Financial Fundamentals | Brandywine Realty Trust

Balance Sheet

	Year Ending Dec 2023 (Update)	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)
Cash & Equivalents	58.32	17.55	27.46	46.34	90.50	22.84	202.18	193.92	56.69	257.50
Cash and Short Term Investments	58.32	17.55	27.46	46.34	90.50	22.84	202.18	193.92	56.69	257.50
Accounts Receivable - Trade, Gross	201.36	194.72	183.22	173.99	198.48	194.56	204.81	178.19	162.22	152.81
Provision for Doubtful Accounts	-2.67	-3.95	-4.13	-5.09	-7.98	-12.92	-17.11	-16.12	0.00	0.00
Accounts Receivable - Trade, Net	198.69	190.77	179.09	168.91	190.51	181.64	187.70	162.07	162.22	152.81
Total Receivables, Net	198.69	190.77	179.09	168.91	190.51	181.64	187.70	162.07	162.22	152.81
Other Property/Plant/Equipment - Gross	3,788.03	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
Property/Plant/Equipment, Total - Gross	3,788.03	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
Accumulated Depreciation, Total	-1,131.79	-1,063.06	-957.45	-896.56	-973.32	-885.41	-895.09	-852.48	-867.04	-1,067.83
Property/Plant/Equipment, Total - Net	2,675.27	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
Intangibles - Gross	24.47	56.21	73.03	94.17	177.58	196.42	123.81	160.68	186.73	169.22
Accumulated Intangible Amortization	-16.77	-37.76	-44.47	-45.60	-92.73	-65.07	-58.83	-88.20	-74.52	-69.82
Intangibles, Net	7.69	18.45	28.56	48.57	84.85	131.35	64.97	72.48	112.20	99.40
LT Investment - Affiliate Companies	601.23	567.64	435.51	401.33	120.29	169.10	194.62	281.33	241.00	225.00
Long Term Investments	601.23	567.64	435.51	401.33	120.29	169.10	194.62	281.33	241.00	225.00
Note Receivable - Long Term	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	88.00
Deferred Charges	95.98	96.64	86.86	84.86	95.56	91.08	96.70	91.34	101.42	101.26
Discontinued Operations - Long Term Asset	0.00	0.00	0.56	7.35	7.35	11.60	0.39	41.72	583.78	18.30
Restricted Cash - Long Term	9.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Long Term Assets, Total	105.20	96.64	87.42	92.21	102.91	102.67	97.09	133.06	685.20	119.56
Other Assets	86.05	78.67	133.09	176.75	115.68	126.40	92.20	74.10	71.76	65.11
Other Assets, Total	86.05	78.67	133.09	176.75	115.68	126.40	92.20	74.10	71.76	65.11
Total Assets	3,732.45	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
Payable/Accrued	123.83	132.44	150.15	121.98	113.35	125.70	107.07	103.40	99.86	96.05
Accrued Expenses	23.37	23.17	22.96	22.76	22.55	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	26.02	32.79	32.77	32.71	33.82	33.63	32.46	30.03	28.25	28.87
Other Current liabilities, Total	26.02	32.79	32.77	32.71	33.82	33.63	32.46	30.03	28.25	28.87
Long Term Debt	2,138.83	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
Total Long Term Debt	2,138.83	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
Total Debt	2,138.83	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
Minority Interest	6.77	7.70	10.95	10.51	10.43	12.20	17.42	17.09	18.17	18.50
Discontinued Operations - Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.08	2.15	0.60
