Thursday, December 14, 2017

Texas At Top of List and Michigan At Bottom of List of US States With Corps Having Stock Market Caps Above $10 Bil Getting Initial Total Tax Benefits (Detriments) From the Trump Tax Bill

From a review of income tax and other footnotes in their most recent audited annual financial statements in their SEC filings, below here are the audited Net Deferred Income Tax Liabilities (Assets) mostly at December 31, 2016 for the 526 largest US Companies with stock market caps above $10 Bil recently.  Also Included in these 526 US Companies are 4 Private US Companies With Total Equity of at least $10 Bil. 

The Tax Benefits (Detriments) Below are Computed By Comparing the Total Deferred Income Tax Liabilities with the Total Deferred Income Tax Assets of each of the 526 US Companies all sorted by US State HQs.  The higher the Excess of Total Deferred Income Tax Liabilities over the Total Deferred Income Tax Assets, the higher the Debt Forgiveness Granted to the Corporation Upon Donald Trump signing the Tax Bill and the higher the 4Q 2017 Total Earnings Increase, both due to the Trump Tax Bill.  Upon Trump Tax Bill signing, a substantial amount of US Corp's existing Deferred Income Tax Liabilities now owed to the US Government will be immediately forgiven by the US Government, even though it has no future stimulative benefit to the US economy ...... it's clearly just a throw away of US taxpayer money.

The US Companies that benefit the most from the Trump Tax Bill are Utilities and Older, Already Very Profitable US Manufacturing Companies, especially Oil & Gas Companies, due mainly to the massive amount of Accelerated Tax Depreciation and Oil Depletion Deductions granted to these US Companies by the US Congress over the years, with unfortunately very little effect on average middle-class wages.  Aggressive Acquiring Companies tend to have Net Deferred Tax Liabilities, a good chunk of which which will be forgiven when Donald Trump signs the Tax Bill.

The US Companies that lose the most from the Trump Tax Bill are Technology Companies, which are main drivers of the US economy but have little in the way of Depreciable Property, and the US Financial and Auto Industry Companies which still have huge Unused Net Operating Loss Carryforwards resulting from the horrific 2008 Financial Meltdown.

US Subsidiaries of Foreign Corporations will also have a substantial amount of their Debt Forgiven upon Donald Trump signing of this Tax Bill.  To illustrate how substantial this is, I have included below just two of the thousands of them ..... the Toyota and the Honda US Financial Companies, which both have huge Deferred Income Tax Liabilities due to their heavy use of US Tax-Advantaged Leasing.

Given that only 526 US Corps are included below thus resulting in making some of the smaller US State's number of Corps pretty low, I'll start working on the roughly 250-300 additional US Corps with stock market caps between $5 Bil and $10 Bil to give even more useful tax benefits (detriments) information by US State due to the Trump Tax Bill.  It will take some time to complete.



% of


Trump Trump


Tax Tax


Bill Bill


Initial Initial


Total Total


Tax Tax

# of Benefits Benefits

Corps (Detriments) (Detriments)


$ in bils %



Texas 49        161.345 21.8%
Nebraska 3          93.148 12.6%
California 86          89.105 12.0%
Pennsylvania 21          71.948 9.7%
New Jersey 19          44.054 5.9%
New York 60          32.328 4.4%
Illinois 36          30.087 4.1%
Ohio 21          29.798 4.0%
Georgia 18          27.916 3.8%
Connecticut 14          26.920 3.6%
Virginia 16          26.583 3.6%
Florida 18          26.000 3.5%
Kansas 2          14.367 1.9%
Minnesota 15          14.108 1.9%
Missouri 9          11.863 1.6%
Arizona 6          11.421 1.5%
Louisiana 2          10.840 1.5%
North Carolina 16            9.959 1.3%
Massachusetts 19            9.153 1.2%
Colorado 12            8.435 1.1%
Oklahoma 5            8.400 1.1%
Wisconsin 6            7.378 1.0%
Arkansas 3            6.530 0.9%
Tennessee 9            5.853 0.8%
Indiana 6            5.461 0.7%
Washington State 11            4.351 0.6%
Rhode Island 4            4.052 0.5%
District of Columbia 2            2.847 0.4%
Nevada 3            2.818 0.4%
Iowa 3            0.814 0.1%
Alabama 2            0.395 0.1%
Maine 1            0.034 0.0%
Utah 2          (0.240) 0.0%
Idaho 1          (0.749) -0.1%
Oregon 1          (1.024) -0.1%
Kentucky 3          (1.083) -0.1%
Delaware 2          (2.877) -0.4%
Maryland 5          (5.839) -0.8%
Michigan 15        (45.067) -6.1%




