White Heat :: essays papers

white-hot HeatWhite Heat clearly belongs in spite of appearance Shatzs category of genres of assure.How far do you agree with this statement?This is an exiting essay to write for a number of reasons. For one itis an honour to follow in the footsteps of Raul Walsh understanding themotivations that brought him to localize White Heat in the way he did it.For another reason is wonderful having the possibility to list itthrough the Shatzs module that can describe perfectly every aspect ofa selected movie. Because it is essentially a narrative system, a filmgenre can be examined in terms of its radical structuralcomponents plot, character, setting, thematics and so on. Shatzdivided Hollywood film genres in two main categories, these aredistinguished by completely different characteristics. As he saidEach genre represents a distinct problem-solving strategy thatrepeatedly addresses basic cultural contradictions (Shatz, 1948 34).He defined certain genres like screwball comedy, family melodrama, melodic and so on as rites of integration. Those films are centred upona doubled or collective her o set into a civilised space, the mainproblems are stirred up and the resolution is always by love. Othergenres centred on an individual male such as Western, rabblester,detective, etc. appertain to the genre of order category. Theprotagonist (individual male) is the rivet of dramatic conflictswithin a setting of contested, ideologically instable space. Conflictswithin these genres are externalised, translated into violence, andusually resolved through the elimination of some threat to the socialorder (Shatz, 1948 34). At the end of the film the protagonistalways leaves the contested space either by his departure or death andhe always maintains his individuality and he doesnt learn about valuesand lifestyle of the community. The principal thematics within thisgenre are the mediation-redemption, the male macho code, isolatedself-reliance and utopia-as-promise. White He at is a classic gangsterand was directed, as I said, by Raul Walsh in 1949. It stands at thecrux between the 1930s gangster movies and the post state of war film noir. Theplot is briefly this James Cagney plays Cody Jarrett, a psychotic whodreams of being on top of the world. Inadvertently leaving cluesbehind after a railroad heist, Jarrett becomes the target of federalagents, which send an undercover agent (OBrien) to infiltrate theJarrett gang. While Cody sits in prison on a deliberately trumped-up tuition (he confesses to one crime to provide him an alibi for therailroad robbery), he befriends Fallon (OBrien), who poses as ahero-worshipping hood whos always wanted to work with Jarrett. Bustingout of prison with Fallon, Jarrett regroups his gang to mastermind a

Italy and Analysis Essay -- Essays Papers

Italy and AnalysisCOUNTRY ANALYSISGENERALItaly covers a land atomic number 18a of 301,230 sq km (116,306 sq mi). Comparatively, the area occupied by Italy is slightly bigger than the state of Arizona. Italy has blue unemployment and a relatively complicated and young market oriented government. To get an idea of how Italys culture compares to that of the Unites States, we ran a Hofstede. United States Italyidentity9478Power Distance 4148Uncertainty Avoidance 4574Masculinity6268Individualism versus sovietism focuses on the social intercourseship between the individual and his or her fellows. In individualistic societies, the ties between individuals were loose and individual achievement and freedom were highly valued. Power place focuses on how a society deals with the fact that people are unequal in physical and intellectual capabilities. Low power distance cultures were found in societies that tried to play down such inequalities as much as possible.Uncertainty avoidance measures the extent to which different cultures socialized their members into accepting ambiguous situations and tolerating uncertainty. Members of high uncertainty avoidance cultures placed a premium on subcontract security, career patterns, retirement benefits, and so on. Lower uncertainty avoidance cultures were characterized by a greater readiness to take risks and less emotional resistance to change.Masculinity versus femininity looks at the relationship between family and work roles. In masculine cultures, the job is as important or more important than the family. After comparing Italy with the United States the only possible problem or threat in relation to cultures that Philips should note is uncertainty avoidance. This means that Italy is not quick to adopt new ideas. If wind vane TV is introduced into Italy, it will take more time for it to become authorized than it did in the United States. SOCIOCULTURALPENETRATIONThe Inte rnet has just started to make an impact in Italy. A recent study by Eurisko (a very current research company) indicates that 1.8 million people say they use the Internet. They also found that 1.1% of Italian families (216,000) have an Internet connection at home as compared to 16.7% (40 million) in the USA. The population of Italy is around 57.3 milli... ...Italy. Therefore, out of these main competitors, Toshiba is the main threat but you can never tell what will happen with future generations of a product. The raise thing about these competitors is that they are all licensees of meshing TV. They are also scrambling to find that ultimate next generation item that duplicates WEB TV and more. These companies are trying to gain market share in the alternate and substitute products. For instance Philips is a leading manufacturer of digital TV and if they could align with a cable company around an ISP then they will compete against their own WEB TV.Philips can compete in Italy. The question is can they do it with Web TV. The answer is no. WEB TV can not operate in conjunction with the specs of European TV. Therefore, they will need to change the WEB TV and make it work or form a partnership with a new product. This market moves fast and each of these competitors could end up on top, and win the Italian market. They need the working combinations of a product that serves the Italian community and serves the new European union.Considering all the available information we give Philips a rating of 7.375 for competitiveness.

Popular Mechanics by Raymond Carver Essay -- Papers Popular Mechanics

Popular Mechanics by Raymond ships boatWorks Cited Not IncludedTypically a drool begins with an exposition, which introduces the characters, setting and plot. In the short story ?Popular Mechanics? by Raymond carver, the exposition is excluded. The story begins with a short rise in action, moves quickly to the climax and totally omits the resolution. Carver uses third person objective narration to reveal the actions and the dialogue between a man and a woman. The narrator gives very little descriptive details, neer revealing the characters? thoughts or their motivation. This allows the reader the freedom to interpret and develop their own opinions of the setting, plot, and characters of the story. This also stimulates the reader to be an active reader?to think about what is read, to admit questions, and to respond to the authors? style of writing. Firstly, the narrator gives little detail throughout the whole story. The greatest amount of detail is given in the first paragr aph where the narrator describes the weather. This description sets the tone and mood of the events that follow. Giving the impression that a cold, wet, miserable evening was in the making. ?But it was getting dark on the inside in like manner? (265), this foreshadowing reveals that not only was the day coming to an end, but something else was about to end. Carver leaves further development of the setting to the imagination of the reader. It could take place in any century or in any city, state, or country. There have been male-female relationships since the beginning of time, in every corner of the world. The story is universal and timeless. This privation of detail allows readers to develop a setting that fits with their lifestyle.Secondly, there is no... ...l of the relationship. Carver relies on the readers? knowledge of these popular stereotypes instead of telling you about each character. In conclusion, Carver ends with, ?In this manner, the issue was decided.? (266). The lack of explicit detail in ?Popular Mechanics? leaves the reader free to develop their own resolution. A different expiration could be attached to every additional reading. Did the man take the baby? Did the woman? Was the baby hurt or killed? Due to the lack of detail this story could be read over and over and the reader could change the setting, plot and characterization each time. Carver takes into consideration a reader?s mogul to be an active reader and their ability to incorporate their own ideas into his story. Thus, the need for lengthy detailed descriptions is not necessary, only a reader?s cognition and imagination is needed.

An Analysis of The Dominate Perspectives of International Political Eco

In the world of international political saving, three dominant perspectives accommodate emerged over time. The differences and similarities between the realist/mercantilist, liberalism, and historical structuralism perspectives are significant. In this essay, I will compare and contrast these dominant perspectives. First, I will give a historical account of how each perspective originated. Then I will outline the actors involved in each perspective, explore those actors interests, and outline which of those actors set stinting and political policy. Lastly, I will explore how those political and economic actors relate to each other. HistoryAmong the three dominant perspectives, realist/mercantilist is the oldest and some would argue the most important and comprehensive theory . It was developed in Europe during the fifteenth to 18th centuries and was based on the premise that what best-supported national power and wealth was increasing exports and collecting precious metals, such as bullion . The states would then put together colonies, a merchant marine, and develop industry and mining to attain a favorable balance of trade . In order for the states to be able to parentage their expansion, pay for their increasingly large armies and cover the growing costs of their government they needed to accumulate wealth. The state became more involved in the economy favoring export-oriented policies because in order to accumulate the much-needed wealth, the state needed to sell more than it bought, or export more than it imported . Governments started to impose import duties to protect local businesses and erect a source of revenue. Production was also increasingly regulated by the state and economic treaties were struck between states. The problem was what good was all the accumulated wealth if they cannot protect themselves from invaders? The states quickly learned that wealth and security were intrinsically related and that in order to have and keep one you must have the other . Security, and the accumulation of wealth to pay for the costs of the security, is therefore now considered to be the most important aspects of realism/mercantilism and states now use the economy as a way to generate more wealth and more power . Liberalism was a reaction against the policies of realism/mercantilism. The French philosophers The Physiocrats condemned the in... ...he corporate sector guides the economic policies of the state and the state in turn regulates the corporate sector with favorable intervention. In summary, after examining the origins of each perspective, and exploring the main actors, which set policy and how they relate, it has become see the light that while each theory has been put into practice and have all failed and succeeded to some extent, no one theory can accurately sum up the incredibly complex world of international political economy. Prepared By Tim DelroyBibliographyBalaam, David and Veseth, Michael Introduction to Internatio nal Political Economy(New Jersey Prentice Hall, 2001)Ekelund, Robert B. and Tollison, Robert D. Politicized Economies (College Station Texas A&M University Press, 1997)Goldstein, Joshua S. International Relations(New York Longman, 2001)Jones, Barry editor The Worlds of Political Economy (London Pinter Publishers Ltd, 1988)Magnussen, Lars Mercantilism the Shaping of an Economic Language(New York Routledge, 1994)Stubbs, Richard and Underhill, Geoffrey R.D. editors Political Economy and the Changing Global high society (Don Mills Oxford University Press, 2000)

Hypertext Fiction Essay -- Exploratory Essays

Hypertext Fiction When you read a typical paper book, your job as the reviewer is scarce to read what the beginning tells you and hear it. Printed books are a linear way of telling a story, where the author chooses the exact way the story should be told and interpreted. Jay David Bolter discusses in his book Writing pose that hypertext fiction will redefine the relationship between the commentator and the author of a text. With printed text, the reader has a clearly defined role, where he or she takes in the story exactly as it is told with no say as to where it is going or how they should interpret it. With the development of hypertext fiction, the reader john cross the line into being a sort of author by deciding between options in the story. The reader can create a story suited to them within the boundaries of the hypertext human being as a whole. When a printed text is read, the author becomes more of an authority figure. The author is the creator of the text and is held in high regard by the reader. However, in hypertext fiction, the author is basically creating a story where readers are free to move around and make their own choices about the story with a few limitations direct by the author. Bolter describes it by saying on page 168, Hypertext writers have shown how the electronic medium can accommodate a different relationship between author and reader. No longer an intimidating figure, an electronic author assumes the role of a craftsperson, working with prescribed materials and goals. She works within the limitations of a computer system, and she imposes further limitations upon her readersthe reader may well become the authors adversary, seeking to make the text over in a direction that the author... ...ver the reader. Hypertext does not take out the role of the author entirely, it simply blurs the line between reader and author that exists in written text. It is my personal belief that as time goes on, the role of the reader and the author will be more and more interchanged. With the boundary between the two already fading, it is possible that there will be hypertexts where someone can be a reader and a writer at the same time. Continuing advances in technology and writing will constantly redefine the roles of everyone involved, it is simply societys decision to accept the changes that will keep blurring the line between the traditional reader and author.BibliographyBolter, Jay David. Writing Space. 2nd ed. Mahwah, NJ Lawrence ErlbaumAssociates, 2001.Fisher, Caitlin. These Waves of Girls..