Other Liabilities	96.25	87.74	85.51	87.42	73.53	78.57	78.49	69.15	87.45	123.02
Other Liabilities, Total	96.25	87.74	85.51	87.42	73.53	78.57	78.49	69.23	89.60	123.62
Total Liabilities	2,415.06	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
Convertible Preferred Stock – Non-Redeemable	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04
Preferred Stock - Non Redeemable, Net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04
Common Stock	1.72	1.72	1.71	1.71	1.77	1.77	1.78	1.75	1.75	1.79
Common Stock, Total	1.72	1.72	1.71	1.71	1.77	1.77	1.78	1.75	1.75	1.79
Additional Paid-In Capital	3,163.95	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
Retained Earnings (Accumulated Deficit)	-1,847.62	-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
Treasury Stock - Common	-19.97	-19.60	-18.49	-17.52	-16.22	-14.02	-12.45	-13.68	-11.92	-6.22
Other Comprehensive Income	19.30	23.50	16.47	9.96	13.85	19.05	14.84	11.94	6.73	1.61
Other Equity, Total	19.30	23.50	16.47	9.96	13.85	19.05	14.84	11.94	6.73	1.61
Total Equity	1,317.38	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
Total Liabilities & Shareholders' Equity	3,732.45	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
Shares Outstanding – Common Stock Primary Issue	172.10	171.57	171.13	170.57	176.48	176.87	178.29	175.14	174.69	179.29
Total Common Shares Outstanding	172.10	171.57	171.13	170.57	176.48	176.87	178.29	175.14	174.69	179.29
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	0.00	4.00	4.00	4.00
Total Preferred Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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	323.00	328.00	324.00	341.00	337.00	329.00	342.00	363.00	401.00	424.00
Part-Time Employees	8.00	6.00	3.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Number of Common Shareholders	561.00	559.00	564.00	563.00	570.00	589.00	598.00	614.00	635.00	634.00
Accumulated Intangible Amortization	16.77	37.76	44.47	45.60	92.73	65.07	58.83	88.20	74.52	69.82
Deferred Revenue - Long Term	24.25	25.08	23.85	21.40	35.28	28.29	42.59	31.62	30.41	59.45
Net Debt	2,087.29	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
Tangible Book Value	1,309.69	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
Tangible Book Value per Share	7.61	9.37	9.71	10.23	9.03	9.43	9.90	10.24	10.43	11.39
Total Long Term Debt, Supplemental	2,147.43	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
Long Term Debt Maturing within 1 Year	340.00	54.30	273.00	0.00	87.23	0.00	6.60	304.93	249.47	0.00
Long Term Debt Maturing in Year 2	70.00	350.00	350.00	250.00	15.14	0.00	7.36	331.60	333.68	0.00
Long Term Debt Maturing in Year 3	13.82	0.00	350.00	350.00	256.33	0.00	86.98	7.36	340.44	0.00
Long Term Debt Maturing in Year 4	700.00	88.50	0.00	350.00	556.74	0.00	6.10	86.98	16.77	0.00
Long Term Debt Maturing in Year 5	595.00	700.00	0.00	0.00	350.00	0.00	256.33	6.10	17.66	0.00
Long Term Debt Maturing in 2-3 Years	83.82	350.00	700.00	600.00	271.48	0.00	94.34	338.96	674.12	0.00
