1,358 16,428 16,650 452 8,487 8,615 8,161 33,204 1,089 282 1,371 526 1,897 7,536 6,893 1,277 17,602 16,940 477 8,663 8,754 8,357 34,713 786 91 877 64 940 2,155 1,961 231 5,288 3,585 176 2,180 1,581 383 7,252 (million dollars) 846 73 919 212 1,131 2,347 2,058 320 5,855 3,690 142 2,198 1,635 404 7,894 679 151 830 232 1,062 2,056 2,202 306 5,626 3,973 193 2,376 1,791 494 7,911 489 288 777 126 903 1,939 2,195 368 5,405 3,815 124 2,155 1,784 509 7,698 388 132 520 214 734 2,394 2,934 253 6,315 3,719 143 2,039 1,823 558 8,696 1,330 167 1,627 36 419 327 930 4,837 1,779 1,358 127 8,101 1,815 5,222 7,038 15,139 1,236 227 1,689 60 410 150 925 4,697 1,983 1,573 136 8,388 1,416 6,210 7,626 16,014 1,344 169 1,370 53 522 199 890 4,546 1,884 1,176 193 7,799 1,157 5,503 6,660 14,459 1,444 204 1,909 36 410 113 974 5,091 2,023 1,065 207 8,387 947 5,618 6,565 14,951 1,516 108 1,776 53 457 109 710 4,730 2,117 1,295 93 8,235 1,032 6,239 7,272 15,507 738 281 3,371 135 253 964 4,174 9,916 4,585 2,855 1,452 18,808 4,628 10,054 14,682 33,490 787 295 3,563 97 251 1,005 3,346 9,345 4,478 2,011 1,558 17,392 4,836 9,409 14,245 31,637 756 1,384 3,137 296 306 1,015 3,279 10,174 4,792 1,831 1,673 18,469 5,113 9,774 14,887 33,356 696 824 3,459 266 220 220 3,224 8,908 4,857 2,043 1,553 17,361 5,161 10,682 15,843 33,204 610 602 3,724 244 223 195 3,265 8,863 5,059 2,775 1,596 18,292 5,105 11,316 16,420 34,713 518 85 944 21 130 40 579 2,316 611 564 116 3,608 1,524 2,120 3,644 7,252 582 67 1,143 22 97 54 604 2,569 549 558 128 3,804 1,534 2,556 4,090 7,894 560 46 1,068 68 132 42 485 2,400 576 437 121 3,535 1,307 3,069 4,376 7,911 503 13 1,091 35 115 62 483 2,303 563 550 111 3,527 1,149 3,022 4,171 7,698 400 6 1,242 38 110 45 490 2,332 555 1,281 159 4,328 1,215 3,154 4,369 8,696 4,077 4,976 3,936 3,546 4,234 6,886 7,566 6,347 7,520 8,739 2,971 3,287 3,225 3,102 3,983 (percent of total assets) (percent of total assets) (percent of total assets) 8.5 18.1 27.5 58.9 34.9 14.9 31.9 20.8 53.5 46.5 10.8 17.9 26.1 60.4 35.5 12.6 29.3 22.2 52.4 47.6 8.6 17.6 27.2 58.7 36.9 15.5 31.4 21.1 53.9 46.1 9.1 17.7 26.1 57.8 37.6 14.6 34.0 20.6 56.1 43.9 8.3 19.2 25.2 57.8 37.7 14.1 30.5 22.0 53.1 46.9 5.8 22.7 17.9 50.2 25.5 6.7 29.6 22.2 56.2 43.8 7.2 23.7 18.5 53.5 25.6 7.4 29.5 20.6 55.0 45.0 7.2 20.8 17.9 49.5 26.3 10.4 30.5 19.9 55.4 44.6 6.4 21.0 17.9 49.5 25.9 6.0 26.8 20.8 52.3 47.7 5.5 21.7 19.9 50.7 25.2 4.7 25.5 22.6 52.7 47.3 13.0 29.7 27.0 72.9 21.8 10.7 31.9 16.2 49.7 50.3 14.3 29.7 26.1 74.2 20.7 10.1 32.5 14.1 48.2 51.8 13.4 26.0 27.8 71.1 22.6 9.9 30.3 12.8 44.7 55.3 11.7 25.2 28.5 70.2 23.2 9.0 29.9 14.4 45.8 54.2 8.4 27.5 33.7 72.6 21.0 6.5 26.8 21.1 49.8 50.2 58 TABLE 15.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 39 Miscellaneous Manufacturing1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,062 202 7,112 747 (146) 601 182 419 153 267 8,107 (131) 8,242 8,125 223 7,360 542 (12) 531 154 377 109 268 8,454 (675) 8,047 9,457 245 8,759 453 99 552 151 401 99 302 7,690 148 8,140 8,297 266 7,523 507 (35) 472 165 308 145 163 8,144 (130) 8,177 8,685 282 7,751 651 12 663 219 444 164 280 7,995 (106) 8,170 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 2.5 88.2 9.3 (1.8) 7.5 2.3 5.2 100.0 2.7 90.6 6.7 (0.1) 6.5 1.9 4.6 (percent) 100.0 2.6 92.6 4.8 1.0 5.8 1.6 4.2 100.0 3.2 90.7 6.1 (0.4) 5.7 2.0 3.7 100.0 3.3 89.2 7.5 0.1 7.6 2.5 5.1 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 22.07 15.38 10.19 7.10 19.19 13.63 8.73 6.20 18.98 13.79 8.35 6.07 16.04 10.45 7.07 4.61 21.70 14.54 9.68 6.48 2.14 0.32 1.64 2.10 0.30 1.71 2.09 0.31 1.49 2.06 0.30 1.47 2.10 0.29 1.52 Included in Other Durable Manufacturing Industries. 59 Miscellaneous Manufacturing Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 3,436 51 3,221 164 (22) 143 17 125 69 56 2,627 (32) 2,651 3,744 72 3,456 215 (36) 179 23 156 42 114 2,878 (30) 2,962 4,548 62 4,354 132 (17) 114 30 84 14 70 2,969 54 3,093 3,439 64 3,251 124 (57) 68 16 51 21 31 2,929 (21) 2,938 3,373 61 3,225 87 (25) 63 20 43 69 (26) 2,714 (29) 2,660 (percent of net sales) 100.0 1.5 93.8 4.8 (0.6) 4.1 0.5 3.6 100.0 1.9 92.3 5.7 (1.0) 4.8 0.6 4.2 100.0 1.4 95.7 2.9 (0.4) 2.5 0.7 1.9 100.0 1.8 94.5 3.6 (1.6) 2.0 0.5 1.5 100.0 1.8 95.6 2.6 (0.7) 1.9 0.6 1.3 (percent) 17.34 15.24 8.85 7.78 20.11 17.54 9.95 8.68 13.02 9.60 6.20 4.57 8.22 6.25 4.00 3.04 7.60 5.22 3.81 2.61 2.34 0.31 1.93 2.18 0.27 1.89 2.12 0.24 1.69 2.21 0.20 1.82 2.16 0.20 1.84 60 TABLE 15.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 39 Miscellaneous Manufacturing1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 918 246 1,164 839 2,003 5,424 4,951 975 13,354 10,851 277 6,030 5,099 5,168 23,621 880 261 1,141 873 2,014 5,738 5,101 1,010 13,863 11,217 263 6,249 5,232 5,215 24,310 1,107 283 1,390 843 2,233 5,980 5,649 1,062 14,924 11,744 286 6,350 5,681 5,837 26,441 962 355 1,317 873 2,190 5,851 5,543 1,248 14,831 12,365 399 6,766 5,998 5,891 26,720 806 354 1,160 941 2,101 6,032 5,652 1,219 15,004 12,812 325 6,882 6,255 6,137 27,396 1,112 249 2,329 204 269 335 1,732 6,230 1,922 2,758 1,809 12,719 2,659 8,242 10,902 23,621 1,280 168 2,594 171 270 175 1,956 6,615 2,025 2,559 2,046 13,244 3,019 8,047 11,066 24,310 1,626 233 2,460 163 259 197 2,191 7,128 2,054 3,414 2,217 14,813 3,489 8,140 11,629 26,441 1,330 306 2,367 239 241 541 2,186 7,211 2,437 3,140 2,155 14,942 3,600 8,177 11,778 26,720 1,157 393 2,441 207 250 321 2,380 7,150 2,553 3,346 2,128 15,176 4,050 8,170 12,220 27,396 7,124 7,249 7,796 7,621 7,854 (percent of total assets) 8.5 23.0 21.0 56.5 21.6 8.3 26.4 19.8 53.8 46.2 8.3 23.6 21.0 57.0 21.5 7.8 27.2 18.8 54.5 45.5 8.4 22.6 21.4 56.4 21.5 8.8 27.0 20.7 56.0 44.0 8.2 21.9 20.7 55.5 22.4 9.0 27.0 20.9 55.9 44.1 7.7 22.0 20.6 54.8 22.8 7.7 26.1 21.5 55.4 44.6 Included in Other Durable Manufacturing Industries. 61 Miscellaneous Manufacturing Assets Under $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 390 45 435 181 616 1,952 1,835 307 4,709 3,362 78 2,084 1,355 380 6,444 422 43 465 188 653 2,347 2,025 324 5,349 3,682 69 2,272 1,479 364 7,192 404 4 408 218 627 2,457 2,112 266 5,461 3,716 68 2,182 1,603 311 7,375 221 66 287 162 448 2,205 1,987 296 4,936 3,619 166 2,250 1,534 306 6,777 182 40 222 218 440 2,020 2,025 225 4,710 3,519 54 2,102 1,471 407 6,587 499 97 926 5 93 62 327 2,010 513 439 194 3,156 637 2,651 3,289 6,444 569 86 1,183 9 86 60 457 2,449 615 467 102 3,634 596 2,962 3,558 7,192 715 100 1,121 31 90 39 477 2,574 689 443 159 3,866 417 3,093 3,510 7,375 548 62 929 56 113 58 462 2,230 696 331 226 3,482 356 2,938 3,295 6,777 556 150 939 7 118 24 387 2,182 629 312 166 3,289 639 2,660 3,299 6,587 2,699 2,900 2,887 2,706 2,528 (percent of total assets) 9.6 30.3 28.5 73.1 21.0 11.6 31.2 14.8 49.0 51.0 9.1 32.6 28.2 74.4 20.6 11.1 34.1 15.1 50.5 49.5 8.5 33.3 28.6 74.0 21.7 12.8 34.9 15.3 52.4 47.6 6.6 32.5 29.3 72.8 22.6 11.6 32.9 15.2 51.4 48.6 6.7 30.7 30.7 71.5 22.3 12.9 33.1 14.2 49.9 50.1 62 TABLE 16.