Tuesday, May 22, 2018

Evansville, Indiana Utility Corp Vectren Should Come Clean

Houston,Texas Utility Corp CenterPoint Energy is in the process of acquiring Vectren.

In its recent SEC Proxy filing with the SEC, Vectren shows a Compensation Table for its NEOs as defined by the SEC.  It only has to disclose this compensation info for its 4 NEOs.

This Vectren Proxy also discloses how much each of these 4 NEOs would receive upon a termination following a change of control.

Here are Vectren's 4 NEOs and how much each would receive upon termination for change of control:

Carl Chapman, President and CEO................................... $31.9 mil
Ronald Christian, EVP, Chief Legal and External Affairs.. $9.5 mil
Eric Schach, EVP and COO................................................ $7.2 mil
Susan Hardwick, EVP and CFO.......................................... $6.1 mil

Given how huge these termination payment amounts are for these 4 NEOs and the importance of this acquisition to not just all other Vectren employees, many of whom will eventually be losing their jobs, but also to Vectren Utility customers who have already or will be effectively funding these termination payments, Vectren should do the right thing and disclose the amounts of termination payments upon change of control for every executive in its ranks.  My hunch is that there could be up to 100 receiving these termination payments and more than a few of them will be for over $1 mil.

Vectren Proxy Statement Change of Control Termination Payments

Indiana 8th District Republican US House of Representatives Incumbent Larry Buschon is a very avid supporter of CenterPoint Energy's acquisition of Vectren and the "Cost Synergies" driving this merger with the resulting substantial hollowing out of the Evansville Area's already small middle class.

Sunday, May 20, 2018

After the US Big 3 States (TX, CA and NY), the Next 12 Largest US States Very Largest Companies With Stock Market Caps Above $10 Bil Earnings Results Are In For the March 2018 Quarter, the First Full Quarter of the Trump Tax Cuts Act, and Only 2 of These 12 Had Very Robust, High Quality Pretax Income Increases ........................................................................................ #1 Washington States 10 Largest Companies With Stock Market Caps Above $10 Bil Generated March 2018 Quarter Total Pretax Income of $16.403 Bil, Up a Very Robust 29% From That of Their March 2017 Quarter and Their After-Tax Net Income Increased By a Much Higher 42%. The State of Washington's Economy is Operating Very Well, Firing on All Cylinders. ........................................................................................ #2 Illinois 29 Largest Companies (All Now HQed in the Chicago Area) With Stock Market Caps Above $10 Bil Generated March 2018 Quarter Total Pretax Income of $17.261 Bil, Up a Very Robust 24% From That of Their March 2017 Quarter and Their After-Tax Net Income Increased By a Much Higher 41%. Caterpillar Had a Blowout Quarter With Pretax Income Increasing By an Off-the-Charts 653% and Its US Workforce Increasing By 5,000. Excluding Caterpillar, the Remaining 28 Chicago Area Companies Generated Total Pretax Income Growth of a Still Robust 11%. These 29 Companies Had a Combined Effective Income Tax Rate of 16.8% in the March 2018 Quarter, a Decline of a Huge 10.1% From the 26.9% in the March 2017 Quarter, But With McDonald's Notably Underperforming Here. It is Unfortunate That So Little of These Chicago Area Largest Corp Fantastic Earnings Have Trickled Down To Benefit the Many Still Struggling Illinois Citizens. ........................................................................................ #3 Connecticut (CT) 18 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of a Seemingly Very Robust 42% Above That in the March 2017 Quarter. However, Included in These 18 CT Companies Was Aetna, Whose March 2017 Quarter Included a Handful of One-Time Earnings Charges, Including a $1 Bil Merger Termination Fee Paid To Humana. Excluding Aetna, the Remaining CT Companies Generated Total Pretax Income in the March 2018 Quarter Which Was a Much Lower 10% Above That in the March 2017 Quarter and an After-Tax Net Income Increase of 14%. ........................................................................................ #4 North Carolina (NC) 11 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of a Seemingly Robust 12% Above That in the March 2017 Quarter. However, Included in These 11 NC Companies Were 2 Banks, Whose March 2018 Quarter Total Pretax Income Increased By 19%. More Than Half of the Giant Bank of America Increase in Pretax Income was Due To Higher Net Interest Income, Predominately Due To the US Fed Increasing Short-Term Interest Rates and Bank of America Electing To Pass On To Their Customers Very Little of Its Benefit From the Resultant Much Higher Interest Revenues. Also, Nearly All of NC Bank BB&T's Pretax Income Increase Was the Result of a $392 Mil Loss on Debt Extinguishment Recorded in the March 2017 Quarter. The 9 NC Non-Bank Companies Posted March 2018 Quarter Total Pretax Income Which Declined By a Very Disappointing 9%. ........................................................................................ #5 Virginia (VA) 13 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 9% Above That in the March 2017 Quarter. However, the Largest of These 13 VA Companies is Altria Group, Whose Reported March 2018 Quarter Earnings Increased By 18% With 85% of This Increase Being the Increase in the Earnings From Altria Group's 10% Ownership Share in AB InBev, Which Altria Group Reports on a One-Month Lag. So, Altria's March 2018 Quarter Includes Its Share of AB InBev's December 2017 Quarter's Earnings Which Was Bolstered By a Significant Amount of Earnings From the US Trump Tax Cuts Act. In Other Words, How Credible is Altria's Reported Pretax Income Increase in the March 2018 Quarter? Absolutely Not Credible! The 12 VA Companies Other Than Altria Posted a Total Pretax Income Increase in the March 2018 Quarter of a Lower 6%, All Due To Capital One Financial's 50% Pretax Income Increase. Capital One Financial Benefited Much From the US Feds' Increase in Short-term Interest Rates and Its Deciding To Pass On Very Little of Their Benefit To Their Many Still-Struggling Customers. These Movie Stars and Other Celebrities Pushing Capital One Financial Credit Cards in TV Commercials Should Think More Clearly of Just What They Are Peddling ...... A Huge Increase in Income Inequality Expansion ........................................................................................ #6 Georgia 16 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 6%, Significantly Underperforming the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. Georgia Companies Consistently Outperformed By a Large Margin the Earnings Growth of the Companies in the Entire US During the 8 Years of the Obama Administration. This Very Positive Georgia Company Relative Earnings Growth Trend Has Reversed Since the Trump Administration Has Taken Office. ....................................................................................... #7 Ohio 19 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 6%, Significantly Underperforming the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. But When I Mine the Ohio Company Data, It Gets Even Much Worse. Ohio's 8 Financial Companies Total Pretax Income Increased By 18% in the March 2018 Quarter, But That Included Fifth Third Bancorp's 111% Earnings Growth Nearly All of Which Came From a March 2018 Quarter $414 Mil One-Time Step-Up Gain From the Vantiv Merger With WorldPay. Excluding This Step-Up Gain, the 8 Financial Companies Posted a March 2018 Quarter Total Pretax Income Increase of a Very Modest 2%. Also, the 11 Ohio Non-Financial Companies Reported a Total Pretax Income Increase of Only 1% Over the March 2017 Quarter. Led Mainly By the US Auto Recovery From Its Disastrous Meltdown, Ohio Companies Consistently Outperformed the Earnings Growth of the Companies in the Entire US During the 8 Years of the Obama Administration. This Very Positive Ohio Company Relative Earnings Growth Trend Has Reversed Since the Trump Administration Has Taken Office. ....................................................................................... #8 Minnesota 11 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of Only 1%, Substantially Below the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. When I Mine the Minnesota Company Data, UnitedHealth Group Dominates the Minnesota Earnings Scene and Reported a Pretax Income of $3.724 Bil in the March 2018 Quarter, Up a Very Robust 19% Over the March 2017 Quarter. On the Other Hand, All Other 10 Minnesota Companies Posted March 2018 Quarter Total Pretax Income of $5.714 Bil, a Very Disappointing Decline of 7% From the March 2017 Quarter. ....................................................................................... Now For the 4 US Largest States Whose Companies Real Total Pretax Income Were Disasters ....................................................................................... #9 New Jersey 18 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Increase of 7%, Which Seems Not Too Bad But It is a Tad Below the 12% Earnings Growth For the 457 Largest US Companies in the Entire Country. But When I Mine the New Jersey Company Earnings Data, I Get a Totally Different Picture. Allergan plc Was Included in the 18 New Jersey Companies. It is Legally Headquartered in Ireland and Its Administrative Office is in Madison, New