Financial Fundamentals | Brandywine Realty Trust

Balance Sheet

	Year Ending Dec 2022 (Update)	Year Ending Dec 2021 (Update)	Year Ending Dec 2020 (Update)	Year Ending Dec 2019 (Update)	Year Ending Dec 2018 (Restated)	Year Ending Dec 2017 (Update)	Year Ending Dec 2016 (Update)	Year Ending Dec 2015 (Update)	Year Ending Dec 2014 (Restated)	Year Ending Dec 2013 (Update)
Cash & Equivalents	17.55	27.46	46.34	90.50	22.84	202.18	193.92	56.69	257.50	263.21
Cash and Short Term Investments	17.55	27.46	46.34	90.50	22.84	202.18	193.92	56.69	257.50	263.21
Accounts Receivable - Trade, Gross	183.72	183.22	173.99	198.48	194.56	204.81	178.19	0.00	0.00	0.00
Provision for Doubtful Accounts	-3.95	-4.13	-5.09	-7.98	-12.92	-17.11	-16.12	0.00	0.00	0.00
Accounts Receivable - Trade, Net	190.77	179.09	168.91	190.51	181.64	187.70	162.07	162.22	152.81	143.68
Total Receivables, Net	190.77	179.09	168.91	190.51	181.64	187.70	162.07	162.22	152.81	143.68
Other Property/Plant/Equipment - Gross	3,948.18	3,892.21	3,841.59	4,322.89	4,228.38	4,051.78	4,034.73	4,092.46	4,895.66	4,836.81
Property/Plant/Equipment, Total - Gross	3,948.18	3,892.21	3,841.59	4,322.89	4,228.38	4,051.78	4,034.73	4,092.46	4,895.66	4,836.81
Accumulated Depreciation, Total	-1,063.06	-957.45	-896.56	-973.32	-885.41	-895.09	-852.48	-867.04	-1,067.83	-983.81
Property/Plant/Equipment, Total - Net	2,904.79	2,955.07	2,966.01	3,371.23	3,342.98	3,156.69	3,182.25	3,225.43	3,827.83	3,853.01
Intangibles - Gross	56.21	73.03	94.17	177.58	196.42	123.81	160.68	186.73	169.22	196.15
Accumulated Intangible Amortization	-37.76	-44.47	-45.60	-92.73	-65.07	-58.83	-88.20	-74.52	-69.82	-63.82
Intangibles, Net	18.45	28.56	48.57	84.85	131.35	64.97	72.48	112.20	99.40	132.33
LT Investment - Affiliate Companies	567.64	435.51	401.33	120.29	169.10	194.62	281.33	241.00	225.00	180.51
Long Term Investments	567.64	435.51	401.33	120.29	169.10	194.62	281.33	241.00	225.00	180.51
Note Receivable - Long Term	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	88.00	7.03
Deferred Charges	96.64	86.86	84.86	95.56	91.08	96.70	91.34	101.42	101.26	122.95
Discontinued Operations - Long Term Asset	0.00	0.56	7.35	7.35	11.60	0.39	41.72	583.78	18.30	0.00
Other Long Term Assets, Total	96.64	87.42	92.21	102.91	102.67	97.09	133.06	685.20	119.56	122.95
Other Assets	78.67	133.09	176.75	115.68	126.40	92.20	74.10	71.76	65.11	62.38
Other Assets, Total	78.67	133.09	176.75	115.68	126.40	92.20	74.10	71.76	65.11	62.38
Total Assets	3,874.51	3,846.20	3,900.11	4,075.97	4,076.98	3,995.45	4,099.21	4,554.51	4,835.21	4,765.10
Payable/Accrued	132.44	150.15	121.98	113.35	125.70	107.07	103.40	99.86	96.05	83.69
Accrued Expenses	23.17	22.96	22.76	22.55	0.00	0.00	0.00	0.00	0.00	0.00
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Payable	32.79	32.77	32.71	33.82	33.63	32.46	30.03	28.25	28.87	25.58