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Manufacturing1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 948,430 33,882 837,674 76,874 5,867 82,740 23,355 59,386 27,067 32,319 843,876 (10,555) 865,641 946,314 34,624 839,077 72,613 12,126 84,738 22,035 62,704 23,317 39,386 860,370 (16,055) 883,702 977,294 35,739 875,119 66,436 4,309 70,745 17,225 53,520 24,932 28,588 883,145 (6,583) 905,150 933,233 34,857 828,679 69,697 11,552 81,248 21,375 59,873 21,106 38,768 904,802 (24,798) 918,771 985,946 35,578 868,010 82,358 9,662 92,019 25,303 66,716 25,591 41,125 914,164 (10,239) 945,050 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.6 88.3 8.1 0.6 8.7 2.5 6.3 100.0 3.7 88.7 7.7 1.3 9.0 2.3 6.6 (percent) 100.0 3.7 89.5 6.8 0.4 7.2 1.8 5.5 100.0 3.7 88.8 7.5 1.2 8.7 2.3 6.4 100.0 3.6 88.0 8.4 1.0 9.3 2.6 6.8 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 24.92 17.89 9.59 6.88 24.91 18.44 9.67 7.15 20.12 15.22 7.94 6.01 22.74 16.76 8.99 6.62 25.31 18.35 10.07 7.30 1.38 0.20 1.44 1.39 0.22 1.46 1.37 0.23 1.54 1.40 0.23 1.53 1.40 0.23 1.55 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 63 All Manufacturing Assets Under $5 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 All Manufacturing Assets $5 Million to $10 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 All Manufacturing Assets $10 Million to $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 68,259 1,559 62,514 4,186 (519) 3,668 589 3,078 1,222 1,856 32,645 (486) 34,016 68,752 1,645 62,197 4,909 (504) 4,405 627 3,778 1,242 2,536 35,518 (189) 37,865 68,924 1,713 65,112 2,099 (435) 1,663 572 1,092 982 110 35,702 (420) 35,391 63,977 1,567 58,548 3,861 (364) 3,497 539 2,958 1,331 1,626 33,438 (801) 34,263 69,833 1,582 63,451 4,800 (272) 4,528 569 3,959 1,495 2,463 35,337 (307) 37,493 28,491 714 25,516 2,260 (279) 1,982 386 1,596 681 915 16,898 (155) 17,659 (million dollars) 26,731 647 23,947 2,137 (230) 1,907 389 1,518 473 1,045 15,476 (180) 16,341 28,552 679 26,335 1,538 (286) 1,252 396 856 629 227 17,708 52 17,987 28,230 733 25,313 2,183 (48) 2,135 358 1,776 456 1,320 18,790 (442) 19,668 28,425 684 25,443 2,298 (188) 2,111 307 1,804 698 1,106 19,746 (320) 20,531 39,972 1,004 36,078 2,890 (418) 2,472 476 1,996 950 1,046 23,342 (258) 24,130 (million dollars) 43,006 1,106 38,909 2,991 (392) 2,599 552 2,046 741 1,305 25,394 (107) 26,592 40,382 1,063 36,984 2,334 (455) 1,879 454 1,425 676 750 27,686 (156) 28,280 39,280 1,058 35,777 2,444 (334) 2,110 458 1,652 543 1,109 26,303 (207) 27,205 42,462 1,107 37,867 3,488 (282) 3,206 615 2,591 1,082 1,509 24,772 (354) 25,927 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.3 91.6 6.1 (0.8) 5.4 0.9 4.5 100.0 2.4 90.5 7.1 (0.7) 6.4 0.9 5.5 100.0 2.5 94.5 3.0 (0.6) 2.4 0.8 1.6 100.0 2.4 91.5 6.0 (0.6) 5.5 0.8 4.6 100.0 2.3 90.9 6.9 (0.4) 6.5 0.8 5.7 100.0 2.5 89.6 7.9 (1.0) 7.0 1.4 5.6 100.0 2.4 89.6 8.0 (0.9) 7.1 1.5 5.7 (percent) 100.0 2.4 92.2 5.4 (1.0) 4.4 1.4 3.0 100.0 2.6 89.7 7.7 (0.2) 7.6 1.3 6.3 100.0 2.4 89.5 8.1 (0.7) 7.4 1.1 6.3 100.0 2.5 90.3 7.2 (1.0) 6.2 1.2 5.0 100.0 2.6 90.5 7.0 (0.9) 6.0 1.3 4.8 (percent) 100.0 2.6 91.6 5.8 (1.1) 4.7 1.1 3.5 100.0 2.7 91.1 6.2 (0.9) 5.4 1.2 4.2 100.0 2.6 89.2 8.2 (0.7) 7.5 1.4 6.1 (percent) 30.23 25.37 13.39 11.24 34.10 29.25 15.66 13.43 13.37 8.77 5.94 3.90 28.59 24.18 12.88 10.89 35.45 30.99 16.31 14.26 32.31 26.02 14.08 11.34 34.92 27.79 14.76 11.75 21.73 14.85 9.66 6.61 33.69 28.04 15.14 12.60 32.88 28.10 15.33 13.10 26.12 21.09 11.96 9.66 24.89 19.60 11.46 9.03 18.34 13.91 8.63 6.55 21.37 16.73 9.60 7.51 32.48 26.24 14.87 12.01 2.02 0.35 1.40 2.10 0.40 1.50 2.04 0.39 1.39 2.03 0.39 1.47 2.10 0.41 1.51 1.97 0.26 1.31 1.87 0.27 1.25 1.95 0.30 1.41 1.93 0.30 1.43 1.97 0.29 1.60 1.84 0.26 1.50 1.83 0.27 1.53 1.85 0.29 1.59 1.79 0.23 1.44 1.83 0.24 1.52 64 TABLE 16.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Manufacturing1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 64,150 26,297 90,447 86,436 176,882 456,333 424,853 146,256 1,204,324 1,962,121 110,637 1,036,817 1,035,941 1,210,618 3,450,884 68,568 28,896 97,464 93,355 190,819 462,361 428,300 145,925 1,227,406 1,980,420 109,795 1,044,378 1,045,837 1,233,721 3,506,964 75,514 26,682 102,196 104,495 206,691 455,076 424,426 147,420 1,233,613 1,991,848 108,915 1,045,638 1,055,124 1,275,544 3,564,281 78,572 23,790 102,361 104,344 206,705 460,922 437,578 154,715 1,259,919 2,010,838 105,331 1,059,575 1,056,594 1,299,264 3,615,777 76,922 26,463 103,386 101,110 204,496 473,956 438,938 154,323 1,271,713 2,023,246 100,632 1,062,692 1,061,186 1,323,671 3,656,570 57,455 91,430 274,992 32,069 24,560 35,654 355,004 871,163 219,935 492,969 538,720 2,122,787 462,456 865,641 1,328,097 3,450,884 61,287 89,001 271,851 33,689 25,349 34,579 365,890 881,645 219,569 502,564 542,653 2,146,431 476,831 883,702 1,360,533 3,506,964 56,447 78,587 287,001 34,289 24,369 36,887 380,304 897,883 216,276 498,122 545,678 2,157,960 501,171 905,150 1,406,321 3,564,281 63,489 81,106 280,671 42,605 24,198 37,677 372,002 901,748 224,969 504,029 556,009 2,186,756 510,250 918,771 1,429,021 3,615,777 61,584 83,615 285,620 38,680 23,475 34,054 379,870 906,898 230,227 505,068 559,909 2,202,101 509,419 945,050 1,454,469 3,656,570 333,161 345,761 335,729 358,171 364,815 (percent of total assets) 5.1 13.2 12.3 34.9 30.0 6.0 25.2 20.7 61.5 38.5 5.4 13.2 12.2 35.0 29.8 5.9 25.1 20.6 61.2 38.8 5.8 12.8 11.9 34.6 29.6 5.5 25.2 20.1 60.5 39.5 5.7 12.7 12.1 34.8 29.2 5.7 24.9 20.1 60.5 39.5 5.6 13.0 12.0 34.8 29.0 5.5 24.8 20.1 60.2 39.8 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 65 All Manufacturing Assets Under $5 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 2Q 1996 All Manufacturing Assets $5 Million to $10 Million1 3Q 1996 4Q 1996 1Q 1997 2Q 1997 All Manufacturing Assets $10 Million to $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 8,849 1,690 10,539 2,216 12,755 30,988 25,069 4,088 72,900 86,973 1,881 58,029 30,824 5,848 109,572 10,208 1,874 12,081 2,202 14,283 31,320 25,636 4,541 75,780 88,265 1,780 59,078 30,967 5,795 112,542 10,433 1,566 11,999 2,221 14,220 29,893 25,695 4,765 74,574 88,705 1,812 58,812 31,705 5,695 111,974 10,498 1,534 12,032 2,136 14,168 29,681 24,069 4,807 72,725 87,712 1,663 59,099 30,276 5,617 108,618 10,665 1,558 12,223 2,273 14,495 30,923 24,666 4,535 74,619 86,541 1,942 57,638 30,845 5,580 111,044 3,119 541 3,660 1,000 4,659 14,906 13,833 2,156 35,554 37,228 1,184 21,092 17,320 