1998 Census-Quarterly Financial Report for Manufacturing_ Mining_ and Trade Corporations-Second Quarter

Quarter 2 Quarterly Financial Report For Manufacturing, Mining, and Trade Corporations See Note on Page III. U.S. Department of Commerce Economics and Statistics Administration BUREAU OF THE CENSUS QFR/98-2 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, Company Statistics Division. Ronald H. Lee, Chief, Financial Report 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 Gillespie-Brown, and Lolita Curtis-Hammond, and the data keying by Katrina Reed and Lakeisha Tyson-Cook. Octavia A. Dockery provides secretarial support to the branch. 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. Shirley Ayres, Donna Moore, and Minnie Whiteside, maintain the program’s records, control correspondence, and record receipt of reports. Laura Gonchar Schmitz, assisted by Frances Tucker, and Cheryl Nelson, provides sample maintenance, production planning, and data processing support. Donna Farley coordinates the various phases of the publication process, including table preparation. Durwin W. Knutson provides support for the Internet, including the preparation and dissemination of electronic files. 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, assisted by Barbara F. Blass and Amy M. Newman-Smith. Mitchell L. Trager, Assistant Chief for Evaluation and Information Systems, Governments 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. Gloria T. Davis provides composition services. A special acknowledgment is due to the many corporations whose cooperation each quarter is essential to the success of this report. QUARTER 2 1998 Quarterly Financial Report For Manufacturing, Mining, and Trade Corporations U.S. Department of Commerce Economics and Statistics Administration BUREAU OF THE CENSUS QFR/98-2 Issued September 1998 U.S. Department of Commerce William M. Daley, Secretary Robert L. Mallett, Deputy Secretary Economics and Statistics Administration Robert J. Shapiro, Under Secretary for Economic Affairs BUREAU OF THE CENSUS James F. Holmes, Acting Director Bradford R. Huther, Deputy Director ECONOMICS AND STATISTICS ADMINISTRATION Economics and Statistics Administration Robert J. Shapiro, Under Secretary for Economic Affairs BUREAU OF THE CENSUS James F. Holmes, Acting 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 COMPANY 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 1998, Series QFR/98-2, U.S. Government Printing Office, Washington, DC, 1998. 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXII Profits Per Dollar of Sales, by Division and Major Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXIV Profits Per Dollar of Sales, Manufacturing Corporations, by Asset Size. . . . . . . . . . . . . XXV Annual Rates of Profit on Stockholders’ Equity, by Division and Major Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXVI Annual Rates of Profit on Stockholders’ Equity, Manufacturing Corporations, by Asset Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXVII Rates of Return, All Manufacturing Corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXVIII Rates of Return, All Mining Corporations, Assets $50 Million and Over . . . . . . . . . . . . XXIX Rates of Return, All Wholesale Trade Corporations, Assets $50 Million and Over . XXX Rates of Return, All Retail Trade Corporations, Assets $50 Million and Over . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXXI Composition of the Sample, by Division and Asset Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXXII Sampling Variability, by Division and Major Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXXIII Seasonally Adjusted Net Sales and Net Income After Tax, Manufacturing Corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXXIV Financial Data Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 SPECIAL NOTE Beginning with the first quarter of 1998, the reporting forms used by the Quarterly Financial Report Program were updated to conform with changes in accounting principles and to provide more meaningful data to users. The new format provides for reporting of interest expense, bonds and debentures, and more detailed information on significant economic events, such as asset sales and disposal of business segments. Net income before and after tax have been redefined to include minority stockholders’ interest. Where possible, prior quarter data have been restated on the new format. In some instances, however, old data items were not fully comparable with the new format. Where this occurs, the new data items for the prior quarter are noted as not available (NA). U.S. Census Bureau, the Official StatisticsTM Sep 10, 1998 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) U.S. Census Bureau, the Official StatisticsTM Sep 10, 1998 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 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 31.1 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 33 98 99 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) U.S. Census Bureau, the Official StatisticsTM Sep 10, 1998 VII INDEX TO QUARTERLY FINANCIAL STATISTICS TABLE NO. TITLE IRON AND STEEL—SIC 331, 2, AND 9 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 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 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 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 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 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 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 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 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 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 50, 51 52, 53 116 117 47 49 114 115 46, 47 48, 49 112 113 43 45 110 111 42, 43 44, 45 108 109 39 41 106 107 38, 39 40, 41 104 105 35 37 102 103 34, 35 36, 37 100 101 PAGE(S) U.S. Census Bureau, the Official StatisticsTM Sep 10, 1998 VIII INDEX TO QUARTERLY FINANCIAL STATISTICS TABLE NO. TITLE LUMBER AND WOOD PRODUCTS—SIC 24 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 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 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 U.S. Census Bureau, the Official StatisticsTM Sep 10, 1998 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 Company Statistics Division, Bureau of the Census, Washington, DC 20233, telephone 301-457-3343. 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 U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 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 of accounting, at the option of the reporting company. Mining, wholesale, and retail trade corporations and manufacturing corporations with assets X less than $50 million report their dividend or equity income with other nonoperating income (expense). Manufacturing corporations with assets of $50 million and over report their dividend or equity income on designated data lines. 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. 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 U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 XI 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. U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 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 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 XII 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. 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 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. 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 U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 XIII 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. 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 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. 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 U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 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. 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 1 See the QFR, Second Quarter 1975, Appendix Tables I and II. XIV 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 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 U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 XV 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 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. d. Historical rates of return tables for wholesaling, retailing, and mining. U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 CONVERSION TABLE LONG TO SHORT FORMAT LONG FORMAT Net sales, receipts and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other recurring nonoperating income (expense), including interest income, royalties,and minority interest Nonrecurring items (gain/loss on sale of assets, restructuring costs, and asset writedowns) . . . . . . . . . Net income (loss) of foreign branches and equity in earnings (losses) of domestic and foreign nonconsolidated subsidiaries and other investments accounted for by the equity method, net of foreign taxes . . . . . . [4] [5] [5] [5] [5] [4] [5] [1] [2] [3] [1] [2] [3] U.S. Census Bureau, the Official StatisticsTM Sep 10, 1998 SHORT FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [6] Provision for current and deferred domestic income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [6] [6] [7] Cash dividends charged to retained earnings in current quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income retained in business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [8] [9] [9] [9] Retained earnings at beginning of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other direct credits (charges) to retained earnings (net), including stock and other non-cash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [7] INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes: a. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Extraordinary gains (losses), net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cumulative effect of accounting changes, net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 (charges) to retained earnings (net), including stock and other non-cash dividends, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings at end of quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME STATEMENT IN RATIO FORMAT Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other recurring nonoperating income (expense), including interest income, royalties, and minority interest . Nonrecurring items (gain/loss on sale of assets, restructuring costs, and asset writedowns) Net income (loss) of foreign branches and equity in earnings (losses) of nonconsolidated subsidiaries, net of foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [8] [9] XVII CONVERSION TABLE LONG TO SHORT FORMAT LONG FORMAT 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 and Federal agency securities: (a) Subject to agreements to sell. . . . . . . . . . . . . . . . . . . . . . . . . (b) Other, due in 1 year or less. . . . . . . . . . . . . . . . . . . . . . . . . . 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 . ....................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [3] [3] [3] [3] [3] [3] [4] [4] [5] [6] [10] [7] [8] [9] [10] [10] ............. [3] [1] [2] [3] [1] [2] XVIII SHORT FORMAT 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [4] [5] [6] Trade accounts and trade notes receivable (less allowances for doubtful receivables) . . . . . . . . . . . . . . . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [7] [8] [9] 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 [11] [12] [13] [14] [15] [16] [17] 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury and Federal agency securities due in more than 1 year . . . . . . . . . . . All other noncurrent assets, including investment in nonconsolidated entities, long-term 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. Bonds and debentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. 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. Bonds and debentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. Other long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other noncurrent liabilities, including deferred income taxes and capitalized stockholders’ interest in consolidated domestic corporations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............. ............. investments, [11] [12] [12] [17] [13] [14] [14] [15] [16] [16] [17] ............................. ............................. accrued expenses . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [18] [19] [20] 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, stockholders’ interest in consolidated domestic corporations . . . . . . . . . . . . . . ... ... and ... .............. .............. minority .............. ............... ............... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [21] [22] Capital stock and other capital (less treasury stock). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... .............. .............. .............. leases and minority .............. ..... ..... ..... ..... [18] [19] [19] [20] [21] [22] [21] [21] [21] 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital stock and other capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cumulative foreign currency translation adjustment Other stockholders’ equity items (unearned compensation, ESOP debt guarantees, etc.) Less: Treasury stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . NET WORKING CAPITAL: Excess of total current assets over total current liabilities . . ............ ............ ............ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 Change in Presentation of Financial Data 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 1998 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 Q1 1997-Q4 1997 Q4 1987 Q1 1988 Q4 1988 Q1 1989 Q1 1990 Q1 1991 Q1 1992 Q1 1993 Q1 1994 Q1 1995 Q4 1995 Q1 1998 U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 XXI SUMMARY DATA TABLES U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 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 on the internet at http:›ww.census.gov/agfs/www/qfr.html. For further information, contact Customer Services, ACSD, Bureau of the Census, Washington, DC 20233, or call (301)457−4100) Sales Industry 2Q 19972 1Q 19982 (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 1998 2Q 1997 to 2Q 1998 (percent) 994,915 452,084 120,676 16,121 17,904 41,664 49,501 108,800 38,086 34,038 36,676 65,064 32,352 542,831 19,715 40,565 20,831 19,734 47,016 115,683 111,574 133,518 86,637 38,343 30,057 44,704 18,059 16,739 9,906 15,809 NA 281,337 3 1Q 1998 to 2Q 1998 987,828 460,052 119,675 17,350 16,742 41,789 46,422 109,192 43,536 30,315 35,341 77,057 31,826 527,776 18,541 39,936 19,823 20,113 45,521 109,909 107,897 132,643 89,221 35,523 29,459 43,869 19,444 15,724 8,702 15,418 250,845 276,238 952,923 437,069 116,430 17,079 17,496 41,167 46,125 104,639 36,901 33,860 33,878 63,294 30,840 515,853 16,726 38,858 19,879 18,979 44,002 107,593 108,334 130,585 87,740 35,696 28,811 40,943 16,277 15,823 8,843 15,349 258,853 273,436 +4 +3 +4 3 3 3 −2 3 3 3 3 +7 3 +7 +4 3 3 −13 +12 3 −16 3 +8 +3 3 +3 3 3 3 3 3 +5 +18 3 3 3 3 +5 +3 3 +8 +3 +2 3 −3 +8 3 3 3 3 3 3 +7 3 +9 3 3 3 3 NA 3 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. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 XXIII Income before income taxes1 Rate of change 2Q 19972 1Q 19982 (million dollars) 92,353 42,816 10,429 937 1,107 1,451 4,263 12,672 5,489 2,521 4,662 9,428 2,528 49,538 1,827 2,913 1,286 1,627 3,793 9,542 13,362 11,707 7,957 3,019 3,123 3,271 1,473 1,137 662 2,080 6,451 6,802 95,047 39,674 9,752 769 1,000 2,045 4,299 14,811 3,880 5,772 5,158 5,004 1,996 55,373 738 2,580 934 1,646 3,743 8,309 9,196 26,049 23,241 2,257 2,673 2,085 725 994 366 1,175 8,934 5,861 81,906 41,699 9,168 732 924 2,318 5,696 14,290 4,118 5,154 5,018 6,067 2,504 40,207 2,282 2,184 1,067 1,118 4,189 9,764 6,308 10,024 6,291 2,930 2,238 3,216 1,349 1,286 581 379 NA 6,487 2Q 1998 2Q 1997 to 2Q 1998 1Q 1998 to 2Q 1998 2Q 19972 Income after income taxes1 Rate of change 1Q 19982 (million dollars) −14 +5 −6 3 3 2Q 1998 2Q 1997 to 2Q 1998 1Q 1998 to 2Q 1998 (percent) −11 −3 −12 −22 3 (percent) 60,208 31,276 6,218 545 722 1,606 4,039 11,642 2,830 5,028 3,785 4,596 1,907 28,932 1,761 1,481 696 785 3,297 7,162 3,876 7,727 5,079 2,104 1,292 2,335 1,022 912 401 270 NA 4,129 −10 +2 −14 3 3 66,877 30,532 7,231 650 912 1,033 2,840 8,572 3,853 1,208 3,512 7,353 1,941 36,344 1,277 2,130 920 1,210 2,898 7,213 9,464 8,778 6,094 2,175 2,125 2,459 1,219 797 442 1,432 3,826 4,568 73,411 29,248 6,728 591 769 1,342 2,999 11,319 2,737 5,029 3,553 3,901 1,598 44,163 488 1,797 652 1,145 2,828 6,094 6,357 23,354 21,385 1,617 1,750 1,496 600 685 210 708 5,393 3,598 −18 +7 −8 3 3 +60 +34 +13 −25 5 +13 +32 −4 +6 −11 3 +56 +42 +36 −27 5 +20 +35 +3 +3 3 +8 −36 3 +21 +25 −27 5 +8 −37 3 +7 +18 3 −19 +25 −25 −17 −31 3 3 −15 +14 −32 3 −20 +38 −30 −24 −35 3 3 −34 5 −18 3 −53 −14 −21 3 +18 −31 −62 −73 +30 3 −59 −12 −17 3 −28 3 3 3 3 −39 3 +54 +86 +29 3 −16 3 3 −31 +17 +18 −39 −67 −76 +30 −26 +56 +70 +33 3 −82 NA −5 −68 NA +11 −81 NA −10 −62 NA +15 U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 XXIV TABLE B PROFITS PER DOLLAR OF SALES, BY DIVISION AND MAJOR GROUP (Cents) Income before income taxes1 Industry 2Q 1997 9.3 9.3 8.7 5.4 6.6 3.5 9.2 11.6 12.6 8.3 13.2 12.2 7.9 9.4 9.9 7.3 6.5 8.1 8.3 8.7 12.4 8.8 8.9 8.5 10.6 7.5 7.6 7.2 7.6 13.5 2.6 2.5 3Q 1997 8.8 9.7 9.1 4.6 7.9 5.3 8.3 13.7 7.9 16.6 18.4 11.1 6.3 8.1 12.4 6.3 4.5 8.0 8.3 6.3 11.3 6.1 4.9 8.5 12.6 6.6 5.8 7.6 6.7 14.5 3.1 2.8 4Q 1997 6.9 7.0 6.6 2.4 3.2 (1.0) 7.7 9.0 1.9 17.2 9.2 12.1 3.7 6.7 7.2 4.3 4.3 4.4 6.6 8.1 9.0 4.5 4.8 3.6 8.1 5.2 4.9 6.1 4.4 1.0 4.6 1.9 1Q 1998 10.0 9.1 8.4 4.5 5.7 5.0 9.3 14.2 10.5 17.0 15.2 7.9 6.5 10.7 4.4 6.6 4.7 8.7 8.5 7.7 8.5 19.9 26.5 6.3 9.3 5.1 4.5 6.3 4.1 7.7 3.5 2.1 2 Income after income taxes2 2Q 1998 8.2 9.2 7.6 4.5 5.2 5.6 11.5 13.1 10.8 15.1 13.7 9.3 7.7 7.4 11.6 5.4 5.1 5.7 8.9 8.4 5.7 7.5 7.3 7.6 7.4 7.2 7.5 7.7 5.9 2.4 NA 2.3 2Q 1997 6.8 6.6 6.0 3.7 5.4 2.5 6.1 7.9 8.8 4.0 9.9 9.5 6.1 6.9 6.9 5.3 4.6 6.0 6.4 6.6 8.8 6.6 6.8 6.1 7.2 5.6 6.3 5.1 5.1 9.3 1.5 1.7 3Q 1997 6.3 7.1 6.6 3.0 6.2 3.7 5.5 10.4 5.2 14.2 13.4 8.4 4.4 5.7 8.8 4.2 3.3 5.0 6.5 4.2 7.5 4.7 4.0 6.3 8.1 4.9 4.9 5.3 4.3 10.7 2.0 1.8 4Q 1997 5.4 5.5 4.2 1.9 1.5 (0.2) 4.8 8.5 (0.2) 20.0 7.1 9.8 2.7 5.2 4.9 2.8 3.2 2.5 4.4 5.9 6.8 4.6 5.4 2.8 6.0 3.9 4.1 4.2 3.0 1.4 2.9 1.2 1Q 1998 7.7 6.7 5.8 3.5 4.4 3.3 6.5 10.8 7.4 14.9 10.5 6.2 5.2 8.6 2.9 4.6 3.3 6.0 6.4 5.7 5.9 17.9 24.4 4.5 6.1 3.7 3.7 4.3 2.4 4.6 2.1 1.3 2Q 1998 6.1 6.9 5.2 3.4 4.0 3.9 8.2 10.7 7.4 14.8 10.3 7.1 5.9 5.3 8.9 3.7 3.3 4.0 7.0 6.2 3.5 5.8 5.9 5.5 4.3 5.2 5.7 5.5 4.0 1.7 NA 1.5 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. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 XXV TABLE C PROFITS PER DOLLAR OF SALES, MANUFACTURING CORPORATIONS, BY ASSET SIZE (Cents) Income before income taxes1 Asset size 2Q 1997 9.3 6.4 7.4 7.6 6.0 5.2 5.7 6.8 11.2 9.4 6.8 8.4 8.0 6.2 3.8 5.7 7.3 11.3 9.3 5.9 6.1 7.0 5.8 6.8 5.6 6.1 11.1 3Q 1997 8.8 6.7 6.6 7.0 5.5 4.7 5.9 5.6 10.6 8.1 6.7 8.6 6.8 6.7 3.1 6.2 6.2 9.3 9.7 6.8 4.1 7.3 3.9 6.5 5.5 4.8 12.0 4Q 1997 6.9 2.6 3.6 5.3 1.7 4.9 4.8 5.7 8.4 6.7 3.3 4.3 5.3 1.2 5.3 5.5 5.4 8.2 7.0 1.4 2.6 5.2 2.6 4.4 3.9 6.1 8.5 1Q 1998 10.0 6.7 7.2 5.4 4.0 5.8 4.4 5.5 12.7 10.7 6.7 7.8 5.4 4.7 5.7 4.9 6.2 14.0 9.1 6.7 6.2 5.5 2.9 5.9 3.6 4.6 11.3 2 Income after income taxes2 2Q 1998 8.2 6.7 7.3 5.7 7.2 4.8 4.7 6.1 9.6 7.4 7.3 8.9 5.6 7.1 4.4 5.0 5.6 8.3 9.2 5.6 5.0 5.8 7.3 5.3 4.3 6.6 11.1 2Q 1997 6.8 5.6 6.4 6.1 4.3 3.6 3.7 4.3 8.1 6.9 6.0 7.1 6.4 4.3 2.2 3.5 4.7 8.3 6.6 5.1 5.4 5.7 4.4 5.3 3.9 3.8 7.8 3Q 1997 6.3 5.8 5.3 5.7 4.0 3.3 3.9 3.4 7.6 5.7 5.7 7.0 5.4 4.7 1.9 3.9 3.7 6.5 7.1 5.9 3.1 6.1 2.9 4.9 3.9 2.9 8.8 4Q 1997 5.4 2.0 2.4 4.1 0.6 3.4 3.1 3.4 6.8 5.2 2.6 2.9 4.1 (0.3) 3.8 3.5 3.0 6.8 5.5 0.8 1.7 4.1 2.0 3.0 2.7 3.9 6.9 1Q 1998 7.7 6.0 6.2 4.3 2.6 4.2 2.9 3.4 9.9 8.6 5.9 6.7 4.1 3.0 3.7 3.1 3.9 11.5 6.7 6.1 5.5 4.5 2.0 4.7 2.7 2.8 8.3 2Q 1998 6.1 6.0 6.2 4.5 5.6 3.3 2.8 3.7 7.1 5.3 6.5 7.7 4.3 5.5 2.6 2.9 3.3 5.9 6.9 5.1 3.9 4.8 5.7 4.2 2.7 4.2 8.3 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.) U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 XXVI TABLE D ANNUAL RATES OF PROFIT ON STOCKHOLDERS’ EQUITY, BY DIVISION AND MAJOR GROUP (Percent) Income before income taxes1 Industry 2Q 1997 25.3 23.7 31.1 19.5 33.7 8.9 18.0 24.8 30.5 13.5 32.2 24.2 28.8 26.9 30.3 22.5 22.3 22.7 29.6 24.9 26.4 34.4 37.9 28.3 17.8 27.4 31.7 27.0 21.6 13.2 14.9 17.6 3Q 1997 23.4 24.8 33.4 15.9 41.3 14.3 16.4 28.5 18.3 28.0 41.2 22.0 22.2 22.1 37.4 18.8 15.5 21.2 27.5 17.1 23.5 22.2 19.4 28.3 20.9 23.6 23.1 27.7 19.1 14.1 17.9 19.2 4Q 1997 18.7 18.1 24.3 8.1 18.4 (2.8) 15.9 18.9 4.6 30.8 19.4 23.6 13.7 19.3 20.7 12.8 14.6 11.4 21.5 23.0 19.0 19.3 22.4 13.5 14.5 18.1 17.5 23.8 11.8 1.1 29.1 13.7 1Q 1998 25.4 21.6 28.8 15.3 27.7 13.4 16.8 28.4 24.0 30.1 30.5 12.7 21.7 29.0 11.4 19.3 15.6 22.3 28.1 20.6 16.3 85.2 131.5 21.5 14.6 17.7 15.9 25.2 11.0 7.3 18.9 14.0 2 Income after income taxes2 2Q 1998 21.7 22.5 27.3 15.6 25.7 15.0 21.6 26.8 24.7 26.8 28.9 15.6 27.0 21.0 34.2 16.3 16.9 15.9 29.7 24.2 11.3 31.7 34.1 27.2 12.6 26.7 29.6 31.7 17.0 2.4 NA 15.3 2Q 1997 18.3 16.9 21.6 13.5 27.8 6.4 12.0 16.8 21.4 6.5 24.2 18.9 22.1 19.7 21.2 16.5 16.0 16.8 22.6 18.8 18.7 25.8 29.0 20.4 12.1 20.6 26.2 18.9 14.5 9.1 8.8 11.8 3Q 1997 16.8 18.2 24.2 10.6 32.3 10.0 10.9 21.6 12.0 24.1 30.1 16.7 15.7 15.6 26.4 12.6 11.5 13.5 21.6 11.5 15.7 17.1 15.5 20.9 13.5 17.5 19.6 19.1 12.3 10.4 11.1 12.5 4Q 1997 14.6 14.2 15.8 6.4 8.9 (0.7) 10.0 17.6 (0.5) 35.9 14.8 19.0 9.7 15.0 14.0 8.4 10.7 6.6 14.3 16.9 14.5 19.5 25.2 10.3 10.9 13.5 14.8 16.5 8.1 1.5 18.1 8.3 1Q 1998 19.6 15.9 19.9 11.8 21.3 8.8 11.7 21.7 16.9 26.3 21.0 9.9 17.3 23.1 7.5 13.4 10.9 15.5 21.3 15.1 11.2 76.4 121.0 15.4 9.5 12.7 13.2 17.4 6.3 4.4 11.4 8.6 2Q 1998 16.0 16.9 18.5 11.6 20.1 10.4 15.3 21.9 17.0 26.2 21.8 11.8 20.6 15.1 26.4 11.1 11.0 11.1 23.4 17.8 6.9 24.4 27.6 19.5 7.3 19.4 22.4 22.5 11.7 1.7 NA 9.8 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. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 XXVII TABLE E ANNUAL RATES OF PROFIT ON STOCKHOLDERS’ EQUITY, MANUFACTURING CORPORATIONS, BY ASSET SIZE (Percent) Income before income taxes1 Asset size 2Q 1997 25.3 35.2 32.8 32.6 22.5 17.6 16.7 21.0 26.1 26.9 36.2 33.3 34.5 22.4 11.9 14.7 21.3 28.9 23.7 33.3 32.1 29.8 22.7 25.0 20.7 20.5 23.6 3Q 1997 23.4 34.2 29.0 29.5 20.3 15.9 17.1 16.9 24.3 22.1 32.7 32.8 28.6 23.5 9.7 15.5 17.4 22.8 24.8 36.9 21.9 30.8 15.0 24.9 20.2 16.3 25.7 4Q 1997 18.7 13.8 16.4 20.4 6.0 16.9 16.5 17.0 19.8 19.3 16.8 17.8 19.3 3.8 16.0 16.5 15.5 21.3 18.1 8.1 13.9 22.0 10.1 18.3 16.5 19.0 18.5 1Q 1998 25.4 33.2 29.5 20.9 14.4 17.7 13.7 16.4 27.7 29.0 31.7 30.0 19.4 16.3 15.8 13.7 17.8 33.7 21.6 36.0 28.8 23.1 11.1 20.5 13.7 14.5 22.3 2 Income after income taxes2 2Q 1998 21.7 35.4 31.9 23.5 27.2 15.4 16.7 18.4 21.6 21.0 36.6 36.8 21.9 25.8 12.5 16.5 16.8 20.7 22.5 33.0 23.8 25.9 29.7 20.7 16.9 20.7 22.4 2Q 1997 18.3 30.7 28.1 26.4 16.3 12.2 10.8 13.2 18.8 19.7 31.9 28.1 27.7 15.7 6.8 8.9 13.7 21.3 16.9 28.7 28.1 24.4 17.2 19.2 14.5 12.6 16.7 3Q 1997 16.8 29.5 23.2 23.9 14.6 11.2 11.4 10.2 17.5 15.6 28.0 26.7 22.5 16.7 5.9 9.8 10.4 15.9 18.2 32.2 16.8 25.8 11.3 18.9 14.5 10.0 18.8 4Q 1997 14.6 10.3 10.9 16.0 2.0 11.9 10.7 10.3 16.3 15.0 13.3 11.8 15.1 (1.0) 11.7 10.4 8.8 17.6 14.2 4.8 9.3 17.3 7.6 12.2 11.2 12.3 15.0 1Q 1998 19.6 29.5 25.6 16.4 9.4 12.7 9.2 10.3 21.6 23.1 27.8 25.7 14.8 10.6 10.2 8.6 11.3 27.6 15.9 32.7 25.4 18.7 7.4 16.4 10.1 8.9 16.3 2Q 1998 16.0 31.6 27.0 18.6 21.1 10.5 10.0 11.2 15.9 15.1 32.4 32.2 16.9 19.9 7.3 9.5 9.8 14.8 16.9 30.2 18.6 21.2 23.2 16.4 10.7 13.0 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.) U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 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 1988 Q1 2 3 4 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 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 21.8 24.5 22.3 21.3 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 11.4 15.8 17.4 15.9 15.2 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 8.3 8.9 8.3 7.7 After taxes 4.7 1989 Q1. . . . . . . . . 5.9 2. . . . . . . . . 5.4 3. . . . . . . . . 5.6 4. . . . . . . . . 5.6 1990 Q1. . . . . . . . . 6.1 2. . . . . . . . . 5.7 3. . . . . . . . . 5.3 4. . . . . . . . . 