Other Current liabilities, Total	32.79	32.77	32.71	33.82	33.63	32.46	30.03	28.25	28.87	25.58
Long Term Debt	1,965.04	1,853.59	1,830.60	2,144.42	2,028.05	1,930.83	2,013.11	2,384.72	2,427.35	2,595.38
Total Long Term Debt	1,965.04	1,853.59	1,830.60	2,144.42	2,028.05	1,930.83	2,013.11	2,384.72	2,427.35	2,595.38
Total Debt	1,965.04	1,853.59	1,830.60	2,144.42	2,028.05	1,930.83	2,013.11	2,384.72	2,427.35	2,595.38
Minority Interest	7.70	10.95	10.51	10.43	12.20	17.42	17.09	18.17	18.50	21.22
Discontinued Operations - Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.08	2.15	0.60	0.00
Other Liabilities	87.74	85.51	87.42	73.53	78.57	78.49	69.15	87.45	123.02	139.00
Other Liabilities, Total	87.74	85.51	87.42	73.53	78.57	78.49	69.23	89.60	123.62	139.00
Total Liabilities	2,248.87	2,155.93	2,105.96	2,398.09	2,278.15	2,166.27	2,232.87	2,620.59	2,694.38	2,864.88
Convertible Preferred Stock – Non-Redeemable	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04
Preferred Stock - Non Redeemable, Net	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04
Common Stock	1.72	1.71	1.71	1.77	1.77	1.78	1.75	1.75	1.79	1.57
Common Stock, Total	1.72	1.71	1.71	1.77	1.77	1.78	1.75	1.75	1.79	1.57
Additional Paid-In Capital	3,153.23	3,146.79	3,138.15	3,192.16	3,200.31	3,218.56	3,258.87	3,252.62	3,314.69	2,971.60
Retained Earnings (Accumulated Deficit)	-1,533.21	-1,456.21	-1,338.16	-1,513.68	-1,408.28	-1,393.57	-1,392.57	-1,315.29	-1,171.09	-1,069.99
Treasury Stock - Common	-19.60	-18.49	-17.52	-16.22	-14.02	-12.45	-13.68	-11.92	-6.22	5.41
Other Comprehensive Income	23.50	16.47	9.96	13.85	19.05	14.84	11.94	6.73	1.61	-8.40
Other Equity, Total	23.50	16.47	9.96	13.85	19.05	14.84	11.94	6.73	1.61	-8.40
Total Equity	1,625.63	1,690.27	1,794.14	1,677.88	1,798.83	1,829.18	1,866.34	1,933.93	2,140.83	1,900.22
Total Liabilities & Shareholders' Equity	3,874.51	3,846.20	3,900.11	4,075.97	4,076.98	3,995.45	4,099.21	4,554.51	4,835.21	4,765.10
Shares Outstanding – Common Stock Primary Issue	171.57	171.13	170.57	176.48	176.87	178.29	175.14	174.69	179.29	156.73
Total Common Shares Outstanding	171.57	171.13	170.57	176.48	176.87	178.29	175.14	174.69	179.29	156.73
Treasury Shares – Common Primary Issue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Shares Outstanding - Preferred Issue 5	0.00	0.00	0.00	0.00	0.00	0.00	4.00	4.00	4.00	4.00
Total Preferred Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	4.00	4.00	4.00	4.00
Treasury Shares - Preferred Issue 5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employees	328.00	324.00	341.00	337.00	329.00	342.00	363.00	401.00	424.00	406.00
Part-Time Employees	6.00	3.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Number of Common Shareholders	559.00	564.00	563.00	570.00	589.00	598.00	614.00	635.00	634.00	660.00
Accumulated Intangible Amortization	37.76	44.47	45.60	92.73	65.07	58.83	88.20	74.52	69.82	63.82
