Earlier this year, Procter & Gamble announced that it would buy the Clairol hair-care business of Bristol-Myers Squibb for $4.95 billion in cash, a significant premium over Bristol-Myers’s cost basis for the assets. In response, Standard & Poor’s and Dominion Bond Rating Service soon downgraded P&G’s credit ratings.

But these credit agencies ignored the tax benefits that P&G gained from the deal. In fact, because P&G paid a premium for Clairol, the value of the goodwill amortization deduction will improve P&G’s cash flow for the next 15 years. The tax consequences reduced the cost of the deal to P&G by $1 billion — or 20 percent. Yet Bristol-Myers presumably got more for Clairol than it would have if P&G received no such benefits. Neither P&G nor Bristol-Myers would comment.

This transaction was accomplished courtesy of Section 338(h)10 of the U.S. tax code, and it is one that other firms besides P&G and Bristol-Myers are eyeing. Under Section 338(h)10, a company that makes an acquisition is entitled to write off goodwill against its taxable income for the next 15 years. That, to be sure, would also reduce reported earnings. But buyers are always interested in goodwill amortization for tax purposes, and they may be able to convince investors to ignore the resulting hit to earnings.

What’s more, the end of pooling-of-interest accounting will encourage more asset disposition of all kinds. While pooling made it easy for even the most aggressive acquirers to avoid earnings hits from goodwill, that applied only to acquisitions of entire companies. The rules also required companies to wait at least two years to sell assets. Starting last July 1, buyers are free to dispose of assets at any time.

Indeed, the accounting change may greatly reduce effective tax rates simply because in most cases goodwill will no longer be written off against earnings unless it is impaired. The average firm paid nearly 37 percent of its revenue in federal, state, and local taxes last year, up more than two percentage points from 1997, according to CFO’s Third Annual Tax Efficiency Scorecard.

Under the new rules, more companies will have less amortization inflating their effective tax rates. But with new freedom to do deals anytime as the economy weakens, companies will find themselves both freer and under increasing pressure to pursue synergies through asset disposals.

“The situation is changing,” says a tax expert who asks not to be identified, “because of new rules and the impact of a down economy.” The downturn helps explain why other moves may also gain currency these days. For example, companies that have losses abroad may want to designate their foreign subsidiaries as branches so that the parent can use the losses for tax purposes.

“We’re looking at everything,” says Sandy Peiser, vice president and tax manager of Raymond James Financial, an investment and brokerage firm based in St. Petersburg, Florida. Currently in Peiser’s sights are tax credits for training and business development at the local and state levels, which are often connected with so-called enterprise zones. Such credits require a considerable amount of Peiser’s attention, in part because of the significant differences in each jurisdiction’s terms for qualifying. “They don’t all play by the same rules,” he notes. But Raymond James, for one, finds the rules worth mastering, since the company has offices in all 50 states.

Even companies that are relatively immune from recession are turning more to tax savings these days. “We’re leaving no stone unturned,” says Dave Bernard, vice president of tax for Kimberly-Clark, a major producer of basic household products. Having taken measures to maximize income in foreign jurisdictions with lower tax rates, for example, the company has been busy striking so-called advance pricing agreements with local and U.S. tax authorities. The agreements are designed to make sure that transfer pricing policies, which allow the company to take maximum advantage of tax losses, won’t run afoul of either authority. Kimberly-Clark now has five or six such agreements in place, says Bernard.

The company is also looking to buy from third parties tax credits for which it cannot itself qualify. These include credits for the development of low-income housing and synthetic fuels, neither of which are directly related to its business. “We look at every dollar of tax basis and every dollar of tax loss as a potential tax asset,” says Bernard.

The tables that follow should help Bernard and other tax directors get a better handle on where they stand in relation to their peers. Included is data for the five leaders in 40 industries for the three years ending with fiscal 2000.

