Top 4Q 2017 Indiana State Corp Earner Isn't HQed in the Indianapolis Area ...................................................................................... And Only 3 of the Top 16 4Q 2017 Earners Are HQed in the Indy Area ...................................................................................... Also, 3 of the Top 10 Are HQed in Evansville ...................................................................................... Further, 3 of the Top 16 Are HQed in Elkhart ...................................................................................... The Top 10 4Q 2017 Earners Generated Total 4Q 2017 Net Income of $3.571 Bil, Up 355% From Their 4Q 2016 Total Net Income of $785 Mil ...................................................................................... The Problem Is That $3.025 Bil or 85% of the Total Earnings of These 10 Corps of $3.571 Bil is Courtesy of the Very Lucrative US Federal Income Tax Debt Forgiveness Feature Embedded in the Trump Tax Cuts Act ...................................................................................... For All 31 Largest Indiana Corps Combined, 4Q 2017 Total Earnings Were $1.632 Bil Down 36% From the 4Q 2016 Total Earnings Despite These 4Q 2017 Earnings Being Boosted By US Federal Income Tax Debt Forgiveness of $4.775 Bil

From SEC filings, the chart below shows Net Income (Loss) From Continuing Operations for both the 4Q 2017 and the 4Q 2016 along with the US Federal Income Tax Debt Forgiveness awarded by the US Government upon the signing of the Trump Tax Cuts Act to the 31 largest Indiana Corps each with stock market caps above $500 Mil.  REITs and Partnerships are both excluded.

				US GAAP	US GAAP			TTCA
				Net	Net			US
			Corp	Income	Income			Federal
			Quarter	(Loss)	(Loss)			Income
			End	From	From			Tax
			When	Continuing	Continuing			Debt
			Trump	Operations	Operations			Forgiveness
			Tax	Dec 17	Dec 16			Included
			Cuts	Jan 18	Jan 17			in Dec 17
US Corps			Act	or	or			Quarter
Hqed in Indiana		State	TTCA	Feb 18	Feb 17	Better	Better	Net
Filing With the SEC	City Hqs	HQs	Signed	Quarter	Quarter	(Worse)	(Worse)	Income
				mils $	mils $	mils $	%	mils $
Zimmer Biomet	Warsaw	IN	Dec 17	1,257	70	1,187		1,272
Anthem	Indianapolis	IN	Dec 17	1,231	368	863		1,108
Steel Dynamics	Fort Wayne	IN	Dec 17	303	4	299		183
Allison Transmission	Indianapolis	IN	Dec 17	215	61	154		155
KAR Auction Services	Carmel	IN	Dec 17	173	46	127		103
Berry Global Group	Evansville	IN	Dec 17	163	51	112		139
Thor Industries	Elkhart	IN	Jan 18	80	65	15		-
Vectren	Evansville	IN	Dec 17	61	70	(9)		45
Wabash National	Lafayette	IN	Dec 17	49	23	26		20
OneMain Holdings	Evansville	IN	Dec 17	39	27	12		-
Total all Top 10				3,571	785	2,786	355%	3,025
Patrick Industries	Elkhart	IN	Dec 17	29	14	15		8
First Merchants Corp	Muncie	IN	Dec 17	24	22	2
Hillenbrand	Batesville	IN	Dec 17	19	22	(3)		15
1st Source Corp	South Bend	IN	Dec 17	18	17	1		3
LCI Industries	Elkhart	IN	Dec 17	17	26	(9)
MainSource Financial	Greensburg	IN	Dec 17	17	12	5		3
Finish Line	Indianapolis	IN	Feb 18	16	(9)	25		10
Allegion plc	Carmel	IN	Dec 17	12	75	(63)
Lakeland Financial	Warsaw	IN	Dec 17	12	14	(2)
German American Bancorp	Jasper	IN	Dec 17	12	10	2		2
Franklin Electric	Fort Wayne	IN	Dec 17	8	18	(10)		9
Horizon Bancorp	Michigan City	IN	Dec 17	8	9	(1)
Kimball Intl	Jasper	IN	Dec 17	7	9	(2)
First Financial Corp	Terre Haute	IN	Dec 17	3	8	(5)
Endocyte	West Lafayette	IN	Dec 17	(11)	(9)	(2)
Old National Bancorp	Evansville	IN	Dec 17	(18)	33	(51)
Haynes Intl	Kokomo	IN	Dec 17	(23)	1	(24)
NiSource	Merrillville	IN	Dec 17	(52)	89	(141)
CNO Financial	Carmel	IN	Dec 17	(71)	234	(305)
Cummins **	Columbus	IN	Dec 17	(309)	396	(705)
Eli Lilly *	Indianapolis	IN	Dec 17	(1,657)	772	(2,429)		1,700
Total all 31 Corps				1,632	2,548	(916)	-36%	4,775

* Eli Lilly had a TTCA Toll Tax Expense Earnings Charge of $3.6 Bil in the 4Q 2017.
** Cummins had a TTCA Toll Tax Expense Earnings Charge of $629 Mil in the 4Q 2017.