5.3 1991 Q1. . . . . . . . . 4.8 2. . . . . . . . . 4.5 3. . . . . . . . . 4.7 4. . . . . . . . . 4.7 1992 Q1. . . . . . . . . 5.3 2. . . . . . . . . 4.7 3. . . . . . . . . 4.3 4. . . . . . . . . 3.8 1993 Q1. . . . . . . . . 3.8 2. . . . . . . . . 3.5 3. . . . . . . . . 2.8 4. . . . . . . . . 3.2 1994 Q1. . . . . . . . . 4.2 2. . . . . . . . . 4.3 3. . . . . . . . . 4.5 4. . . . . . . . . 4.7 1995 Q1. . . . . . . . . 5.2 2. . . . . . . . . 4.4 3. . . . . . . . . 4.1 4. . . . . . . . . 4.0 1996 Q1. . . . . . . . . 4.0 2. . . . . . . . . 3.7 3. . . . . . . . . 3.4 4. . . . . . . . . 3.6 1997 Q1. . . . . . . . . 4.7 2. . . . . . . . . 3.4 3. . . . . . . . . 3.3 4. . . . . . . . . 4.4 1998 Q1. . . . . . . . . 5.3 2. . . . . . . . . 5.6 4.2 6.0 6.3 5.9 5.5 Annual rate of profit on stockholders’ equity1 (percent) Before taxes 21.5 21.4 18.5 13.9 15.5 19.1 15.8 10.3 10.2 12.3 10.3 4.4 (25.7) 16.1 14.0 6.9 4.4 14.4 14.3 12.1 18.6 23.6 23.3 22.2 24.4 25.6 22.4 16.4 21.5 24.8 24.8 20.0 23.1 25.3 23.4 18.7 25.4 21.7 After taxes 15.2 14.6 13.2 11.1 10.8 13.4 11.1 7.0 6.9 8.6 6.5 3.1 (17.5) 11.4 10.4 3.7 4.3 9.7 9.5 8.5 13.1 17.0 16.6 16.2 17.4 18.5 16.0 12.2 15.6 17.7 18.3 15.1 17.0 18.3 16.8 14.6 19.6 16.0 Profit per dollar of sales1 (cents) Before taxes 8.0 7.5 6.8 5.1 5.9 7.0 5.9 3.7 4.1 4.7 3.9 1.7 (9.6) 5.7 5.1 2.4 1.6 4.9 5.0 4.1 6.6 7.9 8.0 7.5 8.6 8.9 8.0 5.7 7.9 8.7 8.9 7.2 8.8 9.3 8.8 6.9 10.0 8.2 After taxes 5.7 5.1 4.9 4.1 4.1 4.9 4.1 2.5 2.8 3.3 2.5 1.2 (6.5) 4.0 3.8 1.3 1.5 3.3 3.3 2.9 4.6 5.7 5.6 5.5 6.2 6.4 5.7 4.3 5.7 6.2 6.6 5.4 6.5 6.8 6.3 5.4 7.7 6.1 Year and quarter Year and quarter *Rates of return prior to fourth quarter 1997 do not include minority stockholders’ interest in the calculation. 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 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 1997 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 16.7 14.2 18.7 13.2 14.1 1.1 7.3 2.4 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 15.7 10.8 13.5 9.1 10.4 1.5 4.4 1.7 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 15.4 12.7 18.0 13.5 14.5 1.0 7.7 2.4 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 14.5 9.7 13.0 9.3 10.7 1.4 4.6 1.7 1998 Q1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .................................... *Rates of return prior to first quarter 1997 do not include minority stockholders’ interest in the calculation. 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 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 1997 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 15.8 15.3 15.5 17.6 19.2 13.7 14.0 15.3 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 10.2 9.1 10.2 11.8 12.5 8.3 8.6 9.8 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 2.1 2.0 2.1 2.5 2.8 1.9 2.1 2.3 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 1.7 1.8 1.2 1.3 1.5 1998 Q1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .................................... *Rates of return prior to first quarter 1997 do not include minority stockholders’ interest in the calculation. 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 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 1997 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 19.0 25.7 14.6 14.9 17.9 29.1 18.9 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 15.6 8.6 8.8 11.1 18.1 11.4 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 3.9 2.6 2.6 3.1 4.6 3.5 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 2.4 1.5 1.5 2.0 2.9 2.1 NA 1998 Q1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .................................... *Rates of return prior to first quarter 1997 do not include minority stockholders’ interest in the calculation. 1 Some of the rates in this column have been revised since their first appearance. See footnotes in Tables 1.0-52.1. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 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 6,652 3,002 3,650 893 444 471 579 724 539 Total assets Million dollars 152,872 62 152,810 215 726 3,470 6,872 35,713 105,814 2 Percent 100 4 96 2 2 2 4 10 75 Retail trade1 8 Percent 100 0 100 0 0 2 4 23 69 Wholesale trade1 Number of active corps. in sample5 180 5 175 6 10 26 30 59 44 3,895,941 173,046 3,722,895 92,379 68,785 95,735 157,539 399,583 2,908,874 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 . . . . . . . . . . . . . . . . . . . . . 526,053 190 525,862 518 3,268 13,458 26,808 89,017 392,793 Percent 100 0 100 0 1 3 5 17 75 Number of active corps. in sample6 538 19 579 13 40 100 115 164 87 Total assets2 Million dollars 510,793 245 510,548 1,825 6,866 27,297 48,599 109,340 316,621 Percent 100 0 100 0 1 5 10 21 62 Number of active corps. in sample7 890 26 864 50 88 209 216 203 98 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 171,000. 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 1,100. 7 Drawn from a universe of approximately 1,400. 8 Composition of sample, first quarter 1998, revised. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 2.0 2.9 0.7 0.6 0.4 0.7 0.7 0.7 0.1 2.0 0.3 1.5 0.9 1.2 1.3 2.0 0.7 0.6 0.4 0.3 0.5 1.1 2.0 3.1 3.2 4.0 1.0 NA 0.6 Income before income taxes2 582 317 150 60 130 92 128 127 51 85 80 25 125 489 124 78 56 55 234 238 199 88 50 49 199 138 72 80 86 107 NA 115 Depreciation 0.3 0.4 0.9 2.8 3.2 0.8 1.5 0.6 1.0 1.0 1.2 0.1 2.8 0.5 2.4 1.3 1.8 1.8 2.8 1.4 0.8 0.4 0.5 0.8 1.3 2.7 4.6 3.5 5.9 1.8 NA 0.8 Inventories 0.4 0.7 1.4 3.7 3.7 1.5 1.9 1.2 2.4 1.4 1.9 0.9 2.6 0.6 3.1 1.8 1.7 3.6 2.7 1.4 0.9 0.9 1.1 0.4 1.8 3.3 4.6 7.6 5.2 1.5 NA 0.9 0.3 0.4 0.9 2.4 3.7 1.2 1.3 0.7 1.4 0.8 1.3 0.4 2.2 0.4 2.5 1.4 1.8 2.1 2.2 0.8 0.8 0.4 0.5 0.6 2.1 2.4 3.2 4.6 4.6 1.2 NA 0.5 Second quarter 1998. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All nondurable manufacturing: 1979. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1981. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1982. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1983. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1989. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All durable manufacturing: 1979. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1981. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1982. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1983. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1989. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Net sales Q2 Q3 Q4 Q1 Net income after tax Q2 Q3 Q4 414,320 474,553 531,569 514,718 503,667 581,250 580,312 557,764 571,292 631,064 686,281 693,635 678,485 704,597 743,862 784,805 871,726 914,368 965,949 984,180 200,198 247,570 289,777 281,976 275,853 308,032 295,219 278,580 283,300 320,413 343,281 356,321 363,479 367,352 381,989 387,518 425,940 442,113 462,686 451,761 214,122 226,983 241,792 232,742 227,814 273,218 285,093 279,184 287,992 310,651 343,000 337,314 315,006 337,245 361,873 397,287 445,786 472,255 503,263 532,419 430,705 460,837 542,645 514,342 517,876 586,099 581,750 554,327 583,302 641,051 691,650 691,506 684,175 718,101 751,136 802,887 872,341 932,100 971,801 978,724 214,677 248,732 293,307 282,377 281,859 309,980 296,855 273,273 295,205 324,773 350,390 349,558 360,540 374,392 382,613 394,690 427,639 452,789 457,848 450,299 216,028 212,105 249,338 231,965 236,017 276,119 284,895 281,054 288,097 316,278 341,260 341,948 323,635 343,709 368,523 408,197 444,702 479,311 513,953 528,425 442,178 468,264 543,479 510,674 538,274 582,299 584,242 552,370 603,370 651,327 684,757 706,501 698,450 729,667 753,359 825,336 884,033 949,768 986,287 453,908 508,665 526,587 499,474 553,782 585,435 585,528 556,538 619,533 671,391 681,361 717,667 699,104 737,093 766,370 841,493 899,428 960,070 991,488 23,537 25,726 25,402 20,204 16,818 27,936 23,612 20,148 25,313 37,537 38,393 28,797 19,414 (42,731) 12,617 36,520 53,086 51,705 61,517 74,463 11,747 15,647 14,866 12,994 11,644 15,622 13,489 11,823 14,143 21,363 21,583 15,863 16,504 (4,177) 12,740 18,995 25,942 28,085 33,483 29,229 11,790 10,079 10,536 7,210 5,174 12,314 10,123 8,325 11,170 16,174 16,810 12,934 2,910 (38,554) (123) 17,525 27,144 23,620 28,034 45,234 25,078 20,676 26,991 18,009 19,764 28,400 20,734 23,748 28,346 38,075 32,443 30,372 17,783 24,185 19,449 41,298 52,138 54,237 62,324 55,564 13,093 13,786 15,710 11,479 13,384 15,915 11,689 14,464 16,286 21,633 19,212 18,662 14,705 18,002 15,333 19,884 28,148 28,207 30,627 31,162 11,985 6,890 11,281 6,530 6,380 12,485 9,045 9,284 12,060 16,442 13,231 11,710 3,078 6,183 4,116 21,414 23,990 26,030 31,697 24,402 25,157 21,318 25,407 18,019 23,375 25,722 21,455 18,287 32,863 37,473 31,912 27,653 15,693 25,969 23,487 45,308 49,190 60,997 61,376 24,583 24,553 23,140 14,635 25,806 25,673 21,813 21,049 28,961 40,933 32,536 23,420 13,554 14,704 27,587 51,780 43,716 57,896 58,678 225,091 252,172 294,285 282,433 289,789 306,168 296,985 270,894 307,232 328,650 346,886 363,833 365,822 378,422 379,379 405,717 430,893 457,974 458,336 235,593 274,531 287,512 279,273 293,207 303,665 300,152 272,837 313,871 336,505 346,663 382,436 366,749 379,926 381,123 409,716 435,681 462,326 461,197 14,212 13,508 14,596 12,217 14,772 13,905 12,254 11,004 18,092 21,449 18,086 18,513 14,799 17,116 11,758 22,543 27,850 32,613 31,117 14,220 13,759 14,125 12,543 15,907 13,362 11,591 13,302 13,904 22,494 20,820 16,438 13,183 14,987 15,768 26,362 21,960 29,924 27,564 217,087 216,092 249,194 228,241 248,485 276,131 287,257 281,476 296,138 322,677 337,871 342,668 332,628 351,245 373,980 419,619 453,140 491,794 527,951 218,315 234,134 239,075 220,201 260,575 281,770 285,376 283,701 305,662 334,886 334,698 335,231 332,355 357,167 385,247 431,777 463,747 497,744 530,291 10,945 7,810 10,811 5,802 8,603 11,817 9,201 7,283 14,771 16,024 13,826 9,140 894 8,853 11,729 22,765 21,340 28,384 30,259 10,363 10,794 9,015 2,092 9,899 12,311 10,222 7,747 15,057 18,439 11,716 6,982 371 (283) 11,819 25,418 21,756 27,972 31,114 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 1 FINANCIAL DATA TABLES U.S. Census Bureau, the Official StatisticsTM Jun 24, 1998 2 TABLE 1.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN ALL MANUFACTURING AND ALL NONDURABLE MANUFACTURING INDUSTRIES All Manufacturing1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.6 88.1 8.3 (NA) 1.0 9.3 2.6 6.8 100.0 3.6 88.2 8.2 (NA) 0.7 8.8 2.5 6.3 (percent) 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 0.21 1.54 1.37 0.21 1.53 1.34 0.21 1.54 1.34 0.21 1.47 1.32 0.20 1.43 25.33 18.34 10.06 7.28 23.42 16.85 9.29 6.69 18.71 14.60 7.36 5.74 25.37 19.58 9.88 7.63 21.73 15.97 8.41 6.18 100.0 4.0 89.6 6.4 (NA) 0.4 6.9 1.5 5.4 100.0 3.8 88.9 7.3 1.9 4.6 10.0 2.3 7.7 100.0 3.7 88.4 7.9 2.0 2.3 8.2 2.2 6.1 987,828 35,610 869,953 82,265 (NA) 10,088 92,353 25,477 66,877 25,734 41,143 915,170 (9,938) 946,375 982,792 35,846 866,651 80,295 (NA) 6,460 86,755 24,353 62,402 25,590 36,812 939,223 (8,026) 968,009 1,010,187 40,542 904,666 64,979 (NA) 4,368 69,347 15,239 54,109 34,583 19,526 969,177 (18,694) 970,009 952,923 36,126 846,949 69,848 18,426 43,689 95,111 21,700 73,411 31,099 42,312 972,265 (24,962) 989,616 994,915 36,888 879,150 78,877 19,894 22,922 81,906 21,698 60,208 28,057 32,152 985,188 (5,935) 1,011,404 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 3 All Manufacturing Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 All Nondurable Manufacturing1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 All Nondurable Manufacturing Assets Under $25 Million1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 140,337 3,344 126,449 10,543 (NA) (737) 9,806 1,485 8,321 3,272 5,050 79,903 (949) 84,004 138,294 3,402 124,735 10,158 (NA) (766) 9,391 1,563 7,828 2,444 5,384 84,027 (435) 88,977 139,967 3,556 130,221 6,189 (NA) (1,170) 5,019 1,277 3,741 2,983 758 89,268 357 90,383 133,994 3,411 120,595 9,988 1,583 207 8,612 1,216 7,397 3,003 4,394 85,959 (393) 89,960 142,977 3,496 128,774 10,706 1,662 247 9,292 1,326 7,966 4,760 3,206 86,417 (498) 89,125 460,052 17,749 400,567 41,735 (NA) 1,080 42,816 12,284 30,532 16,071 14,461 504,775 (2,511) 516,725 (million dollars) 463,213 17,685 401,925 43,603 (NA) 1,197 44,800 11,872 32,927 16,340 16,587 509,580 (8,741) 517,426 469,310 18,579 415,790 34,941 (NA) (2,020) 32,921 7,175 25,745 18,338 7,407 515,095 (3,943) 518,559 437,069 17,656 383,579 35,834 10,557 14,398 39,674 10,426 29,248 18,090 11,158 527,736 660 539,554 452,084 17,868 393,994 40,222 11,242 12,719 41,699 10,423 31,276 17,082 14,195 534,542 (3,373) 545,364 54,337 1,362 49,369 3,607 (NA) (193) 3,414 514 2,900 1,222 1,677 31,588 (440) 32,825 (million dollars) 55,127 1,410 50,015 3,702 (NA) (201) 3,501 543 2,958 957 2,001 32,079 (385) 33,695 56,549 1,452 53,007 2,090 (NA) (465) 1,624 460 1,164 1,104 59 32,722 796 33,577 53,879 1,388 48,682 3,810 625 169 3,353 416 2,937 1,129 1,807 31,301 (139) 32,970 56,600 1,427 51,576 3,598 680 223 3,141 452 2,689 1,635 1,054 31,391 (330) 32,115 (percent of net sales) 100.0 2.4 90.1 7.5 (NA) (0.5) 7.0 1.1 5.9 100.0 2.5 90.2 7.3 (NA) (0.6) 6.8 1.1 5.7 (percent) 100.0 2.5 93.0 4.4 (NA) (0.8) 3.6 0.9 2.7 100.0 2.5 90.0 7.5 1.2 0.2 6.4 0.9 5.5 100.0 2.4 90.1 7.5 1.2 0.2 6.5 0.9 5.6 100.0 3.9 87.1 9.1 (NA) 0.2 9.3 2.7 6.6 (percent of net sales) 100.0 3.8 86.8 9.4 (NA) 0.3 9.7 2.6 7.1 (percent) 100.0 4.0 88.6 7.4 (NA) (0.4) 7.0 1.5 5.5 100.0 4.0 87.8 8.2 2.4 3.3 9.1 2.4 6.7 100.0 4.0 87.2 8.9 2.5 2.8 9.2 2.3 6.9 100.0 2.5 90.9 6.6 (NA) (0.4) 6.3 0.9 5.3 (percent of net sales) 100.0 2.6 90.7 6.7 (NA) (0.4) 6.4 1.0 5.4 (percent) 100.0 2.6 93.7 3.7 (NA) (0.8) 2.9 0.8 2.1 100.0 2.6 90.4 7.1 1.2 0.3 6.2 0.8 5.5 100.0 2.5 91.1 6.4 1.2 0.4 5.5 0.8 4.8 33.80 28.68 15.60 13.24 31.47 26.23 14.65 12.21 16.61 12.38 7.86 5.86 28.32 24.32 13.23 11.36 30.56 26.20 14.00 12.00 23.72 16.92 9.26 6.61 24.77 18.20 9.59 7.05 18.12 14.17 7.00 5.47 21.56 15.90 8.33 6.14 22.52 16.89 8.67 6.50 31.77 26.99 14.48 12.30 31.60 26.70 14.32 12.10 14.51 10.40 6.70 4.80 29.81 26.11 13.48 11.81 28.29 24.22 12.23 10.47 1.98 0.33 1.54 1.97 0.34 1.56 2.01 0.35 1.61 2.00 0.35 1.56 1.96 0.35 1.48 1.29 0.15 1.29 1.28 0.15 1.26 1.25 0.15 1.27 1.25 0.15 1.24 1.23 0.15 1.22 1.90 0.33 1.50 1.92 0.34 1.48 1.94 0.35 1.56 1.89 0.33 1.46 1.78 0.31 1.32 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 76,688 26,774 103,462 89,379 192,841 473,441 448,085 159,727 1,274,094 2,020,893 100,595 1,061,459 1,060,029 1,339,577 3,673,700 81,818 25,091 106,909 92,186 199,095 477,097 450,391 164,180 1,290,763 2,044,612 102,833 1,075,827 1,071,618 1,371,255 3,733,636 78,770 30,388 109,158 93,234 202,391 466,602 451,949 171,598 1,292,540 2,045,143 104,977 1,077,823 1,072,297 1,403,001 3,767,837 79,133 32,058 111,191 91,629 202,820 470,861 465,909 182,945 1,322,535 2,059,236 105,004 1,088,392 1,075,848 1,451,255 3,849,637 83,109 29,150 112,259 88,150 200,409 479,121 465,053 175,308 1,319,891 2,077,238 104,067 1,096,733 1,084,573 1,491,477 3,895,941 61,692 83,327 284,603 38,733 25,318 32,020 389,338 915,030 242,701 501,501 555,862 2,215,095 512,230 946,375 1,458,605 3,673,700 64,020 86,800 289,987 43,593 25,061 32,367 401,090 942,918 242,296 516,224 550,680 2,252,119 513,509 968,009 1,481,517 3,733,636 58,966 91,467 306,136 39,164 23,613 33,204 413,083 965,632 247,841 509,827 562,147 2,285,447 512,381 970,009 1,482,390 3,767,837 64,750 104,395 302,613 45,341 25,698 32,761 410,242 985,800 264,857 529,466 570,139 2,350,263 509,759 989,616 1,499,374 3,849,637 68,242 113,141 295,339 38,303 25,653 34,630 421,488 996,795 266,717 548,185 576,272 2,387,968 496,568 1,011,404 1,507,972 3,895,941 359,063 347,845 326,908 336,734 323,097 (percent of total assets) 5.2 12.9 12.2 34.7 28.9 5.5 24.9 20.3 60.3 39.7 5.3 12.8 12.1 34.6 28.7 5.6 25.3 20.3 60.3 39.7 5.4 12.4 12.0 34.3 28.5 5.5 25.6 20.1 60.7 39.3 5.3 12.2 12.1 34.4 27.9 5.9 25.6 20.6 61.1 38.9 5.1 12.3 11.9 33.9 27.8 6.2 25.6 20.9 61.3 38.7 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 5 All Manufacturing Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 All Nondurable Manufacturing1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 All Nondurable Manufacturing Assets Under $25 Million1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 17,953 2,712 20,665 6,285 26,950 67,250 59,241 9,763 163,204 180,469 4,475 111,257 73,686 14,552 251,443 19,119 2,678 21,796 6,727 28,523 68,097 58,789 10,312 165,721 183,277 4,195 111,975 75,497 15,155 256,373 19,351 3,102 22,453 6,366 28,819 66,040 59,207 9,975 164,041 184,971 4,444 113,166 76,250 15,106 255,397 19,823 3,360 23,182 6,291 29,473 67,356 59,629 10,252 166,711 188,421 4,590 115,329 77,682 16,092 260,485 20,691 3,018 23,709 6,477 30,185 69,538 60,709 9,959 170,392 27,830 7,284 35,113 24,428 59,542 200,142 175,642 71,917 507,242 (million dollars) 27,839 6,540 34,379 25,357 59,736 204,096 177,814 72,684 514,330 28,502 8,080 36,582 25,273 61,854 198,554 180,146 72,666 513,220 30,188 8,761 38,949 22,388 61,337 197,003 183,927 77,261 519,528 32,141 9,898 42,039 22,399 64,438 199,661 181,029 78,941 524,069 6,444 1,048 7,492 2,489 9,981 24,837 19,218 3,721 57,757 73,871 1,561 44,925 30,506 6,065 94,329 (million dollars) 7,090 1,061 8,151 2,497 10,648 26,111 19,208 4,126 60,094 74,241 1,391 44,750 30,882 6,830 97,806 7,127 1,287 8,415 2,260 10,674 25,029 19,940 3,840 59,483 75,579 1,540 45,793 31,325 6,200 97,008 7,186 1,275 8,461 2,214 10,675 25,659 19,966 3,996 60,296 76,393 1,660 46,075 31,979 7,220 7,472 1,317 8,789 2,260 11,049 26,874 20,677 3,951 62,552 76,984 1,509 46,192 32,301 7,892 187,696 1,150,485 1,157,415 1,154,538 1,151,731 1,154,766 4,549 72,857 74,605 76,511 75,712 74,984 114,340 602,970 609,553 608,624 608,997 611,062 77,905 17,128 620,372 721,111 622,467 732,455 622,425 745,763 618,445 767,177 618,687 781,948 265,425 1,848,724 1,869,252 1,881,408 1,905,150 1,924,703 99,494 102,744 16,036 2,873 35,440 1,365 6,027 2,653 17,924 82,318 26,249 21,556 5,276 135,399 32,040 84,004 116,043 251,443 16,909 2,726 35,932 1,506 6,261 3,083 17,711 84,128 27,051 20,480 5,351 137,010 30,386 88,977 119,363 256,373 15,417 3,057 34,393 1,490 6,288 2,668 18,240 81,553 26,635 20,827 5,494 134,508 30,505 90,383 120,888 255,397 16,315 2,793 35,912 1,250 6,341 3,073 17,736 83,420 28,610 20,990 5,800 138,820 31,705 89,960 121,665 260,485 18,035 3,904 35,596 1,226 6,322 2,950 18,897 86,930 27,922 22,957 5,981 32,510 89,125 121,635 26,461 49,101 125,792 20,336 13,599 18,167 139,370 392,825 137,032 316,414 280,540 205,188 516,725 721,913 29,187 51,414 125,324 21,748 13,171 17,784 144,424 403,052 138,725 323,897 280,062 206,091 517,426 723,517 27,181 53,527 134,535 18,504 12,212 18,235 146,585 410,779 139,476 320,251 284,001 208,343 518,559 726,902 29,596 62,439 125,536 23,586 13,746 17,967 143,808 416,677 141,887 328,135 282,417 196,479 539,554 736,033 31,638 68,144 125,277 19,205 13,304 19,910 148,432 425,910 140,138 333,699 284,244 195,348 545,364 740,712 5,394 992 14,071 459 2,534 1,138 5,760 30,348 11,097 7,462 2,442 51,350 10,154 32,825 42,979 94,329 5,912 902 14,207 485 2,422 1,229 6,164 31,321 11,550 7,896 2,722 53,489 10,623 33,695 44,318 97,806 5,534 1,115 13,852 426 2,283 1,130 6,302 30,639 11,160 7,550 2,908 52,257 11,174 33,577 44,751 97,008 6,085 1,320 14,239 500 2,508 1,428 5,887 31,966 11,666 7,914 2,957 54,503 12,021 32,970 44,991 7,416 2,217 14,897 408 2,400 1,328 6,465 35,130 11,203 9,124 2,877 58,335 12,294 32,115 44,408 143,790 1,126,811 1,145,736 1,154,506 1,169,116 1,183,992 265,425 1,848,724 1,869,252 1,881,408 1,905,150 1,924,703 99,494 102,744 80,886 81,593 82,488 83,291 83,461 114,417 111,278 102,441 102,851 98,159 27,409 28,773 28,844 28,329 27,421 (percent of total assets) (percent of total assets) (percent of total assets) 10.7 26.7 23.6 64.9 29.3 11.0 32.7 19.0 53.8 46.2 11.1 26.6 22.9 64.6 29.4 11.3 32.8 18.5 53.4 46.6 11.3 25.9 23.2 64.2 29.9 10.7 31.9 18.6 52.7 47.3 11.3 25.9 22.9 64.0 29.8 10.9 32.0 19.0 53.3 46.7 11.4 26.2 22.9 64.2 29.4 11.8 32.8 19.2 54.2 45.8 3.2 10.8 9.5 27.4 33.6 5.8 21.2 24.5 61.0 39.0 3.2 10.9 9.5 27.5 33.3 6.0 21.6 24.7 61.3 38.7 3.3 10.6 9.6 27.3 33.1 5.9 21.8 24.4 61.4 38.6 3.2 10.3 9.7 27.3 32.5 6.5 21.9 24.7 61.4 38.6 3.3 10.4 9.4 27.2 32.1 6.9 22.1 24.6 61.5 38.5 10.6 26.3 20.4 61.2 32.3 10.7 32.2 19.7 54.4 45.6 10.9 26.7 19.6 61.4 31.6 10.7 32.0 19.9 54.7 45.3 11.0 25.8 20.6 61.3 32.3 10.4 31.6 19.3 53.9 46.1 10.7 25.8 20.1 60.6 32.1 11.4 32.1 19.7 54.8 45.2 10.8 26.2 20.1 60.9 31.4 13.0 34.2 19.8 56.8 43.2 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 6 TABLE 2.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 20, 21, AND 22 Food and Kindred Products1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 2.7 87.9 9.4 (NA) (0.7) 8.7 2.7 6.0 100.0 2.6 88.0 9.4 (NA) (0.3) 9.1 2.5 6.6 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.23 0.13 0.96 1.21 0.14 0.90 1.21 0.16 0.91 1.24 0.17 0.91 1.23 0.19 0.91 31.08 21.55 10.83 7.51 33.43 24.18 11.32 8.18 24.30 15.76 8.21 5.32 28.80 19.87 9.82 6.77 27.34 18.54 9.20 6.24 100.0 2.5 88.9 8.6 (NA) (2.1) 6.6 2.3 4.2 100.0 2.5 89.3 8.2 2.3 2.5 8.4 2.6 5.8 100.0 2.6 88.1 9.3 2.3 0.6 7.6 2.4 5.2 119,675 3,214 105,220 11,242 (NA) (813) 10,429 3,197 7,231 3,589 3,643 123,087 (859) 125,871 122,245 3,132 107,595 11,518 (NA) (364) 11,154 3,087 8,067 3,499 4,568 122,026 (4,196) 122,398 123,875 3,083 110,131 10,661 (NA) (2,544) 8,117 2,855 5,262 3,721 1,541 121,426 (604) 122,363 116,430 2,955 103,972 9,504 2,627 2,875 9,752 3,024 6,728 3,257 3,471 122,585 (577) 125,479 120,676 3,153 106,310 11,213 2,825 780 9,168 2,950 6,218 3,459 2,759 125,075 (1,290) 126,544 4Q 1997 2 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 7 Food and Kindred Products Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Textile Mill Products2 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 19973 Textile Mill Products Assets Under $25 Million 3Q 19973 4Q 19973 1Q 1998 2Q 1998 (million dollars) 10,579 266 9,921 392 (NA) (53) 340 63 276 150 126 5,609 (54) 5,682 11,886 260 11,111 515 (NA) (41) 474 110 364 132 231 4,497 46 4,774 11,954 274 11,162 519 (NA) (84) 435 81 354 120 233 4,343 (26) 4,551 10,250 241 9,626 383 109 45 319 64 255 132 123 4,327 (15) 4,435 11,114 239 10,436 439 112 44 371 87 284 181 103 3,283 (6) 3,380 17,350 675 15,481 1,194 (NA) (257) 937 287 650 154 496 12,346 (187) 12,655 (million dollars) 16,767 597 15,003 1,166 (NA) (401) 765 255 510 159 351 12,696 (106) 12,942 16,876 636 14,846 1,394 (NA) (989) 405 88 317 365 (48) 12,997 364 13,313 17,079 651 15,241 1,188 356 (63) 769 178 591 389 202 13,417 (95) 13,523 16,121 624 14,247 1,251 371 (147) 732 187 545 154 391 12,094 (160) 12,325 3,890 101 3,590 200 (NA) 50 249 43 207 59 148 2,544 (67) 2,625 (million dollars) 3,603 98 3,212 294 (NA) (24) 269 35 235 42 193 2,653 (29) 2,817 4,020 118 3,570 332 (NA) (73) 259 43 216 101 115 2,842 116 3,073 4,042 99 3,658 285 43 1 243 22 221 83 138 2,435 27 2,600 3,524 109 3,235 180 51 14 144 16 129 54 74 2,617 (55) 2,637 (percent of net sales) 100.0 2.5 93.8 3.7 (NA) (0.5) 3.2 0.6 2.6 100.0 2.2 93.5 4.3 (NA) (0.3) 4.0 0.9 3.1 (percent) 100.0 2.3 93.4 4.3 (NA) (0.7) 3.6 0.7 3.0 100.0 2.3 93.9 3.7 1.1 0.4 3.1 0.6 2.5 100.0 2.1 93.9 3.9 1.0 0.4 3.3 0.8 2.6 100.0 3.9 89.2 6.9 (NA) (1.5) 5.4 1.7 3.7 (percent of net sales) 100.0 3.6 89.5 7.0 (NA) (2.4) 4.6 1.5 3.0 (percent) 100.0 3.8 88.0 8.3 (NA) (5.9) 2.4 0.5 1.9 100.0 3.8 89.2 7.0 2.1 (0.4) 4.5 1.0 3.5 100.0 3.9 88.4 7.8 2.3 (0.9) 4.5 1.2 3.4 100.0 2.6 92.3 5.1 (NA) 1.3 6.4 1.1 5.3 (percent of net sales) 100.0 2.7 89.1 8.1 (NA) (0.7) 7.5 1.0 6.5 (percent) 100.0 2.9 88.8 8.3 (NA) (1.8) 6.4 1.1 5.4 100.0 2.5 90.5 7.0 1.1 0.0 6.0 0.6 5.5 100.0 3.1 91.8 5.1 1.4 0.4 4.1 0.4 3.6 17.07 13.88 8.15 6.63 24.01 18.44 10.77 8.27 21.84 17.75 9.95 8.09 16.46 13.14 7.68 6.13 22.81 17.44 9.06 6.93 19.49 13.51 7.89 5.47 15.90 10.60 6.52 4.35 8.12 6.35 3.49 2.73 15.29 11.75 6.24 4.80 15.57 11.59 6.10 4.55 31.48 26.12 14.41 11.96 33.29 28.98 16.38 14.26 28.43 23.76 14.66 12.25 30.98 28.11 14.39 13.06 18.43 16.44 8.15 7.27 1.75 0.26 1.52 1.69 0.24 1.37 1.66 0.25 1.42 1.65 0.26 1.37 1.51 0.23 1.03 2.22 0.12 1.08 2.24 0.16 1.11 2.43 0.18 1.22 2.24 0.17 1.10 2.11 0.14 0.98 1.83 0.26 1.54 2.10 0.40 1.64 2.33 0.49 1.76 2.26 0.32 1.39 1.75 0.22 1.21 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 9.4 12.1 28.0 28.1 7.0 22.7 29.4 65.1 34.9 3.3 9.3 12.3 28.5 27.5 7.9 23.6 29.9 66.1 33.9 4.0 9.3 12.9 29.7 26.6 8.3 24.6 28.8 66.2 33.8 3.9 8.7 12.7 29.0 26.7 7.8 23.4 29.7 65.9 34.1 4.4 8.8 12.0 28.8 26.5 7.4 23.4 29.7 66.3 33.7 20,488 19,289 20,072 22,242 21,764 6,974 9,970 27,626 5,363 5,181 4,960 27,314 87,388 35,553 77,629 50,308 