Summary: While corporations are at historically high levels of debt relative to assets, leverage remains close to its historical average relative to firms’ market value and relative to interest expense as a fraction of cashflow. In PWBM’s dynamic firm model, reducing the deductibility of interest expenses by 10 percentage points decreases corporate output by 0.26 percent while decreasing corporate debt by 6.76 percent.
Key Points
Corporate debt relative to assets is at historically high levels. In 2020Q3, the ratio of corporate debt assets was 68 percent for book value, 49 percent for fixed assets, and 56 percent for tangible assets. For the period 1960 to 2019, the average corporate debt to asset ratios were 43 percent for book value, 40 percent for fixed assets, and 44 percent for tangible assets.
Corporate debt relative to the market value of the firm, however, is close to its historical average. The market leverage ratio was 23 percent in 2020Q3, versus a 34 percent average for the period 1960 to 2019. The interest coverage ratio, which measures the ratio of earnings before interest and taxes to interest expense, was also high at 6.88 in 2020Q3 versus an average of 5.92 for the period 1960 to 2019.
Current law allows for 92 percent of interest expenses to be deducted from corporate taxes. Using PWBM’s dynamic firm model, we find that a 10 percentage point reduction in deductibility decreases capital and labor usage by the firm by 0.26 percent and causes corporate debt to decline by about 7 percent.
Corporate Debt: Historical Perspective and Options for Reducing Interest Deductibility
Corporations raise capital for investment from (a) retained earnings, (b) borrowing/debt issuance, and (c) equity issuance. In the United States, debt financing has the advantage of a tax benefit to the corporation from the deduction of interest paid. This tax benefit of debt is one explanation for the size of debt chosen by corporations. Higher debt ratios relative to underlying corporate value can put the firm at greater risk of defaulting on its debt obligations. To offset this risk, lenders demand higher interest rates. Firms in PWBM’s dynamic model calculate their optimal choice of debt leverage based on that trade-off between the tax benefit of debt and higher costs of more debt.
Historical debt
Business debt financing comes from borrowing directly from financial institutions and from issuing corporate bond securities in capital markets. Debt raised from capital markets varies significantly in its repayment structures and maturity. Commercial paper debts are short-term loans provided by banks with a maturity of less than 270 days, while corporate bonds usually have a maturity greater than one year. Terms of debt vary widely, including debt convertible into equity and government-backed loans such as industrial revenue bonds issued by state and municipal governments to finance private investment. In the previous year, corporations have issued more debt and at longer maturities: U.S. corporate bond issuance was $2.28 trillion in 2020 versus $1.42 trillion in 2019, and the average maturity at issuance was 17.6 years in 2020 and 17.1 years in 2019. Figure 1 shows the different components of business debt and their changing importance over time.
Debt leverage is the amount of debt outstanding divided by the assets of the firm. Higher leverage implies higher risk to the lender due to increased uncertainty about recovery in case of default. When interest rates are fixed, more debt also implies larger interest payments by the firm and a higher probability that the firm will be unable to make the contracted payments—that is, a higher risk of default.
Total debt is the sum of commercial paper, corporate bonds, municipal securities,1 loans from depository institution loans, mortgages and other loans and advances. Different measurements of the leverage ratio depend primarily on the denominator used: fixed asset value, tangible asset value, book value, or enterprise value. Fixed assets are the sum of equipment, real estate, and intellectual property products.2 Tangible assets only include real estate and equipment. Book value is the difference between a corporation’s total assets (including financial assets) and total liabilities, so the book value is effectively the liquidation value of the assets of the business.
Leverage can also be assessed from enterprise value or capital, which is defined as the sum of the value of debt and equity. The resulting leverage ratio of debt over capital is sometimes referred to as market leverage.3 Figure 2 shows the different leverage ratios for the period 1949 to the present for nonfinancial corporate business sectors using aggregate data from the Federal Reserve’s Financial Accounts.
Debt-to-Assets and Debt-to-Tangible Assets have very similar trends. These two measures of leverage both remained relatively low and stable from 1960 to 1980 but then increased significantly from 1980 to 2000. During the 1980 to 2000 period, nonfinancial corporate bond issuance rose more than other forms of debt. The gap between these two measures of the leverage ratio is relatively small, typically less than 3 percent before the 1990s but increasing to more than 5 percent afterwards due to the growing value of intellectual property such as software. From 2000 to the global financial crisis (2007-2009), nonfinancial corporations entered a period of deleveraging. Leverage ratios dropped from around 60 percent to around 45 percent. The financial crisis was a turning point for corporate borrowing as leverage ratios began to rise past levels last seen in the 1990’s with leverage measured by book value reaching an all-time high of 69 percent in 2020.
The Debt-to-Capital leverage ratio follows a very different path. This ratio held steady until the early 1970’s, when it rose quickly to levels above 40 percent. This regime lasted until 1990, when Debt-to-Capital began to decline steadily, reaching a low of about 24 percent in 2000. The ratio remained low over the next two decades, with a notable spike during the financial crisis.
The disconnect between the asset ratios and market leverage started in 1990, as the market value of equity began rising faster than the market value of debt (see Figure 3). In 2020, leverage based on more physical measures (book value and tangible assets) is at historically high levels while leverage on the basis of enterprise value is near historic lows.
The firm’s debt obligations are determined by both the size of the firm’s debt and the level of interest rates. Declining interest rates since 1980 (see Figure 4) have implied a lower cost of corporate borrowing and may justify a higher leverage ratio for a comparable level of risk. A large existing stock of debt, however, puts the firm at higher risk of default if interest rates increase and the firm borrows at higher rates to refinance.
The interest coverage ratio (ICR) measures earnings before interest and taxes over interest expense. This ratio quantifies a company’s ability to fulfill its debt obligation. A higher ratio implies that the company is generating enough cash to cover its interest payments, and therefore, faces a lower probability of default. Figure 5 shows that, although the ICR fell from 1960 to 1970, it stayed relatively stable from 1970 onwards. In 2020, the ICR is near the high of the period since 1970, implying debt payment is not a large burden to corporations.
Leverage choice model
There are three main theories of a firm’s debt-equity choice.
Tradeoff: Given that the U.S. tax system allows corporations to deduct their net interest expenses, tradeoff theory says that a firm chooses its debt to maximize tax benefits net of the costs of possible financial distress.
Pecking order: The pecking order theory predicts that to fund capital investment, a firm would first use internal sources of finance, then turn to borrowing, and finally resort to issuing equity. This effect is driven by information asymmetry where investors infer from the manager’s decision to issue equity that the shares are overvalued. Given that debt has a priority claim, an announcement of debt issuance exerts a smaller downward pressure on a firm’s stock price compared to equity issuance. As a result, a manager whose objective is to maximize shareholder value would only raise funds through equity when debt becomes too costly.
Free cashflow: The free cashflow theory highlights agency costs and considers debt as a way to discipline managers from overinvesting and motivate them to generate and pay out cash instead.
Other theories look at the effect debt has on stock-based compensation of managers, as higher leverage implies higher value to stock-options.
The PWBM dynamic model uses tradeoff theory to reproduce the firm’s choice of debt. We impose a non-linear leverage cost function which increases the cost of borrowing as leverage rises and calibrate the function to match data on corporate credit spread and corporate interest expense.
Changes of interest deductibility
Under the tradeoff model, the leverage ratio of a firm decreases when the corporate tax rate and interest rate are lower. The deductibility of interest income also affects the benefit of corporate borrowing and so provides a direct policy lever to affect the leverage ratio. According to the PWBM tax model, the average deductible share of corporate net interest expense is 92 percent in 2021.4 Table 1 shows the effects of either a 5 or 10 percentage point reduction in interest deductibility on the capital stock, labor demand, free cash flow, debt and interest paid of the nonfinancial corporate sector under various interest rate scenarios.
Lower deductibility has the direct effect of raising corporate tax liability and so reducing free cash flow. Economies at higher interest rates show larger percentage effects from the policy change. Under all interest rate assumptions, corporate capital stock and labor demand both decline, though both effects are relatively small. Debt issued by the firm also declines as the tax benefit of additional debt is lower, which reduces the probability of default, and therefore, decreases the corporate credit spread and interest payments by the firm.
| Interest rate | Capital stock | Labor demand | Free cash flow | Debt | Interest paid |
|---|---|---|---|---|---|
| 1 | -0.13 | -0.13 | -0.12 | -3.38 | -3.83 |
| 3 | -0.13 | -0.13 | -0.13 | -3.38 | -3.83 |
| 5 | -0.13 | -0.13 | -0.16 | -3.38 | -3.83 |
| 7 | -0.13 | -0.13 | -0.22 | -3.37 | -3.82 |
| Interest rate | Capital stock | Labor demand | Free cash flow | Debt | Interest paid |
|---|---|---|---|---|---|
| 1 | -0.26 | -0.26 | -0.22 | -6.76 | -7.62 |
| 3 | -0.26 | -0.26 | -0.26 | -6.76 | -7.62 |
| 5 | -0.26 | -0.26 | -0.33 | -6.77 | -7.62 |
| 7 | -0.26 | -0.26 | -0.44 | -6.76 | -7.61 |
These results indicate that reduction of interest deductibility is likely to have less than a 1 percent effect on capital, labor demand, and firm earnings. At the same time, lower benefits to borrowing reduce corporate debt by about 3.4 percent for a 5 percentage point reduction in deductibility and by about 6.8 percent for a 10 percentage point reduction in deductibility. Historical measures do not give a clear signal that the corporate sector is over-leveraged, but our analysis implies that reducing the deductibility of interest may reduce corporate leverage with relatively small costs on the production sector.
This analysis was conducted by Zheli He and Xiaoyue Sun. Prepared for the website by Mariko Paulson.