3,431 56,305 (million dollars) 3,030 336 3,367 1,312 4,679 13,949 12,565 1,813 33,005 34,325 1,124 19,609 15,839 2,824 51,668 3,661 441 4,102 1,148 5,250 13,715 12,930 1,711 33,606 34,975 1,057 20,324 15,708 2,516 51,830 3,494 476 3,970 1,615 5,585 14,466 13,850 2,245 36,146 38,811 1,083 22,096 17,798 2,447 56,391 3,153 585 3,738 1,657 5,395 15,005 13,724 2,146 36,270 36,867 1,000 21,993 15,874 2,916 55,060 3,982 641 4,623 2,583 7,205 19,815 20,004 3,092 50,116 54,449 1,786 29,798 26,437 6,091 82,645 (million dollars) 4,432 816 5,248 3,036 8,284 22,022 21,719 3,236 55,260 59,429 1,739 32,345 28,823 6,583 90,666 4,622 742 5,364 2,868 8,232 20,330 21,139 3,059 52,759 57,680 1,536 31,572 27,644 6,707 87,110 3,699 804 4,503 2,427 6,930 21,134 21,810 3,332 53,206 57,693 1,587 31,271 28,009 6,720 87,935 4,077 585 4,662 2,388 7,051 21,459 21,083 3,219 52,812 57,864 1,535 32,083 27,316 6,124 86,253 6,226 1,471 16,646 499 2,515 1,420 7,353 36,131 11,295 11,784 1,830 61,040 14,516 34,016 48,532 109,572 6,212 1,555 16,306 667 2,618 1,234 7,438 36,029 11,105 11,675 2,063 60,871 13,806 37,865 51,671 112,542 6,257 1,588 16,422 669 2,812 1,354 7,492 36,593 11,905 11,921 1,791 62,209 14,374 35,391 49,765 111,974 6,338 1,181 16,353 501 2,711 1,359 7,450 35,894 10,298 11,387 2,115 59,694 14,660 34,263 48,924 108,618 6,186 1,482 16,765 503 2,459 1,352 6,768 35,515 10,755 11,591 2,096 59,957 13,593 37,493 51,087 111,044 3,460 371 7,789 317 1,802 548 3,804 18,092 6,952 5,526 1,204 31,773 6,873 17,659 24,532 56,305 3,566 635 7,239 331 1,387 687 3,778 17,623 5,353 5,858 989 29,824 5,503 16,341 21,844 51,668 3,698 349 7,195 366 1,343 534 3,771 17,256 5,276 5,118 1,128 28,778 5,065 17,987 23,052 51,830 4,026 358 7,528 414 1,531 541 4,303 18,702 6,085 5,204 1,062 31,052 5,672 19,668 25,339 56,391 4,141 459 7,484 372 1,317 503 4,176 18,452 5,735 3,855 1,342 29,384 5,145 20,531 25,676 55,060 6,206 978 10,855 347 2,041 786 6,089 27,301 8,965 6,227 2,291 44,784 13,731 24,130 37,860 82,645 6,637 1,225 11,948 532 2,143 723 6,943 30,151 10,450 6,049 2,258 48,908 15,166 26,592 41,758 90,666 7,099 886 10,941 477 2,112 723 6,315 28,552 9,535 5,361 2,684 46,132 12,698 28,280 40,978 87,110 7,104 929 11,435 525 2,164 849 6,713 29,720 10,251 6,180 2,283 48,433 12,296 27,205 39,502 87,935 5,911 940 11,382 488 2,277 813 6,971 28,781 9,882 6,231 1,873 46,767 13,559 25,927 39,486 86,253 36,769 39,751 37,981 36,831 39,104 17,463 15,382 16,350 17,444 17,818 22,815 25,109 24,207 23,486 24,031 (percent of total assets) (percent of total assets) (percent of total assets) 11.6 28.3 22.9 66.5 28.1 10.6 33.0 21.1 55.7 44.3 12.7 27.8 22.8 67.3 27.5 10.3 32.0 20.3 54.1 45.9 12.7 26.7 22.9 66.6 28.3 10.7 32.7 21.2 55.6 44.4 13.0 27.3 22.2 67.0 27.9 10.7 33.0 20.0 55.0 45.0 13.1 27.8 22.2 67.2 27.8 10.3 32.0 20.1 54.0 46.0 8.3 26.5 24.6 63.1 30.8 11.0 32.1 22.1 56.4 43.6 9.1 27.0 24.3 63.9 30.7 12.1 34.1 21.7 57.7 42.3 10.1 26.5 24.9 64.8 30.3 11.4 33.3 20.1 55.5 44.5 9.9 25.7 24.6 64.1 31.6 11.4 33.2 20.0 55.1 44.9 9.8 27.3 24.9 65.9 28.8 11.6 33.5 17.4 53.4 46.6 8.7 24.0 24.2 60.6 32.0 12.2 33.0 18.3 54.2 45.8 9.1 24.3 24.0 60.9 31.8 11.9 33.3 18.2 53.9 46.1 9.4 23.3 24.3 60.6 31.7 12.3 32.8 17.1 53.0 47.0 7.9 24.0 24.8 60.5 31.9 12.7 33.8 18.7 55.1 44.9 8.2 24.9 24.4 61.2 31.7 11.5 33.4 18.7 54.2 45.8 66 TABLE 17.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Nondurable Manufacturing Industries1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,919 17,237 398,501 40,181 (365) 39,816 11,484 28,332 13,997 14,335 482,964 (7,559) 489,740 462,463 17,702 403,501 41,260 5,306 46,566 11,637 34,929 15,132 19,797 486,382 (11,707) 494,472 470,528 18,249 414,962 37,318 (807) 36,510 8,068 28,443 16,753 11,690 494,130 (1,785) 504,035 446,881 17,447 391,710 37,723 4,860 42,583 9,586 32,996 13,700 19,296 501,704 (16,411) 504,589 459,632 17,755 399,368 42,508 708 43,216 12,374 30,843 16,104 14,738 507,711 (2,859) 519,591 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.8 87.4 8.8 (0.1) 8.7 2.5 6.2 100.0 3.8 87.3 8.9 1.1 10.1 2.5 7.6 (percent) 100.0 3.9 88.2 7.9 (0.2) 7.8 1.7 6.0 100.0 3.9 87.7 8.4 1.1 9.5 2.1 7.4 100.0 3.9 86.9 9.2 0.2 9.4 2.7 6.7 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 24.02 17.09 8.98 6.39 27.41 20.56 10.36 7.77 20.83 16.23 8.01 6.24 23.98 18.58 9.25 7.17 23.93 17.08 9.36 6.68 1.25 0.14 1.19 1.27 0.16 1.21 1.26 0.16 1.28 1.28 0.16 1.27 1.30 0.16 1.30 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 67 Nondurable Manufacturing Industries Assets Under $5 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Nondurable Manufacturing Industries Assets $5 Million to $10 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Nondurable Manufacturing Industries Assets $10 Million to $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 26,401 602 24,323 1,475 (281) 1,194 175 1,019 424 595 11,032 (79) 11,548 26,389 650 24,206 1,533 (175) 1,358 189 1,170 494 676 12,267 (137) 12,807 26,135 640 24,434 1,062 (197) 865 250 614 352 262 12,450 (340) 12,373 24,906 588 22,699 1,619 (98) 1,521 235 1,285 732 554 11,496 (296) 11,754 25,750 599 23,588 1,563 (15) 1,548 212 1,336 659 677 12,216 (147) 12,746 11,643 332 10,588 723 (138) 586 127 459 230 229 5,457 (48) 5,638 (million dollars) 11,617 287 10,541 789 (104) 685 114 570 213 358 4,954 (108) 5,204 11,687 317 10,798 571 (180) 392 111 281 355 (74) 5,339 104 5,369 11,281 326 10,273 682 0 682 71 611 218 393 6,310 (96) 6,607 12,022 305 10,898 820 (83) 737 92 645 207 439 7,356 (145) 7,650 15,943 455 14,558 930 (242) 688 144 545 371 174 10,785 (156) 10,803 (million dollars) 17,242 502 15,690 1,050 (139) 911 170 740 240 500 11,489 (13) 11,977 17,316 455 15,906 955 (153) 802 141 660 294 366 12,164 (9) 12,521 16,478 463 15,063 952 (137) 815 175 640 217 423 11,895 (56) 12,262 16,855 482 15,102 1,272 (96) 1,175 214 961 362 599 11,962 (189) 12,372 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.3 92.1 5.6 (1.1) 4.5 0.7 3.9 100.0 2.5 91.7 5.8 (0.7) 5.1 0.7 4.4 100.0 2.4 93.5 4.1 (0.8) 3.3 1.0 2.4 100.0 2.4 91.1 6.5 (0.4) 6.1 0.9 5.2 100.0 2.3 91.6 6.1 (0.1) 6.0 0.8 5.2 100.0 2.9 90.9 6.2 (1.2) 5.0 1.1 3.9 100.0 2.5 90.7 6.8 (0.9) 5.9 1.0 4.9 (percent) 100.0 2.7 92.4 4.9 (1.5) 3.4 0.9 2.4 100.0 2.9 91.1 6.0 0.0 6.0 0.6 5.4 100.0 2.5 90.6 6.8 (0.7) 6.1 0.8 5.4 100.0 2.9 91.3 5.8 (1.5) 4.3 0.9 3.4 100.0 2.9 91.0 6.1 (0.8) 5.3 1.0 4.3 (percent) 100.0 2.6 91.9 5.5 (0.9) 4.6 0.8 3.8 100.0 2.8 91.4 5.8 (0.8) 4.9 1.1 3.9 100.0 2.9 89.6 7.5 (0.6) 7.0 1.3 5.7 (percent) 29.40 25.08 12.10 10.32 30.98 26.67 13.32 11.47 19.81 14.08 8.60 6.11 36.33 30.70 15.54 13.13 34.16 29.48 15.69 13.54 28.71 22.51 10.69 8.38 41.59 34.64 13.28 11.06 23.18 16.61 7.66 5.49 33.35 29.87 12.48 11.18 31.99 28.01 13.45 11.77 20.26 16.04 8.82 6.98 23.68 19.25 10.50 8.54 21.13 17.41 9.50 7.82 21.08 16.55 9.47 7.43 29.68 24.27 14.01 11.46 1.87 0.29 1.25 1.94 0.35 1.37 2.00 0.40 1.37 1.96 0.37 1.31 2.05 0.41 1.50 1.75 0.20 0.96 1.68 0.18 0.76 1.65 0.24 0.80 1.70 0.23 0.98 1.76 0.28 1.33 1.72 0.23 1.35 1.79 0.27 1.39 1.77 0.27 1.47 1.75 0.25 1.43 1.82 0.27 1.60 68 TABLE 17.