Hypertext Fiction Essay -- Exploratory Essays

Hypertext Fiction When you read a typical paper book, your job as the endorser is simply to read what the author tells you and understand it. Printed books are a linear way of telling a story, where the author chooses the exact way the story should be told and interpreted. Jay David Bolter discusses in his book paper Space that hypertext fiction will redefine the relationship between the referee and the author of a text. With printed text, the reader has a clear defined role, where he or she takes in the story exactly as it is told with no say as to where it is going or how they should interpret it. With the development of hypertext fiction, the reader can cross the line into being a sort of author by deciding between options in the story. The reader can create a story suited to them inside the boundaries of the hypertext piece as a whole. When a printed text is read, the author becomes more of an authority figure. The author is the creator of the text and i s held in high regard by the reader. However, in hypertext fiction, the author is basically creating a story where readers are free to move around and make their own choices about the story with a few limitations set by the author. Bolter describes it by saying on page 168, Hypertext writers have shown how the electronic medium can accommodate a different relationship between author and reader. No longer an intimidating figure, an electronic author assumes the role of a craftsperson, working with prescribed materials and goals. She works within the limitations of a computer system, and she imposes further limitations upon her readersthe reader may well become the authors adversary, seeking to make the text over in a direction that the author... ...ver the reader. Hypertext does not take away the role of the author entirely, it simply blurs the line between reader and author that exists in written text. It is my personal impression that as time goes on, the role of the r eader and the author will be more and more interchanged. With the boundary between the two already fading, it is possible that on that point will be hypertexts where someone can be a reader and a writer at the same time. Continuing advances in technology and authorship will constantly redefine the roles of everyone involved, it is simply societys decision to accept the changes that will keep blurring the line between the traditional reader and author.BibliographyBolter, Jay David. Writing Space. 2nd ed. Mahwah, NJ Lawrence ErlbaumAssociates, 2001.Fisher, Caitlin. These Waves of Girls..

Used Cooking Oil as Candle

Used Cooking Oil as an Additive voice of Candle Abstract The study aims to produce a low-priced, high-quality candle by using used cooking inunct as a major component. The sideline candle compositions were used 100 percent paraffin series wax 90 percent paraffin and 10 percent rock oil 80 percent paraffin and 20 percent oil 70 percent paraffin and 30 percent oil 60 percent paraffin and 40 percent oil 50 percent paraffin and 50 percent oil. The firmness, texture, and light intensity of the candles were tested and compared.Results of the tests showed that the candle made from 100 percent paraffin wax had the concluding melting footstep, lowest amount of melted candle, and a light intensity of 100 candelas (cd). The 9010 preparation had the next lowest melting rate and amount of melted candle. The other preparations ranked according to the proportion of used cooking oil in the candle, with the 5050 preparation performing least comparably with the 100 percent paraffin wax candle. I ntroductionToday, candles are made not only for lighting purposes but for many other uses such(prenominal) as home decor, novelty collections, as fixtures for big occasions (weddings, baptismals, etc. ), and as scented varieties for aromatherapy. Candles are made from different types of waxes and oils. Cooking oil is a major kitchen item in Filipino households. It is also used substantially in fast-food outlets, where it is used in different stages of food preparations. Ordinarily, used cooking oil is discarded. This waste oil pollutes and clogs canals and sewerage systems

Developing Country and Physics

Physics the study of matter, energy and their interactions is an international enterprise, which plays a key role in the forthcoming progress of humankind. The support of physical science education and research in every last(predicate) countries is important because physics is and exciting in gradeectual adventure that inspires young people and expands the frontiers of our intimacy ab appear nature.Physics is the close basic of the physical acquaintances. From chemistry and geology done to biology and cosmology, we understand science in terms of the concepts authentic in physics. Not solely this, but many of the tools on which the advances of science and technology depend are direct product of physics. The interests and concerns of physicists have always formed the seat of future technology.In medicate we use X-rays, radioisotope and nuclear magnetic resonance imaging. In addition, laser, electron microscopes, synchrotron radiation, and electronics all depend on advances made in physics.Where would our newfangled western economies be without computers?we could not wee the electronics that modern computers rely on without a knowledge of quantum mechanics. Our modern human beings is much much connected than in previous historical sentences. These years we operate far, communicate easily and quickly, and conduct business well-nigh the world effortlessly. In fact almost no place on earth has been excluded from the modern interconnected world.We are not only connected with physics through modern technology we are connected at a much more basic level through mother nature. The tsunami in Sumatra Indonesia is a prime example. Not only was it catastrophic for the local area the laws of physics saw this tsunami travel across the Indian Ocean killing over 300,000 in Southeast Asia, and traveling through more than 30 other countries resulting in more than vitamin D deaths. This was the law of physics in action.But as much proof as there is that physics has played an important role in the connectivity of all separate of the planet the world is still a much divided place. In developed countries you see an almost 100% literacy rate and a $30,000 mean dandy income, and a life expectancy of 80. While in developing nations you see a literacy rate lower than 50% and a mean capital income thats around $2000, and a life expectancy of 40. There is much more for physics, the scientific world, and governments to do to create e grapheme with that interactivity.Kofi Anna the UN Secretary General has been quick to augur out the ongoing tragedies throughout the developing world that are directly tied to disease, poverty, and the degradation of the environment. He is also quick to point out that the deficiency of access to physics and other sciences as well as technology has attributed to many of these problems. Sadly the scientific community spends most of its time running(a) on solutions for the developed world yet most of the population on earth can be found in nations that are developing.Physics has the capability of compete a major role in finding solutions to many of the problems facing the human race. Of course it does not have all the answers but the science is developed enough to have created nuclear weapons which remain a global threat, then surely it can be used for the betterment of all people around the globe.Of course politics, socio-economic factors, and acceptance by the people all play a role in the development of a nation. But physics, engineering, and other technological and scientific feats can transform a developing nation to a developed nation. Just look at what the role of physics has accomplished in sound the past 200 years. Physics can play an important role in developing strategies to combat climate change, in the development of cleaner energies, and in the development of technological advancements.Then why is it that developing nations spend such a small portion of the GDP on research and de velopment in these areas? Is it because the benefits of science and physics specifically are not fully recognized in industrialized and developing nations? Is it that they really do not want to face the image that our world is in desperate need of change to ensure we do not destroy ourselves?Physics and technology must work together to suffice the need for new technologies that ordain decrease the damage to our planet, for strategiesto ensure that the people of developing countries have the tools to progress, the need for solutions to deadly diseases that remain a threat, and the need for solutions to the change magnitude demands we place on our resources before they are depleted. The role of physics in our modern world is more important than in any other time in history.THE IMPORTANCE OF PHYSICS TO SOCIETYPhysics generates fundamental knowledge needed for the future technological advances that will continue to apparent movement the economic engines of the world. Physics contri butes to the technological fundament and provides trained personnel needed to take advantage of scientific advances and discoveries. Physics is an important element in the education of chemists, engineers and computer scientists, as well as practitioners of the other physical and biomedical sciences.Physics extends and enhances our understanding of other disciplines, such as the earth, agricultural, chemical, biological, and environmental sciences, plus astrophysics and cosmology subjects of substantial importance to all peoples of the world. Physics improves our quality of life by providing the basic understanding necessary for developing new instrumentation and techniques for medical applications, such as computer tomography, magnetic resonance imaging, positron rise tomography, ultrasonic imaging, and laser surgery.THE IMPORTANCE OF PHYSICS TO MANPhysics is important to mans life because it is used in Cooking food Cleaning fit out Watching TV Heating your hose Playing sports E verything else in your life Physics plays an important role in health Economic development raising Energy and The environment.Physics has had an increasingly important impact on the average persons day-to-day life. For example, Physicists played an essential role in the development of The Transistor- The basis of all modern electronics, including radio, television, computers, and telecommunications. The Laser And Laser Diodes Now used widely in CD players, grocerybar code scanners medical treatment, and telecommunications. The Digital Computermuch of the advance(prenominal) development (and some of the most recent) have been motivated by basic research.Fiber Optics Now finding widespread application in high-speed data and part transmission networks. The Global Positioning System Uses satellites and precise timing to allow positions to be allocated to within a few feet anywhere on the surface of the earth. The hologram Uses on credit card, drivers licenses, and other docume nts to prevent fraud.The World Wide Web (W.W.W)originally designed by physicist for one to be equal to access the world. Medical Imaging Techniques Such as the sonogram, the CAT scan, and Magnetic Resonance Imaging (MRIs). Medical Treatment Techniques Using radiation and charged constituent accelerators. New Micro-Sensors For smart machines and smart buildings, faster and smaller computers, computer disks that can store information in a smaller space, improved chemical treat to help the environment and reduce energy use, faster and cheaper telecommunications.THE FOLLOWING ARE THE VARIOUS IMPORTANCES OF PHYSICS TO MAN AND THE SOCIETY.Physics Improves Health In medical technology, positron emission tomography (PET) Lets neurologists see how energy flows inside the brain to see where problems could be occurring.Physics Connects the World The telecommunications industry, including the development of the internet, has benefited from physics research in telecommunications from radio wa ves to fiber heart cable.Physics Improves Technology The computing industry depends on physics research in semiconductors and magnetism in order to build processors and disk ever smaller and denser.Physics Drives submit Physics research benefits the transportation industry in everything from what materials to build cars of to how to build efficient engines to navigating using the global positioning system.Physics Clears the Air Physics is used in environmental science to both detect problems and to build systems that are better for the environment with technologies such as solar power and plasma physics.Physics Fills the Home legion(predicate) consumer goods developed from physics research. CDs are possible because of refinements in laser technology. Many household gadgets have microprocessors such as microwaves and phones.Physics Designs the Future Research in materials physics has led to many innovations in the substances from which products are made. One now-common material is Teflon. Other substances are now used to make many items from sports equipment to earthquake-resistant buildings.PHYSICS LUNCHES NEW airThe defense department started the Global Positioning System (GPS), which uses 24 satellites. GPS was possible because of the atomic clock. Now GPS technology has many uses from being in road maps in cars to perceiving shifts in the tectonic plates.PHYSICS IS THE MOST FUNDAMENTAL OF THE SCIENCESIt is concerned with the most basic building blocks of all things from ants to antennas, from quarks to quasars. The study of physics means trying to find out what the universe is made of, and how these things move and interact with each other. So in one sense, all the other sciences are built on the knowledge gained through the study of physics.PHYSICS IS BEAUTIFULPhysicists love simplicity. They are constantly striving to find the most fundamental ideas that can be used to describe even the most complex of phenomena. For example Newton found that only a v ery small number of concepts could be used to describe just about all of the mechanical world from steam engines to the motion of the planets. Not only is this beautiful, its downright amazingPHYSICS TEACHES YOU TO THINKThis might seem like a unlike statement. The study of all subjects teach you to think. But because physics deals with the most basic concepts, the application of such techniques as Separation of Variables and The Scientific Method are never more clear than they are in the study of physics. Once mastered you will find that these methods can be applied to all subjects, including the business world and just coping with everyday life.PHYSICS GIVES YOU A NEW APPRECIATION OF THE WORLD AROUND YOUYou can look a rainbow and say Wow, pretty colors, or you can marvel at the amazing interactions between photons and electrons that come together in that particular way when light from the sun strikes spherical water droplets in the sky, and that you perceive as a multicolored arc suspended in the air. Now thats awePHYSICS IS FUNLastly, studying physics gives you the opportunity of acting with a lot of really cool toysIN ADDICTIONMany pioneers in molecular biology were trained as physicists e.g. Francis Crick, one of the two discoverers ofDNA.A large number of astronomers were also trained as physicist. Without physics, cars wouldnt have being developed to take us to our various destinations. TVs, Light will not have been invented. We would not have known about space,Computer Games,How water boils,Model financial Market,Shape futuristic buildings and structures.SUMMARY & CONCLUSIONPhysics is a creative subject,The concepts of physics dont come easily. Someone has to come up with a theory to begin with. This is just as much a creative process as makeup music. But where physics, and science in general, differ from the Arts is that no one will accept your theory unless you have some way of testing its validity. experimental physicists sometimes have to be en ormously creative in coming up with methods of testing theories and measuring things in the world around them.For example, how do you tell that there is a planet orbiting a star that is so far away that it appears as nothing more than a spec of light in even the most powerful telescopes? In summary, for all these reasons, physics is an essential part of the educational system and of an advanced society. We therefore urge all governments to stress advice from physicists and other scientists on matters of science policy, and to be supportive of the science of Physics.Man has always been inspired by the wonders of nature. He has always been curious to know the secrets of nature and remained in search. Although physics play an important role to understand this physical world. In our daily life,we hardly find a device where physics is not involved. allot pulleys that make it easy to lift a load.Electricity is used not only to get light and heat but also mechanical energy that drive fan s and electric motors etc. Consider the means of transportation such as cars and aeroplanesdomestic appliances such as air-conditioners, washing machines and microwave ovens. Physics is important to our daily life becausewe use many thing like electricity etc.Our entire existence relies on physics. From energy transference to the gravity keeping us on Earth, we rely on the laws of physics to go by our daily life.In the most general sense, physics is the study of matter, energy, and the interaction between them. It is a very enormous field, and is responsible for much of the technology available today.A few examples An understanding of Newtons Laws allows people to put satellites into orbit, design safer vehicles and build safe buildings. An understanding of electromagnetism allows people to build electrical circuits and computers. An understanding of the nature of light allows astronomers to determine the composition of stars without ever having to visit them.