Total all 526 US Companies in all US States 526        741.432 100.0%




Wednesday, December 13, 2017

Trump Tax Bill Initial Tax Benefits For All 526 US Corps With Stock Market Caps Above $10 Bil Are Very Unfair By US State With the Following Very Strange Results of Net Tax Benefits (i.e. Which is a function of the 40% Cut in the Corp Federal Tax Rate Multiplied By the Excess of Audited Deferred Income Tax Liabilities (US Total $1.0177 Trillion) Over Audited Deferred Income Tax Assets (US Total $276.3 Bil)), With These Net Tax Benefits (DTLs Over DTAs) Driving Both the Debt Forgiveness Granted to Corporations and the 4Q 2017 Corporation Earnings Increases, Both Due to the Trump Tax Bill ...................................................................................... Texas 49 Corps Total Net Deferred Income Tax Liabilities (DTLs) in Excess of Total Net Deferred Income Tax Assets (DTAs) of $161.3 Bil Were 81% More Than California 86 Corps Total DTLs Over Total DTAs of $89.1 Bil: Remember, the Higher the Excess of DTLs Over DTAs, the Higher the Tax Benefits Received From the Trump Tax Bill ...................................................................................... Nebraska 3 Corps Total DTLs Over DTAs of $93.1 Bil Were 5% Above California 86 Corps Total Net DTLs Over DTAs of $89.1 Bil .... No, That's Not a Typo, Warren Buffett Doesn't Just Understand Economics and Finance, He Also Understands Accounting: With the Tax Benefits From the Trump Tax Bill, Berkshire Hathaway's 4Q 2017 Earnings Should Surpass That of Apple ...................................................................................... Instead of Net Tax Benefit From DTLs Over DTAs, Michigan 15 Corps Get Just the Opposite of Total DTAs Over DTLs of a Massive $45.1 Bil and so, Donald Trump Won Michigan and Now Nails Michigan Like This in His Trump Tax Bill? ...................................................................................... If Not For Utility Corp Duke Energy, North Carolina 15 Other Corps Had the Detrimental Effect of Total DTAs Over DTLs of $4.2 Bil ...................................................................................... New Jersey 19 Corps Total DTLs Over DTAs Were $44 Bil, 36% More Than Its Neighbor Giant New York 60 Corps DTLs Over DTAs of $32.3 Bil ...................................................................................... Pennsylvania 21 Corps Really Rock Under Trump Tax Bill With Total DTLs Over Total DTAs of $71.9 Bil, Up 141% Over Neighbor Ohio 21 Corps $29.8 Bil, Up 123% Over Neighbor New York 60 Corps $32.3 Bil, Up 63% Over Neighbor New Jersey 19 Corps $44 Bil, Up 686% Over Massachusetts 19 Corps $9.2 Bil and Only 19% Below California 86 Corps $89.1 Bil ...................................................................................... West Coast US States Bludgeoned By Trump Tax Bill But It's Not Just California, Oregon's Nike Had Total Net DTAs of $1.0 Bil and Entrepreneurial Tech Haven Washington State 11 Corps Get Only a Total Net DTLs Over DTAs of $4.4 Bil, a Paltry 0.6% of the Total Initial Tax Benefits From the Trump Tax Bill ...................................................................................... With Its Technology Emphasis Like That in California, Massachusetts 19 Corps Have Total DTLs Over DTAs of Only $9.2 Bil and Thus Get Only 1.2% of the Total Initial Tax Benefits From the Trump Tax Bill ...................................................................................... Even With Its Emphasis on New Businesses and the Entrepreneurial Spirit, Colorado 12 Corps Get Only 1.1% of the Total Initial Tax Benefits From the Trump Tax Bill ....................................................................................... Corps in 6 US States Trump Won Get 55.4% of Total Initial Net Tax Benefits of Trump Tax Bill (Texas 21.8%, Nebraska 12.6%, Pennsylvania 9.7%, Ohio 4.0%, Georgia 3.8% and Florida 3.5%)

From a review of income tax and other footnotes in their most recent audited annual financial statements in their SEC filings, below here are the audited Net Deferred Income Tax (Liabilities) Assets mostly at December 31, 2016, along with other related income tax disclosures for the 526 largest US Companies with stock market caps above $10 Bil recently.  Also Included in these 526 US Companies are 4 Private US Companies With Total Equity of at least $10 Bil.