Deferred Revenue - Long Term	25.08	23.85	21.40	35.28	28.29	42.59	31.62	30.41	59.45	71.64
Net Debt	1,955.19	1,837.08	1,794.76	2,064.35	2,017.41	1,746.07	1,836.33	2,346.23	2,188.38	2,353.43
Tangible Book Value	1,607.18	1,661.71	1,745.57	1,593.03	1,667.48	1,764.21	1,793.83	1,821.68	2,041.38	1,767.85
Tangible Book Value per Share	9.37	9.71	10.23	9.03	9.43	9.90	10.24	10.43	11.39	11.28
Total Long Term Debt, Supplemental	1,971.41	1,851.61	1,828.61	2,144.05	0.00	1,948.72	2,028.65	2,416.22	0.00	2,599.47
Long Term Debt Maturing within 1 Year	54.30	273.00	0.00	87.23	0.00	6.60	304.93	249.47	0.00	232.38
Long Term Debt Maturing in Year 2	350.00	350.00	250.00	15.14	0.00	7.36	331.60	333.68	0.00	409.65
Long Term Debt Maturing in Year 3	0.00	350.00	350.00	256.33	0.00	86.98	7.36	340.44	0.00	467.71
Long Term Debt Maturing in Year 4	88.50	0.00	350.00	556.74	0.00	6.10	86.98	16.77	0.00	330.32
Long Term Debt Maturing in Year 5	700.00	0.00	0.00	350.00	0.00	256.33	6.10	17.66	0.00	336.95
Long Term Debt Maturing in 2-3 Years	350.00	700.00	600.00	271.48	0.00	94.34	338.96	674.12	0.00	877.36
Long Term Debt Maturing in 4-5 Years	788.50	0.00	350.00	906.74	0.00	262.43	93.08	34.43	0.00	667.28
Long Term Debt Maturing in Year 6 & Beyond	778.61	878.61	878.61	878.61	0.00	1,585.35	1,291.68	1,458.21	0.00	822.45
Total Operating Leases	23.17	22.96	22.76	22.55	0.00	62.37	72.93	74.15	0.00	0.00
Operating Lease Payments Due in Year 1	1.26	1.25	1.23	1.22	0.00	1.21	1.34	1.39	0.00	0.00
Operating Lease Payments Due in Year 2	1.31	1.26	1.25	1.23	0.00	1.21	1.34	1.39	0.00	0.00
Operating Lease Payments Due in Year 3	1.32	1.31	1.26	1.25	0.00	1.21	1.34	1.39	0.00	0.00
Operating Lease Payments Due in Year 4	1.34	1.32	1.31	1.26	0.00	1.21	1.34	1.39	0.00	0.00
Operating Lease Payments Due in Year 5	1.36	1.34	1.32	1.31	0.00	1.21	1.34	1.39	0.00	0.00
Operating Lease Payments Due in 2-3 Years	2.63	2.57	2.51	2.48	0.00	2.42	2.68	2.77	0.00	0.00
Operating Lease Payments Due in 4-5 Years	2.69	2.66	2.63	2.57	0.00	2.42	2.68	2.77	0.00	0.00
Standardized Operating Lease Payments Due in Year 6 and Beyond	16.58	16.49	16.39	16.29	0.00	56.32	66.23	67.23	0.00	0.00
Number of Operating Partnership Units	0.00	823,983.00	0.00	981,634.00	982,871.00	1,479,799.00	1,479,799.00	1,535,102.00	1,763,739.00	1,763,739.00
Net Asset Value (NAV)	1,625.63	1,690.27	1,794.14	1,677.88	1,798.83	0.00	0.00	0.00	0.00	0.00
Number of Units or Properties	72.00	77.00	78.00	90.00	93.00	100.00	113.00	195.00	217.00	272.00
Total Square Meters Available for Lease	1,189,120.00	1,211,382.00	1,246,029.70	1,496,622.90	1,511,834.25	2,145,990.00	2,378,240.00	2,536,170.00	2,898,480.00	2,833,450.00
Average Square Meters Leased	16,515.56	15,732.23	15,974.74	16,629.14	16,256.28	21,459.90	21,046.37	11,572.46	0.00	0.00

Income Statement