Free Will Philosophy Essay

I strongly believe that W. T. Stace is correct while arguing for the view of soft determinism, also known as compatibilism. Stace believes in compatibilism, which states that determinism is true, solely exonerate will still does exist. He puts both views together by studying the definition of free will. Stace asks, How can any nonp areil be punished or rewarded for his or her actions if they have no control over their actions? That statement seemed extremely convincing to me because both dHolbach and Chisholm supported one side of the argument.dHolbach and Chisholm argued that we argon either strictly determined by the laws of nature and physics or that we are not determined, rather being we have the power to do as we choose. Stace on the other hand, put both positions together and made them work together. He explained that the laws of nature and physics do have an impact on our choices, but we do have the ability to choose what we want to choose when making a decision.Outside forc es may push on our decision, but we are the ones accountable for choosing what we want to choose. He persuasively defends his view of soft determinism by explaining the definition of free will. He states, In order for one to define free will, one must look into how the phrase is commonly used. The way a philosopher interprets free will is different than the way a common person will do so.Stace defines free acts as acts that are directly caused by a persons internal thoughts or desires coming directly from the person. Not free acts are those that have outside forces pushing a person to do something a certain way such as a threat or harm. This was very different from what other philosophers have stated in the past. By providing examples of free will, Stace points out that free will clearly does exist. It wouldnt make sense for free will not to exist since it is compatible with determinism.

Building Technology Sba

Building Technology teach Based Assessment Name Kevan Taylor Subject Building Technology School Meadowbrook High School Centre Number 100075 Territory Jamaica Topic Concrete Production Year of Exam 2011 Introduction This research focuses on the production of cover at a concrete producing factory, Pre-Mix Jamaica, located in the corporate atomic number 18a of Kingston and St. Andrew. The aim of this research was to get a substantial and in prudence analyses of the concrete producing comp whatever so that a report can be presented.In the report, definitions, descriptions and explanations will be given on the contents presented and also, the details of the aggregates used and the tests through with(p) to ensure acceptable quality of the products this will be outlined with the aid of pictures and diagrams. The data was collected by visiting the production site where an analysis was through with(p) after interviewing managers, specialists and other officers and personnel on the gro und. Cameras were used to take photos of critical areas of production and testing. Table of Contents Topics Page ? Jamaica Pre-Mix Ltd. Careers Norms/regulations/codes Impact of technology on careers exercise/Unemployment Security or Processing Environmental ? How Moral and ethical issues are addressed Legal policies on guard duty, health and welfare Moral approaches to handling health, safety and welfare issues ? Summary ? Appendices Jamaica Pre-Mix Ltd. Careers As with any other organization, Jamaica Pre-Mix Ltd. has workers of several different career fields in each of their departments. Through the employment of these various professionals and practiced workers the company is able to adequately function and achieve its objective. In fig. 1. a sample of the various skilled areas and career/posts are shown. Careers Site Managers Quality control Drivers Office staff Pump Operators Security personnel Supervisors Maintenance Batchers personnel Table outlining the c areer fields present a Jamaica Pre-Mix Ltd. Fig 1. 1 Norms/Regulations/Codes For any organization to function properly there must be regulations and codes to guide its operations. Every organization also has a culture, norms and values that it develops overtime. Outlined below are norms that were observed as well as some of the codes and regulations, that governs the operations of Jamaica Premix Ltd. Codes- The workers in the production department f every in vests of different colours. This is through as a means of identification. Workers Colour Codes Supervisors Red Driver Green Pump Operators Orange Table outlining the colour codes of the workers Fig 1. 0 While some of the workers wear vests, others wear formal clothes on which the logo of the company is attached. Norms/Regulations- While on the graft, it is ensured that safety precautions is taken, such(prenominal) as wearing safety gears. Some of the safety gears pinched are goggles, hard hats, gloves ,hard boots a nd dusks masks. Pictures of some of the safety gears used on the plant Fig1. 2 Before each batch of concrete is dispatched to its destination, samples are taken and tested.This is done to ensure that the best quality is delivered at all times Concrete mixing/ delivery hand trucks and other concrete carrying equipment are weighed before and after they make it and leave the plant in order to ensure that they contain the right amount of concrete desired by costumers and also to ensure that their weights are allot to traverse the public roads. Impact of Technology on Careers Employment/unemployment Technology has great impacts on jobs and opportunities in organizations on a whole.Through the employment of machines, the need for an intensifier labour force is reduced. This will result in reduced labor cost and may subsequently result in reduced production cost. Pre-Mix Jamaica has do much use of technology for its everyday operations which has made them less reliant on human labor for certain every day daily tasks. Processing Technology has impacted careers involved with processing in both positive and negative ways. Careers such as quality controlling, batching and maintenance engineering all involved some form of processing.Positives- Tasks are able to be carried out more efficiently and in a logical manner, for instance, one mixing truck can mix much more concrete than several laborers mixing manually. Negatives- The application of technology to processing can result in loss of jobs for bungling workers It can also make us overly dependent on machines such that we loose our craftsmanship. Technology is antisocial and thus can promote this at the workplace. Environmental Careers relating to the environment are very important and they also are greatly impacted by technology.Pre-Mix Jamaica is located in a built up area where there are institutions such as schools and other business close by. Hence Pre-Mix has the responsibility to be as environmentall y friendly as possible, especially because their production of concrete produces a lot of pollutants. In mitigating against this problem, the supervisors at the complex ensure that the compound is watered regularly using water trucks. Methods of addressing honest and Moral Considerations Legal policies on safety, health and welfareAt any established organization, the safety health and welfare of the staff must be considered. In other words, policies be retain to be put in place to ensure that the staff rights are observed and respected. Companies such as Pre-Mix Jamaica Ltd. adhere to guidelines or regulations that are enforced by trade unions such as the National Workers Union. Some of the policies at the Pre-Mix Jamaica Ltd. involve Providing health covering arrangements such health insurance through the company for the emolument of the staff and their familiesMoral approaches to handling health, safety and wealthfare issues As welfare issues are encountered in our day to day lives whether at home or at a plant, moral approaches have to be made concerning how they are handled. Pre-Mix Jamaica Ltd. ensures that they make responsible approaches in handling these matters as they are mostly dealt with by persons in authority such as their managers or their human relations officers. Before entering the plant, visitors are briefed on the rules and regulations concerning their safety while on the plant. Personnel from the Ministry of Health visit the plant to make sure the immediate surrounding contains uncontrolled toxic elements that could threaten the life of anyone. Vehicles are made available so that that if anyone on the plant should have an accident, reliable transportation Summary Major Findings ? Jamaica Pre-Mix Limited is the only fully computerized concrete plant on the island of Jamaica ? The have maintained a high specimen of cosmos the islands top producer of concrete. ? The company is a ready mix organization, meaning they manufacture in a ba tching plant according to a luck recipe, because deliver to construction sites.Recommendations ? It is recommended that enough protective gears are available to visitors on the site for future use. ? It is also recommended that the organization is given advanced recognize for research visitors so that they can be well prepared. Limitations ? The length of time of the visit was too short hence it limited the amount of knowledge that could be gained. ? Not all departments were visited at the company therefore a lot of useful information was unfortunately not received. Appendices Fig1. 3 Figure 1. depicts concrete being batched into a mixing truck from one of the silos. The Aggregates will then be mixed into the truck so that the concrete may be suitable for use. Fig1. 4 Figure 1. 4 shows samples of concrete placed into moulds. After they are hardened, they are demoulded then placed into a curing tank for seven days. Their strength is then tested by compressing them with machines. F ig1. 5 In Figure 1. 5, there is a heavy duty machine seen on the plant. It is used to get hulky quantity of materials such as gravel from one point to another. pic

Can We Talk Essay

Divorce in the United States is very common and excepted. With respectable words like till death do us part, and Adultery being said. Communication is a must to nominate the marriage take to the woods with affective affirmation and self-disclosure making the words can we talk mean more now than ever before.I can relate to the article erect We Talk in my current new marriage for the first 1 year we never argued or had a fight. Most fights were petty and now appoint out to be lack of affective affirmation meaning behavior that makes your partner feel loved, cargond for or special (Schoenberg, N., 2011).Self-Disclosure The act of verbally or non-verbally revealing entropy about yourself to other people(Sole K.,2011) In my personal relationship has gone both ways for the positive when making her feel she knows that she can devote you as well as getting to know you more and everything about you must want to know. Then the negative side when revealing to much information and then sc aring them away like when you make her feel like she is married on the first date or smothering her. I would say Self-Disclosure should be used regularly after the first date and somewhat on the first date to get to know each other.The similarities I have frame in my gender communication is that most men and woman complain about similar problems they are having with their gender like most men whitethorn say she dialogue to much or is too affectionate or not affectionate enough. Then most females would say us men are not affectionate, dont talk, lack of emotions and so on. The times when gender based situations accrue when a man expects the female to make dinner, clean the house, make their lunch and for the men take out the trash, mow the lawn, rake the leaves. All gender specific related similarities that usually result into a situation only not always.I do feel my marriage fits into the gender specific similarities with my wife doing the laundry, dinner, making lunch, etc. I fi x what she breaks and paint, maintenance, fix car problems, celling fans, bought and installed the T.V., laptop computer all electronics etc. The generalizations regarding gender has caused conflicted but with better communication and me helping out more solved the problem for now.REFERENCESSchoenberg, N. (2011, January 17). Can we talk? Researcher talks about the role of communication in happy marriages, McClatchy-Tribune News Service, ProQuest Newsstand, Document ID 2240370261, Retrieved from http//search.proquest.com.proxy-library.ashford.edu/docview/840600645/fulltext/13BC619D20D31078D66/1?accountid=32521 Sole K., (2011) Making Connections, Bridgepoint Education, Inc., ch.7.7, retrieved from https//content.ashford.edu/books/AUCOM200.11.1/sections/sec7.7

Bang and Olufsen: Design Driven Innovation Essay

The key concern identified in this particular case is that Bang & Olufsen are lacking a strong sense of management. Designers bet to be the forefront of line of reasoning innovation and innovation management call for to be altered. The article identifies that the designers are making major decisions in terms of point of intersection development, and although this may seem in effect(p), management should have an influence on the entire company in order to make informed decisions in relation to the pedigree innovation strategy. Bang & Olufsen follow a more semi-radical innovation approach, this is clear in the fact that the business has not changed the existing business model for nigh time, and more focus is towards technological advances. This is ineffective as for design driven innovation it is important to adopt an entirely radical innovation strategy. While B&O consider the design driven strategy as the best take for the future, the problem it causes is that they are uninten tionally opening up the future of the business into the designers hands. Thus, Bang & Olufsen requires a radical change of the business model in order to effectively conform to a radical innovation strategy. The company needs to realise that change is necessary and aim to be more involved in the decision making process. B&O need to use the designers as a guide for product development, and be more concerned with executing its innovation strategies and using the company image as a representative to users of their products. An effective way of ensuring this is possible is through thorough examination of the internal and external environment, and a structured innovation plan.Post workThis article, along with the discussion in the lecture has provided me with insight into issues involved in the case and marketing in general. There were several issues including conflicted vision within the company which led to missed deadlines and softness to effectively cooperate between the designers, engineers and management of B&O. This educated me on businesss requiring a solid vision in order to reach modern goals and overall business objectives. Not only that, but management needs to be more involved in the innovation process so as to ensure input from people who envision ideas in the virtual world to be considered. Another fact relevant in the article as discussed in the lecture is concerning market research.B&O lacked a sufficient amount of market research, which although good in some way, allowing the company to be more innovative and create new, impressive products, it often led to wasted time developing concepts that had no substance. Thus we can see that market research is an extremely important aspect of marketing management in order to be efficient, and to effectively identify consumer wants and needs to develop concepts worth producing. A final important point about marketing I have learnt is that, the designs of both Idea Lab and Idea undercoat is key as unriv aled develops a product and whilst one focuses more at the technological side. A significant point here is that ideas of both Idea Lab and Idea Land would be much simpler to develop if the two were working together. Therefore, companies should attempt to combine both product ideas and technological developments in order to successfully achieve innovative objectives.