Deferred  Deferred  Deferred 
 US Corps 


Net Income Income Income
  in State: 


Deferred  Tax  Tax  Tax 
 Total  


Income (Liabilities) Assets Assets Totals  Net


Tax  Related To Related To Related To By Deferred 


Assets Unremitted Pensions & Unused US  Income
US Companies
(Liabilities) Earnings of Other Post Tax  State Tax 
Sorted By US State State Mostly Foreign Retirement Credits # of Assets
Stock Market Caps > $10 Bil HQs 12-31-16 Subs Benefits C/Fs Corps (Liabilities)


bils $s bils $s bils $s bils $s
bils $s








Vulcan Materials AL        (0.703)

        0.018

Regions Financial AL         0.308

        0.013 2        (0.395)
Tyson Foods AR        (2.971)




JB Hunt Transport AR        (0.791)




Wal-Mart AR        (2.768)


3        (6.530)
Microchip Technology AZ        (0.340)

        0.243

Freeport-McMoran AZ        (3.765)        (0.779)
        2.538

Pinnacle West Capital AZ        (2.945)
       (0.073)


Republic Services AZ        (1.171)




Southern Copper Corp AZ         0.565        (0.046)
        0.447

Freeport-McMoran AZ        (3.765)        (0.779)         0.403         2.538 6      (11.421)
Symantec CA        (2.358)        (1.939)
        0.042

HP Inc CA        (0.862)        (5.179)         0.592


Xilinx CA        (0.254)        (0.383)
        0.110

Lam Research CA        (0.153)        (0.303)



Western Digital CA        (0.153)        (0.038)
        0.283

Linear Technology CA        (0.068)        (0.106)
        0.021

Autodesk CA        (0.028)

        0.127

Marvell Technology Group CA        (0.012)

        0.451

Trimble CA        (0.009)

        0.015

Juniper Networks CA        (0.001)        (0.311)
        0.138

Square CA               -  

        0.039

Snap Inc CA               -  

        0.002

Advanced Micro Devices CA               -          (0.158)
        0.768

Splunk CA         0.001

        0.049

Workday CA         0.004

        0.780

Palo Alto Networks CA         0.005

        0.069

Twitter CA         0.006

        0.252

ServiceNow CA         0.011

        0.051

Maxim Integrated Products CA         0.041        (0.014)
        0.071

Align Technology CA         0.068

        0.001

Arista Networks CA         0.070

        0.015

Check Point Software CA         0.101        (0.010)



Atlassian Corp plc CA         0.121




Flex Ltd CA         0.148




Cadence Design Systems CA         0.257        (0.025)
        0.181

Synopsys CA         0.281

        0.147

Electronic Arts CA         0.285        (0.070)
        0.276

KLA-Tencor CA         0.290        (0.013)



Agilent Technologies CA         0.321        (0.053)         0.136


NetApp CA         0.524




Seagate Technology CA         0.604        (0.007)



eBay CA         3.155        (1.578)



Hewlett Packard Enterprise CA         4.287        (3.708)         1.590


PG&E Corp CA      (10.213)

        0.167

America Honda Finance Corp CA        (8.792)




Edison Intl CA        (8.239)
        0.287         0.499

McKesson CA        (3.650)




Sempra Energy CA        (3.511)         0.434
        0.431

Equinix CA        (0.212)




Franklin Resources CA        (0.155)




Digital Realty Trust CA        (0.154)




Ross Stores CA        (0.121)




Clorox CA        (0.023)        (0.007)



Public Storage CA               -  




Essex Property Trust CA               -  




Realty Income CA               -  




Alexandria Real Estate Equities CA               -  




Cooper Cos CA         0.016

        0.002

CBRG Group CA         0.035
        0.029         0.054

HCP Inc CA         0.036




ResMed CA         0.048




Prologis CA         0.052




SVB Financial Group CA         0.072




Varian Medical Systems CA         0.119        (0.016)



Illumina CA         0.122

        0.043

Monster Beverage CA         0.160




Edwards Lifescience CA         0.195        (0.006)
        0.046

First Republic Bank CA         0.234

        0.017

Gap Inc CA         0.249        (0.058)



Avery Dennison CA         0.303        (0.062)         0.208         0.111

BioMarin Pharma CA         0.447

        0.353

Apple CA      (27.588)      (36.355)



Broadcom CA        (9.979)      (10.954)



Visa CA        (5.899)




Paypal CA        (1.194)        (1.246)



salesforce.com CA        (0.907)