Jersey. Allergan Reported a Pretax Loss of $966 Mil in the March 2018 Quarter, a Pretax Earnings Improvement of $2.127 Bil From the Reported March 2017 Pretax Loss of $3.093 Bil . However, $1.978 Bil, or 93% of This Reported Earnings Improvement Came From a One-Time Asset Impairment Charge on Allergan's Investment in Teva Pharmaceuticals Recorded in the March 2017 Quarter. When Allergan is Excluded, the Remaining 17 Largest New Jersey Companies Generated Total Pretax Income in the March 2018 Quarter of $15.299 Bil, a Decline of 7% From the March 2017 Quarter. Health Care Companies Rule the Earnings Scene in New Jersey, Comprised 56% of These Total New Jersey Companies Pretax Income in the March 2018 Quarter. The 6 Largest New Jersey Health Care Companies Posted Total Pretax Income of $8.520 Bil in the March 2018 Quarter, a Very Disappointing Decline of 11% From Their March 2017 Quarter. And the 11 Largest New Jersey Non-Health Care Companies Reported a Total Pretax Income of $6.779 Bil in the March 2018 Quarter, Down 2% From the March 2017 Quarter. ....................................................................................... #10 Massachusetts 16 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Decline of a Disappointing 5% From the March 2017 Quarter. When I Think Massachusetts Companies, I Quickly Think of Exceptional Research and of Harvard and MIT. Thus Logically It Makes Sense That Health Care and Tech Companies Rule in Massachusetts and the 11 MA Largest Health Care and Technology Companies Comprised 63% of the Total Pretax Income in the March 2018 Quarter of All 16 Largest MA Companies. However, These 11 MA Largest Health Care and Technology Companies Experienced a Total Pretax Income Decline of a Whopping 20% in the March 2018 Quarter. Where's Deval Patrick? ....................................................................................... #11 Pennsylvania 20 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income of $10.815 Bil, a Decline of a Massive 11% From the March 2017 Quarter. This Compares With the 12% Pretax Income Increase For All of the 457 Largest Companies Combined All Across the USA. There is No Way That Pennsylvania Citizens Can Be Happy With the US Federal Government Environment That Results in Such an Economic Disaster For Pennsylvania Businesses. No Wonder Why Some of the Republicans in the US House Are Retiring From Office. ....................................................................................... #12 Michigan 16 Largest Companies With Stock Market Caps Above $10 Bil Reported a March 2018 Quarter Total Pretax Income Decline of a Very Disappointing 14% From the March 2017 Quarter. This Compares With the 12% Pretax Income Increase For All of the 457 Largest Companies Combined All Across the USA. When I Think Michigan Companies, I Quickly Think of the Auto Industry. Thus Logically It Makes Sense That the Auto Industry Companies Rule in Michigan and the 6 Largest Auto Industry Companies Comprised 54% of the Total Pretax Income in the March 2018 Quarter of All 16 Largest Michigan Companies. However, These 6 Michigan Largest Auto Industry Companies Experienced a Total Pretax Income Decline of a Clearly Disastrous 29% in the March 2018 Quarter From the March 2017 Quarter. Michigan Companies Consistently Outperformed the Earnings Growth of the Companies in Every Other US State During the 8 Years of the Obama Administration, Due To the US Auto Industry Revival From the Dead After the 2008 Financial Meltdown. This Very Positive Michigan Company Relative Earnings Growth Trend Has Reversed Since the Trump Administration Has Taken Office. There is No Way That Michigan Citizens Can Be Happy With the US Federal Government Environment That Results in Such an Economic Disaster For Michigan Businesses. I Think You Are Going To See Only a Couple of Republican US House Incumbents Get Reelected in November 2018.

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Companies including both Partnerships and REITs which are Headquartered in the 12 largest US States after Texas, California and New York, which have at least 10 Companies in the State with a stock market cap of more than $10 bil as of April, 30, 2018 as well as a real Total Pretax Income of more than $5 bil for the March 2018 Quarter, with March 2018 Quarter Ends  and which have released their March 2018 Quarter Earnings by May 18, 2018.  There is one Virginia Corp which hasn't released its March 2018 Quarter Earnings yet.

I will update these quarterly earnings charts later for like Companies with April 2018 and May 2018 Quarter Earnings.   And hopefully I will have the time necessary to later also include Companies with Stock Market Caps somewhat below $10 bil, especially for the smaller US States other than the largest 15.