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Nondurable Manufacturing Industries1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 22,654 9,079 31,733 23,234 54,967 198,019 173,503 68,047 494,535 1,130,208 83,615 592,567 621,256 657,918 1,773,708 25,339 8,646 33,984 27,376 61,360 201,124 174,598 66,884 503,966 1,136,927 82,408 595,816 623,519 670,736 1,798,221 26,504 8,733 35,236 29,700 64,936 199,703 174,646 69,068 508,354 1,142,901 81,447 598,331 626,018 689,380 1,823,752 27,215 8,002 35,216 30,925 66,142 198,222 178,619 71,733 514,716 1,148,175 77,457 603,607 622,024 703,801 1,840,542 27,693 7,358 35,050 29,015 64,066 201,069 176,110 71,250 512,494 1,153,611 72,513 604,775 621,348 712,904 1,846,747 28,026 52,189 124,039 19,287 11,882 22,208 137,096 394,728 125,033 316,316 274,494 1,110,572 173,397 489,740 663,137 1,773,708 29,080 52,714 122,229 19,611 12,595 21,381 137,857 395,467 124,734 320,915 277,533 1,118,648 185,101 494,472 679,573 1,798,221 26,284 45,334 132,739 17,755 11,637 22,988 146,283 403,020 121,944 317,415 280,378 1,122,758 196,959 504,035 700,994 1,823,752 29,007 50,711 124,418 21,659 11,696 23,138 140,607 401,236 124,505 321,970 282,566 1,130,276 205,677 504,589 710,265 1,840,542 26,615 49,800 125,487 20,249 11,582 20,200 139,399 393,333 125,269 321,032 284,606 1,124,239 202,917 519,591 722,507 1,846,747 99,807 108,499 105,334 113,480 119,161 (percent of total assets) 3.1 11.2 9.8 27.9 35.0 6.5 22.3 24.8 62.6 37.4 3.4 11.2 9.7 28.0 34.7 6.4 22.0 24.7 62.2 37.8 3.6 11.0 9.6 27.9 34.3 5.8 22.1 24.1 61.6 38.4 3.6 10.8 9.7 28.0 33.8 6.3 21.8 24.3 61.4 38.6 3.5 10.9 9.5 27.8 33.6 5.8 21.3 24.2 60.9 39.1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 69 Nondurable Manufacturing Industries Assets Under $5 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Nondurable Manufacturing Industries Assets $5 Million to $10 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 Nondurable Manufacturing Industries Assets $10 Million to $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 2,922 430 3,353 641 3,993 11,637 8,243 1,588 25,462 32,208 666 21,076 11,799 2,211 39,472 3,495 579 4,074 732 4,806 11,454 8,545 1,682 26,487 33,492 611 21,916 12,188 2,119 40,794 3,935 628 4,563 719 5,282 10,732 8,394 1,767 26,174 33,007 563 21,545 12,025 2,038 40,237 3,696 400 4,096 612 4,707 10,834 7,751 1,851 25,143 32,593 600 21,434 11,759 2,248 39,150 3,730 536 4,266 824 5,090 10,960 7,602 1,785 25,437 32,295 645 21,265 11,675 2,345 39,458 894 202 1,095 324 1,419 5,823 4,412 775 12,429 17,014 616 9,636 7,995 1,496 21,920 (million dollars) 788 98 886 419 1,305 5,738 4,493 653 12,190 14,987 554 8,400 7,141 1,283 20,614 1,024 227 1,251 480 1,731 5,294 4,374 536 11,935 15,661 439 8,835 7,266 1,242 20,442 922 218 1,140 552 1,692 5,745 4,449 674 12,560 17,365 495 9,627 8,232 1,073 21,866 1,082 264 1,347 733 2,080 5,895 4,493 790 13,257 16,770 464 9,811 7,423 1,245 21,926 1,148 266 1,414 957 2,371 7,619 6,389 970 17,349 23,905 613 12,935 11,583 2,283 31,215 (million dollars) 1,388 333 1,721 1,157 2,878 8,468 7,042 1,020 19,407 26,049 614 14,064 12,600 2,673 34,680 1,520 258 1,777 1,126 2,903 7,978 7,090 1,084 19,055 24,857 560 13,435 11,981 2,726 33,762 1,452 326 1,777 964 2,742 8,128 7,595 1,086 19,550 25,134 539 13,682 11,990 2,901 34,441 1,639 263 1,901 953 2,854 8,084 7,234 1,160 19,331 25,337 464 14,118 11,683 2,528 33,542 2,267 485 6,779 143 957 533 2,452 13,616 4,658 4,127 825 23,226 4,697 11,548 16,245 39,472 2,206 481 6,432 171 1,076 482 2,817 13,664 4,544 4,044 1,001 23,253 4,735 12,807 17,542 40,794 2,070 431 6,178 198 1,139 415 2,668 13,100 4,591 4,140 945 22,775 5,089 12,373 17,462 40,237 2,340 318 6,086 186 1,117 487 2,309 12,843 4,393 4,107 1,062 22,405 4,991 11,754 16,744 39,150 2,085 425 5,989 195 1,066 488 2,162 12,409 4,068 3,940 911 21,328 5,384 12,746 18,130 39,458 1,060 119 3,375 94 912 228 1,304 7,092 3,217 2,960 492 13,762 2,520 5,638 8,158 21,920 1,391 84 3,181 90 581 365 1,556 7,248 2,733 3,486 564 14,030 1,380 5,204 6,584 20,614 1,555 139 3,206 96 607 256 1,352 7,212 2,643 3,228 599 13,683 1,390 5,369 6,759 20,442 1,609 217 3,198 107 578 242 1,455 7,405 3,066 2,624 588 13,684 1,575 6,607 8,182 21,866 1,398 251 3,347 124 610 247 1,563 7,540 2,868 1,530 774 12,711 1,565 7,650 9,215 21,926 2,193 292 4,344 127 850 342 1,967 10,115 3,585 2,799 1,126 17,625 2,787 10,803 13,590 31,215 2,185 333 4,759 258 816 337 2,165 10,852 4,690 2,670 1,087 19,299 3,404 11,977 15,381 34,680 2,508 214 4,649 197 814 351 2,052 10,787 4,161 2,276 1,363 18,587 2,654 12,521 15,175 33,762 2,466 295 4,590 210 848 444 2,300 11,154 4,472 2,263 1,083 18,973 3,206 12,262 15,468 34,441 1,973 321 4,848 146 868 410 2,056 10,620 4,241 2,059 788 17,708 3,462 12,372 15,834 33,542 11,846 12,823 13,074 12,300 13,028 5,337 4,942 4,722 5,155 5,718 7,234 8,555 8,268 8,396 8,711 (percent of total assets) (percent of total assets) (percent of total assets) 10.1 29.5 20.9 64.5 29.9 10.6 34.5 22.3 58.8 41.2 11.8 28.1 20.9 64.9 29.9 10.4 33.5 21.0 57.0 43.0 13.1 26.7 20.9 65.1 29.9 10.0 32.6 21.7 56.6 43.4 12.0 27.7 19.8 64.2 30.0 10.9 32.8 21.7 57.2 42.8 12.9 27.8 19.3 64.5 29.6 10.3 31.4 20.3 54.1 45.9 6.5 26.6 20.1 56.7 36.5 10.5 32.4 28.2 62.8 37.2 6.3 27.8 21.8 59.1 34.6 11.7 35.2 30.2 68.1 31.9 8.5 25.9 21.4 58.4 35.5 12.6 35.3 28.7 66.9 33.1 7.7 26.3 20.3 57.4 37.7 12.1 33.9 26.0 62.6 37.4 9.5 26.9 20.5 60.5 33.9 11.4 34.4 20.1 58.0 42.0 7.6 24.4 20.5 55.6 37.1 11.7 32.4 20.5 56.5 43.5 8.3 24.4 20.3 56.0 36.3 10.7 31.3 21.2 55.6 44.4 8.6 23.6 21.0 56.4 35.5 11.4 31.9 19.0 55.1 44.9 8.0 23.6 22.1 56.8 34.8 11.9 32.4 19.6 55.1 44.9 8.5 24.1 21.6 57.6 34.8 10.7 31.7 18.7 52.8 47.2 70 TABLE 18.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Durable Manufacturing Industries1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion and amortization of property, plant, and equipment. . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492,511 16,645 439,173 36,693 6,232 42,924 11,870 31,054 13,071 17,984 360,913 (2,995) 375,901 483,851 16,923 435,576 31,352 6,820 38,173 10,398 27,775 8,186 19,589 373,989 (4,348) 389,230 506,767 17,490 460,158 29,119 5,116 34,235 9,158 25,077 8,179 16,898 389,015 (4,799) 401,114 486,352 17,410 436,969 31,974 6,692 38,665 11,789 26,877 7,405 19,471 403,098 (8,387) 414,182 526,314 17,823 468,642 39,849 8,954 48,803 12,929 35,874 9,487 26,386 406,454 (7,381) 425,459 4Q 1996 1Q 1997 2Q 1997 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (percent of net sales) 100.0 3.4 89.2 7.5 1.3 8.7 2.4 6.3 100.0 3.5 90.0 6.5 1.4 7.9 2.1 5.7 (percent) 100.0 3.5 90.8 5.7 1.0 6.8 1.8 4.9 100.0 3.6 89.8 6.6 1.4 8.0 2.4 5.5 100.0 3.4 89.0 7.6 1.7 9.3 2.5 6.8 Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BALANCE SHEET RATIOS (based on succeeding table) Total current assets to total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities to total current liabilities . . . . . . . . . . . . . . . . . Total stockholders’ equity to total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 25.82 18.68 10.24 7.41 22.42 16.32 8.94 6.50 19.41 14.22 7.87 5.76 21.52 14.96 8.71 6.06 26.67 19.60 10.79 7.93 1.49 0.26 1.82 1.49 0.27 1.84 1.47 0.29 1.93 1.49 0.28 1.92 1.48 0.27 1.91 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 71 Durable Manufacturing Industries Assets Under $5 Million 2Q 1996 3Q 19962 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Durable Manufacturing Industries Assets $5 Million to $10 Million 3Q 19962 4Q 19962 1Q 19972 2Q 1997 Durable Manufacturing Industries Assets $10 Million to $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 41,858 956 38,190 2,711 (238) 2,473 414 2,060 798 1,261 21,613 (406) 22,468 42,363 995 37,992 3,376 (329) 3,047 438 2,609 748 1,860 23,250 (53) 25,058 42,789 1,073 40,678 1,037 (239) 799 321 477 630 (153) 23,251 (80) 23,019 39,071 979 35,849 2,242 (266) 1,976 304 1,672 600 1,073 21,943 (506) 22,510 44,084 983 39,864 3,236 (257) 2,980 357 2,623 836 1,786 23,121 (159) 24,748 16,848 382 14,929 1,537 (141) 1,396 259 1,137 451 686 11,441 (106) 12,021 (million dollars) 15,114 360 13,405 1,349 (126) 1,222 275 948 260 687 10,522 (71) 11,138 16,865 362 15,537 967 (106) 860 285 575 274 301 12,370 (52) 12,618 16,948 407 15,040 1,501 (48) 1,452 287 1,165 238 927 12,480 (346) 13,061 16,403 379 14,545 1,478 (105) 1,374 215 1,158 491 667 12,390 (175) 12,882 24,029 550 21,520 1,959 (176) 1,783 332 1,451 579 872 12,557 (101) 13,327 (million dollars) 25,764 604 23,220 1,941 (252) 1,688 382 1,306 501 805 13,904 (94) 14,615 23,066 608 21,078 1,380 (303) 1,077 312 765 382 383 15,522 (146) 15,759 22,802 596 20,714 1,492 (197) 1,295 283 1,012 326 686 14,408 (151) 14,944 25,606 625 22,765 2,217 (186) 2,031 401 1,630 720 910 12,810 (166) 13,555 (percent of net sales) (percent of net sales) (percent of net sales) 100.0 2.3 91.2 6.5 (0.6) 5.9 1.0 4.9 100.0 2.3 89.7 8.0 (0.8) 7.2 1.0 6.2 100.0 2.5 95.1 2.4 (0.6) 1.9 0.8 1.1 100.0 2.5 91.8 5.7 (0.7) 5.1 0.8 4.3 100.0 2.2 90.4 7.3 (0.6) 6.8 0.8 5.9 100.0 2.3 88.6 9.1 (0.8) 8.3 1.5 6.7 100.0 2.4 88.7 8.9 (0.8) 8.1 1.8 6.3 (percent) 100.0 2.1 92.1 5.7 (0.6) 5.1 1.7 3.4 100.0 2.4 88.7 8.9 (0.3) 8.6 1.7 6.9 100.0 2.3 88.7 9.0 (0.6) 8.4 1.3 7.1 100.0 2.3 89.6 8.2 (0.7) 7.4 1.4 6.0 100.0 2.3 90.1 7.5 (1.0) 6.6 1.5 5.1 (percent) 100.0 2.6 91.4 6.0 (1.3) 4.7 1.4 3.3 100.0 2.6 90.8 6.5 (0.9) 5.7 1.2 4.4 100.0 2.4 88.9 8.7 (0.7) 7.9 1.6 6.4 (percent) 30.64 25.52 14.11 11.75 35.71 30.57 16.99 14.54 9.89 5.91 4.45 2.66 24.56 20.79 11.38 9.63 36.17 31.83 16.65 14.65 34.10 27.77 16.24 13.22 32.04 24.84 15.75 12.21 21.12 14.12 10.97 7.33 33.86 27.16 16.83 13.50 33.38 28.15 16.58 13.99 29.39 23.92 13.87 11.29 25.60 19.80 12.06 9.33 16.70 11.86 8.08 5.74 21.55 16.84 9.68 7.57 34.35 27.56 15.41 12.37 2.11 0.39 1.49 2.20 0.42 1.58 2.06 0.38 1.40 2.06 0.41 1.57 2.13 0.41 1.52 2.10 0.29 1.61 2.01 0.33 1.73 2.16 0.35 2.07 2.09 0.34 1.82 2.11 0.30 1.81 1.91 0.28 1.60 1.86 0.28 1.63 1.90 0.30 1.68 1.81 0.23 1.44 1.84 0.23 1.46 72 TABLE 18.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Durable Manufacturing Industries1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Total cash on hand and in U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments, including marketable and government securities, commercial paper, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other short-term debt, including commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments. . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes, capitalized leases, and minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital (less treasury stock) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL Excess of total current assets over total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELECTED BALANCE SHEET RATIOS Total cash, U.S. Government and other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term debt including installments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Prior 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 41,496 17,218 58,714 63,202 121,916 258,315 251,350 78,209 709,789 831,913 27,022 444,249 414,686 552,700 1,677,175 43,230 20,250 63,480 65,979 129,459 261,237 253,702 79,042 723,440 843,493 27,387 448,562 422,318 562,985 1,708,743 49,010 17,949 66,959 74,795 141,754 255,373 249,780 78,352 725,259 848,947 27,467 447,308 429,106 586,164 1,740,529 51,357 15,788 67,145 73,419 140,564 262,700 258,959 82,981 745,203 862,663 27,874 455,968 434,569 595,463 1,775,235 49,229 19,106 68,335 72,095 140,430 272,887 262,828 83,073 759,218 869,635 28,119 457,916 439,838 610,767 1,809,823 29,429 39,241 150,952 12,782 12,678 13,446 217,908 476,435 94,901 176,653 264,226 1,012,215 289,059 375,901 664,960 1,677,175 32,207 36,287 149,622 14,078 12,754 13,198 228,033 486,178 94,835 181,650 265,120 1,027,783 291,730 389,230 680,960 1,708,743 30,163 33,253 154,262 16,533 12,732 13,899 234,021 494,863 94,332 180,707 265,300 1,035,203 304,212 401,114 705,326 1,740,529 34,482 30,395 156,253 20,946 12,502 14,540 231,395 500,512 100,464 182,059 273,444 1,056,479 304,574 414,182 718,756 1,775,235 34,969 33,814 160,133 18,431 11,893 13,854 240,471 513,565 104,958 184,036 275,303 1,077,862 306,502 425,459 731,961 1,809,823 233,354 237,262 230,396 244,691 245,654 (percent of total assets) 7.3 15.4 15.0 42.3 24.7 5.7 28.4 16.2 60.4 39.6 7.6 15.3 14.8 42.3 24.7 5.5 28.5 16.1 60.1 39.9 8.1 14.7 14.4 41.7 24.7 5.1 28.4 15.8 59.5 40.5 7.9 14.8 14.6 42.0 24.5 5.1 28.2 16.0 59.5 40.5 7.8 15.1 14.5 41.9 24.3 5.3 28.4 16.0 59.6 40.4 quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 73 Durable Manufacturing Industries Assets Under $5 Million 2Q 1996 3Q 19962 4Q 19962 1Q 19972 2Q 1997 2Q 1996 Durable Manufacturing Industries Assets $5 Million to $10 Million 3Q 19962 4Q 19962 1Q 19972 2Q 1997 Durable Manufacturing Industries Assets $10 Million to $25 Million1 2Q 1996 3Q 1996 4Q 1996 1Q 1997 2Q 1997 (million dollars) 5,926 1,260 7,187 1,575 8,762 19,351 16,826 2,500 47,438 54,765 1,214 36,953 