        0.241

Intel CA        (0.823)




Adobe Systems CA        (0.218)        (0.293)
        0.063

Nvidia CA        (0.134)        (0.827)
        0.728

Alphabet CA         0.062        (3.468)
        0.503

Intuit CA         0.125




Netflix CA         0.227

        0.107

Activision Blizzard CA         0.239

        0.071

Applied Materials CA         0.371        (0.042)



VMware CA         0.462




Facebook CA         0.854        (0.357)
        0.268

Qualcomm CA         2.667

        1.798

Cisco Systems CA         3.968




Chevron CA      (12.867)
        4.392       10.970

Wells Fargo CA        (7.051)




Walt Disney CA        (4.311)




Amgen CA        (2.383)




Tesla CA         0.026

        0.315

Charles Schwab CA         0.143




Intuitive Surgical CA         0.150

        0.016

Gilead Sciences CA         1.255

        0.147 86      (89.105)
Liberty Interactive CO        (3.636)

        0.134

DISH Network CO        (2.595)




Liberty Media Corp CO        (2.025)




Molson Coors Brewing CO        (1.624)




.IHS Markit Ltd CO        (0.980)




DaVita CO        (0.809)




Liberty Broadband CO        (0.505)




Cimarex Energy CO        (0.127)




UDR Inc CO         0.001




Ball Corp CO         0.004




Newmont Mining CO         0.739        (0.006)



Level 3 Parent CO         3.122


12        (8.435)
Amphenol CT        (0.048)
        0.065


United Rentals CT        (1.896)




Stanley Black & Decker CT        (0.588)        (0.261)



Alexion Pharmaceuticals CT        (0.378)

        0.537

Gartner CT         0.005




Interactive Brokers Group CT         0.294




Synchrony Financial CT         0.633




Hartford Financial Group CT         3.281

        0.795

Priceline Group CT        (0.799)




Charter Communications CT      (26.665)




Praxair CT        (1.024)
        0.352


United Technologies CT        (0.035)
        2.382         0.873

Aetna CT        (0.004)
        0.196


Cigna CT         0.304
        0.481
14      (26.920)
CoStar Group DC         0.005




Danaher DC        (2.852)
        0.392
2        (2.847)
Incyte Corp DE               -  

        0.250

DuPont DE         2.877
        4.119
2         2.877
Citrix Systems FL         0.250

        0.050

Harris Corp FL         0.375        (0.047)         0.509


Fidelity Natl Info Services FL        (2.362)




Restaurant Brands Intl FL        (1.705)




Roper Technologies FL        (1.148)

        0.008

Fidelity National Financial FL        (0.629)
        0.005         0.041

Affiliated Managers Group FL        (0.566)




Publix Super Markets FL        (0.396)
        0.105         0.033

Darden Restaurants FL        (0.146)




SBA Comminications FL        (0.027)




Royal Caribbean Cruises FL               -  




Norwegian Cruise Line Hldgs FL               -  




Regency Centers Corp FL               -  




Lennar Group FL         0.277




Raymond James Financial FL         0.313




Next Era Energy FL      (10.640)
       (0.309)         3.059

CSX Corp FL        (9.596)
        0.125


Carnival FL               -  


18      (26.000)
AFLAC GA        (5.056)
       (0.013)


WestRock GA        (3.378)
       (0.091)         0.191

PulteGroup GA         1.049

        0.100

FleetCor Technologies GA        (0.666)




Global Payments GA        (0.661)

        0.007

Total System Services GA        (0.412)




Mohawk Industries GA        (0.327)




Equifax GA        (0.321)        (0.030)         0.046         0.057

Invesco Ltd GA        (0.291)
        0.024


Sun Trust Banks GA        (0.232)




Rollins GA         0.042

        0.018

Genuine Parts GA         0.084
        0.121


Delta Airlines GA         3.064
        5.259         0.379

Southern Co GA      (14.092)
        1.131         1.974

Coca Cola GA        (4.039)
        1.112


InterContinental Exchange GA        (2.954)
        0.089         0.064

Home Depot GA        (0.205)




United Parcel Service GA         0.479
        4.236
18      (27.916)
Principal Financial Group IA        (0.869)

        0.276

Rockwell Collins IA        (0.310)
        0.400         0.025

Athene Holding Ltd IA         0.365

        0.018 3        (0.814)
Micron Technology ID         0.749        (0.123)

1         0.749
CDW Corp IL        (0.369)