Methodology for Computing Effective Tax Rates

As in years past, KPMG LLP compiled this year’s Tax Efficiency Scorecard by reviewing income statement data for the Fortune 1,000. It eliminated industries that were either too small to provide a representative sample or of little relevance to most readers; divided the remaining companies into 40 industry groups; tossed out those that didn’t post a cumulative profit for the three-year period from 1998 through 2000 or posted losses in two out of those three years; reviewed the footnotes to the financial statements of each qualifying company to verify discrepancies between the data supplied by Standard & Poor’s Compustat and the companies’ annual reports, and in some cases to eliminate companies where unusual circumstances prevented apples-to-apples comparisons; and sorted the survivors within their industry groups by the lowest effective tax rate. Note that the results do not reflect the amount of cash a company paid in taxes, which is often quite different from the tax provision on its income statement.

The 2001 Tax Efficiency Scorecard

AEROSPACE
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
General Dynamics 26.97 28.61
Boeing 28.02 29.04
United Technologies 30.13 30.93
Honeywell International 30.69 30.39
Northrop Grumman 36.46 35.90
Industry Average 34.71 37.53
AIRLINES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Ual 35.66 37.65
Amr 38.16 39.47
Southwest Airlines 38.58 38.55
Continental Airlines 38.94 38.95
Delta Airlines 39.68 40.09
Industry Average 39.81 40.24
APPAREL
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Phillips-van Heusen 34.56 37.57
Reebok International 35.35 36.08
Liz Claiborne 36.12 35.73
Nike 37.36 36.00
VF 38.41 38.10
Industry Average 40.38 43.95
BEVERAGES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Coca-Cola Enterprises 25.93 29.13
Pepsico 31.80 31.99
Coca-Cola 34.43 35.95
Anheuser-Busch 35.41 34.80
Brown-Forman 36.42 36.34
Industry Average 34.05 34.45
CHEMICALS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Great Lakes Chemical 20.54 22.98
Praxair 21.98 20.89
FMC 22.01 19.94
Union Carbide 27.68 8.65
Air Products & Chemicals 28.97 -11.60
Industry Average 37.27 33.55
COMMERCIAL BANKS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Popular 25.48 26.83
Bank One 27.31 52.69
Huntington Bancshares 30.53 28.58
BB&T 31.55 30.83
Regions Financial 31.80 28.88
Industry Average 35.19 35.77
COMPUTER AND DATA SERVICES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
First Data 32.52 28.95
Computer Sciences 32.75 29.40
Nova 33.58 53.24
Ceridian 34.04 37.56
Unisys 34.17 35.41
Industry Average 38.16 37.82
COMPUTER PERIPHERALS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
EMC 26.16 27.00
Lexmark International 30.62 28.00
Imation 35.64 96.20
Symbol Technologies 39.06 13.31
Storage Technology 39.21 34.99
Industry Average 32.96 29.53
COMPUTER SOFTWARE
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Comverse Technology 8.00 7.03
BMC Software 23.61 29.80
Electronic Arts 34.16 34.16 31.00
Microsoft 34.81 34.00
Adobe Systems 36.03 35.14
Industry Average 37.11 36.46
COMPUTERS, OFFICE EQUIPMENT
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
NCR 11.77 35.27
Apple Computer 19.12 28.02
Hewlett-Packard 25.56 23.01
Xerox 27.85 33.75
Dell Computer 30.62 29.99
Industry Average 32.91 31.75
CONSUMER FOOD PRODUCTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Dole Food 28.34 32.00
Ralston Purina 28.50 27.66
Quaker Oats 29.75 34.57