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Municipal securities are issued by state and local governments to finance private investment and are secured in interest and principal by the industrial user of the funds. Detailed data source: https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FL103162000&t=B.103&suf=Q. ↩
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Assets are measured at market value. ↩
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Graham et al. (2015) define capital as the sum of interest-bearing debt and book value of equity. Frank and Goyal (2008) bring up the issue of whether to examine book leverage (debt divided by total assets) or market leverage (debt divided by the sum of book debt plus the market value of equity). ↩
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PWBM estimates the interest deductibility share to be 86 percent in 2026 under current law. ↩
Year,Commercial Paper,Corporate Bonds,Depository Institution Loans NEC,Municipal Securities,Other Loans And Advances,Total Mortgages 1952 Q1,0.328,40.873,21.916,0,3.265,13.385 1952 Q2,0.304,42.343,21.494,0,3.369,13.26 1952 Q3,0.346,43.47,21.955,0,3.506,13.251 1952 Q4,0.331,44.497,22.979,0,3.827,13.464 1953 Q1,0.37,45.257,23.076,0,4.046,13.756 1953 Q2,0.297,46.27,22.71,0,4.381,13.696 1953 Q3,0.347,46.8,23,0,4.43,13.761 1953 Q4,0.402,48.012,22.417,0,4.279,14.142 1954 Q1,0.525,48.789,22.093,0,4.34,14.418 1954 Q2,0.484,49.724,21.445,0,4.213,14.285 1954 Q3,0.584,50.999,21.273,0,4.095,14.216 1954 Q4,0.531,51.547,21.761,0,4.368,14.636 1955 Q1,0.5,52.055,22.121,0,4.109,14.935 1955 Q2,0.38,52.779,22.865,0,4.234,15.128 1955 Q3,0.371,53.253,23.814,0,4.08,15.355 1955 Q4,0.362,54.564,25.662,0,4.433,16.195 1956 Q1,0.362,54.986,27.113,0,4.715,16.428 1956 Q2,0.289,55.946,28.607,0,4.609,16.531 1956 Q3,0.401,57.013,29.331,0,4.398,16.614 1956 Q4,0.378,58.04,30.747,0,4.67,17.126 1957 Q1,0.353,59.51,30.873,0,5.18,17.628 1957 Q2,0.32,60.975,32.125,0,5.22,17.697 1957 Q3,0.364,62.488,31.811,0,5.354,17.806 1957 Q4,0.422,64.072,31.971,0,5.73,18.437 1958 Q1,0.716,65.937,30.808,0,6.185,18.711 1958 Q2,0.791,67.017,30.687,0,5.841,18.935 1958 Q3,0.795,68.463,30.474,0,5.335,19.211 1958 Q4,0.658,69.715,31.65,0,5.758,20.184 1959 Q1,0.652,70.307,31.437,0,6.248,20.206 1959 Q2,0.458,71.169,33.407,0,6.655,20.235 1959 Q3,0.527,71.737,34.014,0,6.412,20.208 1959 Q4,0.315,72.794,35.439,0,7.088,21.009 1960 Q1,0.427,73.216,35.977,0,8.149,20.971 1960 Q2,0.547,74.107,36.856,0,8.811,21.08 1960 Q3,0.782,74.889,36.543,0,8.402,21.305 1960 Q4,0.769,76.216,37.651,0,9.131,21.825 1961 Q1,0.623,76.577,37.641,0,8.942,21.744 1961 Q2,0.726,78.53,37.343,0,9.061,22.031 1961 Q3,1.017,79.237,37.134,0,8.712,22.266 1961 Q4,1.094,80.611,38.585,0,9.454,23.243 1962 Q1,1.131,81.437,38.089,0,9.53,23.576 1962 Q2,1.092,82.981,39.474,0,9.68,23.993 1962 Q3,1.363,83.558,40.045,0,9.268,24.488 1962 Q4,1.198,84.643,42.226,0,9.836,25.563 1963 Q1,1.214,85.579,41.735,0,10.253,25.95 1963 Q2,0.987,86.695,42.769,0,10.562,26.527 1963 Q3,1.111,87.225,43,0,10.195,27.162 1963 Q4,0.968,88.414,45.623,0,10.942,28.236 1964 Q1,0.948,89.091,45.036,0,11.799,28.826 1964 Q2,0.889,90.362,46.688,0,12.414,29.346 1964 Q3,1.081,91.058,47.295,0,12.296,30.17 1964 Q4,1.125,92.408,50.264,0,12.685,31.443 1965 Q1,0.847,93.342,52.461,0,13.442,32.181 1965 Q2,0.727,94.941,55.467,0,14.108,32.609 1965 Q3,0.926,96.634,56.66,0,13.777,33.139 1965 Q4,0.797,97.26,61.141,0,14.894,34.101 1966 Q1,0.82,100.223,62.119,0,15.76,34.688 1966 Q2,0.861,102.79,66.583,0,16.261,35.819 1966 Q3,1.466,105.223,67.759,0,15.365,36.783 1966 Q4,1.622,107.474,69.715,0,16.422,37.691 1967 Q1,2.677,110.617,70.151,0,16.93,38.277 1967 Q2,3.242,114.236,73.315,0,16.578,38.646 1967 Q3,3.264,118.745,72.504,0,16.088,38.941 1967 Q4,3.034,122.132,76.269,0,16.575,37.235 1968 Q1,3.482,124.734,75.965,0,17.656,40.657 1968 Q2,3.4,128.262,79.707,0,17.958,40.874 1968 Q3,4.928,131.563,80.255,0,17.507,41.4 1968 Q4,4.249,135.025,86.106,0,18.296,42.399 1969 Q1,4.88,138.462,87.278,0,19.325,43.212 1969 Q2,4.914,141.743,91.765,0,22.533,42.775 1969 Q3,5.778,144.467,91.186,0,25.853,42.572 1969 Q4,5.356,147,95.655,0,27.575,43.292 1970 Q1,7.044,150.069,93.524,0,31.125,56.458 1970 Q2,6.895,155.797,96.837,0,33.716,57.3 1970 Q3,7.361,161.157,98.636,0,30.461,58.499 1970 Q4,7.133,166.756,101.697,0,28.035,59.762 1971 Q1,8.333,172.222,99.687,0,28.661,60.905 1971 Q2,6.856,177.621,102.607,0.02,30.091,62.021 1971 Q3,7.434,181.204,104.363,0.053,29.81,62.941 1971 Q4,6.247,185.563,106.157,0.086,29.248,64.936 1972 Q1,7.538,188.338,106.744,0.126,30.562,68.012 1972 Q2,8.126,192.15,110.749,0.293,30.838,69.436 1972 Q3,7.761,195.187,112.568,0.466,30.46,71.312 1972 Q4,6.968,197.75,119.174,0.634,33.116,74.173 1973 Q1,5.871,199.202,126.7,0.955,35.284,76.383 1973 Q2,6.032,202.249,131.863,1.49,37.122,82.945 1973 Q3,6.335,204.906,132.131,1.979,39.101,93.859 1973 Q4,8.382,206.909,134.126,2.43,40.752,104.837 1974 Q1,9.235,210.614,137.548,2.841,43.064,106.81 1974 Q2,9.967,216,147.98,3.265,44.885,107.401 1974 Q3,12.569,220.192,151.507,3.596,46.427,104.607 1974 Q4,12.513,226.579,156.066,4.078,50.091,103.738 1975 Q1,14.009,236.009,147.759,4.508,50.686,103.9 1975 Q2,11.658,244.281,145.314,5.319,51.207,105.015 1975 Q3,11.78,247.958,141.12,5.92,51.417,106.682 1975 Q4,9.616,253.783,141.944,6.678,52.7,107.945 1976 Q1,10.926,260.254,134.401,6.985,55.715,107.76 1976 Q2,11.818,265.211,136.841,7.487,58.008,110.113 1976 Q3,10.889,270.908,135.801,8.36,59.147,112.793 1976 Q4,11.049,276.614,138.761,9.163,63.866,114.892 1977 Q1,12.083,282.016,141.318,11.928,67.14,116.098 1977 Q2,12.914,285.712,147.277,14.079,70.964,119.022 1977 Q3,13.175,291.816,148.563,15.713,71.302,123.313 1977 Q4,12.808,299.491,153.766,17.377,77.648,129.232 1978 Q1,13.719,303.936,162.017,18.702,78.546,132.625 1978 Q2,14.419,310.353,168.747,20.838,82.257,136.999 1978 Q3,14.992,315.522,167.988,23.017,83.421,140.123 1978 Q4,15.499,320.607,173.563,25.041,89.55,141.797 1979 Q1,17.665,324.975,180.067,27.366,93.963,145.185 1979 Q2,20.564,330.267,190.082,29.681,99.016,145.589 1979 Q3,23.828,334.133,198.376,32.325,99.7,146.354 1979 Q4,24.518,337.915,204.44,35.028,105.883,143.988 1980 Q1,31.052,343.86,211.726,37.147,109.698,141.876 1980 Q2,36.334,355.03,200.606,40.024,112.178,136.753 1980 Q3,32.189,362.374,211.545,42.743,109.773,133.885 1980 Q4,28.026,365.57,231.595,45.892,114.209,134.32 1981 Q1,31.837,371.608,229.633,48.925,119.793,135.097 1981 Q2,37.819,379.24,240.073,52.894,126.043,141.064 1981 Q3,44.081,383.712,253.344,56.029,130.388,146.456 1981 Q4,42.722,390.331,263.884,59.323,141.066,141.354 1982 Q1,49.836,398.241,276.786,62.963,141.959,139.894 1982 Q2,51.741,403.341,297.491,66.287,144.419,136.335 1982 Q3,49.726,411.321,313.553,70.589,145.584,129.479 1982 Q4,37.614,420.997,323.733,74.466,145.927,127.196 1983 Q1,41.187,427.194,326.056,76.92,145.888,143.413 1983 Q2,38.849,438.317,325.79,79.803,153.678,148.074 1983 Q3,40.547,442.938,331.693,81.876,158.128,153.029 1983 Q4,36.775,446.98,352.715,83.897,168.609,158.266 1984 Q1,42.518,455.202,368.369,85.897,178.987,160.941 1984 Q2,53.463,463.644,388.451,88.116,190.168,167.617 1984 Q3,60.349,477.439,391.315,90.48,198.699,171.96 1984 Q4,58.49,495.058,411.929,104.439,214.839,173.213 1985 Q1,62.972,513.558,422.84,106.139,218.787,162 1985 Q2,68.886,535.693,425.185,110.639,222.247,164.619 1985 Q3,69.036,554.766,434.38,116.039,223.552,160.68 1985 Q4,72.207,578.234,453.929,127.039,238.234,169.299 1986 Q1,69.514,614.192,460.434,124.039,244.322,170.473 1986 Q2,68.654,653.462,469.7,120.767,254.865,174.225 1986 Q3,72.779,681.794,471.79,119.531,263.03,178.779 1986 Q4,62.865,705.35,519.64,117.138,274.2,185.294 1987 Q1,63.593,730.491,504.674,117.349,278.169,215.197 1987 Q2,67.916,748.212,508.793,116.146,289.192,226.133 1987 Q3,68.108,768.763,512.77,116.097,293.539,235.439 1987 Q4,73.768,784.115,524.047,116.224,307.345,246.046 1988 Q1,73.507,809.612,527.447,115.753,330.501,248.87 1988 Q2,77.847,840.675,543.546,116.168,336.235,249.822 1988 Q3,80.303,865.654,544.311,115.932,344.464,245.315 1988 Q4,85.676,887.232,565.416,116.409,353.269,257.203 1989 Q1,96.147,901.803,568.118,115.626,373.997,268.772 1989 Q2,110.059,923.201,577.005,115.09,390.399,270.914 1989 Q3,113.273,939.038,580.513,114.688,387.529,271.806 1989 Q4,107.112,961.079,604.541,115.49,402.431,264.568 1990 Q1,126.034,967.962,598.251,114.943,424.819,280.017 1990 Q2,128.659,984.418,600.956,115.278,438.658,283.469 1990 Q3,131.811,991.867,592.325,115.026,453.16,287.096 1990 Q4,116.852,1008.167,594.058,115.153,463.042,288.117 1991 Q1,119.851,1027.331,581.382,114.86,440.808,294.017 1991 Q2,119.437,1051.467,565.328,115.537,434.803,294.937 1991 Q3,107.016,1071.876,552.776,115.277,425.172,287.707 1991 Q4,98.477,1086.935,542.316,113.984,405.643,279.284 1992 Q1,110.434,1106.05,536.795,114.334,405.603,273.738 1992 Q2,111.996,1125.491,525.425,115.097,403.709,268.434 