Motorola Solutions IL         2.098        (0.027)         0.693


Archer Daniels Midland IL        (1.511)
        0.307         0.095

Dover IL        (0.684)
        0.122


TransUnion IL        (0.579)        (0.050)



Northern Trust IL        (0.553)




Allstate IL        (0.487)
        0.358


Conagra Brands IL        (0.448)
        0.275


Packaging Corp of America IL        (0.335)
        0.137


Ventas IL        (0.317)




LKQ Corp IL        (0.196)
        0.037


IDEX Corp IL        (0.164)




Ingredion IL        (0.164)
        0.030         0.004

Fortune Brands Home & Security IL        (0.154)
        0.083


Ulta Beauty IL        (0.086)




Equity Residential IL               -  




GGP IL         0.003




CBOE Global Markets IL         0.003




WW Grainger IL         0.069




.CNA Financial IL         0.379




Arthur J Gallagher IL         0.425
        0.023         0.478

Discover Financial Services IL         0.510




Baxter Intl IL         0.536        (0.145)         0.411         0.380

United Continental IL         0.655
        1.662         0.116

CNH Industrial NV IL         0.853
        0.553


Accenture IL         2.078
        0.295         1.420

Exelon Corp IL      (17.457)               -           2.287         0.446

CME Group IL        (7.291)




AbbVie IL        (6.665)
        0.665


Mondelez Intl IL        (4.363)
        0.584


Walgreens Boots Alliance IL        (2.274)
        0.134


McDonalds IL        (0.828)




Illinois Tool Works IL         0.315
        0.025         0.006

Abbott Labs IL         1.670




Caterpillar IL         2.446        (0.285)         3.205


Deere & Co IL         2.798        (0.030)         2.897
36      (30.087)
Zimmer Biomet IN        (2.809)        (1.159)
        0.110

Duke Realty IN               -  




Cummins IN         0.344        (0.059)



Anthem IN        (2.780)
        0.096


Eli Lilly IN        (0.216)        (0.674)         0.861         0.459

Simon Property Group IN               -  


6        (5.461)
Garmin Ltd KS         0.049

        0.005

Sprint KS      (14.416)

        0.340 2      (14.367)
Brown-Forman KY        (0.084)
        0.183


Humana KY         0.399




Yum! Brands KY         0.768

        0.284 3         1.083
Entergy Corp LA        (7.377)
        0.109


CenturyLink LA        (3.463)
        2.175
2      (10.840)
Analog Devices MA        (1.642)        (0.064)
        0.068

Cognex MA         0.028




IPG Photonics MA         0.032

        0.005

Skywork Solutions MA         0.057

        0.091

Waters Corp MA         0.062




Eversource Energy MA        (5.607)




State Street Corp MA        (0.037)
        0.116         0.425

Hologic MA        (0.965)

        0.014

Vertex Pharmaceuticals MA        (0.134)

       (0.367)

Iron Mountain MA        (0.033)




Boston Properties MA               -  




Alnylam Pharmaceuticals MA               -  

        0.115

Thermo Fisher Scientific MA        (2.175)        (0.156)



American Tower MA        (0.582)




Biogen MA        (0.490)

        0.201

TJX Cos MA        (0.308)        (0.214)



Boston Scientific MA         0.062




Raytheon MA         0.746
        2.477


General Electric MA         1.833
      15.193
19        (9.153)
McCormick Co MD        (0.031)
        0.185


Host Hotels & Resorts MD         0.071

        0.008

T Rowe Price Group MD         0.114




Marriott MD        (0.904)

        0.079

Lockheed Martin MD         6.589
        5.499
5         5.839
IDEXX Labs ME        (0.034)


1        (0.034)
DTE Energy MI        (4.162)
        0.324         0.643

CMS Energy MI        (2.287)




Kellogg MI        (0.355)




Perrigo Co plc MI        (0.318)

        0.011

Masco Corp MI         0.048

        0.009

Delphi Automative plc MI         0.125
        0.175


Autoliv MI         0.177
        0.067


BorgWarner MI         0.370
        0.039         0.140

Lear Corp MI         0.459        (0.062)         0.089         0.188

Ally Financial MI         0.976

        1.987

Whirlpool MI         2.036
        0.466         1.274

Stryker MI         0.247        (0.050)



Dow Chemical MI         2.156
        3.640


Ford Motor MI       11.007
        6.620         6.456

General Motors MI       34.588
        8.421
15       45.067
Xcel Energy MN        (6.784)

        0.498

General Mills MN        (1.719)
        0.196         0.018

Ecolab MN        (0.878)
        0.265         0.022

Target MN        (0.825)