Wrigley (wm.) Jr. 31.00 31.37
Campbell Soup 34.41 33.67
Industry Average 34.85 30.36
DIVERSIFIED FINANCIALS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Fannie Mae 26.68 26.18
American Express 27.70 28.10
Federal Home Loan Mortgage 28.66 28.16
General Electric 30.38 30.26
USA Education 32.26 33.15
Industry Average 32.52 32.67
DIVERSIFIED OUTSOURCING SERVICES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Viad 23.33 16.39
Paychex 30.44 29.98
Dyncorp 33.31 32.06
Wackenhut 34.71 34.02
Staff Leasing 36.15 241.78
Industry Average 36.53 36.51
ELECTRONICS, ELECTRICAL EQUIP
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Hubbell 25.89 25.01
Harman International Industries 28.23 29.10
Molex 29.64 31.14
American Power Conversion 29.94 29.00
Gentek 31.92 43.44
Industry Average 35.76 34.88
ENERGY
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
WPS Resources 24.55 7.89
Back Hills 31.30 32.13
Utilicorp United 32.77 33.21
Equitable Resources 33.34 35.00
Duke Energy 33.69 32.87
Industry Average 33.93 34.03
ENGINEERING, CONSTRUCTION
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
KB Home 29.64 26.82
Centex 33.07 32.93
IT Group 36.21 126.11
Fluor 36.37 29.80
Toll Bros. 36.59 36.81
Industry Average 40.76 39.18
FOOD & DRUG STORES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Marsh Supermarkets 31.85 32.87
Publix Super Markets 35.55 35.60
Weis Markets 36.79 36.80
Ruddick 36.94 39.16
Ingles Markets 37.85 38.31
Industry Average 50.21 52.40
FOOD PRODUCTION
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Pilgrims Pride 20.27 16.63
Archer Daniels Midland 28.72 14.82
IBP 37.44 40.98
Pro-Fac Cooperative 37.57 34.46
Suiza Foods 38.14 38.60
Industry Average 35.19 32.92
FOOD SERVICES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Jack in the Box 28.92 18.33
Outback Steakhouse 30.70 30.79
McDonald’s 32.18 31.40
Brinker International 34.82 35.09
Darden Restaurants 35.23 35.50
Industry Average 34.54 35.15
FOREST & PAPER PRODUCTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
International Paper 18.11 16.18
Rayonier 29.11 28.03
Kimberly-Clark 29.91 28.92
Mead 34.09 33.52
Westvaco 34.14 36.90
Industry Average 34.08 33.07
GENERAL MERCHANDISERS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Kmart 32.31 35.45
Dollar General 35.93 36.24
Belk 36.09 36.60
Family Dollar Stores 37.02 36.50
Wal-Mart Stores 37.05 36.50
Industry Average 38.23 39.07
INDUSTRIAL & FARM EQUIPMENT
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Pall 23.68 22.17
York International 24.97 11.87
Milacron 26.04q 25.22
Caterpillar 30.85 29.80
Dover 32.59 30.96
Industry Average 37.44 33.98
MEDICAL PRODUCTS & EQUIPMENT
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Becton Dickinson 26.61 24.43
Baxter International 28.07 21.99
Medtronic 36.07 32.50
Hillenbrand Industries 36.54 35.83
Boston Scientific 41.05 29.22
Industry Average 34.59 28.84
METAL PRODUCTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Flowserve 34.42 33.97
Stanley Works 34.83 33.81
Harsco 34.84 31.50
Gillette 35.30 36.26
Masco 35.86 33.77
Industry Average 41.27 39.83
METALS PRODUCTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Alcoa 32.05 33.97
Nucor 35.64 35.00
Maxxam 35.77 44.94
Commercial Metals 37.10 36.86
Worthington Industries 37.14 36.50
Industry Average 40.14 49.23
MINING, CRUDE-OIL PRODUCTION
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
EOG Resources 18.97 37.35
Transocean Sedco Forex 25.15 25.41
Mitchell Energy & Development 27.67 28.16
Burlington Resources 29.77 30.20