Long Term Debt Maturing in 4-5 Years	1,295.00	788.50	0.00	350.00	906.74	0.00	262.43	93.08	34.43	0.00
Long Term Debt Maturing in Year 6 & Beyond	428.61	778.61	878.61	878.61	878.61	0.00	1,585.35	1,291.68	1,458.21	0.00
Total Operating Leases	23.37	23.17	22.96	22.76	22.55	0.00	62.37	72.93	74.15	0.00
Operating Lease Payments Due in Year 1	1.31	1.26	1.25	1.23	1.22	0.00	1.21	1.34	1.39	0.00
Operating Lease Payments Due in Year 2	1.32	1.31	1.26	1.25	1.23	0.00	1.21	1.34	1.39	0.00
Operating Lease Payments Due in Year 3	1.34	1.32	1.31	1.26	1.25	0.00	1.21	1.34	1.39	0.00
Operating Lease Payments Due in Year 4	1.36	1.34	1.32	1.31	1.26	0.00	1.21	1.34	1.39	0.00
Operating Lease Payments Due in Year 5	1.37	1.36	1.34	1.32	1.31	0.00	1.21	1.34	1.39	0.00
Operating Lease Payments Due in 2-3 Years	2.66	2.63	2.57	2.51	2.48	0.00	2.42	2.68	2.77	0.00
Operating Lease Payments Due in 4-5 Years	2.73	2.69	2.66	2.63	2.57	0.00	2.42	2.68	2.77	0.00
Standardized Operating Lease Payments Due in Year 6 and Beyond	16.68	16.58	16.49	16.39	16.29	0.00	56.32	66.23	67.23	0.00
Number of Operating Partnership Units	515,595.00	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
Net Asset Value (NAV)	1,317.38	1,625.63	1,690.27	1,794.14	1,677.88	1,798.83	0.00	0.00	0.00	0.00
Number of Units or Properties	69.00	72.00	77.00	78.00	90.00	93.00	100.00	113.00	195.00	217.00
Total Square Meters Available for Lease	1,179,654.88	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
Average Square Meters Leased	17,096.45	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

Income Statement

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	Year Ending Dec 2023 (Update)	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)
Net Sales	514.65	506.10	486.82	534.85	580.42	544.35	520.49	525.46	602.63	596.98
Revenue	514.65	506.10	486.82	534.85	580.42	544.35	520.49	525.46	602.63	596.98
Total Revenue	514.65	506.10	486.82	534.85	580.42	544.35	520.49	525.46	602.63	596.98
Cost of Revenue	187.79	192.23	186.17	203.31	223.69	218.10	206.08	209.45	238.09	235.97
Cost of Revenue, Total	187.79	192.23	186.17	203.31	223.69	218.10	206.08	209.45	238.09	235.97
Gross Profit	326.86	313.87	300.65	331.54	356.73	326.25	314.42	316.02	364.54	361.02
Selling/General/Administrative Expense	37.02	37.17	32.30	32.43	34.31	27.80	28.54	26.60	29.41	26.78
Selling/General/Administrative Expenses, Total	37.02	37.17	32.30	32.43	34.31	27.80	28.54	26.60	29.41	26.78
Depreciation	188.80	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57
Depreciation/Amortization	188.80	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57
Impairment-Assets Held for Use	168.75	4.66	0.70	--	0.00	71.71	3.06	40.52	82.21	1.77
Other Unusual Expense (Income)	-0.14	0.44	--	--	0.00	0.11	3.93	66.59	0.00	7.59
Unusual Expense (Income)	168.61	5.10	0.70	--	0.00	71.81	6.99	107.11	82.21	9.36
Total Operating Expense	582.22	412.49	397.27	424.03	468.01	493.71	421.93	532.83	568.73	480.67
Operating Income	-67.57	93.61	89.55	110.83	112.41	50.63	98.57	-7.36	33.90	116.31