1992 Q3,108.216,1140.928,517.213,116.104,404.866,259.115 1992 Q4,107.106,1154.504,513.956,118.285,411.957,239.192 1993 Q1,113.9,1212.362,508.097,119.327,405.744,229.953 1993 Q2,124.025,1258.846,507.802,120.705,398.592,221.569 1993 Q3,123.232,1302.923,500.973,122.697,390.574,218.149 1993 Q4,117.829,1337.881,506.662,124.864,384.664,218.772 1994 Q1,129.885,1374.071,513.379,126.947,409.189,213.357 1994 Q2,135.68,1396.331,523.931,129.467,411.568,214.016 1994 Q3,138.683,1410.226,535.277,130.445,412.262,214.876 1994 Q4,139.238,1428.46,554.175,131.689,422.135,212.35 1995 Q1,149.799,1440.558,584.346,131.748,438.718,213.706 1995 Q2,162.887,1466.053,605.399,132.761,445.825,213.226 1995 Q3,163.268,1475.868,615.857,133.51,445.182,212.599 1995 Q4,157.351,1494.065,631.493,134.758,467.293,210.025 1996 Q1,174.174,1516.679,629.014,134.937,474.101,213.091 1996 Q2,181.726,1542.193,637.523,137.11,482.21,217.349 1996 Q3,172.999,1557.865,654.084,137.084,488.555,215.582 1996 Q4,156.405,1581.667,662.307,137.851,484.638,221.455 1997 Q1,168.747,1609.391,681.234,138.652,490.933,221.747 1997 Q2,179.286,1644.942,694.276,139.8,491.727,227.574 1997 Q3,176.649,1696.078,701.623,141.682,500.125,239.981 1997 Q4,168.598,1709.527,716.874,142.002,534.908,249.125 1998 Q1,193.105,1780.867,725.632,143.842,550.237,241.584 1998 Q2,202.491,1865.801,753.418,145.492,553.909,236.572 1998 Q3,216.872,1891.642,776.539,147.009,558.909,233.495 1998 Q4,192.958,1927.272,797.481,147.763,595.095,250.635 1999 Q1,223.886,1975.896,807.848,149.143,628.245,258.689 1999 Q2,232.365,2036.001,812.028,150.297,616.01,272.717 1999 Q3,239.28,2103.447,829.215,151.977,615.908,316.109 1999 Q4,230.326,2128.648,846.082,152.826,623.177,331.346 2000 Q1,260.797,2170.993,861.373,153.262,659.166,336.617 2000 Q2,296.844,2198.731,883.327,153.38,680.06,345.548 2000 Q3,307.039,2238.094,891.393,153.937,666.715,350.315 2000 Q4,278.402,2265.141,901.298,154.187,700.932,355.561 2001 Q1,235.619,2363.609,889.451,154.669,705.194,326.059 2001 Q2,206.256,2463.966,854.407,155.816,727.112,336.964 2001 Q3,189.571,2497.184,829.573,156.406,729.225,362.527 2001 Q4,177.726,2548.311,796.819,157.687,703.037,394.915 2002 Q1,162.983,2594.138,783.066,157.5,698.317,392.181 2002 Q2,141.454,2626.255,735.629,158.317,716.089,403.266 2002 Q3,136.423,2611.995,715.871,159.165,726.205,418.804 2002 Q4,119.813,2623.584,693.43,160.622,734.905,450.915 2003 Q1,119.825,2631.711,668.653,160.774,733.774,461.632 2003 Q2,100.995,2670.831,638.094,161.893,737.11,473.413 2003 Q3,103.978,2700.312,622.537,162.518,723.124,489.224 2003 Q4,82.481,2694.802,614.049,163.914,737.795,494.221 2004 Q1,91.623,2719.981,580.427,191.923,745.825,529.693 2004 Q2,98.673,2692.908,582.182,198.007,756.167,542.385 2004 Q3,105.121,2692.809,592.695,199.017,759.267,567.84 2004 Q4,97.782,2686.699,618.002,199.585,793.244,580.955 2005 Q1,112.001,2685.582,610.887,201.491,819.713,593.803 2005 Q2,110.679,2659.504,617.057,215.128,849.658,647.58 2005 Q3,116.493,2661.608,589.699,226.831,859.401,694.363 2005 Q4,90.071,2651.16,590.882,242.888,903.561,766.386 2006 Q1,96.494,2668.311,600.599,250.38,922.012,788.862 2006 Q2,111.671,2688.866,598.879,266.709,974.198,805.049 2006 Q3,110.579,2696.205,607.576,274.494,967.008,831.648 2006 Q4,112.517,2730.606,612.332,296.631,1028.421,871.805 2007 Q1,126.169,2759.995,610.717,310.925,1082.131,875.673 2007 Q2,154.347,2805.338,614.434,338.651,1160.438,893.932 2007 Q3,131.416,2820.056,670.731,350.671,1250.534,930.076 2007 Q4,123.814,2854.7,714.425,367.345,1315.942,946.355 2008 Q1,139.956,2880.399,752.016,377.408,1332.349,953.728 2008 Q2,139.827,2947.801,758.556,404.571,1362.495,949.216 2008 Q3,146.538,2967.51,782.564,418.912,1393.784,912.065 2008 Q4,131.477,2972.543,777.496,432.499,1383.914,871.874 2009 Q1,106.921,3078.265,716.828,439.935,1308.772,856.672 2009 Q2,86.18,3144.669,658.175,450.839,1283.507,838.8 2009 Q3,72.901,3167.267,588.829,459.085,1251.084,803.363 2009 Q4,58.41,3188.49,549.098,470.135,1138.576,762.325 2010 Q1,73.617,3244.699,501.635,479.153,1103.731,744.765 2010 Q2,81.979,3254.637,467.844,489.998,1071.877,700.13 2010 Q3,97.938,3335.274,459.675,491.729,1061.28,674.155 2010 Q4,82.928,3373.424,482.473,502.716,946.393,673.303 2011 Q1,110.46,3404.18,499.436,505.337,942.506,628.75 2011 Q2,106.911,3450.221,525.11,510.062,978.343,594.389 2011 Q3,124.685,3497.074,573.656,508.941,987.793,573.816 2011 Q4,116.307,3533.936,629.42,510.926,1006.059,576.168 2012 Q1,127.583,3620.536,635.317,511.975,991.538,536.568 2012 Q2,132.081,3671.871,667.102,522.414,986.236,502.092 2012 Q3,136.003,3770.883,673.429,520.947,1026.928,479.199 2012 Q4,130.329,3861.332,711.877,522.953,1036.301,479.612 2013 Q1,140.086,3939.588,693.908,525.333,1036.49,462.893 2013 Q2,147.246,3983.139,712.435,529.248,1075.742,464.532 2013 Q3,171.169,4091.54,719.402,525.536,1065.484,490.896 2013 Q4,144.511,4140.67,765.461,523.97,1062.722,487.487 2014 Q1,180.154,4213.595,778.023,523.348,1093.724,470.134 2014 Q2,185.778,4279.66,815.699,522.955,1081.092,465.148 2014 Q3,207.06,4330.769,821.615,520.638,1122.546,460.68 2014 Q4,182.012,4430.305,863.713,523.311,1127.749,470.357 2015 Q1,188.286,4541.164,895.841,529.303,1146.046,480.023 2015 Q2,177.555,4699.742,925.937,536.992,1141.627,505.72 2015 Q3,201.257,4780.81,922.566,538.08,1114.311,517.185 2015 Q4,179.017,4832.374,966.965,536.216,1092.079,568.496 2016 Q1,184.673,4963.175,1000.285,539.991,1119.678,550.214 2016 Q2,185.663,5039.722,996.842,550.457,1082.228,547.265 2016 Q3,176.268,5116.1,987.551,553.003,1105.104,572.49 2016 Q4,180.783,5101.008,968.199,553.909,1103.142,570.105 2017 Q1,195.512,5214.796,949.701,554.267,1193.741,538.28 2017 Q2,194.666,5274.026,934.213,562.234,1260.924,532.032 2017 Q3,206.063,5357.354,915.756,556.578,1295.21,510.483 2017 Q4,206.67,5382.907,920.471,567.186,1388.654,536.242 2018 Q1,242.01,5441.472,928.952,564.359,1371.578,546.619 2018 Q2,240.837,5447.921,946.48,567.017,1678.694,564.912 2018 Q3,223.58,5504.8,944.614,561.449,1717.529,574.325 2018 Q4,196.467,5537.447,990.267,563.061,1726.902,585.247 2019 Q1,241.104,5628.116,1001.528,565.705,1776.766,599.419 2019 Q2,236.578,5707.451,1010.882,569.336,1800.121,609.935 2019 Q3,216.317,5801.941,1005.572,569.784,1826.827,620.45 2019 Q4,194.53,5785.607,1009.809,577.179,1855.694,626.032 2020 Q1,243.129,5960.213,1339.82,579.859,1945.637,636.786 2020 Q2,166.104,6385.06,1334.272,580.986,1935.958,651.14 2020 Q3,122.229,6465.295,1140.082,582.275,1929.876,663.194
Year,Fixed Assets,Tangible Assets,Book Value,Capital 1952 Q1,0.23832686,0.245858337,0.21242803,0.344971046 1952 Q2,0.23899278,0.246620683,0.212232607,0.338833025 1952 Q3,0.244367392,0.25239387,0.216506069,0.344678096 1952 Q4,0.248768552,0.257054049,0.222170007,0.367235442 1953 Q1,0.250327726,0.258879299,0.223145719,0.376831797 1953 Q2,0.249113101,0.257755169,0.221757938,0.394963151 1953 Q3,0.248037333,0.256756953,0.220734081,0.405942687 1953 Q4,0.249085312,0.258008938,0.223473031,0.382507479 1954 Q1,0.24927497,0.258429446,0.223400776,0.365899683 1954 Q2,0.246964683,0.256146452,0.220808422,0.343169611 1954 Q3,0.248941196,0.258374806,0.222270442,0.32196955 1954 Q4,0.251801527,0.261480228,0.226049927,0.322726751 1955 Q1,0.252826493,0.262874453,0.225106645,0.316790719 1955 Q2,0.253033398,0.263129438,0.22488212,0.297227649 1955 Q3,0.250094877,0.260052669,0.222806675,0.286718482 1955 Q4,0.252990667,0.263010054,0.227893645,0.293007718 1956 Q1,0.249384981,0.259252494,0.22477534,0.283108529 1956 Q2,0.251323824,0.261473481,0.226672313,0.295472921 1956 Q3,0.247482821,0.257507325,0.223871822,0.303889856 1956 Q4,0.249350562,0.259541503,0.226979559,0.292515303 1957 Q1,0.249764083,0.260109913,0.227330061,0.308908828 1957 Q2,0.251977492,0.262541214,0.229450677,0.298749657 1957 Q3,0.251330522,0.261983061,0.228964526,0.324390996 1957 Q4,0.253920409,0.264763916,0.233724967,0.329254679 1958 Q1,0.256013357,0.267207963,0.235210667,0.318908874 1958 Q2,0.255901335,0.26722813,0.235263918,0.306769428 1958 Q3,0.256260258,0.267730462,0.235195373,0.285813835 1958 Q4,0.261897599,0.273752375,0.241249031,0.282711235 1959 Q1,0.260748673,0.272628597,0.239823999,0.279584778 1959 Q2,0.264502793,0.276789929,0.242497155,0.275776795 1959 Q3,0.263990942,0.276469022,0.241000365,0.281101673 1959 Q4,0.269075206,0.282004503,0.246855258,0.273946376 1960 Q1,0.27210911,0.285396323,0.249152819,0.290220688 1960 Q2,0.275308113,0.288895972,0.253263385,0.289170104 1960 Q3,0.274521979,0.288281536,0.25190543,0.306388518 1960 Q4,0.280110665,0.294364312,0.259722282,0.285050846 1961 Q1,0.278776141,0.293173055,0.258215221,0.261795711 1961 Q2,0.280727998,0.295399724,0.259059296,0.264089506 1961 Q3,0.27975058,0.294576291,0.25759775,0.259387014 1961 Q4,0.286005122,0.30134771,0.26488962,0.259009821 1962 Q1,0.285174057,0.300606049,0.263236915,0.264336576 1962 Q2,0.289358413,0.305189108,0.267318669,0.324967652 1962 Q3,0.289636572,0.305598395,0.267316311,0.3148715 