Financial Statement Analysis of Ibm

Financial Statement abbreviation of IBM Financial Statement Analysis of IBM I. Company Facts IBM International Business Machines stack The home office of IBM is located in Armonk, Town of zero(prenominal)th Castle, refreshful York, United States. IBM was founded in 1911 as the Computing Tabulating Recording Company (CTR) through a merger of three companies the Tabulating Machine Company, the International Time Recording Company, and the Computing Scale Company.CTR adopted the name International Business Machines in 1924, using a name previously designated to CTRs subsidiary in Canada and later S turn outh America. Standard Industrial Classification Codes atomic arrive 18 7379 which are primarily on computer and sex act stuff. Chief Executive Officer (CEO) of IBM now is Virginia M. Rometty. Chairman of the Board of IBM now is Samuel J. Palmisano. The revoke date of recent fiscal socio-economic class of IBM is Dec. 31st 2011. Main service IBM provides include personal credit line consulting, IT associate work, outsourcing service and training.Main products IBM provides include of importframe, bundle, system and storage. IBMs major ope symmetryns consist of five business segments global Technology Services, world(prenominal) Business Services, bundle, Systems and Technology and orbicular Financing. In the latest fiscal year, IBM has an amount of 433,362 wholly owned employees all everyplace the world. tollwaterhouseCoopers LLP (PwC) is the independent analyseor retained to audit IBMs consolidated financial Statements and the effectiveness of the companys internal control over financial reporting.The rootage ticker symbol is IBM. IBM common stock is listed on the New York Stock Exchange, the Chicago Stock Exchange, and outside the United States. And the latest stock impairment was $188. 32 on Nov. 14th 2012 on NYSE. II. Business and St vagabondgy Analysis 1. Industry Description and Competitive Anlysis Since IBM is a racyly diversified com pany, it concentrates on several industries at the same snip. So lets say IBM mainly concentrates on the computer related hardware and software manufacturing industries. As we all now, these two industries supplement each some separate and depend on each another(prenominal) part the al virtually combative companies always work on both industries at the same time. The computer related software and hardware manufacturing industry is characterized by signifi digestt research and ripening activity and rapid technological change. The rapid pace of foundation garment in this sector creates a constant demand for newer and smart products and applications. While the sector has grown faster than most other industries over the past several decades, it faces challenges from rising represents, global market pct, and the rapid pace of innovation.The main competitors for IBM now are Hewlett-Packard, Dell and Microsoft. Here I allow for use the Porter five forces analysis to give a com petitive analysis among these tetrad companies. Threat of new competition The market of this industry is bankable in some parts like high-level software and frames, not to a fault profitable in some other parts like PCs. So we piece of ass say the market is tacit profitable and is attracting the new entrants, which has the possibility to decrease positivity for all firms in this industry.While in this industry, because of the existence of several fine-looking companies, the barriers to entry are relatively high which are non-profitable for the new entry firms. The several big companies have held real high brand right, systemer loyalty, efficient distri unlession methods and scale effect to decrease the comprises and increase the profits. There is not too much threat from the new firms to compete with IBM, there are high possibility for other main competitors like HP, Dell and Microsoft to enter the markets where IBM is making high profit, well they have the R&D capabilit ies.But to make the biggest profits, although IBMs main competitors are Hewlett-Packard, Dell and Microsoft, each of these companies has a different focus area. Dell makes most of its funds on PC and server hardware, while Hewlett-Packard is to a greater extent diversified as the leader in PCs and Imaging Printing as well as pass IT services and Microsoft concentrates on the computer software teaching. So we can conclude that there is threat of new competition, but the level is relatively low.Threat of substitute products or services The threat of substitute products or services is relatively high compared with the threat of new competition. Also these threats come from the main competitors. For products, much(prenominal) as PC, most customers will compare the price, screen size, life time and other attributes instead of just the brand the same way as services such as IT consulting etc. Bargaining military unit of customers The bargaining power of customers is also described a s the market of outputs the ability of customers to put the firm under pressure, which also affects the customers aesthesia to price changes.In this factor, because customers of these two industries have many channels to access the products and services, high information availability, different choices, differentiated advantages of products and customers is also kind of price sensitive. So we can conclude that the bargaining power of customers is strong. Bargaining power of suppliers The bargaining power of suppliers is also described as the market of inputs. Suppliers of raw materials, components, labor, and services (such as expertise) to the firm can be a source of power over the firm, when there are few substitutes.Because there are plenty of suppliers in most parts, strawman of substitute honours being produced, degree of differentiation of inputs is not high enough and supplier competition is very strong. Then we can conclude that bargaining power of suppliers is also in a move level. Intensity of competitive rivalry Intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Sustainable competitive advantages through innovation, all these four big competitive companies have strong R&D team and invest much money on it.And we can always see the advertisements of their products anywhere. Each company has a differentiated competitive strategy to concentrate on their own areas and holds sustainable competitive advantages through innovation. So we can conclude that the intensity of competitive rivalry is very high. Given the Porter five forces analysis above, here we have a general decision that computer related hardware and software industries are relatively highly competitive and sustainable based on the catamenia situation and future development moves.There do have some profitable niche market and some areas can be developed further. The big four companies have their own advantages and idiom and also compete he avily with each other. There is no easy way for each of them to lead in all. 2. Industrys Future Prospects opinion When we come to talk about the future prospects of computer related hardware and software industries, Im sure that it will not be that declare like nanotechnology or ge exculpateic therapy which is still in research percentage point, since he computer related hardware and software industries have been developed many years, most of products, technologies and services have been mature enough. But it is still profitable and sustainable because the world has been established based on these two industries. Without their support, the world cannot step anterior even a little. And the intense competition and fast replacement speed will drive these two industries to be developed faster and faster.There may be some lawsuits and governmental regulations there confronting companies, such as the plagiarization, copyright infringement, anti-monopoly, cutthroat competition, tax issue, local protection and so on. These will be the main level-headed issues that companies of two these industries are certainly meeting now and will still never end in the future. Plagiarization and copyright infringement will be the two main issues that these companies should pay more tenseness on cuz these two are the vital parts for them to keep their competitive advantages and make profits.Incorporating the relative mild companies may be judged by the court saying it is buying the potential competitor due to the concern of monopoly of government. Cutthroat competition may not happen, while once it happened, it will certainly be a disaster. Tax issue and the local protection are always come together. Local government may protect the local companies by dealing high tax to the foreign competitors. Furthermore, due to the fast replacement speed, the price of products and services in these two industries will never be high as long as there is no monopoly.So the personify contr ol is one of the observe parts to determine these companies future. And innovation will never be too much. 3. Summarization and Evaluation of IBMs Future Goals and Strategies The next decade holds enormous promise for IBM. They are uniquely positioned to deliver the realizes of a vast new natural resource a gusher of data from both man-made and natural systems that can now be tapped to help businesses and institutions result in an increasingly complex and dynamic global economy.IBM has steadily realigned its business to lead in a new era of computing and to enable its clients to arrive at from the new capabilities that era is creating. As a consequence, its investors benefit from a business model that is both sustainable over the long term and fueled by some of the worlds most attractive high- addition markets and technologies. It will be on track toward its 2015 Road Map goal of at least $20 in ope proportionalityn remuneration per destiny and $20 one million million milli on in tax income growth by 2015. This goal for IBM is quite suitable.There are four high-growth spaces as following, growth markets, business analytics, cloud and smarter pla crystallise. These four spaces IBM is working hard on will certainly drive to high profits due to its high emphasis and profession. The world is undergoing disruption, but IBM now stands out among its industry peers and in business at large as distinctively able to keep moving to the future, and to keep generating differentiating value for its clients, its employees and the citizens of the world. III. Accounting AnalysisThe accompanying Consolidated Financial Statements and foot notes of the International Business Machines Corpo proportionalityn (IBM or the company) have been prepared in accordance with be principles generally accepted in the United States of America (GAAP). 1. Revenue The revenue mention principle provides guidance on when a company must come revenue. To recognize means to record it. If revenue is recognized too early, a company would look more profitable than it is. If revenue is recognized too late, a company would look less profitable than it is. The company recognizes revenue when it is realized or realizable and gain.The company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the deals price is fixed or determinable and collectability is reasonably assured. Delivery does not occur until products have been shipped or services have been provided to the client, risk of loss has transferred to the client, and either client acceptance has been obtained, client acceptance provisions have lapsed, or the company has objective evidence that the criteria qualify in the client acceptance provisions have been satisfied.The sales price is not considered to be fixed or determinable until all contingencies related to the sale have been resolved. IBMs revenue was growing in an increasing speed a nd its pre-tax income margin grew from 18. 9 share in 2009 to 19. 7 percent in 2010 to 20. 02 percent in 2011 which is the ninth consecutive increasing year. If only based on this, IBM was doing better and better in last three years. 