Estimates

Shares Outstanding – Common Stock Primary Issue represents the number of common shares outstanding in a company. When a company has two or more different types of common shares outstanding, Shares Outstanding – Common Stock Primary Issue represents the primary issue, which is most actively traded in the market. The description will match the reporting terminology used by the reporting company.

These are the Diluted Average Shares Outstanding for the most recent fiscal year as reflected in the Income Statement.

This is the number of shares currently borrowed by investors for sale, but not yet returned to the owner (lender). (Millions)

This represents the number of days it would take to cover the Short Interest if trading continued at the average daily volume for the month. It is calculated as the Short Interest for the Current Month divided by the Average Daily Volume.

Short Term Debt Issued represents cash inflow due to the issuance of short-term debt.

Short Term Debt Reduction represents cash outflow due to the repayment of short-term debt.

Short Term Debt, Net represents the sum of Short Term Debt Issued and Short Term Debt Reduction.

Short-Term Investments consists of any investments in debt and equity securities with maturity of one year or less. The “short-term” nature depends on actual maturity of one year from the balance sheet date rather than on the original maturity of a specific investment. When a company reports its assets without segregation between current and non-current, all investments are classified as Long-Term Investments - Other.

Silver Production (Troy Ounces) captures the total production volume of Silver by the mining company in Troy Ounces, during the specified period of time.

Silver, Average Price per Troy Ounce captures the average selling price of Silver per Troy Ounce, during the specified period of time.

Silver, Reserves (Troy Ounces) captures the total Silver reserves owned by the mining company in Troy Ounces, as at the period end.

Size of Fleet represents the number of aircraft operated by a single company or ownership as at the period end.

Software Development Costs represents costs accumulated and capitalized for software development.

Special Dividends per Share – Common Stock Issue 2 represents special dividends paid per share for common share 2, where the company has more than one type of common stock outstanding.

Special Dividends per Share – Common Stock Issue 3 represents special dividends paid per share for common share 3, where the company has more than one type of common stock outstanding.

Special Dividends per Share – Common Stock Issue 4 represents special dividends paid per share for common share 4, where the company has more than one type of common stock outstanding.

Special Dividends per Share – Common Stock represents special dividends paid per share to the primary common shareholders.

Specialty - This category encompasses a range of styles that are not based on the financial fundamentals of the stocks in the portfolio relative to the overall market. Examples include investors that hold a particularly high concentration of a single stock or a very small set of stocks, or specialize in convertible securities. This category is also reserved for any institution or mutual fund that does not meet the criteria for any of the other investment styles. Thomson Reuters categorizes these portfolios based on its specific knowledge of their historical investment behavior.

Standardized Operating Lease Payments Due in Year 6 and Beyond represents Total Operating Leases, Supplemental less Standardized Operating Lease Payments Due within 1 Year, Standardized Operating Lease Payments Due in Year 2, Standardized Operating Lease Payments Due in Year 3, Standardized Operating Lease Payments Due in Year 4 and Standardized Operating Lease Payments Due in Year 5.

Statutory Expense Ratio, Total - % represents the Company level Statutory Expense Ratio, as reported by the company. It shows the sum of the acquisition costs and other underwriting expenses in relation to the premium earned (under the Statutory Accounting Principle).

Steam Operations include revenue from the distribution of steam, which is mostly used for space heating. Such services are often found in densely populated urban areas in the U.S. and throughout Europe.

- A financial instrument reflecting an equity ownership position in a company.

Stock-Based Compensation, Supplemental represents expense related to the adoption of FAS 123(R), “Share-Based Payment”. Stock-Based Compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the employee requisite service period.

Stripping Ratio, Total - % represents the Company level Stripping Ratio, as reported by the company. It shows the amount of waste rock mined relative to the amount of ore mined.

A strong analyst recommendation to purchase a stock, generally indicating that the stock should outperform other comparable stocks by a wide margin.

- A strong analyst recommendation to sell a stock, generally indicating that the stock should underperform other comparable stocks by a wide margin.

Supplemental EPS is used to collect country specific reported EPS figures.

Tangible Book Value represents Total Equity less:
Goodwill, Net
Intangibles, Net
Redeemable Preferred Stock
Preferred Stock – Non Redeemable, Net.

Tangible Book Value per Share represents Tangible Book Value divided by Total Common Shares Outstanding.

- A contribution for the support of a government required of persons, groups, or businesses within the domain of that government.

Tax Fees, Supplemental comprise of fees for tax compliance, tax planning, and tax advice. Corporate tax services encompass a variety of permissible services.