1962 Q4,0.295821088,0.312263127,0.273773874,0.278107455 1963 Q1,0.296042369,0.312634747,0.273614537,0.268855514 1963 Q2,0.298756578,0.315735516,0.275741526,0.263193447 1963 Q3,0.298015737,0.3152062,0.274628008,0.257009004 1963 Q4,0.304857516,0.322718944,0.283024448,0.272178235 1964 Q1,0.304839963,0.322909679,0.281792244,0.261954566 1964 Q2,0.306757756,0.325038799,0.283535296,0.260134367 1964 Q3,0.307197611,0.325662918,0.283396016,0.255889755 1964 Q4,0.312193704,0.330970995,0.291473178,0.256070475 1965 Q1,0.31493214,0.333971378,0.29386286,0.255645806 1965 Q2,0.319311321,0.338796953,0.298131966,0.268345578 1965 Q3,0.31979693,0.339541707,0.298777617,0.254903601 1965 Q4,0.32343122,0.343436626,0.302418412,0.250230467 1966 Q1,0.327900283,0.348529743,0.306241559,0.260538179 1966 Q2,0.331396458,0.352185615,0.309889782,0.276728855 1966 Q3,0.332118281,0.353124333,0.311321105,0.302199319 1966 Q4,0.332830828,0.353886731,0.314626108,0.298308818 1967 Q1,0.335936532,0.35740847,0.317598383,0.276151112 1967 Q2,0.340116295,0.362109214,0.3222062,0.277255674 1967 Q3,0.338492862,0.360645905,0.320166947,0.268864565 1967 Q4,0.337991819,0.360312479,0.320711522,0.263828393 1968 Q1,0.340297602,0.363056215,0.323841177,0.286807222 1968 Q2,0.342895975,0.365962375,0.326235937,0.269846152 1968 Q3,0.342727517,0.365931625,0.327592456,0.274503106 1968 Q4,0.345887662,0.369348875,0.331978685,0.253336805 1969 Q1,0.346472588,0.370214244,0.331847418,0.267342723 1969 Q2,0.349777566,0.373828129,0.336305204,0.281696398 1969 Q3,0.348014776,0.372111791,0.335399343,0.29403375 1969 Q4,0.348158427,0.372249532,0.337420599,0.311419263 1970 Q1,0.360999128,0.386180273,0.350069192,0.332901563 1970 Q2,0.361085359,0.385910447,0.352265761,0.392936368 1970 Q3,0.36219268,0.387369278,0.353947487,0.359863417 1970 Q4,0.360932905,0.385983734,0.354052245,0.341022154 1971 Q1,0.358490456,0.383331157,0.350572108,0.323174558 1971 Q2,0.358957515,0.383592018,0.350927067,0.327599716 1971 Q3,0.357243722,0.381554483,0.348581388,0.335159398 1971 Q4,0.356088722,0.380148421,0.347767647,0.322565418 1972 Q1,0.354466917,0.378263337,0.344980538,0.315188947 1972 Q2,0.356498135,0.380429277,0.346472819,0.319924106 1972 Q3,0.35477655,0.378566671,0.344951616,0.318607005 1972 Q4,0.359541721,0.383591762,0.346325016,0.294859127 1973 Q1,0.361694906,0.385927722,0.346277321,0.314071834 1973 Q2,0.364198003,0.388438221,0.349052674,0.338157776 1973 Q3,0.364268122,0.388332118,0.350776413,0.334063885 1973 Q4,0.36694157,0.391174458,0.353608508,0.380648662 1974 Q1,0.364181542,0.388272779,0.348883272,0.394128314 1974 Q2,0.360737201,0.384241329,0.345527216,0.422653684 1974 Q3,0.347317608,0.369389562,0.331538136,0.499300939 1974 Q4,0.337793136,0.358739386,0.308317102,0.497967401 1975 Q1,0.326071643,0.345880867,0.324243878,0.448448752 1975 Q2,0.320002752,0.339366183,0.317812936,0.41553184 1975 Q3,0.315678499,0.334755217,0.31659658,0.445990619 1975 Q4,0.313850607,0.332738354,0.314960175,0.431391913 1976 Q1,0.309734099,0.328280865,0.308264211,0.398859592 1976 Q2,0.308514319,0.326962639,0.30455134,0.399070088 1976 Q3,0.304947513,0.32315022,0.301509922,0.3998859 1976 Q4,0.305088331,0.323274835,0.302930459,0.398500045 1977 Q1,0.304107344,0.322062543,0.302905686,0.423898832 1977 Q2,0.305912785,0.323981278,0.304308234,0.424281314 1977 Q3,0.304104213,0.322047851,0.303004246,0.439926153 1977 Q4,0.307950838,0.32610767,0.307226377,0.457355887 1978 Q1,0.308063992,0.326256537,0.308287119,0.478351823 1978 Q2,0.308057573,0.326098475,0.308067922,0.468252717 1978 Q3,0.30300154,0.320676213,0.30236421,0.454100368 1978 Q4,0.301224589,0.318731956,0.300980315,0.472212685 1979 Q1,0.299680544,0.317011734,0.299696362,0.464252836 1979 Q2,0.298547256,0.315796284,0.297973364,0.469532783 1979 Q3,0.29450413,0.311465959,0.293420126,0.459718281 1979 Q4,0.291119802,0.307938368,0.290926305,0.456372358 1980 Q1,0.289384869,0.306133512,0.291102188,0.477784516 1980 Q2,0.281595972,0.297882888,0.282967152,0.450060899 1980 Q3,0.275926246,0.291893066,0.27545472,0.423729795 1980 Q4,0.274633851,0.290496779,0.273809276,0.405840568 1981 Q1,0.27083296,0.286503911,0.27000055,0.40953741 1981 Q2,0.273745599,0.289612964,0.273233424,0.426181796 1981 Q3,0.276817828,0.292963344,0.27890296,0.471640017 1981 Q4,0.2749963,0.291153441,0.277106955,0.45875559 1982 Q1,0.274660814,0.290757822,0.286149103,0.495239877 1982 Q2,0.278422552,0.295013382,0.291595985,0.506015647 1982 Q3,0.280507956,0.297524568,0.29390574,0.488581966 1982 Q4,0.281078179,0.298511161,0.293718146,0.449063132 1983 Q1,0.284857429,0.302772895,0.297190938,0.430793688 1983 Q2,0.290205558,0.308880196,0.300382315,0.405523 1983 Q3,0.294439717,0.313864491,0.304626463,0.414131979 1983 Q4,0.300303712,0.320419789,0.311290428,0.43345578 1984 Q1,0.308285664,0.329376806,0.320461426,0.458217471 1984 Q2,0.317826429,0.339857248,0.330502315,0.481428892 1984 Q3,0.321795464,0.344447897,0.333039798,0.473974952 1984 Q4,0.332346833,0.355908988,0.342589,0.484174004 1985 Q1,0.335673092,0.35995013,0.349480868,0.47073713 1985 Q2,0.341136165,0.366148124,0.357187811,0.466927228 1985 Q3,0.343557556,0.369054777,0.362509165,0.486985669 1985 Q4,0.355592521,0.382103906,0.377227075,0.46091442 1986 Q1,0.361980881,0.389426863,0.384683464,0.440595523 1986 Q2,0.370732477,0.399159865,0.393821094,0.436920163 1986 Q3,0.37622554,0.405349921,0.402228419,0.468045483 1986 Q4,0.388734846,0.419145589,0.417975188,0.454163401 1987 Q1,0.394743256,0.426037353,0.421486328,0.413518779 1987 Q2,0.400782065,0.433014503,0.427244248,0.412742321 1987 Q3,0.404683719,0.437703605,0.429868267,0.403858399 1987 Q4,0.407775896,0.44127997,0.439264339,0.472902574 1988 Q1,0.411390674,0.445468416,0.444764138,0.465353775 1988 Q2,0.41721158,0.451976388,0.450948207,0.462538295 1988 Q3,0.418170091,0.453202176,0.451755115,0.471720441 1988 Q4,0.423808472,0.459286749,0.458812029,0.469639857 1989 Q1,0.415979679,0.450002623,0.450609782,0.46546166 1989 Q2,0.426244452,0.461804232,0.462644902,0.456998974 1989 Q3,0.428742158,0.465263108,0.468578792,0.440577558 1989 Q4,0.437313034,0.47531949,0.487889313,0.438916619 1990 Q1,0.445959721,0.485490047,0.502572356,0.455283041 1990 Q2,0.451873208,0.492870062,0.509674262,0.448697874 1990 Q3,0.451323859,0.492861583,0.513298876,0.492122699 1990 Q4,0.450942328,0.492792775,0.50926747,0.466575399 1991 Q1,0.447560147,0.490094787,0.506567749,0.431528498 1991 Q2,0.448323746,0.491979423,0.506638976,0.434903027 1991 Q3,0.451280561,0.496847229,0.511294391,0.419909543 1991 Q4,0.451859469,0.498682655,0.520954338,0.38721734 1992 Q1,0.458560885,0.506859543,0.543308113,0.394551955 1992 Q2,0.462136345,0.51214155,0.547874385,0.397189437 1992 Q3,0.465415369,0.517223435,0.552890927,0.390990898 1992 Q4,0.469271996,0.523320993,0.558969528,0.368510576 1993 Q1,0.477130161,0.53255893,0.56888849,0.366188764 1993 Q2,0.483215416,0.54011743,0.571334966,0.368873911 1993 Q3,0.485647845,0.543165837,0.569137322,0.364837717 1993 Q4,0.487248946,0.54601991,0.567101969,0.35718418 1994 Q1,0.493764654,0.553285463,0.575100098,0.374028995 1994 Q2,0.494079293,0.553639575,0.571454825,0.382301316 1994 Q3,0.492830485,0.552640678,0.566643782,0.371837229 1994 Q4,0.493657508,0.554171301,0.560933325,0.375809106 1995 Q1,0.499417181,0.561908016,0.566380536,0.364085973 1995 Q2,0.504689071,0.568109153,0.56674801,0.351040954 1995 Q3,0.500432129,0.563897581,0.558897068,0.335848583 1995 Q4,0.502206963,0.565576594,0.571605951,0.325728269 1996 Q1,0.503744581,0.568090281,0.571510684,0.31977494 1996 Q2,0.509811701,0.576042541,0.575697135,0.313963005 1996 Q3,0.51293389,0.580685601,0.576905669,0.314013159 1996 Q4,0.506881752,0.57360836,0.575978983,0.312540894 1997 Q1,0.484455434,0.545602505,0.547289295,0.315800438 1997 Q2,0.494792716,0.559234828,0.553673334,0.289699796 1997 Q3,0.49133935,0.554880321,0.543580158,0.278437595 1997 Q4,0.478204353,0.53779925,0.546194667,0.279960814 1998 Q1,0.472281699,0.529578695,0.534415365,0.259831413 1998 Q2,0.485800764,0.545463136,0.54912023,0.262033517 1998 Q3,0.481287574,0.539816332,0.546720684,0.285554193 1998 Q4,0.484066255,0.54373516,0.561935364,0.25407306 1999 Q1,0.500491245,0.563745638,0.576712099,0.256139559 1999 Q2,0.510718926,0.577441419,0.582796528,0.243916762 1999 Q3,0.511746908,0.577782255,0.583836539,0.256798675 1999 Q4,0.505560646,0.571524296,0.582008394,0.222878045 2000 Q1,0.520947268,0.59096072,0.600438508,0.21812929 2000 Q2,0.5305796,0.603347267,0.617589946,0.230442052 2000 Q3,0.502270659,0.568004933,0.578415279,0.235242824 2000 Q4,0.494106412,0.55839912,0.523512817,0.262384809 2001 Q1,0.494564145,0.559755148,0.532780167,0.288968762 2001 Q2,0.499964962,0.566419275,0.539839698,0.277103616 2001 Q3,0.49602311,0.561466074,0.541130957,0.315389121 2001 Q4,0.503107139,0.571064467,0.527346041,0.290379487 2002 Q1,0.502258345,0.570380701,0.530085749,0.290143891 2002 Q2,0.498531364,0.566264203,0.528101724,0.320988667 2002 