 US GAAP   US GAAP   US GAAP   US GAAP 
 US GAAP   US GAAP   Effective   Effective  Pretax Net
 US GAAP   Income   US GAAP   US GAAP   Income   US GAAP   Income   Income  Income Income
Companies With Stock Pretax Tax Net Pretax Tax Net Tax Tax % Change % Change
Market Caps Above $10 Bil Income Expense Income Income Expense Income Rate Rate March Qtr March Qtr
Releasing March 2018  March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr 2018 2018
 Qtr Earnings Thru 5-18-18 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Washington State
Microsoft        8,641        1,217        7,424        7,094        1,608        5,486 14.1% 22.7% 22% 35%
Boeing        2,839           362        2,477        2,145           566        1,579 12.8% 26.4% 32% 57%
Amazon        1,916           287        1,629           953           229           724 15.0% 24.0% 101% 125%
T-Mobile US           881           210           671           607            (91)           698 23.8% -15.0% 45% -4%
Starbucks           816           156           660           981           328           653 19.1% 33.4% -17% 1%
Paccar           669           157           512           448           138           310 23.5% 30.8% 49% 65%
Fortive Corp           313             52           261           272             73           199 16.6% 26.8% 15% 31%
Weyerhaeuser           299             30           269           181             24           157 10.0% 13.3% 65% 71%
Expeditors Intl Washington           198             62           136           149             55             94 31.3% 36.9% 33% 45%
Expedia          (169)            (20)          (149)          (131)            (47)            (84) 11.8% 35.9% -29% -77%
Total all 10 Washington Cos      16,403        2,513      13,890      12,699        2,883        9,816 15.3% 22.7% 29% 42%
Illinois
AbbVie        2,797             14        2,783        2,086           375        1,711 0.5% 18.0% 34% 63%
Caterpillar        2,139           472        1,667           284             90           194 22.1% 31.7% 653% 759%
McDonalds        1,888           513        1,375        1,808           593        1,215 27.2% 32.8% 4% 13%
Mondelez Intl        1,251           307           944           787           154           633 24.5% 19.6% 59% 49%
Allstate        1,224           249           975        1,012           317           695 20.3% 31.3% 21% 40%
Discover Financial Services           856           190           666           868           304           564 22.2% 35.0% -1% 18%
Illinois Tool Works           849           197           652           749           213           536 23.2% 28.4% 13% 22%
CME Group           789           190           599           707           307           400 24.1% 43.4% 12% 50%
Exelon           695             59           636        1,182           211           971 8.5% 17.9% -41% -35%
Northern Trust           484           102           382           391           115           276 21.1% 29.4% 24% 38%
Archer Daniels Midland           464             68           396           458           118           340 14.7% 25.8% 1% 16%
Baxter Intl           438             49           389           328             55           273 11.2% 16.8% 34% 42%
Abbott Labs           431             22           409           736           350           386 5.1% 47.6% -41% 6%
CNA Financial           346             55           291           343             83           260 15.9% 24.2% 1% 12%
WW Grainger           307             66           241           271             88           183 21.5% 32.5% 13% 32%
CNH Industrial NV           265             63           202             97             51             46 23.8% 52.6% 173% 339%
Arthur J Gallagher & Co           242            (44)           286           200            (42)           242 -18.2% -21.0% 21% 18%
Equity Residential           221              -             221           150              -             150 0.0% 0.0% 47% 47%
LKQ Corp           202             50           152           213             72           141 24.8% 33.8% -5% 8%
Packaging Corp of America           187             47           140           179             62           117 25.1% 34.6% 4% 20%
United Continental Holdings           184             37           147           150             51             99 20.1% 34.0% 23% 48%
CDW Corp           166             39           127             74             16             58 23.5% 21.6% 124% 119%
Dover           161             29           132           232             60           172 18.0% 25.9% -31% -23%
Cboe Global Markets           159             41           118             18               3             15 25.8% 16.7% 783% 687%
Motorola Solutions           140             23           117           120             42             78 16.4% 35.0% 17% 50%
Idex Corp           130             31             99           104             29             75 23.8% 27.9% 25% 32%
TransUnion           103             28             75             76             12             64 27.2% 15.8% 36% 17%
Ventas             77              (3)             80           153              (3)           156 -3.9% -2.0% -50% -49%
GGP Inc             66              -               66           115               5           110 0.0% 4.3% -43% -40%
Total all 29 Illinois Cos      17,261        2,894      14,367      13,891        3,731      10,160 16.8% 26.9% 24% 41%
Connecticutt
Aetna        1,465           246        1,219          (628)          (249)          (379) 16.8% 39.6% 333% 422%