2. Major get downs The outgo recognition (or matching) principle, prescribes that a company record the expenses it incurred to submit the revenue reported.The expense recognition (or matching) principle aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses. This matching of expenses with the revenue benefits is a major part of the adjusting process. Under the accrual basis of accounting, expenses are recognized when incurred, unremarkably when goods are received or services are consumed. This may not be when the goods or services are actually paid for. The point at which an expense is recognized is dependent on the nature of the transaction or other event that gives rise to the expense.T he major expense of IBM includes stock-based compensation, prepared expense, advertising and promotional expense, research expense, development expense, engineering expense, workforce rebalancing charges, retirement-related follows, amortization of acquired impalpables assets, interest expense and other expense. Below tables show the main expenses IBM recognized from 2009 to 2011. remit 3-2-1 touchstone Expense and former(a) Income ($ in millions) For the year cease declination 31 2011 2010 2009 add consolidated expense and other (income) $29,135 $26,291 $25,647 join operating (non-GAAP) expense and other (income) $28,875 $26,202 $25,603 hit consolidated expense-to-revenue ratio 27. 30% 26. 30% 26. 80% Operating (non-GAAP) expense-to-revenue ratio 27. 00% 26. 20% 26. 70% We can see from this table that the expense is increasing with time goes on. While compared with the increasing speed of revenue and that of expense-to-revenue, we can figure out a little bit progress on e xpense control of IBM. dining table 3-2-2 Selling, General and Administrative ($ in millions) For the year ended December 31 2011 2010 2009Selling, general and administrative expense Selling, general and administrativeother $20,287 $18,585 $17,872 Advertising and promotional expense $1,373 $1,337 $1,255 Workforce rebalancing charges $440 $641 $474 Retirement-related constitutes $603 $494 $503 amortization of acquired intangibles assets $289 $253 $285 Stock-based compensation $514 $488 $417 ruffianly debt expense $88 $40 $147 conglomeration consolidated selling, general and administrative expense $23,594 $21,837 $20,952 Non-operating adjustments Amortization of acquired intangible assets ($289) ($253) ($285) Acquisition-related charges ($20) ($41) ($8) Non-operating retirement-related (costs)/income ($13) $84 $127 Operating (non-GAAP) selling, general and administrative expense $23,272 $21,628 $20,787 Table 3-2-3 Research, Development and Engineering ($ in millions) For the year ended December 31 2011 2010 2009 get along consolidated research, development and engineering $6,258 $6,026 $5,820 Operating (non-GAAP) research, development and engineering $6,345 $6,152 $5,943 Table 3-2-4 cheer Expense ($ in millions)For the year ended December 31 2011 2010 2009 Interest expense $411 $368 $402 From all the tables above, we can find that the most important or the highest portion of the expense is the selling, general and administrative expense which includes most of the expense. 3. Investments IBMs 2009 exchange investment was $1. 2 cardinal for six encyclopaedisms five of them in key areas of software. And after investing $ 5. 8 billion in R &D and $3. 7 billion in winnings capital expenditures, IBM was able to impart more than $10 billion to you $7. billion through share repurchase and $2. 9 billion through dividends. bear years dividend increase was 10 percent, marking the 14th year in a row in which it has raised its dividend. IBMs 2010 change flowing has enabled it to invest in the business and to fuss substantial returns to investors. Our 2010 cash investment was $6 billion for 17 acquisitions 13 of them in key areas of software. After investing $6 billion in R&D and $4 billion in exonerate capital expenditures, IBM was able to return more than $18 billion to you $15. billion through share repurchases and $3. 2 billion through dividends. Last years dividend increase was 18 percent, marking the fifteenth year in a row in which it has raised its dividend. Over the past decade, IBM has returned $107 billion to you in the form of dividends and share repurchases, while investing $70 billion in capital expenditures and acquisitions, and almost $60 billion in R&D. IBMs 2011 cash flow has enabled IBM to invest in the business and to generate substantial returns to investors, while spending $6. billion on R&D. In 2011 IBM invested $1. 8 billion for five acquisitions in key areas of software and $4. 1 billion in net capital exp enditures. IBM was able to return $18. 5 billion to you $15 billion through share repurchases and $3. 5 billion through dividends. Last years dividend increase was 15 percent, marking the 16th year in a row in which IBM has raised its dividend, and the 96th consecutive year in which it has paid one. From the table and the description above, the R&D investment was always above 5% of summarise revenue.IBM put much emphasis on its R&D to keep the sustainable development and competitive advantages. 4. Inventories Raw materials, work in process and finished goods are rural aread at the lower of intermediate out cost or market. silver flows related to the sale of inventories are reflected in net cash from operating activities in the Consolidated Statement of Cash Flows. Table 3-4-1 Inventories ($ in millions) At December 31 2011 2010 2009 Finished goods $589 $432 $533 Work in process and raw materials $2,007 $2,018 $1,960 pith $2,595 $2,450 $2,494 5.Property, plant life and Equipm ent Property, plant and equipment are carried at cost and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of certain depreciable assets are as follows mental synthesiss, 30 to 50 years building equipment, 10 to 20 years set down improvements, 20 years plant, laboratory and office equipment, 2 to 20 years and computer equipment, 1. 5 to 5 years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term, rarely exceeding 25 years.Below is the table of Property, Plant and Equipment from 2009 to 2011 including the depreciation. Table 3-5-1 Property, Plant and Equipment ($ in millions) At December 31 2011 2010 2009 Land and land improvements $786 $777 $737 Buildings and building improvements $9,531 $9,414 $9,314 Plant, laboratory and office equipment $26,843 $26,676 $9,314 Plant and other blank space swinish $37,160 $36,867 $35,940 little lay in depreciation $24,703 $24,43 5 $23,485 Plant and other propertynet $12,457 $12,432 $12,455 Rental machines $2,964 $3,422 $3,656Less Accumulated depreciation $1,538 $1,758 $1,946 Rental machinesnet $1,426 $1,665 $1,710 Totalnet $13,883 $14,096 $14,165 The data from the table show a relatively steadily decreasing status of IBMs property, plant and equipment in all. This means a good control and a relatively 6. Goodwill and nonphysicals Below tables show the intangibles from 2009 to 2011 Table 3-6-1 Intangibles in 2009 ($ in millions) At December 31, 2009 GrossCarryingAmount Accumulated Amortization web Carrying Amount Intangible asset class Capitalized software $1,765 ($846) $919 Client relationships $1,367 ($677) $690 Completed technology $1,222 ($452) $770 Patents/trademarks $174 ($59) $115 Other* $94 ($75) $19 Total $4,622 ($2,109) $2,513 Table 3-6-2 Intangibles in 2010 ($ in millions) At December 31, 2010 GrossCarryingAmount Accumulated Amortization utmost Carrying Amount Intangible asset class Capita lized software $1,558 ($726) $831 Client relationships $1,709 ($647) $1,062 Completed technology $2,111 ($688) $1,422In-process R&D $21 $0 $21 Patents/trademarks $211 ($71) $140 Other* $39 ($28) $11 Total $5,649 ($2,161) $3,488 Table 3-6-3 Intangibles in 2011 ($ in millions) At December 31, 2011 GrossCarryingAmount AccumulatedAmortization clearCarryingAmount Intangible asset class Capitalized software $1,478 ($678) $799 Client relationships $1,751 ($715) $1,035 Completed technology $2,156 ($745) $1,411 In-process R&D $22 ($1) $21 Patents/trademarks $207 ($88) $119 Other* $29 ($22) $7 $5,642 ($2,250) $3,392The net carrying amount of intangible assets decreased $96 million during the year ended December 31, 2011, primarily due to amortization, partially number 1 by intangible asset additions. No equipment casualty of intangible assets was recorded in any of the periods presented. Total amortization was $1,226 million, $1,174 million and $1,221 million for the years ended Decembe r 31, 2011, 2010 and 2009 respectively. The aggregate intangible amortization expense for acquired intangibles (excluding capitalized software) was $634 million, $517 million and $489 million for the years ended December 31, 2011, 2010 and 2009 respectively.In addition, in 2011 the company retired $1,133 million of fully amortized intangible assets, impacting both the realize carrying amount and accumulated amortization for this amount. The amortization expense for each of the five succeeding years relating to intangible assets mensesly recorded in the Consolidated Statement of Financial Position is estimated to be the following at December 31, 2011 Table 3-6-4 Estimated consolidated domainment of financial position ($ in millions) Capitalized software Acquired Intangibles Total 012 $480 $634 $1,113 2013 $250 $590 $840 2014 $70 $446 $516 2015 $340 $340 2016 $303 $303 The changes in the goodwill residuums by reportable segment, for the years ended December 31, 2009, 2 010 and 2011, are as follows Table 3-6-5 Goodwill correspondences in 2009 ($ in millions) Segment Balance anuary 1, 2009 Goodwill cateritions Purchase Price Adjustments Divestitures Foreign Currency Translation and Other Adjustments Balance December 31, 2009Global Business Services $3,870 $172 $4,042 Global Technology Services $2,616 $10 $1 $150 $2,777 Software $10,966 $994 ($50) ($13) $708 $12,605 Systems and Technology $772 ($7) $1 $12,605 Total $18,226 $1,004 ($56) ($13) $1,031 $20,190 Table 3-6-6 Goodwill Balances in 2010 ($ in millions) Segment Balance anuary 1, 2010 Goodwill Additions Purchase Price Adjustments Divestitures Foreign Currency Translation and Other Adjustments Balance December 31, 2010Global Business Services $4,042 $252 $0 $35 $4,329 Global Technology Services $2,777 $32 ($1) ($104) $2,704 Software $12,605 $4,095 ($52) $315 $16,963 Systems and Technology $766 $375 ($1) ($1) $1,139 Total $20,190 $4,754 ($54) $245 $25,136 Table 3-6-7 Goodwill Balances in 2009 ($ in millions) Segment Balance anuary 1, 2011 Goodwill Additions Purchase Price Adjustments Divestitures Foreign Currency Translation and Other Adjustments Balance December 31, 2011Global Business Services $4,329 $14 $0 ($10) ($20) $4,313 Global Technology Services $2,704 ($1) ($2) ($55) $2,646 Software $16,963 $1,277 $10 ($2) ($127) $18,121 Systems and Technology $1,139 ($6) $0 $1,133 Total $25,136 $1,291 $2 ($13) ($203) $26,213 Purchase price adjustments recorded in the 2011, 2010 and 2009 were related to acquisitions that were completed on or prior to December 31, 2010, 2009 or 2008 respectively, and were still subject to the measurement period that ends at the earlier of 12 months from the acquisition date or when information becomes available.There were no goodwill impairment losses recorded in 2011, 2010 or 2009 and the company has no accumulated impairment losses. IV. Financial Analysis 1. Financial balance Display and Interpretation 2. 1 Liquidity and talent Ratios a. true ratio 2011 Current ratio=Current assetsCurrent liabilities=50,92842,123=1. 211 2010 Current ratio=Current assetsCurrent liabilities=48,11640,562=1. 191 The up-to-date ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts over the next 12 months. It compares a firms watercourse assets to its electric current liabilities.Here, we can conclude that IBM is quantityly able to pay for its debt. b. Quick ratio (Acid-test ratio) 2011 Quick ratio=Cash+Short-term investments+ Current duesCurrent liabilities=11,922+4,895+18,38242,123=0. 841 2010 Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities=10,661++4,895+17,39140,562=0. 