250,878 8,335 125,871 134,206 385,083 7,445 13,609 27,089 6,037 4,785 5,462 28,612 93,039 37,343 80,427 49,970 260,779 11,068 122,398 133,466 394,245 7,651 15,287 30,261 5,386 4,000 5,776 28,842 97,202 38,808 75,206 50,701 261,917 11,235 122,363 133,598 395,515 8,148 13,645 27,177 6,075 4,494 4,754 28,484 92,777 38,809 79,147 51,083 261,817 9,966 125,479 135,444 397,261 8,014 12,438 28,234 5,071 3,754 5,297 30,368 93,176 39,061 79,375 52,662 264,274 7,616 126,544 134,160 398,435 5,868 1,190 7,058 4,538 11,596 36,067 46,741 13,472 107,876 193,672 7,163 92,533 108,302 168,906 385,083 2Q 1997 3Q 1997 (million dollars) 4,956 1,449 6,405 6,689 13,094 36,771 48,521 13,942 112,328 193,393 7,233 92,271 108,355 173,561 394,245 5,325 4,435 9,760 6,147 15,907 36,589 51,166 13,611 117,273 190,042 6,348 91,367 105,023 173,219 395,515 5,227 5,138 10,365 5,215 15,580 34,727 50,576 14,137 115,020 192,426 6,472 92,720 106,178 176,063 397,261 5,581 6,185 11,766 5,855 17,621 34,962 47,667 14,690 114,940 191,886 6,476 92,910 105,452 178,043 398,435 4Q 1997 2 1Q 1998 2Q 1998 (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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 9 Food and Kindred Products Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Textile Mill Products2 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 19973 Textile Mill Products Assets Under $25 Million 3Q 19973 4Q 19973 1Q 1998 2Q 1998 (million dollars) 787 88 875 436 1,311 3,384 3,570 523 8,788 15,638 479 9,222 6,894 987 16,669 846 185 1,031 298 1,329 3,509 3,692 736 9,266 15,653 483 8,950 7,186 1,135 17,587 785 218 1,003 382 1,385 3,529 3,693 723 9,329 15,961 443 9,223 7,181 982 17,492 792 242 1,033 306 1,339 3,083 3,541 629 8,592 15,606 451 9,206 6,851 1,174 16,617 903 237 1,139 215 1,355 3,562 3,422 523 8,863 14,819 467 8,826 6,459 1,066 16,388 839 115 955 290 1,244 9,466 10,810 1,592 23,112 36,294 489 19,965 16,819 7,563 47,493 (million dollars) 1,017 95 1,112 499 1,611 9,272 10,328 1,279 22,490 35,608 486 19,652 16,441 8,004 46,936 1,355 93 1,448 183 1,630 8,351 10,219 1,322 21,523 35,770 534 20,028 16,277 8,698 46,498 1,307 162 1,469 280 1,749 8,614 11,144 1,236 22,743 37,689 607 21,221 17,075 9,419 49,238 1,090 76 1,166 293 1,460 8,261 10,500 1,380 21,601 36,505 616 20,591 16,530 9,862 47,993 465 50 515 118 633 1,774 1,730 240 4,377 5,729 51 3,430 2,349 199 6,925 (million dollars) 548 82 630 180 809 1,691 1,471 273 4,245 5,146 63 3,088 2,121 215 6,580 761 88 849 80 929 1,639 1,615 237 4,419 5,823 81 3,545 2,358 287 7,064 403 113 516 108 625 1,777 1,775 226 4,402 5,454 54 3,470 2,037 317 6,756 459 29 488 80 568 1,805 1,847 247 4,467 6,029 78 3,743 2,364 245 7,075 1,050 246 2,189 50 507 97 897 5,036 2,038 1,294 339 8,707 2,280 5,682 7,962 16,669 933 280 2,559 74 516 178 931 5,471 2,564 1,294 369 9,697 3,116 4,774 7,890 17,587 1,125 271 2,557 117 487 93 967 5,618 2,588 1,039 275 9,520 3,421 4,551 7,972 17,492 1,260 368 1,972 111 538 138 806 5,194 2,374 977 315 8,860 3,322 4,435 7,757 16,617 1,663 351 2,228 64 433 226 921 5,885 2,195 1,459 338 9,878 3,130 3,380 6,510 16,388 1,757 175 4,129 222 894 219 3,038 10,434 8,722 6,059 3,037 28,252 6,586 12,655 19,241 47,493 1,502 139 3,795 242 889 230 3,240 10,037 7,757 6,781 3,107 27,683 6,312 12,942 19,253 46,936 1,301 173 3,633 141 577 245 2,802 8,871 7,733 6,359 3,572 26,535 6,650 13,313 19,963 46,498 1,483 128 4,035 233 906 288 3,093 10,167 7,622 7,924 3,420 29,133 6,581 13,523 20,105 49,238 1,534 683 3,598 127 906 353 3,039 10,241 7,040 8,622 3,275 29,178 6,490 12,325 18,814 47,993 426 140 1,100 24 168 93 443 2,394 618 615 128 3,755 545 2,625 3,170 6,925 410 112 814 17 197 62 414 2,025 573 626 119 3,342 421 2,817 3,238 6,580 420 134 788 19 147 68 317 1,894 654 647 228 3,423 569 3,073 3,642 7,064 377 60 976 12 176 65 285 1,952 1,033 554 78 3,617 539 2,600 3,139 6,756 461 612 890 12 156 94 323 2,548 805 459 135 3,947 491 2,637 3,128 7,075 3,752 3,796 3,711 3,399 2,978 12,678 12,453 12,651 12,577 11,360 1,983 2,220 2,525 2,451 1,919 (percent of total assets) (percent of total assets) (percent of total assets) 7.9 20.3 21.4 52.7 41.4 11.4 30.2 20.0 52.2 47.8 7.6 20.0 21.0 52.7 40.9 10.8 31.1 21.9 55.1 44.9 7.9 20.2 21.1 53.3 41.1 11.3 32.1 20.7 54.4 45.6 8.1 18.6 21.3 51.7 41.2 13.9 31.3 20.2 53.3 46.7 8.3 21.7 20.9 54.1 39.4 16.3 35.9 22.3 60.3 39.7 2.6 19.9 22.8 48.7 35.4 6.4 22.0 31.1 59.5 40.5 3.4 19.8 22.0 47.9 35.0 5.9 21.4 31.0 59.0 41.0 3.5 18.0 22.0 46.3 35.0 4.9 19.1 30.3 57.1 42.9 3.6 17.5 22.6 46.2 34.7 5.7 20.6 31.6 59.2 40.8 3.0 17.2 21.9 45.0 34.4 7.2 21.3 32.6 60.8 39.2 9.1 25.6 25.0 63.2 33.9 11.9 34.6 17.8 54.2 45.8 12.3 25.7 22.4 64.5 32.2 11.9 30.8 18.2 50.8 49.2 13.1 23.2 22.9 62.6 33.4 10.9 26.8 18.4 48.5 51.5 9.2 26.3 26.3 65.2 30.1 10.0 28.9 23.5 53.5 46.5 8.0 25.5 26.1 63.1 33.4 18.7 36.0 17.9 55.8 44.2 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 10 TABLE 3.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 23, 26, AND 31 Apparel1 Item 2Q 1997 3Q 1997 4Q 19973 1Q 1998 3 2Q 1998 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 1.4 92.9 5.7 (NA) 1.0 6.6 1.2 5.4 100.0 1.2 90.1 8.6 (NA) (0.7) 7.9 1.7 6.2 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.08 0.19 0.99 2.07 0.15 0.95 2.09 0.18 0.98 2.05 0.14 1.04 1.96 0.16 1.00 33.75 27.80 11.94 9.83 41.29 32.35 14.67 11.49 18.42 8.90 6.39 3.09 27.68 21.30 9.98 7.68 25.75 20.13 9.11 7.12 100.0 1.6 93.1 5.3 (NA) (2.2) 3.2 1.6 1.5 100.0 1.5 91.6 6.9 1.4 0.3 5.7 1.3 4.4 100.0 1.4 92.3 6.2 1.6 0.6 5.2 1.1 4.0 16,742 239 15,556 947 (NA) 160 1,107 195 912 464 448 8,208 (132) 8,524 18,938 231 17,070 1,638 (NA) (142) 1,496 324 1,172 219 953 9,019 63 10,035 19,772 308 18,409 1,056 (NA) (432) 623 322 301 473 (172) 9,817 596 10,241 17,496 254 16,034 1,208 253 45 1,000 230 769 208 562 9,686 23 10,270 17,904 259 16,534 1,112 290 103 924 202 722 317 405 9,645 23 10,072 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Includes Leather Products. 2 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondent subsequent to last quarter’s publication. 3 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 11 Apparel Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Paper and Allied Products2 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Paper and Allied Products Assets Under $25 Million 3Q 19973 4Q 19973 1Q 19983 2Q 1998 (million dollars) 6,965 55 6,584 327 (NA) (4) 323 39 284 274 10 3,933 (13) 3,930 6,473 68 6,032 373 (NA) (23) 350 26 324 120 205 3,883 (26) 4,062 7,415 75 7,176 163 (NA) (78) 85 46 38 128 (90) 3,881 700 4,491 6,378 64 5,807 507 52 (23) 431 44 387 78 309 3,802 51 4,162 7,135 64 6,646 424 80 38 382 44 338 144 194 4,170 (22) 4,342 41,789 2,298 36,408 3,083 (NA) (1,632) 1,451 419 1,033 991 41 38,883 (105) 38,819 (million dollars) 42,212 2,300 36,616 3,296 (NA) (1,042) 2,254 686 1,568 959 609 37,181 (151) 37,639 41,569 2,282 37,045 2,242 (NA) (2,672) (431) (330) (100) 883 (983) 37,205 (367) 35,856 41,167 2,347 35,755 3,065 1,307 287 2,045 703 1,342 1,095 247 38,163 (191) 38,219 41,664 2,345 35,980 3,339 1,343 322 2,318 712 1,606 1,165 441 37,614 9 38,063 5,071 145 4,440 486 (NA) (41) 445 62 383 124 259 3,283 (64) 3,478 (million dollars) 5,118 125 4,546 447 (NA) (49) 398 71 327 92 235 3,183 (10) 3,407 4,465 123 4,133 209 (NA) (65) 145 25 120 124 (4) 3,088 20 3,103 4,479 118 4,055 306 57 10 259 39 220 173 46 3,440 (32) 3,454 4,925 127 4,469 330 62 1 269 44 224 302 (78) 3,536 13 3,471 (percent of net sales) 100.0 0.8 94.5 4.7 (NA) (0.1) 4.6 0.6 4.1 100.0 1.0 93.2 5.8 (NA) (0.4) 5.4 0.4 5.0 (percent) 100.0 1.0 96.8 2.2 (NA) (1.1) 1.1 0.6 0.5 100.0 1.0 91.0 8.0 0.8 (0.4) 6.8 0.7 6.1 100.0 0.9 93.2 5.9 1.1 0.5 5.4 0.6 4.7 100.0 5.5 87.1 7.4 (NA) (3.9) 3.5 1.0 2.5 (percent of net sales) 100.0 5.4 86.7 7.8 (NA) (2.5) 5.3 1.6 3.7 (percent) 100.0 5.5 89.1 5.4 (NA) (6.4) (1.0) (0.8) (0.2) 100.0 5.7 86.9 7.4 3.2 0.7 5.0 1.7 3.3 100.0 5.6 86.4 8.0 3.2 0.8 5.6 1.7 3.9 100.0 2.9 87.6 9.6 (NA) (0.8) 8.8 1.2 7.6 (percent of net sales) 100.0 2.4 88.8 8.7 (NA) (1.0) 7.8 1.4 6.4 (percent) 100.0 2.8 92.6 4.7 (NA) (1.5) 3.2 0.6 2.7 100.0 2.6 90.5 6.8 1.3 0.2 5.8 0.9 4.9 100.0 2.6 90.7 6.7 1.3 0.0 5.5 0.9 4.6 27.25 23.94 12.62 11.09 28.87 26.75 13.61 12.61 7.87 3.57 3.51 1.59 40.45 36.32 18.05 16.21 31.68 28.06 13.39 11.86 8.95 6.37 3.21 2.28 14.30 9.95 4.96 3.45 (2.81) (0.65) (0.96) (0.22) 13.35 8.76 4.52 2.97 14.96 10.36 5.11 3.54 44.67 38.44 19.37 16.67 40.25 33.05 17.53 14.39 14.68 12.18 6.90 5.73 26.14 22.18 12.41 10.53 26.85 22.44 11.91 9.95 1.88 0.25 1.84 2.04 0.25 1.57 2.06 0.24 1.69 1.99 0.27 1.72 1.80 0.27 1.40 1.45 0.16 0.91 1.37 0.13 0.88 1.38 0.12 0.86 1.37 0.11 0.84 1.41 0.13 0.85 1.97 0.30 1.23 2.00 0.37 1.27 1.91 0.27 1.46 1.97 0.30 1.50 1.73 0.23 1.37 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 (million dollars) 1,293 177 1,470 757 2,227 8,500 12,076 1,841 24,644 12,116 289 6,514 5,892 6,558 37,094 1,364 114 1,479 458 1,936 10,532 13,178 1,915 27,561 12,954 253 6,907 6,300 6,921 40,781 1,483 118 1,601 577 2,178 9,106 12,573 1,819 25,677 13,020 268 6,897 6,390 6,918 38,985 1,298 101 1,399 364 1,763 9,687 12,933 1,718 26,101 13,327 254 7,059 6,523 7,456 40,080 1,666 161 1,827 364 2,191 9,306 13,040 1,741 26,278 13,441 290 6,789 6,942 7,349 40,569 2,099 404 4,822 286 592 316 3,309 11,829 5,912 3,894 2,335 23,971 4,599 8,524 13,123 37,094 3,286 328 4,780 391 473 466 3,579 13,303 6,238 4,499 2,251 26,291 4,455 10,035 14,490 40,781 2,015 359 4,970 577 332 361 3,650 12,264 4,365 6,334 2,485 25,448 3,295 10,241 13,536 38,985 2,338 502 5,200 498 452 429 3,306 12,725 4,184 6,014 2,710 25,633 4,177 10,270 14,447 40,080 2,494 811 5,420 385 459 632 3,232 13,433 3,622 6,387 2,772 26,215 4,282 10,072 14,354 40,569 12,815 14,258 13,413 13,376 12,845 (percent of total assets) 6.0 22.9 32.6 66.4 15.9 9.2 31.9 26.4 64.6 35.4 4.7 25.8 32.3 67.6 15.4 11.2 32.6 26.3 64.5 35.5 5.6 23.4 32.3 65.9 16.4 7.9 31.5 27.4 65.3 34.7 4.4 24.2 32.3 65.1 16.3 9.3 31.7 25.4 64.0 36.0 5.4 22.9 32.1 64.8 17.1 10.8 33.1 24.7 64.6 35.4 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 13 Apparel Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Paper and Allied Products2 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Paper and Allied Products Assets Under $25 Million 3Q 1997 4Q 1997 1Q 19983 2Q 1998 (million dollars) 687 161 848 244 1,092 2,970 3,622 482 8,166 3,297 57 2,055 1,299 765 10,230 798 103 900 81 982 3,070 3,386 587 8,025 3,508 56 2,181 1,383 872 10,280 708 80 788 103 891 2,712 3,797 395 7,795 3,256 63 2,124 1,195 682 9,672 717 76 793 225 1,018 2,842 3,430 353 7,643 3,423 60 2,317 1,166 754 9,563 1,026 152 1,177 155 1,332 3,105 3,955 472 8,864 3,474 73 2,099 1,448 1,096 11,408 2,346 200 2,546 2,334 4,880 17,413 16,232 5,454 43,979 159,133 11,220 72,392 97,961 38,914 180,854 (million dollars) 1,968 236 2,204 1,891 4,095 18,063 16,346 5,350 43,854 159,593 11,230 72,968 97,856 40,214 181,923 1,796 312 2,108 1,571 3,679 17,475 16,562 5,185 42,901 159,217 11,375 73,790 96,802 39,235 178,938 1,912 347 2,259 1,335 3,594 18,026 17,143 4,938 43,701 159,780 11,388 74,886 96,282 40,898 180,881 2,125 346 2,471 1,595 4,066 18,022 16,852 5,857 44,796 159,629 11,507 75,223 95,913 40,930 181,639 544 13 557 253 810 2,407 1,652 496 5,365 8,158 84 4,919 3,323 513 9,201 (million dollars) 559 48 607 442 1,048 2,466 1,642 472 5,629 7,194 76 4,210 3,060 391 9,080 421 98 519 164 683 2,229 1,527 356 4,795 7,281 90 4,193 3,179 403 8,376 457 105 562 190 753 2,367 1,638 221 4,979 6,843 96 4,009 2,930 447 8,356 471 84 555 158 714 2,475 1,734 369 5,292 7,524 105 4,355 3,273 454 9,019 1,003 165 2,218 50 221 107 585 4,349 569 509 66 5,493 807 3,930 4,737 10,230 1,233 91 1,651 52 147 168 599 3,941 459 989 43 5,432 785 4,062 4,848 10,280 758 62 1,885 58 124 152 740 3,781 433 1,018 124 5,356 (175) 4,491 4,316 9,672 875 103 1,889 30 107 177 656 3,836 410 815 235 5,296 105 4,162 4,267 9,563 1,303 298 2,284 67 105 225 643 4,926 434 1,069 158 6,586 480 4,342 4,822 11,408 1,415 5,564 10,194 745 872 1,223 10,220 30,233 17,917 44,661 23,172 115,983 26,052 38,819 64,871 180,854 1,686 5,539 10,569 705 682 1,547 11,260 31,989 17,943 44,221 24,739 118,893 25,391 37,639 63,030 181,923 1,454 4,909 10,366 584 611 2,141 11,092 31,156 17,569 44,558 24,270 117,553 25,529 35,856 61,385 178,938 2,150 5,264 10,048 868 904 1,495 11,132 31,862 20,338 42,778 24,660 119,638 23,024 38,219 61,243 180,881 2,299 5,424 10,162 529 1,046 1,380 10,955 31,796 18,905 43,797 25,144 119,642 23,934 38,063 61,997 181,639 406 79 1,216 72 312 149 493 2,727 1,517 785 183 5,212 511 3,478 3,989 9,201 532 45 1,316 61 218 161 487 2,819 1,501 665 141 5,127 546 3,407 3,954 9,080 432 171 1,155 40 178 145 393 2,514 1,097 666 161 4,438 835 3,103 3,938 8,376 525 104 1,195 35 216 115 331 2,522 1,163 524 180 4,388 513 3,454 3,967 8,356 695 162 1,353 16 207 141 486 3,058 1,203 517 239 5,017 531 3,471 4,001 9,019 3,817 4,084 4,015 3,807 3,938 13,746 11,864 11,745 11,840 13,000 2,637 2,809 2,281 2,457 2,233 (percent of total assets) (percent of total assets) (percent of total assets) 10.7 29.0 35.4 79.8 12.7 14.6 42.5 10.5 53.7 46.3 9.5 29.9 32.9 78.1 13.5 15.9 38.3 14.1 52.8 47.2 9.2 28.0 39.3 80.6 12.4 11.3 39.1 15.0 55.4 44.6 10.6 29.7 35.9 79.9 12.2 13.2 40.1 12.8 55.4 44.6 11.7 27.2 34.7 77.7 12.7 16.9 43.2 13.2 57.7 42.3 2.7 9.6 9.0 24.3 54.2 5.0 16.7 34.6 64.1 35.9 2.3 9.9 9.0 24.1 53.8 5.2 17.6 34.2 65.4 34.6 2.1 9.8 9.3 24.0 54.1 5.1 17.4 34.7 65.7 34.3 2.0 10.0 9.5 24.2 53.2 5.4 17.6 34.9 66.1 33.9 2.2 9.9 9.3 24.7 52.8 5.6 17.5 34.5 65.9 34.1 8.8 26.2 18.0 58.3 36.1 10.3 29.6 25.0 56.6 43.4 11.5 27.2 18.1 62.0 33.7 10.5 31.1 23.9 56.5 43.5 8.2 26.6 18.2 57.2 37.9 11.1 30.0 21.0 53.0 47.0 9.0 28.3 19.6 59.6 35.1 11.5 30.2 20.2 52.5 47.5 7.9 27.4 19.2 58.7 36.3 13.4 33.9 19.1 55.6 44.4 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 14 TABLE 4.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 27 AND 28 Printing and Publishing Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 4.3 84.8 10.9 (NA) (1.7) 9.2 3.1 6.1 100.0 4.4 85.7 10.0 (NA) (1.6) 8.3 2.8 5.5 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.45 0.24 1.35 1.42 0.23 1.35 1.36 0.22 1.38 1.35 0.22 1.39 1.34 0.22 1.43 17.96 11.96 7.45 4.96 16.40 10.92 6.83 4.55 15.88 10.00 6.70 4.22 16.85 11.76 7.11 4.96 21.62 15.33 9.31 6.60 100.0 4.3 85.0 10.8 (NA) (3.1) 7.7 2.9 4.8 100.0 4.6 86.9 8.5 2.5 3.2 9.3 2.8 6.5 100.0 4.2 85.1 10.7 2.4 3.1 11.5 3.3 8.2 46,422 1,989 39,377 5,055 (NA) (791) 4,263 1,424 2,840 1,125 1,715 57,543 2,931 62,188 47,054 2,056 40,312 4,686 (NA) (766) 3,921 1,310 2,611 1,051 1,560 61,494 (946) 62,107 50,623 2,164 43,016 5,443 (NA) (1,545) 3,898 1,443 2,455 1,844 611 62,825 2,597 66,033 46,125 2,100 40,089 3,936 1,135 1,499 4,299 1,300 2,999 1,204 1,796 63,910 2,836 68,541 49,501 2,071 42,116 5,315 1,164 1,545 5,696 1,656 4,039 1,323 2,716 69,431 484 72,631 4Q 1997 1Q 19982 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 15 Printing and Publishing Assets Under $25 Million 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Chemicals and Allied Products1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Chemicals and Allied Products Assets Under $25 Million 3Q 1997 4Q 19972 1Q 19982 2Q 1998 (million dollars) 12,060 394 10,864 802 (NA) (74) 728 107 621 214 407 6,952 (115) 7,244 12,409 417 11,296 696 (NA) 44 740 97 643 176 467 7,445 (315) 7,597 13,064 427 12,304 333 (NA) (88) 245 100 145 288 (143) 8,639 38 8,534 12,823 433 11,337 1,053 175 99 977 114 863 331 532 7,905 (46) 8,391 13,786 468 12,345 973 178 64 859 88 771 423 347 8,718 (164) 8,901 109,192 4,484 93,842 10,867 (NA) 1,805 12,672 4,100 8,572 5,360 3,213 127,224 (3,788) 126,649 (million dollars) 106,124 4,423 89,763 11,938 (NA) 2,644 14,582 3,528 11,054 6,332 4,723 126,279 (2,342) 128,660 107,885 4,677 95,972 7,236 (NA) 2,527 9,763 641 9,123 6,508 2,615 129,452 (4,537) 127,529 104,639 4,515 88,753 11,370 2,941 6,382 14,811 3,491 11,319 7,421 3,898 133,974 (767) 137,105 108,800 4,551 93,799 10,451 3,261 7,101 14,290 2,648 11,642 6,097 5,546 135,028 (1,485) 139,088 5,216 97 4,698 421 (NA) (20) 401 54 348 141 206 2,451 8 2,666 (million dollars) 5,185 102 4,563 521 (NA) 1 522 72 449 113 337 3,388 (62) 3,662 5,579 120 5,338 122 (NA) (20) 102 61 41 93 (52) 3,525 (26) 3,447 5,738 107 5,163 468 52 6 422 47 375 157 218 3,094 (29) 3,284 5,859 120 5,406 334 61 30 303 59 245 197 48 2,329 (58) 2,319 (percent of net sales) 100.0 3.3 90.1 6.6 (NA) (0.6) 6.0 0.9 5.1 100.0 3.4 91.0 5.6 (NA) 0.4 6.0 0.8 5.2 (percent) 100.0 3.3 94.2 2.5 (NA) (0.7) 1.9 0.8 1.1 100.0 3.4 88.4 8.2 1.4 0.8 7.6 0.9 6.7 100.0 3.4 89.5 7.1 1.3 0.5 6.2 0.6 5.6 100.0 4.1 85.9 10.0 (NA) 1.7 11.6 3.8 7.9 (percent of net sales) 100.0 4.2 84.6 11.2 (NA) 2.5 13.7 3.3 10.4 (percent) 100.0 4.3 89.0 6.7 (NA) 2.3 9.0 0.6 8.5 100.0 4.3 84.8 10.9 2.8 6.1 14.2 3.3 10.8 100.0 4.2 86.2 9.6 3.0 6.5 13.1 2.4 10.7 100.0 1.9 90.1 8.1 (NA) (0.4) 7.7 1.0 6.7 (percent of net sales) 100.0 2.0 88.0 10.0 (NA) 0.0 10.1 1.4 8.7 (percent) 100.0 2.2 95.7 2.2 (NA) (0.4) 1.8 1.1 0.7 100.0 1.9 90.0 8.1 0.9 0.1 7.4 0.8 6.5 100.0 2.0 92.3 5.7 1.0 0.5 5.2 1.0 4.2 31.09 26.51 12.68 10.81 30.41 26.40 12.12 10.52 9.52 5.62 3.98 2.35 37.94 33.51 15.18 13.40 32.93 29.55 13.26 11.89 24.78 16.76 9.21 6.23 28.49 21.60 10.50 7.96 18.86 17.62 6.92 6.47 28.37 21.68 10.46 8.00 26.84 21.86 9.87 8.04 35.95 31.15 17.64 15.29 40.39 34.78 21.00 18.09 7.43 2.98 3.83 1.53 28.11 24.99 14.36 12.77 21.48 17.33 10.08 8.14 1.90 0.48 1.23 1.86 0.48 1.22 1.88 0.48 1.32 1.77 0.43 1.16 1.82 0.45 1.14 1.14 0.13 1.31 1.15 0.13 1.28 1.12 0.14 1.29 1.14 0.14 1.25 1.14 0.15 1.22 2.11 0.38 1.85 2.21 0.43 2.23 2.28 0.48 2.19 2.21 0.47 2.30 1.96 0.42 1.86 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 16 TABLE 4.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 27 AND 28 Printing and Publishing 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 19982 2Q 1998 5,758 554 6,313 3,285 9,598 27,472 10,953 8,702 56,726 84,159 2,744 45,277 41,626 130,513 228,865 5,255 516 5,770 3,460 9,230 29,071 11,143 8,549 57,993 85,867 2,727 46,585 42,009 129,696 229,698 4,956 495 5,451 3,968 9,419 29,339 10,760 8,762 58,280 85,707 2,708 46,395 42,021 132,321 232,622 5,468 566 6,034 3,479 9,513 27,876 11,555 9,400 58,344 87,824 2,442 47,228 43,038 140,391 241,773 5,649 447 6,097 3,526 9,623 29,110 11,534 8,914 59,180 88,366 2,325 48,158 42,532 143,035 244,748 3,130 1,948 12,778 1,286 1,291 1,588 17,189 39,211 18,079 44,213 32,430 133,932 32,745 62,188 94,933 228,865 3,378 1,851 13,395 990 1,488 1,543 18,181 40,826 17,985 44,331 30,936 134,079 33,513 62,107 95,620 229,698 3,466 2,233 13,915 1,042 1,427 1,440 19,356 42,877 18,715 43,832 28,970 134,394 32,195 66,033 98,228 232,622 3,545 2,238 14,507 1,804 1,601 1,569 18,105 43,370 20,577 43,949 31,831 139,727 33,505 68,541 102,046 241,773 3,567 2,631 14,132 1,290 1,646 2,499 18,394 44,159 18,753 44,430 32,003 139,345 32,772 72,631 105,403 244,748 17,515 17,167 15,403 14,974 15,021 (percent of total assets) 4.2 12.0 4.8 24.8 18.2 3.5 17.1 27.2 58.5 41.5 4.0 12.7 4.9 25.2 18.3 3.6 17.8 27.1 58.4 41.6 4.0 12.6 4.6 25.1 18.1 3.7 18.4 26.9 57.8 42.2 3.9 11.5 4.8 24.1 17.8 3.7 17.9 26.7 57.8 42.2 3.9 11.9 4.7 24.2 17.4 4.2 18.0 25.8 56.9 43.1 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 17 Printing and Publishing Assets Under $25 Million 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Chemicals and Allied Products1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Chemicals and Allied Products Assets Under $25 Million 3Q 1997 4Q 19972 1Q 19982 2Q 1998 (million dollars) 2,170 334 2,505 803 3,308 6,459 2,453 979 13,199 20,368 405 12,819 7,955 1,811 22,965 2,402 347 2,750 846 3,596 6,963 2,553 951 14,062 20,899 385 13,251 8,033 2,341 24,436 2,524 324 2,848 915 3,762 7,124 2,655 1,016 14,558 21,412 408 13,674 8,146 1,965 24,670 2,689 345 3,034 537 3,572 6,967 2,699 1,315 14,553 22,127 482 13,418 9,190 1,999 25,742 2,472 356 2,827 754 3,582 7,332 2,642 1,038 14,594 22,654 337 14,146 8,845 2,485 25,924 6,993 2,347 9,340 7,481 16,821 57,528 48,505 29,535 152,389 296,223 9,442 145,660 160,006 238,140 550,535 (million dollars) 8,593 1,693 10,286 7,066 17,352 56,562 48,046 30,146 152,106 297,618 10,891 147,707 160,801 242,739 555,646 8,750 1,327 10,077 8,466 18,543 54,561 49,022 29,935 152,061 298,199 10,872 147,025 162,046 250,166 564,273 10,010 1,661 11,671 7,831 19,502 57,633 50,114 32,923 160,172 295,294 10,595 146,079 159,809 246,167 566,149 11,412 1,614 13,027 8,616 21,643 59,504 50,447 33,248 164,842 297,613 11,151 147,476 161,287 253,220 579,350 599 221 820 302 1,122 2,609 2,273 308 6,312 5,304 135 3,260 2,179 610 9,101 (million dollars) 777 155 931 413 1,344 2,993 2,248 329 6,914 5,706 135 3,381 2,460 564 9,938 847 335 1,183 357 1,539 2,780 2,561 368 7,248 5,832 169 3,259 2,742 641 10,632 956 240 1,196 530 1,726 3,161 2,772 396 8,055 6,326 159 3,599 2,886 808 11,750 913 267 1,180 557 1,737 3,200 2,719 393 8,049 6,401 166 3,547 3,021 957 12,027 1,013 139 2,861 105 586 447 1,785 6,937 3,098 2,326 1,237 13,596 2,125 7,244 9,368 22,965 1,143 184 3,170 113 603 362 1,972 7,547 3,274 2,425 1,453 14,698 2,140 7,597 9,737 24,436 1,300 181 3,179 84 646 333 2,037 7,759 3,182 2,172 1,248 14,361 1,775 8,534 10,309 24,670 1,314 277 3,523 179 716 451 1,769 8,230 3,371 2,738 1,105 15,444 1,907 8,391 10,298 25,742 1,347 224 3,439 93 731 380 1,823 8,037 3,037 3,420 995 15,489 1,534 8,901 10,435 25,924 6,969 23,142 34,226 8,158 2,192 4,648 54,041 133,376 30,704 88,903 92,967 345,950 77,936 126,649 204,585 550,535 7,499 21,612 33,681 8,577 2,445 4,406 54,618 132,838 32,177 92,000 93,892 350,908 76,078 128,660 204,738 555,646 7,230 22,558 37,607 6,682 2,365 3,958 55,441 135,841 33,535 90,290 97,523 357,189 79,555 127,529 207,084 564,273 7,045 26,922 34,835 9,465 2,155 5,275 54,898 140,594 32,942 93,115 90,692 357,343 71,700 137,105 208,806 566,149 8,164 29,052 35,297 7,250 2,264 5,713 57,016 144,757 34,669 94,758 92,170 366,353 73,908 139,088 212,997 579,350 544 132 1,571 39 183 73 449 2,991 853 626 164 4,634 1,801 2,666 4,466 9,101 442 107 1,608 60 210 80 620 3,127 964 510 168 4,770 1,506 3,662 5,168 9,938 338 153 1,709 29 173 131 652 3,184 1,223 484 260 5,151 2,033 3,447 5,480 10,632 432 202 1,827 66 234 116 763 3,639 1,172 451 484 5,746 2,720 3,284 6,003 11,750 672 226 1,821 64 253 84 976 4,097 1,230 566 488 6,382 3,326 2,319 5,645 12,027 6,262 6,516 6,799 6,323 6,557 19,013 19,267 16,221 19,578 20,085 3,321 3,787 4,064 4,416 3,952 (percent of total assets) (percent of total assets) (percent of total assets) 14.4 28.1 10.7 57.5 34.6 9.5 30.2 23.6 59.2 40.8 14.7 28.5 10.4 57.5 32.9 9.4 30.9 23.3 60.2 39.8 15.3 28.9 10.8 59.0 33.0 10.0 31.5 21.7 58.2 41.8 13.9 27.1 10.5 56.5 35.7 10.7 32.0 23.7 60.0 40.0 13.8 28.3 10.2 56.3 34.1 10.3 31.0 24.9 59.7 40.3 3.1 10.4 8.8 27.7 29.1 6.7 24.2 21.7 62.8 37.2 3.1 10.2 8.6 27.4 28.9 6.5 23.9 22.3 63.2 36.8 3.3 9.7 8.7 26.9 28.7 6.4 24.1 21.9 63.3 36.7 3.4 10.2 8.9 28.3 28.2 7.3 24.8 22.3 63.1 36.9 3.7 10.3 8.7 28.5 27.8 7.8 25.0 22.3 63.2 36.8 12.3 28.7 25.0 69.4 23.9 10.2 32.9 16.3 50.9 49.1 13.5 30.1 22.6 69.6 24.8 8.4 31.5 14.8 48.0 52.0 14.5 26.1 24.1 68.2 25.8 7.5 30.0 16.1 48.5 51.5 14.7 26.9 23.6 68.6 24.6 8.4 31.0 13.8 48.9 51.1 14.4 26.6 22.6 66.9 25.1 10.3 34.1 14.9 53.1 46.9 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 18 TABLE 5.0—INCOME STATEMENT FOR CORPORATIONS IN SIC INDUSTRY GROUPS 281, 2, 6, AND 283 Industrial Chemicals and Synthetics1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 5.4 83.3 11.3 (NA) 1.3 12.6 3.8 8.8 100.0 5.6 85.0 9.4 (NA) (1.5) 7.9 2.7 5.2 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.17 0.09 1.06 1.16 0.08 1.05 1.13 0.08 1.02 1.11 0.08 0.91 1.12 0.12 0.91 30.46 21.38 9.91 6.96 18.29 12.05 5.94 3.92 4.63 (0.53) 1.43 (0.16) 24.01 16.94 7.35 5.19 24.74 17.00 7.65 5.25 100.0 6.2 87.7 6.1 (NA) (4.1) 1.9 2.2 (0.2) 100.0 6.1 84.8 9.1 3.3 4.6 10.5 3.1 7.4 100.0 5.8 84.7 9.5 3.5 4.9 10.8 3.4 7.4 43,536 2,331 36,284 4,921 (NA) 568 5,489 1,636 3,853 1,127 2,725 33,379 (2,171) 33,933 41,730 2,322 35,486 3,922 (NA) (622) 3,300 1,126 2,174 962 1,212 34,415 (496) 35,131 39,609 2,475 34,732 2,402 (NA) (1,637) 765 853 (88) 932 (1,019) 31,279 (1,768) 28,491 36,901 2,248 31,278 3,375 1,208 1,713 3,880 1,143 2,737 1,005 1,732 31,822 (1,009) 32,545 38,086 2,220 32,260 3,606 1,349 1,861 4,118 1,288 2,830 1,023 1,807 32,083 (53) 33,837 4Q 1997 2 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Included in Chemicals and Allied Products. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 19 Industrial Chemicals and Synthetics Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 3Q 19973 Drugs1 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Drugs Assets Under $25 Million1 3Q 1997 4Q 19973 1Q 19983 2Q 1998 (million dollars) 1,095 23 927 145 (NA) (5) 139 24 115 25 90 692 (5) 778 963 25 851 87 (NA) (10) 77 9 68 22 46 814 (16) 845 1,003 24 883 95 (NA) (8) 87 24 63 4 59 834 (20) 873 1,117 26 961 130 12 5 123 25 97 52 45 975 (11) 1,010 1,226 29 1,040 157 15 7 149 24 125 39 86 959 (22) 1,024 30,315 1,035 27,131 2,149 (NA) 373 2,521 1,313 1,208 2,884 (1,676) 52,916 (523) 50,717 (million dollars) 30,552 1,038 25,192 4,322 (NA) 745 5,067 716 4,351 4,134 217 49,859 (941) 49,135 33,892 981 31,081 1,830 (NA) 3,991 5,821 (960) 6,781 4,417 2,364 48,622 (1,036) 49,949 33,860 1,155 28,860 3,845 1,030 2,957 5,772 743 5,029 5,080 (51) 52,193 533 52,676 34,038 1,148 30,087 2,803 1,063 3,414 5,154 126 5,028 3,602 1,425 51,520 (773) 52,172 552 17 468 67 (NA) 3 70 5 65 30 35 345 (3) 377 (million dollars) 557 19 440 98 (NA) (3) 95 16 79 23 56 628 (11) 674 1,042 34 991 18 (NA) 7 25 11 14 10 4 624 (1) 627 638 23 566 50 9 4 45 8 37 29 8 167 (19) 156 724 25 698 0 9 2 (7) (6) (2) 50 (51) (285) (5) (341) (percent of net sales) 100.0 2.1 84.7 13.2 (NA) (0.5) 12.7 2.2 10.5 100.0 2.6 88.4 9.1 (NA) (1.0) 8.0 1.0 7.1 (percent) 100.0 2.4 88.1 9.5 (NA) (0.8) 8.7 2.4 6.3 100.0 2.3 86.0 11.6 1.1 0.4 11.0 2.3 8.7 100.0 2.4 84.8 12.8 1.2 0.6 12.2 2.0 10.2 100.0 3.4 89.5 7.1 (NA) 1.2 8.3 4.3 4.0 (percent of net sales) 100.0 3.4 82.5 14.1 (NA) 2.4 16.6 2.3 14.2 (percent) 100.0 2.9 91.7 5.4 (NA) 11.8 17.2 (2.8) 20.0 100.0 3.4 85.2 11.4 3.0 8.7 17.0 2.2 14.9 100.0 3.4 88.4 8.2 3.1 10.0 15.1 0.4 14.8 100.0 3.0 84.9 12.1 (NA) 0.5 12.7 0.9 11.8 (percent of net sales) 100.0 3.4 79.0 17.6 (NA) (0.5) 17.1 2.8 14.2 (percent) 100.0 3.3 95.1 1.7 (NA) 0.7 2.4 1.0 1.3 100.0 3.5 88.6 7.8 1.4 0.6 7.0 1.2 5.8 100.0 3.5 96.5 0.0 1.2 0.2 (1.0) (0.8) (0.2) 53.50 44.26 29.94 24.77 26.08 22.94 14.65 12.88 29.34 21.35 16.47 11.98 36.61 29.00 19.75 15.65 40.40 33.80 23.18 19.40 13.53 6.48 5.52 2.65 28.05 24.09 11.12 9.55 30.80 35.89 12.35 14.38 30.14 26.26 12.07 10.51 26.81 26.15 10.58 10.32 34.88 32.35 20.60 19.11 43.80 36.49 26.04 21.70 9.29 5.20 5.28 2.96 15.59 12.92 8.80 7.30 (3.22) (0.65) (1.36) (0.28) 2.55 0.40 2.19 2.68 0.48 2.08 3.28 0.86 2.03 2.94 0.82 2.26 2.76 0.74 2.43 1.10 0.16 1.53 1.08 0.15 1.46 1.05 0.16 1.55 1.06 0.15 1.56 1.05 0.14 1.50 2.69 0.59 2.63 2.65 0.91 3.19 2.61 0.78 2.58 2.88 1.15 3.16 1.84 0.64 1.50 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 1,557 1,149 2,706 1,479 4,185 25,288 19,229 8,443 57,144 171,856 5,634 90,449 87,040 77,284 221,469 1,357 623 1,980 1,756 3,736 24,622 18,559 8,883 55,799 171,071 6,993 90,461 87,603 78,672 222,074 1,684 305 1,989 1,716 3,705 22,747 18,285 7,778 52,515 167,546 6,969 88,629 85,886 76,162 214,562 1,720 287 2,007 1,954 3,960 23,348 18,751 8,673 54,732 164,303 6,470 87,267 83,506 72,840 211,078 3,341 339 3,680 2,552 6,232 23,095 18,562 9,287 57,176 163,058 6,531 87,046 82,543 75,703 215,422 2,535 10,067 13,568 2,224 543 1,977 17,807 48,721 12,632 40,198 47,838 149,389 38,146 33,933 72,079 221,469 2,315 9,017 13,561 2,228 562 2,002 18,556 48,241 13,455 41,294 46,902 149,892 37,052 35,131 72,183 222,074 2,020 7,219 14,761 2,258 567 1,568 17,935 46,327 12,984 40,523 48,690 148,525 37,546 28,491 66,037 214,562 1,968 10,115 13,531 2,568 605 3,369 17,096 49,252 15,548 39,350 42,294 146,444 32,089 32,545 64,634 211,078 2,342 11,606 13,591 2,014 628 2,569 18,337 51,086 16,122 39,712 41,907 148,827 32,758 33,837 66,595 215,422 8,423 7,558 6,188 5,480 6,090 (percent of total assets) 1.9 11.4 8.7 25.8 39.3 6.8 22.0 23.9 67.5 32.5 1.7 11.1 8.4 25.1 39.4 6.3 21.7 24.7 67.5 32.5 1.7 10.6 8.5 24.5 40.0 5.3 21.6 24.9 69.2 30.8 1.9 11.1 8.9 25.9 39.6 7.6 23.3 26.0 69.4 30.6 2.9 10.7 8.6 26.5 38.3 8.0 23.7 25.9 69.1 30.9 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 21 Industrial Chemicals and Synthetics Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 3Q 1997 Drugs1 2 Drugs Assets Under $25 Million1 1Q 1998 2Q 1998 2Q 1997 3Q 1997 4Q 19973 1Q 1998 2Q 1998 4Q 1997 (million dollars) 140 1 140 48 188 521 415 75 1,200 1,224 18 693 550 113 1,863 127 0 127 103 230 547 428 87 1,292 1,372 24 687 710 109 2,110 209 63 272 71 344 512 373 92 1,320 1,317 18 598 737 61 2,118 236 16 252 171 424 608 428 67 1,526 1,454 17 696 775 184 2,485 215 27 242 162 403 600 441 63 1,507 1,489 26 704 811 260 2,578 2,792 751 3,543 4,071 7,613 15,802 14,115 14,059 51,589 57,754 1,017 23,011 35,760 95,311 182,660 (million dollars) 2,468 742 3,210 3,650 6,860 15,026 14,420 14,538 50,844 58,241 1,044 23,508 35,777 95,694 182,315 2,643 453 3,097 5,215 8,312 14,684 15,251 14,824 53,070 61,091 1,188 24,824 37,455 98,064 188,588 3,003 308 3,311 4,472 7,783 16,346 15,212 15,794 55,136 61,477 1,289 25,078 37,688 98,524 191,348 2,668 362 3,030 4,581 7,611 17,375 15,463 15,598 56,047 62,638 1,283 25,528 38,393 100,476 194,916 132 37 169 18 187 289 339 42 856 793 39 406 427 76 1,359 (million dollars) 231 39 270 65 335 341 247 48 971 815 42 418 439 50 1,460 292 42 334 34 368 371 457 35 1,230 1,028 78 524 582 60 1,872 372 14 386 125 511 331 397 43 1,281 1,091 74 537 629 117 2,027 283 86 369 80 449 461 333 48 1,291 1,140 49 488 700 197 2,188 86 5 240 8 48 7 76 471 201 127 21 821 265 778 1,043 1,863 94 9 253 2 41 5 78 482 349 71 24 925 340 845 1,185 2,110 76 9 204 9 29 8 67 402 387 77 64 930 316 873 1,189 2,118 53 4 302 16 41 14 89 519 379 103 143 1,144 331 1,010 1,340 2,485 60 9 305 29 29 9 105 546 355 147 51 1,099 456 1,024 1,479 2,578 2,391 6,230 9,161 3,440 510 1,406 23,593 46,730 9,029 29,159 23,216 108,134 23,810 50,717 74,526 182,660 3,437 5,867 9,009 2,653 336 1,451 24,274 47,027 9,030 29,238 24,762 110,057 23,123 49,135 72,258 182,315 3,341 7,310 10,736 2,661 366 1,080 24,890 50,385 10,186 26,330 26,106 113,006 25,633 49,949 75,582 188,588 3,205 8,293 10,002 4,019 339 1,348 24,572 51,778 7,462 28,535 26,971 114,746 23,927 52,676 76,603 191,348 3,466 9,073 11,112 2,769 459 1,542 25,097 53,517 7,186 29,456 27,865 118,024 24,720 52,172 76,892 194,916 32 3 172 2 28 21 62 319 126 96 15 556 426 377 803 1,359 47 3 143 31 25 8 109 367 131 57 37 592 194 674 868 1,460 31 2 280 6 28 28 96 471 230 92 15 808 437 627 1,064 1,872 10 28 182 29 34 17 146 445 195 78 164 882 988 156 1,144 2,027 229 0 224 14 47 3 183 700 227 110 226 1,263 1,266 (341) 925 2,188 729 810 918 1,007 961 4,859 3,817 2,685 3,358 2,530 538 604 759 836 591 (percent of total assets) (percent of total assets) (percent of total assets) 10.1 28.0 22.3 64.4 29.5 7.8 25.3 17.6 44.0 56.0 10.9 25.9 20.3 61.2 33.6 7.1 22.8 19.9 43.9 56.1 16.2 24.2 17.6 62.3 34.8 5.8 19.0 21.9 43.9 56.1 17.0 24.5 17.2 61.4 31.2 4.5 20.9 19.4 46.1 53.9 15.6 23.3 17.1 58.4 31.5 4.2 21.2 19.5 42.6 57.4 4.2 8.7 7.7 28.2 19.6 5.8 25.6 20.9 59.2 40.8 3.8 8.2 7.9 27.9 19.6 6.1 25.8 21.0 60.4 39.6 4.4 7.8 8.1 28.1 19.9 6.4 26.7 19.4 59.9 40.1 4.1 8.5 8.0 28.8 19.7 6.9 27.1 18.8 60.0 40.0 3.9 8.9 7.9 28.8 19.7 7.5 27.5 18.8 60.6 39.4 13.8 21.2 25.0 63.0 31.4 6.2 23.5 16.3 40.9 59.1 22.9 23.4 16.9 66.5 30.0 5.7 25.1 12.9 40.5 59.5 19.7 19.8 24.4 65.7 31.1 4.8 25.2 17.2 43.2 56.8 25.2 16.3 19.6 63.2 31.0 4.4 22.0 13.5 43.5 56.5 20.5 21.1 15.2 59.0 32.0 12.8 32.0 15.4 57.7 42.3 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 22 TABLE 6.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 284, 5, 7, 9, AND 29 Residual of Chemicals1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.2 86.1 10.7 (NA) 2.4 13.2 3.3 9.9 100.0 3.1 85.9 10.9 (NA) 7.4 18.4 5.0 13.4 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15 0.13 1.45 1.21 0.18 1.43 1.19 0.17 1.41 1.27 0.20 1.43 1.29 0.19 1.38 32.16 24.23 12.74 9.59 41.23 30.05 16.44 11.98 19.42 14.84 7.89 6.03 30.53 21.03 12.60 8.68 28.88 21.78 11.88 8.96 100.0 3.6 87.7 8.7 (NA) 0.5 9.2 2.2 7.1 100.0 3.3 84.5 12.2 2.1 5.1 15.2 4.7 10.5 100.0 3.2 85.8 11.0 2.3 5.0 13.7 3.4 10.3 35,341 1,117 30,426 3,797 (NA) 865 4,662 1,150 3,512 1,348 2,163 40,929 (1,093) 41,999 33,843 1,063 29,085 3,695 (NA) 2,520 6,215 1,685 4,530 1,236 3,294 42,006 (905) 44,395 34,384 1,221 30,159 3,004 (NA) 173 3,178 748 2,429 1,159 1,270 49,551 (1,733) 49,089 33,878 1,113 28,616 4,149 703 1,712 5,158 1,605 3,553 1,336 2,217 49,959 (292) 51,884 36,676 1,183 31,452 4,041 849 1,826 5,018 1,233 3,785 1,471 2,314 51,425 (660) 53,079 4Q 1997 2 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Included in Chemicals and Allied Products. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 23 Residual of Chemicals Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Petroleum and Coal Products2 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Petroleum and Coal Products Assets Under $25 Million 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 3,569 57 3,303 209 (NA) (18) 192 24 167 86 81 1,414 16 1,511 3,666 58 3,273 336 (NA) 14 350 47 302 68 234 1,945 (36) 2,143 3,534 62 3,463 9 (NA) (19) (10) 26 (37) 79 (115) 2,067 (5) 1,948 3,982 59 3,636 288 31 (2) 255 14 241 76 165 1,952 1 2,118 3,910 65 3,668 177 37 22 161 40 121 108 13 1,655 (31) 1,637 77,057 3,689 66,863 6,505 (NA) 2,923 9,428 2,074 7,353 3,776 3,577 119,400 (132) 122,846 (million dollars) 77,995 3,740 67,421 6,834 (NA) 1,795 8,629 2,092 6,537 3,516 3,021 121,985 (810) 124,196 77,373 4,233 68,076 5,064 (NA) 4,306 9,369 1,819 7,551 4,056 3,494 124,016 (1,071) 126,440 63,294 3,634 56,425 3,235 1,323 3,092 5,004 1,102 3,901 4,060 (159) 128,509 (404) 127,946 65,064 3,665 56,684 4,715 1,305 2,657 6,067 1,470 4,596 3,487 1,109 127,686 (724) 128,071 350 6 310 33 (NA) (11) 23 2 21 6 15 129 (1) 143 (million dollars) 324 4 283 37 (NA) (4) 33 2 31 4 28 52 (1) 79 318 7 341 (30) (NA) 29 0 1 (1) 0 (1) 88 10 97 317 10 300 7 4 2 6 0 6 9 (3) 273 (1) 268 361 10 331 20 5 2 18 0 17 0 17 118 (3) 131 (percent of net sales) 100.0 1.6 92.5 5.9 (NA) (0.5) 5.4 0.7 4.7 100.0 1.6 89.3 9.2 (NA) 0.4 9.5 1.3 8.2 (percent) 100.0 1.7 98.0 0.3 (NA) (0.5) (0.3) 0.7 (1.0) 100.0 1.5 91.3 7.2 0.8 (0.1) 6.4 0.3 6.0 100.0 1.7 93.8 4.5 0.9 0.6 4.1 1.0 3.1 100.0 4.8 86.8 8.4 (NA) 3.8 12.2 2.7 9.5 (percent of net sales) 100.0 4.8 86.4 8.8 (NA) 2.3 11.1 2.7 8.4 (percent) 100.0 5.5 88.0 6.5 (NA) 5.6 12.1 2.4 9.8 100.0 5.7 89.1 5.1 2.1 4.9 7.9 1.7 6.2 100.0 5.6 87.1 7.2 2.0 4.1 9.3 2.3 7.1 100.0 1.8 88.7 9.5 (NA) (3.0) 6.5 0.6 5.9 (percent of net sales) 100.0 1.3 87.3 11.3 (NA) (1.2) 10.2 0.5 9.7 (percent) 100.0 2.2 107.1 (9.3) (NA) 9.2 (0.1) 0.3 (0.4) 100.0 3.0 94.6 2.3 1.2 0.7 1.8 0.0 1.9 100.0 2.7 91.8 5.5 1.2 0.7 4.9 0.1 4.8 29.30 25.56 13.06 11.40 44.88 38.81 21.96 18.99 (1.25) (4.52) (0.61) (2.20) 28.95 27.38 14.07 13.31 19.90 14.95 8.88 6.67 24.19 18.87 11.41 8.90 21.99 16.66 10.50 7.95 23.61 19.03 11.24 9.06 12.74 9.93 5.97 4.66 15.56 11.79 7.23 5.48 37.75 34.33 14.48 13.17 101.39 96.61 25.18 23.99 (0.61) (2.37) (0.20) (0.80) 7.37 7.51 2.98 3.03 35.17 34.42 10.77 10.54 1.93 0.34 1.61 2.04 0.34 2.12 2.03 0.36 2.15 1.96 0.30 2.13 1.84 0.31 1.79 1.06 0.16 2.48 1.04 0.14 2.55 0.98 0.11 2.56 0.90 0.09 2.32 0.85 0.06 2.15 1.24 0.10 1.67 1.15 0.15 0.62 1.50 0.20 0.83 1.28 0.09 1.78 1.11 0.21 1.07 U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 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 2 2Q 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 2,644 447 3,091 1,932 5,023 16,438 15,162 7,033 43,656 66,613 2,792 32,199 37,205 65,545 146,406 4,769 327 5,096 1,660 6,756 16,914 15,067 6,725 45,462 68,306 2,854 33,739 37,422 68,373 151,256 4,423 569 4,992 1,534 6,526 17,129 15,487 7,334 46,476 69,562 2,715 33,571 38,706 75,941 161,122 5,287 1,066 6,354 1,405 7,759 17,939 16,151 8,455 50,305 69,514 2,836 33,734 38,615 74,802 163,722 5,404 913 6,317 1,483 7,800 19,034 16,423 8,363 51,619 71,917 3,337 34,903 40,351 77,041 169,012 2,043 6,846 11,498 2,494 1,139 1,264 12,641 37,925 9,044 19,545 21,913 88,427 15,980 41,999 57,979 146,406 1,747 6,728 11,111 3,695 1,547 954 11,788 37,570 9,692 21,468 22,228 90,959 15,903 44,395 60,297 151,256 1,868 8,030 12,110 1,762 1,433 1,311 12,616 39,129 10,365 23,437 22,727 95,658 16,376 49,089 65,465 161,122 1,872 8,513 11,302 2,878 1,211 558 13,231 39,565 9,932 25,230 21,426 96,153 15,685 51,884 67,569 163,722 2,356 8,373 10,594 2,468 1,178 1,602 13,583 40,154 11,360 25,590 22,398 99,502 16,430 53,079 69,510 169,012 5,731 7,892 7,347 10,740 11,465 (percent of total assets) 3.4 11.2 10.4 29.8 25.4 7.7 25.9 19.5 60.4 39.6 4.5 11.2 10.0 30.1 24.7 7.3 24.8 20.6 60.1 39.9 4.1 10.6 9.6 28.8 24.0 7.8 24.3 21.0 59.4 40.6 4.7 11.0 9.9 30.7 23.6 7.4 24.2 21.5 58.7 41.3 4.6 11.3 9.7 30.5 23.9 8.0 23.8 21.9 58.9 41.1 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 25 Residual of Chemicals Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 19973 1Q 19983 2Q 1998 2Q 1997 Petroleum and Coal Products2 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Petroleum and Coal Products Assets Under $25 Million 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 327 183 510 236 747 1,799 1,519 191 4,255 3,286 77 2,161 1,203 420 5,878 419 115 534 245 780 2,105 1,572 194 4,651 3,518 69 2,275 1,312 405 6,367 347 230 577 251 828 1,897 1,732 241 4,698 3,487 73 2,137 1,423 520 6,641 347 210 557 234 792 2,223 1,947 287 5,248 3,781 69 2,366 1,483 507 7,238 414 155 569 316 885 2,140 1,945 282 5,252 3,773 91 2,355 1,509 500 7,261 2,434 2,315 4,749 4,485 9,234 26,934 16,259 8,197 60,624 307,381 40,178 189,144 158,414 111,529 330,567 (million dollars) 2,028 1,809 3,837 4,275 8,112 26,629 16,036 7,866 58,644 308,791 40,530 190,759 158,562 111,586 328,792 1,974 1,057 3,031 3,311 6,341 27,086 15,246 8,246 56,920 308,377 42,966 190,223 161,121 115,247 333,288 2,460 505 2,965 2,651 5,616 23,492 15,378 9,213 53,699 301,708 42,211 186,792 157,126 124,226 335,051 2,161 749 2,910 1,078 3,988 23,375 15,627 9,310 52,300 302,648 40,987 186,723 156,911 126,261 335,473 29 0 29 0 29 192 107 35 362 432 14 259 187 79 627 (million dollars) 41 0 41 0 41 170 82 19 311 288 7 131 165 49 525 60 0 60 0 60 243 96 59 459 443 21 286 178 55 691 30 0 30 0 30 174 140 88 432 571 20 320 272 81 785 53 0 53 15 68 209 54 33 364 541 12 321 232 63 658 426 124 1,160 29 107 45 311 2,201 525 404 128 3,258 1,109 1,511 2,620 5,878 300 96 1,212 27 144 67 434 2,278 484 383 108 3,253 971 2,143 3,115 6,367 230 142 1,226 14 116 95 489 2,311 606 314 182 3,413 1,280 1,948 3,228 6,641 368 170 1,344 21 160 85 528 2,675 598 269 177 3,720 1,401 2,118 3,519 7,238 382 218 1,292 21 177 72 689 2,851 648 309 211 4,021 1,604 1,637 3,241 7,261 978 6,979 23,118 3,371 648 4,781 17,159 57,034 7,065 42,432 68,140 174,672 33,050 122,846 155,895 330,567 717 7,491 23,018 3,901 600 3,677 17,135 56,539 6,405 42,700 66,174 171,818 32,778 124,196 156,974 328,792 613 7,264 24,778 3,395 1,023 3,881 17,246 58,200 5,904 43,395 67,050 174,549 32,299 126,440 158,739 333,288 830 12,714 20,676 3,858 1,050 3,503 16,717 59,349 5,473 44,138 69,006 177,965 29,140 127,946 157,086 335,051 1,160 16,159 19,130 3,691 900 3,388 17,263 61,692 5,305 45,486 67,053 179,537 27,865 128,071 155,936 335,473 56 0 147 3 5 7 74 292 41 35 18 387 97 143 241 627 42 0 90 5 2 61 72 272 4 102 17 395 51 79 130 525 4 0 92 3 71 63 72 306 36 105 12 459 135 97 232 691 37 24 138 8 1 8 121 336 29 79 23 468 49 268 317 785 40 30 151 0 15 5 87 328 61 38 30 457 70 131 202 658 2,054 2,373 2,387 2,573 2,401 3,590 2,105 (1,280) (5,650) (9,391) 70 40 152 96 36 (percent of total assets) (percent of total assets) (percent of total assets) 12.7 30.6 25.8 72.4 20.5 11.9 37.5 15.8 55.4 44.6 12.2 33.1 24.7 73.0 20.6 9.5 35.8 13.6 51.1 48.9 12.5 28.6 26.1 70.7 21.4 8.8 34.8 13.9 51.4 48.6 10.9 30.7 26.9 72.5 20.5 10.8 37.0 12.0 51.4 48.6 12.2 29.5 26.8 72.3 20.8 11.7 39.3 13.2 55.4 44.6 2.8 8.1 4.9 18.3 47.9 4.0 17.3 15.0 52.8 47.2 2.5 8.1 4.9 17.8 48.2 3.8 17.2 14.9 52.3 47.7 1.9 8.1 4.6 17.1 48.3 3.8 17.5 14.8 52.4 47.6 1.7 7.0 4.6 16.0 46.9 5.4 17.7 14.8 53.1 46.9 1.2 7.0 4.7 15.6 46.8 6.4 18.4 15.1 53.5 46.5 4.6 30.5 17.0 57.7 29.8 10.8 46.6 12.1 61.6 38.4 7.8 32.3 15.6 59.3 31.3 20.0 51.7 20.2 75.2 24.8 8.7 35.1 13.9 66.3 25.7 20.0 44.3 20.4 66.4 33.6 3.8 22.2 17.8 55.1 34.6 8.9 42.8 13.8 59.6 40.4 10.4 31.7 8.1 55.3 35.2 13.7 49.8 15.0 69.4 30.6 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 4Q 19972 1Q 1998 2 2Q 1998 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.6 87.4 8.9 (NA) (1.0) 7.9 1.8 6.1 100.0 3.8 88.3 7.9 (NA) (1.7) 6.3 1.9 4.4 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.62 0.17 1.25 1.61 0.18 1.26 1.58 0.17 1.16 1.54 0.16 1.19 1.51 0.14 1.16 28.84 22.15 11.46 8.80 22.24 15.67 8.76 6.17 13.67 9.74 5.15 3.67 21.67 17.35 8.43 6.75 27.03 20.59 10.38 7.90 100.0 3.8 90.3 5.9 (NA) (2.1) 3.7 1.1 2.7 100.0 3.9 88.6 7.6 2.0 0.9 6.5 1.3 5.2 100.0 3.7 87.5 8.7 2.1 1.1 7.7 1.8 5.9 31,826 1,162 27,821 2,843 (NA) (315) 2,528 587 1,941 612 1,329 18,084 (240) 19,173 31,878 1,207 28,144 2,526 (NA) (528) 1,998 590 1,408 606 802 18,901 (254) 19,449 31,336 1,196 28,295 1,845 (NA) (670) 1,175 338 837 488 349 17,357 (921) 16,785 30,840 1,200 27,310 2,329 614 282 1,996 398 1,598 457 1,142 17,493 (164) 18,471 32,352 1,201 28,324 2,827 682 359 2,504 597 1,907 1,078 829 17,970 (230) 18,569 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 27 Rubber and Misc. Plastics Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 All Durable Manufacturing Industries1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 All Durable Manufacturing Industries Assets Under $25 Million 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 10,205 298 8,962 945 (NA) (41) 904 143 760 254 506 6,686 (134) 7,058 10,129 336 8,973 820 (NA) (105) 715 129 586 279 307 6,977 11 7,296 9,734 309 8,984 441 (NA) (87) 353 102 251 249 2 6,315 (36) 6,280 9,853 316 8,736 801 133 28 696 85 610 167 443 6,027 (94) 6,376 9,896 290 8,707 899 132 29 795 114 681 332 349 6,620 (34) 6,935 527,776 17,860 469,386 40,530 (NA) 9,008 49,538 13,193 36,344 9,663 26,682 410,395 (7,427) 429,650 (million dollars) 519,578 18,161 464,726 36,692 (NA) 5,263 41,955 12,481 29,474 9,250 20,224 429,644 715 450,583 540,877 21,963 488,876 30,038 (NA) 6,388 36,426 8,063 28,363 16,245 12,119 454,082 (14,751) 451,450 515,853 18,469 463,370 34,014 7,868 29,291 55,437 11,274 44,163 13,009 31,154 444,529 (25,622) 450,061 542,831 19,020 485,156 38,656 8,652 10,203 40,207 11,275 28,932 10,975 17,957 450,646 (2,562) 466,041 85,999 1,982 77,080 6,937 (NA) (544) 6,393 971 5,422 2,049 3,373 48,315 (509) 51,178 (million dollars) 83,166 1,991 74,720 6,455 (NA) (565) 5,890 1,020 4,870 1,487 3,383 51,948 (50) 55,282 83,418 2,104 77,214 4,100 (NA) (705) 3,395 817 2,578 1,879 699 56,547 (439) 56,807 80,115 2,023 71,913 6,179 957 38 5,259 799 4,460 1,873 2,587 54,658 (254) 56,990 86,377 2,070 77,199 7,108 982 25 6,151 874 5,277 3,125 2,152 55,026 (168) 57,010 (percent of net sales) 100.0 2.9 87.8 9.3 (NA) (0.4) 8.9 1.4 7.5 100.0 3.3 88.6 8.1 (NA) (1.0) 7.1 1.3 5.8 (percent) 100.0 3.2 92.3 4.5 (NA) (0.9) 3.6 1.1 2.6 100.0 3.2 88.7 8.1 1.4 0.3 7.1 0.9 6.2 100.0 2.9 88.0 9.1 1.3 0.3 8.0 1.1 6.9 100.0 3.4 88.9 7.7 (NA) 1.7 9.4 2.5 6.9 (percent of net sales) 100.0 3.5 89.4 7.1 (NA) 1.0 8.1 2.4 5.7 (percent) 100.0 4.1 90.4 5.6 (NA) 1.2 6.7 1.5 5.2 100.0 3.6 89.8 6.6 1.5 5.7 10.7 2.2 8.6 100.0 3.5 89.4 7.1 1.6 1.9 7.4 2.1 5.3 100.0 2.3 89.6 8.1 (NA) (0.6) 7.4 1.1 6.3 (percent of net sales) 100.0 2.4 89.8 7.8 (NA) (0.7) 7.1 1.2 5.9 (percent) 100.0 2.5 92.6 4.9 (NA) (0.8) 4.1 1.0 3.1 100.0 2.5 89.8 7.7 1.2 0.0 6.6 1.0 5.6 100.0 2.4 89.4 8.2 1.1 0.0 7.1 1.0 6.1 39.97 33.63 19.43 16.34 30.58 25.04 14.76 12.08 15.94 11.32 7.67 5.45 30.11 26.42 13.97 12.25 32.89 28.19 15.70 13.46 26.90 19.73 10.86 7.97 22.14 15.55 9.00 6.32 19.29 15.02 7.72 6.01 29.05 23.14 11.40 9.08 20.96 15.08 8.16 5.87 35.00 29.68 16.28 13.80 31.40 25.96 14.86 12.29 17.84 13.54 8.57 6.51 27.44 23.27 13.07 11.08 31.86 27.33 15.12 12.97 1.99 0.30 1.69 1.90 0.24 1.72 1.95 0.26 1.68 1.86 0.26 1.49 1.93 0.27 1.60 1.47 0.26 1.91 1.44 0.26 1.93 1.40 0.25 1.92 1.41 0.25 1.78 1.39 0.24 1.71 2.03 0.33 1.56 2.00 0.34 1.61 2.05 0.36 1.65 2.07 0.37 1.62 2.08 0.37 1.60 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 28 TABLE 7.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 30 AND ALL DURABLE MANUFACTURING INDUSTRIES Rubber and Misc. Plastics 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 2,298 385 2,683 1,257 3,941 16,762 14,066 3,124 37,892 61,506 1,332 31,486 31,352 18,989 88,234 2,658 628 3,287 1,018 4,305 17,195 14,217 3,637 39,354 63,592 1,254 32,704 32,142 19,735 91,231 2,864 242 3,106 1,050 4,156 16,047 14,596 3,785 38,584 64,206 1,439 32,899 32,746 19,960 91,290 2,506 281 2,787 1,233 4,020 16,947 15,083 3,697 39,747 63,684 1,742 33,012 32,414 22,556 94,717 2,456 319 2,776 1,072 3,848 17,121 15,362 3,801 40,131 64,677 1,632 33,191 33,119 23,248 96,498 3,138 919 8,898 905 1,930 431 7,099 23,320 13,080 8,624 8,151 53,175 15,886 19,173 35,059 88,234 3,674 845 8,997 905 1,809 452 7,798 24,480 12,876 8,937 8,992 55,286 16,496 19,449 35,946 91,231 3,452 745 9,006 698 1,876 433 8,158 24,368 12,846 10,276 9,431 56,921 17,584 16,785 34,369 91,290 4,057 1,026 9,059 784 2,182 653 8,072 25,833 11,942 11,071 9,016 57,861 18,385 18,471 36,856 94,717 4,407 945 9,304 861 2,327 647 8,164 26,656 12,783 10,845 9,164 59,448 18,481 18,569 37,050 96,498 14,572 14,874 14,217 13,914 13,475 (percent of total assets) 4.5 19.0 15.9 42.9 35.5 7.3 26.4 24.6 60.3 39.7 4.7 18.8 15.6 43.1 35.2 7.4 26.8 23.9 60.6 39.4 4.6 17.6 16.0 42.3 35.9 7.1 26.7 25.3 62.4 37.6 4.2 17.9 15.9 42.0 34.2 8.4 27.3 24.3 61.1 38.9 4.0 17.7 15.9 41.6 34.3 8.6 27.6 24.5 61.6 38.4 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 29 Rubber and Misc. Plastics Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 All Durable Manufacturing Industries1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 All Durable Manufacturing Industries Assets Under $25 Million 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 1,163 181 1,344 333 1,677 5,043 3,811 658 11,189 14,946 336 8,961 6,321 1,102 18,611 1,120 141 1,261 238 1,498 5,249 4,134 761 11,642 15,848 186 9,559 6,475 1,264 19,381 1,020 145 1,164 260 1,425 4,774 3,996 685 10,879 15,572 263 9,489 6,346 1,185 18,411 1,142 154 1,296 317 1,613 5,288 3,971 767 11,639 16,043 340 9,735 6,647 1,641 19,927 1,175 193 1,368 325 1,694 5,186 4,304 876 12,060 15,542 271 9,154 6,659 1,525 48,858 19,491 68,349 64,951 133,299 273,299 272,443 87,810 766,852 870,408 27,738 458,489 439,658 618,466 (million dollars) 53,979 18,550 72,529 66,829 139,359 273,001 272,578 91,495 776,433 887,197 28,228 466,274 449,151 638,800 50,268 22,308 72,576 67,961 140,537 268,047 271,803 98,932 779,320 890,604 28,467 469,199 449,871 657,238 48,945 23,297 72,242 69,241 141,483 273,858 281,982 105,684 803,007 907,505 29,292 479,394 457,403 684,078 50,968 19,252 70,220 65,751 135,971 279,461 284,024 96,367 795,823 922,473 29,084 485,671 465,886 709,529 11,509 1,664 13,173 3,796 16,969 42,414 40,024 6,041 105,447 106,598 2,914 66,332 43,180 8,487 157,114 (million dollars) 12,028 1,617 13,645 4,230 17,875 41,986 39,580 6,186 105,627 109,036 2,804 67,225 44,615 8,325 158,567 12,224 1,815 14,038 4,106 18,144 41,010 39,267 6,136 104,558 109,392 2,905 67,372 44,925 8,906 158,389 12,637 2,085 14,722 4,077 18,798 41,697 39,663 6,256 13,219 1,700 14,920 4,216 19,136 42,664 40,032 6,008 106,415 107,840 112,028 110,712 2,929 3,040 69,254 68,148 45,703 8,873 45,604 9,236 20,244 1,824,976 1,864,384 1,886,429 1,944,488 1,971,237 160,991 162,681 895 91 2,769 115 554 165 1,034 5,622 2,363 1,273 307 9,566 1,988 7,058 9,046 18,611 1,178 82 2,999 105 529 158 1,069 6,119 2,210 1,286 412 10,028 2,057 7,296 9,353 19,381 1,157 142 2,485 76 455 144 1,122 5,583 1,947 1,420 600 9,550 2,581 6,280 8,861 18,411 1,266 181 2,719 59 519 357 1,155 6,257 2,113 1,777 537 10,683 2,867 6,376 9,243 19,927 1,235 314 2,732 90 500 174 1,207 6,251 2,238 1,596 494 2,731 6,935 9,665 35,231 34,226 158,811 18,397 11,719 13,853 249,968 522,205 105,669 185,087 275,322 307,042 429,650 736,692 34,833 35,385 164,663 21,845 11,891 14,582 256,666 539,866 103,571 192,328 270,618 307,418 450,583 758,001 31,785 37,940 171,601 20,659 11,401 14,969 266,498 554,853 108,365 189,577 278,146 304,039 451,450 755,488 35,154 41,956 177,077 21,755 11,952 14,795 266,433 569,123 122,970 201,331 287,723 313,279 450,061 763,341 36,603 44,997 170,062 19,097 12,349 14,720 273,056 570,885 126,579 214,485 292,028 301,220 466,041 767,261 10,642 1,881 21,369 906 3,492 1,516 12,164 51,970 15,153 14,093 2,834 84,050 21,886 51,178 73,064 157,114 10,998 1,824 21,725 1,021 3,839 1,853 11,547 52,807 15,501 12,584 2,629 83,522 19,763 55,282 75,045 158,567 9,883 1,943 20,541 1,065 4,005 1,539 11,938 50,914 15,475 13,277 2,586 82,251 19,331 56,807 76,138 158,389 10,230 1,473 21,673 750 3,834 1,646 11,849 51,454 16,944 13,076 2,843 84,317 19,683 56,990 76,673 10,619 1,687 20,700 818 3,922 1,622 12,432 51,800 16,719 13,832 3,103 85,454 20,216 57,010 77,226 10,579 1,088,284 1,106,383 1,130,940 1,181,147 1,203,977 20,244 1,824,976 1,864,384 1,886,429 1,944,488 1,971,237 160,991 162,681 5,567 5,523 5,296 5,382 5,809 244,647 236,567 224,467 233,884 224,938 53,478 52,820 53,644 54,961 56,040 (percent of total assets) (percent of total assets) (percent of total assets) 9.0 27.1 20.5 60.1 34.0 9.2 30.2 19.5 51.4 48.6 7.7 27.1 21.3 60.1 33.4 10.0 31.6 18.0 51.7 48.3 7.7 25.9 21.7 59.1 34.5 10.3 30.3 18.3 51.9 48.1 8.1 26.5 19.9 58.4 33.4 11.7 31.4 19.5 53.6 46.4 8.4 25.6 21.3 59.6 32.9 11.0 30.9 18.9 52.3 47.7 7.3 15.0 14.9 42.0 24.1 5.2 28.6 15.9 59.6 40.4 7.5 14.6 14.6 41.6 24.1 5.2 29.0 15.9 59.3 40.7 7.4 14.2 14.4 41.3 23.8 5.1 29.4 15.8 60.0 40.0 7.3 14.1 14.5 41.3 23.5 5.3 29.3 16.7 60.7 39.3 6.9 14.2 14.4 40.4 23.6 5.5 29.0 17.3 61.1 38.9 10.8 27.0 25.5 67.1 27.5 11.2 33.1 18.6 53.5 46.5 11.3 26.5 25.0 66.6 28.1 11.7 33.3 17.7 52.7 47.3 11.5 25.9 24.8 66.0 28.4 11.0 32.1 18.2 51.9 48.1 11.7 25.9 24.6 66.1 28.4 10.7 32.0 18.6 52.4 47.6 11.8 26.2 24.6 66.3 28.0 11.0 31.8 18.8 52.5 47.5 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 30 TABLE 8.