Tax on Extraordinary Items represents the sum of tax impacts on extraordinary items listed in the following:
Accounting Change
Discontinued Operations
Extraordinary Item.

Taxes Payable represents changes in taxes payable during the period. An increase in income taxes payable has a positive impact on cash flow from operating activities, and vice versa.

Tier 1 Capital % reflects the ratio of Tier 1 Capital to Total Risk-Weighted Assets. Tier 1 Capital, also known as Core Capital, is defined as the sum of common stockholder’s equity, certain qualifying issues of preferred stock and minority interest, less goodwill, intangible assets, investments in certain subsidiaries and other adjustments.

Titanium Slag Production (Metric Tons) captures the total production volume of Titanium Slag by the mining company in Metric Tons, during the specified period of time.

Titanium Slag, Average Price per Metric Ton captures the average selling price of Titanium Slag per Metric Ton, during the specified period of time.

Titanium Slag, Reserves (Metric Tons) captures the total Titanium Slag reserves owned by the mining company in Metric Tons, as at the period end.

Ownership data based on most recent publicly available data according to Thomson Reuters.

Value ($MM) – Value is calculated for each institution by multiplying (closing stock price at the position date) * (share position).

Identifies the top institutional holders according to the most recent, publicly available data available to Thomson Reuters. %O/S (percent of outstanding shares held) – Is calculated by dividing the shares held by the most recently reported total shares outstanding.

Ownership data based on most recent publicly available data according to Thomson Reuters.

Value ($MM) – Value is calculated for each mutual fund by multiplying (closing stock price at the position date) * (share position).

Identifies the top mutual fund holders according to the most recent, publicly available data available to Thomson Reuters. %O/S (percent of outstanding shares held) – Is calculated by dividing the shares held by the most recently reported total shares outstanding.

Total Adjustments to Net Income represents the sum of:
Preferred Dividends
General Partners’ Distributions
Miscellaneous Earnings Adjustments
Pro Forma Adjustment
Interest Adjustment – Primary EPS.

Total Assets represents the total assets of a company, which is the sum of:
Total Current Assets – Industrial and Utility
Cash & Due From Banks – Banking only
Other Earning Assets, Total – Banking only
Net Loans – Banking only
Property/Plant/Equipment, Total – Net – all industries
Goodwill, Net – all industries
Intangibles, Net – all industries
Total Utility Plant, Net – Utility only
Long-Term Investments – all industries
Insurance Receivables – Insurance only
Notes Receivable – Long-Term
Industrial, Insurance, Utility
Other Long-Term Assets, Total – all industries
Deferred Policy Acquisition Costs – Insurance only
Other Assets, Total – all industries.

Total Capital % reflects the ratio of Total Capital to Total Risk-Weighted Assets. Total Capital includes all components of Tier 1 Capital plus perpetual preferred stock not included in Tier 1, senior and subordinated debt, limited life preferred stock and allowances for credit losses.

Total Capital Leases reflects the sum of Capital Leases Maturing within 1 through 10 Years, Capital Leases – Remaining Maturities, Interest Costs and Executory Costs.

Cash Dividends Paid represents cash dividends paid to shareholders, which is the sum of Cash Dividends Paid – Common and Cash Dividends Paid – Preferred.

Total Common Shares Outstanding represents the number of primary common shares equivalent outstanding. When a company has more than one type of common shares outstanding, the number of shares outstanding for each category is collected and displayed using Shares Outstanding – Common Stock Primary Issue, Shares Outstanding – Common Issue 2, Shares Outstanding – Common Issue 3, and Shares Outstanding – Issue 4. Then, each of issues 2, 3, and 4 is converted to the equivalent of the Primary Issue and are aggregated to derive Total Common Shares Outstanding.

The total Shares Outstanding for all common equity classes, less Treasury Shares. Found on the front page of the latest quarterly/annual report, or on any supplementary filings or company press releases.

Total Current Assets is the sum of:
Cash and Short Term Investments
Total Receivables, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total.

Total Current Assets less Inventory represents Total Current Assets minus Total Inventory. Total Current Assets less Inventory is not available for non-detailed periods or for companies which report non-differentiated balance sheets.

Total Current Liabilities represents current liabilities for industrial and utility companies. Current liabilities are liabilities that are incurred from operating activities and expected to be due within one year or an operating cycle of the company.

Total Debt represents total debt outstanding, which includes:

For industrial, insurance, and utility companies:
Notes Payable/Short-Term Debt
Current Portion of Long-Term Debt/Capital Leases
Total Long-Term Debt.

For banks:
Total Deposits
Other (Interest) Bearing Liabilities, Total
Total Short-Term Borrowings
Current Portion of Long-Term Debt/Capital Leases
Total Long-Term Debt.

