Wednesday, April 18, 2018

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.



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