811 Quick assets are cash, short-term investments, and current receivables. These are the most liquid types of current assets. The acid-test ratio, also called quick ratio, reflects on a companys short-term liquidity.The qui ck ratio is more conservative than the current ratio, a more known liquidity measure, because it excludes gunstock from current assets. Inventory is excluded because some companies have difficulty turning their inventory into cash. Here, the quick ratio is pretty good for IBM. c. Accounts receivable upset 2011 Accounts receivable disturbance=Net salesAverage accounts receivable, net=106,91617,886. 5=5. 97 time 2010 Accounts receivable swage=Net salesAverage accounts receivable, net=99,87016,724=5. 97 timesAn accounting measure utilize to quantify a firms effectiveness in extending credit as well as collecting debts. The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its assets. d. Inventory turnover 2011 Inventory turnover= personify of goods soldAverage inventory=56,7782,522. 5=22. 51 times 2010 Inventory turnover=Cost of goods soldAverage inventory=53,8572,472=21. 89 times The Inventory turnover is a measure of the number of times inv entory is sold or used in a time period such as a year. e. old age sales ungathered 011 Days sales uncollected=Accounts receivable, netNet sales*365=18,382106,916*365=62. 75 geezerhood 2010 Days sales uncollected=Accounts receivable, netNet sales*365=17,39199,870*365=63. 56 days Accounts receivable turnover provides insight into how frequently a company collects its accounts. Days sales uncollected is one measure of this activity. f. Days sales in inventory 2011 Days sales in inventory=Ending inventoryCost of goods sold*365=2,59556,778*365=16. 68 days 2010 Days sales in inventory=Ending inventoryCost of goods sold*365=2,45053,857*365=16. 0 days Days sales in inventory is a useful measure in evaluating inventory liquidity. A measure of how quickly a company turns its inventory into sales. Days sales in inventory is linked to inventory in a way that days sales uncollected is linked to receivables. g. Total assets turnover 2011 Total assets turnover=Net salesAverage total assets=106,9 16114,942. 5=0. 93 times 2010 Total assets turnover=Net salesAverage total assets=99,870111,237=0. 90 times The total asset turnover ratio measures the ability of a company to use its assets to efficiently generate sales.This ratio considers all assets, current and fixed. Those assets include fixed assets, like plant and equipment, as well as inventory, accounts receivable, as well as any other current assets. 2. 2 Solvency Ratios a. Debt ratio 2011 Debt ratio=Total liabilitiesTotal assets=96,197 116,433 =82. 6% 2010 Debt ratio=Total liabilitiesTotal assets=90,279113,452=79. 6% A ratio that indicates what proportion of debt a company has relative to its assets. The measure gives an idea to the leverage of the company along with the potential risks the company faces in terms of its debt-load. b. Equity ratio 011 Equity ratio=Total equityTotal assets=20,236116,433=17. 4% 2010 Equity ratio=Total equityTotal assets=23,172113,452=20. 4% A financial ratio indicating the relative proportio n of equity used to finance a companys assets. The two components are often taken from the firms balance sheet or statement of financial position (so-called book value), but the ratio may also be reason using market determine for both, if the companys equities are publicly traded. c. Interest coverage ratio 2011 Interest coverage ratio=Income before interest expense and income taxesInterest expense=22,904411=55. times 2010 Interest coverage ratio=Income before interest expense and income taxesInterest expense=20,923368=56. 9 times A metric used to measure a companys ability to meet its debt obligations. It is calculated by taking a companys earnings before interest and taxes (EBIT) and dividing it by the total interest payable on bonds and other contractual debt. It is usually quoted as a ratio and indicates how many times a company can cover its interest charges on a pretax basis. Failing to meet these obligations could force a company into bankruptcy. 2. Profitability Ratios a . commit on total assets 2011 Return on total assets=Net incomeAverage total assets=15,855114,942. 5=13. 8% 2010 Return on total assets=Net incomeAverage total assets=14,833 111,237=13. 3% A ratio that measures a companys earnings before interest and taxes (EBIT) against its total net assets. The ratio is considered an indicator of how effectively a company is using its assets to generate earnings before contractual obligations must be paid. b. Return on equity 2011 Return on equity=Net income-Preferred dividendsAverage equity=15,855-3,47321704=57. % 2010 Return on equity=Net income-Preferred dividendsAverage equity=14,833- 3,177 22963. 5=50. 8% The amount of net income returned as a character of shareholders equity. Return on equity measures a corporations profitability by revealing how much profit a company generates with the money shareholders have invested. c. Net income as a percentage of net sales (Profit margin ratio) 2011 Net income as a percentage of net sales=Net incomeN et sales=15,855106,916=14. 8% 2010 Net income as a percentage of net sales=Net incomeNet sales=14,833 99,870=14. % A ratio of profitability calculated as net income divided by revenues, or net profits divided by sales. It measures how much out of every dollar of sales a company actually keeps in earnings. Profit margin is very useful when comparing companies in similar industries. A high(prenominal) profit margin indicates a more profitable company that has better control over its costs compared to its competitors. d. Gross profit rate (Gross margin ratio) 2011 Gross profit rate=Net sales-Cost of goods soldNet sales=106,916-56,778106,916=46. 9% 2010 Gross profit rate=Net sales-Cost of goods soldNet sales=99,870-5385799,870=46. % A companys total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated w ith producing the goods and services sold by a company. The higher the percentage, the more the company retains on each dollar of sales to service its other costs and obligations. 2. 4 Market ratios a. Price-Earnings ratio 2011 Price-Earnings ratio=Market price per common shareEarnings per share=183. 8813. 25=13. 91 010 Price-Earnings ratio=Market price per common shareEarnings per share=146. 7611. 69=12. 61 P/E ratio is an equity valuation measure defined as market price per share divided by annual earnings per share. b. Dividend riposte 2011 Dividend abide=Annual cash dividends per shareMarket price per share=2. 90183. 88=1. 6% 2010 Dividend yield=Annual cash dividends per shareMarket price per share=2. 50146. 76=1. 7% A financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. . Comparison and Interpretation of Ratio Values With Main Competitors Microsoft All the comparisons are based on the data of 2011. 3. 5 Liquidity and Efficiency Ratios a. Current ratio 2011 IBM Current ratio=Current assetsCurrent liabilities=50,92842,123=1. 211 2011 Microsoft Current ratio=Current assetsCurrent liabilities=74,91828,774=2. 601 The lower current ratio means that Microsoft has more resources to pay its debts over the next 12 months. b. Quick ratio (Acid-test ratio) 2011 IBM Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities=11,922+4,895+18,38242,123=0. 841 011 Microsoft Quick ratio=Cash+Short-term investments+ Current receivablesCurrent liabilities= 9,610+43,162+14,98728,774=2. 351 Microsoft has a higher quick ratio which means that Microsofts shot-term liquidity is better than that of IBM. c. Accounts receivable turnover 2011 IBM Accounts receivable turnover=Net salesAverage accounts receivable, net=106,91617,886. 5=5. 97 times 2011 Microsoft Accounts receivable turnover=Net salesAverage accounts receivable, net=69,94314000. 5=5. 00 times The similar accounts receivable turnover means that both the companies have a relatively good ability to use its assets efficiently. . Inventory turnover 2011 IBM Inventory turnover=Cost of goods soldAverage inventory=56,7782,522. 5=22. 51 times 2011 Microsoft Inventory turnover=Cost of goods soldAverage inventory=53,8571,372=39. 25 times Microsoft has a higher inventory turnover which means a better inventory control. e. Days sales uncollected 2011 IBM Days sales uncollected=Accounts receivable, netNet sales*365=18,382106,916*365=62. 75 days 2011 Microsoft Days sales uncollected=Accounts receivable, netNet sales*365=14000. 569,943*365=73. 1 days IBM has a faster pace to collect its accounts. f.Days sales in inventory 2011 IBM Days sales in inventory=Ending inventoryCost of goods sold*365=2,59556,778*365=16. 68 days 2011 Microsoft Days sales in inventory=Ending inventoryCost of goods sold*365=1,37253857*365=9. 30 days Microsoft has a quick er speed to turn its inventory into sales. g. Total assets turnover 2011 IBM Total assets turnover=Net salesAverage total assets=106,916114,942. 5=0. 93 times 2011 Microsoft Total assets turnover=Net salesAverage total assets=69,94397408. 5=0. 72 times IBM has better abilities to use its assets to efficiently generate sales. . 6 Solvency Ratios a. Debt ratio 2011 IBM Debt ratio=Total liabilitiesTotal assets=96,197 116,433 =82. 6% 2011 Microsoft Debt ratio=Total liabilitiesTotal assets=51,621 108,704 =47. 5% IBM has a higher proportion of debe relative to its assets, which means a higher risk. b. Equity ratio 2011 IBM Equity ratio=Total equityTotal assets=20,236116,433=17. 4% 2011 Microsoft Equity ratio=Total equityTotal assets=57,083108,704=52. 5% c. Interest coverage ratio 2011 IBM Interest coverage ratio=Income before interest expense and income taxesInterest expense=22,904411=55. times 2011 Microsoft Interest coverage ratio=Income before interest expense and income taxesInterest expense=28,071295=95. 2 times Microsoft has better ability to meet its debt obligations. 3. 7 Profitability Ratios a. Return on total assets 2011 IBM Return on total assets=Net incomeAverage total assets=15,855114,942. 5=13. 8% 2011 Microsoft Return on total assets=Net incomeAverage total assets=23,15066213. 5=35. 0% Microsoft is more efficient in generating earnings by using its assets. b. Return on equity 2011 IBM Return on equity=Net income-Preferred dividendsAverage equity=15,855-3,47321704=57. % 2011 Microsoft Return on equity=Net income-Preferred dividendsAverage equity=23,150-5,39451629=34. 4% IBM has a better action in generating profitability by using shareholders investment. c. Net income as a percentage of net sales (Profit margin ratio) 2011 IBM Net income as a percentage of net sales=Net incomeNet sales=15,855106,916=14. 8% 2011 Microsoft Net income as a percentage of net sales=Net incomeNet sales=23,15069,943=33. 1% Microsoft is better in keeping earnings in how much out of every dollar of sales. d. Gross profit rate (Gross margin ratio) 011 IBM Gross profit rate=Net sales-Cost of goods soldNet sales=106,916-56,778106,916=46. 9% 2011 Microsoft Gross profit rate=Net sales-Cost of goods soldNet sales=69,943-56,77869,943=18. 8% Higher percentage of IBM means it retains more on each dollar of sales to service its other costs and obligations. 3. 8 Market Ratios a. Price-Earnings ratio 2011 IBM Price-Earnings ratio=Market price per common shareEarnings per share=183. 8813. 25=13. 91 2011 Microsoft Price-Earnings ratio=Market price per common shareEarnings per share=26. 872. 73=9. 841 P/E ratio gives a clear comparison, Microsoft is better. b.Dividend yield 2011 IBM Dividend yield=Annual cash dividends per shareMarket price per share=2. 90183. 88=1. 6% 2011 Microsoft Dividend yield=Annual cash dividends per shareMarket price per share=0. 64 26. 87=2. 4% Microsoft give higher percentage of dividend. 3. Comparison and Interpretation of Ratio Values with Key Business Ratios All the comparisons are based on the data of 2011. Only compared with those available online. 4. 9 Liquidity and Efficiency Ratios Table 3-3. 1-1Liquidity and Efficiency Ratios with Key Business Ratios Item IBM 2011 IBM 2011 Key Business Ratios Current ratio 1. 