Total Debt Issued represents cash inflow on changes in the level of debt of a company.

Total Debt Reduction represents cash outflow on changes in the level of debt in a company.

This ratio is Total Debt for the most recent fiscal year divided by Total Shareholder Equity for the same period.

This ratio is Total Debt for the most recent interim period divided by Total Shareholder Equity for the same period.

Total Deposits represents the sum of:
Non-Interest Bearing Deposits
Interest Bearing Deposits
Other Deposits.
When a company reports its deposits without any delineation between interest-bearing and non-interest-bearing, or if the deposits are delineated in a manner other than interest-bearing/non-interest-bearing, deposits are classified as Total Deposits

Total Equity consists of the equity value of preferred shareholders, general and limited partners, and common shareholders, but does not include minority shareholders’ interest.

Total Extraordinary Items represents the sum of:
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary items.

Funded Status is determined by deducting the Projected Benefit Obligation from the fair value of plan assets. A fully funded plan has sufficient assets to pay all current and future benefits. An underfunded plan does not have enough assets to pay all benefits. Unfunded benefit liability is the amount of promised pension benefits that exceed a plan’s assets.

Total Gross Loans represents the nominal value of loans to customers. Loans to customers may be further delineated in various categories, such as by customers (consumer or industrial), by maturity (short-term or long-term), or by underlying securities (secured or not secured), either on the balance sheet or in a footnote to the financial statement.

"Growth" is comprised of Institutions that are classified as:

Aggressive Growth investors employ an extreme version of the growth style. This can be seen by their propensity to hold the stocks of companies that are growing their revenue and EPS extremely quickly, are in an early stage of their life cycle, or have minimal or no current earnings.

Core Growth managers typically invest in mid or large capitalization, blue chip companies that have historically performed near the top of their sector or the S&P 500 in terms of profitability, earnings growth, and revenue growth. These investors are often willing to pay premium PE multiples for highly sustainable businesses, strong management and consistent growth over the long term.

Growth investors bridge the gap between the Aggressive Growth and Core Growth investment styles. They tend to be slightly more aggressive than Core Growth investors, willing to pay slightly higher multiples for stocks and trade at a slightly more active pace. In general, they are looking for companies growing at superior rates than the general marketplace, but are unwilling to pay the extremely high multiples associated with the hyper growth stocks.

"Income" is comprised of Institutions that are classified as:

Income Value investors are similar to those in the Core Value category except they are as interested in the dividend yield as they are in the low valuation ratios of the stocks they purchase. As a result, Income Value portfolios typically exhibit above average current income and low PE ratios.

Yield investors typically focus on buying companies with indicated dividend yields that are comfortably above the S&P 500 average and that are perceived to be able to continue making or increasing dividend payments over time. Investors that fall into this category tend to focus on income and safety more than on capital appreciation, and many have a dividend yield "hurdle rate" below which they will be either unlikely to consider owning a particular stock or forced to pare back a current position.

Total Interest Expense represents total operating interest expense for financial institutions:
Interest on Deposits
Interest on Other Borrowings
Federal Fund Purchased/Securities Sold Under Repurchase Agreement.

Total Inventory consists of all assets held for sale in the ordinary course of business or goods that will be used and/or consumed in the production of goods to be sold. Inventories may include raw material, work in progress and finished goods, although other categories of asset items may be classified as ‘Inventories’ depending upon the company’s business.

Total Investment Securities represents total investment securities, reported according to SFAS 115, Accounting for Certain Investments in Debt and Equity Securities, which is the sum of:
Securities Held (to Maturity)
Securities (Available) for Sale

Total Liabilities represents the sum of:

For industrial and utility companies:
Total Current Liabilities
Total Long-Term Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total

For banks:
Accounts Payable
Payable/Accrued
Accrued Expenses
Total Deposits
Other (Interest) Bearing Liabilities, Total
Total Short-Term Borrowings
Current Portion of Long Term Debt/Capital Leases
Other Current Liabilities, Total
Total Long-Term Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total

For insurance companies:
Accounts Payable
Payable/Accrued
Accrued Expenses
Policy Liabilities
Notes Payable/Short-Term Debt
Current Portion of Long Term Debt/Capital Leases
Other Current Liabilities, Total
Total Long-Term Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total.

Total Liabilities & Shareholders’ Equity represents the sum of Total Liabilities and Total Equity.

Total Long-Term Debt represents the sum of:
Long-Term Debt
Capital Lease Obligations.

Total Long Term Debt, Supplemental reflects the sum of Long Term Debt Maturing within 1 through 10 Years and Long Term Debt – Remaining Maturities.