All Other Connecticut Cos
United Technologies        1,890           522        1,368        2,054           586        1,468 27.6% 28.5% -8% -7%
Cigna        1,218           301           917           890           297           593 24.7% 33.4% 37% 55%
Synchrony Financial           847           207           640           782           283           499 24.4% 36.2% 8% 28%
Booking Holdings           753           146           607           528             72           456 19.4% 13.6% 43% 33%
Praxair           620           148           472           553           149           404 23.9% 26.9% 12% 17%
Hartford Financial Services           519             91           428           401             98           303 17.5% 24.4% 29% 41%
Amphenol           355             86           269           298             71           227 24.2% 23.8% 19% 19%
Alexion Pharma           352           103           249           194             24           170 29.3% 12.4% 81% 46%
Interactive Brokers Group           340             21           319           213             18           195 6.2% 8.5% 60% 64%
Avangrid           310             72           238           342           103           239 23.2% 30.1% -9% 0%
Stanley Black & Decker           252             82           170           473             80           393 32.5% 16.9% -47% -57%
Charter Communications           251             28           223           236             25           211 11.2% 10.6% 6% 6%
United Rentals           232             49           183           161             52           109 21.1% 32.3% 44% 68%
XL Group Ltd           193             32           161           227             13           214 16.6% 5.7% -15% -25%
XPO Logistics             79              -               79             15            (10)             25 0.0% -66.7% 427% 216%
SS&C Technologies             62             11             51             58             10             48 17.7% 17.2% 7% 6%
Gartner            (43)            (23)            (20)             48             12             36 53.5% 25.0% -190% -156%
Total all 17 Other CT Cos        8,230        1,876        6,354        7,473        1,883        5,590 22.8% 25.2% 10% 14%
Total all 18 Connecicut Cos        9,695        2,122        7,573        6,845        1,634        5,211 21.9% 23.9% 42% 45%
North Carolina
Banks
Bank of America        8,394        1,476        6,918        7,320        1,983        5,337 17.6% 27.1% 15% 30%
BB&T Corp           977           186           791           530           104           426 19.0% 19.6% 84% 86%
Total Both NC Banks        9,371        1,662        7,709        7,850        2,087        5,763 17.7% 26.6% 19% 34%
All Non-Banks
Duke Energy           803           181           622        1,061           344           717 22.5% 32.4% -24% -13%
Nucor Corp           516           136           380           549           171           378 26.4% 31.1% -6% 1%
V F Corp           294             33           261           269             56           213 11.2% 20.8% 9% 23%
Laboratory Corp of America           242             69           173           265             82           183 28.5% 30.9% -9% -5%
Ingersoll Rand plc           167             33           134           156             29           127 19.8% 18.6% 7% 6%
Albemarle           159             20           139             75             12             63 12.6% 16.0% 112% 121%
Old Dominion Freight Line           147             38           109           107             41             66 25.9% 38.3% 37% 65%
IQVIA Holdings             92             19             73           126             24           102 20.7% 19.0% -27% -28%
Martin Marietta Materials             12               2             10             57             15             42 16.7% 26.3% -79% -76%
Total all 9 NC Non-Banks        2,432           531        1,901        2,665           774        1,891 21.8% 29.0% -9% 1%
Total all 11 North Carolina Cos      11,803        2,193        9,610      10,515        2,861        7,654 18.6% 27.2% 12% 26%
Virginia
Altria Group        2,466           571        1,895        2,091           689        1,402 23.2% 33.0% 18% 35%
All Other VA Companies
Capital One Financial        1,662           319        1,343        1,109           314           795 19.2% 28.3% 50% 69%
General Dynamics           960           161           799        1,010           247           763 16.8% 24.5% -5% 5%
Northop Grumman           871           132           739           788           138           650 15.2% 17.5% 11% 14%
Norfolk Southern           707           155           552           655           222           433 21.9% 33.9% 8% 27%
Dominion Energy           661           135           526           949           275           674 20.4% 29.0% -30% -22%
Willis Towers Watson           264             43           221           398             46           352 16.3% 11.6% -34% -37%
Hilton Worldwide           221             58           163             66             18             48 26.2% 27.3% 235% 240%
Huntington Ingalls Industries           195             39           156           147             28           119 20.0% 19.0% 33% 31%
NVR Inc           191             25           166           132             29           103 13.1% 22.0% 45% 61%
Verisign           152             18           134           148             31           117 11.8% 20.9% 3% 15%