Q3,0.493778815,0.561172978,0.52593804,0.361882355 2002 Q4,0.486972857,0.552458052,0.488442094,0.347252064 2003 Q1,0.471616573,0.533399437,0.472437162,0.353882598 2003 Q2,0.472151958,0.535082706,0.46923375,0.323035408 2003 Q3,0.475609626,0.54038324,0.471487234,0.315787895 2003 Q4,0.475261638,0.54109387,0.481129442,0.293193751 2004 Q1,0.468240137,0.531677878,0.470374329,0.290675064 2004 Q2,0.449776992,0.508455569,0.44685096,0.286627549 2004 Q3,0.435329236,0.489993634,0.429551226,0.293647998 2004 Q4,0.431243342,0.484973972,0.425218024,0.277647346 2005 Q1,0.430045449,0.483771037,0.424694301,0.28023291 2005 Q2,0.425327254,0.478015005,0.418742778,0.280008489 2005 Q3,0.419402628,0.470832784,0.40969908,0.275091828 2005 Q4,0.414500043,0.464621121,0.402403612,0.278703963 2006 Q1,0.41071062,0.459942935,0.400411397,0.268522703 2006 Q2,0.40706687,0.454836038,0.395048269,0.281353237 2006 Q3,0.397404819,0.443110812,0.387564291,0.277920487 2006 Q4,0.403739744,0.450380842,0.395285536,0.272506324 2007 Q1,0.399658458,0.445466011,0.393012038,0.268703339 2007 Q2,0.400135561,0.445243631,0.396711738,0.264856811 2007 Q3,0.401850692,0.446568414,0.400472602,0.266650174 2007 Q4,0.410963166,0.457209406,0.406624579,0.279071108 2008 Q1,0.429883178,0.480780271,0.425060889,0.299813134 2008 Q2,0.448535573,0.503941553,0.44555516,0.306189825 2008 Q3,0.441765379,0.495651077,0.440164558,0.333400201 2008 Q4,0.447875503,0.50395834,0.451960298,0.382158022 2009 Q1,0.452067209,0.509777508,0.44841636,0.403924842 2009 Q2,0.490813926,0.560107515,0.489712372,0.372472498 2009 Q3,0.510282639,0.588009411,0.513034991,0.338615189 2009 Q4,0.501069245,0.579825784,0.496503362,0.320926616 2010 Q1,0.507966789,0.590069203,0.502481224,0.311563519 2010 Q2,0.474557942,0.547649193,0.459581999,0.333060709 2010 Q3,0.476625191,0.550077347,0.466192804,0.312592098 2010 Q4,0.468696715,0.541661681,0.53333734,0.290132446 2011 Q1,0.4620747,0.533971592,0.52673004,0.278340407 2011 Q2,0.463234742,0.535699958,0.522242885,0.282309466 2011 Q3,0.474644656,0.550563232,0.524163087,0.317431797 2011 Q4,0.46888681,0.542013649,0.535955738,0.301303852 2012 Q1,0.462410586,0.5339747,0.542678715,0.280766994 2012 Q2,0.467092131,0.540327756,0.540664972,0.28873167 2012 Q3,0.465670148,0.537755588,0.546271383,0.282577397 2012 Q4,0.470807133,0.543049082,0.562832915,0.289752703 2013 Q1,0.467150958,0.538023153,0.565407505,0.268032543 2013 Q2,0.460368687,0.528921034,0.558013328,0.268068982 2013 Q3,0.454189441,0.520264267,0.549575675,0.261319514 2013 Q4,0.450061444,0.515749802,0.547956555,0.248682152 2014 Q1,0.458231813,0.526173915,0.55913272,0.246403019 2014 Q2,0.454445953,0.520872804,0.558337605,0.240154714 2014 Q3,0.453919632,0.519957374,0.557703531,0.244163457 2014 Q4,0.449870329,0.514163397,0.566151638,0.240580545 2015 Q1,0.443316982,0.505177695,0.563028002,0.242907571 2015 Q2,0.449620605,0.512286358,0.568583701,0.249217931 2015 Q3,0.450229363,0.51254412,0.55766365,0.267130596 2015 Q4,0.453969463,0.516279174,0.576552772,0.260851523 2016 Q1,0.470528071,0.536312792,0.605135153,0.261545868 2016 Q2,0.466118472,0.531537401,0.598158335,0.259233207 2016 Q3,0.458220077,0.521121309,0.587064288,0.256848436 2016 Q4,0.450593155,0.513088681,0.584199418,0.254377524 2017 Q1,0.458956689,0.523478944,0.60186484,0.247604304 2017 Q2,0.453728321,0.517009169,0.592282223,0.246942847 2017 Q3,0.451568961,0.514714922,0.588874539,0.243227006 2017 Q4,0.448192695,0.510174959,0.584005007,0.23641564 2018 Q1,0.453959044,0.518535661,0.588891621,0.239601848 2018 Q2,0.454130465,0.517382693,0.58916585,0.240325369 2018 Q3,0.462575884,0.528777012,0.62350568,0.231792439 2018 Q4,0.462008637,0.528213308,0.585201805,0.263529634 2019 Q1,0.461412297,0.527448377,0.617625685,0.241732323 2019 Q2,0.451305409,0.514704243,0.606266175,0.239352725 2019 Q3,0.447017023,0.509367756,0.598173909,0.240724808 2019 Q4,0.452177768,0.516592403,0.628437438,0.227773295 2020 Q1,0.477822203,0.546511845,0.62265418,0.281781162 2020 Q2,0.490374724,0.561888905,0.674051328,0.245162825 2020 Q3,0.485404542,0.557477389,0.68374807,0.225771094
Year,Market Value of Equity,Total Debt 1952 Q1,151.463,79.768 1952 Q2,157.607,80.77 1952 Q3,156.907,82.528 1952 Q4,146.628,85.098 1953 Q1,143.052,86.504 1953 Q2,133.816,87.354 1953 Q3,129.274,88.338 1953 Q4,144.082,89.252 1954 Q1,156.255,90.165 1954 Q2,172.55,90.151 1954 Q3,191.985,91.166 1954 Q4,194.84,92.843 1955 Q1,202.122,93.72 1955 Q2,225.533,95.386 1955 Q3,240.995,96.873 1955 Q4,244.222,101.216 1956 Q1,262.345,103.603 1956 Q2,252.704,105.982 1956 Q3,246.833,107.756 1956 Q4,268.373,110.961 1957 Q1,254.023,113.545 1957 Q2,273.076,116.337 1957 Q3,245.392,117.824 1957 Q4,245.747,120.632 1958 Q1,261.319,122.358 1958 Q2,278.565,123.271 1958 Q3,310.541,124.277 1958 Q4,324.67,127.965 1959 Q1,332.012,128.85 1959 Q2,346.451,131.925 1959 Q3,339.875,132.897 1959 Q4,362.157,136.645 1960 Q1,339.31,138.74 1960 Q2,347.588,141.401 1960 Q3,321.285,141.921 1960 Q4,365.166,145.592 1961 Q1,410.353,145.527 1961 Q2,411.555,147.691 1961 Q3,423.621,148.366 1961 Q4,437.674,152.987 1962 Q1,427.931,153.763 1962 Q2,326.582,157.22 1962 Q3,345.363,158.722 1962 Q4,424.314,163.466 1963 Q1,447.981,164.731 1963 Q2,469.026,167.54 1963 Q3,487.677,168.693 1963 Q4,465.779,174.184 1964 Q1,495.027,175.7 1964 Q2,511.094,179.699 1964 Q3,528.953,181.9 1964 Q4,545.955,187.925 1965 Q1,559.834,192.273 1965 Q2,539.451,197.852 1965 Q3,587.928,201.135 1965 Q4,623.812,208.193 1966 Q1,606.267,213.609 1966 Q2,581.05,222.314 1966 Q3,523.227,226.596 1966 Q4,547.891,232.924 1967 Q1,625.556,238.652 1967 Q2,641.312,246.017 1967 Q3,678.588,249.541 1967 Q4,712.221,255.245 1968 Q1,652.734,262.494 1968 Q2,731.114,270.201 1968 Q3,728.536,275.653 1968 Q4,843.15,286.074 1969 Q1,803.399,293.156 1969 Q2,774.485,303.729 1969 Q3,743.955,309.856 1969 Q4,705.075,318.879 1970 Q1,677.754,338.219 1970 Q2,541.573,350.546 1970 Q3,633.467,356.114 1970 Q4,702.189,363.384 1971 Q1,774.49,369.808 1971 Q2,778.343,379.216 1971 Q3,765.304,385.805 1971 Q4,823.753,392.236 1972 Q1,871.948,401.32 1972 Q2,874.936,411.591 1972 Q3,893.435,417.754 1972 Q4,1032.664,431.815 1973 Q1,970.552,444.395 1973 Q2,903.639,461.7 1973 Q3,953.484,478.311 1973 Q4,809.377,497.437 1974 Q1,784.167,510.112 1974 Q2,723.296,529.498 1974 Q3,540.407,538.898 1974 Q4,557.581,553.066 1975 Q1,684.902,556.872 1975 Q2,791.599,562.793 1975 Q3,701.69,564.877 1975 Q4,754.817,572.665 1976 Q1,868.179,576.041 1976 Q2,887.651,589.478 1976 Q3,897.275,597.899 1976 Q4,927.3,614.346 1977 Q1,856.996,630.583 1977 Q2,881.959,649.968 1977 Q3,845.194,663.882 1977 Q4,819.054,690.322 1978 Q1,773.767,709.545 1978 Q2,833.089,733.612 1978 Q3,895.681,745.062 1978 Q4,856.213,766.056 1979 Q1,910.76,789.221 1979 Q2,920.994,815.2 1979 Q3,980.996,834.716 1979 Q4,1014.625,851.772 1980 Q1,956.763,875.36 1980 Q2,1076.42,880.924 1980 Q3,1213.806,892.508 1980 Q4,1346.332,919.612 1981 Q1,1350.793,936.893 1981 Q2,1315.628,977.133 1981 Q3,1135.956,1014.01 1981 Q4,1225.445,1038.68 1982 Q1,1090.243,1069.68 1982 Q2,1073.469,1099.614 1982 Q3,1172.612,1120.252 1982 Q4,1386.269,1129.934 1983 Q1,1533.575,1160.659 1983 Q2,1736.437,1184.512 1983 Q3,1709.243,1208.211 1983 Q4,1630.197,1247.243 1984 Q1,1527.519,1291.913 1984 Q2,1455.724,1351.459 1984 Q3,1542.913,1390.242 1984 Q4,1553.28,1457.968 1985 Q1,1671.084,1486.296 1985 Q2,1743.624,1527.269 1985 Q3,1641.75,1558.453 1985 Q4,1916.908,1638.943 1986 Q1,2136.797,1682.974 1986 Q2,2244.577,1741.673 1986 Q3,2031.804,1787.703 1986 Q4,2240.835,1864.487 1987 Q1,2708.148,1909.473 1987 Q2,2783.592,1956.392 1987 Q3,2944.431,1994.716 1987 Q4,2286.653,2051.545 1988 Q1,2419.233,2105.69 1988 Q2,2514.872,2164.293 1988 Q3,2459.275,2195.978 1988 Q4,2558.076,2265.205 1989 Q1,2669.423,2324.462 1989 Q2,2835.812,2386.668 1989 Q3,3056.089,2406.847 1989 Q4,3138.6,2455.221 1990 Q1,3005.478,2512.026 1990 Q2,3134.877,2551.437 1990 Q3,2653.601,2571.285 1990 Q4,2955.814,2585.389 1991 Q1,3396.441,2578.249 1991 Q2,3354.319,2581.51 1991 Q3,3536.308,2559.824 1991 Q4,3998.481,2526.64 1992 Q1,3908.353,2546.954 1992 Q2,3870.341,2550.152 1992 Q3,3966.349,2546.442 1992 Q4,4361.179,2545 1993 Q1,4481.787,2589.383 1993 Q2,4502.439,2631.538 1993 Q3,4628.385,2658.548 1993 Q4,4842.338,2690.672 1994 Q1,4630.536,2766.829 1994 Q2,4541.826,2810.992 1994 Q3,4800.739,2841.769 1994 Q4,4796.829,2888.046 1995 Q1,5167.983,2958.875 1995 Q2,5594.356,3026.151 1995 Q3,6024.123,3046.283 1995 Q4,6406.754,3094.985 1996 Q1,6683.652,3141.996 1996 Q2,6988.156,3198.111 1996 Q3,7047.824,3226.169 1996 Q4,7136.15,3244.322 1997 Q1,7172.828,3310.704 1997 Q2,8281.378,3377.605 1997 Q3,8956.472,3456.137 1997 Q4,9055.845,3521.033 1998 Q1,10355.601,3635.267 1998 Q2,10582.784,3757.683 1998 Q3,9568.672,3824.467 1998 Q4,11482.812,3911.205 1999 Q1,11743.42,4043.708 1999 Q2,12769.204,4119.418 1999 Q3,12317.109,4255.936 1999 Q4,15036.312,4312.404 2000 Q1,15922.815,4442.208 2000 Q2,15221.012,4557.891 