Total Operating Expense represents the sum of:

Industrial Company:
Cost of Revenue, Total
Selling/General/Administrative Expenses, Total
Depreciation/Amortization
Interest Expense (Income), Net – Operating
Unusual Expense (Income)
Other Operating Expenses, Total

Utility Company:
Cost of Revenue, Total
Selling/General/Administrative Expenses, Total
Depreciation/Amortization
Interest Expense (Income), Net – Operating
Unusual Expense (Income)
Other Operating Expenses
Fuel Expense
Operations & Maintenance

Insurance Company:
Selling/General/Administrative Expenses, Total
Depreciation/Amortization
Interest Expense (Income), Net – Operating
Unusual Expense (Income)
Other Operating Expenses, Total.

Total Operating Leases reflects the sum of Operating Leases Maturing within 1 through 10 Years and Operating Leases – Remaining Maturities.

"Other" is comprised of Institutions that are classified by as:

Broker-Dealers are usually trading facilitators rather than investors. Included in this group are sell-side research firms with broker operations, NYSE and Nasdaq trading desk positions of investment banks, investment banking client desks that execute buyback programs on behalf of corporations, private client firms that essentially act as custodians for high net worth individuals, and brokers that sell unit investment trusts or exchange traded products.

Emerging Markets - These investors focus primarily on companies in the developing economies of Latin America, the Far East, Europe, and Africa.

Hedge Fund investors have the majority of their funds invested in some sort of market neutral strategy. Notably, the term 'hedge fund' is both a legal structure (as opposed to a mutual fund) and an investment style. Nearly every firm that uses a hedge fund or market neutral style is legally organized as a hedge fund (and thus only open to accredited investors). Many are offshore funds that are unregistered, have no investment limitations, and are not subject to disclosure regulations. The common element is that any long position taken in a specific equity is offset by a short position in either a merger partner (risk arbitrage), an 'overvalued' member of the same sector (long/short paired trading), a convertible bond (convertible arbitrage), a futures contract (index arbitrage) or an option contract (volatility arbitrage). Because of the idiosyncratic nature of these investors, the fundamentals of their portfolios are not indicative of their investment styles. Thomson Reuters categorizes these portfolios based on its specific knowledge of the their historical investment behavior.

International - This style refers to those money managers investing the majority of their equity assets in stocks of companies domiciled outside of North America. In most cases, the North American portion of the portfolio is either too small or does not exist, precluding Thomson Reuters from determining an accurate investment style based on the fundamentals of these companies. For "Global" investors which have more significant North American holdings, a specific style may be given which will apply primarily to the North American portion of the portfolio.

Sector Specific investors have the majority of their assets in a single major industry category. Many times these investors are "forced" to own most if not all of the stocks in a given sector whether or not they are deemed appropriately valued. Since their portfolio exposure is linked to a single sector, their performance is usually measured against an index that is pertinent only to that industry. As such, tweaking the relative exposure to the companies that constitute a given sector will determine these firm's investment decisions.

Specialty - This category encompasses a range of styles that are not based on the financial fundamentals of the stocks in the portfolio relative to the overall market. Examples include investors that hold a particularly high concentration of a single stock or a very small set of stocks, or specialize in convertible securities. This category is also reserved for any institution or mutual fund that does not meet the criteria for any of the other investment styles. Thomson Reuters categorizes these portfolios based on its specific knowledge of their historical investment behavior.

Venture Capital and Private Equity investors are usually owners of public companies only when they have participated in a round of financing prior to an IPO and subsequently retained ownership after the transition from a private company to a public company. Other investors often consider positions held by venture capitalists as an "overhang" on the stock of a publicly traded company since VCs will typically dispose of their holdings of public companies during the first few years following an IPO.

Total Pension Expense represents the following:
Defined Contribution Expense – Domestic
Defined Contribution Expense – Foreign
Defined Contribution Expense – Post-Retirement.

Total Plan Assets represents the total value of all pension and post-retirement plan assets for a company. Total Plan Assets is calculated as the sum of:
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement.

Total Plan Expected Return represents the total amount of expected return on all of a company’s pension and post-retirement plans. It is calculated as the sum of:
Expected Return on Assets – Domestic
Expected Return on Assets – Foreign
Expected Return on Assets – Post Retirement.

Total Plan Interest Cost represents the total amount of interest costs paid on all of a company’s pension and post-retirement plans. It is calculated as the sum of:
Interest Cost – Domestic
Interest Cost – Foreign
Interest Cost – Post Retirement.