AvalonBay Community           142              -             142           236              -             236 0.0% 0.0% -40% -40%
Markel             43           108            (65)             94             23             71 251.2% 24.5% -54% -192%
Total all 12 Other VA Cos        6,069        1,193        4,876        5,732        1,371        4,361 19.7% 23.9% 6% 12%
Total all 13 Virginia Cos        8,535        1,764        6,771        7,823        2,060        5,763 20.7% 26.3% 9% 17%
Georgia
Coca-Cola        1,833           506        1,327        1,507           323        1,184 27.6% 21.4% 22% 12%
United Parcel Services        1,661           316        1,345        1,710           544        1,166 19.0% 31.8% -3% 15%
Southern Co        1,049           113           936           980           315           665 10.8% 32.1% 7% 41%
AFLAC           982           265           717           898           306           592 27.0% 34.1% 9% 21%
SunTrust Banks           792           147           645           629           159           470 18.6% 25.3% 26% 37%
Delta Air Lines           718           171           547           849           288           561 23.8% 33.9% -15% -2%
IntercontinentalExchange           617           143           474           725           214           511 23.2% 29.5% -15% -7%
Invesco Ltd           334             68           266           290             76           214 20.4% 26.2% 15% 24%
Mohawk Industries           257             48           209           269             68           201 18.7% 25.3% -4% 4%
WestRock           243             19           224           142             44             98 7.8% 31.0% 71% 129%
Fleetcor Technologies           229             54           175           167             44           123 23.6% 26.3% 37% 42%
Genuine Parts           229             53           176           244             84           160 23.1% 34.4% -6% 10%
Total Systems Services           161             18           143           150             43           107 11.2% 28.7% 7% 34%
Equifax           123             29             94           196             40           156 23.6% 20.4% -37% -40%
Global Payments           122             25             97             65             12             53 20.5% 18.5% 88% 83%
Rollins Inc             59             11             48             57             17             40 18.6% 29.8% 4% 20%
Total all 16 Georgia Cos        9,409        1,986        7,423        8,878        2,577        6,301 21.1% 29.0% 6% 18%
Ohio
Financial Cos
Progressive Corp           911           181           730           641           211           430 19.9% 32.9% 42% 70%
Fifth Third Bancorp           836           132           704           396             91           305 15.8% 23.0% 111% 131%
KeyCorp           478             62           416           419             94           325 13.0% 22.4% 14% 28%
Welltower           454              -             454           338              -             338 0.0% 0.0% 34% 34%
Huntington Bancorp           385             59           326           267             59           208 15.3% 22.1% 44% 57%
American Financial Group           174             33           141           223             68           155 19.0% 30.5% -22% -9%
Cincinnati Financial            (50)            (19)            (31)           276             75           201 38.0% 27.2% -118% -115%
Worldpay          (111)            (13)            (98)             40               5             35 11.7% 12.5% -378% -380%
Total all 8 Financial Cos        3,077           435        2,642        2,600           603        1,997 14.1% 23.2% 18% 32%
Non-Financial Cos
Cardinal Health           464           209           255           564           182           382 45.0% 32.3% -18% -33%
Procter & Gamble        3,253           713        2,540        3,336           780        2,556 21.9% 23.4% -2% -1%
Eaton Corp plc           565             78           487           467             33           434 13.8% 7.1% 21% 12%
Parker Hannifin           470           104           366           315             76           239 22.1% 24.1% 49% 53%
TransDigm Group           247             45           202           215             60           155 18.2% 27.9% 15% 30%
Mettler-Toledo           117             24             93           114             21             93 20.5% 18.4% 3% 0%
MPLX LP           427               4           423           187              -             187 0.9% 0.0% 128% 126%
Marathon Petroleum Corp           257             22           235           142             41           101 8.6% 28.9% 81% 133%
Sherwin-Williams           303             53           250           307             68           239 17.5% 22.1% -1% 5%
American Electric Power           559           102           457           937           343           594 18.2% 36.6% -40% -23%
FirstEnergy           429           252           177           409           152           257 58.7% 37.2% 5% -31%
Total all 11 Financial Cos        7,091        1,606        5,485        6,993        1,756        5,237 22.6% 25.1% 1% 5%
Total all 19 Ohio Companies      10,168        2,041        8,127        9,593        2,359        7,234 20.1% 24.6% 6% 12%
Minnesota
UnitedHealth Group        3,724           800        2,924        3,130           939        2,191 21.5% 30.0% 19% 33%
All Other Minnesota Cos
US Bancorp        2,073           391        1,682        2,035           549        1,486 18.9% 27.0% 2% 13%