2000 Q3,14978.622,4607.493 2000 Q4,13087.586,4655.522 2001 Q1,11502.24,4674.602 2001 Q2,12377.309,4744.521 2001 Q3,10342.205,4764.486 2001 Q4,11677.54,4778.495 2002 Q1,11714.607,4788.184 2002 Q2,10113.628,4781.01 2002 Q3,8408.369,4768.463 2002 Q4,8991.36,4783.268 2003 Q1,8720.675,4776.369 2003 Q2,10022.037,4782.337 2003 Q3,10403.742,4801.692 2003 Q4,11540.719,4787.262 2004 Q1,11858.412,4859.472 2004 Q2,12121.492,4870.322 2004 Q3,11826.934,4916.749 2004 Q4,12946.71,4976.267 2005 Q1,12902.601,5023.477 2005 Q2,13112.723,5099.607 2005 Q3,13566.792,5148.395 2005 Q4,13574.117,5244.948 2006 Q1,14510.242,5326.658 2006 Q2,13908.849,5445.373 2006 Q3,14257.382,5487.51 2006 Q4,15089.636,5652.312 2007 Q1,15691.548,5765.61 2007 Q2,16562.543,5967.14 2007 Q3,16923.511,6153.485 2007 Q4,16333.228,6322.582 2008 Q1,15030.366,6435.855 2008 Q2,14870.208,6562.467 2008 Q3,13238.762,6621.373 2008 Q4,10621.521,6569.802 2009 Q1,9603.014,6507.394 2009 Q2,10887.22,6462.171 2009 Q3,12388.26,6342.53 2009 Q4,13049.303,6167.034 2010 Q1,13583.85,6147.6 2010 Q2,12147.825,6066.464 2010 Q3,13458.34,6120.05 2010 Q4,14830.039,6061.237 2011 Q1,15791.418,6090.669 2011 Q2,15672.829,6165.036 2011 Q3,13473.596,6265.964 2011 Q4,14777.979,6372.816 2012 Q1,16454.945,6423.517 2012 Q2,15967.405,6481.795 2012 Q3,16775.195,6607.39 2012 Q4,16527.108,6742.404 2013 Q1,18565.403,6798.297 2013 Q2,18873.339,6912.341 2013 Q3,19968.118,7064.027 2013 Q4,21525.49,7124.821 2014 Q1,22200.799,7258.978 2014 Q2,23256.321,7350.332 2014 Q3,23103.543,7463.308 2014 Q4,23982.193,7597.447 2015 Q1,24250.71,7780.663 2015 Q2,24062.982,7987.573 2015 Q3,22151.49,8074.209 2015 Q4,23165.084,8175.147 2016 Q1,23598.199,8358.016 2016 Q2,24009.477,8402.177 2016 Q3,24623.873,8510.516 2016 Q4,24847.913,8477.146 2017 Q1,26273.52,8646.297 2017 Q2,26707.986,8758.095 2017 Q3,27509.138,8841.443 2017 Q4,29075.427,9002.13 2018 Q1,28863.774,9094.99 2018 Q2,29858.608,9445.861 2018 Q3,31572.097,9526.297 2018 Q4,26826.836,9599.39 2019 Q1,30780.353,9812.638 2019 Q2,31570.564,9934.303 2019 Q3,31670.186,10040.891 2019 Q4,34068.924,10048.851 2020 Q1,27286.606,10705.444 2020 Q2,34032.921,11053.519 2020 Q3,37389.108,10902.951
Year,Fixed Assets,Capital,AAA Bond Yield,BAA Bond Yield 1952 Q1,0.23832686,0.344971046,0.029566667,0.035433333 1952 Q2,0.23899278,0.338833025,0.029333333,0.034966667 1952 Q3,0.244367392,0.344678096,0.029466667,0.0351 1952 Q4,0.248768552,0.367235442,0.029866667,0.035266667 1953 Q1,0.250327726,0.376831797,0.0307,0.035366667 1953 Q2,0.249113101,0.394963151,0.033233333,0.037633333 1953 Q3,0.248037333,0.405942687,0.0327,0.038633333 1953 Q4,0.249085312,0.382507479,0.031333333,0.0377 1954 Q1,0.24927497,0.365899683,0.029566667,0.0361 1954 Q2,0.246964683,0.343169611,0.028766667,0.034766667 1954 Q3,0.248941196,0.32196955,0.028833333,0.034866667 1954 Q4,0.251801527,0.322726751,0.028866667,0.034533333 1955 Q1,0.252826493,0.316790719,0.0296,0.034666667 1955 Q2,0.253033398,0.297227649,0.030333333,0.035 1955 Q3,0.250094877,0.286718482,0.031,0.035566667 1955 Q4,0.252990667,0.293007718,0.031166667,0.035966667 1956 Q1,0.249384981,0.283108529,0.030966667,0.035933333 1956 Q2,0.251323824,0.295472921,0.0326,0.037233333 1956 Q3,0.247482821,0.303889856,0.034233333,0.039333333 1956 Q4,0.249350562,0.292515303,0.036766667,0.0426 1957 Q1,0.249764083,0.308908828,0.037,0.044633333 1957 Q2,0.251977492,0.298749657,0.037733333,0.0453 1957 Q3,0.251330522,0.324390996,0.0407,0.048266667 1957 Q4,0.253920409,0.329254679,0.039966667,0.050366667 1958 Q1,0.256013357,0.318908874,0.036066667,0.047233333 1958 Q2,0.255901335,0.306769428,0.0358,0.046133333 1958 Q3,0.256260258,0.285813835,0.0387,0.0469 1958 Q4,0.261897599,0.282711235,0.040933333,0.0488 1959 Q1,0.260748673,0.279584778,0.0413,0.0487 1959 Q2,0.264502793,0.275776795,0.043533333,0.049533333 1959 Q3,0.263990942,0.281101673,0.044733333,0.051166667 1959 Q4,0.269075206,0.273946376,0.0457,0.052733333 1960 Q1,0.27210911,0.290220688,0.045533333,0.0531 1960 Q2,0.275308113,0.289170104,0.044533333,0.052466667 1960 Q3,0.274521979,0.306388518,0.043133333,0.051033333 1960 Q4,0.280110665,0.285050846,0.0432,0.050966667 1961 Q1,0.278776141,0.261795711,0.0427,0.050633333 1961 Q2,0.280727998,0.264089506,0.042833333,0.050166667 1961 Q3,0.27975058,0.259387014,0.044366667,0.051066667 1961 Q4,0.286005122,0.259009821,0.0441,0.051133333 1962 Q1,0.285174057,0.264336576,0.0441,0.050633333 1962 Q2,0.289358413,0.324967652,0.042966667,0.050133333 1962 Q3,0.289636572,0.3148715,0.043366667,0.050466667 1962 Q4,0.295821088,0.278107455,0.042566667,0.049566667 1963 Q1,0.296042369,0.268855514,0.041966667,0.048933333 1963 Q2,0.298756578,0.263193447,0.0422,0.048533333 1963 Q3,0.298015737,0.257009004,0.042866667,0.048366667 1963 Q4,0.304857516,0.272178235,0.043333333,0.0484 1964 Q1,0.304839963,0.261954566,0.043766667,0.0483 1964 Q2,0.306757756,0.260134367,0.044066667,0.0485 1964 Q3,0.307197611,0.255889755,0.0441,0.048233333 1964 Q4,0.312193704,0.256070475,0.0443,0.0481 1965 Q1,0.31493214,0.255645806,0.0442,0.047866667 1965 Q2,0.319311321,0.268345578,0.044433333,0.0482 1965 Q3,0.31979693,0.254903601,0.044966667,0.0489 1965 Q4,0.32343122,0.250230467,0.046133333,0.049666667 1966 Q1,0.327900283,0.260538179,0.048133333,0.051666667 1966 Q2,0.331396458,0.276728855,0.050033333,0.0549 1966 Q3,0.332118281,0.302199319,0.0532,0.058666667 1966 Q4,0.332830828,0.298308818,0.053833333,0.061366667 1967 Q1,0.335936532,0.276151112,0.0512,0.0588 1967 Q2,0.340116295,0.277255674,0.052633333,0.0598 1967 Q3,0.338492862,0.268864565,0.056166667,0.0633 1967 Q4,0.337991819,0.263828393,0.060266667,0.067233333 1968 Q1,0.340297602,0.286807222,0.061266667,0.0683 1968 Q2,0.342895975,0.269846152,0.062533333,0.070233333 1968 Q3,0.342727517,0.274503106,0.060766667,0.068633333 1968 Q4,0.345887662,0.253336805,0.062433333,0.070266667 1969 Q1,0.346472588,0.267342723,0.067,0.073766667 1969 Q2,0.349777566,0.281696398,0.068866667,0.075866667 1969 Q3,0.348014776,0.29403375,0.070633333,0.079166667 1969 Q4,0.348158427,0.311419263,0.074666667,0.083733333 1970 Q1,0.360999128,0.332901563,0.078933333,0.087566667 1970 Q2,0.361085359,0.392936368,0.0814,0.089766667 1970 Q3,0.36219268,0.359863417,0.0822,0.0941 1970 Q4,0.360932905,0.341022154,0.079066667,0.092766667 1971 Q1,0.358490456,0.323174558,0.072166667,0.0853 1971 Q2,0.358957515,0.327599716,0.074733333,0.086066667 1971 Q3,0.357243722,0.335159398,0.075566667,0.087033333 1971 Q4,0.356088722,0.322565418,0.073,0.084133333 1972 Q1,0.354466917,0.315188947,0.072333333,0.082333333 1972 Q2,0.356498135,0.319924106,0.072766667,0.082233333 1972 Q3,0.35477655,0.318607005,0.072066667,0.0817 1972 Q4,0.359541721,0.294859127,0.071366667,0.079933333 1973 Q1,0.361694906,0.314071834,0.0722,0.079666667 1973 Q2,0.364198003,0.338157776,0.073066667,0.080933333 1973 Q3,0.364268122,0.334063885,0.075866667,0.084666667 1973 Q4,0.36694157,0.380648662,0.0765,0.084366667 1974 Q1,0.364181542,0.394128314,0.078966667,0.085433333 1974 Q2,0.360737201,0.422653684,0.083633333,0.090633333 1974 Q3,0.347317608,0.499300939,0.089866667,0.0981 1974 Q4,0.337793136,0.497967401,0.090166667,0.1057 1975 Q1,0.326071643,0.448448752,0.087066667,0.106466667 1975 Q2,0.320002752,0.41553184,0.088733333,0.1063 1975 Q3,0.315678499,0.445990619,0.089133333,0.105833333 1975 Q4,0.313850607,0.431391913,0.0881,0.1058 1976 Q1,0.309734099,0.398859592,0.085566667,0.102566667 1976 Q2,0.308514319,0.399070088,0.085333333,0.098966667 1976 Q3,0.304947513,0.3998859,0.084633333,0.0962 1976 Q4,0.305088331,0.398500045,0.081833333,0.092133333 1977 Q1,0.304107344,0.423898832,0.080333333,0.091066667 1977 Q2,0.305912785,0.424281314,0.080133333,0.089966667 1977 Q3,0.304104213,0.439926153,0.079466667,0.0883 1977 Q4,0.307950838,0.457355887,0.081033333,0.089433333 1978 Q1,0.308063992,0.478351823,0.0845,0.091966667 1978 Q2,0.308057573,0.468252717,0.0867,0.0947 1978 Q3,0.30300154,0.454100368,0.087533333,0.095 1978 Q4,0.301224589,0.472212685,0.090266667,0.097866667 1979 Q1,0.299680544,0.464252836,0.092933333,0.101566667 1979 Q2,0.298547256,0.469532783,0.0939,0.103933333 1979 Q3,0.29450413,0.459718281,0.0929,0.103933333 1979 Q4,0.291119802,0.456372358,0.105433333,0.118166667 1980 Q1,0.289384869,0.477784516,0.121433333,0.1348 1980 Q2,0.281595972,0.450060899,0.112033333,0.133566667 1980 Q3,0.275926246,0.423729795,0.115766667,0.131666667 1980 Q4,0.274633851,0.405840568,0.1283,0.1467 1981 Q1,0.27083296,0.40953741,0.131633333,0.152466667 1981 Q2,0.273745599,0.426181796,0.139833333,0.1577 1981 Q3,0.276817828,0.471640017,0.1492,0.164766667 1981 Q4,0.2749963,0.45875559,0.146166667,0.166833333 1982 Q1,0.274660814,0.495239877,0.1501,0.170333333 1982 Q2,0.278422552,0.506015647,0.1451,0.1678 1982 Q3,0.280507956,0.488581966,0.137533333,0.1625 1982 Q4,0.281078179,0.449063132,0.118766667,0.1439 1983 Q1,0.284857429,0.430793688,0.118433333,0.138333333 1983 Q2,0.290205558,0.405523,0.1157,0.1325 