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 32 AND 33 Stone, Clay, and Glass Products Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 4.5 84.0 11.5 (NA) (1.6) 9.9 3.0 6.9 100.0 4.2 82.2 13.6 (NA) (1.2) 12.4 3.6 8.8 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.55 0.16 1.07 1.58 0.19 1.17 1.53 0.19 1.18 1.50 0.18 1.10 1.59 0.18 1.07 30.31 21.19 10.82 7.56 37.38 26.43 14.01 9.91 20.71 14.03 7.65 5.18 11.38 7.52 4.13 2.73 34.20 26.39 12.22 9.43 100.0 4.6 86.9 8.5 (NA) (1.3) 7.2 2.3 4.9 100.0 5.3 88.5 6.1 2.8 1.1 4.4 1.5 2.9 100.0 4.6 82.0 13.4 2.9 1.1 11.6 2.6 8.9 18,541 831 15,581 2,129 (NA) (302) 1,827 549 1,277 487 791 5,370 (76) 6,084 19,296 807 15,856 2,634 (NA) (240) 2,394 701 1,693 232 1,461 8,480 (186) 9,755 18,544 859 16,109 1,577 (NA) (244) 1,332 430 903 477 426 8,818 (98) 9,145 16,726 891 14,806 1,029 472 181 738 250 488 611 (124) 9,522 69 9,467 19,715 907 16,166 2,642 575 215 2,282 521 1,761 546 1,215 8,531 (60) 9,686 4Q 1997 1Q 19982 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 31 Stone, Clay, and Glass Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Primary Metal Industries1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Primary Metal Industries Assets Under $25 Million 3Q 1997 4Q 1997 1Q 19982 2Q 1998 (million dollars) 5,177 146 4,653 379 (NA) (16) 362 57 305 194 111 2,987 27 3,126 5,167 136 4,442 589 (NA) (40) 549 84 465 54 411 4,155 19 4,585 5,205 169 4,748 289 (NA) (53) 236 53 183 253 (70) 4,399 15 4,344 4,342 178 3,931 233 82 14 164 15 150 84 65 4,477 (18) 4,525 5,545 180 4,663 702 73 (5) 623 40 584 420 163 4,106 3 4,273 39,936 1,438 35,613 2,886 (NA) 28 2,913 783 2,130 578 1,552 23,022 (399) 24,175 (million dollars) 39,049 1,454 35,009 2,586 (NA) (144) 2,442 801 1,641 442 1,199 24,643 (356) 25,486 38,520 1,461 34,700 2,358 (NA) (687) 1,671 578 1,093 449 645 25,330 (87) 25,888 38,858 1,483 34,750 2,625 640 594 2,580 783 1,797 697 1,100 26,428 214 27,742 40,565 1,529 36,078 2,958 716 (59) 2,184 703 1,481 429 1,052 26,853 (155) 27,751 4,180 98 3,793 289 (NA) (22) 266 43 223 83 141 2,940 (53) 3,028 (million dollars) 3,881 102 3,480 299 (NA) (3) 296 58 238 98 139 2,905 0 3,044 3,992 113 3,656 222 (NA) (31) 191 44 147 69 78 3,351 16 3,445 4,600 116 4,093 392 37 (8) 346 73 273 140 134 3,908 (38) 4,004 4,440 127 3,940 372 43 14 344 44 300 118 182 3,577 3 3,761 (percent of net sales) 100.0 2.8 89.9 7.3 (NA) (0.3) 7.0 1.1 5.9 100.0 2.6 86.0 11.4 (NA) (0.8) 10.6 1.6 9.0 (percent) 100.0 3.2 91.2 5.6 (NA) (1.0) 4.5 1.0 3.5 100.0 4.1 90.5 5.4 1.9 0.3 3.8 0.3 3.4 100.0 3.2 84.1 12.7 1.3 (0.1) 11.2 0.7 10.5 100.0 3.6 89.2 7.2 (NA) 0.1 7.3 2.0 5.3 (percent of net sales) 100.0 3.7 89.7 6.6 (NA) (0.4) 6.3 2.1 4.2 (percent) 100.0 3.8 90.1 6.1 (NA) (1.8) 4.3 1.5 2.8 100.0 3.8 89.4 6.8 1.6 1.5 6.6 2.0 4.6 100.0 3.8 88.9 7.3 1.8 (0.1) 5.4 1.7 3.7 100.0 2.3 90.8 6.9 (NA) (0.5) 6.4 1.0 5.3 (percent of net sales) 100.0 2.6 89.7 7.7 (NA) (0.1) 7.6 1.5 6.1 (percent) 100.0 2.8 91.6 5.6 (NA) (0.8) 4.8 1.1 3.7 100.0 2.5 89.0 8.5 0.8 (0.2) 7.5 1.6 5.9 100.0 2.9 88.8 8.4 1.0 0.3 7.7 1.0 6.8 31.49 26.52 15.28 12.87 42.91 36.31 22.73 19.23 18.56 14.39 9.18 7.12 12.44 11.33 6.41 5.84 49.74 46.59 23.06 21.60 22.51 16.46 8.65 6.33 18.78 12.62 7.22 4.86 12.78 8.36 4.89 3.20 19.26 13.42 7.49 5.21 16.35 11.09 6.08 4.12 28.94 24.28 14.25 11.95 32.18 25.85 15.79 12.69 18.87 14.54 9.77 7.53 29.02 22.91 15.56 12.28 30.78 26.85 16.10 14.04 2.04 0.39 1.72 2.33 0.52 1.88 2.05 0.44 1.62 2.22 0.42 1.70 1.98 0.40 1.58 1.71 0.22 1.51 1.67 0.23 1.51 1.64 0.22 1.47 1.67 0.23 1.48 1.61 0.20 1.32 2.06 0.31 1.86 2.00 0.32 1.93 2.04 0.36 1.94 2.15 0.41 2.18 2.03 0.41 1.98 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 32 TABLE 8.1—BALANCE SHEET FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 32 AND 33 Stone, Clay, and Glass 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 1,590 255 1,845 491 2,336 10,357 7,724 1,608 22,025 47,462 4,279 23,618 28,122 17,400 67,547 1,826 303 2,129 549 2,678 10,854 7,337 1,828 22,697 47,489 4,358 23,561 28,285 17,350 68,333 2,026 293 2,319 543 2,862 9,774 7,958 2,139 22,732 50,149 4,470 24,508 30,111 16,825 69,668 1,684 372 2,056 599 2,655 9,639 8,343 1,963 22,600 50,948 4,313 24,737 30,523 18,257 71,381 1,924 336 2,261 453 2,714 10,667 8,029 1,965 23,374 50,127 4,248 23,965 30,410 20,910 74,694 1,166 803 5,835 406 512 581 4,929 14,231 8,155 11,287 9,767 43,440 18,023 6,084 24,107 67,547 1,291 708 5,634 561 526 604 5,014 14,338 8,274 10,419 9,683 42,713 15,864 9,755 25,619 68,333 1,212 639 6,290 384 516 704 5,076 14,820 8,991 9,703 10,418 43,932 16,591 9,145 25,736 69,668 1,523 679 5,680 398 627 727 5,417 15,052 9,967 10,067 10,357 45,443 16,470 9,467 25,937 71,381 1,311 462 5,543 548 637 705 5,482 14,688 10,152 11,782 11,383 48,006 17,002 9,686 26,688 74,694 7,794 8,358 7,912 7,548 8,686 (percent of total assets) 3.5 15.3 11.4 32.6 41.6 4.5 21.1 28.8 64.3 35.7 3.9 15.9 10.7 33.2 41.4 4.6 21.0 27.4 62.5 37.5 4.1 14.0 11.4 32.6 43.2 4.4 21.3 26.8 63.1 36.9 3.7 13.5 11.7 31.7 42.8 5.0 21.1 28.1 63.7 36.3 3.6 14.3 10.7 31.3 40.7 4.2 19.7 29.4 64.3 35.7 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 33 Stone, Clay, and Glass Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Primary Metal Industries1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Primary Metal Industries Assets Under $25 Million 3Q 1997 4Q 1997 1Q 19982 2Q 1998 (million dollars) 753 172 924 154 1,079 2,599 1,718 248 5,644 8,187 455 5,308 3,334 504 9,482 891 147 1,037 260 1,297 2,622 1,556 299 5,775 8,301 368 5,265 3,405 483 9,662 936 165 1,101 154 1,255 2,473 1,791 341 5,860 8,953 345 5,332 3,966 467 10,292 671 175 846 242 1,088 2,387 1,973 356 5,804 9,477 235 5,726 3,986 472 10,261 887 142 1,029 220 1,249 2,744 1,935 313 6,242 9,105 334 5,350 4,088 482 10,813 2,728 438 3,166 3,280 6,447 19,714 20,104 3,509 49,774 103,150 4,587 50,219 57,518 27,367 134,659 (million dollars) 2,567 518 3,084 3,680 6,764 19,312 20,518 3,487 50,081 103,802 4,654 51,169 57,288 27,820 135,189 2,718 474 3,192 3,311 6,504 18,264 20,779 3,963 49,510 106,381 4,767 52,254 58,894 28,211 136,615 2,494 558 3,053 3,852 6,905 18,768 20,885 4,306 50,864 107,235 4,920 53,143 59,012 27,958 137,834 2,880 529 3,409 2,882 6,291 19,120 21,805 4,290 51,506 112,973 4,959 55,505 62,428 29,759 143,692 546 48 594 80 673 2,108 1,370 327 4,478 6,178 127 3,637 2,667 333 7,478 (million dollars) 587 81 668 81 749 2,236 1,343 287 4,615 6,385 164 3,854 2,695 189 7,499 553 55 609 190 799 2,099 1,347 271 4,516 6,649 153 3,793 3,009 305 7,830 667 68 735 293 1,028 2,453 1,587 351 5,419 7,077 193 4,057 3,213 273 8,904 659 21 680 297 977 2,177 1,453 271 4,877 7,358 180 4,186 3,351 316 8,545 322 105 1,487 51 160 88 551 2,764 1,210 795 109 4,879 1,477 3,126 4,603 9,482 336 113 1,183 103 218 101 428 2,483 1,054 906 101 4,544 532 4,585 5,118 9,662 420 127 1,342 82 256 109 520 2,857 1,144 1,080 120 5,200 748 4,344 5,092 10,292 478 55 1,184 51 257 92 503 2,620 1,503 729 122 4,975 762 4,525 5,287 10,261 545 35 1,471 67 270 73 691 3,152 1,614 628 406 5,799 741 4,273 5,013 10,813 1,742 1,058 12,092 629 1,062 2,766 9,743 29,092 9,113 18,445 26,237 82,887 27,596 24,175 51,771 134,659 2,080 1,149 11,581 807 950 3,008 10,358 29,933 8,452 18,850 25,947 83,182 26,521 25,486 52,007 135,189 1,629 1,521 12,084 667 1,013 2,979 10,298 30,191 8,691 19,640 25,775 84,297 26,430 25,888 52,318 136,615 2,017 1,911 11,558 956 1,123 2,690 10,190 30,446 8,988 19,426 25,408 84,268 25,824 27,742 53,566 137,834 2,597 1,484 12,233 740 1,217 2,910 10,888 32,069 10,114 22,170 25,889 90,243 25,699 27,751 53,450 143,692 260 49 1,100 10 244 90 420 2,173 841 499 282 3,796 654 3,028 3,682 7,478 282 71 1,048 47 276 36 548 2,309 808 437 265 3,819 636 3,044 3,680 7,499 204 120 1,044 39 296 78 430 2,212 946 447 170 3,776 609 3,445 4,054 7,830 370 57 1,190 49 248 87 521 2,522 968 456 185 4,131 769 4,004 4,773 8,904 400 25 1,059 47 245 68 556 2,399 1,026 494 156 4,076 707 3,761 4,469 8,545 2,880 3,292 3,003 3,184 3,090 20,682 20,148 19,319 20,418 19,437 2,305 2,306 2,304 2,897 2,478 (percent of total assets) (percent of total assets) (percent of total assets) 11.4 27.4 18.1 59.5 35.2 7.1 29.2 21.1 51.5 48.5 13.4 27.1 16.1 59.8 35.2 7.9 25.7 20.3 47.0 53.0 12.2 24.0 17.4 56.9 38.5 8.9 27.8 21.6 50.5 49.5 10.6 23.3 19.2 56.6 38.8 8.6 25.5 21.8 48.5 51.5 11.6 25.4 17.9 57.7 37.8 8.5 29.2 20.7 53.6 46.4 4.8 14.6 14.9 37.0 42.7 4.9 21.6 20.5 61.6 38.4 5.0 14.3 15.2 37.0 42.4 5.3 22.1 20.2 61.5 38.5 4.8 13.4 15.2 36.2 43.1 5.2 22.1 20.7 61.7 38.3 5.0 13.6 15.2 36.9 42.8 5.6 22.1 20.6 61.1 38.9 4.4 13.3 15.2 35.8 43.4 5.7 22.3 22.5 62.8 37.2 9.0 28.2 18.3 59.9 35.7 8.6 29.1 17.9 50.8 49.2 10.0 29.8 17.9 61.5 35.9 8.9 30.8 16.6 50.9 49.1 10.2 26.8 17.2 57.7 38.4 8.9 28.3 17.8 48.2 51.8 11.5 27.5 17.8 60.9 36.1 8.6 28.3 16.0 46.4 53.6 11.4 25.5 17.0 57.1 39.2 8.6 28.1 17.8 47.7 52.3 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 34 TABLE 9.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 331, 2, 9, AND 333−6 Iron and Steel1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.6 89.8 6.6 (NA) (0.1) 6.5 1.8 4.6 100.0 3.7 90.8 5.6 (NA) (1.1) 4.5 1.2 3.3 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.87 0.26 1.45 1.77 0.25 1.34 1.74 0.24 1.29 1.81 0.24 1.33 1.74 0.20 1.25 22.32 15.98 7.84 5.61 15.48 11.48 5.28 3.92 14.56 10.66 4.96 3.63 15.55 10.85 5.47 3.82 16.89 11.02 5.87 3.83 100.0 3.9 90.4 5.7 (NA) (1.4) 4.3 1.2 3.2 100.0 3.9 90.2 5.9 1.6 0.4 4.7 1.4 3.3 100.0 3.9 89.1 7.0 1.8 0.0 5.1 1.8 3.3 19,823 716 17,795 1,313 (NA) (27) 1,286 366 920 300 621 6,011 (20) 6,611 19,159 706 17,387 1,066 (NA) (207) 860 222 637 200 437 6,489 (47) 6,879 19,345 751 17,490 1,103 (NA) (267) 836 224 613 176 436 6,887 17 7,340 19,879 774 17,929 1,176 318 76 934 282 652 267 385 7,532 241 8,158 20,831 814 18,563 1,454 383 (5) 1,067 371 696 179 517 7,820 (91) 8,246 4Q 1997 2 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Included in Primary Metal Industries. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 35 Iron and Steel Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 2Q 1997 Nonferrous Metals1 3Q 1997 4Q 1997 2 Nonferrous Metals Assets Under $25 Million1 1Q 1998 2Q 1998 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 1,406 33 1,251 123 (NA) (5) 118 17 101 41 60 1,332 (11) 1,380 1,435 35 1,285 115 (NA) 6 121 23 99 45 54 1,240 2 1,297 1,581 47 1,412 122 (NA) (2) 120 12 108 52 56 1,432 (9) 1,479 1,811 47 1,616 147 16 5 136 20 116 108 8 1,703 (3) 1,708 1,720 48 1,542 130 16 30 145 12 133 38 95 1,315 (12) 1,398 20,113 722 17,819 1,572 (NA) 55 1,627 418 1,210 278 932 17,011 (379) 17,564 (million dollars) 19,890 748 17,622 1,520 (NA) 62 1,582 578 1,004 241 762 18,153 (309) 18,607 19,175 710 17,210 1,255 (NA) (420) 835 354 481 272 208 18,443 (104) 18,547 18,979 709 16,820 1,449 322 518 1,646 501 1,145 430 715 18,896 (27) 19,584 19,734 715 17,514 1,504 333 (54) 1,118 332 785 250 535 19,033 (64) 19,504 2,773 65 2,542 166 (NA) (17) 149 26 123 41 81 1,609 (42) 1,648 (million dollars) 2,446 67 2,196 184 (NA) (9) 175 36 139 54 85 1,664 (3) 1,747 2,411 67 2,244 100 (NA) (29) 71 32 39 17 22 1,919 25 1,966 2,789 69 2,477 244 21 (13) 210 52 158 32 126 2,205 (35) 2,296 2,720 80 2,398 242 27 (16) 199 32 167 81 86 2,262 15 2,363 (percent of net sales) 100.0 2.3 89.0 8.7 (NA) (0.4) 8.4 1.2 7.2 100.0 2.5 89.5 8.0 (NA) 0.4 8.4 1.6 6.9 (percent) 100.0 3.0 89.3 7.7 (NA) (0.1) 7.6 0.8 6.8 100.0 2.6 89.3 8.1 0.9 0.3 7.5 1.1 6.4 100.0 2.8 89.7 7.6 0.9 1.7 8.4 0.7 7.7 100.0 3.6 88.6 7.8 (NA) 0.3 8.1 2.1 6.0 (percent of net sales) 100.0 3.8 88.6 7.6 (NA) 0.3 8.0 2.9 5.0 (percent) 100.0 3.7 89.8 6.5 (NA) (2.2) 4.4 1.8 2.5 100.0 3.7 88.6 7.6 1.7 2.7 8.7 2.6 6.0 100.0 3.6 88.8 7.6 1.7 (0.3) 5.7 1.7 4.0 100.0 2.4 91.7 6.0 (NA) (0.6) 5.4 0.9 4.4 (percent of net sales) 100.0 2.7 89.8 7.5 (NA) (0.4) 7.2 1.5 5.7 (percent) 100.0 2.8 93.1 4.1 (NA) (1.2) 2.9 1.3 1.6 100.0 2.5 88.8 8.8 0.8 (0.5) 7.5 1.9 5.7 100.0 2.9 88.2 8.9 1.0 (0.6) 7.3 1.2 6.1 31.39 26.86 17.29 14.79 33.49 27.26 18.08 14.72 29.66 26.71 15.68 14.12 29.39 24.96 15.66 13.30 36.52 33.59 19.19 17.65 22.66 16.84 9.43 7.01 21.24 13.47 9.03 5.73 11.39 6.55 4.83 2.78 22.28 15.50 9.47 6.59 15.86 11.15 6.30 4.42 27.25 22.50 12.51 10.33 31.33 24.94 14.52 11.56 11.67 6.43 5.96 3.28 28.79 21.61 15.49 11.63 27.63 23.15 14.41 12.07 2.23 0.35 2.17 1.93 0.32 2.54 1.86 0.27 1.87 1.96 0.22 2.04 1.91 0.24 2.13 1.57 0.18 1.57 1.59 0.20 1.66 1.54 0.20 1.66 1.54 0.21 1.63 1.48 0.19 1.39 1.98 0.29 1.69 2.04 0.33 1.66 2.17 0.42 1.98 2.29 0.55 2.29 2.11 0.51 1.91 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 2 2Q 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 1,236 38 1,274 2,407 3,681 9,129 11,748 1,394 25,952 52,496 1,259 24,087 29,667 10,024 65,643 1,162 48 1,210 2,440 3,649 8,942 11,604 1,354 25,550 51,912 1,255 23,971 29,196 10,364 65,111 1,282 38 1,320 2,200 3,520 8,816 12,066 1,565 25,967 54,648 1,323 25,254 30,717 10,816 67,500 1,118 44 1,161 2,483 3,645 9,550 12,110 1,632 26,936 55,341 1,316 25,902 30,755 10,592 68,283 1,347 99 1,446 1,749 3,195 9,829 12,980 1,475 27,479 58,074 1,406 27,309 32,171 13,028 72,678 882 567 6,320 290 418 425 5,004 13,906 5,454 8,200 15,040 42,599 16,433 6,611 23,044 65,643 934 862 6,153 349 404 607 5,150 14,458 5,003 8,722 14,721 42,905 15,327 6,879 22,206 65,111 851 1,107 6,558 370 365 652 5,011 14,914 5,674 9,152 14,776 44,515 15,645 7,340 22,985 67,500 1,010 1,366 6,459 386 451 368 4,877 14,916 5,888 8,960 14,501 44,265 15,860 8,158 24,018 68,283 1,374 975 6,846 366 504 371 5,364 15,801 6,624 10,324 14,672 47,420 17,012 8,246 25,258 72,678 12,047 11,092 11,054 12,020 11,678 (percent of total assets) 5.6 13.9 17.9 39.5 45.2 3.5 21.2 20.8 64.9 35.1 5.6 13.7 17.8 39.2 44.8 4.3 22.2 21.1 65.9 34.1 5.2 13.1 17.9 38.5 45.5 4.4 22.1 22.0 65.9 34.1 5.3 14.0 17.7 39.4 45.0 4.7 21.8 21.7 64.8 35.2 4.4 13.5 17.9 37.8 44.3 4.4 21.7 23.3 65.2 34.8 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 37 Iron and Steel Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 2Q 1997 Nonferrous Metals1 3Q 1997 4Q 1997 2 Nonferrous Metals Assets Under $25 Million1 1Q 1998 2Q 1998 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 201 3 204 53 257 725 531 108 1,621 2,408 39 1,427 1,020 81 2,722 196 19 215 62 277 813 478 110 1,678 2,270 83 1,379 973 28 2,679 162 0 163 82 245 772 544 124 1,684 2,707 79 1,487 1,299 84 3,067 161 5 166 69 235 1,015 699 177 2,126 2,867 90 1,671 1,285 62 3,473 161 5 167 61 227 814 613 132 1,787 2,859 92 1,793 1,159 68 3,013 1,492 400 1,892 873 2,765 10,585 8,356 2,115 23,821 50,654 3,329 26,131 27,851 17,343 69,015 (million dollars) 1,405 470 1,875 1,240 3,115 10,370 8,913 2,132 24,531 51,890 3,399 27,198 28,092 17,456 70,078 1,437 436 1,872 1,111 2,983 9,448 8,712 2,399 23,543 51,734 3,444 27,000 28,177 17,395 69,115 1,377 515 1,891 1,369 3,260 9,218 8,775 2,674 23,928 51,894 3,604 27,241 28,257 17,366 69,551 1,533 430 1,963 1,133 3,096 9,291 8,825 2,815 24,027 54,899 3,553 28,195 30,257 16,730 71,014 345 45 390 26 416 1,383 839 219 2,857 3,770 87 2,210 1,647 252 4,756 (million dollars) 390 62 452 19 471 1,423 865 177 2,937 4,115 81 2,475 1,722 161 4,820 391 55 446 108 554 1,328 803 147 2,832 3,942 74 2,306 1,710 221 4,762 506 63 569 224 793 1,438 888 174 3,292 4,211 103 2,386 1,927 211 5,430 497 16 513 237 750 1,363 840 138 3,091 4,499 87 2,393 2,193 248 5,531 50 40 353 6 103 39 136 727 295 164 37 1,223 119 1,380 1,499 2,722 118 59 399 8 103 13 169 870 194 82 87 1,233 150 1,297 1,447 2,679 105 85 394 16 120 60 126 906 360 135 45 1,446 142 1,479 1,621 3,067 220 56 494 13 100 30 170 1,083 297 207 35 1,622 144 1,708 1,852 3,473 188 4 398 19 73 36 220 937 317 128 49 1,430 185 1,398 1,583 3,013 860 492 5,772 339 645 2,341 4,739 15,187 3,660 10,245 11,197 40,288 11,163 17,564 28,727 69,015 1,146 288 5,428 458 546 2,401 5,208 15,474 3,449 10,128 11,226 40,277 11,194 18,607 29,801 70,078 779 414 5,526 297 648 2,327 5,287 15,277 3,017 10,488 11,000 39,782 10,786 18,547 29,333 69,115 1,007 545 5,100 571 672 2,322 5,313 15,530 3,100 10,467 10,907 40,003 9,964 19,584 29,548 69,551 1,223 508 5,387 374 713 2,539 5,524 16,268 3,490 11,847 11,218 42,823 8,687 19,504 28,191 71,014 210 9 746 4 141 51 284 1,446 546 335 246 2,573 535 1,648 2,183 4,756 165 12 648 39 174 22 379 1,439 614 355 178 2,587 486 1,747 2,233 4,820 99 35 650 23 176 18 304 1,306 586 312 125 2,330 467 1,966 2,432 4,762 150 1 696 36 148 57 350 1,439 671 249 150 2,509 626 2,296 2,922 5,430 212 21 660 28 172 33 337 1,463 709 366 107 2,646 523 2,363 2,886 5,531 894 808 778 1,043 850 8,635 9,056 8,265 8,398 7,759 1,411 1,498 1,526 1,854 1,628 (percent of total assets) (percent of total assets) (percent of total assets) 9.4 26.6 19.5 59.6 37.5 8.5 26.7 16.9 44.9 55.1 10.4 30.3 17.8 62.6 36.3 10.9 32.5 10.3 46.0 54.0 8.0 25.2 17.7 54.9 42.4 12.1 29.5 16.1 47.1 52.9 6.8 29.2 20.1 61.2 37.0 11.7 31.2 14.5 46.7 53.3 7.5 27.0 20.3 59.3 38.5 10.0 31.1 14.8 47.5 52.5 4.0 15.3 12.1 34.5 40.4 6.3 22.0 20.1 58.4 41.6 4.4 14.8 12.7 35.0 40.1 6.3 22.1 19.4 57.5 42.5 4.3 13.7 12.6 34.1 40.8 6.0 22.1 19.5 57.6 42.4 4.7 13.3 12.6 34.4 40.6 6.5 22.3 19.5 57.5 42.5 4.4 13.1 12.4 33.8 42.6 7.0 22.9 21.6 60.3 39.7 8.7 29.1 17.6 60.1 34.6 8.6 30.4 18.5 54.1 45.9 9.8 29.5 17.9 60.9 35.7 7.7 29.9 20.1 53.7 46.3 11.6 27.9 16.9 59.5 35.9 6.9 27.4 18.9 48.9 51.1 14.6 26.5 16.3 60.6 35.5 6.6 26.5 16.9 46.2 53.8 13.6 24.6 15.2 55.9 39.6 7.9 26.4 19.4 47.8 52.2 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 38 TABLE 10.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 34 AND 35 Fabricated Metal Products1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 2.6 88.3 9.0 (NA) (0.7) 8.3 2.0 6.4 100.0 2.8 87.9 9.3 (NA) (1.1) 8.3 1.8 6.5 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71 0.19 1.22 1.66 0.19 1.38 1.68 0.22 1.37 1.61 0.20 1.20 1.66 0.22 1.23 29.62 22.63 11.94 9.13 27.49 21.61 11.63 9.14 21.53 14.30 9.13 6.07 28.14 21.26 11.20 8.46 29.71 23.38 12.10 9.53 100.0 2.8 90.0 7.1 (NA) (0.5) 6.6 2.2 4.4 100.0 2.8 88.0 9.2 1.9 1.2 8.5 2.1 6.4 100.0 2.8 87.4 9.8 1.8 0.9 8.9 1.9 7.0 45,521 1,200 40,204 4,117 (NA) (325) 3,793 894 2,898 1,063 1,835 31,042 (233) 32,644 44,713 1,243 39,295 4,176 (NA) (474) 3,701 792 2,909 713 2,196 32,959 (397) 34,758 44,807 1,274 40,344 3,190 (NA) (242) 2,948 989 1,959 871 1,087 35,258 (966) 35,378 44,002 1,227 38,722 4,053 845 535 3,743 916 2,828 1,396 1,432 33,327 (83) 34,675 47,016 1,308 41,081 4,627 866 428 4,189 892 3,297 1,197 2,100 35,921 14 38,035 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 39 Fabricated Metal Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 2Q 1997 Machinery, Except Electrical1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Machinery, Except Electrical Assets Under $25 Million 3Q 1997 4Q 1997 1Q 19982 2Q 1998 (million dollars) 20,623 433 18,439 1,752 (NA) (136) 1,615 215 1,400 620 781 11,965 (72) 12,674 19,611 441 17,409 1,760 (NA) (204) 1,557 246 1,311 359 952 12,802 (79) 13,675 20,391 477 18,849 1,064 (NA) (287) 777 230 547 497 51 14,962 (95) 14,917 18,407 436 16,402 1,568 197 (30) 1,342 188 1,154 468 686 13,974 (8) 14,653 18,770 413 16,591 1,767 190 (19) 1,558 233 1,325 664 661 13,688 (14) 14,335 109,909 3,331 99,630 6,947 (NA) 2,594 9,542 2,328 7,213 1,562 5,652 72,953 (1,274) 77,331 (million dollars) 108,222 3,346 99,109 5,767 (NA) 1,024 6,790 2,223 4,567 2,208 2,360 79,304 1,419 83,083 114,504 3,631 104,963 5,911 (NA) 3,335 9,245 2,462 6,784 1,944 4,840 83,320 (7,440) 80,719 107,593 3,472 98,964 5,157 1,602 4,819 8,373 2,279 6,094 1,794 4,301 78,689 (1,463) 81,527 115,683 3,595 105,504 6,584 1,698 4,878 9,764 2,602 7,162 1,703 5,459 78,479 (603) 83,335 19,385 548 17,090 1,747 (NA) (189) 1,559 280 1,279 353 925 12,283 (109) 13,099 (million dollars) 18,464 561 16,520 1,383 (NA) (170) 1,213 232 981 388 593 13,045 (32) 13,606 19,728 554 18,019 1,155 (NA) (143) 1,012 189 823 336 487 13,975 (210) 14,252 19,638 574 17,001 2,063 260 32 1,835 243 1,592 543 1,049 14,036 (25) 15,059 20,040 537 17,726 1,777 255 46 1,568 230 1,338 511 827 14,062 (161) 14,728 (percent of net sales) 100.0 2.1 89.4 8.5 (NA) (0.7) 7.8 1.0 6.8 100.0 2.3 88.8 9.0 (NA) (1.0) 7.9 1.3 6.7 (percent) 100.0 2.3 92.4 5.2 (NA) (1.4) 3.8 1.1 2.7 100.0 2.4 89.1 8.5 1.1 (0.2) 7.3 1.0 6.3 100.0 2.2 88.4 9.4 1.0 (0.1) 8.3 1.2 7.1 100.0 3.0 90.6 6.3 (NA) 2.4 8.7 2.1 6.6 (percent of net sales) 100.0 3.1 91.6 5.3 (NA) 0.9 6.3 2.1 4.2 (percent) 100.0 3.2 91.7 5.2 (NA) 2.9 8.1 2.1 5.9 100.0 3.2 92.0 4.8 1.5 4.5 7.8 2.1 5.7 100.0 3.1 91.2 5.7 1.5 4.2 8.4 2.2 6.2 100.0 2.8 88.2 9.0 (NA) (1.0) 8.0 1.4 6.6 (percent of net sales) 100.0 3.0 89.5 7.5 (NA) (0.9) 6.6 1.3 5.3 (percent) 100.0 2.8 91.3 5.9 (NA) (0.7) 5.1 1.0 4.2 100.0 2.9 86.6 10.5 1.3 0.2 9.3 1.2 8.1 100.0 2.7 88.5 8.9 1.3 0.2 7.8 1.1 6.7 39.51 34.26 18.16 15.75 35.94 30.26 17.18 14.46 17.47 12.30 8.48 5.97 31.06 26.71 15.24 13.11 35.65 30.32 17.91 15.23 24.85 18.79 10.65 8.05 17.15 11.53 7.43 5.00 23.04 16.90 9.91 7.27 20.73 15.09 8.77 6.38 24.24 17.78 10.07 7.39 34.45 28.26 15.13 12.41 26.56 21.48 11.91 9.64 21.20 17.23 9.94 8.08 37.44 32.47 17.25 14.97 32.50 27.74 15.18 12.95 2.07 0.29 1.46 1.99 0.31 1.59 2.04 0.36 1.66 2.08 0.39 1.71 2.15 0.42 1.79 1.56 0.28 1.94 1.57 0.29 1.95 1.55 0.30 1.97 1.57 0.29 1.79 1.57 0.29 1.76 1.86 0.32 1.46 1.89 0.32 1.46 1.94 0.33 1.62 1.99 0.37 1.55 2.02 0.38 1.62 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 4,394 448 4,842 1,660 6,502 25,487 21,669 5,758 59,415 66,393 1,553 35,369 32,577 35,017 127,008 4,220 497 4,718 2,096 6,813 25,754 21,256 5,718 59,541 67,048 1,558 35,844 32,763 34,992 127,296 4,682 675 5,357 2,218 7,576 24,423 20,707 5,729 58,435 68,663 1,676 35,965 34,374 36,332 129,141 4,578 748 5,325 2,102 7,427 25,256 21,957 4,984 59,623 68,769 1,712 36,410 34,071 39,937 133,630 5,301 682 5,983 2,233 8,216 25,967 22,883 5,230 62,295 70,570 1,710 36,954 35,326 40,823 138,445 4,733 3,160 12,226 619 1,503 922 11,657 34,820 15,519 16,267 9,181 75,786 18,579 32,644 51,223 127,008 4,637 3,529 12,582 748 1,634 1,109 11,699 35,939 12,427 15,807 9,267 73,439 19,099 34,758 53,857 127,296 4,142 2,710 12,659 683 1,749 1,141 11,779 34,863 14,556 15,612 9,339 74,370 19,393 35,378 54,771 129,141 4,675 3,681 12,966 962 1,709 990 12,056 37,038 19,288 13,958 10,146 80,430 18,525 34,675 53,201 133,630 4,884 3,877 12,960 818 1,665 988 12,305 37,497 18,314 16,314 9,911 82,037 18,373 38,035 56,408 138,445 24,596 23,602 23,572 22,585 24,798 (percent of total assets) 5.1 20.1 17.1 46.8 25.6 8.1 27.4 25.0 59.7 40.3 5.4 20.2 16.7 46.8 25.7 8.6 28.2 22.2 57.7 42.3 5.9 18.9 16.0 45.2 26.6 7.5 27.0 23.4 57.6 42.4 5.6 18.9 16.4 44.6 25.5 8.3 27.7 24.9 60.2 39.8 5.9 18.8 16.5 45.0 25.5 8.2 27.1 25.0 59.3 40.7 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 41 Fabricated Metal Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 2Q 1997 Machinery, Except Electrical1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Machinery, Except Electrical Assets Under $25 Million 3Q 1997 4Q 1997 1Q 19982 2Q 1998 (million dollars) 2,561 248 2,810 527 3,336 11,125 8,055 1,440 23,957 24,709 517 15,293 9,933 1,688 35,578 2,668 287 2,955 831 3,787 10,987 8,034 1,468 24,276 25,499 588 15,986 10,100 1,875 36,251 