3M           965           359           606        1,737           411        1,326 37.2% 23.7% -44% -54%
Travelers Companies           778           109           669           760           143           617 14.0% 18.8% 2% 8%
Ameriprise Financial           696           102           594           475             72           403 14.7% 15.2% 47% 47%
XCEL Energy           350             59           291           356           117           239 16.9% 32.9% -2% 22%
Ecolab           317             69           248           311             54           257 21.8% 17.4% 2% -4%
Fastenal           232             58           174           211             77           134 25.0% 36.5% 10% 30%
CH Robinson Worldwide           181             39           142           179             57           122 21.5% 31.8% 1% 16%
Pentair plc           132             28           104           104             23             81 21.2% 22.1% 27% 28%
Mosaic            (10)            (50)             40               9             10              (1) 500.0% 111.1% -211% -4100%
Total all 10 Other MN Cos        5,714        1,164        4,550        6,177        1,513        4,664 20.4% 24.5% -7% -2%
Total all 11 Minnesota Cos        9,438        1,964        7,474        9,307        2,452        6,855 20.8% 26.3% 1% 9%
New Jersey
Ireland Company Legally
Allergan plc          (966)          (682)          (284)       (3,093)          (532)       (2,561) 70.6% 17.2% 69% 89%
Health Care Cos Except Allergan
Johnson & Johnson        5,481        1,114        4,367        5,575        1,153        4,422 20.3% 20.7% -2% -1%
Merck        1,345           604           741        2,003           447        1,556 44.9% 22.3% -33% -52%
Celgene        1,030           184           846        1,014             82           932 17.9% 8.1% 2% -9%
Zoetis           417             67           350           337             98           239 16.1% 29.1% 24% 46%
Quest Diagnostics           241             52           189           253             78           175 21.6% 30.8% -5% 8%
Becton Dickinson               6             18            (12)           362             18           344 300.0% 5.0% -98% -103%
Total all 6 Health Care        8,520        2,039        6,481        9,544        1,876        7,668 23.9% 19.7% -11% -15%
Non-Health Care Companies
Honeywell        1,909           458        1,451        1,724           392        1,332 24.0% 22.7% 11% 9%
Prudential Financial        1,716           352        1,364        1,767           395        1,372 20.5% 22.4% -3% -1%
Automatic Data Processing           853           210           643           828           240           588 24.6% 29.0% 3% 9%
Public Service Enterprise           760           202           558           143             29           114 26.6% 20.3% 431% 389%
Cognizant Technology           697           177           520           649             92           557 25.4% 14.2% 7% -7%
Everest Re Group Ltd           218               7           211           338             47           291 3.2% 13.9% -36% -27%
Church & Dwight           201             43           158           190             59           131 21.4% 31.1% 6% 21%
Verisk Analytics           162             29           133           161             52           109 17.9% 32.3% 1% 22%
American Water Works           140             34           106           145             52             93 24.3% 35.9% -3% 14%
Wyndham Worldwide           121             40             81           153             26           127 33.1% 17.0% -21% -36%
Newell Brands               2            (51)             53           790           152           638 -2550.0% 19.2% -100% -92%
Total all 11 Non-Health Care Cos        6,779        1,501        5,278        6,888        1,536        5,352 22.1% 22.3% -2% -1%
Total all 17 NJ Cos & No Allergan      15,299        3,540      11,759      16,432        3,412      13,020 23.1% 20.8% -7% -10%
Total all 18 New Jersey Cos      14,333        2,858      11,475      13,339        2,880      10,459 19.9% 21.6% 7% 10%
Massachusetts
Health Care and Technology
Biogen        1,494           323        1,171           987           239           748 21.6% 24.2% 51% 57%
Raytheon           757           133           624           695           198           497 17.6% 28.5% 9% 26%
Thermo Fisher Scientific           634             55           579           503            (48)           551 8.7% -9.5% 26% 5%
Boston Scientific           323             26           297           305             15           290 8.0% 4.9% 6% 2%
Skyworks Solutions           292             16           276           281             56           225 5.5% 19.9% 4% 23%
Vertex Pharmaceutical           215            (13)           228           254               4           250 -6.0% 1.6% -15% -9%
IPG Photonics           142             36           106           101             26             75 25.4% 25.7% 41% 41%
Waters Corp           141             29           112           113               8           105 20.6% 7.1% 25% 7%
Akamai Technologies             68             14             54             32               5             27 20.6% 15.6% 113% 100%
Abiomed             49             12             37             29             14             15 24.5% 48.3% 69% 147%
Hologic          (691)            (10)          (681)           968           441           527 1.4% 45.6% -171% -229%
Total all 11 Health Care and Tech        3,424           621        2,803        4,268           958        3,310 18.1% 22.4% -20% -15%