211 1. 191 1. 91 Quick ratio 0. 841 0. 811 0. 681 Return on equity 57. 0% 50. 8% 13. 96% Net income as a percentage of net sales 14. 8% 14. 9% 10. 2% Price-Earnings ratio 13. 91 12. 61 13. 21 Dividend yield 1. 6% 1. 7% 2. 05% The lower current ratio means IBM has a more resource to pay its debts over the next 12 month compared to the industry average. IBM has a higher quick ratio which means that IBMs shot-term liquidity is better than industry average. A higher return on equity ratio means IBM has a better performance than industry average in generating profitability by using shareholders investment.A higher Net income as a percentage of net sales means IBM is better in keeping earnings in how much out of every dollar of sales than industry average. IBMs P/E ratio increased and exceeded the industry average and is a little bit better. Its stock performed well last year. A lower dividend yield ratio means less dividend compared to industry average gave to shareholders. In conclusion, IBM had a quite well performance in last two years. All the ratios shows that IBM had got an obvious growth and improvement. 4. harsh-size Comparative Statements Analysis accessory 1 is IBM frequent-Size Comparative Balance Sheets A 0. 4% point increase in cash and equivalents, which is likely balanced with a 0. 87% point decline in Marketable securities, both steady status in inventories and property, plant and equipment, a marked increase 8. 5% in retained earnings and with most of the good increase and good decrease in percentage means a better performance year in 2011 than that in 2010. attachment 2 is IBM Common-Size Comparative Income Statement A 0. 33% decline in cost of services, a 0. 39% dec line in cost of sales, a 0. 11% decline in cost of support, a 0. 82% decline in total cost contributes a 0. 82% increase in gross profits, and a 0. 2% decline in net income (loss) shows a better performance of IBM in 2011 than that in 2010. Appendix 3 is IBM Common-Size Comparative Cash Flow Statement A 4. 01% increase in net income, a 1. 29% decline in inventories, a 5% decline in other assets/other liabilities, a 0. 09% increase in investment in software, a 0. 61% in non-operating finance receivables net, a 21. 17% increase in acquisition of businesses, net of cash acquired, and a 21. 37 increase in net cash flows from investing activities gives a enough evidence to show the better performance of IBM in 2011 than that in 2010.So in conclusion, IBM performed better in 2011 than in 2010. 5. Trend Analysis Appendix 4 is IBM Income Statement Trend Percent The base period is 2009 and the trend percent is computed in each subsequent year by dividing that years amount by its 2009 amoun t. Total revenue in trend percent is 100% in 2009, 104. 29% in 2010, and 111. 65% in 2011 Total cost is 100% in 2009, 103. 62% in 2010, and 109. 25% in 2011 Total expense & other income is 100% in 2009, 102. 51% in 2010, and 113. 60% in 2011. These data shows a good control of cost but a relatively bad expense control.IBM used the relatively same cost generates more revenue but fewer revenue with the same expense. Total revenue falls short of that for total expense & other income in 2011 but exceeded in 2010, IBM fails to show an ability to control these expenses as it expands in 2011. Appendix 5 is IBM Balance Sheet Trend Percent The base period is 2009 and the trend percent is computed in each subsequent year by dividing that years amount by its 2009 amount. Total revenue in trend percent is 100% in 2009, 104. 29% in 2010, and 111. 65% in 2011 Total assets are 100% in 2009, 104. 60% in 2010, and 106. % in 2011 Retained earnings are 100% in 2009, 114. 38% in 2010, and 129. 61% in 2 011. With these percent, we can figure out that IBM was more efficient in using its assets in 2011. Management has generated revenues sufficient to compensate for this asset growth. And in retained earnings shows a better in expense control and higher efficiency in generate revenues. So in conclusion, IBM did a quite good clientele in 2011. V. Prospective Analysis and Summary Here, based on what I have calculated and the interpretation. We can definitely come to a conclusion that IBM is still growing and it did very good in most parts.As the trend analysis listed above, the faster growing total revenue and the slower growing total cost shows a quite good control of the cost. IBM used the relatively same cost generates more revenue. And IBM was becoming more efficient in using its assets to generate revenue. The fairly good current ratio gives an average performance in giving the debts in next 12 months. And with the quite good quick ratio, return on equity, net income as a percenta ge of net sales, P/E ratio in 2011 which are higher than the average key business ratios and the ratios of IBM in 2010, we can anticipate a good performance in 2012 and far future.Common-size comparative statements analysis also gives a quite good result, such as the increase in cash and equivalents, gross profits, net income, acquisition of businesses, net of cash acquired, net cash flows and retained earnings, the decline in cost of goods and inventories. Although IBM didnt perform as well as Microsoft, and there is still some defects in its performance in last two years. As a whole, I would like to invest my hard -earned dollars into the stock of IBM. Appendix 1 Common-size Percent Report Date 12/31/2011 12/31/2010 12/31/2011 12/31/2010 Cash cash equivalents 11,922,000 10,661,000 10. 4% 9. 40% Marketable securities 0 990,000 0. 00% 0. 87% Notes accounts receivable trade, net 11,179,000 10,834,000 9. 60% 9. 55% Short-term financial support receivables 16,901,000 16,257,000 14. 52% 14. 33% Other accounts receivable 1,481,000 1,134,000 1. 27% 1. 00% Finished goods 589,000 432,000 0. 51% 0. 38% Work in process raw materials 2,007,000 2,018,000 1. 72% 1. 78% Inventories 2,595,000 2,450,000 2. 23% 2. 16% Deferred taxes 1,601,000 1,564,000 1. 38% 1. 38% Prepaid expenses other current assets 5,249,000 4,226,000 4. 51% 3. 2% Total current assets 50,928,000 48,116,000 43. 74% 42. 41% Land land improvements 786,000 777,000 0. 68% 0. 68% Buildings building improvements 9,531,000 9,414,000 8. 19% 8. 30% Plant, laboratory office equipment 26,843,000 26,676,000 23. 05% 23. 51% Plant other property, gross 37,160,000 36,867,000 31. 92% 32. 50% Less accumulated depreciation 24,703,000 24,435,000 21. 22% 21. 54% Plant other property, net 12,457,000 12,432,000 10. 70% 10. 96% Rental machines, gross 2,964,000 3,422,000 2. 55% 3. 02% Less Accumulated depreciation 1,538,000 1,758,000 1. 2% 1. 55% Rental machines, net 1,426,000 1,665,000 1. 22% 1. 47% Plant, rental m achines oth property, gross 40,124,000 40,289,000 34. 46% 35. 51% Less Accumulated depreciation 26,241,000 26,193,000 22. 54% 23. 09% Plant, rental machines other property, net 13,883,000 14,096,000 11. 92% 12. 42% long financing receivables 10,776,000 10,548,000 9. 26% 9. 30% Prepaid pension assets 2,843,000 3,068,000 2. 44% 2. 70% Deferred taxes 3,503,000 3,220,000 3. 01% 2. 84% Goodwill 26,213,000 25,136,000 22. 51% 22. 16% Intangible assets, net 3,392,000 3,488,000 2. 1% 3. 07% Deferred taxes - - Deferred transition set-up costs other deferred arrangements 1,784,000 1,853,000 1. 53% 1. 63% Derivatives, non-current 753,000 588,000 0. 65% 0. 52% union investments equity method 131,000 122,000 0. 11% 0. 11% adhesion investments non-equity method 127,000 531,000 0. 11% 0. 47% Prepaid software 233,000 268,000 0. 20% 0. 24% long deposits 307,000 350,000 0. 26% 0. 31% Marketable securities - - Other receivables 208,000 560,000 0. 18% 0. 49% Employee benefit related 493,00 0 409,000 0. 42% 0. 6% Prepaid income taxes 261,000 434,000 0. 22% 0. 38% Other assets 598,000 663,000 0. 51% 0. 58% Total investments sundry assets 4,895,000 5,778,000 4. 20% 5. 09% Total assets 116,433,000 113,452,000 100. 00% 100. 00% Taxes 3,313,000 4,216,000 2. 85% 3. 72% Commercial paper 2,300,000 1,144,000 1. 98% 1. 01% Short-term loans 1,859,000 1,617,000 1. 60% 1. 43% Long-term debt current maturities 4,306,000 4,017,000 3. 70% 3. 54% Short-term debt 8,463,000 6,778,000 7. 27% 5. 97% Accounts payable 8,517,000 7,804,000 7. 31% 6. 88% Compensation benefits 5,099,000 5,028,000 4. 8% 4. 43% Deferred income 12,197,000 11,580,000 10. 48% 10. 21% Other accrued expenses liabilities 4,535,000 5,156,000 3. 89% 4. 54% Total current liabilities 42,123,000 40,562,000 36. 18% 35. 75% U. S dollar notes debentures 24,192,000 21,766,000 20. 78% 19. 19% Other debt in Euros 1,037,000 1,897,000 0. 89% 1. 67% Other debt in Japanese yen 1,123,000 1,162,000 0. 96% 1. 02% Other debt in Swiss francs 173,000 540,000 0. 15% 0. 48% Other currencies debt 177,000 240,000 0. 15% 0. 21% Long-term debt 26,702,000 25,606,000 22. 93% 22. 7% Less net unamortized premium (discount) -533,000 -531,000 -0. 46% -0. 47% Add SFAS No. 133 fair value adjustment 994,000 788,000 0. 85% 0. 69% Long-term debt before current maturities 27,161,000 25,863,000 23. 33% 22. 80% Less Current maturities 4,306,000 4,017,000 3. 70% 3. 54% Long-term debt 22,857,000 21,846,000 19. 63% 19. 26% Retire nonpension postretire benef obligs 18,374,000 15,978,000 15. 78% 14. 08% Deferred income 3,847,000 3,666,000 3. 30% 3. 23% Income tax reserves 3,989,000 3,486,000 3. 43% 3. 07% Executive compensation accruals 1,388,000 1,302,000 1. 19% 1. 5% impediment benefits 835,000 739,000 0. 72% 0. 65% Derivatives liabilities 166,000 135,000 0. 14% 0. 12% Restructuring actions 347,000 399,000 0. 30% 0. 35% Workforce reductions 366,000 406,000 0. 31% 0. 36% Deferred taxes 549,000 378,000 0. 47% 0. 33% Enviromental accrual s 249,000 249,000 0. 21% 0. 22% Non-current warranty accruals 163,000 130,000 0. 14% 0. 11% Asset retirement obligations 166,000 161,000 0. 14% 0. 14% Other liabilities 777,000 841,000 0. 67% 0. 74% Total other liabilities 8,996,000 8,226,000 7. 73% 7. 25% Total liabilities 96,197,000 90,279,000 82. 2% 79. 57% Common stock 48,129,000 45,418,000 41. 34% 40. 03% Retained earnings 104,857,000 92,532,000 90. 06% 81. 56% Treasury stock, at cost 110,963,000 96,161,000 95. 30% 84. 76% Net unreal gains (losses) on cash flow hedge derivatives 71,000 -96,000 0. 06% -0. 08% Foreign currency translation adjustments 1,767,000 2,478,000 1. 52% 2. 18% Net change retirement-related benefit plans -23,737,000 -21,289,000 -20. 39% -18. 76% Net unrealized gains (losses) on mktble secur 13,000 164,000 0. 01% 0. 14% Accum gains (losses) not affecting ret earns -21,885,000 -18,743,000 -18. 0% -16. 52% Total stockholders equity 20,138,000 23,046,000 17. 30% 20. 31% Non-controlling interests 97,000 126,000 0. 08% 0. 11% Total equity 20,236,000 23,172,000 17. 38% 20. 42% Appendix 2 Common-size Percent Report Date 12/31/2011 12/31/2010 12/31/2011 12/31/2010 Services revenue 60,721,000 56,868,000 56. 79% 56. 94% Sales 44,063,000 40,736,000 41. 21% 40. 79% Financing revenue 2,132,000 2,267,000 1. 99% 2. 27% Total revenue 106,916,000 99,870,000 100. 00% 100. 00% Cost of services 40,740,000 38,383,000 38. 10% 38. 43% Cost of sales 14,973,000 14,374,000 14. 0% 14. 39% Cost of financing 1,065,000 1,100,000 1. 00% 1. 10% Total cost 56,778,000 53,857,000 53. 11% 53. 93% Gross profit 50,138,000 46,014,000 46. 89% 46. 07% Selling, general & administrative base expense 20,287,000 18,585,000 18. 97% 18. 61% Advertising & promotional expense 1,373,000 1,337,000 1. 28% 1. 34% Workforce reductions ongoing expense 440,000 641,000 0. 41% 0. 64% Retirement-related expense 603,000 494,000 0. 56% 0. 49% Amortization expense-acquired intangibles 289,000 253,000 0. 27% 0. 25% Stock-based compensation 5 14,000 488,000 0. 8% 0. 49% Bad debt expense 88,000 40,000 0. 08% 0. 04% Total selling, general & administrative exps 23,594,000 21,837,000 22. 07% 21. 87% Research, development & engineering expenses 6,258,000 6,026,000 5. 85% 6. 03% Intellectual property & custom development income 1,108,000 1,154,000 1. 04% 1. 16% Foreign currency transaction gains (losses) (513,000) (303,000) -0. 48% -0. 