Martin Marietta Materials 34.22 33.64
Industry Average 39.78 39.19
MOTOR VEHICLES & PARTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Navistar International 18.20 29.02
Ford Motor 21.39 32.85
Dana 34.27 33.01
Delphi Automotive Systems 34.27 36.29
General Motors 34.88 34.96
Industry Average 28.34 35.45
NETWORK AND OTHER COMMUNICATIONS EQUIPMENT
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Scientific-Atlanta 30.00 30.00
Tellabs 31.73 31.50
3com 33.97 -21.00
Corning 34.54 48.45
Cisco Systems 38.62 38.57
Industry Average 41.61 45.09
PETROLEUM REFINING
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
USX-Consolidated 28.10 35.58
Sunoco 30.57 31.04
Texaco 34.13 38.59
Valero Energy 34.21 35.80
Exxon Mobil 35.28 40.34
Industry Average 37.48 41.32
PHARMACEUTICALS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Lilly (Eli) 21.17 20.76
Schering-Plough 24.31 24.00
Bristol-Myers Squibb 26.49 25.23
Abbott Laboratories 27.63 27.00
Johnson & Johnson 27.75 27.51
Industry Average 28.36 28.38
PUBLISHING, PRINTING
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Scholastic 36.68 36.10
Harcourt General 37.39 37.00
Reader’s Digest 38.43 34.12
Deluxe 38.70 38.02
Washington Post 38.78 40.63
Industry Average 42.37 47.67
RUBBER AND PLASTIC PRODUCTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Goodyear Tire & Rubber 24.58 20.04
Mark IV Industries 34.97 36.00
Cooper Tire & Rubber 37.41 39.60
Carlisle 38.01 36.25
Polyone 39.25 39.08
Industry Average 37.99 40.08
SAVINGS INSTITUTIONS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Golden State Bancorp 12.42 20.28
Sovereign Bancorp 26.46 61.39
Bank United 27.85 34.40
Charter One Financial 32.60 31.95
Dime Bancorp 34.59 34.75
Industry Average 34.00 34.13
SCIENTIFIC, PHOTO, CONTROL EQUIPMENT
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Applera Applied Biosystems 27.92 32.45
Kla-Tencor 29.95 28.12
Teradyne 30.00 30.00
Applied Materials 30.69 30.00
Beckman Coulter 30.85 31.01
Industry Average 36.39 38.06
SECURITIES
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Goldman Sachs Group 17.42 38.90
Franklin Resources 25.16 24.00
Lehman Bros. Holdings 29.45 29.65
Merrill Lynch 32.66 31.47
Bear, Stearns 36.14 34.00
Industry Average 32.23 35.19
SEMICONDUCTORS AND OTHER ELECTRONIC COMPONENTS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Amkor Technology 19.34 12.63
Cypress Semiconductor 24.52 25.09
Vishay Intertechnology 24.87 21.47
Analog Devices 27.50 29.87
Advanced Micro Devices 29.01 20.34
Industry Average 33.11 30.85
SOAPS, COSMETICS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Colgate-Palmolive 31.66 31.47
Int’l Flavors & Fragrances 33.83 33.20
Procter & Gamble 35.11 36.02
Alberto-Culver 35.18 33.12
Dial 35.35 43.07
Industry Average 35.68 35.26
SPECIALTY RETAILERS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Venator Group 23.03 39.21
Limited 24.32 39.96
Footstar 30.52 29.73
Brown Shoe 32.59 30.54
PC Connection 33.76 38.01
Industry Average 40.68 43.78
TELECOMMUNICATIONS
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Cox Communications 35.37 30.54
Bellsouth 37.24 36.04
SBC Communications 38.21 38.18
Sprint Fon Group 38.61 40.46
Verizon Communications 38.64 38.86
Industry Average 46.95 48.78
TRUCKING, TRUCK LEASING
Company 3-yr. weighted Avg. ETR (%) 2000 ETR (%)
Hunt (J.B.) Transport Services 30.78 15.00
Amerco 36.07 37.14
Ryder System 37.76 37.00
Werner Enterprises 38.00 38.00
Swift Transportation 38.78 38.01
Industry Average 40.10 39.34