1983 Q3,0.294439717,0.414131979,0.123433333,0.135266667 1983 Q4,0.300303712,0.43345578,0.1241,0.136066667 1984 Q1,0.308285664,0.458217471,0.122833333,0.137433333 1984 Q2,0.317826429,0.481428892,0.132133333,0.147 1984 Q3,0.321795464,0.473974952,0.1299,0.1471 1984 Q4,0.332346833,0.484174004,0.1235,0.136066667 1985 Q1,0.335673092,0.47073713,0.122566667,0.133933333 1985 Q2,0.341136165,0.466927228,0.1163,0.1302 1985 Q3,0.343557556,0.486985669,0.1103,0.1247 1985 Q4,0.355592521,0.46091442,0.105766667,0.119766667 1986 Q1,0.361980881,0.440595523,0.095733333,0.110166667 1986 Q2,0.370732477,0.436920163,0.090033333,0.102733333 1986 Q3,0.37622554,0.468045483,0.0883,0.1018 1986 Q4,0.388734846,0.454163401,0.086766667,0.100933333 1987 Q1,0.394743256,0.413518779,0.083666667,0.0966 1987 Q2,0.400782065,0.412742321,0.091666667,0.103566667 1987 Q3,0.404683719,0.403858399,0.097566667,0.109066667 1987 Q4,0.407775896,0.472902574,0.102133333,0.1138 1988 Q1,0.411390674,0.465353775,0.095566667,0.107533333 1988 Q2,0.41721158,0.462538295,0.0981,0.1098 1988 Q3,0.418170091,0.471720441,0.099633333,0.110733333 1988 Q4,0.423808472,0.469639857,0.0951,0.105133333 1989 Q1,0.415979679,0.46546166,0.096866667,0.106433333 1989 Q2,0.426244452,0.456998974,0.094866667,0.103666667 1989 Q3,0.428742158,0.440577558,0.089666667,0.098866667 1989 Q4,0.437313034,0.438916619,0.0889,0.098133333 1990 Q1,0.445959721,0.455283041,0.091933333,0.100966667 1990 Q2,0.451873208,0.448697874,0.093966667,0.1031 1990 Q3,0.451323859,0.492122699,0.094033333,0.104166667 1990 Q4,0.450942328,0.466575399,0.092933333,0.105966667 1991 Q1,0.447560147,0.431528498,0.089333333,0.102033333 1991 Q2,0.448323746,0.434903027,0.0891,0.0992 1991 Q3,0.451280561,0.419909543,0.087866667,0.096833333 1991 Q4,0.451859469,0.38721734,0.084466667,0.094 1992 Q1,0.458560885,0.394551955,0.0828,0.092033333 1992 Q2,0.462136345,0.397189437,0.082766667,0.0913 1992 Q3,0.465415369,0.390990898,0.0798,0.087033333 1992 Q4,0.469271996,0.368510576,0.080233333,0.0887 1993 Q1,0.477130161,0.366188764,0.077333333,0.084033333 1993 Q2,0.483215416,0.368873911,0.074066667,0.0814 1993 Q3,0.485647845,0.364837717,0.068933333,0.076233333 1993 Q4,0.487248946,0.35718418,0.068433333,0.075533333 1994 Q1,0.493764654,0.374028995,0.0716,0.078466667 1994 Q2,0.494079293,0.382301316,0.079466667,0.085966667 1994 Q3,0.492830485,0.371837229,0.081733333,0.0884 1994 Q4,0.493657508,0.375809106,0.0857,0.092066667 1995 Q1,0.499417181,0.364085973,0.0828,0.088766667 1995 Q2,0.504689071,0.351040954,0.0766,0.082333333 1995 Q3,0.500432129,0.335848583,0.074333333,0.080533333 1995 Q4,0.502206963,0.325728269,0.069866667,0.0764 1996 Q1,0.503744581,0.31977494,0.0705,0.0771 1996 Q2,0.509811701,0.313963005,0.0761,0.082966667 1996 Q3,0.51293389,0.314013159,0.0759,0.082933333 1996 Q4,0.506881752,0.312540894,0.0723,0.079166667 1997 Q1,0.484455434,0.315800438,0.074266667,0.0807 1997 Q2,0.494792716,0.289699796,0.075733333,0.081866667 1997 Q3,0.49133935,0.278437595,0.0717,0.077566667 1997 Q4,0.478204353,0.279960814,0.068766667,0.074366667 1998 Q1,0.472281699,0.259831413,0.066666667,0.072533333 1998 Q2,0.485800764,0.262033517,0.066366667,0.072533333 1998 Q3,0.481287574,0.285554193,0.0649,0.071266667 1998 Q4,0.484066255,0.25407306,0.063333333,0.0725 1999 Q1,0.500491245,0.256139559,0.0642,0.074033333 1999 Q2,0.510718926,0.243916762,0.069333333,0.0774 1999 Q3,0.511746908,0.256798675,0.073266667,0.081 1999 Q4,0.505560646,0.222878045,0.074866667,0.0824 2000 Q1,0.520947268,0.21812929,0.077133333,0.0833 2000 Q2,0.5305796,0.230442052,0.077666667,0.085933333 2000 Q3,0.502270659,0.235242824,0.076066667,0.0832 2000 Q4,0.494106412,0.262384809,0.074033333,0.082133333 2001 Q1,0.494564145,0.288968762,0.070766667,0.0788 2001 Q2,0.499964962,0.277103616,0.072233333,0.080366667 2001 Q3,0.49602311,0.315389121,0.071066667,0.0795 2001 Q4,0.503107139,0.290379487,0.069233333,0.079233333 2002 Q1,0.502258345,0.290143891,0.066233333,0.079566667 2002 Q2,0.498531364,0.320988667,0.067133333,0.080233333 2002 Q3,0.493778815,0.361882355,0.0635,0.076266667 2002 Q4,0.486972857,0.347252064,0.0628,0.076 2003 Q1,0.471616573,0.353882598,0.060033333,0.0712 2003 Q2,0.472151958,0.323035408,0.0531,0.064733333 2003 Q3,0.475609626,0.315787895,0.056966667,0.068066667 2003 Q4,0.475261638,0.293193751,0.056566667,0.066633333 2004 Q1,0.468240137,0.290675064,0.054566667,0.062733333 2004 Q2,0.449776992,0.286627549,0.059266667,0.066633333 2004 Q3,0.435329236,0.293647998,0.056433333,0.0645 2004 Q4,0.431243342,0.277647346,0.054866667,0.061866667 2005 Q1,0.430045449,0.28023291,0.0532,0.059666667 2005 Q2,0.425327254,0.280008489,0.051466667,0.059733333 2005 Q3,0.419402628,0.275091828,0.050933333,0.0598 2005 Q4,0.414500043,0.278703963,0.0538,0.063366667 2006 Q1,0.41071062,0.268522703,0.0539,0.063066667 2006 Q2,0.40706687,0.281353237,0.058933333,0.067366667 2006 Q3,0.397404819,0.277920487,0.0568,0.065933333 2006 Q4,0.403739744,0.272506324,0.053866667,0.0628 2007 Q1,0.399658458,0.268703339,0.053633333,0.062966667 2007 Q2,0.400135561,0.264856811,0.055766667,0.064933333 2007 Q3,0.401850692,0.266650174,0.057533333,0.0663 2007 Q4,0.410963166,0.279071108,0.0553,0.0651 2008 Q1,0.429883178,0.299813134,0.054566667,0.0675 2008 Q2,0.448535573,0.306189825,0.056,0.0699 2008 Q3,0.441765379,0.333400201,0.056533333,0.072066667 2008 Q4,0.447875503,0.382158022,0.058166667,0.0884 2009 Q1,0.452067209,0.403924842,0.052733333,0.082133333 2009 Q2,0.490813926,0.372472498,0.055133333,0.079833333 2009 Q3,0.510282639,0.338615189,0.052666667,0.0666 2009 Q4,0.501069245,0.320926616,0.052,0.063266667 2010 Q1,0.507966789,0.311563519,0.052933333,0.062866667 2010 Q2,0.474557942,0.333060709,0.050433333,0.061766667 2010 Q3,0.476625191,0.312592098,0.0458,0.057766667 2010 Q4,0.468696715,0.290132446,0.048566667,0.059133333 2011 Q1,0.4620747,0.278340407,0.0513,0.0609 2011 Q2,0.463234742,0.282309466,0.050366667,0.0585 2011 Q3,0.474644656,0.317431797,0.044633333,0.054633333 2011 Q4,0.46888681,0.301303852,0.039266667,0.052533333 2012 Q1,0.462410586,0.280766994,0.038966667,0.052 2012 Q2,0.467092131,0.28873167,0.038,0.050933333 2012 Q3,0.465670148,0.282577397,0.034566667,0.048733333 2012 Q4,0.470807133,0.289752703,0.0354,0.045733333 2013 Q1,0.467150958,0.268032543,0.038766667,0.0481 2013 Q2,0.460368687,0.268068982,0.039633333,0.048366667 2013 Q3,0.454189441,0.261319514,0.045066667,0.054033333 2013 Q4,0.450061444,0.248682152,0.045933333,0.053566667 2014 Q1,0.458231813,0.246403019,0.0444,0.051166667 2014 Q2,0.454445953,0.240154714,0.042166667,0.0482 2014 Q3,0.453919632,0.244163457,0.041166667,0.0474 2014 Q4,0.449870329,0.240580545,0.038766667,0.0474 2015 Q1,0.443316982,0.242907571,0.0357,0.045 2015 Q2,0.449620605,0.249217931,0.038966667,0.048333333 2015 Q3,0.450229363,0.267130596,0.040866667,0.052433333 2015 Q4,0.453969463,0.260851523,0.039933333,0.0542 2016 Q1,0.470528071,0.261545868,0.039266667,0.053066667 2016 Q2,0.466118472,0.259233207,0.0359,0.046666667 2016 Q3,0.458220077,0.256848436,0.033366667,0.042566667 2016 Q4,0.450593155,0.254377524,0.0381,0.0464 2017 Q1,0.458956689,0.247604304,0.0396,0.0466 2017 Q2,0.453728321,0.246942847,0.038,0.044966667 2017 Q3,0.451568961,0.243227006,0.036533333,0.043333333 2017 Q4,0.448192695,0.23641564,0.0356,0.0427 2018 Q1,0.453959044,0.239601848,0.037466667,0.0447 2018 Q2,0.454130465,0.240325369,0.039366667,0.047766667 2018 Q3,0.462575884,0.231792439,0.0391,0.048133333 2018 Q4,0.462008637,0.263529634,0.041266667,0.0514 2019 Q1,0.461412297,0.241732323,0.0383,0.0497 2019 Q2,0.451305409,0.239352725,0.035933333,0.045966667 2019 Q3,0.447017023,0.240724808,0.031,0.0402 2019 Q4,0.452177768,0.227773295,0.030266667,0.039133333 2020 Q1,0.477822203,0.281781162,0.029133333,0.0389 2020 Q2,0.490374724,0.245162825,0.024566667,0.039066667 2020 Q3,0.485404542,0.225771094,0.022333333,0.033133333