30% Gains (losses) on derivative instruments 113,000 239,000 0. 11% 0. 24% Interest income 136,000 92,000 0. 13% 0. 09% Net gains from securities & investments assets 227,000 (31,000) 0. 1% -0. 03% Other income & (expense) 58,000 790,000 0. 05% 0. 79% Total other income (expense) 20,000 787,000 0. 02% 0. 79% Interest expense 411,000 368,000 0. 38% 0. 37% Total expense & other income 29,135,000 26,291,000 27. 25% 26. 33% Income (loss) bef income taxes U. S. opers 9,716,000 9,140,000 9. 09% 9. 15% Income (loss) bef inc taxes Non-U. S. opers 11,287,000 10,583,000 10. 56% 10. 60% Income (loss) fro m continuing operations before income taxes 21,003,000 19,723,000 19. 64% 19. 75% U. S federal income taxes (benefit) current 268,000 190,000 0. 5% 0. 19% U. S. federal income taxes (benef) deferred 909,000 1,015,000 0. 85% 1. 02% Total U. S. federal income taxes (benefit) 1,177,000 1,205,000 1. 10% 1. 21% U. S. state & local inc tax (benef) current 429,000 279,000 0. 40% 0. 28% U. S. state & local inc tax (benef) deferred 81,000 210,000 0. 08% 0. 21% Total U. S. state & local income taxes (benef) 510,000 489,000 0. 48% 0. 49% Non-U. S. income taxes (benefit) current 3,239,000 3,127,000 3. 03% 3. 13% Non-U. S. income taxes (benefit) deferred 222,000 69,000 0. 21% 0. 07% Total non-U. S. ncome taxes (benefit) 3,461,000 3,196,000 3. 24% 3. 20% cooking for income taxes 5,148,000 4,890,000 4. 81% 4. 90% Net income (loss) 15,855,000 14,833,000 14. 83% 14. 85% Weighted average shares outstanding-basic 1,196,951. 006 1,268,789. 388 1. 12% 1. 27% Weighted average shares outstanding-di luted 1,213,767. 985 1,287,355. 388 1. 14% 1. 29% Year end shares outstanding 1,163,182. 564 1,227,993. 544 1. 09% 1. 23% Net earnings (loss) per share-basic 13. 25 11. 69 0. 00% 0. 00% Net earnings (loss) per share-diluted 13. 06 11. 52 0. 00% 0. 00% Dividends per share of common stock 2. 2. 5 0. 00% 0. 00% Total number of employees 433,362 426,751 0. 41% 0. 43% way out of common stockholders 504,093 523,553 0. 47% 0. 52% Appendix 3 Common-size Percent Report Date 12/31/2011 12/31/2010 12/31/2011 12/31/2010 Net income (loss) 15,855,000 14,833,000 79. 89% 75. 88% Depreciation 3,589,000 3,657,000 18. 08% 18. 71% Amortization of intangibles 1,226,000 1,174,000 6. 18% 6. 01% Stock-based compensation 697,000 629,000 3. 51% 3. 22% Deferred taxes 1,212,000 1,294,000 6. 11% 6. 62% Net loss (gain) on asset sales & other (342,000) (801,000) -1. 2% -4. 10% Receivables (including financing receivables) (1,279,000) (489,000) -6. 44% -2. 50% Retirement related (1,371,000) (1,963,000) -6. 91 % -10. 04% Inventories (163,000) 92,000 -0. 82% 0. 47% Other assets/other liabilities (28,000) 949,000 -0. 14% 4. 85% Accounts payable 451,000 174,000 2. 27% 0. 89% Net cash flows from operating activities 19,846,000 19,549,000 100. 00% 100. 00% Payments for plant, rental machines & other property (4,108,000) (4,185,000) -20. 70% -21. 41% Proc from disp of plant, rental machines & oth prop 608,000 770,000 3. 06% 3. 4% Investment in software (559,000) (569,000) -2. 82% -2. 91% Purchases of marketable securities & other investments (1,594,000) (6,129,000) -8. 03% -31. 35% Proceeds from thirst of marketable securities & other investments 3,345,000 7,877,000 16. 85% 40. 29% Non-operating finance receivables net (291,000) (405,000) -1. 47% -2. 07% Acquisition of businesses, net of cash acquired (1,811,000) (5,922,000) -9. 13% -30. 29% Divestiture of businesses, net of cash transferred 14,000 55,000 0. 07% 0. 28% Net cash flows from investing activities (4,396,000) (8,507,000) -22. 5% - 43. 52% Proceeds from new debt 9,996,000 8,055,000 50. 37% 41. 20% Payments to settle debt (8,947,000) (6,522,000) -45. 08% -33. 36% Sht-tm borrows (repays)-less than 90 days-net 1,321,000 817,000 6. 66% 4. 18% Common stock repurchases (15,046,000) (15,375,000) -75. 81% -78. 65% Common stock transactions, other 2,453,000 3,774,000 12. 36% 19. 31% Cash dividends paid (3,473,000) (3,177,000) -17. 50% -16. 25% Net cash flows from financing activities (13,696,000) (12,429,000) -69. 01% -63. 58% Eff of exch rate chngs on cash & cash equivs (493,000) (135,000) -2. 8% -0. 69% Net change in cash & cash equivalents 1,262,000 (1,522,000) 6. 36% -7. 79% Cash & cash equivalents, beginning of year 10,661,000 12,183,000 53. 72% 62. 32% Cash & cash equivalents, end of year 11,922,000 10,661,000 60. 07% 54. 53% Cash paid during the year for income taxes 4,168,000 3,238,000 21. 00% 16. 56% Cash paid during the year for interest 956,000 951,000 4. 82% 4. 86% Appendix 4 Trend Percent Report Date 12/3 1/2011 12/31/2010 12/31/2009 Services revenue 110. 15% 103. 16% 100. 00% Sales 115. 05% 106. 36% 100. 00% Financing revenue 91. 46% 97. 5% 100. 00% Total revenue 111. 65% 104. 29% 100. 00% Cost of services 109. 68% 103. 33% 100. 00% Cost of sales 110. 05% 105. 64% 100. 00% Cost of financing 87. 30% 90. 16% 100. 00% Total cost 109. 25% 103. 62% 100. 00% Gross profit 114. 51% 105. 09% 100. 00% Selling, general & administrative base expense 112. 36% 102. 93% 100. 00% Advertising & promotional expense 109. 66% 106. 79% 100. 00% Workforce reductions ongoing expense 92. 83% 135. 23% 100. 00% Retirement-related expense 187. 27% 153. 42% 100. 00% Amortization expense-acquired intangibles 101. 40% 88. 7% 100. 00% Stock-based compensation 123. 26% 117. 03% 100. 00% Bad debt expense 59. 86% 27. 21% 100. 00% Total selling, general & administrative exps 112. 61% 104. 22% 100. 00% Research, development & engineering expenses 107. 53% 103. 54% 100. 00% Intellectual property & custom development income 94. 14% 98. 05% 100. 00% Foreign currency transaction gains (losses) -51300. 00% -30300. 00% 100. 00% Gains (losses) on derivative instruments 941. 67% 1991. 67% 100. 00% Interest income 144. 68% 97. 87% 100. 00% Net gains from securities & investments assets -202. 8% 27. 68% 100. 00% Net real gains (losses) from real est activs - - 100. 00% Other income & (expense) 16. 48% 224. 43% 100. 00% Total other income (expense) 5. 70% 224. 22% 100. 00% Interest expense 102. 24% 91. 54% 100. 00% Total expense & other income 113. 60% 102. 51% 100. 00% Income (loss) bef income taxes U. S. opers 102. 02% 95. 97% 100. 00% Income (loss) bef inc taxes Non-U. S. opers 131. 03% 122. 86% 100. 00% Income (loss) from continuing operations before income taxes 115. 80% 108. 74% 100. 00% U. S federal income taxes (benefit) current 56. 6% 40. 17% 100. 00% U. S. federal income taxes (benef) deferred 67. 79% 75. 69% 100. 00% Total U. S. federal income taxes (benefit) 64. 88% 66. 43% 100. 00% U. S. state & local inc tax (benef) current 357. 50% 232. 50% 100. 00% U. S. state & local inc tax (benef) deferred 43. 78% 113. 51% 100. 00% Total U. S. state & local income taxes (benef) 167. 21% 160. 33% 100. 00% Non-U. S. income taxes (benefit) current 138. 01% 133. 23% 100. 00% Non-U. S. income taxes (benefit) deferred 89. 88% 27. 94% 100. 00% Total non-U. S. income taxes (benefit) 133. 2% 123. 21% 100. 00% Provision for income taxes 109. 23% 103. 76% 100. 00% Income (loss) from continuing operations - - 100. 00% Net income (loss) 118. 10% 110. 49% 100. 00% Weighted average shares outstanding-basic 90. 19% 95. 60% 100. 00% Weighted average shares outstanding-diluted 90. 49% 95. 97% 100. 00% Year end shares outstanding 89. 11% 94. 07% 100. 00% Earnings (loss) per share from continuing operations-basic - - 100. 00% Net earnings (loss) per share-basic 130. 93% 115. 51% 100. 00% Earnings (loss) per share from continuing operations-diluted - - 100. 0% Net earnings (loss) per share-di luted 130. 47% 115. 08% 100. 00% Dividends per share of common stock 134. 88% 116. 28% 100. 00% Total number of employees 98. 99% 97. 48% 100. 00% Number of common stockholders 92. 70% 96. 28% 100. 00% Appendix 5 Trend percent Report Date 12/31/2011 12/31/2010 12/31/2009 Cash & cash equivalents 97. 86% 87. 51% 100. 00% Marketable securities 0. 00% 55. 28% 100. 00% Notes & accounts receivable trade, net 104. 13% 100. 91% 100. 00% Short-term financing receivables 113. 32% 109. 00% 100. 00% Other accounts receivable 129. 7% 99. 21% 100. 00% Finished goods 110. 51% 81. 05% 100. 00% Work in process & raw materials 102. 40% 102. 96% 100. 00% Inventories 104. 05% 98. 24% 100. 00% Deferred taxes 92. 54% 90. 40% 100. 00% Prepaid expenses & other current assets 133. 02% 107. 10% 100. 00% Total current assets 104. 07% 98. 33% 100. 00% Land & land improvements 106. 65% 105. 43% 100. 00% Buildings & building improvements 102. 33% 101. 07% 100. 00% Plant, laboratory & office equipment 103. 69% 103. 04% 100. 00% Plant & other property, gross 103. 39% 102. 58% 100. 0% Less accumulated depreciation 105. 19% 104. 05% 100. 00% Plant & other property, net 100. 02% 99. 82% 100. 00% Rental machines, gross 81. 07% 93. 60% 100. 00% Less Accumulated depreciation 79. 03% 90. 34% 100. 00% Rental machines, net 83. 39% 97. 37% 100. 00% Plant, rental machines & oth property, gross 101. 33% 101. 75% 100. 00% Less Accumulated depreciation 103. 19% 103. 00% 100. 00% Plant, rental machines & other property, net 98. 01% 99. 51% 100. 00% Long-term financing receivables 101. 24% 99. 10% 100. 00% Prepaid pension assets 94. 4% 102. 23% 100. 00% Deferred taxes 83. 50% 76. 76% 100. 00% Goodwill 129. 83% 124. 50% 100. 00% Intangible assets, net 134. 98% 138. 80% 100. 00% Deferred transition & set-up costs & other deferred arrangements 100. 68% 104. 57% 100. 00% Derivatives, non-current 133. 27% 104. 07% 100. 00% Alliance investments equity method 113. 91% 106. 09% 100. 00% Alliance investments non -equity method 26. 62% 111. 32% 100. 00% Prepaid software 74. 68% 85. 90% 100. 00% Long-term deposits 99. 03% 112. 90% 100. 00% Other receivables 33. 71% 90. 76% 100. 00%Employee benefit related 115. 46% 95. 78% 100. 00% Prepaid income taxes - - - Other assets 76. 37% 84. 67% 100. 00% Total investments & sundry assets 91. 00% 107. 42% 100. 00% Total assets 106. 80% 104. 06% 100. 00% Taxes 86. 59% 110. 19% 100. 00% Commercial paper 978. 72% 486. 81% 100. 00% Short-term loans 108. 65% 94. 51% 100. 00% Long-term debt current maturities 193. 79% 180. 78% 100. 00% Short-term debt 203. 05% 162. 62% 100. 00% Accounts payable 114. 54% 104. 95% 100. 00% Compensation & benefits 113. 19% 111. 61% 100. 00% Deferred income 112. 7% 106. 78% 100. 00% Other accrued expenses & liabilities 86. 83% 98. 72% 100. 00% Total current liabilities 117. 00% 112. 67% 100. 00% U. S dollar notes & debentures 132. 58% 119. 29% 100. 00% Other debt in Euros 30. 26% 55. 35% 100. 00% Other debt in Japanese yen 71. 7 6% 74. 25% 100. 00% Other debt in Swiss francs 35. 74% 111. 57% 100. 00% Other currencies debt 62. 11% 84. 21% 100. 00% Long-term debt 111. 22% 106. 66% 100. 00% Less net unamortized premium (discount) 101. 14% 100. 76% 100. 00% Add SFAS No. 133 fair value adjustment 147. 70% 117. 9% 100. 00% Long-term debt before current maturities 112. 45% 107. 08% 100. 00% Less Current maturities 193. 79% 180. 78% 100. 00% Long-term debt 104. 22% 99. 61% 100. 00% Retire & nonpension postretire benef obligs 115. 18% 100. 16% 100. 00% Deferred income 108. 00% 102. 92% 100. 00% Income tax reserves 109. 98% 96. 11% 100. 00% Executive compensation accruals 119. 66% 112. 24% 100. 00% Disability benefits 105. 03% 92. 96% 100. 00% Derivatives liabilities 25. 58% 20. 80% 100. 00% Restructuring actions 78. 68% 90. 48% 100. 00% Workforce reductions 89. 9% 99. 27% 100. 00% Deferred taxes 116. 81% 80. 43% 100. 00% Enviromental accruals 101. 63% 101. 63% 100. 00% Non-current warranty accruals 129. 37% 103. 17% 100. 00% Asset retirement obligations 143. 10% 138. 79% 100. 00% Other liabilities 99. 49% 107. 68% 100. 00% Total other liabilities 102. 01% 93. 28% 100. 00% Total liabilities 111. 51% 104. 65% 100. 00% Common stock 115. 11% 108. 63% 100. 00% Retained earnings 129. 61% 114. 38% 100. 00% Treasury stock, at cost 136. 58% 118. 36% 100. 00% Net unreal gains (losses) on cash flow hedge derivatives -14. 6% 19. 96% 100. 00% Foreign currency translation adjustments 96. 24% 134. 97% 100. 00% Net change retirement-related