19,025 3,637 70,100 6,713 1,295 8,008 1,469 9,477 19,866 17,091 2,859 49,293 54,773 1,169 37,162 18,779 3,676 71,748 6,498 938 7,436 1,502 8,938 19,162 17,302 2,999 48,400 55,698 1,249 37,267 19,680 3,657 71,737 6,802 1,134 7,936 1,525 9,461 18,847 16,318 2,956 47,582 55,119 1,063 37,665 18,516 3,370 69,468 6,935 1,022 7,957 1,448 9,405 19,963 17,064 2,750 49,182 54,246 1,297 36,374 19,170 3,235 71,586 2,225 339 2,564 675 3,240 9,083 9,421 1,381 23,125 20,213 568 11,457 9,325 1,935 34,385 (million dollars) 2,243 238 2,481 893 3,374 8,210 8,071 1,159 20,814 19,338 570 11,209 8,699 1,541 31,054 2,637 214 2,851 668 3,519 8,421 8,557 1,175 21,672 19,314 618 11,489 8,443 1,274 31,388 2,572 259 2,831 1,063 3,893 8,721 9,400 1,571 23,586 21,446 588 12,469 9,566 1,374 34,526 2,071 321 2,391 924 3,315 9,110 9,231 1,357 23,013 20,097 536 12,182 8,450 1,671 33,134 2,834 374 3,209 1,625 4,834 12,196 13,615 2,122 32,767 30,544 1,173 16,862 14,855 3,808 51,430 (million dollars) 3,044 483 3,527 1,879 5,406 13,554 14,677 2,216 35,853 33,380 1,124 18,281 16,224 3,910 55,986 3,102 484 3,586 1,742 5,328 12,351 14,050 1,975 33,704 32,823 976 18,137 15,662 3,981 53,348 2,248 478 2,725 1,463 4,189 13,006 14,216 2,246 33,656 32,559 1,049 17,589 16,019 3,819 53,494 2,438 323 2,761 1,436 4,197 13,375 13,850 2,059 33,481 32,528 1,071 17,966 15,633 3,596 52,710 3,959 986 9,867 356 1,558 887 4,901 22,515 6,636 7,658 1,005 37,814 9,818 22,468 32,286 70,100 4,006 1,073 9,874 496 1,542 752 4,621 22,365 6,561 7,631 1,062 37,618 9,071 25,058 34,129 71,748 4,187 1,156 10,244 471 1,672 939 4,824 23,493 7,314 7,781 846 39,434 9,285 23,019 32,303 71,737 3,999 863 10,267 315 1,594 871 5,141 23,050 5,905 7,280 1,053 37,289 9,670 22,510 32,179 69,468 4,101 1,057 10,777 308 1,392 864 4,606 23,106 6,687 7,652 1,185 38,629 8,209 24,748 32,957 71,586 2,400 252 4,414 223 890 321 2,500 10,999 3,735 2,566 712 18,011 4,353 12,021 16,374 34,385 2,175 551 4,058 241 806 322 2,223 10,375 2,620 2,373 425 15,793 4,123 11,138 15,261 31,054 2,142 210 3,989 270 736 277 2,420 10,044 2,632 1,890 529 15,095 3,675 12,618 16,294 31,388 2,418 141 4,330 307 954 299 2,848 11,297 3,018 2,580 473 17,368 4,097 13,061 17,157 34,526 2,743 208 4,137 249 707 256 2,613 10,912 2,868 2,325 568 16,673 3,579 12,882 16,461 33,134 4,013 686 6,510 219 1,191 444 4,123 17,186 5,381 3,428 1,164 27,159 10,943 13,327 24,271 51,430 4,453 892 7,189 274 1,327 386 4,778 19,299 5,761 3,379 1,171 29,610 11,761 14,615 26,377 55,986 4,590 672 6,291 280 1,297 372 4,263 17,765 5,375 3,084 1,321 27,545 10,044 15,759 25,802 53,348 4,638 634 6,845 314 1,316 405 4,413 18,566 5,779 3,917 1,199 29,461 9,090 14,944 24,034 53,494 3,939 619 6,534 342 1,409 403 4,915 18,161 5,641 4,172 1,085 29,059 10,097 13,555 23,652 52,710 24,923 26,928 24,907 24,532 26,076 12,126 10,440 11,628 12,289 12,101 15,581 16,554 15,939 15,090 15,320 (percent of total assets) (percent of total assets) (percent of total assets) 12.5 27.6 24.0 67.7 27.1 10.5 32.1 20.4 53.9 46.1 13.2 27.7 23.8 68.7 26.2 10.2 31.2 19.7 52.4 47.6 12.5 26.7 24.1 67.5 27.4 11.0 32.7 21.0 55.0 45.0 13.6 27.1 23.5 68.5 26.7 10.6 33.2 19.0 53.7 46.3 13.1 27.9 23.8 68.7 26.8 10.3 32.3 20.0 54.0 46.0 9.4 26.4 27.4 67.3 27.1 11.2 32.0 18.4 52.4 47.6 10.9 26.4 26.0 67.0 28.0 12.4 33.4 16.0 50.9 49.1 11.2 26.8 27.3 69.0 26.9 10.7 32.0 14.4 48.1 51.9 11.3 25.3 27.2 68.3 27.7 11.1 32.7 16.2 50.3 49.7 10.0 27.5 27.9 69.5 25.5 11.8 32.9 15.7 50.3 49.7 9.4 23.7 26.5 63.7 28.9 12.3 33.4 17.2 52.8 47.2 9.7 24.2 26.2 64.0 29.0 12.7 34.5 16.3 52.9 47.1 10.0 23.2 26.3 63.2 29.4 13.0 33.3 15.9 51.6 48.4 7.8 24.3 26.6 62.9 29.9 13.2 34.7 18.1 55.1 44.9 8.0 25.4 26.3 63.5 29.7 12.2 34.5 18.6 55.1 44.9 74 TABLE 19.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 20 AND 21 ASSETS $25 MILLION AND OVER Food and Kindred Products1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,572 2,843 96,030 9,699 1,771 4,441 7,029 111,855 2,848 98,650 10,357 2,141 4,129 8,369 112,063 3,004 98,373 10,686 2,361 4,269 8,778 104,740 2,791 92,315 9,634 1,664 5,010 6,288 109,671 3,051 95,248 11,372 2,567 4,912 9,026 4Q 1996 2 1Q 1997 2Q 1997 Less: Depreciation, depletion, and amortization of property and equipment . . . . . . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonoperating income (dividends, interest, rent, royalties, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Nonoperating expenses (interest, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes and extraordinary items. . . . . . . . . . . . . . . . . . . Net income (or loss) of foreign branches and equity in earnings (or losses) of domestic and foreign nonconsolidated entities and investments accounted for by the equity method, net of foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Provision for current and deferred domestic income taxes: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Extraordinary gains (net of taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Extraordinary losses (net of taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Minority stockholders’ interest in income (or loss) of consolidated corporations . . . . . . . . . . Net income (or loss) for quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income (or loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries (net of foreign taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes 2 1,681 2,380 404 5,926 1 31 (8) 5,903 2,844 3,059 115,745 (362) 118,442 1,203 2,313 460 6,798 0 32 48 6,719 3,106 3,612 118,138 (1,161) 120,590 1,218 2,735 434 6,826 1 8 71 6,748 3,664 3,084 120,205 63 123,351 1,316 1,771 379 5,454 4 6 54 5,398 3,094 2,303 122,561 (878) 123,986 1,310 2,763 347 7,227 0 38 67 7,122 3,489 3,633 124,361 (172) 127,822 (percent of net sales) 100.0 2.6 88.4 8.9 (2.5) 6.5 1.5 2.6 5.5 100.0 2.5 88.2 9.3 (1.8) 7.5 1.1 2.5 6.1 (percent) 100.0 2.7 87.8 9.5 (1.7) 7.8 1.1 2.8 6.1 100.0 2.7 88.1 9.2 (3.2) 6.0 1.3 2.1 5.2 100.0 2.8 86.8 10.4 (2.2) 8.2 1.2 2.8 6.6 26.26 17.87 9.20 6.26 28.59 20.31 9.97 7.08 29.75 20.32 10.33 7.05 22.73 16.31 7.89 5.66 30.44 21.28 10.75 7.52 Tobacco Products. Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 75 TABLE 19.