Source: KPMG analysis of data supplied by Standard & Poor’s Compustat and company 10-Ks

Tax Trends: An Analysis by Industry

• Sample Size: Number of companies in the industry sample.
• 3-Year Average Revenue: Average annual revenue divided by the number of companies in the industry sample.
• 3-Year Average PBT: Average annual profit before tax (PBT) divided by the number of companies in the industry sample.
• 3-Year Weighted Average Effective Tax Rate (ETR): 1998—2000 total tax provision divided by 1998—2000 total PBT.
• Ranking Among Industries: Rank of each industry’s 3-year weighted average ETR in ascending order.
• 2000 ETR: 2000 total tax provision divided by 2000 total PBT.
• 1999 ETR: 1999 total tax provision divided by 1999 total PBT.
• 1998 ETR: 1998 total tax provision divided by 1998 total PBT.
• ETR % Change: The difference between the 2000 and 1998 ETRs divided by 1998 ETR.
• 3-Year Weighted Average Cash Rate: 1998-2000 cash taxes paid divided by 1998—2000 total PBT.
• 3-Year Weighted Average U.S. Revenue: 1998—2000 U.S. revenue divided by the sum of 1998—2000 U.S. and foreign revenue.
• 3-Year Weighted Average Non-U.S. Revenue: 1998—2000 non-U.S. revenue divided by the sum of 1998—2000 U.S. and non-U.S. revenue.