Pentair plc MN        (0.571)
        0.049


Fastenal MN        (0.081)




CH Robinson Worldwide MN        (0.063)




Hormel Foods MN         0.006




Best Buy MN         0.317




Travelers Cos MN         0.465




Ameriprise Financial MN         0.619
        0.062


UnitedHealth Group MN        (2.761)




Medtronic MN        (1.631)
        0.456


US Bancorp MN        (0.479)
        0.394


3M MN         0.277
        1.217
15      (14.108)
Cerner MO        (0.239)




Ameren Corp MO        (4.264)
        0.211         0.676

Express Scripts MO        (3.572)




Reinsurance Group of America MO        (2.704)




Kansas City Southern MO        (1.289)




Centene MO        (0.303)




O'Reilly Automotive MO        (0.090)

        0.009

Emerson Electric MO         0.226        (0.009)         0.353


Monsanto MO         0.372


9      (11.863)
Qorvo NC        (0.114)

        0.093

Red Hat NC         0.102

        0.010

IQVIA Holdings NC        (2.044)        (0.590)
        0.267

Lab Corp of America NC        (1.179)
        0.002


Martin Marietta Materials NC        (0.663)
        0.083         0.003

Ingersoll Rand plc NC        (0.616)
        0.646         0.057

Nucor NC        (0.559)
        0.012         0.180

Albemarle NC        (0.352)
        0.097         0.001

Old Dominion Freight NC        (0.270)




VF Corp NC        (0.178)




BB&T Corp NC         0.090
       (0.107)


Sealed Air NC         0.160        (0.020)
        0.144

Duke Energy NC      (14.155)
        0.561         3.153

Reynolds America NC        (9.607)
        0.759


Lowe's NC         0.200




Bank of America NC       19.226
        2.677         3.125 16        (9.959)
TD Ameritrade NE        (0.193)




Berkshire Hathaway NE      (76.959)




Union Pacific NE      (15.996)
        0.222         0.145 3      (93.148)
Verisk Analytics NJ        (0.307)




Public Service Enterprise Group NJ        (8.409)
        0.086


Newell Brands NJ        (4.988)
        0.194         0.034

American Water Works NJ        (2.596)
        0.173


Wyndham Worldwide NJ        (1.184)
        0.098         0.084

Church & Dwight NJ        (0.511)
        0.008


Campbell Soup NJ        (0.454)
        0.098


Quest Diagnostics NJ        (0.159)




Zoetis NJ        (0.148)




CR Bard NJ        (0.046)




Cognizant Technology NJ         0.419

        0.274

Allergan NJ      (12.736)




Prudential Financial NJ      (10.795)        (0.380)



Merck NJ        (4.531)        (2.044)         0.727


Becton Dickinson NJ        (0.776)




Honeywell NJ        (0.139)
        0.673


Automatic Data Processing NJ        (0.070)
       (0.125)         0.050

Celgene NJ         0.138        (0.317)
        0.014

Johnson & Johnson NJ         3.238
        2.958
19      (44.054)
MGM Resorts NV        (2.551)

        2.824

Wynn Resorts Ltd NV        (0.067)

        3.272

Las Vegas Sands NV        (0.200)

        3.953 3        (2.818)
IAC/Interactive Corp NY        (0.226)

        0.012

Take-Two Interactive Software NY        (0.036)

        0.053

CA Inc NY         0.208




Corning Intl NY         2.008
        0.283


Consolidated Edison NY      (10.034)
       (0.581)         0.498

Altice USA NY        (7.967)




Thomson Reuters NY        (1.107)




Hess Corp NY        (1.085)

        0.164

Nielsen Holdings plc NY        (1.048)

        0.130

PVH Corp NY        (0.860)




Coty Inc NY        (0.852)




Loews Corp NY        (0.621)

        0.289

CBS Corp NY        (0.580)
        0.843


Xylem NY        (0.547)




Omnicom Group NY        (0.481)        (0.016)



First Data NY        (0.394)        (0.252)        (0.004)         0.252

Viacom NY        (0.254)
        0.348


L3 Technologies NY        (0.234)
        0.415         0.006

MSCI Inc NY        (0.085)
        0.002


Broadridge Financial Solutions NY        (0.054)

        0.004

Henry Schein NY        (0.035)




Paychex NY        (0.034)

        0.039

Nasdaq Inc NY        (0.003)