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	Year Ending Dec 2022 (Update)	Year Ending Dec 2021 (Update)	Year Ending Dec 2020 (Update)	Year Ending Dec 2019 (Update)	Year Ending Dec 2018 (Restated)	Year Ending Dec 2017 (Restated)	Year Ending Dec 2016 (Update)	Year Ending Dec 2015 (Update)	Year Ending Dec 2014 (Update)	Year Ending Dec 2013 (Update)
Net Sales	506.10	486.82	534.85	580.42	544.35	520.49	525.46	602.63	596.98	562.21
Revenue	506.10	486.82	534.85	580.42	544.35	520.49	525.46	602.63	596.98	562.21
Total Revenue	506.10	486.82	534.85	580.42	544.35	520.49	525.46	602.63	596.98	562.21
Cost of Revenue	192.23	186.17	203.31	223.69	218.10	206.08	209.45	238.09	235.97	221.77
Cost of Revenue, Total	192.23	186.17	203.31	223.69	218.10	206.08	209.45	238.09	235.97	221.77
Gross Profit	313.87	300.65	331.54	356.73	326.25	314.42	316.02	364.54	361.02	340.44
Selling/General/Administrative Expense	37.17	32.30	32.43	34.31	27.80	28.54	26.60	29.41	26.78	27.63
Selling/General/Administrative Expenses, Total	37.17	32.30	32.43	34.31	27.80	28.54	26.60	29.41	26.78	27.63
Depreciation	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57	197.02
Depreciation/Amortization	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57	197.02
Impairment-Assets Held for Use	4.66	0.70	--	0.00	71.71	3.06	40.52	82.21	1.77	--
Other Unusual Expense (Income)	0.44	--	--	0.00	0.11	3.93	66.59	0.00	7.59	2.12
Unusual Expense (Income)	5.10	0.70	--	0.00	71.81	6.99	107.11	82.21	9.36	2.12
Total Operating Expense	412.49	397.27	424.03	468.01	493.71	421.93	532.83	568.73	480.67	448.54
Operating Income	93.61	89.55	110.83	112.41	50.63	98.57	-7.36	33.90	116.31	113.67
Interest Expense - Non-Operating	-82.37	-74.14	-81.47	-84.28	-80.70	-84.32	-88.08	-116.51	-130.62	-127.59
Interest Capitalized - Non-Operating	10.52	8.69	4.65	--	--	--	--	--	--	--
Interest Expense, Net Non-Operating	-71.86	-65.45	-76.82	-84.28	-80.70	-84.32	-88.08	-116.51	-130.62	-127.59
Interest Income, Non-Operating	1.91	8.30	1.94	2.32	4.70	1.11	1.24	1.22	3.97	1.04
Investment Income, Non-Operating	-22.02	-26.00	-18.58	-9.92	-15.23	-8.31	-11.50	-0.05	-1.16	10.53
Interest/Investment Income, Non-Operating	-20.11	-17.71	-16.65	-7.60	-10.53	-7.19	-10.27	1.17	2.81	11.57
Interest Income (Expense), Net-Non-Operating, Total	-91.97	-83.16	-93.46	-91.88	-91.23	-91.51	-98.35	-115.34	-127.81	-116.01
Gain (Loss) on Sale of Assets	52.40	6.02	289.74	14.02	176.49	113.50	146.22	30.74	5.67	29.47
Other Non-Operating Income (Expense)	--	--	--	--	--	--	0.00	19.96	11.85	11.85
Other, Net	--	--	--	--	--	--	0.00	19.96	11.85	11.85
Net Income Before Taxes	54.05	12.41	307.10	34.54	135.90	120.55	40.50	-30.74	6.02	38.98
Income Tax – Total	0.06	0.05	-0.22	0.01	0.42	-0.63	--	--	--	0.00
Income After Tax	53.99	12.37	307.33	34.53	135.47	121.18	40.50	-30.74	6.02	38.98
Minority Interest	-0.17	-0.08	-1.80	-0.26	-0.95	-1.00	-0.31	0.34	0.04	-0.41