Year,ICR,AAA Bond Yield,BAA Bond Yield 1960 Q1,16.26861451,0.045533333,0.0531 1960 Q2,14.65116279,0.044533333,0.052466667 1960 Q3,14.06944858,0.043133333,0.051033333 1960 Q4,12.99854904,0.0432,0.050966667 1961 Q1,12.00331217,0.0427,0.050633333 1961 Q2,12.92278921,0.042833333,0.050166667 1961 Q3,13.20387097,0.044366667,0.051066667 1961 Q4,13.86671631,0.0441,0.051133333 1962 Q1,13.28798876,0.0441,0.050633333 1962 Q2,12.75294118,0.042966667,0.050133333 1962 Q3,12.77376761,0.043366667,0.050466667 1962 Q4,12.97266466,0.042566667,0.049566667 1963 Q1,13.02536232,0.041966667,0.048933333 1963 Q2,13.51507538,0.0422,0.048533333 1963 Q3,13.54998974,0.042866667,0.048366667 1963 Q4,13.51297004,0.043333333,0.0484 1964 Q1,13.83365911,0.043766667,0.0483 1964 Q2,13.61157814,0.044066667,0.0485 1964 Q3,13.55310808,0.0441,0.048233333 1964 Q4,13.17137133,0.0443,0.0481 1965 Q1,14.1886058,0.0442,0.047866667 1965 Q2,14.09323051,0.044433333,0.0482 1965 Q3,13.80947664,0.044966667,0.0489 1965 Q4,13.9047619,0.046133333,0.049666667 1966 Q1,13.6697494,0.048133333,0.051666667 1966 Q2,12.98176119,0.050033333,0.0549 1966 Q3,12.21247616,0.0532,0.058666667 1966 Q4,11.86382591,0.053833333,0.061366667 1967 Q1,10.91694352,0.0512,0.0588 1967 Q2,10.40572849,0.052633333,0.0598 1967 Q3,10.12067588,0.056166667,0.0633 1967 Q4,10.19466873,0.060266667,0.067233333 1968 Q1,9.874880204,0.061266667,0.0683 1968 Q2,9.853788033,0.062533333,0.070233333 1968 Q3,9.394319938,0.060766667,0.068633333 1968 Q4,8.982541836,0.062433333,0.070266667 1969 Q1,8.249351519,0.067,0.073766667 1969 Q2,7.469755569,0.068866667,0.075866667 1969 Q3,6.731366681,0.070633333,0.079166667 1969 Q4,5.894764432,0.074666667,0.083733333 1970 Q1,4.992560149,0.078933333,0.087566667 1970 Q2,4.957800656,0.0814,0.089766667 1970 Q3,4.729600174,0.0822,0.0941 1970 Q4,4.379658842,0.079066667,0.092766667 1971 Q1,5.042874621,0.072166667,0.0853 1971 Q2,5.098413709,0.074733333,0.086066667 1971 Q3,5.165760152,0.075566667,0.087033333 1971 Q4,5.34259502,0.073,0.084133333 1972 Q1,5.518761969,0.072333333,0.082333333 1972 Q2,5.506640883,0.072766667,0.082233333 1972 Q3,5.624671004,0.072066667,0.0817 1972 Q4,5.798980475,0.071366667,0.079933333 1973 Q1,5.817751642,0.0722,0.079666667 1973 Q2,5.394014854,0.073066667,0.080933333 1973 Q3,5.108399523,0.075866667,0.084666667 1973 Q4,4.915848635,0.0765,0.084366667 1974 Q1,4.361484439,0.078966667,0.085433333 1974 Q2,4.163042379,0.083633333,0.090633333 1974 Q3,3.890364482,0.089866667,0.0981 1974 Q4,3.727990723,0.090166667,0.1057 1975 Q1,3.686116392,0.087066667,0.106466667 1975 Q2,4.073905611,0.088733333,0.1063 1975 Q3,4.735168969,0.089133333,0.105833333 1975 Q4,5.001138628,0.0881,0.1058 1976 Q1,5.680940137,0.085566667,0.102566667 1976 Q2,5.682841353,0.085333333,0.098966667 1976 Q3,5.724246104,0.084633333,0.0962 1976 Q4,5.560896588,0.081833333,0.092133333 1977 Q1,5.597643098,0.080333333,0.091066667 1977 Q2,6.015631705,0.080133333,0.089966667 1977 Q3,6.246794586,0.079466667,0.0883 1977 Q4,5.953806399,0.081033333,0.089433333 1978 Q1,5.557885763,0.0845,0.091966667 1978 Q2,6.269176314,0.0867,0.0947 1978 Q3,6.17095772,0.087533333,0.095 1978 Q4,6.19348669,0.090266667,0.097866667 1979 Q1,5.734073058,0.092933333,0.101566667 1979 Q2,5.440894493,0.0939,0.103933333 1979 Q3,5.041308592,0.0929,0.103933333 1979 Q4,4.681320755,0.105433333,0.118166667 1980 Q1,4.25524429,0.121433333,0.1348 1980 Q2,3.623085816,0.112033333,0.133566667 1980 Q3,3.662157869,0.115766667,0.131666667 1980 Q4,3.894063783,0.1283,0.1467 1981 Q1,3.891953509,0.131633333,0.152466667 1981 Q2,3.767931654,0.139833333,0.1577 1981 Q3,3.882937789,0.1492,0.164766667 1981 Q4,3.541463665,0.146166667,0.166833333 1982 Q1,3.199040356,0.1501,0.170333333 1982 Q2,3.24945954,0.1451,0.1678 1982 Q3,3.203337923,0.137533333,0.1625 1982 Q4,3.065511153,0.118766667,0.1439 1983 Q1,3.298244968,0.118433333,0.138333333 1983 Q2,3.636685587,0.1157,0.1325 1983 Q3,3.827949157,0.123433333,0.135266667 1983 Q4,3.906612964,0.1241,0.136066667 1984 Q1,4.101790565,0.122833333,0.137433333 1984 Q2,3.99886654,0.132133333,0.147 1984 Q3,3.892930435,0.1299,0.1471 1984 Q4,3.941854902,0.1235,0.136066667 1985 Q1,3.967693211,0.122566667,0.133933333 1985 Q2,3.963846355,0.1163,0.1302 1985 Q3,4.104717166,0.1103,0.1247 1985 Q4,3.791664573,0.105766667,0.119766667 1986 Q1,3.640058154,0.095733333,0.110166667 1986 Q2,3.409093052,0.090033333,0.102733333 1986 Q3,3.292142086,0.0883,0.1018 1986 Q4,3.287753917,0.086766667,0.100933333 1987 Q1,3.361899979,0.083666667,0.0966 1987 Q2,3.515470901,0.091666667,0.103566667 1987 Q3,3.613321799,0.097566667,0.109066667 1987 Q4,3.497127103,0.102133333,0.1138 1988 Q1,3.477609464,0.095566667,0.107533333 1988 Q2,3.383167598,0.0981,0.1098 1988 Q3,3.294205762,0.099633333,0.110733333 1988 Q4,3.339777974,0.0951,0.105133333 1989 Q1,3.05088748,0.096866667,0.106433333 1989 Q2,2.91359428,0.094866667,0.103666667 1989 Q3,2.835252158,0.089666667,0.098866667 1989 Q4,2.684006235,0.0889,0.098133333 1990 Q1,2.712453746,0.091933333,0.100966667 1990 Q2,2.783268398,0.093966667,0.1031 1990 Q3,2.640131244,0.094033333,0.104166667 1990 Q4,2.645126134,0.092933333,0.105966667 1991 Q1,2.789883671,0.089333333,0.102033333 1991 Q2,2.850005632,0.0891,0.0992 1991 Q3,2.915082769,0.087866667,0.096833333 1991 Q4,2.978160693,0.084466667,0.094 1992 Q1,3.167936263,0.0828,0.092033333 1992 Q2,3.369227643,0.082766667,0.0913 1992 Q3,3.446199129,0.0798,0.087033333 1992 Q4,3.766799061,0.080233333,0.0887 1993 Q1,3.767840184,0.077333333,0.084033333 1993 Q2,4.103027983,0.074066667,0.0814 1993 Q3,4.207387124,0.068933333,0.076233333 1993 Q4,4.631316918,0.068433333,0.075533333 1994 Q1,4.780995428,0.0716,0.078466667 1994 Q2,4.990277729,0.079466667,0.085966667 1994 Q3,5.091884428,0.081733333,0.0884 1994 Q4,5.221828953,0.0857,0.092066667 1995 Q1,4.921824629,0.0828,0.088766667 1995 Q2,4.889784457,0.0766,0.082333333 1995 Q3,5.160181067,0.074333333,0.080533333 1995 Q4,5.299763802,0.069866667,0.0764 1996 Q1,5.64645206,0.0705,0.0771 1996 Q2,5.873527128,0.0761,0.082966667 1996 Q3,5.97443341,0.0759,0.082933333 1996 Q4,6.120234306,0.0723,0.079166667 1997 Q1,6.123127927,0.074266667,0.0807 1997 Q2,6.048517411,0.075733333,0.081866667 1997 Q3,6.123796467,0.0717,0.077566667 1997 Q4,5.793819216,0.068766667,0.074366667 1998 Q1,5.038198862,0.066666667,0.072533333 1998 Q2,5.062925813,0.066366667,0.072533333 1998 Q3,5.169028768,0.0649,0.071266667 1998 Q4,5.018035314,0.063333333,0.0725 1999 Q1,5.114386115,0.0642,0.074033333 1999 Q2,4.98375199,0.069333333,0.0774 1999 Q3,4.597908927,0.073266667,0.081 1999 Q4,4.301267715,0.074866667,0.0824 2000 Q1,4.005231939,0.077133333,0.0833 2000 Q2,3.825383431,0.077666667,0.085933333 2000 Q3,3.587540697,0.076066667,0.0832 2000 Q4,3.326245031,0.074033333,0.082133333 2001 Q1,3.040520206,0.070766667,0.0788 2001 Q2,3.095094275,0.072233333,0.080366667 2001 Q3,3.05568024,0.071066667,0.0795 2001 Q4,2.828774195,0.069233333,0.079233333 2002 Q1,3.292318264,0.066233333,0.079566667 2002 Q2,3.497879297,0.067133333,0.080233333 2002 Q3,3.691120749,0.0635,0.076266667 2002 Q4,4.157727605,0.0628,0.076 2003 Q1,4.35207794,0.060033333,0.0712 2003 Q2,4.642604062,0.0531,0.064733333 2003 Q3,5.002093061,0.056966667,0.068066667 2003 Q4,5.267590599,0.056566667,0.066633333 2004 Q1,5.785461555,0.054566667,0.062733333 2004 Q2,6.052551309,0.059266667,0.066633333 2004 Q3,6.241872706,0.056433333,0.0645 2004 Q4,6.044173479,0.054866667,0.061866667 2005 Q1,6.261585952,0.0532,0.059666667 2005 Q2,6.495516684,0.051466667,0.059733333 2005 Q3,6.203350297,0.050933333,0.0598 2005 Q4,6.920967065,0.0538,0.063366667 2006 Q1,7.071963469,0.0539,0.063066667 2006 Q2,6.888171794,0.058933333,0.067366667 2006 Q3,7.140696665,0.0568,0.065933333 2006 Q4,6.370517493,0.053866667,0.0628 2007 Q1,5.68601339,0.053633333,0.062966667 2007 Q2,5.372216486,0.055766667,0.064933333 2007 Q3,4.596431534,0.057533333,0.0663 2007 Q4,4.319755927,0.0553,0.0651 2008 Q1,3.832737772,0.054566667,0.0675 2008 Q2,3.667455922,0.056,0.0699 2008 Q3,4.033428561,0.056533333,0.072066667 2008 Q4,3.682710091,0.058166667,0.0884 2009 Q1,3.52897881,0.052733333,0.082133333 2009 Q2,3.466985633,0.055133333,0.079833333 2009 Q3,3.681538279,0.052666667,0.0666 2009 Q4,4.123596916,0.052,0.063266667 2010 Q1,4.439292939,0.052933333,0.062866667 2010 Q2,4.506405354,0.050433333,0.061766667 2010 Q3,4.906146363,0.0458,0.057766667 2010 Q4,4.766008326,0.048566667,0.059133333 2011 Q1,4.529524884,0.0513,0.0609 2011 Q2,5.023642636,0.050366667,0.0585 2011 Q3,5.080733926,0.044633333,0.054633333 2011 Q4,5.176537036,0.039266667,0.052533333 2012 Q1,5.23071019,0.038966667,0.052 2012 Q2,5.294515823,0.038,0.050933333 2012 Q3,5.129920977,0.034566667,0.048733333 2012 Q4,5.297873517,0.0354,0.045733333 2013 Q1,5.671025484,0.038766667,0.0481 2013 Q2,5.735819906,0.039633333,0.048366667 2013 Q3,5.620649819,0.045066667,0.054033333 2013 Q4,5.601176224,0.045933333,0.053566667 2014 Q1,5.127694443,0.0444,0.051166667 2014 Q2,5.536160615,0.042166667,0.0482 2014 Q3,5.854159673,0.041166667,0.0474 2014 Q4,5.842736784,0.038766667,0.0474 2015 Q1,5.509522817,0.0357,0.045 2015 Q2,5.369107456,0.038966667,0.048333333 2015 Q3,5.449282206,0.040866667,0.052433333 2015 Q4,5.19580249,0.039933333,0.0542 2016 Q1,5.131992338,0.039266667,0.053066667 2016 Q2,4.761015175,0.0359,0.046666667 2016 Q3,4.726323693,0.033366667,0.042566667 2016 Q4,4.628071574,0.0381,0.0464 2017 Q1,4.697689886,0.0396,0.0466 2017 Q2,4.864567114,0.038,0.044966667 2017 Q3,4.844255954,0.036533333,0.043333333 2017 Q4,5.108594447,0.0356,0.0427 2018 Q1,5.664775073,0.037466667,0.0447 2018 Q2,6.161741121,0.039366667,0.047766667 2018 Q3,6.660188394,0.0391,0.048133333 2018 Q4,6.837960977,0.041266667,0.0514 2019 Q1,6.427289416,0.0383,0.0497 2019 Q2,6.594186113,0.035933333,0.045966667 2019 Q3,6.61069902,0.031,0.0402 2019 Q4,6.725491569,0.030266667,0.039133333 2020 Q1,5.966862458,0.029133333,0.0389 2020 Q2,5.209505899,0.024566667,0.039066667 2020 Q3,6.879608249,0.022333333,0.033133333