        0.007

SL Green Realty NY               -  




Vornado Realty Trust NY               -  




Annaly Capital Mgt Inc NY               -  




Intl Flavors & Fragrances NY         0.096




Tapestry NY         0.107




Moodys NY         0.212




Arch Capital Group Ltd NY         0.221

        0.012

Tiffany NY         0.300
        0.125


M&T Bank NY         0.565
        0.196


Apollo Global Mgt LLC NY         0.572

        0.012

E*Trade Financial NY         0.756

        0.055

Sirius XM Holdings NY         1.078




Arconic NY         1.095
        1.382         0.652

Blackstone Group NY         1.286




Mastercard NY         0.226

        0.041

IBM NY         4.799
        4.265


Verizon NY      (45.964)




Pfizer NY      (30.099)      (23.108)         3.282


Metlife NY        (9.367)
              -           1.574

BlackRock NY        (4.820)

        0.118

PepsiCo NY        (4.434)
        0.735


Bank of NY Mellon NY        (2.851)




Time Warner NY        (2.553)




Constellation Brands NY        (1.132)        (0.229)



Phillip Morris NY        (1.038)        (0.636)         0.543


JPMorgan Chase NY        (0.205)
        2.911


S&P Global NY         0.013
        0.105


Colgate-Palmolive NY         0.055
        0.599


Estee Lauder NY         0.322
        0.124


Regeneron Pharmaceuticals NY         0.825




Marsh & McLennan NY         0.897
        0.629


American Express NY         2.255




Bristol-Myers Squibb NY         2.949
        0.358


Goldman Sachs NY         3.680
        0.757


Morgan Stanley NY         4.767




American Intl Group NY       20.712

        4.917

Citigroup NY       46.668         9.311         3.798       14.200 60      (32.328)
Mettler Toledo OH        (0.030)
        0.035


American Electric Power OH      (11.884)

        0.045

FirstEnergy OH        (3.765)
        1.347


Kroger OH        (2.178)




JM Smucker OH        (2.167)




Cardinal Health OH        (1.876)




Cincinnati Financial OH        (0.865)




Fifth Third Bancorp OH        (0.787)




TransDigm Group OH        (0.501)        (0.011)



Cintas OH        (0.469)




L Brands OH        (0.333)
        0.096


Parker-Hannifin OH        (0.186)
        0.571         0.023

Progressive Corp OH        (0.111)




Sherwin-Williams OH        (0.008)




Welltower OH        (0.005)




MPLX LP OH        (0.005)




Eaton Corp OH         0.039

        0.245

Huntington Bancshares OH         0.117
        0.035         0.076

Key Corp OH         0.607




Vantiv OH         0.713




Procter & Gamble OH        (6.104)
        1.775
21      (29.798)
Williams Cos OK        (4.238)

        0.279

Continental Resources OK        (1.890)

        0.017

ONEOK OK        (1.624)




Devon Energy OK        (0.648)
        0.098


Magellan Midstream Partners LP OK               -  


5        (8.400)
Nike OR         1.024         0.173
        0.208 1         1.024
Ansys PA         0.040

        0.004

PPL Corp PA        (3.862)
        0.291         0.256

Lincoln National PA        (2.463)

        0.085

AmerisourceBergen PA        (2.493)




EQT Corp PA        (1.760)

        0.224

Mylan NV PA        (1.373)




Air Products & Chemicals PA        (0.604)        (0.021)         0.370         0.076

Dentsply Sirona PA        (0.657)

        0.138

Ametek PA        (0.572)




Aramark PA        (0.553)




Teleflex PA        (0.270)
        0.047


PPG Industries PA        (0.263)        (0.189)



Universal Health Services PA        (0.087)
        0.006


SEI Investments PA        (0.068)




Hershey PA         0.017
        0.115


FMC Corp PA         0.077
        0.041


TE Connectivity PA         1.905
        0.231         0.234

Comcast PA      (34.813)




Kraft Heinz PA      (20.795)
        1.025


PNC Financial PA        (2.366)




Chubb Ltd PA        (0.988)        (2.001)
        2.115 21      (71.948)
Citizens Financial Group RI        (0.714)
       (0.103)         0.052

Hasbro RI         0.207
        0.048


Textron RI         0.669
        0.529


CVS Health RI        (4.214)
        0.065
4        (4.052)
International Paper TN        (2.773)
        1.509         0.270

Eastman Chemical TN        (1.172)
        0.378         0.248

Dollar General TN        (0.653)




AutoZone TN        (0.336)




Unum Group TN        (0.130)