Net Income Before Extraordinary Items	53.82	12.29	305.53	34.27	134.52	120.17	40.19	-30.40	6.07	38.57
Discontinued Operations	--	--	--	--	--	--	0.00	0.00	0.91	4.21
Total Extraordinary Items	--	--	--	--	--	--	0.00	0.00	0.91	4.21
Net Income	53.82	12.29	305.53	34.27	134.52	120.17	40.19	-30.40	6.98	42.78
Preferred Dividends	--	--	--	0.00	0.00	-5.21	-6.90	-6.90	-6.90	-6.90
Miscellaneous Earnings Adjustment	-0.46	-0.42	-0.41	-0.40	-0.37	-0.33	-0.34	-0.33	-0.35	-0.36
Total Adjustments to Net Income	-0.46	-0.42	-0.41	-0.40	-0.37	-5.54	-7.24	-7.23	-7.25	-7.26
Income Available to Common Excluding Extraordinary Items	53.37	11.87	305.12	33.87	134.15	114.63	32.95	-37.63	-1.18	31.31
Income Available to Common Stocks Including Extraordinary Items	53.37	11.87	305.12	33.87	134.15	114.63	32.95	-37.63	-0.27	35.51
Basic Weighted Average Shares	171.49	170.88	171.93	176.13	178.52	175.48	175.02	178.16	166.20	153.14
Basic EPS Excluding Extraordinary Items	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	-0.01	0.20
Basic EPS Including Extraordinary Items	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	0.00	0.23
Dilution Adjustment	--	--	--	--	--	--	--	--	0.00	--
Diluted Net Income	53.37	11.87	305.12	33.87	134.15	114.63	32.95	-37.63	-0.27	35.51
Diluted Weighted Average Shares	172.33	172.27	172.32	176.69	179.64	176.81	176.01	178.16	166.20	154.41
Diluted EPS Excluding Extraordinary Items	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	-0.01	0.20
Diluted EPS Including Extraordinary Items	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	0.00	0.23
DPS - Common Stock Primary Issue	0.76	0.76	0.76	0.76	0.72	0.64	0.63	0.60	0.60	0.30
Gross Dividends - Common Stock	130.82	130.35	130.01	134.32	130.17	116.64	110.61	106.90	101.16	92.41
Total Special Items	-47.30	-5.32	-289.74	-14.02	-104.68	-106.51	-39.11	51.46	3.69	-27.35
Normalized Income Before Taxes	6.74	7.09	17.37	20.53	31.22	14.04	1.39	20.72	9.72	11.63
Effect of Special Items on Income Taxes	-0.05	-0.02	-101.41	0.00	-0.33	-37.28	0.00	0.00	0.00	0.00
Income Taxes Excluding Impact of Special Items	0.01	0.03	-101.63	0.01	0.10	-37.91	0.00	0.00	0.00	0.00
Normalized Income After Taxes	6.74	7.06	119.00	20.52	31.12	51.95	1.39	20.72	9.72	11.63
Normalized Income Available to Common	6.11	6.57	116.79	19.86	29.80	45.40	-6.16	13.83	2.51	3.96
Basic Normalized EPS	0.04	0.04	0.68	0.11	0.17	0.26	-0.04	0.08	0.02	0.03
Diluted Normalized EPS	0.04	0.04	0.68	0.11	0.17	0.26	-0.03	0.08	0.02	0.03
Funds From Operations - REIT	238.23	237.64	240.49	253.35	247.62	--	166.98	261.79	227.66	210.37
Depreciation, Supplemental	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57	198.73
Interest Expense, Supplemental	71.86	65.45	76.82	82.03	77.11	80.79	75.25	104.36	123.82	124.45
Interest Capitalized, Supplemental	-10.52	-8.69	-4.65	-2.25	-3.59	-3.53	-12.84	-12.15	-6.80	-3.14