2,961 390 3,351 808 4,160 10,681 7,531 1,478 23,849 26,663 616 16,624 10,654 2,128 36,632 2,968 386 3,355 939 4,294 10,060 7,191 1,216 22,761 25,804 722 16,234 10,293 2,161 35,214 3,065 414 3,479 982 4,461 9,686 7,236 1,361 22,745 24,717 656 15,571 9,803 2,244 34,793 12,260 4,259 16,520 14,958 31,478 67,196 53,985 20,413 173,072 148,767 3,617 85,299 67,085 118,102 358,259 (million dollars) 11,706 3,816 15,523 15,854 31,377 65,977 53,906 21,130 172,390 150,912 3,734 85,230 69,416 123,676 365,482 12,361 3,947 16,308 18,245 34,553 68,319 51,721 21,743 176,336 151,095 3,606 84,376 70,325 126,621 373,282 11,799 3,535 15,334 17,828 33,162 69,396 53,707 24,606 180,871 153,496 3,603 85,782 71,318 129,806 381,995 12,618 2,789 15,407 18,082 33,489 71,322 53,388 22,987 181,186 153,986 3,777 84,590 73,174 133,350 387,709 3,468 511 3,980 884 4,864 10,629 10,781 1,626 27,901 29,273 476 18,800 10,949 2,374 41,224 (million dollars) 3,315 438 3,753 885 4,638 10,218 10,655 1,558 27,068 29,953 439 18,954 11,437 2,211 40,717 3,298 478 3,777 830 4,607 10,323 10,372 1,669 26,971 29,375 424 18,515 11,284 2,454 40,710 3,956 440 4,397 831 5,228 10,786 10,652 1,603 28,268 30,934 465 19,637 11,762 2,518 42,549 3,946 358 4,304 878 5,182 10,482 10,539 1,471 27,674 29,908 469 19,129 11,248 2,403 41,325 2,433 533 5,082 155 743 332 2,297 11,576 3,635 3,526 490 19,227 3,678 12,674 16,351 35,578 2,743 688 5,117 218 795 458 2,154 12,173 3,117 3,074 559 18,923 3,653 13,675 17,328 36,251 2,346 377 5,015 278 972 381 2,334 11,702 3,408 3,224 509 18,843 2,872 14,917 17,789 36,632 2,354 258 4,737 188 741 283 2,394 10,956 3,799 2,651 526 17,932 2,629 14,653 17,282 35,214 2,086 432 4,383 142 827 267 2,436 10,572 3,391 2,776 577 17,317 3,141 14,335 17,476 34,793 11,133 5,676 37,718 4,434 2,589 3,636 45,581 110,767 17,070 39,174 37,687 204,697 76,231 77,331 153,562 358,259 9,582 5,182 38,341 4,114 2,687 4,084 45,761 109,750 18,058 41,590 37,669 207,067 75,333 83,083 158,415 365,482 9,326 5,562 41,392 4,295 2,476 3,559 47,365 113,975 19,682 40,922 38,181 212,760 79,803 80,719 160,523 373,282 9,159 6,578 41,926 3,605 2,616 4,881 46,263 115,027 21,126 45,931 38,355 220,439 80,029 81,527 161,556 381,995 9,631 5,997 42,504 2,717 2,565 4,249 47,717 115,380 20,616 48,239 42,338 226,573 77,801 83,335 161,136 387,709 3,042 436 5,172 328 1,080 466 4,478 15,001 3,743 3,598 782 23,124 5,002 13,099 18,100 41,224 2,949 377 5,219 235 1,204 549 3,814 14,347 4,384 3,016 702 22,448 4,663 13,606 18,268 40,717 2,759 420 5,040 319 1,237 378 3,783 13,936 4,137 2,859 680 21,612 4,846 14,252 19,098 40,710 2,786 336 5,465 205 1,221 455 3,717 14,185 4,643 3,237 874 22,939 4,550 15,059 19,609 42,549 2,506 355 5,279 216 1,030 452 3,853 13,690 4,180 3,363 795 22,028 4,569 14,728 19,296 41,325 12,381 12,103 12,148 11,805 12,173 62,306 62,640 62,361 65,845 65,806 12,899 12,722 13,035 14,083 13,984 (percent of total assets) (percent of total assets) (percent of total assets) 9.4 31.3 22.6 67.3 27.9 11.4 32.5 20.1 54.0 46.0 10.4 30.3 22.2 67.0 27.9 12.9 33.6 17.1 52.2 47.8 11.4 29.2 20.6 65.1 29.1 11.1 31.9 18.1 51.4 48.6 12.2 28.6 20.4 64.6 29.2 10.3 31.1 18.3 50.9 49.1 12.8 27.8 20.8 65.4 28.2 10.4 30.4 17.7 49.8 50.2 8.8 18.8 15.1 48.3 18.7 6.4 30.9 15.7 57.1 42.9 8.6 18.1 14.7 47.2 19.0 5.9 30.0 16.3 56.7 43.3 9.3 18.3 13.9 47.2 18.8 5.6 30.5 16.2 57.0 43.0 8.7 18.2 14.1 47.3 18.7 6.1 30.1 17.6 57.7 42.3 8.6 18.4 13.8 46.7 18.9 5.8 29.8 17.8 58.4 41.6 11.8 25.8 26.2 67.7 26.6 12.2 36.4 17.8 56.1 43.9 11.4 25.1 26.2 66.5 28.1 12.5 35.2 18.2 55.1 44.9 11.3 25.4 25.5 66.3 27.7 11.8 34.2 17.2 53.1 46.9 12.3 25.4 25.0 66.4 27.6 11.3 33.3 18.5 53.9 46.1 12.5 25.4 25.5 67.0 27.2 10.5 33.1 18.3 53.3 46.7 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 42 TABLE 11.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 36 AND 37 Electrical and Electronic Equipment1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 4.0 85.8 10.2 (NA) 2.2 12.4 3.6 8.8 100.0 4.1 86.4 9.5 (NA) 1.8 11.3 3.8 7.5 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.57 0.31 2.72 1.55 0.34 2.61 1.47 0.31 2.65 1.47 0.30 2.55 1.45 0.29 2.40 26.44 18.72 13.24 9.38 23.49 15.66 11.71 7.81 19.03 14.46 9.38 7.13 16.26 11.24 8.05 5.57 11.27 6.92 5.51 3.38 100.0 3.8 86.5 9.7 (NA) (0.7) 9.0 2.2 6.8 100.0 4.3 88.0 7.8 1.4 2.2 8.5 2.6 5.9 100.0 4.2 88.6 7.2 1.4 (0.1) 5.7 2.2 3.5 107,897 4,333 92,606 10,958 (NA) 2,404 13,362 3,898 9,464 2,126 7,338 124,366 (1,988) 129,715 110,869 4,550 95,809 10,509 (NA) 2,033 12,542 4,180 8,362 2,023 6,339 128,831 168 135,338 116,381 4,443 100,667 11,272 (NA) (786) 10,486 2,515 7,971 2,479 5,492 133,872 (2,491) 136,874 108,334 4,635 95,294 8,405 1,561 2,352 9,196 2,839 6,357 2,037 4,320 135,586 (498) 139,408 111,574 4,696 98,816 8,063 1,605 (150) 6,308 2,432 3,876 2,568 1,308 140,469 (2,482) 139,295 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 43 Electrical and Electronic Equipment Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 2Q 1997 Transportation Equipment1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Transportation Equipment Assets Under $25 Million 3Q 1997 4Q 19972 1Q 19982 2Q 1998 (million dollars) 9,114 194 8,218 702 (NA) (3) 699 121 578 270 307 4,354 (68) 4,593 9,004 191 8,198 616 (NA) (24) 591 124 467 163 304 4,812 25 5,142 9,591 197 8,948 447 (NA) 17 464 152 311 156 155 5,075 (84) 5,146 9,085 208 8,329 548 98 57 507 82 425 235 190 3,927 (88) 4,029 10,319 241 9,391 687 120 36 603 119 484 502 (17) 5,546 (50) 5,479 132,643 4,446 120,848 7,349 (NA) 4,357 11,707 2,929 8,778 2,216 6,562 79,201 (2,374) 83,389 (million dollars) 124,966 4,408 115,091 5,468 (NA) 2,094 7,562 1,742 5,820 2,098 3,722 81,611 261 85,595 136,080 7,981 127,652 447 (NA) 5,693 6,140 (73) 6,213 8,386 (2,172) 85,202 (1,855) 81,175 130,585 4,511 118,619 7,456 1,531 20,124 26,049 2,695 23,354 4,742 18,612 84,851 (22,955) 80,507 133,518 4,573 122,105 6,840 1,791 4,975 10,024 2,297 7,727 2,498 5,229 79,537 820 85,585 4,802 80 4,194 528 (NA) (21) 506 60 446 86 361 2,201 (18) 2,543 (million dollars) 4,754 91 4,215 447 (NA) (56) 391 67 325 72 253 2,654 (13) 2,894 4,447 84 4,155 207 (NA) (60) 146 31 116 233 (117) 2,574 (13) 2,444 4,017 73 3,593 351 59 (5) 287 42 245 87 158 2,396 (34) 2,519 5,290 93 4,661 536 59 (15) 463 48 415 238 177 2,344 (29) 2,492 (percent of net sales) 100.0 2.1 90.2 7.7 (NA) 0.0 7.7 1.3 6.3 100.0 2.1 91.0 6.8 (NA) (0.3) 6.6 1.4 5.2 (percent) 100.0 2.1 93.3 4.7 (NA) 0.2 4.8 1.6 3.2 100.0 2.3 91.7 6.0 1.1 0.6 5.6 0.9 4.7 100.0 2.3 91.0 6.7 1.2 0.3 5.8 1.2 4.7 100.0 3.4 91.1 5.5 (NA) 3.3 8.8 2.2 6.6 (percent of net sales) 100.0 3.5 92.1 4.4 (NA) 1.7 6.1 1.4 4.7 (percent) 100.0 5.9 93.8 0.3 (NA) 4.2 4.5 (0.1) 4.6 100.0 3.5 90.8 5.7 1.2 15.4 19.9 2.1 17.9 100.0 3.4 91.5 5.1 1.3 3.7 7.5 1.7 5.8 100.0 1.7 87.3 11.0 (NA) (0.4) 10.5 1.3 9.3 (percent of net sales) 100.0 1.9 88.7 9.4 (NA) (1.2) 8.2 1.4 6.8 (percent) 100.0 1.9 93.5 4.7 (NA) (1.4) 3.3 0.7 2.6 100.0 1.8 89.4 8.7 1.5 (0.1) 7.1 1.0 6.1 100.0 1.8 88.1 10.1 1.1 (0.3) 8.8 0.9 7.8 33.84 27.97 16.66 13.77 30.31 23.95 14.05 11.10 21.32 14.31 10.57 7.09 24.87 20.83 11.30 9.47 26.98 21.66 12.21 9.81 34.43 25.82 9.65 7.23 22.22 17.10 6.17 4.75 19.31 19.54 5.07 5.13 85.22 76.40 20.74 18.59 31.69 24.43 7.96 6.14 65.35 57.58 27.49 24.22 43.91 36.43 18.10 15.02 17.90 14.17 7.37 5.84 35.28 30.12 14.17 12.10 53.77 48.19 21.55 19.32 2.14 0.40 1.95 2.05 0.36 1.69 2.17 0.41 2.00 2.09 0.39 1.57 2.19 0.33 1.46 1.10 0.21 2.02 1.04 0.18 1.97 1.04 0.20 1.88 1.05 0.20 1.65 1.02 0.19 1.63 1.80 0.34 1.44 1.74 0.32 1.51 1.78 0.34 1.41 1.70 0.34 1.52 1.72 0.30 1.34 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 Prior 2 2Q 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 13,881 5,325 19,206 14,629 33,834 64,250 54,148 20,115 172,347 179,922 3,645 95,103 88,464 142,825 403,636 18,578 4,972 23,549 17,054 40,603 67,428 54,763 21,455 184,248 187,009 3,734 98,301 92,443 151,699 428,390 14,846 7,522 22,369 16,885 39,253 68,032 56,602 22,167 186,054 190,118 3,796 99,429 94,486 166,465 447,005 15,867 6,641 22,508 15,542 38,050 65,856 58,788 22,519 185,213 194,374 3,751 102,412 95,714 175,862 456,789 15,857 6,397 22,254 14,120 36,374 66,023 58,587 22,967 183,951 196,250 3,722 104,121 95,852 178,447 458,250 6,172 15,776 29,330 5,280 1,344 1,404 50,252 109,557 13,868 35,815 42,225 201,465 72,455 129,715 202,171 403,636 7,205 16,910 32,439 6,689 1,226 1,358 52,694 118,521 15,414 39,764 41,138 214,838 78,214 135,338 213,552 428,390 6,165 19,005 32,489 6,689 1,374 2,239 58,328 126,290 16,488 38,029 45,775 226,582 83,549 136,874 220,423 447,005 6,720 20,381 33,495 6,576 1,505 1,894 55,067 125,638 17,652 40,703 46,636 230,630 86,750 139,408 226,158 456,789 6,331 22,646 31,634 4,990 1,430 1,865 58,195 127,090 18,954 42,142 46,088 234,274 84,682 139,295 223,977 458,250 62,790 65,727 59,765 59,575 56,861 (percent of total assets) 8.4 15.9 13.4 42.7 21.9 6.1 27.1 12.3 49.9 50.1 9.5 15.7 12.8 43.0 21.6 6.2 27.7 12.9 50.2 49.8 8.8 15.2 12.7 41.6 21.1 6.4 28.3 12.2 50.7 49.3 8.3 14.4 12.9 40.5 21.0 6.7 27.5 12.8 50.5 49.5 7.9 14.4 12.8 40.1 20.9 7.0 27.7 13.3 51.1 48.9 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 45 Electrical and Electronic Equipment Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 2Q 1997 Transportation Equipment1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 Transportation Equipment Assets Under $25 Million 3Q 1997 4Q 19972 1Q 19982 2Q 1998 (million dollars) 1,413 142 1,555 750 2,305 4,724 4,851 520 12,400 9,498 148 6,255 3,391 986 16,777 1,186 191 1,377 789 2,166 4,944 4,757 546 12,413 9,149 132 5,830 3,451 973 16,837 1,244 255 1,499 964 2,463 5,038 4,929 518 12,947 8,818 182 5,551 3,449 1,150 17,546 1,342 517 1,859 554 2,414 5,138 5,004 516 13,072 9,184 159 5,557 3,786 1,105 17,963 1,479 223 1,703 463 2,165 5,849 5,743 595 14,352 10,315 219 6,141 4,392 999 19,744 4,512 6,802 11,314 22,203 33,517 45,729 76,106 23,486 178,838 213,681 3,356 108,465 108,572 197,920 485,330 (million dollars) 4,426 6,538 10,965 19,897 30,862 43,119 77,123 24,833 175,936 218,263 3,390 110,513 111,140 203,169 490,245 5,584 7,483 13,067 21,016 34,084 40,445 75,612 28,888 179,028 212,416 3,336 110,643 105,109 200,097 484,234 5,008 10,037 15,046 20,984 36,030 43,771 78,799 32,497 191,097 218,434 3,553 113,444 108,543 202,830 502,469 4,964 7,118 12,082 20,853 32,935 44,231 79,720 24,550 181,436 221,756 3,418 116,376 108,799 213,189 503,424 661 83 744 196 940 1,769 2,049 279 5,037 3,961 126 2,062 2,025 307 7,368 (million dollars) 771 111 882 177 1,060 1,990 2,379 342 5,771 4,702 131 2,296 2,537 342 8,650 778 88 866 159 1,025 1,861 2,112 379 5,377 4,307 115 2,253 2,169 401 7,948 795 20 815 300 1,115 1,714 2,212 552 5,593 4,246 139 2,141 2,244 268 8,105 735 59 794 224 1,018 2,057 2,328 457 5,860 4,437 108 2,271 2,274 457 8,591 1,116 163 2,574 170 361 133 1,279 5,796 1,306 1,154 263 8,518 3,665 4,593 8,259 16,777 1,209 166 2,764 156 294 178 1,294 6,063 1,417 1,354 198 9,032 2,664 5,142 7,806 16,837 951 209 2,606 159 335 201 1,500 5,960 1,475 1,176 234 8,846 3,553 5,146 8,700 17,546 1,086 194 2,889 57 377 237 1,412 6,253 1,530 1,777 240 9,800 4,134 4,029 8,163 17,963 1,235 302 2,858 113 396 253 1,398 6,554 1,852 2,082 316 10,805 3,460 5,479 8,939 19,744 3,268 3,053 44,300 4,315 898 3,099 104,374 163,307 12,666 44,342 129,017 349,332 52,609 83,389 135,998 485,330 3,598 3,304 46,349 5,568 908 2,642 106,515 168,883 12,515 46,051 126,662 354,112 50,539 85,595 136,134 490,245 3,058 2,708 49,600 4,478 776 2,846 108,378 171,843 12,484 45,816 126,910 357,053 46,006 81,175 127,181 484,234 3,886 3,519 53,487 5,665 775 1,903 112,226 181,461 16,304 47,865 134,572 380,202 41,759 80,507 122,267 502,469 3,766 5,060 47,524 5,688 839 2,222 112,621 177,720 16,240 49,601 133,341 376,901 40,938 85,585 126,523 503,424 569 173 1,074 54 104 86 740 2,800 511 712 245 4,268 556 2,543 3,100 7,368 564 89 1,490 90 155 74 858 3,321 699 781 284 5,084 672 2,894 3,566 8,650 578 175 1,230 62 99 91 792 3,027 469 910 268 4,674 830 2,444 3,274 7,948 526 109 1,354 23 69 77 1,132 3,289 561 799 202 4,851 735 2,519 3,255 8,105 526 151 1,161 84 211 137 1,145 3,414 804 740 189 5,147 951 2,492 3,443 8,591 6,604 6,350 6,987 6,819 7,798 15,531 7,053 7,185 9,635 3,716 2,236 2,450 2,350 2,304 2,446 (percent of total assets) (percent of total assets) (percent of total assets) 13.7 28.2 28.9 73.9 20.2 10.6 34.5 14.7 50.8 49.2 12.9 29.4 28.3 73.7 20.5 11.0 36.0 16.5 53.6 46.4 14.0 28.7 28.1 73.8 19.7 9.7 34.0 15.1 50.4 49.6 13.4 28.6 27.9 72.8 21.1 10.5 34.8 18.4 54.6 45.4 11.0 29.6 29.1 72.7 22.2 11.1 33.2 19.9 54.7 45.3 6.9 9.4 15.7 36.8 22.4 2.1 33.6 11.7 72.0 28.0 6.3 8.8 15.7 35.9 22.7 2.1 34.4 11.9 72.2 27.8 7.0 8.4 15.6 37.0 21.7 1.9 35.5 12.0 73.7 26.3 7.2 8.7 15.7 38.0 21.6 2.0 36.1 12.8 75.7 24.3 6.5 8.8 15.8 36.0 21.6 2.4 35.3 13.1 74.9 25.1 12.8 24.0 27.8 68.4 27.5 12.6 38.0 16.6 57.9 42.1 12.3 23.0 27.5 66.7 29.3 10.2 38.4 17.1 58.8 41.2 12.9 23.4 26.6 67.7 27.3 11.9 38.1 17.4 58.8 41.2 13.8 21.1 27.3 69.0 27.7 9.6 40.6 16.8 59.8 40.2 11.9 24.0 27.1 68.2 26.5 11.9 39.7 18.0 59.9 40.1 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 46 TABLE 12.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC INDUSTRY GROUPS 371 AND 372, 6 Motor Vehicles and Equipment1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.6 92.3 4.1 (NA) 4.9 8.9 2.1 6.8 100.0 3.9 93.9 2.2 (NA) 2.7 4.9 1.0 4.0 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.94 0.25 2.69 0.85 0.22 2.61 0.89 0.27 2.56 0.92 0.28 1.95 0.85 0.27 1.92 37.92 29.04 10.51 8.05 19.37 15.52 5.30 4.25 22.35 25.18 5.86 6.60 131.52 121.01 29.89 27.50 34.14 27.56 8.14 6.57 100.0 7.3 93.8 (1.1) (NA) 5.9 4.8 (0.6) 5.4 100.0 3.7 91.3 5.0 1.0 22.5 26.5 2.1 24.4 100.0 3.8 92.7 3.5 1.2 4.9 7.3 1.4 5.9 89,221 3,246 82,359 3,616 (NA) 4,341 7,957 1,863 6,094 1,436 4,658 41,424 (717) 45,365 82,182 3,202 77,151 1,829 (NA) 2,236 4,065 808 3,257 1,399 1,858 45,444 377 47,679 91,759 6,672 86,087 (1,000) (NA) 5,384 4,384 (554) 4,938 7,276 (2,338) 47,273 (368) 44,566 87,740 3,286 80,088 4,367 836 19,710 23,241 1,856 21,385 4,268 17,117 46,611 (23,025) 40,703 86,637 3,256 80,355 3,026 1,004 4,269 6,291 1,212 5,079 1,430 3,649 40,230 889 44,768 4Q 1997 2 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Included in Transportation Equipment. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 47 Motor Vehicles and Equipment Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 Aircraft, Guided Missiles, and Parts1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 Aircraft, Guided Missiles, and Parts Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 (million dollars) 2,395 40 2,122 233 (NA) (21) 212 32 180 41 139 858 (1) 996 2,346 44 2,109 193 (NA) (15) 177 44 133 30 103 1,324 (20) 1,407 2,225 38 2,049 138 (NA) (30) 108 25 83 50 33 1,111 (2) 1,143 2,166 34 1,992 139 29 0 110 26 84 64 20 1,079 (37) 1,062 2,356 33 2,091 232 24 (18) 189 12 177 67 110 1,193 (5) 1,298 35,523 986 31,574 2,963 (NA) 56 3,019 845 2,175 669 1,505 31,281 (1,812) 30,975 (million dollars) 35,459 978 31,457 3,024 (NA) 7 3,031 791 2,240 614 1,626 29,487 1 31,115 36,610 1,092 34,532 986 (NA) 346 1,332 317 1,014 1,034 (20) 31,293 (1,388) 29,886 35,696 1,009 32,252 2,435 600 422 2,257 640 1,617 393 1,224 31,158 (39) 32,343 38,343 1,112 34,331 2,900 633 663 2,930 826 2,104 857 1,247 32,097 (62) 33,281 782 13 629 140 (NA) (3) 138 12 126 17 110 706 7 823 (million dollars) 1,044 17 869 158 (NA) (28) 130 17 112 28 84 964 13 1,061 1,180 23 1,101 55 (NA) (1) 54 20 33 171 (138) 1,276 (14) 1,125 757 14 570 173 9 0 164 15 149 0 149 971 (11) 1,109 1,171 30 994 147 17 6 136 11 125 129 (4) 899 (29) 866 (percent of net sales) 100.0 1.7 88.6 9.7 (NA) (0.9) 8.8 1.3 7.5 100.0 1.9 89.9 8.2 (NA) (0.7) 7.6 1.9 5.7 (percent) 100.0 1.7 92.1 6.2 (NA) (1.4) 4.8 1.1 3.7 100.0 1.6 92.0 6.4 1.4 0.0 5.1 1.2 3.9 100.0 1.4 88.8 9.8 1.0 (0.8) 8.0 0.5 7.5 100.0 2.8 88.9 8.3 (NA) 0.2 8.5 2.4 6.1 (percent of net sales) 100.0 2.8 88.7 8.5 (NA) 0.0 8.5 2.2 6.3 (percent) 100.0 3.0 94.3 2.7 (NA) 0.9 3.6 0.9 2.8 100.0 2.8 90.4 6.8 1.7 1.2 6.3 1.8 4.5 100.0 2.9 89.5 7.6 1.7 1.7 7.6 2.2 5.5 100.0 1.6 80.5 17.9 (NA) (0.3) 17.6 1.5 16.1 (percent of net sales) 100.0 1.7 83.2 15.1 (NA) (2.7) 12.4 1.7 10.8 (percent) 100.0 2.0 93.4 4.7 (NA) (0.1) 4.6 1.7 2.8 100.0 1.9 75.3 22.8 1.1 0.0 21.7 2.0 19.7 100.0 2.6 84.9 12.5 1.4 0.5 11.6 1.0 10.7 71.18 60.40 24.01 20.37 43.32 32.60 18.05 13.59 31.98 24.52 12.49 9.57 35.20 26.89 13.13 10.03 52.91 49.46 23.50 21.96 28.34 20.41 8.02 5.77 28.30 20.92 8.01 5.92 13.55 10.32 3.55 2.70 21.50 15.40 5.76 4.12 27.19 19.52 7.39 5.31 58.93 53.98 34.58 31.67 42.98 37.21 21.00 18.18 16.31 10.17 8.49 5.29 52.98 48.19 32.88 29.90 46.68 42.75 22.52 20.62 1.68 0.20 0.91 1.85 0.30 1.38 1.81 0.23 1.18 1.54 0.24 1.25 1.80 0.23 1.52 1.28 0.15 1.39 1.27 0.13 1.38 1.22 0.12 1.27 1.21 0.10 1.34 1.22 0.08 1.33 2.75 0.69 3.07 2.05 0.38 2.38 2.50 0.78 2.24 3.23 1.24 3.88 2.21 0.58 1.90 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 in Transportation Equipment. 2 Prior quarters’ data are revised to reflect 3 2 2Q 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 1,686 5,060 6,746 15,053 21,799 22,875 21,254 17,171 83,099 147,179 1,253 69,953 78,479 141,344 302,922 1,718 5,531 7,248 13,724 20,972 19,877 21,863 16,893 79,606 150,592 1,302 71,478 80,417 146,674 306,696 2,485 6,501 8,986 15,978 24,964 17,840 19,221 19,928 81,953 144,592 1,242 71,613 74,221 143,092 299,266 2,481 9,334 11,815 16,497 28,312 19,917 20,943 22,654 91,826 148,060 1,287 72,986 76,361 142,817 311,004 2,608 6,772 9,380 16,773 26,153 20,217 20,135 15,052 81,557 150,669 1,355 75,270 76,755 150,875 309,187 2,400 1,109 30,960 2,391 479 1,086 50,180 88,607 6,933 19,252 104,188 218,979 38,577 45,365 83,943 302,922 2,876 971 32,540 3,380 392 591 52,561 93,311 6,750 20,567 102,123 222,751 36,266 47,679 83,945 306,696 1,914 830 33,322 2,583 301 538 52,580 92,067 7,072 20,047 101,628 220,815 33,885 44,566 78,452 299,266 2,687 1,384 38,384 3,024 275 451 53,580 99,786 10,331 21,149 109,052 240,318 29,983 40,703 70,686 311,004 3,037 2,085 32,531 3,088 326 504 54,203 95,775 10,150 22,313 107,236 235,474 28,945 44,768 73,713 309,187 (5,508) (13,705) (10,114) (7,960) (14,218) (percent of total assets) 7.2 7.6 7.0 27.4 25.9 1.7 29.3 8.6 72.3 27.7 6.8 6.5 7.1 26.0 26.2 1.6 30.4 8.9 72.6 27.4 8.3 6.0 6.4 27.4 24.8 1.2 30.8 9.1 73.8 26.2 9.1 6.4 6.7 29.5 24.6 1.5 32.1 10.1 77.3 22.7 8.5 6.5 6.5 26.4 24.8 1.9 31.0 10.5 76.2 23.8 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 49 Motor Vehicles and Equipment Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 Aircraft, Guided Missiles, and Parts1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 Aircraft, Guided Missiles, and Parts Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 (million dollars) 194 50 244 42 285 887 1,069 122 2,363 1,942 47 946 1,044 121 3,527 355 13 368 57 424 991 1,081 83 2,579 2,055 59 917 1,196 150 3,926 234 14 248 45 293 897 1,010 120 2,320 1,870 56 883 1,043 84 3,447 254 7 261 91 352 860 1,038 45 2,295 1,806 17 845 978 74 3,347 257 9 265 13 278 941 899 87 2,204 1,666 17 726 957 59 3,220 1,504 1,668 3,173 6,114 9,287 19,583 43,645 4,871 77,385 55,458 1,613 32,710 24,361 48,921 150,667 (million dollars) 1,772 893 2,665 5,126 7,791 19,830 44,257 6,497 78,375 56,132 1,593 32,966 24,759 48,295 151,428 2,185 833 3,017 4,466 7,484 18,970 43,411 7,312 77,176 55,975 1,611 32,767 24,819 48,243 150,238 1,679 674 2,354 3,905 6,259 20,116 45,648 7,800 79,823 58,209 1,702 34,232 25,679 51,365 156,867 1,544 190 1,734 3,485 5,219 19,993 47,101 7,495 79,808 59,204 1,695 34,834 26,065 52,712 158,585 222 0 222 71 293 353 474 48 1,169 981 35 679 337 87 1,593 (million dollars) 207 8 215 121 336 510 864 100 1,809 1,345 21 789 577 85 2,471 460 24 485 106 591 520 745 33 1,889 1,291 23 797 517 124 2,530 443 11 455 111 566 432 428 51 1,476 1,046 37 659 424 99 1,999 332 12 344 107 451 538 701 43 1,732 1,376 22 881 517 170 2,419 325 100 518 35 73 31 322 1,405 362 418 153 2,338 194 996 1,190 3,527 310 51 570 68 77 14 308 1,398 297 435 161 2,290 229 1,407 1,636 3,926 327 72 536 44 55 12 234 1,281 262 408 150 2,101 203 1,143 1,346 3,447 368 58 605 20 46 21 370 1,488 257 246 107 2,098 187 1,062 1,249 3,347 292 92 459 41 72 19 249 1,224 274 194 98 1,790 132 1,298 1,430 3,220 177 1,791 10,789 2,132 380 1,869 43,446 60,584 3,524 22,875 21,071 108,053 11,639 30,975 42,614 150,667 207 2,163 10,944 2,412 416 1,923 43,434 61,499 3,409 22,967 20,721 108,595 11,718 31,115 42,833 151,428 204 1,662 11,330 2,160 403 2,164 45,094 63,019 3,249 23,296 21,349 110,914 9,438 29,886 39,324 150,238 641 1,735 11,773 2,904 425 1,267 47,058 65,804 3,540 23,816 21,705 114,865 9,660 32,343 42,002 156,867 451 2,631 11,715 2,776 378 1,135 46,365 65,451 3,811 24,094 22,118 115,475 9,829 33,281 43,110 158,585 42 53 159 7 27 6 130 424 62 114 58 658 112 823 935 1,593 115 17 470 10 58 14 197 881 179 125 79 1,264 146 1,061 1,207 2,471 111 53 312 13 30 27 211 755 82 285 91 1,213 192 1,125 1,317 2,530 49 4 299 3 15 7 80 457 98 146 57 758 131 1,109 1,240 1,999 121 3 204 27 64 15 349 782 264 148 58 1,252 301 866 1,167 2,419 958 1,181 1,039 807 980 16,801 16,876 14,157 14,019 14,357 745 928 1,133 1,019 950 (percent of total assets) (percent of total assets) (percent of total assets) 8.1 25.1 30.3 67.0 29.6 15.0 39.8 22.1 66.3 33.7 10.8 25.2 27.5 65.7 30.5 11.5 35.6 18.6 58.3 41.7 8.5 26.0 29.3 67.3 30.3 13.5 37.2 19.4 60.9 39.1 10.5 25.7 31.0 68.6 29.2 14.7 44.4 15.0 62.7 37.3 8.6 29.2 27.9 68.5 29.7 14.8 38.0 14.5 55.6 44.4 6.2 13.0 29.0 51.4 16.2 2.8 40.2 17.5 71.7 28.3 5.1 13.1 29.2 51.8 16.4 3.1 40.6 17.4 71.7 28.3 5.0 12.6 28.9 51.4 16.5 3.0 41.9 17.7 73.8 26.2 4.0 12.8 29.1 50.9 16.4 2.6 41.9 17.4 73.2 26.8 3.3 12.6 29.7 50.3 16.4 2.9 41.3 17.6 72.8 27.2 18.4 22.1 29.8 73.4 21.2 8.0 26.6 11.0 41.3 58.7 13.6 20.6 34.9 73.2 23.3 8.3 35.6 12.3 51.1 48.9 23.3 20.5 29.4 74.7 20.4 8.7 29.9 14.5 47.9 52.1 28.3 21.6 21.4 73.9 21.2 3.8 22.9 12.2 37.9 62.1 18.6 22.2 29.0 71.6 21.4 8.4 32.3 17.0 51.8 48.2 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 4.1 87.5 8.5 (NA) 2.1 10.6 3.4 7.2 100.0 4.4 88.2 7.4 (NA) 5.2 12.6 4.5 8.1 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74 0.36 1.89 1.69 0.36 1.93 1.48 0.21 1.86 1.62 0.28 1.86 1.55 0.23 1.69 17.81 12.11 8.42 5.73 20.93 13.52 9.93 6.41 14.53 10.87 6.58 4.92 14.57 9.54 6.79 4.45 12.62 7.28 5.67 3.27 100.0 4.2 86.7 9.1 (NA) (1.0) 8.1 2.0 6.0 100.0 4.3 86.6 9.1 2.3 2.4 9.3 3.2 6.1 100.0 4.3 84.0 11.7 2.5 (1.8) 7.4 3.1 4.3 29,459 1,194 25,764 2,502 (NA) 621 3,123 998 2,125 845 1,280 40,803 (578) 41,504 28,996 1,265 25,572 2,160 (NA) 1,493 3,653 1,294 2,359 942 1,417 39,770 (275) 40,911 29,296 1,237 25,394 2,665 (NA) (304) 2,361 595 1,766 901 865 45,734 (1,290) 45,308 28,811 1,236 24,945 2,630 651 694 2,673 923 1,750 1,008 742 39,431 117 40,290 30,057 1,282 25,254 3,521 739 (544) 2,238 946 1,292 1,096 196 44,277 45 44,518 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 51 Instruments and Related Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 Other Durable Manufacturing Industries1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 Other Durable Manufacturing Industries Assets Under $25 Million 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 3,429 87 3,210 131 (NA) (31) 100 52 49 24 25 (7) (57) (39) 3,528 90 3,437 1 (NA) 23 24 32 (8) 60 (67) (382) (25) (474) 3,287 98 3,159 31 (NA) (17) 14 29 (15) 38 (53) (120) (35) (208) 3,677 90 3,457 130 43 3 90 46 44 88 (43) (473) 9 (507) 3,422 95 3,307 19 53 2 (32) 35 (67) 125 (192) (542) 13 (721) 43,869 1,088 39,140 3,641 (NA) (369) 3,271 813 2,459 787 1,672 33,640 (506) 34,806 (million dollars) 43,466 1,088 38,985 3,393 (NA) (522) 2,871 748 2,123 593 1,530 34,046 81 35,657 42,744 1,077 39,048 2,620 (NA) (377) 2,243 568 1,674 738 937 36,549 (524) 36,962 40,943 1,014 37,269 2,660 567 (7) 2,085 589 1,496 724 772 36,695 (1,023) 36,444 44,704 1,132 40,153 3,420 663 459 3,216 881 2,335 937 1,398 36,579 (140) 37,837 19,288 395 17,484 1,409 (NA) (125) 1,285 143 1,141 420 721 11,592 (159) 12,154 (million dollars) 18,757 379 17,018 1,360 (NA) (90) 1,269 178 1,092 293 799 11,957 55 12,810 16,777 411 15,681 685 (NA) (130) 555 90 465 297 169 12,330 (33) 12,466 16,348 348 15,106 893 181 (26) 687 110 576 229 347 12,412 (52) 12,707 18,551 385 16,919 1,248 189 (34) 1,024 126 898 547 351 12,245 68 12,663 (percent of net sales) 100.0 2.6 93.6 3.8 (NA) (0.9) 2.9 1.5 1.4 100.0 2.5 97.4 0.0 (NA) 0.6 0.7 0.9 (0.2) (percent) 100.0 3.0 96.1 0.9 (NA) (0.5) 0.4 0.9 (0.5) 100.0 2.4 94.0 3.5 1.2 0.1 2.5 1.2 1.2 100.0 2.8 96.7 0.6 1.6 0.1 (0.9) 1.0 (2.0) 100.0 2.5 