*Includes other electronic components

Industry Sample Size 3-Yr. Avg. Rev. ($ mil) 3-Yr. Avg. PBT ($ mil) 3-Yr. Avg. ETR (%) Ranking among Ind. 2000 ETR (%) 1999 ETR (%) 1998 ETR (%) ETR % Change (’98-’00) 3-Yr. Avg. Cash Rate (%) 3 Yr. Avg. U.S. Rev. (%) 3-Yr. Avg. Non-U.S. Rev (%)
Aerospace & Defense 11 15,342.1 1086.8 34.71 22 37.53 32.59 33.74 11.24 23.36 72.01 27.99
Airlines 10 8,593.6 650.8 39.81 43 40.24 39.91 39.40 2.13 11.98 75.73 24.27
Apparel 10 2,233.5 232.6 40.38 48 43.95 38.03 39.74 10.61 28.94 80.88 19.12
Beverages 9 6,066.7 1157.4 34.05 16 34.45 38.69 28.74 19.84 30.14 68.53 31.47
Chemicals 32 3,632.0 377.5 37.27 38 33.55 45.34 34.84 -3.72 -218.82 57.19 42.81
Commercial Banks 41 0.0 1,496.6 35.19 25 35.77 35.12 34.59 3.43 0.00 NA NA
Computer and Data Svcs. 22 3,127.7 449.6 38.16 40 37.82 40.21 36.07 4.85 27.69 68.17 31.83
Computer Peripherals 9 2,061.4 343.1 32.96 13 29.53 34.83 36.66 -19.46 16.37 60.34 39.66
Computer Software 12 3,368.1 1,540.8 37.11 34 36.46 38.11 36.08 1.07 10.93 63.40 36.60
Computers, Office Equip. 12 20,575.9 1,816.1 32.91 12 31.75 32.08 36.09 -12.03 18.03 49.42 50.58
Consumer Food Products 19 4,222.8 406.1 34.85 24 30.36 34.15 40.21 -24.51 30.22 71.82 28.18
Diversified Financials 20 10,958.8 2,561.3 32.52 10 32.67 32.70 32.08 1.82 21.31 76.68 23.32
Diversified Outsourcing Svcs. 13 1,166.8 142.8 36.53 31 36.51 36.49 36.63 -0.32 23.11 91.54 8.46
Electronics, Electrical Equip. 21 3,239.1 342.4 35.76 29 34.88 35.74 36.89 -5.44 29.63 70.89 29.11
Energy 14 3,891.0 330.2 33.93 17 34.03 32.96 35.49 -4.10 35.40 89.95 10.05
Engineering, Construction 26 2,068.4 142.1 40.76 50 39.18 39.05 44.85 -12.63 38.62 66.00 34.00
Food & Drug Stores 19 3,402.6 312.6 50.21 59 52.40 55.68 42.02 24.71 36.34 94.68 5.32
Food Production 12 4,375.2 117.8 35.19 23 32.92 36.31 35.33 -6.80 37.94 80.56 19.44
Food Services 11 2,839.5 422.9 34.54 21 35.15 37.49 31.05 13.24 28.13 65.35 34.65
Forest & Paper Products 19 5,221.6 365.5 34.08 18 33.07 34.65 35.05 -5.64 22.87 81.53 18.47
General Merchandisers 16 6,884.2 1,087.5 38.23 41 39.07 37.36 38.47 1.56 33.24 95.26 4.74
Industrial & Farm Equip. 32 3,626.10 226.8 37.44 37 33.98 37.61 41.63 -18.36 36.24 61.42 38.58
Medical Products & Equip. 8 2,705.3 397.5 34.59 33 28.84 31.31 50.04 -42.37 28.37 58.79 41.21
Metal Products 17 3,764.7 330.9 41.27 51 39.83 46.65 38.66 3.03 33.95 66.29 33.71
Metals 12 3,398.4 230.8 40.14 44 49.23 36.96 33.91 45.19 26.66 76.20 23.80
Mining, Crude-Oil Production 15 2,102.1 375.9 39.78 57 39.19 38.65 60.35 -35.07 22.57 70.53 29.47
Motor Vehicles & Parts 23 17,041.9 1,210.3 28.34 8 35.45 35.19 18.59 90.66 21.96 69.52 30.48
Network & Other Comm. Equip 11 8,598.2 964.8 41.61 55 45.09 35.64 48.77 -7.56 17.19 53.28 46.72
Petroleum Refining 16 18,853.8 1,908.4 37.48 20 41.32 33.58 28.78 43.58 30.40 51.64 48.36
Pharmaceuticals 11 14,550.9 3,283.6 28.36 5 28.38 27.48 29.27 -3.05 25.16 65.99 34.01
Publishing, Printing 20 1,873.0 364.3 42.37 53 47.67 39.68 40.99 16.30 39.62 87.89 12.11
Rubber & Plastic Products 8 2,945.8 173.2 37.99 39 40.08 35.38 38.60 3.85 39.84 64.61 35.39
Savings Institutions 9 0.0 654.7 34.00 14 34.13 35.85 31.48 8.41 0.00 N/A N/A
Scientific, Photo, Control Equip. 14 3,729.9 491.1 36.39 30 38.06 34.24 36.11 5.39 28.36 49.51 50.49
Securities 13 7,834.9 1,560.5 32.23 9 35.19 28.26 32.10 9.61 27.07 83.98 16.02
Semiconductors* 22 3,672.6 798.0 33.11 19 30.85 34.57 38.12 -19.08 25.22 49.29 50.71
Soaps, Cosmetics 9 5,055.2 995.5 35.68 27 35.26 37.24 34.56 2.03 31.47 51.91 48.09
Specialty Retailers 57 2,632.9 248.7 40.68 47 43.78 42.28 35.41 23.62 32.92 91.72 8.28
Telecommunications 22 8,325.7 1,899.3 46.95 58 48.78 45.22 42.26 5.43 28.24 94.05 5.95
Trucking, Truck Leasing 12 1,926.7 106.9 40.10 45 39.34 40.36 40.55 -2.98 23.00 89.90 10.10
All Industries Average 5,647.7 790.1 35.51 36.50 35.33 34.30 6.4 21.1 71.5 28.5

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