Rental Expense, Supplemental	2.10	2.10	2.10	2.15	--	--	--	--	--	--
Stock-Based Compensation, Supplemental	7.72	6.35	6.24	10.03	5.85	6.70	4.31	7.30	6.10	8.30
Equity in Affiliates, Supplemental	-22.02	-26.00	-18.58	-9.92	-15.23	-8.31	-11.50	-0.81	-0.79	3.66
Minority Interest, Supplemental	-0.17	-0.08	-1.80	-0.26	-0.95	-1.00	-0.31	0.34	0.04	-0.41
Audit-Related Fees, Supplemental	--	1.23	1.23	1.53	1.26	--	1.28	1.23	1.18	0.86
Audit-Related Fees	--	0.00	0.00	0.00	0.00	--	0.00	0.00	0.00	0.00
Tax Fees, Supplemental	--	0.00	0.00	0.00	0.00	--	0.00	0.00	0.00	0.00
All Other Fees Paid to Auditor, Supplemental	--	0.00	0.00	0.00	0.00	--	0.00	0.00	0.00	0.00
Gross Margin	62.02	61.76	61.99	61.46	59.93	60.41	60.14	60.49	60.47	60.55
Operating Margin	18.50	18.40	20.72	19.37	9.30	18.94	-1.40	5.63	19.48	20.22
Pretax Margin	10.68	2.55	57.42	5.95	24.96	23.16	7.71	-5.10	1.01	6.93
Effective Tax Rate	0.10	0.38	-0.07	0.03	0.31	-0.52	--	--	--	0.00
Net Profit Margin	10.54	2.44	57.05	5.84	24.64	22.02	6.27	-6.24	-0.20	5.57
Normalized EBIT	98.71	90.25	110.83	112.41	122.44	105.56	99.74	116.11	125.67	115.79
Normalized EBITDA	276.69	268.36	299.11	322.42	298.44	285.88	289.42	335.14	334.24	314.52
Defined Contribution Expense - Domestic	0.40	0.40	0.50	0.40	--	--	0.40	0.40	0.40	0.40
Total Pension Expense	0.40	0.40	0.50	0.40	--	--	0.40	0.40	0.40	0.40
FFO per Share (Diluted)	1.38	1.37	1.39	1.43	1.37	1.29	0.94	1.45	1.34	1.35
Net Operating Income (NOI)	311.70	298.51	329.40	354.57	326.25	314.49	316.02	364.54	361.02	--

Cash Flow

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	Year Ending Dec 2022 (Update)	Year Ending Dec 2021 (Update)	Year Ending Dec 2020 (Update)	Year Ending Dec 2019 (Update)	Year Ending Dec 2018 (Reclassified)	Year Ending Dec 2017 (Reclassified)	Year Ending Dec 2016 (Restated)	Year Ending Dec 2015 (Reclassified)	Year Ending Dec 2014 (Update)	Year Ending Dec 2013 (Update)
Net Income/Starting Line	53.99	12.37	307.33	34.53	135.47	121.18	40.50	-30.74	6.94	43.19
Depreciation – Supplemental	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57	198.73
Depreciation/Depletion	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57	198.73
Deferred Taxes	0.06	0.05	-0.22	0.01	0.42	-0.63	--	--
Unusual Items	-47.30	-6.02	-289.74	-14.02	-72.32	-101.66	-39.11	51.28	3.23	-37.60
Equity in Net Earnings (Loss)	23.52	26.70	18.58	10.24	12.87	3.46	12.13	2.03	1.95
Other Non-Cash Items	-8.62	-9.93	-8.14	-10.27	-32.79	-18.93	-25.13	-46.10	-25.17	-25.08
Non-Cash Items	-32.40	10.75	-279.30	-14.04	-92.23	-117.13	-52.11	7.21	-19.98	-62.68
Accounts Receivable	1.33	2.51	-2.03	-0.25	3.52	-6.27	2.37	-0.85	-2.87	-4.05
Other Assets	-1.12	-19.33	-5.03	9.37	-14.33	1.75	0.54	0.84	-4.11	5.44
Payable/Accrued	5.41	2.97	14.37	-5.60	12.58	4.00	-8.00	4.08	0.96	-0.53
Other Liabilities	4.07	3.45	2.41	0.20	5.92	-0.65	0.82	-2.42	-0.52	3.37