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 20 AND 21, ASSETS $25 MILLION AND OVER Food and Kindred Products1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Deposits outside the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash on hand and in banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury securities: a. Subject to agreements to sell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other, due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other, due in more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal agency securities: a. Subject to agreements to sell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other, due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other, due in more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial and finance company paper of U.S. issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State and local government securities due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign securities due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments including bankers’ acceptances. . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade receivables from U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other trade accounts and trade notes receivable (less allowances for doubtful receivables). . . . . Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advances and prepayments by U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes and capitalized leases . . . . . . . . . Minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Treasury stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL: Excess of total current assets over total current liabilities . . . . . . . . . 1 Includes 2 2 2Q 1996 3Q 1996 (million dollars) 4Q 1996 1Q 1997 2Q 1997 3,264 728 1,258 5,250 480 1,837 2,195 0 60 21 400 284 17 2,794 13,338 144 32,375 32,519 43,270 11,222 100,349 172,668 7,050 79,799 99,920 178,335 378,604 3,585 734 1,057 5,376 498 2,170 1,850 0 44 24 366 292 20 3,317 13,956 77 33,669 33,745 44,416 12,255 104,372 173,577 6,989 80,353 100,212 179,435 384,020 3,704 908 1,191 5,803 680 2,505 1,915 0 67 24 515 281 2 2,080 13,872 84 33,387 33,471 45,832 12,399 105,574 175,773 6,841 81,578 101,035 180,626 387,235 4,166 904 1,061 6,130 623 1,775 3,158 0 39 27 366 218 0 2,075 14,412 79 32,069 32,148 45,143 12,588 104,292 177,516 6,986 82,819 101,683 179,497 385,472 5,270 1,200 705 7,175 333 1,555 2,035 52 24 0 265 253 0 2,934 14,627 72 33,087 33,159 43,295 13,018 104,098 180,483 6,759 84,166 103,076 177,443 384,617 5,141 10,203 1,146 0 24,104 3,380 1,568 3,269 7,894 26,873 83,579 28,218 83,520 46,662 3,976 245,955 53,800 118,442 39,593 132,649 378,604 16,770 6,588 11,801 1,078 0 23,237 3,288 1,392 3,345 6,571 27,573 84,874 30,319 83,886 47,023 3,997 250,097 54,235 120,590 40,902 133,922 384,020 19,499 5,991 12,931 1,515 0 25,876 3,573 1,720 2,855 7,649 29,134 91,244 30,017 78,790 48,645 4,145 252,842 55,356 123,351 44,314 134,394 387,235 14,330 5,587 12,005 1,474 0 24,015 4,164 1,765 2,849 7,888 28,042 87,788 30,167 80,714 48,544 4,472 251,684 55,702 123,986 45,900 133,787 385,472 16,504 5,742 8,946 805 0 25,413 3,788 1,894 2,917 6,971 27,692 84,168 29,683 82,832 47,548 4,536 248,766 55,523 127,822 47,494 135,851 384,617 19,931 Tobacco Products. Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 76 TABLE 20.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 22, ASSETS $25 MILLION AND OVER Textile Mill Products Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,851 535 12,490 826 171 437 560 14,162 570 12,616 975 162 443 694 13,928 596 12,391 941 57 651 348 13,233 566 11,825 843 44 441 445 13,652 584 12,056 1,013 45 413 645 4Q 1996 1Q 1997 2Q 1997 Less: Depreciation, depletion, and amortization of property and equipment . . . . . . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonoperating income (dividends, interest, rent, royalties, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Nonoperating expenses (interest, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes and extraordinary items. . . . . . . . . . . . . . . . . . . Net income (or loss) of foreign branches and equity in earnings (or losses) of domestic and foreign nonconsolidated entities and investments accounted for by the equity method, net of foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Provision for current and deferred domestic income taxes: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Extraordinary gains (net of taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Extraordinary losses (net of taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Minority stockholders’ interest in income (or loss) of consolidated corporations . . . . . . . . . . Net income (or loss) for quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income (or loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries (net of foreign taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 196 (8) 401 0 4 0 398 190 208 8,634 35 8,877 27 220 20 480 0 7 0 474 105 369 9,002 (86) 9,285 56 94 18 290 2 0 (3) 295 111 185 9,263 (39) 9,409 43 184 16 289 91 0 0 380 122 258 9,070 (15) 9,313 51 231 10 455 1 0 (1) 457 110 347 9,895 (121) 10,120 100.0 3.9 90.2 6.0 (2.0) 4.0 0.2 1.3 2.9 100.0 4.0 89.1 6.9 (2.0) 4.9 0.2 1.7 3.4 100.0 4.3 89.0 6.8 (4.3) 2.5 0.4 0.8 2.1 100.0 4.3 89.4 6.4 (3.0) 3.4 0.3 1.5 2.2 100.0 4.3 88.3 7.4 (2.7) 4.7 0.4 1.8 3.3 14.38 9.79 5.47 3.72 17.21 11.48 6.63 4.42 9.74 7.02 3.85 2.77 12.12 7.16 4.69 2.77 17.13 11.19 6.76 4.42 77 TABLE 20.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 22, ASSETS $25 MILLION AND OVER Textile Mill Products Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Deposits outside the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash on hand and in banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury securities: a. Subject to agreements to sell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other, due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other, due in more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal agency securities: a. Subject to agreements to sell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other, due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other, due in more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial and finance company paper of U.S. issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State and local government securities due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign securities due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments including bankers’ acceptances. . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade receivables from U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other trade accounts and trade notes receivable (less allowances for doubtful receivables). . . . . Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advances and prepayments by U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes and capitalized leases . . . . . . . . . Minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Treasury stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL: Excess of total current assets over total current liabilities . . . . . . . . . 