89.2 8.3 (NA) (0.8) 7.5 1.9 5.6 (percent of net sales) 100.0 2.5 89.7 7.8 (NA) (1.2) 6.6 1.7 4.9 (percent) 100.0 2.5 91.4 6.1 (NA) (0.9) 5.2 1.3 3.9 100.0 2.5 91.0 6.5 1.4 0.0 5.1 1.4 3.7 100.0 2.5 89.8 7.7 1.5 1.0 7.2 2.0 5.2 100.0 2.0 90.6 7.3 (NA) (0.6) 6.7 0.7 5.9 (percent of net sales) 100.0 2.0 90.7 7.2 (NA) (0.5) 6.8 0.9 5.8 (percent) 100.0 2.4 93.5 4.1 (NA) (0.8) 3.3 0.5 2.8 100.0 2.1 92.4 5.5 1.1 (0.2) 4.2 0.7 3.5 100.0 2.1 91.2 6.7 1.0 (0.2) 5.5 0.7 4.8 10.31 5.02 4.84 2.36 2.46 (0.81) 1.16 (0.38) 1.53 (1.64) 0.69 (0.74) 9.22 4.55 4.32 2.13 (2.95) (6.13) (1.48) (3.08) 27.43 20.62 13.07 9.82 23.62 17.47 11.23 8.30 18.11 13.52 8.72 6.51 17.65 12.66 8.10 5.81 26.74 19.41 12.02 8.73 34.09 30.28 16.63 14.77 32.93 28.32 16.49 14.18 15.28 12.81 7.54 6.32 19.08 16.01 9.27 7.78 28.80 25.24 13.57 11.89 2.28 0.48 1.62 2.31 0.51 1.64 2.10 0.42 1.70 2.38 0.42 1.63 2.58 0.66 1.90 1.98 0.25 1.65 1.91 0.28 1.68 2.03 0.30 1.68 1.92 0.25 1.52 1.88 0.25 1.42 2.17 0.27 1.55 2.07 0.30 1.66 2.27 0.32 1.51 2.14 0.28 1.53 2.07 0.27 1.38 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 6,029 1,104 7,134 5,518 12,651 20,931 18,594 8,435 60,611 56,855 1,145 30,495 27,505 60,267 148,384 6,197 1,068 7,265 5,373 12,638 20,794 17,833 8,565 59,830 56,485 1,155 30,649 26,991 60,370 147,191 3,264 929 4,193 3,729 7,922 19,916 17,473 9,544 54,854 56,199 1,180 30,787 26,592 62,181 143,627 3,702 515 4,217 6,423 10,640 21,767 18,985 9,573 60,964 58,070 1,206 31,530 27,746 68,726 157,437 3,453 452 3,905 4,840 8,745 21,367 19,076 9,721 58,909 58,534 1,236 31,852 27,918 71,186 158,014 3,090 3,501 7,788 2,127 2,220 682 15,369 34,778 17,664 10,024 15,764 78,230 28,650 41,504 70,155 148,384 2,471 3,443 7,755 2,717 2,232 822 15,968 35,408 16,503 10,630 14,846 77,387 28,893 40,911 69,804 147,191 2,169 4,229 7,868 2,893 2,352 685 16,831 37,027 15,659 9,835 16,094 78,615 19,703 45,308 65,011 143,627 2,619 3,973 7,838 2,992 2,147 938 17,018 37,525 17,880 11,988 16,645 84,038 33,109 40,290 73,399 157,437 2,757 4,207 7,660 3,043 2,269 1,043 17,110 38,088 19,260 12,341 17,355 87,045 26,451 44,518 70,969 158,014 25,834 24,422 17,827 23,440 20,821 (percent of total assets) 8.5 14.1 12.5 40.8 18.5 6.4 23.4 18.7 52.7 47.3 8.6 14.1 12.1 40.6 18.3 6.1 24.1 18.4 52.6 47.4 5.5 13.9 12.2 38.2 18.5 6.6 25.8 17.8 54.7 45.3 6.8 13.8 12.1 38.7 17.6 6.1 23.8 19.0 53.4 46.6 5.5 13.5 12.1 37.3 17.7 6.5 24.1 20.0 55.1 44.9 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 53 Instruments and Related Products Assets Under $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 Other Durable Manufacturing Industries1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 Other Durable Manufacturing Industries Assets Under $25 Million 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 783 83 867 393 1,259 2,055 2,316 335 5,965 4,146 94 2,525 1,715 624 8,304 852 78 929 348 1,278 1,976 2,173 396 5,823 3,983 110 2,413 1,680 669 8,172 688 80 768 354 1,122 1,873 2,263 302 5,559 3,953 123 2,334 1,742 703 8,004 630 100 731 297 1,028 2,114 2,327 336 5,805 4,282 87 2,615 1,755 787 8,347 770 49 819 663 1,482 1,901 2,142 314 5,839 4,293 142 2,574 1,861 972 8,673 3,463 859 4,322 2,212 6,534 19,635 20,114 4,486 50,770 54,180 5,555 29,921 29,814 19,569 100,153 (million dollars) 4,459 837 5,297 2,326 7,623 19,763 19,843 4,480 51,709 56,188 5,645 31,007 30,826 19,723 102,258 4,786 984 5,770 2,014 7,784 18,875 20,953 4,759 52,371 55,583 5,634 31,237 29,980 20,506 102,857 3,812 892 4,704 1,911 6,615 19,404 20,520 5,235 51,774 56,179 6,233 31,937 30,476 20,703 102,953 3,971 950 4,920 2,287 7,207 20,764 20,536 4,658 53,164 58,276 6,013 32,310 31,979 21,866 107,010 1,323 377 1,700 812 2,513 7,406 8,882 1,267 20,067 20,645 972 12,451 9,166 1,670 30,903 (million dollars) 1,758 285 2,043 858 2,901 7,013 8,684 1,289 19,887 21,063 873 12,627 9,309 1,583 30,779 1,765 302 2,067 647 2,714 6,663 8,923 1,178 19,477 20,674 948 12,970 8,652 1,298 29,427 1,607 378 1,985 619 2,604 7,046 8,717 1,327 19,694 21,024 930 13,288 8,665 1,289 29,648 1,677 434 2,111 490 2,601 7,767 8,656 1,226 20,249 20,579 933 12,925 8,587 1,363 30,199 436 157 913 38 117 143 810 2,615 622 929 242 4,408 3,935 (39) 3,896 8,304 405 84 975 27 111 196 728 2,526 678 883 222 4,309 4,337 (474) 3,863 8,172 406 46 1,064 21 104 102 898 2,642 587 878 288 4,396 3,816 (208) 3,609 8,004 353 80 1,024 27 117 172 669 2,442 743 929 325 4,439 4,415 (507) 3,908 8,347 361 35 917 28 85 113 720 2,259 672 1,026 355 4,312 5,082 (721) 4,361 8,673 3,928 1,199 9,523 587 1,590 763 8,064 25,654 11,614 9,735 5,444 52,447 12,899 34,806 47,705 100,153 3,970 1,160 9,982 642 1,728 955 8,657 27,094 11,929 9,217 5,406 53,645 12,955 35,657 48,612 102,258 4,083 1,565 9,220 570 1,146 816 8,443 25,844 11,815 10,019 5,654 53,331 12,563 36,962 49,525 102,857 4,556 1,234 10,127 601 1,450 772 8,197 26,936 11,765 11,392 5,602 55,696 10,813 36,444 47,257 102,953 5,326 1,263 10,003 554 1,727 739 8,739 28,351 12,928 11,896 5,723 58,898 10,275 37,837 48,111 107,010 2,463 265 3,968 99 683 178 1,589 9,244 3,285 2,879 421 15,830 2,919 12,154 15,074 30,903 2,508 236 3,929 144 786 261 1,723 9,587 3,344 2,132 299 15,362 2,607 12,810 15,417 30,779 2,220 469 3,200 105 705 199 1,681 8,577 3,308 2,703 316 14,904 2,058 12,466 14,523 29,427 2,277 384 3,829 150 802 244 1,501 9,187 3,197 2,499 368 15,251 1,689 12,707 14,396 29,648 2,961 353 3,572 122 859 260 1,632 9,759 3,180 2,722 309 15,971 1,565 12,663 14,228 30,199 3,350 3,297 2,917 3,363 3,580 25,116 24,615 26,527 24,838 24,813 10,823 10,301 10,900 10,507 10,490 (percent of total assets) (percent of total assets) (percent of total assets) 15.2 24.7 27.9 71.8 20.6 10.3 31.5 18.7 53.1 46.9 15.6 24.2 26.6 71.2 20.6 9.7 30.9 19.1 52.7 47.3 14.0 23.4 28.3 69.5 21.8 8.2 33.0 18.3 54.9 45.1 12.3 25.3 27.9 69.5 21.0 8.6 29.3 20.0 53.2 46.8 17.1 21.9 24.7 67.3 21.5 6.8 26.0 19.6 49.7 50.3 6.5 19.6 20.1 50.7 29.8 7.5 25.6 21.3 52.4 47.6 7.5 19.3 19.4 50.6 30.1 7.6 26.5 20.7 52.5 47.5 7.6 18.4 20.4 50.9 29.1 7.4 25.1 21.2 51.9 48.1 6.4 18.8 19.9 50.3 29.6 7.8 26.2 22.5 54.1 45.9 6.7 19.4 19.2 49.7 29.9 8.5 26.5 23.2 55.0 45.0 8.1 24.0 28.7 64.9 29.7 11.6 29.9 19.9 51.2 48.8 9.4 22.8 28.2 64.6 30.2 12.3 31.1 17.8 49.9 50.1 9.2 22.6 30.3 66.2 29.4 12.2 29.1 20.4 50.6 49.4 8.8 23.8 29.4 66.4 29.2 12.5 31.0 19.2 51.4 48.6 8.6 25.7 28.7 67.1 28.4 14.7 32.3 19.5 52.9 47.1 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 54 TABLE 14.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUPS 24 AND 25 Lumber and Wood Products1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 2.5 89.2 8.3 (NA) (0.7) 7.6 1.3 6.3 100.0 2.7 89.7 7.6 (NA) (1.8) 5.8 0.9 4.9 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.91 0.29 1.68 1.89 0.29 1.64 2.08 0.32 1.55 1.94 0.26 1.46 1.88 0.32 1.34 31.67 26.22 15.88 13.15 23.14 19.60 11.46 9.71 17.53 14.79 8.76 7.40 15.91 13.17 7.64 6.32 29.62 22.44 13.74 10.41 100.0 3.0 91.4 5.6 (NA) (0.7) 4.9 0.8 4.1 100.0 2.8 91.3 5.9 1.4 (0.1) 4.5 0.8 3.7 100.0 2.8 89.9 7.3 1.4 1.6 7.5 1.8 5.7 19,444 487 17,347 1,610 (NA) (137) 1,473 253 1,219 412 807 14,708 (96) 15,419 19,260 512 17,284 1,464 (NA) (352) 1,112 170 942 261 681 15,182 60 15,923 16,612 496 15,185 932 (NA) (120) 812 127 685 408 277 15,116 (99) 15,295 16,277 449 14,862 967 232 (10) 725 125 600 211 389 15,267 (177) 15,479 18,059 508 16,238 1,313 260 296 1,349 327 1,022 376 645 15,267 32 15,944 4Q 1997 2 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Included in Other Durable Manufacturing Industries. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 55 Lumber and Wood Products Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 2Q 1997 Furniture and Fixtures1 3Q 1997 4Q 1997 1Q 19983 2Q 1998 2Q 1997 Furniture and Fixtures Assets Under $25 Million1 3Q 1997 4Q 1997 1Q 19983 2Q 1998 (million dollars) 10,496 253 9,324 919 (NA) (54) 865 80 785 265 520 5,878 (89) 6,309 10,612 248 9,612 752 (NA) (49) 703 83 620 158 462 6,270 88 6,820 8,163 286 7,524 353 (NA) (12) 341 30 311 171 140 6,179 (1) 6,318 8,058 229 7,330 499 98 (35) 367 51 315 108 207 6,343 (2) 6,548 8,659 233 7,786 639 102 (28) 509 62 447 208 239 6,180 112 6,531 15,724 318 14,027 1,378 (NA) (241) 1,137 340 797 211 586 11,086 (263) 11,409 (million dollars) 14,938 322 13,383 1,233 (NA) (92) 1,141 355 785 241 544 10,747 (64) 11,227 16,801 329 15,311 1,161 (NA) (136) 1,025 314 711 247 464 12,709 (518) 12,655 15,823 316 14,325 1,182 153 (35) 994 308 685 382 303 11,491 (723) 11,072 16,739 344 15,015 1,380 179 84 1,286 374 912 297 615 11,256 (101) 11,771 5,409 80 4,927 402 (NA) (46) 357 43 313 86 227 2,992 (42) 3,177 (million dollars) 4,346 74 3,899 373 (NA) (15) 357 53 305 131 174 2,797 (26) 2,945 5,447 74 5,076 297 (NA) (48) 249 38 211 123 88 3,857 31 3,975 4,907 67 4,518 323 33 (4) 286 40 246 80 166 3,385 (109) 3,443 5,762 82 5,301 380 38 3 344 44 300 195 105 3,453 (11) 3,548 (percent of net sales) 100.0 2.4 88.8 8.8 (NA) (0.5) 8.2 0.8 7.5 100.0 2.3 90.6 7.1 (NA) (0.5) 6.6 0.8 5.8 (percent) 100.0 3.5 92.2 4.3 (NA) (0.1) 4.2 0.4 3.8 100.0 2.8 91.0 6.2 1.2 (0.4) 4.5 0.6 3.9 100.0 2.7 89.9 7.4 1.2 (0.3) 5.9 0.7 5.2 100.0 2.0 89.2 8.8 (NA) (1.5) 7.2 2.2 5.1 (percent of net sales) 100.0 2.2 89.6 8.3 (NA) (0.6) 7.6 2.4 5.3 (percent) 100.0 2.0 91.1 6.9 (NA) (0.8) 6.1 1.9 4.2 100.0 2.0 90.5 7.5 1.0 (0.2) 6.3 1.9 4.3 100.0 2.1 89.7 8.2 1.1 0.5 7.7 2.2 5.5 100.0 1.5 91.1 7.4 (NA) (0.8) 6.6 0.8 5.8 (percent of net sales) 100.0 1.7 89.7 8.6 (NA) (0.4) 8.2 1.2 7.0 (percent) 100.0 1.4 93.2 5.5 (NA) (0.9) 4.6 0.7 3.9 100.0 1.4 92.1 6.6 0.7 (0.1) 5.8 0.8 5.0 100.0 1.4 92.0 6.6 0.7 0.1 6.0 0.8 5.2 47.12 42.75 22.29 20.22 35.78 31.55 17.25 15.21 18.80 17.14 9.25 8.43 19.94 17.15 9.99 8.59 28.31 24.85 14.37 12.62 26.96 18.90 12.77 8.95 27.70 19.07 13.22 9.10 23.81 16.52 11.24 7.80 25.23 17.40 11.22 7.74 31.69 22.48 14.22 10.09 32.26 28.35 16.26 14.29 37.26 31.77 20.43 17.42 23.08 19.55 12.04 10.20 30.98 26.69 14.92 12.85 35.84 31.27 16.63 14.51 1.91 0.28 1.32 1.92 0.27 1.41 2.02 0.32 1.36 2.01 0.32 1.54 2.03 0.30 1.43 1.99 0.22 1.73 1.84 0.27 1.87 1.97 0.27 1.77 1.87 0.21 1.59 1.94 0.22 1.54 2.71 0.31 1.84 2.34 0.44 2.45 2.84 0.39 1.86 2.50 0.31 1.61 2.56 0.35 1.45 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 in Other Durable Manufacturing 2 Prior quarters’ data are revised to reflect 3 2 2Q 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 1,514 222 1,736 1,038 2,774 5,916 7,477 1,958 18,126 24,335 4,714 14,297 14,751 4,215 37,092 1,703 211 1,914 1,013 2,927 6,032 8,060 1,959 18,978 25,585 4,780 14,847 15,518 4,309 38,805 1,849 253 2,102 731 2,834 5,323 7,897 2,103 18,157 24,417 4,760 14,999 14,179 4,709 37,045 1,578 315 1,893 656 2,549 5,855 8,084 2,233 18,722 24,488 5,338 15,453 14,374 4,893 37,989 1,708 250 1,958 1,299 3,257 6,348 7,703 1,746 19,054 25,414 5,052 15,477 14,990 5,225 39,269 2,156 203 3,298 135 1,104 247 2,334 9,477 3,854 3,500 1,661 18,492 3,181 15,419 18,600 37,092 2,114 198 3,400 142 1,264 286 2,651 10,055 4,627 3,217 1,689 19,587 3,295 15,923 19,218 38,805 2,212 419 2,841 131 729 230 2,165 8,726 4,721 3,649 1,426 18,523 3,228 15,295 18,523 37,045 2,518 400 3,240 157 773 332 2,226 9,646 4,505 3,973 1,630 19,755 2,755 15,479 18,234 37,989 2,798 489 3,124 169 899 295 2,362 10,135 5,062 4,098 1,761 21,055 2,269 15,944 18,214 39,269 8,649 8,923 9,431 9,076 8,919 (percent of total assets) 7.5 16.0 20.2 48.9 39.8 10.0 25.5 19.8 49.9 50.1 7.5 15.5 20.8 48.9 40.0 10.0 25.9 20.2 50.5 49.5 7.6 14.4 21.3 49.0 38.3 9.7 23.6 22.6 50.0 50.0 6.7 15.4 21.3 49.3 37.8 10.6 25.4 22.3 52.0 48.0 8.3 16.2 19.6 48.5 38.2 11.4 25.8 23.3 53.6 46.4 Industries. 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 57 Lumber and Wood Products Assets Under $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 19983 2Q 1998 2Q 1997 Furniture and Fixtures1 3Q 1997 4Q 1997 1Q 19983 2Q 1998 2Q 1997 Furniture and Fixtures Assets Under $25 Million1 3Q 1997 4Q 1997 1Q 19983 2Q 1998 (million dollars) 748 204 952 379 1,331 2,964 3,892 785 8,973 13,366 775 8,290 5,851 695 15,519 881 140 1,021 347 1,368 2,961 4,521 847 9,698 13,512 661 8,162 6,012 592 16,302 976 141 1,118 285 1,402 2,643 4,059 693 8,797 13,283 761 8,577 5,468 497 14,762 945 237 1,181 205 1,387 2,923 3,868 628 8,806 13,139 782 8,650 5,270 604 14,680 853 235 1,088 182 1,271 3,022 3,656 672 8,621 12,388 722 8,262 4,848 713 14,182 1,142 283 1,425 526 1,951 7,675 6,972 1,308 17,906 17,180 515 8,730 8,965 8,747 35,618 (million dollars) 1,571 274 1,845 674 2,519 7,193 5,922 1,283 16,918 17,652 529 9,091 9,091 8,519 34,527 1,561 312 1,874 656 2,529 7,529 6,860 1,398 18,316 18,388 504 9,489 9,403 8,757 36,476 1,137 295 1,433 560 1,993 7,766 5,981 1,694 17,434 18,300 445 9,464 9,280 8,716 35,430 1,218 331 1,549 456 2,005 7,907 6,144 1,569 17,625 18,783 456 9,579 9,660 8,888 36,174 392 133 525 214 739 2,415 2,959 256 6,370 3,749 144 2,054 1,839 567 8,776 (million dollars) 491 122 613 310 923 1,800 1,952 217 4,892 4,022 162 2,390 1,794 311 6,997 532 97 629 203 832 2,119 2,789 297 6,036 4,398 132 2,579 1,952 277 8,265 394 86 480 220 700 2,155 2,297 429 5,581 4,252 79 2,485 1,847 242 7,669 536 97 633 186 819 2,362 2,532 323 6,036 4,397 82 2,490 1,989 257 8,282 1,504 108 1,772 53 454 109 707 4,707 2,095 1,283 93 8,178 1,032 6,309 7,341 15,519 1,552 102 1,796 62 508 122 902 5,045 2,197 1,090 111 8,442 1,039 6,820 7,859 16,302 1,388 334 1,320 55 490 130 649 4,366 1,961 1,034 138 7,498 946 6,318 7,264 14,762 1,167 202 1,648 88 439 174 672 4,391 1,726 1,056 153 7,326 805 6,548 7,354 14,680 1,515 200 1,246 44 467 214 552 4,238 1,583 1,046 116 6,982 668 6,531 7,200 14,182 611 602 3,780 244 236 195 3,345 9,013 5,200 2,885 1,655 18,753 5,457 11,409 16,866 35,618 500 658 3,836 244 220 218 3,515 9,191 4,937 2,260 1,669 18,057 5,243 11,227 16,470 34,527 598 692 3,668 207 221 184 3,708 9,276 4,998 3,026 1,958 19,258 4,563 12,655 17,218 36,476 614 466 4,027 204 380 78 3,533 9,302 4,562 3,817 1,994 19,674 4,685 11,072 15,757 35,430 689 414 3,685 187 430 86 3,582 9,072 4,894 4,029 1,943 19,938 4,465 11,771 16,236 36,174 401 6 1,254 38 110 45 494 2,349 559 1,284 162 4,354 1,246 3,177 4,423 8,776 317 60 1,055 41 127 65 426 2,090 491 507 72 3,160 892 2,945 3,837 6,997 420 35 858 23 107 40 645 2,128 613 1,107 106 3,953 336 3,975 4,312 8,265 445 58 1,058 36 186 19 428 2,229 716 868 162 3,976 250 3,443 3,693 7,669 490 45 1,136 39 152 22 470 2,356 796 1,148 140 4,439 294 3,548 3,842 8,282 4,266 4,653 4,431 4,415 4,383 8,893 7,727 9,040 8,132 8,553 4,021 2,801 3,909 3,351 3,680 (percent of total assets) (percent of total assets) (percent of total assets) 8.6 19.1 25.1 57.8 37.7 14.0 30.3 21.8 52.7 47.3 8.4 18.2 27.7 59.5 36.9 14.0 30.9 20.2 51.8 48.2 9.5 17.9 27.5 59.6 37.0 15.9 29.6 20.3 50.8 49.2 9.4 19.9 26.4 60.0 35.9 13.5 29.9 19.0 49.9 50.1 9.0 21.3 25.8 60.8 34.2 16.9 29.9 18.5 49.2 50.8 5.5 21.5 19.6 50.3 25.2 4.6 25.3 22.7 52.6 47.4 7.3 20.8 17.2 49.0 26.3 4.6 26.6 20.8 52.3 47.7 6.9 20.6 18.8 50.2 25.8 4.6 25.4 22.0 52.8 47.2 5.6 21.9 16.9 49.2 26.2 4.3 26.3 23.6 55.5 44.5 5.5 21.9 17.0 48.7 26.7 4.5 25.1 24.7 55.1 44.9 8.4 27.5 33.7 72.6 21.0 6.4 26.8 21.0 49.6 50.4 13.2 25.7 27.9 69.9 25.6 8.1 29.9 14.3 45.2 54.8 10.1 25.6 33.7 73.0 23.6 7.3 25.7 20.8 47.8 52.2 9.1 28.1 29.9 72.8 24.1 9.2 29.1 20.7 51.8 48.2 9.9 28.5 30.6 72.9 24.0 8.6 28.4 23.5 53.6 46.4 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 58 TABLE 15.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN SIC MAJOR GROUP 39 Miscellaneous Manufacturing1 Item 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.2 89.3 7.5 (NA) 0.1 7.6 2.5 5.1 100.0 2.7 89.8 7.5 (NA) (0.8) 6.7 2.4 4.3 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.06 0.25 1.52 2.01 0.28 1.53 2.03 0.31 1.78 1.96 0.26 1.52 1.80 0.21 1.41 21.63 14.46 9.65 6.45 19.14 12.25 8.55 5.47 11.78 8.07 5.54 3.79 11.04 6.33 4.96 2.84 17.02 11.74 7.37 5.08 100.0 2.7 91.6 5.7 (NA) (1.3) 4.4 1.4 3.0 100.0 2.8 91.4 5.8 2.1 0.4 4.1 1.8 2.4 100.0 2.8 89.8 7.3 2.3 0.8 5.9 1.8 4.0 8,702 283 7,766 653 (NA) 9 662 219 442 164 278 7,846 (146) 7,978 9,269 254 8,319 696 (NA) (78) 618 223 396 91 305 8,117 86 8,507 9,331 252 8,552 527 (NA) (121) 406 128 278 83 196 8,724 93 9,012 8,843 249 8,083 511 182 37 366 156 210 131 80 9,937 (123) 9,893 9,906 280 8,900 727 225 79 581 180 401 264 137 10,056 (72) 10,121 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Included in Other Durable Manufacturing Industries. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 10, 1998 59 Miscellaneous Manufacturing Assets Under $25 Million1 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 3,383 62 3,233 88 (NA) (25) 63 20 43 69 (26) 2,723 (29) 2,668 3,799 58 3,507 235 (NA) (26) 209 42 167 4 163 2,891 (7) 3,046 3,167 51 3,081 35 (NA) (71) (36) 21 (57) 2 (59) 2,294 (63) 2,172 3,382 53 3,259 70 49 13 34 20 15 41 (26) 2,684 58 2,716 4,130 69 3,832 229 48 (10) 171 20 150 144 6 2,611 (34) 2,584 (percent of net sales) 100.0 1.8 95.6 2.6 (NA) (0.7) 1.9 0.6 1.3 100.0 1.5 92.3 6.2 (NA) (0.7) 5.5 1.1 4.4 (percent) 100.0 1.6 97.3 1.1 (NA) (2.2) (1.1) 0.7 (1.8) 100.0 1.6 96.4 2.1 1.5 0.4 1.0 0.6 0.4 100.0 1.7 92.8 5.5 1.2 (0.2) 4.1 0.5 3.6 7.63 5.23 3.82 2.62 22.42 17.93 11.15 8.92 (4.83) (7.70) (2.22) (3.55) 4.09 1.74 1.88 0.80 21.43 18.87 8.83 7.77 2.16 0.20 1.84 2.16 0.25 1.75 2.23 0.23 1.51 2.07 0.20 1.43 1.77 0.16 1.20 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 Included 2 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 808 354 1,162 648 1,810 6,043 5,665 1,221 14,738 12,665 326 6,893 6,098 6,606 27,442 1,185 353 1,537 639 2,177 6,537 5,862 1,238 15,813 12,950 336 7,069 6,217 6,895 28,926 1,376 418 1,794 628 2,422 6,023 6,195 1,257 15,898 12,778 370 6,749 6,399 7,039 29,336 1,097 282 1,378 695 2,073 5,783 6,454 1,308 15,618 13,391 450 7,020 6,821 7,094 29,533 1,045 368 1,413 531 1,944 6,509 6,689 1,343 16,485 14,079 505 7,254 7,329 7,752 31,567 1,160 395 2,446 207 251 321 2,385 7,164 2,560 3,350 2,128 15,203 4,261 7,978 12,240 27,442 1,356 304 2,746 256 245 451 2,491 7,848 2,365 3,740 2,048 16,002 4,417 8,507 12,924 28,926 1,274 454 2,712 232 196 402 2,571 7,842 2,095 3,343 2,270 15,551 4,773 9,012 13,785 29,336 1,423 368 2,859 241 296 362 2,438 7,988 2,698 3,602 1,978 16,267 3,373 9,893 13,267 29,533 1,839 361 3,195 199 398 358 2,795 9,144 2,973 3,769 2,019 17,906 3,540 10,121 13,661 31,567 7,574 7,965 8,056 7,629 7,341 (percent of total assets) 6.6 22.0 20.6 53.7 22.2 7.8 26.1 21.5 55.4 44.6 7.5 22.6 20.3 54.7 21.5 8.1 27.1 21.1 55.3 44.7 8.3 20.5 21.1 54.2 21.8 7.9 26.7 18.5 53.0 47.0 7.0 19.6 21.9 52.9 23.1 8.3 27.0 21.3 55.1 44.9 6.2 20.6 21.2 52.2 23.2 9.4 29.0 21.4 56.7 43.3 in Other Durable Manufacturing Industries. Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 61 Miscellaneous Manufacturing Assets Under $25 Million1 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 (million dollars) 183 40 223 219 442 2,026 2,031 225 4,724 3,529 54 2,108 1,475 409 6,608 386 23 409 201 610 2,253 2,211 224 5,298 3,528 50 2,075 1,503 680 7,480 257 63 320 160 480 1,901 2,075 188 4,644 2,993 54 1,814 1,232 524 6,400 268 55 324 194 518 1,967 2,552 270 5,307 3,632 69 2,153 1,548 444 7,299 288 102 390 122 511 2,383 2,468 230 5,593 3,794 129 2,173 1,750 392 7,735 558 151 941 8 119 24 388 2,189 631 312 166 3,298 642 2,668 3,310 6,608 639 74 1,079 41 150 75 394 2,452 656 535 116 3,759 675 3,046 3,721 7,480 412 100 1,021 27 108 29 387 2,084 735 562 72 3,453 775 2,172 2,948 6,400 665 124 1,123 25 177 51 402 2,567 754 575 53 3,949 633 2,716 3,350 7,299 956 108 1,190 39 240 23 610 3,166 802 528 54 4,549 602 2,584 3,186 7,735 2,536 2,846 2,560 2,740 2,427 (percent of total assets) 6.7 30.7 30.7 71.5 22.3 12.9 33.1 14.3 49.9 50.1 8.2 30.1 29.6 70.8 20.1 12.5 32.8 15.9 50.3 49.7 7.5 29.7 32.4 72.6 19.3 10.1 32.6 20.3 53.9 46.1 7.1 27.0 35.0 72.7 21.2 13.9 35.2 18.2 54.1 45.9 6.6 30.8 31.9 72.3 22.6 17.2 40.9 17.2 58.8 41.2 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 62 TABLE 16.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Manufacturing1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.6 88.1 8.3 (NA) 1.0 9.3 2.6 6.8 100.0 3.6 88.2 8.2 (NA) 0.7 8.8 2.5 6.3 (percent) 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 0.21 1.54 1.37 0.21 1.53 1.34 0.21 1.54 1.34 0.21 1.47 1.32 0.20 1.43 25.33 18.34 10.06 7.28 23.42 16.85 9.29 6.69 18.71 14.60 7.36 5.74 25.37 19.58 9.88 7.63 21.73 15.97 8.41 6.18 100.0 4.0 89.6 6.4 (NA) 0.4 6.9 1.5 5.4 100.0 3.8 88.9 7.3 1.9 4.6 10.0 2.3 7.7 100.0 3.7 88.4 7.9 2.0 2.3 8.2 2.2 6.1 987,828 35,610 869,953 82,265 (NA) 10,088 92,353 25,477 66,877 25,734 41,143 915,170 (9,938) 946,375 982,792 35,846 866,651 80,295 (NA) 6,460 86,755 24,353 62,402 25,590 36,812 939,223 (8,026) 968,009 1,010,187 40,542 904,666 64,979 (NA) 4,368 69,347 15,239 54,109 34,583 19,526 969,177 (18,694) 970,009 952,923 36,126 846,949 69,848 18,426 43,689 95,111 21,700 73,411 31,099 42,312 972,265 (24,962) 989,616 994,915 36,888 879,150 78,877 19,894 22,922 81,906 21,698 60,208 28,057 32,152 985,188 (5,935) 1,011,404 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 63 All Manufacturing Assets Under $5 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 All Manufacturing Assets $5 Million to $10 Million1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 All Manufacturing Assets $10 Million to $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 69,753 1,579 63,411 4,764 (NA) (266) 4,498 568 3,930 1,490 2,440 35,455 (319) 37,576 67,755 1,622 61,222 4,911 (NA) (356) 4,556 626 3,930 1,213 2,717 37,831 (221) 40,327 70,600 1,740 66,529 2,332 (NA) (476) 1,855 466 1,390 1,671 (281) 41,511 422 41,652 68,257 1,663 61,262 5,332 762 2 4,572 507 4,065 1,530 2,535 39,350 (444) 41,441 71,551 1,694 64,457 5,400 756 135 4,779 508 4,272 2,309 1,963 40,226 (298) 41,891 28,294 680 25,328 2,285 (NA) (186) 2,100 302 1,797 696 1,101 19,655 (310) 20,446 (million dollars) 27,206 664 24,608 1,935 (NA) (125) 1,809 361 1,448 490 957 19,746 (160) 20,544 28,911 714 26,915 1,282 (NA) (245) 1,037 349 688 509 180 20,406 51 20,637 26,944 673 24,190 2,080 304 153 1,930 255 1,675 665 1,009 19,753 84 20,847 28,583 690 25,521 2,371 339 43 2,075 316 1,759 1,046 714 19,607 (144) 20,176 42,290 1,085 37,711 3,494 (NA) (285) 3,209 615 2,594 1,085 1,509 24,792 (320) 25,981 (million dollars) 43,333 1,117 38,904 3,312 (NA) (285) 3,026 576 2,450 741 1,709 26,451 (54) 28,106 40,456 1,103 36,778 2,575 (NA) (449) 2,126 463 1,663 804 859 27,351 (116) 28,094 38,792 1,075 35,142 2,576 516 52 2,111 454 1,657 808 849 26,856 (33) 27,673 42,843 1,112 38,796 2,934 567 69 2,437 502 1,935 1,405 530 26,584 (56) 27,057 (percent of net sales) 100.0 2.3 90.9 6.8 (NA) (0.4) 6.4 0.8 5.6 100.0 2.4 90.4 7.2 (NA) (0.5) 6.7 0.9 5.8 (percent) 100.0 2.5 94.2 3.3 (NA) (0.7) 2.6 0.7 2.0 100.0 2.4 89.8 7.8 1.1 0.0 6.7 0.7 6.0 100.0 2.4 90.1 7.5 1.1 0.2 6.7 0.7 6.0 100.0 2.4 89.5 8.1 (NA) (0.7) 7.4 1.1 6.4 (percent of net sales) 100.0 2.4 90.5 7.1 (NA) (0.5) 6.6 1.3 5.3 (percent) 100.0 2.5 93.1 4.4 (NA) (0.8) 3.6 1.2 2.4 100.0 2.5 89.8 7.7 1.1 0.6 7.2 0.9 6.2 100.0 2.4 89.3 8.3 1.2 0.2 7.3 1.1 6.2 100.0 2.6 89.2 8.3 (NA) (0.7) 7.6 1.5 6.1 (percent of net sales) 100.0 2.6 89.8 7.6 (NA) (0.7) 7.0 1.3 5.7 (percent) 100.0 2.7 90.9 6.4 (NA) (1.1) 5.3 1.1 4.1 100.0 2.8 90.6 6.6 1.3 0.1 5.4 1.2 4.3 100.0 2.6 90.6 6.8 1.3 0.2 5.7 1.2 4.5 35.17 30.74 16.24 14.19 34.16 29.47 16.12 13.91 13.76 10.31 6.56 4.91 33.22 29.53 15.53 13.81 35.39 31.63 16.26 14.53 32.84 28.11 15.32 13.12 28.99 23.20 13.31 10.65 16.38 10.87 7.55 5.01 29.54 25.63 14.18 12.30 31.85 27.01 14.96 12.69 32.64 26.39 14.95 12.09 29.49 23.88 13.61 11.02 20.42 15.97 9.75 7.62 20.86 16.38 9.56 7.51 23.46 18.62 10.55 8.38 2.11 0.41 1.52 2.16 0.45 1.57 2.20 0.46 1.63 2.14 0.44 1.52 2.12 0.44 1.46 1.96 0.29 1.61 1.87 0.26 1.53 1.83 0.26 1.53 1.90 0.32 1.75 1.90 0.33 1.58 1.84 0.25 1.52 1.81 0.26 1.56 1.90 0.28 1.65 1.88 0.26 1.50 1.81 0.25 1.45 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 76,688 26,774 103,462 89,379 192,841 473,441 448,085 159,727 1,274,094 2,020,893 100,595 1,061,459 1,060,029 1,339,577 3,673,700 81,818 25,091 106,909 92,186 199,095 477,097 450,391 164,180 1,290,763 2,044,612 102,833 1,075,827 1,071,618 1,371,255 3,733,636 78,770 30,388 109,158 93,234 202,391 466,602 451,949 171,598 1,292,540 2,045,143 104,977 1,077,823 1,072,297 1,403,001 3,767,837 79,133 32,058 111,191 91,629 202,820 470,861 465,909 182,945 1,322,535 2,059,236 105,004 1,088,392 1,075,848 1,451,255 3,849,637 83,109 29,150 112,259 88,150 200,409 479,121 465,053 175,308 1,319,891 2,077,238 104,067 1,096,733 1,084,573 1,491,477 3,895,941 61,692 83,327 284,603 38,733 25,318 32,020 389,338 915,030 242,701 