Mis-America Apt Communities TN               -  




Scripps Networks Interactive TN         0.175




HCA Healthcare TN         0.846




FedEx TN        (1.810)


9        (5.853)
Dell Technologies TX        (4.912)

        0.511

Toyota Motor Credit Corp TX        (7.926)




Valero Energy TX        (7.361)

        0.065

CenterPoint Energy TX        (5.263)




Anadarko Petroleum TX        (4.310)

        1.834

Marathon Petroleum Corp TX        (3.844)




Southwest Air Lines TX        (3.374)




Marathon Oil Corp TX        (2.102)

        4.465

Atmos Energy TX        (1.879)
              -           0.019

Noble Energy Inc TX        (1.819)




Torchmark Inc TX        (1.760)




Apache TX        (1.705)

        2.288

Westlake Chemical Corp TX        (1.638)
        0.114


Waste Management TX        (1.482)




Andeavor TX        (1.428)
        0.152         0.008

Pioneer Natural Resources TX        (1.397)

        0.107

National Oilwell Varco TX        (0.978)        (0.053)         0.060         0.405

Waste Connections TX        (0.779)




Concho Resources TX        (0.766)




Dr Pepper Snapple TX        (0.750)
        0.014


Cabot Oil & Gas TX        (0.579)
        0.014         0.223

Alliance Data Systemd TX        (0.315)




SYSCO Corp TX        (0.019)
        0.361


Copart TX        (0.002)

        0.011

Plains All America Pipeline LP TX               -  




Invitation Homes Inc TX               -  




Cheniere Energy Inc TX               -  




Diamondback Energy TX               -  




Celanese TX         0.029
        0.313         0.136

FMC Technologies TX         0.076        (0.020)         0.072         0.082

Baker Hughes TX         0.095        (0.027)
        0.214

Yum! China Holdings TX         0.136




Comerica TX         0.217




Whole Foods Market TX         0.289




D R Horton TX         0.365

        0.003

American Airlines TX         1.487
        2.886         0.456

Halliburton TX         1.919        (0.406)
        0.648

Kinder Morgan Inc TX         4.352

        0.175

Texas Instruments TX         0.341               -           0.082


AT&T TX      (58.717)
              -  


Exxon Mobil TX      (29.921)
        6.053


ConocoPhillips TX        (8.549)
        1.280


Phillips 66 TX        (6.651)
              -           0.148

EOG Resources TX        (5.012)        (0.280)
        0.758

LyondellBasell Industries TX        (2.139)




Schlumberger TX        (1.880)




Occidental Petroleum TX        (1.132)
        0.342         2.458

Kimberly Clark TX        (0.298)
        0.499


Crown Castle TX         0.036


49    (161.345)
Extra Space Storage UT        (0.010)




Zions Bancorp UT         0.250
        0.019
2         0.240
Verisign VA        (0.362)

        0.059

Computer Sciences VA         0.143
        0.172


Norfolk Southern VA        (9.140)
        0.465


Hilton Worldwide Holdings VA        (4.458)




Dollar Tree VA        (1.459)




Willis Towers Watson VA        (0.814)
        0.382


Markel VA        (0.330)

        0.023

Avalon Bay Comminities VA               -  




CarMax VA         0.151




NVR Inc VA         0.181




Huntington Ingalls Industries VA         0.314
        0.568


Dominion Energy VA        (8.554)
        0.087         1.087

Altria Group VA        (8.064)
        1.282


General Dynamics VA         0.037
        1.461


Northrop Grumman VA         1.462
        2.814


Capital One Financial VA         4.310


16      (26.583)
Expedia WA        (0.461)




Fortive WA        (0.247)
        0.049


PACCAR WA        (0.672)
        0.012


Expeditors Intl of Washington WA        (0.014)        (0.120)



Weyerhaeuser WA         0.293
        0.471         0.046

Amazon WA         0.082

        0.041

Microsoft WA         1.881        (1.107)



T-Mobile US WA        (4.938)

        0.284

Boeing WA        (1.006)
      10.878


Costco WA        (0.058)

        0.036

Starbucks WA         0.789


11        (4.351)
WEC Energy WI        (5.147)




Alliant Energy WI        (2.570)

        0.268

Fiserv WI        (0.736)




AO Smith WI         0.004




Rockwell Automation WI         0.444
        0.306         0.015

Johnson Controls Intl plc WI         0.627
        0.013         0.468 6        (7.378)








Total all 526 US Companies
   (741.432)      (94.550)     163.708     114.891 526    (741.432)