Changes in Working Capital	9.68	-10.39	9.72	3.73	7.69	-1.16	-4.27	1.66	-6.53	4.24
Cash from Operating Activities	209.31	190.87	225.81	234.23	227.35	182.58	173.80	197.15	189.00	183.48
Purchase of Fixed Assets	-266.46	-135.12	-202.20	-198.30	-409.22	-234.70	-274.90	-539.43	-255.37	-282.72
Capital Expenditures	-266.46	-135.12	-202.20	-198.30	-409.22	-234.70	-274.90	-539.43	-255.37	-282.72
Sale of Fixed Assets	64.21	10.30	278.11	51.53	384.44	317.28	805.35	316.13	118.86	440.44
Sale/Maturity of Investment	46.90	27.03	9.00	3.34	0.19	0.15	--	88.00		--
Purchase of Investments	-47.43	-31.64	-0.72	-2.43	-176.08	-6.64	-31.99	-68.55	-46.10	-33.07
Other Investing Cash Flow	12.19	29.12	-65.91	15.21	-13.83	3.72	2.44	37.40	-88.17	-19.95
Other Investing Cash Flow Items, Total	75.87	34.81	220.49	67.64	194.72	314.50	775.81	372.98	-15.41	387.42
Cash from Investing Activities	-190.59	-100.32	18.29	-130.66	-214.51	79.80	500.91	-166.45	-270.79	104.71
Other Financing Cash Flow	-13.27	0.32	-2.09	-4.24	-6.07	-6.31	-2.20	-7.15	-4.77	-1.44
Financing Cash Flow Items	-13.27	0.32	-2.09	-4.24	-6.07	-6.31	-2.20	-7.15	-4.77	-1.44
Cash Dividends Paid - Common	-130.72	-130.26	-131.15	-134.14	-128.86	-116.31	-115.70	-114.33	-104.73	-97.37
Total Cash Dividends Paid	-130.72	-130.26	-131.15	-134.14	-128.86	-116.31	-115.70	-114.33	-104.73	-97.37
Sale/Issuance of Common				--	0.42	51.23	--	--	335.02
Repurchase/Retirement of Common		--	-60.00	-17.28	-21.84	--	--	-67.32
Common Stock, Net		--	-60.00	-17.28	-21.43	51.23	--	-67.32	335.02
Sale/Issuance of Preferred										--
Repurchase/Retirement of Preferred	-4.01	-2.33		--	-7.04	-100.00	--	--		--
Preferred Stock, Net	-4.01	-2.33		--	-7.04	-100.00	--	--		--
Options Exercised	--	-0.06	0.05	3.77	--	1.23	1.29	0.13	2.14	2.38
Issuance (Retirement) of Stock, Net	-4.01	-2.40	-59.95	-13.51	-28.47	-47.55	1.29	-67.19	337.16	2.38
Long Term Debt Issued	828.00	154.00	318.00	564.87	455.50	891.13	281.90	269.00	496.46	367.53
Long Term Debt Reduction	-708.63	-131.00	-412.99	-448.60	-485.18	-974.52	-702.07	-311.84	-648.04	-297.64
Long Term Debt, Net	119.37	23.00	-94.99	116.28	-29.68	-83.39	-420.17	-42.84	-151.58	69.89
Issuance (Retirement) of Debt, Net	119.37	23.00	-94.99	116.28	-29.68	-83.39	-420.17	-42.84	-151.58	69.89
Cash from Financing Activities	-28.63	-109.34	-288.19	-35.61	-193.07	-253.56	-536.79	-231.51	76.08	-26.53
Net Change in Cash	-9.91	-18.78	-44.09	67.96	-180.23	8.82	137.92	-200.81	-5.71	261.66
Net Cash - Beginning Balance	28.30	47.08	91.17	23.21	203.44	194.62	56.69	257.50	263.21	1.55
Net Cash - Ending Balance	18.39	28.30	47.08	91.17	23.21	203.44	194.62	56.69	257.50	263.21
Cash Interest Paid	85.76	72.39	79.50	66.51	76.86	83.14	97.84	124.95	129.16	118.71
Cash Taxes Paid	0.90	0.79	0.69	1.39	0.41	0.23	--	--

In millions of USD (except for per share items)