State Street Corp           763           102           661           584             82           502 13.4% 14.0% 31% 32%
General Electric           413            (27)           440            (53)          (105)             52 -6.5% 198.1% -879% 746%
Eversource Energy           355             84           271           419           158           261 23.7% 37.7% -15% 4%
American Tower           249            (31)           280           334             27           307 -12.4% 8.1% -25% -9%
Boston Properties           216              -             216           132              -             132 0.0% 0.0% 64% 64%
Total all 16 Massachusetts Cos        5,420           749        4,671        5,684        1,120        4,564 13.8% 19.7% -5% 2%
Pennsylvania
Comcast Corp        3,994           818        3,176        3,917        1,262        2,655 20.5% 32.2% 2% 20%
PNC Financial Services        1,492           253        1,239        1,394           320        1,074 17.0% 23.0% 7% 15%
Kraft-Heinz        1,254           261           993        1,250           359           891 20.8% 28.7% 0% 11%
Chubb        1,217           135        1,082        1,221           128        1,093 11.1% 10.5% 0% -1%
TE Connectivitity Ltd           600           108           492           445             39           406 18.0% 8.8% 35% 21%
PPL Corp           569           117           452           532           129           403 20.6% 24.2% 7% 12%
Air Products & Chemicals           480             56           424           405             95           310 11.7% 23.5% 19% 37%
PPG Industries           462           109           353           440           107           333 23.6% 24.3% 5% 6%
Hershey           449             99           350           168             70             98 22.0% 41.7% 167% 257%
Lincoln National           435             68           367           475             40           435 15.6% 8.4% -8% -16%
AmerisourceBergen           361             79           282           593           181           412 21.9% 30.5% -39% -32%
FMC Corp           332             69           263             54               9             45 20.8% 16.7% 515% 484%
Universal Health Services           296             68           228           318           108           210 23.0% 34.0% -7% 9%
Ametek           236             55           181           191             52           139 23.3% 27.2% 24% 30%
SEI Investments           159             19           140           129             40             89 11.9% 31.0% 23% 57%
Ansys             97             13             84             85             22             63 13.4% 25.9% 14% 33%
Dentsply Sirona             95             14             81             77             17             60 14.7% 22.1% 23% 35%
Teleflex             61               6             55             38              (3)             41 9.8% -7.9% 61% 34%
Mylan NV             10            (77)             87             71               5             66 -770.0% 7.0% -86% 32%
EQT Corp       (1,784)          (339)       (1,445)           351           101           250 19.0% 28.8% -608% -678%
Total all 20      10,815        1,931        8,884      12,154        3,081        9,073 17.9% 25.3% -11% -2%
Michigan
Auto Industry Companies
Ford Motor        1,919           174        1,745        2,251           652        1,599 9.1% 29.0% -15% 9%
General Motors        1,576           466        1,110        3,473           787        2,686 29.6% 22.7% -55% -59%
Lear Corp           452             78           374           408             89           319 17.3% 21.8% 11% 17%
Aptiv plc           375             59           316           248             19           229 15.7% 7.7% 51% 38%
BorgWarner           332             95           237           286             86           200 28.6% 30.1% 16% 19%
Autoliv           197             75           122           194             52           142 38.1% 26.8% 2% -14%
Total all 6 Auto Industry Cos        4,851           947        3,904        6,860        1,685        5,175 19.5% 24.6% -29% -25%
DowDupont        1,542           389        1,153        1,128           213           915 25.2% 18.9% 37% 26%
Stryker           542             99           443           499             55           444 18.3% 11.0% 9% 0%
Kellogg           511             67           444           309             43           266 13.1% 13.9% 65% 67%
DTE Energy           419             68           351           504           110           394 16.2% 21.8% -17% -11%
Ally Financial           328             76           252           326           113           213 23.2% 34.7% 1% 18%
CMS Energy           281             40           241           295             96           199 14.2% 32.5% -5% 21%
Masco           200             39           161           210             62           148 19.5% 29.5% -5% 9%
Perrigo Co plc           111             30             81             96             24             72 27.0% 25.0% 16% 13%
Whirlpool           109             15             94           198             40           158 13.8% 20.2% -45% -41%
Domino's Pizza           104             15             89             91             28             63 14.4% 30.8% 14% 41%
Total all 16 Michigan Cos        8,998        1,785        7,213      10,516        2,469        8,047 19.8% 23.5% -14% -10%
As a Perspective,
Total all 457 US Companies    343,388      63,875    279,513    306,178      77,187    228,991 18.6% 25.2% 12% 22%