Total Plan Obligations represents the total value of all pension, post-retirement and other plan obligations for a company. Total Plan Obligations is calculated as the sum of:
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Unfunded Plan Obligations.

Total Plan Other Expense represents the total amount of other expenses on all of a company’s pension and post-retirement plans. It is calculated as the sum of:
Other Pension, Net - Domestic
Other Pension, Net – Foreign
Other Post Retirement, Net.

Total Plan Service Cost represents the total amount of service costs paid on all of a company’s pension and post-retirement plans. It is calculated as the sum of:
Service Cost – Domestic
Service Cost – Foreign
Service Cost – Post Retirement.

Total Preferred Shares Outstanding represents an aggregated number of preferred shares outstanding. Total Preferred Shares Outstanding is calculated differently from Total Common Shares Outstanding, which aggregates an equivalent number of primary issue shares using conversion ratios from each common share outstanding. Total Preferred Shares Outstanding does a simple aggregation of the number of each preferred share outstanding, without any conversion.

Total Premiums Earned represents total insurance-related premiums proportionate to the amount of potential risk taken by a company. When a company reports its premiums earned in multiple lines on its income statement, the insurance premiums earned may be classified as Net Premiums Earned and/or Other Insurance Revenue.

Total Receivables, Net normally represents the sum of:
Accounts Receivable – Trade, Net
Notes Receivable – Short-Term
Receivables – Other.

Total Revenue represents revenue from all of a company’s operating activities after deducting any sales adjustments and their equivalents.

Total Risk-Weighted Capital reflects the value of both on and off balance sheet assets weighted for credit and market risks. Each asset is assigned a value based upon specific guidelines designed to evaluate the risk associated with the underlying asset. Total Risk-Weighted Capital represents the denominator in Tier 1 Capital and Total Capital Ratios and may also be referred to as Total Risk Adjusted Assets.

Total Short-Term Borrowings represents total short-term borrowings of a bank, which are the sum of:
Commercial Paper
Other Short-Term Borrowings.
When a company does not delineate between commercial paper and short term borrowings, total short-term borrowings are recorded in one line and classified as Total Short-Term Borrowings.

Total Special Items captures all of the unusual/one-time/special items that impact a company in any given period.

Total Square Meters Available for Lease represents the total amount of space, in square meters, controlled by the company that’s available for lease as at the end of the period.

Total Utility Plant, Net represents Total Utility Plant reduced by Accumulated Depreciation.

"Value" is comprised of Institutions that are classified as:

Core Value investors focus on buying companies at relatively low valuations on an absolute basis, in relation to the market or its peers, or in comparison to an individual stock's historical levels. These portfolios typically exhibit price-to-earnings, price-to-book and price-to-cash flow multiples below the S&P 500. In addition, secular revenue growth rates of the companies in these portfolios are frequently below market averages and their earnings tend to be more cyclical.

Deep Value investors employ a more extreme version of value investing that is characterized by holding the stocks of companies with extremely low valuation measures. Often these companies are particularly out-of-favor or in industries that are out-of-favor. Some investors in this category are known for agitating for changes such as new management, a merger, or the spin-off of a subsidiary.

The Pricing Date is the date at which the issue was last priced.

Trading Account represents an account held at a financial institution and administered by an investment dealer that the account holder uses to employ a trading strategy rather than a buy-and-hold investment strategy.

Trading Account Assets represents the balance of trading account assets. Trading securities is the core operating activity of securities brokerage houses. Trading account securities may consist of derivative contracts, treasury securities, fixed income securities, equity securities, etc.

Trading Account Interest represents interest earned on trading account securities. Trading securities may consist of derivative contracts, treasury securities, fixed income securities, equity securities, etc.

Traffic (Number of Customer Visits) represents the total number of customer visits to all of the company’s stores during the period.

Traffic Acquisition Costs (TAC) represents the cost for a company to acquire traffic into their site. This cost is considered as the cost of revenue for many internet search company such as Yahoo, Google, etc.

Transition Costs – Domestic represents the expenses associated with a change in plans. For example, costs associated with a change from publicly provided old age pensions to privately owned retirement accounts.

Transition Costs – Foreign represents the expenses associated with a change in plans. For example, costs associated with a change from publicly provided old age pensions to privately owned retirement accounts.

Transition Costs – Post-Retirement represents the expenses associated with a change in plans. For example, costs associated with a change from publicly provided old age pensions to privately owned retirement accounts.

Treasury Shares – Common Issue 2 represents the number of common shares a company or its consolidated subsidiaries owns of the second class of stock, when a company has more than one type of common shares. The description will match the reporting terminology used by the reporting company and is related to the corresponding common class of stock.