We are committed to achieving financial objectives over rolling five-year periods.
Experience always clarifies objectives and illuminates better strategies.
We constantly evolve as we monitor the execution of our strategies and progress toward achieving our objectives. If we believe we can earn such a profit, we will invest in business operations. If we do not believe we can earn such a profit, we will return underleveraged capital to our investors. We prefer share repurchases over dividends as a means of returning capital. As appropriate, we will substitute debt for equity in our capital structure to reduce our cost of capital.