Interest Expense - Non-Operating	-116.24	-82.37	-74.14	-81.47	-84.28	-80.70	-84.32	-88.08	-116.51	-130.62
Interest Capitalized - Non-Operating	16.41	10.52	8.69	4.65	--	--	--	--	--	--
Interest Expense, Net Non-Operating	-99.83	-71.86	-65.45	-76.82	-84.28	-80.70	-84.32	-88.08	-116.51	-130.62
Interest Income, Non-Operating	1.67	1.91	8.30	1.94	2.32	4.70	1.11	1.24	1.22	3.97
Investment Income, Non-Operating	-40.74	-22.02	-26.00	-18.58	-9.92	-15.23	-8.31	-11.50	-0.05	-1.16
Interest/Investment Income, Non-Operating	-39.07	-20.11	-17.71	-16.65	-7.60	-10.53	-7.19	-10.27	1.17	2.81
Interest Income (Expense), Net-Non-Operating, Total	-138.89	-91.97	-83.16	-93.46	-91.88	-91.23	-91.51	-98.35	-115.34	-127.81
Gain (Loss) on Sale of Assets	9.13	52.40	6.02	289.74	14.02	176.49	113.50	146.22	30.74	5.67
Other Non-Operating Income (Expense)	--	--	--	--	--	--	--	0.00	19.96	11.85
Other, Net	--	--	--	--	--	--	--	0.00	19.96	11.85
Net Income Before Taxes	-197.33	54.05	12.41	307.10	34.54	135.90	120.55	40.50	-30.74	6.02
Income Tax – Total	0.07	0.06	0.05	-0.22	0.01	0.42	-0.63	--	--	--
Income After Tax	-197.40	53.99	12.37	307.33	34.53	135.47	121.18	40.50	-30.74	6.02
Minority Interest	0.61	-0.17	-0.08	-1.80	-0.26	-0.95	-1.00	-0.31	0.34	0.04
Net Income Before Extraordinary Items	-196.79	53.82	12.29	305.53	34.27	134.52	120.17	40.19	-30.40	6.07
Discontinued Operations	--	--	--	--	--	--	--	0.00	0.00	0.91
Total Extraordinary Items	--	--	--	--	--	--	--	0.00	0.00	0.91
Net Income	-196.79	53.82	12.29	305.53	34.27	134.52	120.17	40.19	-30.40	6.98
Preferred Dividends	--	--	--	--	0.00	0.00	-5.21	-6.90	-6.90	-6.90
Miscellaneous Earnings Adjustment	-0.57	-0.46	-0.42	-0.41	-0.40	-0.37	-0.33	-0.34	-0.33	-0.35
Total Adjustments to Net Income	-0.57	-0.46	-0.42	-0.41	-0.40	-0.37	-5.54	-7.24	-7.23	-7.25
Income Available to Common Excluding Extraordinary Items	-197.36	53.37	11.87	305.12	33.87	134.15	114.63	32.95	-37.63	-1.18
Income Available to Common Stocks Including Extraordinary Items	-197.36	53.37	11.87	305.12	33.87	134.15	114.63	32.95	-37.63	-0.27
Basic Weighted Average Shares	171.96	171.49	170.88	171.93	176.13	178.52	175.48	175.02	178.16	166.20
Basic EPS Excluding Extraordinary Items	-1.15	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	-0.01
Basic EPS Including Extraordinary Items	-1.15	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	0.00
Dilution Adjustment	--	--	--	--	--	--	--	--	--	0.00
Diluted Net Income	-197.36	53.37	11.87	305.12	33.87	134.15	114.63	32.95	-37.63	-0.27
Diluted Weighted Average Shares	171.96	172.33	172.27	172.32	176.69	179.64	176.81	176.01	178.16	166.20
Diluted EPS Excluding Extraordinary Items	-1.15	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	-0.01
Diluted EPS Including Extraordinary Items	-1.15	0.31	0.07	1.77	0.19	0.75	0.65	0.19	-0.21	0.00
DPS - Common Stock Primary Issue	0.69	0.76	0.76	0.76	0.76	0.72	0.64	0.63	0.60	0.60
Gross Dividends - Common Stock	117.62	130.82	130.35	130.01	134.32	130.17	116.64	110.61	106.90	101.16
Total Special Items	159.48	-47.30	-5.32	-289.74	-14.02	-104.68	-106.51	-39.11	51.46	3.69
Normalized Income Before Taxes	-37.85	6.74	7.09	17.37	20.53	31.22	14.04	1.39	20.72	9.72
Effect of Special Items on Income Taxes	55.82	-0.05	-0.02	-101.41	0.00	-0.33	-37.28	0.00	0.00	0.00
Income Taxes Excluding Impact of Special Items	55.89	0.01	0.03	-101.63	0.01	0.10	-37.91	0.00	0.00	0.00
Normalized Income After Taxes	-93.74	6.74	7.06	119.00	20.52	31.12	51.95	1.39	20.72	9.72
Normalized Income Available to Common	-93.69	6.11	6.57	116.79	19.86	29.80	45.40	-6.16	13.83	2.51
Basic Normalized EPS	-0.54	0.04	0.04	0.68	0.11	0.17	0.26	-0.04	0.08	0.02
Diluted Normalized EPS	-0.54	0.04	0.04	0.68	0.11	0.17	0.26	-0.03	0.08	0.02
Funds From Operations - REIT	198.30	238.23	237.64	240.49	253.35	247.62	--	166.98	261.79	227.66
Depreciation, Supplemental	188.80	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57
Interest Expense, Supplemental	99.83	71.86	65.45	76.82	82.03	77.11	80.79	75.25	104.36	123.82
Interest Capitalized, Supplemental	-16.41	-10.52	-8.69	-4.65	-2.25	-3.59	-3.53	-12.84	-12.15	-6.80
Rental Expense, Supplemental	2.10	2.10	2.10	2.10	2.15	--	--	--	--	--
Stock-Based Compensation, Supplemental	10.88	7.72	6.35	6.24	10.03	5.85	6.70	4.31	7.30	6.10
Equity in Affiliates, Supplemental	-40.74	-22.02	-26.00	-18.58	-9.92	-15.23	-8.31	-11.50	-0.81	-0.79
Minority Interest, Supplemental	0.61	-0.17	-0.08	-1.80	-0.26	-0.95	-1.00	-0.31	0.34	0.04
Audit-Related Fees, Supplemental	--	1.43	1.23	1.23	1.53	1.26	--	1.28	1.23	1.18
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	63.51	62.02	61.76	61.99	61.46	59.93	60.41	60.14	60.49	60.47
Operating Margin	-13.13	18.50	18.40	20.72	19.37	9.30	18.94	-1.40	5.63	19.48
Pretax Margin	-38.34	10.68	2.55	57.42	5.95	24.96	23.16	7.71	-5.10	1.01
Effective Tax Rate	--	0.10	0.38	-0.07	0.03	0.31	-0.52	--	--	--
Net Profit Margin	-38.35	10.54	2.44	57.05	5.84	24.64	22.02	6.27	-6.24	-0.20
Normalized EBIT	101.05	98.71	90.25	110.83	112.41	122.44	105.56	99.74	116.11	125.67
Normalized EBITDA	289.84	276.69	268.36	299.11	322.42	298.44	285.88	289.42	335.14	334.24
Defined Contribution Expense - Domestic	0.70	0.40	0.40	0.50	0.40	--	--	0.40	0.40	0.40
Total Pension Expense	0.70	0.40	0.40	0.50	0.40	--	--	0.40	0.40	0.40
FFO per Share (Diluted)	1.15	1.38	1.37	1.39	1.43	1.37	1.29	0.94	1.45	1.34
Net Operating Income (NOI)	324.70	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 2023 (Update)	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)
Net Income/Starting Line	-197.40	53.99	12.37	307.33	34.53	135.47	121.18	40.50	-30.74	6.94
Depreciation – Supplemental	188.80	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57
Depreciation/Depletion	188.80	177.98	178.11	188.28	210.01	176.00	180.32	189.68	219.03	208.57
Deferred Taxes	0.07	0.06	0.05	-0.22	0.01	0.42	-0.63	--	--
Unusual Items	122.31	-47.30	-6.02	-289.74	-14.02	-72.32	-101.66	-39.11	51.28	3.23
Equity in Net Earnings (Loss)	77.92	23.52	26.70	18.58	10.24	12.87	3.46	12.13	2.03	1.95
Other Non-Cash Items	3.43	-8.62	-9.93	-8.14	-10.27	-32.79	-18.93	-25.13	-46.10	-25.17
Non-Cash Items	203.66	-32.40	10.75	-279.30	-14.04	-92.23	-117.13	-52.11	7.21	-19.98
Accounts Receivable	0.24	1.33	2.51	-2.03	-0.25	3.52	-6.27	2.37	-0.85	-2.87
Other Assets	-2.83	-1.12	-19.33	-5.03	9.37	-14.33	1.75	0.54	0.84	-4.11
Payable/Accrued	-12.93	5.41	2.97	14.37	-5.60	12.58	4.00	-8.00	4.08	0.96
Other Liabilities	-2.33	4.07	3.45	2.41	0.20	5.92	-0.65	0.82	-2.42	-0.52
Changes in Working Capital	-17.85	9.68	-10.39	9.72	3.73	7.69	-1.16	-4.27	1.66	-6.53
Cash from Operating Activities	177.27	209.31	190.87	225.81	234.23	227.35	182.58	173.80	197.15	189.00
Purchase of Fixed Assets	-164.21	-266.46	-135.12	-202.20	-198.30	-409.22	-234.70	-274.90	-539.43	-255.37
Capital Expenditures	-164.21	-266.46	-135.12	-202.20	-198.30	-409.22	-234.70	-274.90	-539.43	-255.37
Sale of Fixed Assets	76.80	64.21	10.30	278.11	51.53	384.44	317.28	805.35	316.13	118.86
Sale/Maturity of Investment	3.79	46.90	27.03	9.00	3.34	0.19	0.15	--	88.00
Purchase of Investments	-85.92	-47.43	-31.64	-0.72	-2.43	-176.08	-6.64	-31.99	-68.55	-46.10
Other Investing Cash Flow	-5.38	12.19	29.12	-65.91	15.21	-13.83	3.72	2.44	37.40	-88.17
Other Investing Cash Flow Items, Total	-10.71	75.87	34.81	220.49	67.64	194.72	314.50	775.81	372.98	-15.41
Cash from Investing Activities	-174.91	-190.59	-100.32	18.29	-130.66	-214.51	79.80	500.91	-166.45	-270.79
Other Financing Cash Flow	-5.11	-13.27	0.32	-2.09	-4.24	-6.07	-6.31	-2.20	-7.15	-4.77
Financing Cash Flow Items	-5.11	-13.27	0.32	-2.09	-4.24	-6.07	-6.31	-2.20	-7.15	-4.77
Cash Dividends Paid - Common	-124.26	-130.72	-130.26	-131.15	-134.14	-128.86	-116.31	-115.70	-114.33	-104.73
Total Cash Dividends Paid	-124.26	-130.72	-130.26	-131.15	-134.14	-128.86	-116.31	-115.70	-114.33	-104.73
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
Repurchase/Retirement of Preferred	-0.01	-4.01	-2.33		--	-7.04	-100.00	--	--
Preferred Stock, Net	-0.01	-4.01	-2.33		--	-7.04	-100.00	--	--
Options Exercised	--	--	-0.06	0.05	3.77	--	1.23	1.29	0.13	2.14
Issuance (Retirement) of Stock, Net	-0.01	-4.01	-2.40	-59.95	-13.51	-28.47	-47.55	1.29	-67.19	337.16
Long Term Debt Issued	543.82	828.00	154.00	318.00	564.87	455.50	891.13	281.90	269.00	496.46
Long Term Debt Reduction	-367.66	-708.63	-131.00	-412.99	-448.60	-485.18	-974.52	-702.07	-311.84	-648.04
Long Term Debt, Net	176.16	119.37	23.00	-94.99	116.28	-29.68	-83.39	-420.17	-42.84	-151.58
Issuance (Retirement) of Debt, Net	176.16	119.37	23.00	-94.99	116.28	-29.68	-83.39	-420.17	-42.84	-151.58
Cash from Financing Activities	46.79	-28.63	-109.34	-288.19	-35.61	-193.07	-253.56	-536.79	-231.51	76.08
Net Change in Cash	49.15	-9.91	-18.78	-44.09	67.96	-180.23	8.82	137.92	-200.81	-5.71
Net Cash - Beginning Balance	18.39	28.30	47.08	91.17	23.21	203.44	194.62	56.69	257.50	263.21
Net Cash - Ending Balance	67.53	18.39	28.30	47.08	91.17	23.21	203.44	194.62	56.69	257.50
Cash Interest Paid	107.84	85.76	72.39	79.50	66.51	76.86	83.14	97.84	124.95	129.16
Cash Taxes Paid	0.55	0.90	0.79	0.69	1.39	0.41	0.23	--	--

In millions of USD (except for per share items)