Fundamentals - Income Statement

  Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Reclassified) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update)
Net Sales 5,755.19 5,645.29 5,527.34 5,435.23 5,266.10
Revenue 5,755.19 5,645.29 5,527.34 5,435.23 5,266.10
Total Revenue 5,755.19 5,645.29 5,527.34 5,435.23 5,266.10
Cost of Revenue 1,021.64 1,007.96 980.08 971.15 960.19
Cost of Revenue, Total 1,021.64 1,007.96 980.08 971.15 960.19
Gross Profit 4,733.55 4,637.32 4,547.26 4,464.08 4,305.91
Selling/General/Administrative Expense 224.97 183.22 187.12 262.25 254.00
Advertising Expense 150.34 151.24 150.87 142.80 134.85
Selling/General/Administrative Expenses, Total 375.31 334.46 337.99 405.05 388.85
Depreciation 1,340.50 1,282.45 1,275.45 1,252.67 1,177.57
Depreciation/Amortization 1,340.50 1,282.45 1,275.45 1,252.67 1,177.57
Investment Income - Operating -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
Interest Expense (Income), Net-Operating, Total -- -- -- -- --
Other Unusual Expense (Income) 101.37 -288.83 124.97 52.22 -129.56
Unusual Expense (Income) 101.37 -288.83 124.97 52.22 -129.56
Other Operating Expense 109.90 94.11 131.48 78.21 63.99
Other, Net -- -- -- 7.32 6.64
Other Operating Expenses, Total 109.90 94.11 131.48 85.53 70.62
Total Operating Expense 2,948.73 2,430.16 2,849.97 2,766.63 2,467.67
Operating Income 2,806.46 3,215.13 2,677.37 2,668.60 2,798.44
Interest Expense - Non-Operating -822.70 -835.79 -834.15 -888.80 -956.36
Interest Capitalized - Non-Operating 33.34 19.87 24.75 31.25 32.66
Interest Expense, Net Non-Operating -789.35 -815.92 -809.39 -857.55 -923.70
Investment Income, Non-Operating 436.14 460.04 400.27 353.33 284.81
Interest/Investment Income, Non-Operating 436.14 460.04 400.27 353.33 284.81
Interest Income (Expense), Net-Non-Operating, Total -353.22 -355.89 -409.12 -504.22 -638.89
Gain (Loss) on Sale of Assets -- -- -- -- --
Other Non-Operating Income (Expense) -30.05 -36.90 -23.34 -29.68 -20.17
Other, Net -30.05 -36.90 -23.34 -29.68 -20.17
Net Income Before Taxes 2,423.19 2,822.34 2,244.90 2,134.71 2,139.38
Income Tax – Total -- -- -- -- --
Income After Tax 2,423.19 2,822.34 2,244.90 2,134.71 2,139.38
Minority Interest -321.60 -382.29 -296.94 -295.81 -311.66
Net Income Before Extraordinary Items 2,101.58 2,440.06 1,947.96 1,838.90 1,827.72
Discontinued Operations -- -- -- 0.00 0.00
Total Extraordinary Items -- -- -- 0.00 0.00
Net Income 2,101.58 2,440.06 1,947.96 1,838.90 1,827.72
Preferred Dividends -3.34 -3.34 -3.34 -3.34 -3.34
Total Adjustments to Net Income -3.34 -3.34 -3.34 -3.34 -3.34
Income Available to Common Excluding Extraordinary Items 2,098.25 2,436.72 1,944.63 1,835.56 1,824.38
Income Available to Common Stocks Including Extraordinary Items 2,098.25 2,436.72 1,944.63 1,835.56 1,824.38
Basic Weighted Average Shares 307.95 309.63 311.52 312.69 310.10
Basic EPS Excluding Extraordinary Items 6.81 7.87 6.24 5.87 5.88
Basic EPS Including Extraordinary Items 6.81 7.87 6.24 5.87 5.88
Dilution Adjustment -- -- -- 0.00 --
Diluted Net Income 2,098.25 2,436.72 1,944.63 1,835.56 1,824.38
Diluted Weighted Average Shares 307.95 309.63 311.52 312.69 310.10
Diluted EPS Excluding Extraordinary Items 6.81 7.87 6.24 5.87 5.88
Diluted EPS Including Extraordinary Items 6.81 7.87 6.24 5.87 5.88
DPS - Common Stock Primary Issue 8.30 7.90 7.15 6.50 6.05
Gross Dividends - Common Stock 2,558.94 2,449.07 2,231.26 2,037.54 1,879.18
(Gain) Loss on Sale of Assets, Supplemental -- -- -- -- --
Non-Recurring Items, Total -- -- -- -- --
Total Special Items 101.37 -288.83 124.97 52.22 -129.56
Normalized Income Before Taxes 2,524.56 2,533.52 2,369.87 2,186.93 2,009.81
Effect of Special Items on Income Taxes 0.00 0.00 0.00 0.00 0.00
Income Taxes Excluding Impact of Special Items 0.00 0.00 0.00 0.00 0.00
Normalized Income After Taxes 2,524.56 2,533.52 2,369.87 2,186.93 2,009.81
Normalized Income Available to Common 2,199.62 2,147.89 2,069.60 1,887.78 1,694.82
Basic Normalized EPS 7.14 6.94 6.64 6.04 5.47
Diluted Normalized EPS 7.14 6.94 6.64 6.04 5.47
Funds From Operations - REIT 4,272.27 4,324.60 4,020.51 3,792.95 3,571.24
Depreciation, Supplemental 1,394.17 1,349.78 1,357.35 1,327.95 1,239.21
Interest Expense, Supplemental 789.35 815.92 809.39 857.55 923.70
Interest Capitalized, Supplemental -33.34 -19.87 -24.75 -31.25 -32.66
Rental Expense, Supplemental 47.83 42.67 40.86 38.76 38.85
Advertising Expense, Supplemental 150.34 151.24 150.87 142.80 134.85
Equity in Affiliates, Supplemental 444.35 475.25 400.27 353.33 284.81
Minority Interest, Supplemental -321.60 -382.29 -296.94 -295.81 -311.66
Audit-Related Fees, Supplemental 4.23 3.94 3.96 4.01 4.07
Audit-Related Fees 4.84 5.02 5.12 4.81 4.34
Tax Fees, Supplemental 0.27 0.19 5.12 0.38 0.45
All Other Fees Paid to Auditor, Supplemental 0.00 0.00 0.00 0.00 0.00
Gross Margin 82.25 82.15 82.27 82.13 81.77
Operating Margin 48.76 56.95 48.44 49.10 53.14
Pretax Margin 42.10 49.99 40.61 39.28 40.63
Effective Tax Rate -- -- -- -- --
Net Profit Margin 36.46 43.16 35.18 33.77 34.64
Normalized EBIT 2,907.83 2,926.30 2,802.34 2,720.83 2,668.87
Normalized EBITDA 4,302.00 4,276.08 4,159.69 4,048.77 3,908.09
FFO per Share (Basic) 12.04 12.13 11.21 10.49 9.86
FFO per Share (Diluted) 12.04 12.13 11.21 10.49 9.86
Funds Available for Distribution (FAD) 3,843.41 4,000.72 3,771.72 3,530.83 3,295.10
Net Operating Income (NOI) 6,472.87 6,385.22 6,618.76 6,212.16 5,981.74

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