501,501 555,862 2,215,095 512,230 946,375 1,458,605 3,673,700 64,020 86,800 289,987 43,593 25,061 32,367 401,090 942,918 242,296 516,224 550,680 2,252,119 513,509 968,009 1,481,517 3,733,636 58,966 91,467 306,136 39,164 23,613 33,204 413,083 965,632 247,841 509,827 562,147 2,285,447 512,381 970,009 1,482,390 3,767,837 64,750 104,395 302,613 45,341 25,698 32,761 410,242 985,800 264,857 529,466 570,139 2,350,263 509,759 989,616 1,499,374 3,849,637 68,242 113,141 295,339 38,303 25,653 34,630 421,488 996,795 266,717 548,185 576,272 2,387,968 496,568 1,011,404 1,507,972 3,895,941 359,063 347,845 326,908 336,734 323,097 (percent of total assets) 5.2 12.9 12.2 34.7 28.9 5.5 24.9 20.3 60.3 39.7 5.3 12.8 12.1 34.6 28.7 5.6 25.3 20.3 60.3 39.7 5.4 12.4 12.0 34.3 28.5 5.5 25.6 20.1 60.7 39.3 5.3 12.2 12.1 34.4 27.9 5.9 25.6 20.6 61.1 38.9 5.1 12.3 11.9 33.9 27.8 6.2 25.6 20.9 61.3 38.7 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 65 All Manufacturing Assets Under $5 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 2Q 1997 All Manufacturing Assets $5 Million to $10 Million1 3Q 1997 4Q 1997 1Q 1998 2Q 1998 All Manufacturing Assets $10 Million to $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 10,726 1,543 12,269 2,281 14,550 30,914 24,559 4,473 74,495 86,238 1,939 57,457 30,721 5,567 110,783 11,778 1,405 13,184 2,506 15,689 31,017 23,747 5,024 75,477 87,710 1,752 58,094 31,368 6,167 113,011 11,788 1,779 13,567 2,307 15,874 30,804 24,492 4,837 76,007 88,606 2,006 58,877 31,734 5,449 113,190 11,873 1,862 13,736 2,284 16,020 31,706 25,490 5,149 78,365 92,936 2,279 61,558 33,657 5,726 117,748 12,463 1,515 13,977 2,201 16,179 32,442 24,789 4,962 78,371 90,583 2,097 59,937 32,744 6,457 117,572 3,165 584 3,749 1,626 5,374 14,910 13,711 2,142 36,137 36,611 1,005 21,840 15,776 2,898 54,811 (million dollars) 2,943 534 3,477 1,593 5,070 14,879 13,907 2,029 35,885 36,093 1,027 21,298 15,822 2,678 54,384 3,121 612 3,733 1,319 5,052 14,297 13,619 2,218 35,186 38,109 1,204 22,641 16,672 3,095 54,953 3,849 566 4,415 1,580 5,994 13,903 13,296 1,920 35,114 37,102 1,033 22,100 16,035 3,291 54,439 3,755 662 4,417 1,734 6,151 14,096 13,279 1,908 35,433 38,243 1,112 22,509 16,846 3,195 55,474 4,061 586 4,648 2,379 7,026 21,426 20,972 3,148 52,572 57,619 1,531 31,961 27,189 6,087 85,848 (million dollars) 4,397 738 5,136 2,629 7,765 22,201 21,135 3,259 54,360 59,474 1,416 32,583 28,308 6,310 88,978 4,442 711 5,153 2,740 7,893 20,939 21,096 2,921 52,848 58,257 1,235 31,648 27,843 6,562 87,254 4,101 931 5,032 2,427 7,459 21,747 20,843 3,183 53,232 58,383 1,278 31,671 27,990 7,075 88,298 4,474 841 5,314 2,541 7,856 23,001 22,642 3,089 56,588 58,870 1,340 31,895 28,315 7,475 92,379 6,129 1,479 16,683 499 2,452 1,348 6,781 35,370 10,666 11,515 2,083 59,634 13,573 37,576 51,149 110,783 6,010 1,221 16,434 670 2,604 1,546 6,462 34,948 11,439 11,119 2,158 59,664 13,020 40,327 53,347 113,011 5,227 1,490 15,995 674 2,575 1,252 7,367 34,579 10,657 11,932 2,108 59,276 12,261 41,652 53,913 113,190 6,137 1,622 16,397 587 2,801 1,581 7,424 36,549 11,966 12,115 2,064 62,694 13,613 41,441 55,053 117,748 6,446 1,975 16,232 507 2,748 1,371 7,682 36,960 11,742 12,723 2,123 63,549 12,131 41,891 54,023 117,572 4,135 455 7,452 370 1,303 497 4,185 18,397 5,695 3,819 1,326 29,237 5,127 20,446 25,574 54,811 4,610 573 7,223 375 1,385 690 4,311 19,168 5,680 3,398 1,174 29,420 4,420 20,544 24,964 54,384 4,638 701 7,162 408 1,437 646 4,193 19,185 5,632 3,509 1,301 29,627 4,689 20,637 25,326 54,953 3,909 546 7,765 246 1,326 580 4,110 18,482 5,744 2,862 1,222 28,310 5,283 20,847 26,130 54,439 4,001 1,080 7,089 303 1,189 694 4,269 18,625 5,706 3,832 1,255 29,417 5,881 20,176 26,057 55,474 5,772 939 11,305 496 2,272 809 6,958 28,551 9,888 6,221 1,868 46,528 13,340 25,981 39,321 85,848 6,289 931 12,274 461 2,273 846 6,938 30,012 9,932 5,963 2,019 47,926 12,946 28,106 41,052 88,978 5,552 867 11,235 409 2,275 771 6,680 27,788 10,345 5,386 2,085 45,605 13,555 28,094 41,649 87,254 6,270 625 11,749 417 2,215 912 6,201 28,389 10,900 6,013 2,514 47,817 12,809 27,673 40,482 88,298 7,588 848 12,275 417 2,386 885 6,947 31,345 10,474 6,402 2,602 50,824 14,498 27,057 41,555 92,379 39,125 40,529 41,427 41,815 41,410 17,740 16,717 16,001 16,632 16,808 24,021 24,348 25,060 24,843 25,243 (percent of total assets) (percent of total assets) (percent of total assets) 13.1 27.9 22.2 67.2 27.7 10.3 31.9 20.0 53.8 46.2 13.9 27.4 21.0 66.8 27.8 10.1 30.9 20.0 52.8 47.2 14.0 27.2 21.6 67.1 28.0 9.3 30.5 20.0 52.4 47.6 13.6 26.9 21.6 66.6 28.6 10.3 31.0 20.5 53.2 46.8 13.8 27.6 21.1 66.7 27.9 10.7 31.4 20.8 54.1 45.9 9.8 27.2 25.0 65.9 28.8 11.7 33.6 17.4 53.3 46.7 9.3 27.4 25.6 66.0 29.1 13.3 35.2 16.7 54.1 45.9 9.2 26.0 24.8 64.0 30.3 13.5 34.9 16.6 53.9 46.1 11.0 25.5 24.4 64.5 29.5 11.7 33.9 15.8 52.0 48.0 11.1 25.4 23.9 63.9 30.4 12.6 33.6 17.2 53.0 47.0 8.2 25.0 24.4 61.2 31.7 11.4 33.3 18.8 54.2 45.8 8.7 25.0 23.8 61.1 31.8 11.6 33.7 17.9 53.9 46.1 9.0 24.0 24.2 60.6 31.9 10.8 31.8 18.0 52.3 47.7 8.4 24.6 23.6 60.3 31.7 11.4 32.2 19.2 54.2 45.8 8.5 24.9 24.5 61.3 30.7 12.7 33.9 18.3 55.0 45.0 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 66 TABLE 17.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Nondurable Manufacturing Industries1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.9 87.1 9.1 (NA) 0.2 9.3 2.7 6.6 100.0 3.8 86.8 9.4 (NA) 0.3 9.7 2.6 7.1 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.29 0.15 1.29 1.28 0.15 1.26 1.25 0.15 1.27 1.25 0.15 1.24 1.23 0.15 1.22 23.72 16.92 9.26 6.61 24.77 18.20 9.59 7.05 18.12 14.17 7.00 5.47 21.56 15.90 8.33 6.14 22.52 16.89 8.67 6.50 100.0 4.0 88.6 7.4 (NA) (0.4) 7.0 1.5 5.5 100.0 4.0 87.8 8.2 2.4 3.3 9.1 2.4 6.7 100.0 4.0 87.2 8.9 2.5 2.8 9.2 2.3 6.9 460,052 17,749 400,567 41,735 (NA) 1,080 42,816 12,284 30,532 16,071 14,461 504,775 (2,511) 516,725 463,213 17,685 401,925 43,603 (NA) 1,197 44,800 11,872 32,927 16,340 16,587 509,580 (8,741) 517,426 469,310 18,579 415,790 34,941 (NA) (2,020) 32,921 7,175 25,745 18,338 7,407 515,095 (3,943) 518,559 437,069 17,656 383,579 35,834 10,557 14,398 39,674 10,426 29,248 18,090 11,158 527,736 660 539,554 452,084 17,868 393,994 40,222 11,242 12,719 41,699 10,423 31,276 17,082 14,195 534,542 (3,373) 545,364 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 67 Nondurable Manufacturing Industries Assets Under $5 Million 2Q 19972 3Q 1997 4Q 19972 1Q 19982 2Q 1998 Nondurable Manufacturing Industries Assets $5 Million to $10 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 Nondurable Manufacturing Industries Assets $10 Million to $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 25,716 599 23,591 1,526 (NA) (10) 1,517 211 1,306 658 648 12,351 (147) 12,852 25,305 635 22,879 1,791 (NA) (76) 1,714 219 1,496 515 981 12,770 (196) 13,556 26,235 641 25,133 461 (NA) (82) 378 156 222 564 (342) 13,525 779 13,961 25,664 643 23,052 1,970 276 25 1,719 157 1,562 617 946 12,580 (73) 13,453 26,398 662 24,087 1,649 302 131 1,478 128 1,350 880 471 12,173 (216) 12,427 11,892 301 10,783 808 (NA) (82) 726 89 637 205 432 7,213 (135) 7,510 (million dollars) 11,808 305 10,997 506 (NA) (27) 478 111 367 119 248 6,988 (118) 7,118 12,519 337 11,736 447 (NA) (121) 325 107 218 222 (3) 7,307 84 7,387 11,308 301 10,355 652 131 181 702 83 620 123 497 7,245 2 7,744 11,829 293 10,852 685 151 58 592 130 462 237 226 7,879 (32) 8,073 16,729 462 14,995 1,273 (NA) (101) 1,171 214 958 360 598 12,024 (159) 12,463 (million dollars) 18,015 470 16,138 1,406 (NA) (98) 1,308 213 1,095 323 772 12,321 (72) 13,021 17,795 474 16,139 1,182 (NA) (262) 920 197 723 318 405 11,890 (67) 12,228 16,907 444 15,275 1,188 219 (38) 932 177 755 390 365 11,476 (68) 11,773 18,372 471 16,637 1,264 227 33 1,070 194 876 518 358 11,339 (82) 11,615 (percent of net sales) 100.0 2.3 91.7 5.9 (NA) 0.0 5.9 0.8 5.1 100.0 2.5 90.4 7.1 (NA) (0.3) 6.8 0.9 5.9 (percent) 100.0 2.4 95.8 1.8 (NA) (0.3) 1.4 0.6 0.8 100.0 2.5 89.8 7.7 1.1 0.1 6.7 0.6 6.1 100.0 2.5 91.2 6.2 1.1 0.5 5.6 0.5 5.1 100.0 2.5 90.7 6.8 (NA) (0.7) 6.1 0.7 5.4 (percent of net sales) 100.0 2.6 93.1 4.3 (NA) (0.2) 4.1 0.9 3.1 (percent) 100.0 2.7 93.7 3.6 (NA) (1.0) 2.6 0.9 1.7 100.0 2.7 91.6 5.8 1.2 1.6 6.2 0.7 5.5 100.0 2.5 91.7 5.8 1.3 0.5 5.0 1.1 3.9 100.0 2.8 89.6 7.6 (NA) (0.6) 7.0 1.3 5.7 (percent of net sales) 100.0 2.6 89.6 7.8 (NA) (0.5) 7.3 1.2 6.1 (percent) 100.0 2.7 90.7 6.6 (NA) (1.5) 5.2 1.1 4.1 100.0 2.6 90.3 7.0 1.3 (0.2) 5.5 1.0 4.5 100.0 2.6 90.6 6.9 1.2 0.2 5.8 1.1 4.8 33.28 28.65 15.42 13.27 36.94 32.23 16.92 14.76 8.10 4.76 3.82 2.24 35.99 32.70 16.28 14.80 33.03 30.17 13.86 12.66 32.06 28.12 13.39 11.74 21.85 16.77 8.71 6.69 13.89 9.32 5.88 3.95 28.84 25.44 13.04 11.50 23.80 18.59 10.82 8.45 29.85 24.40 14.07 11.51 30.79 25.78 14.82 12.41 22.03 17.32 10.45 8.21 23.09 18.71 10.43 8.45 25.86 21.17 11.21 9.18 2.06 0.42 1.53 2.14 0.48 1.47 2.15 0.47 1.64 2.05 0.43 1.43 1.92 0.41 1.24 1.75 0.27 1.32 1.69 0.24 1.18 1.76 0.28 1.29 1.76 0.30 1.48 1.76 0.31 1.39 1.83 0.27 1.59 1.85 0.27 1.73 1.84 0.26 1.65 1.78 0.24 1.46 1.65 0.22 1.37 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 Prior 2 2Q 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 27,830 7,284 35,113 24,428 59,542 200,142 175,642 71,917 507,242 1,150,485 72,857 602,970 620,372 721,111 1,848,724 27,839 6,540 34,379 25,357 59,736 204,096 177,814 72,684 514,330 1,157,415 74,605 609,553 622,467 732,455 1,869,252 28,502 8,080 36,582 25,273 61,854 198,554 180,146 72,666 513,220 1,154,538 76,511 608,624 622,425 745,763 1,881,408 30,188 8,761 38,949 22,388 61,337 197,003 183,927 77,261 519,528 1,151,731 75,712 608,997 618,445 767,177 1,905,150 32,141 9,898 42,039 22,399 64,438 199,661 181,029 78,941 524,069 1,154,766 74,984 611,062 618,687 781,948 1,924,703 26,461 49,101 125,792 20,336 13,599 18,167 139,370 392,825 137,032 316,414 280,540 1,126,811 205,188 516,725 721,913 1,848,724 29,187 51,414 125,324 21,748 13,171 17,784 144,424 403,052 138,725 323,897 280,062 1,145,736 206,091 517,426 723,517 1,869,252 27,181 53,527 134,535 18,504 12,212 18,235 146,585 410,779 139,476 320,251 284,001 1,154,506 208,343 518,559 726,902 1,881,408 29,596 62,439 125,536 23,586 13,746 17,967 143,808 416,677 141,887 328,135 282,417 1,169,116 196,479 539,554 736,033 1,905,150 31,638 68,144 125,277 19,205 13,304 19,910 148,432 425,910 140,138 333,699 284,244 1,183,992 195,348 545,364 740,712 1,924,703 114,417 111,278 102,441 102,851 98,159 (percent of total assets) 3.2 10.8 9.5 27.4 33.6 5.8 21.2 24.5 61.0 39.0 3.2 10.9 9.5 27.5 33.3 6.0 21.6 24.7 61.3 38.7 3.3 10.6 9.6 27.3 33.1 5.9 21.8 24.4 61.4 38.6 3.2 10.3 9.7 27.3 32.5 6.5 21.9 24.7 61.4 38.6 3.3 10.4 9.4 27.2 32.1 6.9 22.1 24.6 61.5 38.5 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 69 Nondurable Manufacturing Industries Assets Under $5 Million 2Q 19972 3Q 1997 4Q 19972 1Q 19982 2Q 1998 Nondurable Manufacturing Industries Assets $5 Million to $10 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 Nondurable Manufacturing Industries Assets $10 Million to $25 Million1 2Q 1997 3Q 1997 4Q 1997 1Q 1998 2Q 1998 (million dollars) 3,769 523 4,292 836 5,128 10,963 7,537 1,770 25,398 32,163 645 21,196 11,612 2,342 39,353 4,329 466 4,795 945 5,740 11,051 7,099 1,917 25,807 32,811 415 21,525 11,702 3,020 40,529 4,192 583 4,775 908 5,683 10,834 7,503 1,788 25,808 32,799 582 21,858 11,523 2,343 39,674 4,282 689 4,970 699 5,669 11,327 7,946 1,976 26,918 34,661 707 22,683 12,684 2,627 42,230 4,493 504 4,998 782 5,780 11,698 7,552 1,958 26,988 34,293 548 22,304 12,537 3,149 42,674 1,046 262 1,308 706 2,014 5,836 4,490 797 13,137 16,553 454 9,696 7,311 1,231 21,679 (million dollars) 988 306 1,293 637 1,930 6,211 4,730 732 13,603 16,072 435 9,193 7,313 1,047 21,963 1,222 374 1,596 519 2,115 5,729 4,584 798 13,227 17,011 450 9,887 7,574 1,315 22,116 1,352 280 1,631 567 2,198 5,614 4,247 770 12,829 16,303 378 9,492 7,189 1,525 21,543 1,328 366 1,695 603 2,298 5,654 4,647 616 13,214 15,818 428 9,127 7,119 1,550 21,883 1,629 263 1,892 947 2,839 8,038 7,190 1,155 19,221 25,154 462 14,033 11,583 2,492 33,296 (million dollars) 1,773 289 2,062 915 2,977 8,850 7,380 1,477 20,684 25,357 541 14,031 11,867 2,763 35,314 1,713 331 2,044 833 2,877 8,466 7,852 1,253 20,448 25,769 508 14,048 12,229 2,541 35,218 1,552 307 1,859 949 2,808 8,718 7,773 1,250 20,548 25,430 576 13,899 12,106 3,068 35,722 1,650 447 2,097 875 2,971 9,523 8,479 1,377 22,350 26,873 532 14,761 12,644 3,193 38,187 2,042 423 5,942 191 1,064 486 2,187 12,334 4,003 3,893 897 21,127 5,374 12,852 18,226 39,353 1,897 463 5,847 219 978 571 2,092 12,068 4,310 4,423 1,164 21,965 5,008 13,556 18,564 40,529 1,522 605 6,035 177 842 478 2,366 12,025 3,990 3,973 1,000 20,988 4,725 13,961 18,686 39,674 1,827 796 6,116 204 1,119 707 2,363 13,133 4,468 4,407 1,114 23,122 5,654 13,453 19,108 42,230 2,073 1,074 6,635 156 993 591 2,546 14,068 4,718 5,043 941 24,770 5,477 12,427 17,904 42,674 1,392 248 3,324 123 606 245 1,575 7,514 2,838 1,514 760 12,626 1,544 7,510 9,054 21,679 1,883 208 3,251 125 587 282 1,731 8,067 3,048 1,419 670 13,204 1,641 7,118 8,759 21,963 1,787 256 3,008 115 508 303 1,543 7,520 2,698 1,696 840 12,753 1,976 7,387 9,363 22,116 1,535 276 3,255 104 586 274 1,257 7,287 2,507 1,381 628 11,803 1,996 7,744 9,740 21,543 1,705 686 2,929 112 442 355 1,281 7,510 2,148 1,805 473 11,937 1,874 8,073 9,946 21,883 1,960 322 4,805 145 865 407 1,997 10,501 4,256 2,056 785 17,597 3,236 12,463 15,699 33,296 2,131 231 5,109 141 857 376 2,341 11,185 4,191 2,054 888 18,319 3,974 13,021 16,995 35,314 2,224 254 4,809 134 933 349 2,393 11,095 4,471 1,881 1,069 18,516 4,473 12,228 16,701 35,218 2,723 248 4,868 193 802 446 2,266 11,546 4,692 2,126 1,215 19,578 4,371 11,773 16,144 35,722 3,638 456 5,333 140 965 382 2,639 13,552 4,337 2,277 1,463 21,629 4,943 11,615 16,558 38,187 13,065 13,739 13,783 13,785 12,920 5,624 5,536 5,708 5,542 5,704 8,720 9,499 9,353 9,003 8,798 (percent of total assets) (percent of total assets) (percent of total assets) 13.0 27.9 19.2 64.5 29.5 10.2 31.3 20.1 53.7 46.3 14.2 27.3 17.5 63.7 28.9 9.6 29.8 21.5 54.2 45.8 14.3 27.3 18.9 65.0 29.0 8.7 30.3 20.1 52.9 47.1 13.4 26.8 18.8 63.7 30.0 10.5 31.1 21.0 54.8 45.2 13.5 27.4 17.7 63.2 29.4 11.1 33.0 22.9 58.0 42.0 9.3 26.9 20.7 60.6 33.7 11.5 34.7 20.1 58.2 41.8 8.8 28.3 21.5 61.9 33.3 13.5 36.7 20.3 60.1 39.9 9.6 25.9 20.7 59.8 34.2 12.9 34.0 19.9 57.7 42.3 10.2 26.1 19.7 59.6 33.4 12.4 33.8 18.0 54.8 45.2 10.5 25.8 21.2 60.4 32.5 14.6 34.3 18.1 54.5 45.5 8.5 24.1 21.6 57.7 34.8 10.7 31.5 19.0 52.9 47.1 8.4 25.1 20.9 58.6 33.6 10.2 31.7 17.7 51.9 48.1 8.2 24.0 22.3 58.1 34.7 10.7 31.5 18.0 52.6 47.4 7.9 24.4 21.8 57.5 33.9 11.8 32.3 19.1 54.8 45.2 7.8 24.9 22.2 58.5 33.1 14.2 35.5 17.3 56.6 43.4 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 70 TABLE 18.0—INCOME STATEMENT FOR CORPORATIONS INCLUDED IN MANUFACTURING, BY ASSET SIZE All Durable Manufacturing Industries1 Item 2Q 1997 3Q 1997 (million dollars) Net sales, receipts, and operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses, including cost of goods sold and selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense)a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation, depletion, and amortization of property, plant, and equipment . . . . . . . . . . . . . . . . . All other operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other nonoperating income (expense). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for current and deferred domestic income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (or loss) after income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 3.4 88.9 7.7 (NA) 1.7 9.4 2.5 6.9 100.0 3.5 89.4 7.1 (NA) 1.0 8.1 2.4 5.7 (percent) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.47 0.26 1.91 1.44 0.26 1.93 1.40 0.25 1.92 1.41 0.25 1.78 1.39 0.24 1.71 26.90 19.73 10.86 7.97 22.14 15.55 9.00 6.32 19.29 15.02 7.72 6.01 29.05 23.14 11.40 9.08 20.96 15.08 8.16 5.87 100.0 4.1 90.4 5.6 (NA) 1.2 6.7 1.5 5.2 100.0 3.6 89.8 6.6 1.5 5.7 10.7 2.2 8.6 100.0 3.5 89.4 7.1 1.6 1.9 7.4 2.1 5.3 527,776 17,860 469,386 40,530 (NA) 9,008 49,538 13,193 36,344 9,663 26,682 410,395 (7,427) 429,650 519,578 18,161 464,726 36,692 (NA) 5,263 41,955 12,481 29,474 9,250 20,224 429,644 715 450,583 540,877 21,963 488,876 30,038 (NA) 6,388 36,426 8,063 28,363 16,245 12,119 454,082 (14,751) 451,450 515,853 18,469 463,370 34,014 7,868 29,291 55,437 11,274 44,163 13,009 31,154 444,529 (25,622) 450,061 542,831 19,020 485,156 38,656 8,652 10,203 40,207 11,275 28,932 10,975 17,957 450,646 (2,562) 466,041 4Q 1997 1Q 1998 2Q 1998 (percent of net sales) NA Not available. a Includes interest expense for quarters in 1997. 1 Prior quarters’ data are revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. 2 Revised to reflect additional information and/or corrections submitted by respondents subsequent to last quarter’s publication. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 71 Durable Manufacturing Industries Assets Under $5 Million 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 2Q 1997 Durable Manufacturing Industries Assets $5 Million to $10 Million 3Q 1997 4Q 19972 1Q 19982 2Q 1998 Durable Manufacturing Industries Assets $10 Million to $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 (million dollars) 44,037 980 39,819 3,237 (NA) (256) 2,981 357 2,625 833 1,792 23,104 (172) 24,724 42,450 986 38,343 3,121 (NA) (279) 2,841 407 2,434 698 1,736 25,060 (25) 26,772 44,366 1,099 41,396 1,871 (NA) (394) 1,477 309 1,167 1,106 61 27,987 (357) 27,691 42,593 1,020 38,210 3,363 487 (24) 2,853 350 2,503 913 1,590 26,769 (372) 27,987 45,153 1,032 40,369 3,751 454 4 3,301 380 2,921 1,429 1,492 28,053 (82) 29,464 16,402 379 14,545 1,478 (NA) (104) 1,374 213 1,161 492 669 12,443 (175) 12,937 (million dollars) 15,399 359 13,611 1,429 (NA) (98) 1,331 250 1,081 371 710 12,758 (42) 13,426 16,391 377 15,179 836 (NA) (124) 712 242 470 287 183 13,099 (33) 13,249 15,636 372 13,836 1,428 173 (28) 1,227 172 1,055 542 513 12,508 83 13,103 16,753 397 14,669 1,687 189 (15) 1,483 186 1,297 809 488 11,727 (112) 12,104 25,561 623 22,716 2,222 (NA) (184) 2,038 401 1,636 725 911 12,768 (161) 13,518 (million dollars) 25,318 646 22,766 1,906 (NA) (188) 1,718 363 1,355 418 937 14,130 17 15,084 22,661 628 20,639 1,394 (NA) (187) 1,206 266 940 486 454 15,461 (49) 15,866 21,885 631 19,867 1,388 298 89 1,179 277 902 418 484 15,380 35 15,899 24,471 641 22,160 1,670 339 36 1,367 308 1,058 886 172 15,245 25 15,442 (percent of net sales) 100.0 2.2 90.4 7.4 (NA) (0.6) 6.8 0.8 6.0 100.0 2.3 90.3 7.4 (NA) (0.7) 6.7 1.0 5.7 (percent) 100.0 2.5 93.3 4.2 (NA) (0.9) 3.3 0.7 2.6 100.0 2.4 89.7 7.9 1.1 (0.1) 6.7 0.8 5.9 100.0 2.3 89.4 8.3 1.0 0.0 7.3 0.8 6.5 100.0 2.3 88.7 9.0 (NA) (0.6) 8.4 1.3 7.1 (percent of net sales) 100.0 2.3 88.4 9.3 (NA) (0.6) 8.6 1.6 7.0 (percent) 100.0 2.3 92.6 5.1 (NA) (0.8) 4.3 1.5 2.9 100.0 2.4 88.5 9.1 1.1 (0.2) 7.8 1.1 6.7 100.0 2.4 87.6 10.1 1.1 (0.1) 8.9 1.1 7.7 100.0 2.4 88.9 8.7 (NA) (0.7) 8.0 1.6 6.4 (percent of net sales) 100.0 2.6 89.9 7.5 (NA) (0.7) 6.8 1.4 5.4 (percent) 100.0 2.8 91.1 6.1 (NA) (0.8) 5.3 1.2 4.1 100.0 2.9 90.8 6.3 1.4 0.4 5.4 1.3 4.1 100.0 2.6 90.6 6.8 1.4 0.1 5.6 1.3 4.3 36.22 31.89 16.69 14.70 32.67 28.00 15.68 13.43 16.77 13.26 8.04 6.35 31.74 27.85 15.11 13.26 36.56 32.35 17.63 15.60 33.27 28.11 16.59 14.01 32.85 26.67 16.42 13.33 17.84 11.78 8.67 5.73 29.95 25.75 14.92 12.83 36.82 32.21 17.66 15.45 34.50 27.70 15.51 12.45 28.57 22.53 12.81 10.10 19.34 15.07 9.27 7.23 19.38 14.83 8.97 6.86 21.87 16.94 10.09 7.81 2.13 0.41 1.52 2.17 0.43 1.63 2.23 0.45 1.62 2.20 0.44 1.57 2.24 0.45 1.60 2.11 0.31 1.82 2.01 0.28 1.82 1.88 0.25 1.71 1.99 0.34 1.95 2.00 0.35 1.72 1.85 0.23 1.47 1.79 0.25 1.47 1.94 0.30 1.65 1.94 0.28 1.53 1.92 0.27 1.51 U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 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 1997 3Q 1997 (million dollars) 4Q 1997 1Q 1998 2Q 1998 48,858 19,491 68,349 64,951 133,299 273,299 272,443 87,810 766,852 870,408 27,738 458,489 439,658 618,466 1,824,976 53,979 18,550 72,529 66,829 139,359 273,001 272,578 91,495 776,433 887,197 28,228 466,274 449,151 638,800 1,864,384 50,268 22,308 72,576 67,961 140,537 268,047 271,803 98,932 779,320 890,604 28,467 469,199 449,871 657,238 1,886,429 48,945 23,297 72,242 69,241 141,483 273,858 281,982 105,684 803,007 907,505 29,292 479,394 457,403 684,078 1,944,488 50,968 19,252 70,220 65,751 135,971 279,461 284,024 96,367 795,823 922,473 29,084 485,671 465,886 709,529 1,971,237 35,231 34,226 158,811 18,397 11,719 13,853 249,968 522,205 105,669 185,087 275,322 1,088,284 307,042 429,650 736,692 1,824,976 34,833 35,385 164,663 21,845 11,891 14,582 256,666 539,866 103,571 192,328 270,618 1,106,383 307,418 450,583 758,001 1,864,384 31,785 37,940 171,601 20,659 11,401 14,969 266,498 554,853 108,365 189,577 278,146 1,130,940 304,039 451,450 755,488 1,886,429 35,154 41,956 177,077 21,755 11,952 14,795 266,433 569,123 122,970 201,331 287,723 1,181,147 313,279 450,061 763,341 1,944,488 36,603 44,997 170,062 19,097 12,349 14,720 273,056 570,885 126,579 214,485 292,028 1,203,977 301,220 466,041 767,261 1,971,237 244,647 236,567 224,467 233,884 224,938 (percent of total assets) 7.3 15.0 14.9 42.0 24.1 5.2 28.6 15.9 59.6 40.4 7.5 14.6 14.6 41.6 24.1 5.2 29.0 15.9 59.3 40.7 7.4 14.2 14.4 41.3 23.8 5.1 29.4 15.8 60.0 40.0 7.3 14.1 14.5 41.3 23.5 5.3 29.3 16.7 60.7 39.3 6.9 14.2 14.4 40.4 23.6 5.5 29.0 17.3 61.1 38.9 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. U.S. Census Bureau, the Official StatisticsTM Sep. 9, 1998 73 Durable Manufacturing Industries Assets Under $5 Million 2Q 1997 3Q 19972 4Q 19972 1Q 19982 2Q 1998 2Q 1997 Durable Manufacturing Industries Assets $5 Million to $10 Million 3Q 1997 4Q 19972 1Q 19982 2Q 1998 Durable Manufacturing Industries Assets $10 Million to $25 Million 2Q 1997 3Q 1997 4Q 19972 1Q 19982 2Q 1998 (million dollars) 6,957 1,019 7,976 1,445 9,422 19,951 17,021 2,703 49,097 54,075 1,294 36,261 19,109 3,225 71,430 7,449 939 8,388 1,560 9,949 19,966 16,648 3,106 49,670 54,899 1,337 36,569 19,666 3,147 72,482 7,596 1,196 8,792 1,399 10,191 19,970 16,989 3,049 50,199 55,807 1,424 37,019 20,211 3,106 73,516 7,592 1,174 8,765 1,586 10,351 20,379 17,543 3,173 51,447 58,276 1,572 38,875 20,973 3,099 75,518 7,969 1,011 8,980 1,419 10,399 20,744 17,237 3,003 51,383 56,290 1,549 37,633 20,206 3,309 74,898 2,120 321 2,441 919 3,360 9,074 9,220 1,345 23,000 20,058 551 12,143 8,465 1,667 33,132 (million dollars) 1,955 228 2,184 956 3,139 8,668 9,177 1,297 22,282 20,020 593 12,105 8,508 1,631 32,421 1,899 238 2,137 800 2,937 8,568 9,035 1,420 21,959 21,098 754 12,754 9,099 1,780 32,837 2,497 286 2,784 1,013 3,797 8,288 9,049 1,150 22,285 20,799 655 12,607 8,846 1,766 32,897 2,426 296 2,722 1,131 3,853 8,442 8,632 1,292 22,219 22,425 684 13,382 9,727 1,645 33,591 2,432 323 2,756 1,432 4,188 13,388 13,782 1,993 33,351 32,465 1,069 17,928 15,606 3,595 52,552 (million dollars) 2,624 449 3,073 1,714 4,787 13,352 13,755 1,782 33,676 34,117 875 18,551 16,440 3,548 53,664 2,729 381 3,110 1,907 5,017 12,473 13,244 1,667 32,400 32,487 727 17,599 15,615 4,021 52,036 2,548 625 3,173 1,478 4,651 13,029 13,070 1,933 32,684 32,953 703 17,772 15,884 4,008 52,576 2,824 394 3,218 1,667 4,884 13,478 14,164 1,712 34,238 31,997 808 17,133 15,671 4,282 54,192 4,086 1,056 10,741 308 1,388 863 4,594 23,036 6,663 7,623 1,186 38,507 8,199 24,724 32,923 71,430 4,113 758 10,587 451 1,626 975 4,370 22,880 7,129 6,696 994 37,699 8,012 26,772 34,783 72,482 3,705 885 9,960 496 1,733 774 5,001 22,555 6,667 7,959 1,108 38,289 7,536 27,691 35,227 73,516 4,310 826 10,282 383 1,681 874 5,061 23,416 7,498 7,708 950 39,572 7,958 27,987 35,946 75,518 4,373 901 9,597 351 1,755 781 5,136 22,892 7,024 7,681 1,182 38,779 6,654 29,464 36,118 74,898 2,743 207 4,128 247 697 252 2,609 10,883 2,857 2,305 566 16,612 3,584 12,937 16,520 33,132 2,727 365 3,973 250 798 408 2,579 11,101 2,632 1,979 504 16,216 2,779 13,426 16,205 32,421 2,851 445 4,154 293 930 342 2,650 11,666 2,934 1,813 461 16,874 2,714 13,249 15,963 32,837 2,373 270 4,510 142 739 306 2,853 11,194 3,238 1,481 594 16,506 3,287 13,103 16,390 32,897 2,296 394 4,161 191 746 338 2,988 11,114 3,557 2,027 782 17,480 4,007 12,104 16,111 33,591 3,813 618 6,500 351 1,407 401 4,961 18,050 5,632 4,166 1,083 28,931 10,103 13,518 23,621 52,552 4,158 701 7,165 320 1,416 470 4,598 18,827 5,741 3,909 1,131 29,607 8,973 15,084 24,057 53,664 3,327 613 6,426 275 1,343 423 4,286 16,693 5,874 3,505 1,016 27,089 9,081 15,866 24,948 52,036 3,547 377 6,881 225 1,413 466 3,935