1,298 0 120 0 3,193 141 32 680 574 2,832 8,869 9,078 5,748 2,973 7 26,675 8,338 8,877 828 16,387 43,062 10,721 1,125 0 55 0 3,342 144 33 703 340 2,986 8,728 8,819 6,079 3,080 8 26,715 8,297 9,285 836 16,746 43,460 11,241 1,060 0 208 0 3,272 110 39 747 381 2,748 8,566 7,740 5,822 3,199 3 25,330 7,897 9,409 751 16,555 41,885 10,518 1,193 0 81 0 3,236 194 33 573 147 2,631 8,088 8,698 5,821 2,935 15 25,557 7,597 9,313 787 16,123 41,680 11,230 1,338 0 34 0 3,120 167 33 742 133 2,613 8,180 8,092 5,730 2,899 16 24,916 7,080 10,120 945 16,254 41,170 11,200 464 126 28 619 124 8 201 0 0 19 2 0 0 179 1,151 5 8,091 8,095 9,334 1,009 19,590 31,631 484 16,016 16,099 7,374 43,062 2Q 1996 3Q 1996 (million dollars) 382 76 24 482 187 17 160 0 0 0 29 0 0 144 1,018 8 8,530 8,538 9,296 1,117 19,970 31,946 475 16,475 15,946 7,544 43,460 475 102 15 592 189 10 194 0 17 7 4 0 0 273 1,284 2 7,476 7,478 8,952 1,369 19,084 31,931 487 16,934 15,483 7,317 41,885 403 43 24 470 87 0 249 0 31 0 60 0 0 242 1,139 2 7,601 7,603 9,342 1,234 19,319 31,328 486 16,694 15,120 7,241 41,680 407 64 26 497 54 7 277 0 14 0 55 10 0 7 921 4 7,820 7,824 9,272 1,362 19,380 30,966 443 16,734 14,675 7,115 41,170 4Q 1996 1Q 1997 2Q 1997 78 TABLE 21.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 23 AND 31, ASSETS $25 MILLION AND OVER Apparel1 Item 2Q 1996 3Q 1996 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,209 189 9,695 324 235 363 195 12,236 178 11,051 1,007 242 291 958 12,434 187 11,395 851 211 324 738 10,274 192 9,374 708 194 287 616 9,716 183 8,915 618 371 253 735 4Q 1996 1Q 1997 2Q 1997 Less: Depreciation, depletion, and amortization of property and equipment . . . . . . . . . . . . . . . . . Less: All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonoperating income (dividends, interest, rent, royalties, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Nonoperating expenses (interest, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes and extraordinary items. . . . . . . . . . . . . . . . . . . Net income (or loss) of foreign branches and equity in earnings (or losses) of domestic and foreign nonconsolidated entities and investments accounted for by the equity method, net of foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Provision for current and deferred domestic income taxes: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Extraordinary gains (net of taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Extraordinary losses (net of taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Minority stockholders’ interest in income (or loss) of consolidated corporations . . . . . . . . . . Net income (or loss) for quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (or charges) to retained earnings (net), including stock and other noncash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . Less: All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income (or loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries (net of foreign taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING RATIOS (see explanatory notes) Annual rate of profit on stockholders’ equity at end of period: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual rate of profit on total assets: Before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10 (53) 32 225 0 0 1 224 148 77 8,396 (4,003) 4,469 42 365 14 621 0 0 1 620 284 336 4,310 (18) 4,628 27 46 52 666 12 0 1 676 146 530 5,038 (144) 5,424 19 169 24 441 2 1 1 441 314 127 4,967 (120) 4,974 21 114 39 603 0 15 1 587 190 398 4,512 (105) 4,805 (percent of net sales) 100.0 1.9 95.0 3.2 (1.3) 1.9 0.1 (0.2) 2.2 100.0 1.5 90.3 8.2 (0.4) 7.8 0.3 3.1 5.1 (percent) 100.0 1.5 91.7 6.8 (0.9) 5.9 0.2 0.8 5.4 100.0 1.9 91.2 6.9 (0.9) 6.0 0.2 1.8 4.3 100.0 1.9 91.8 6.4 1.2 7.6 0.2 1.6 6.2 9.25 10.18 2.91 3.21 44.12 27.40 13.87 8.61 31.98 27.86 10.82 9.42 28.21 19.63 9.16 6.38 35.72 28.50 11.38 9.08 Includes Leather Products. 79 TABLE 21.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 23 AND 31, ASSETS $25 MILLION AND OVER Apparel1 Item ASSETS Cash and demand deposits in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Time deposits in the United States, including negotiable certificates of deposit. . . . . . . . . . . . . . . Deposits outside the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total cash on hand and in banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury securities: a. Subject to agreements to sell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other, due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other, due in more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal agency securities: a. Subject to agreements to sell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other, due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other, due in more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial and finance company paper of U.S. issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State and local government securities due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign securities due in 1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other short-term financial investments including bankers’ acceptances. . . . . . . . . . . . . . . . . . . . . Total cash, U.S. Government and other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade receivables from U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other trade accounts and trade notes receivable (less allowances for doubtful receivables). . . . . Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciable and amortizable fixed assets, including construction in progress . . . . . . . . . . . . . . . . Land and mineral rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Accumulated depreciation, depletion, and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term investments, intangibles, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt, original maturity of 1 year or less: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advances and prepayments by U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trade accounts and trade notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes accrued, prior and current years, net of payments: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Installments, due in 1 year or less, on long-term debt: a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current liabilities, including excise and sales taxes, and accrued expenses . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt (due in more than 1 year): a. Loans from banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes and capitalized leases . . . . . . . . . Minority stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital st