Great-West Lifeco Inc. (GWO-PN.TO)

Industry: Insurance - Life Sector: Financial Services Currency Used: CA Live Price: $18.55

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997
Stock Price	17.01	14.90	12.56	13.83	16.09	9.79	14.30	17.79	17.18	14.08	15.86	21.73	23.11	24.28	24.32	24.64	24.67	24.67	24.67	24.67	24.67	24.67	24.67	24.67	24.67	24.67	24.67	24.67	24.67
Market Capitalization	15,785.63M	13,887.12M	11,717.73M	12,882.57M	14,955.92M	9,084.29M	13,532.78M	17,589.06M	16,986.98M	21,082.02M	32,003.95M	43,852.78M	46,643.41M	49,000.06M	49,090.89M	49,736.83M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M	49,797.38M
(-) Cash & Equivalents	10,303.67M	8,685.25M	6,967.00M	8,057.00M	6,322.25M	6,205.50M	4,199.25M	3,859.75M	3,274.25M	3,077.50M	3,102.75M	3,057.25M	2,614.75M	1,781.50M	1,952.50M	2,665.00M	3,202.25M	2,362.50M	912.50M	764.75M	740.25M	618.00M	615.25M	228.00M	209.25M	185.00M	183.00M	189.75M	0.00M
(+) Total Debt	9,689.67M	9,385.25M	9,592.25M	10,178.00M	9,495.50M	8,159.00M	6,642.50M	6,199.50M	5,705.75M	5,510.25M	5,448.00M	5,682.25M	5,318.00M	4,457.00M	4,331.00M	4,310.00M	3,955.50M	4,309.50M	4,541.00M	2,478.25M	2,947.75M	2,978.25M	2,525.50M	1,164.00M	1,126.00M	914.25M	201.50M	243.75M	202.75M
Enterprise Value	15,171.63M	14,587.12M	14,342.98M	15,003.57M	18,129.17M	11,037.79M	15,976.03M	19,928.81M	19,418.48M	23,514.77M	34,349.20M	46,477.78M	49,346.66M	51,675.56M	51,469.39M	51,381.83M	50,550.63M	51,744.38M	53,425.88M	51,510.88M	52,004.88M	52,157.63M	51,707.63M	50,733.38M	50,714.13M	50,526.63M	49,815.88M	49,851.38M	50,000.13M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Revenue	35,988M	50,543M	34,723M	36,731M	-2,693M	64,447M	60,599M	44,748M	44,032M	47,117M	46,381M	33,820M	39,181M	26,446M	30,597M	29,898M	30,103M	30,541M	33,932M	25,923M	25,482M	23,871M	21,871M	13,429M	16,632M	16,048M	15,266M	13,328M	13,756M	7,477M	6,081M
Cost of Revenue	12,125M	48,416M	21,335M	25,609M	-13,754M	51,518M	0M	33,958M	32,888M	36,490M	35,775M	23,583M	29,748M	0M	23,317M	23,167M	-15,342M	-16,568M	16,784M	0M	16,143M	1,284M	1,281M	919M	718M	0M	0M	0M	0M	296M	263M
Gross Profit	23,863M	2,127M	13,388M	11,122M	11,061M	12,929M	60,599M	10,790M	11,144M	10,627M	10,606M	10,237M	9,433M	26,446M	7,280M	6,731M	45,445M	47,109M	17,148M	25,923M	9,339M	22,587M	20,590M	12,510M	15,914M	16,048M	15,266M	13,328M	13,756M	7,181M	5,818M
Gross Profit Margin	66.3%	4.2%	38.6%	30.3%	-410.7%	20.1%	100.0%	24.1%	25.3%	22.6%	22.9%	30.3%	24.1%	100.0%	23.8%	22.5%	151.0%	154.2%	50.5%	100.0%	36.6%	94.6%	94.1%	93.2%	95.7%	100.0%	100.0%	100.0%	100.0%	96.0%	95.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	0M	1,736M	6,732M	6,329M	5,412M	6,129M	5,270M	5,015M	4,937M	4,619M	4,716M	4,386M	3,673M	3,111M	2,542M	2,405M	4,278M	3,970M	3,933M	3,626M	2,947M	2,198M	2,264M	2,036M	1,786M	1,941M	1,816M	1,550M	1,446M	862M	671M
Operating Expenses	13,832M	12,699M	15,457M	14,456M	6,997M	9,062M	57,527M	7,910M	7,682M	7,897M	7,254M	6,766M	6,044M	23,665M	4,718M	4,525M	43,481M	45,029M	16,773M	23,274M	6,919M	20,098M	18,272M	10,604M	14,489M	14,995M	14,013M	12,210M	12,756M	1,112M	671M
Operating Income (EBIT)	10,031M	-10,572M	-2,069M	-3,334M	4,064M	3,867M	3,072M	2,880M	3,462M	2,730M	3,352M	3,471M	3,389M	2,781M	2,562M	2,206M	1,964M	2,080M	375M	2,649M	2,420M	2,489M	2,318M	1,906M	1,425M	1,053M	1,253M	1,118M	1,000M	6,069M	5,147M
Operating Income Margin	27.9%	-20.9%	-6.0%	-9.1%	-150.9%	6.0%	5.1%	6.4%	7.9%	5.8%	7.2%	10.3%	8.6%	10.5%	8.4%	7.4%	6.5%	6.8%	1.1%	10.2%	9.5%	10.4%	10.6%	14.2%	8.6%	6.6%	8.2%	8.4%	7.3%	81.2%	84.6%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	383M	387M	390M	410M	379M	334M	306M	288M	203M	271M	275M	276M	279M	269M	276M	269M	288M	336M	296M	269M	202M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-383M	-387M	-390M	-410M	-379M	-334M	-306M	-288M	-203M	-271M	-275M	-276M	-279M	-269M	-276M	-269M	-288M	-336M	-296M	-269M	-202M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	-4,861M	15,159M	7,440M	6,812M	379M	334M	306M	288M	203M	271M	275M	276M	279M	269M	276M	767M	288M	336M	296M	167M	202M	0M	0M	0M	0M	0M	0M	0M	-58M	-5,792M	-4,709M
EBT Excluding Unusual Items	9,648M	-10,959M	-2,459M	-3,744M	3,685M	3,533M	2,766M	2,592M	3,259M	2,459M	3,077M	3,195M	3,110M	2,512M	2,286M	1,937M	1,676M	1,744M	79M	2,380M	2,218M	2,489M	2,318M	1,906M	1,425M	1,053M	1,253M	1,118M	1,000M	6,069M	5,147M
Pre-Tax Income	4,787M	4,200M	4,981M	3,068M	4,064M	3,867M	3,072M	2,880M	3,462M	2,730M	3,352M	3,471M	3,389M	2,781M	2,562M	2,704M	1,964M	2,080M	375M	2,547M	2,420M	2,489M	2,318M	1,906M	1,425M	1,053M	1,253M	1,118M	942M	277M	438M
Pre-Tax Margin	13.3%	8.3%	14.3%	8.4%	-150.9%	6.0%	5.1%	6.4%	7.9%	5.8%	7.2%	10.3%	8.6%	10.5%	8.4%	9.0%	6.5%	6.8%	1.1%	9.8%	9.5%	10.4%	10.6%	14.2%	8.6%	6.6%	8.2%	8.4%	6.8%	3.7%	7.2%
Income Tax Expense	584M	359M	737M	53M	394M	304M	-82M	373M	387M	422M	396M	460M	628M	463M	364M	465M	256M	345M	-278M	582M	522M	601M	566M	550M	430M	397M	451M	366M	361M	27M	149M
Net Income	4,172M	3,694M	4,070M	2,868M	3,726M	3,262M	3,076M	2,492M	3,094M	2,278M	2,764M	2,888M	2,668M	2,408M	1,921M	2,118M	1,701M	1,699M	1,453M	2,111M	1,927M	1,775M	1,616M	1,236M	962M	546M	674M	569M	473M	250M	289M
Net Income Margin	11.6%	7.3%	11.7%	7.8%	-138.4%	5.1%	5.1%	5.6%	7.0%	4.8%	6.0%	8.5%	6.8%	9.1%	6.3%	7.1%	5.7%	5.6%	4.3%	8.1%	7.6%	7.4%	7.4%	9.2%	5.8%	3.4%	4.4%	4.3%	3.4%	3.3%	4.8%
Depreciation & Amortization	471M	526M	556M	505M	516M	523M	438M	418M	308M	254M	260M	226M	200M	165M	147M	143M	92M	89M	83M	32M	18M	0M	0M	0M	0M	66M	65M	60M	58M	8M	0M
EBITDA	10,502M	-10,046M	-1,513M	-2,829M	4,580M	4,390M	3,510M	3,298M	3,770M	2,984M	3,612M	3,697M	3,589M	2,946M	2,709M	2,349M	2,056M	2,169M	458M	2,681M	2,438M	2,489M	2,318M	1,906M	1,425M	1,119M	1,318M	1,178M	1,058M	6,077M	5,147M
EBITDA Margin	29.2%	-19.9%	-4.4%	-7.7%	-170.1%	6.8%	5.8%	7.4%	8.6%	6.3%	7.8%	10.9%	9.2%	11.1%	8.9%	7.9%	6.8%	7.1%	1.3%	10.3%	9.6%	10.4%	10.6%	14.2%	8.6%	7.0%	8.6%	8.8%	7.7%	81.3%	84.6%
NOPAT	8,807M	-9,668M	-1,763M	-3,276M	3,670M	3,563M	3,154M	2,507M	3,075M	2,308M	2,956M	3,011M	2,761M	2,318M	2,198M	1,827M	1,708M	1,735M	653M	2,044M	1,898M	1,888M	1,752M	1,356M	995M	656M	802M	752M	617M	5,477M	3,396M
NOPAT Margin	24.5%	-19.1%	-5.1%	-8.9%	-136.3%	5.5%	5.2%	5.6%	7.0%	4.9%	6.4%	8.9%	7.0%	8.8%	7.2%	6.1%	5.7%	5.7%	1.9%	7.9%	7.4%	7.9%	8.0%	10.1%	6.0%	4.1%	5.3%	5.6%	4.5%	73.3%	55.8%
Owner's Earnings	4,643M	4,220M	4,626M	3,373M	4,242M	3,785M	3,514M	2,910M	3,402M	2,532M	3,024M	3,114M	2,868M	2,573M	2,068M	2,261M	1,793M	1,757M	1,516M	486M	1,314M	1,187M	1,419M	1,125M	922M	412M	622M	552M	490M	220M	243M
Owner's Earnings Margin	12.9%	8.3%	13.3%	9.2%	-157.5%	5.9%	5.8%	6.5%	7.7%	5.4%	6.5%	9.2%	7.3%	9.7%	6.8%	7.6%	6.0%	5.8%	4.5%	1.9%	5.2%	5.0%	6.5%	8.4%	5.5%	2.6%	4.1%	4.1%	3.6%	2.9%	4.0%
EPS (Basic)	4.33	3.91	4.18	2.94	1.66	3.37	3.17	2.49	1.53	1.13	1.37	1.43	1.32	1.19	0.95	1.05	0.84	0.84	0.72	1.05	0.95	0.88	0.80	0.61	0.48	0.27	0.33	0.28	0.23	0.12	0.14
EPS (Diluted)	4.47	3.95	4.35	3.07	4.00	3.50	3.32	2.63	3.13	2.30	2.79	1.43	1.32	1.19	0.95	1.05	0.84	0.84	0.72	1.05	0.95	0.88	0.80	0.61	0.48	0.27	0.33	0.28	0.23	0.12	0.14
Shares (Basic)	929M	933M	933M	932M	932M	931M	928M	946M	989M	989M	990M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M
Shares (Diluted)	933M	935M	935M	934M	932M	931M	928M	947M	989M	991M	992M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M	2,019M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Cash & Cash Equivalents	10,736.00M	10,232.00M	9,564.00M	7,053.00M	6,411.00M	6,075.00M	7,946.00M	4,628.00M	4,168.00M	3,551.00M	3,259.00M	2,813.00M	2,498.00M	2,791.00M	1,895.00M	2,056.00M	1,840.00M	3,427.00M	2,850.00M	3,650.00M	3,059.00M	2,961.00M	2,472.00M	2,461.00M	912.00M	837.00M	740.00M	732.00M	759.00M	0.00M	0.00M
Short-Term Investments	-10,736.00M	15,311.00M	15,142.00M	12,328.00M	13,322.00M	11,153.00M	8,649.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	24.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	0.00M	25,543.00M	24,706.00M	19,381.00M	19,733.00M	17,228.00M	16,595.00M	4,628.00M	4,168.00M	3,551.00M	3,259.00M	2,813.00M	2,498.00M	2,791.00M	1,895.00M	2,056.00M	1,840.00M	3,427.00M	2,850.00M	3,650.00M	3,083.00M	2,961.00M	2,472.00M	2,461.00M	912.00M	837.00M	740.00M	732.00M	759.00M	0.00M	0.00M
Net Receivables	0.00M	5,782.00M	6,600.00M	5,791.00M	5,229.00M	3,478.00M	6,651.00M	6,522.00M	5,830.00M	5,131.00M	4,681.00M	3,915.00M	3,389.00M	3,233.00M	2,721.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,575.00M	1,516.00M	1,332.00M	1,330.00M	816.00M	953.00M	1,164.00M	1,049.00M	1,056.00M	1,054.00M	606.60M
Inventory	0.00M	0.00M	0.00M	-25,172.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	0.00M	-31,325.00M	0.00M	46,212.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Current Assets	0.00M	0.00M	31,306.00M	46,212.00M	24,962.00M	20,706.00M	23,246.00M	11,150.00M	9,998.00M	8,682.00M	7,940.00M	6,728.00M	5,887.00M	6,024.00M	4,616.00M	2,056.00M	1,840.00M	3,427.00M	2,850.00M	3,650.00M	4,658.00M	4,477.00M	3,804.00M	3,791.00M	1,728.00M	1,790.00M	1,904.00M	1,781.00M	1,815.00M	1,054.00M	606.60M
Property, Plant & Equipment	1,221.00M	1,191.00M	1,446.00M	1,374.00M	1,494.00M	1,158.00M	1,604.00M	1,648.00M	1,179.00M	1,009.00M	953.00M	951.00M	847.00M	801.00M	668.00M	628.00M	0.00M	0.00M	0.00M	0.00M	263.00M	1,213.00M	280.00M	1,594.00M	1,267.00M	1,272.00M	1,212.00M	1,106.00M	1,072.00M	1,440.00M	635.90M
Goodwill	11,341.00M	11,232.00M	11,428.00M	11,249.00M	10,611.00M	9,081.00M	10,106.00M	6,505.00M	6,548.00M	6,179.00M	5,977.00M	5,913.00M	5,855.00M	5,812.00M	5,397.00M	5,401.00M	5,397.00M	5,406.00M	5,425.00M	6,295.00M	5,444.00M	5,327.00M	5,328.00M	0.00M	0.00M	1,604.00M	1,679.00M	1,694.00M	1,659.00M	0.00M	0.00M
Intangible Assets	4,923.00M	4,852.00M	4,958.00M	4,484.00M	6,230.00M	5,514.00M	4,285.00M	3,879.00M	3,976.00M	3,732.00M	3,972.00M	4,036.00M	3,625.00M	3,456.00M	3,115.00M	3,154.00M	3,108.00M	3,238.00M	3,372.00M	3,917.00M	1,575.00M	1,453.00M	1,508.00M	6,663.00M	1,687.00M	0.00M	0.00M	0.00M	0.00M	1,721.00M	0.00M
Long-Term Investments	0.00M	226,136.00M	228,520.00M	214,236.00M	210,561.00M	349.00M	149,305.00M	126,495.00M	134,995.00M	129,791.00M	125,954.00M	123,406.00M	111,393.00M	98,844.00M	89,776.00M	85,152.00M	984.00M	72,589.00M	740.00M	71,612.00M	69,712.00M	63,326.00M	58,365.00M	57,407.00M	35,345.00M	33,960.00M	31,459.00M	31,206.00M	31,626.00M	0.00M	0.00M
Tax Assets	2,192.00M	0.00M	2,066.00M	1,848.00M	1,470.00M	0.00M	975.00M	693.00M	981.00M	930.00M	1,593.00M	1,891.00M	1,631.00M	1,167.00M	1,142.00M	1,140.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	-19,677.00M	-243,411.00M	522,272.00M	645,846.00M	605,820.00M	561,466.00M	-166,275.00M	-139,220.00M	-147,679.00M	-141,641.00M	-138,449.00M	355,365.00M	318,154.00M	289,570.00M	222,939.00M	211,821.00M	105,990.00M	-81,233.00M	101,330.00M	28,653.00M	26,023.00M	-71,319.00M	23,418.00M	-65,664.00M	-38,299.00M	-36,836.00M	-34,350.00M	-34,006.00M	-34,357.00M	-3,161.00M	-635.90M
Other Assets	858,676.00M	814,842.00M	740,929.00M	-212,147.00M	-190,672.00M	8,950.00M	-117,238.00M	-96,821.00M	-119,105.00M	-114,244.00M	-109,098.00M	-98,458.00M	-90,683.00M	-79,881.00M	-73,895.00M	-70,683.00M	14,195.00M	0.00M	16,357.00M	4,261.00M	12,788.00M	0.00M	3,148.00M	27,996.00M	20,044.00M	20,533.00M	19,500.00M	17,725.00M	18,553.00M	47,869.00M	26,767.50M
Total Non-Current Assets	858,676.00M	814,842.00M	1,511,619.00M	666,890.00M	645,514.00M	586,518.00M	-117,238.00M	-96,821.00M	-119,105.00M	-114,244.00M	-109,098.00M	393,104.00M	350,822.00M	319,769.00M	249,142.00M	236,613.00M	129,674.00M	0.00M	127,224.00M	114,738.00M	115,805.00M	0.00M	92,047.00M	27,996.00M	20,044.00M	20,533.00M	19,500.00M	17,725.00M	18,553.00M	47,869.00M	26,767.50M
Total Assets	858,676.00M	814,842.00M	1,542,925.00M	713,102.00M	670,476.00M	607,224.00M	-93,992.00M	-85,671.00M	-109,107.00M	-105,562.00M	-101,158.00M	399,832.00M	356,709.00M	325,793.00M	253,758.00M	238,669.00M	131,514.00M	3,427.00M	130,074.00M	118,388.00M	120,463.00M	4,477.00M	95,851.00M	31,787.00M	21,772.00M	22,323.00M	21,404.00M	19,506.00M	20,368.00M	48,923.00M	27,374.10M
Accounts Payable	0.00M	3,456.00M	3,524.00M	3,216.00M	2,758.00M	2,469.00M	2,698.00M	3,352.00M	3,262.00M	2,684.00M	2,049.00M	1,755.00M	1,480.00M	1,583.00M	1,258.00M	1,351.00M	149.00M	186.00M	192.00M	164.00M	1,822.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	0.00M	0.00M	523.00M	435.00M	1,151.00M	593.00M	1,414.00M	808.00M	932.00M	863.00M	875.00M	946.00M	973.00M	962.00M	743.00M	741.00M	0.00M	0.00M	0.00M	0.00M	997.00M	936.00M	676.00M	503.00M	511.00M	400.00M	0.00M	116.00M	374.00M	811.00M	116.00M
Tax Payables	0.00M	403.00M	294.00M	137.00M	150.00M	193.00M	343.00M	461.00M	402.00M	464.00M	549.00M	492.00M	737.00M	981.00M	649.00M	478.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	619.00M	454.00M	508.00M	433.00M	317.00M	145.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	0.00M	-3,859.00M	0.00M	-3,788.00M	0.00M	370.00M	0.00M	0.00M	0.00M	0.00M	0.00M	159,682.00M	145,198.00M	131,174.00M	119,973.00M	-2,570.00M	3.00M	-186.00M	1,466.00M	-164.00M	-2,819.00M	-936.00M	3,161.00M	-1,122.00M	-965.00M	-908.00M	-433.00M	-433.00M	-519.00M	-811.00M	-116.00M
Total Current Liabilities	0.00M	0.00M	4,341.00M	0.00M	4,059.00M	3,625.00M	4,455.00M	4,621.00M	4,596.00M	4,011.00M	3,473.00M	162,875.00M	148,388.00M	134,700.00M	122,623.00M	0.00M	152.00M	0.00M	1,658.00M	0.00M	0.00M	0.00M	3,837.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt	10,237.00M	9,292.00M	9,325.00M	8,854.00M	9,632.00M	8,804.00M	8,723.00M	5,564.00M	5,984.00M	5,349.00M	5,552.00M	4,928.00M	4,829.00M	5,158.00M	3,988.00M	4,009.00M	4,288.00M	4,142.00M	3,821.00M	5,241.00M	1,980.00M	1,903.00M	2,088.00M	2,576.00M	1,012.00M	1,075.00M	1,032.00M	690.00M	601.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	380.00M	361.00M	507.00M	522.00M	568.00M	585.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	896.00M	878.00M	834.00M	787.00M	773.00M	677.00M	646.00M	1,116.00M	1,651.00M	1,497.00M	1,830.00M	2,023.00M	1,879.00M	1,227.00M	1,135.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	-11,133.00M	-10,170.00M	754,659.00M	670,964.00M	628,066.00M	584,019.00M	534,881.00M	391,944.00M	380,567.00M	377,867.00M	357,817.00M	198,691.00M	173,661.00M	158,867.00M	106,103.00M	-4,009.00M	35.00M	-4,275.00M	105,764.00M	-5,420.00M	-1,980.00M	-1,903.00M	74,122.00M	-2,576.00M	-1,012.00M	-1,075.00M	-1,032.00M	-690.00M	-601.00M	0.00M	0.00M
Total Non-Current Liabilities	0.00M	0.00M	765,198.00M	680,966.00M	638,978.00M	594,022.00M	544,818.00M	399,209.00M	388,202.00M	384,713.00M	365,199.00M	205,642.00M	180,369.00M	165,252.00M	111,226.00M	0.00M	4,323.00M	-133.00M	109,585.00M	-179.00M	0.00M	0.00M	76,210.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	0.00M	0.00M	769,539.00M	680,966.00M	643,037.00M	597,647.00M	549,273.00M	403,830.00M	392,798.00M	388,724.00M	368,672.00M	368,517.00M	328,757.00M	299,952.00M	233,849.00M	0.00M	4,475.00M	-133.00M	111,243.00M	-179.00M	0.00M	0.00M	80,047.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock	2,920.00M	2,720.00M	2,720.00M	2,720.00M	2,720.00M	2,720.00M	2,714.00M	2,714.00M	2,714.00M	2,714.00M	2,514.00M	2,514.00M	2,514.00M	2,314.00M	2,544.00M	1,894.00M	1,897.00M	1,497.00M	1,329.00M	1,099.00M	1,099.00M	799.00M	499.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	6,040.00M	6,055.00M	6,071.00M	6,000.00M	5,791.00M	5,748.00M	5,651.00M	5,633.00M	7,283.00M	7,260.00M	7,130.00M	7,156.00M	7,102.00M	7,112.00M	5,848.00M	5,828.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4,660.00M	4,651.00M	5,783.00M	1,982.00M	2,083.00M	2,086.00M	2,091.00M	2,039.00M	0.00M	0.00M
Retained Earnings	17,690.00M	17,501.00M	17,266.00M	15,492.00M	14,976.00M	16,424.00M	14,990.00M	13,660.00M	13,342.00M	12,098.00M	11,465.00M	10,416.00M	9,134.00M	7,899.00M	7,035.00M	6,327.00M	54.00M	7,367.00M	6,906.00M	6,599.00M	5,858.00M	4,860.00M	3,904.00M	2,993.00M	2,382.00M	1,951.00M	1,868.00M	1,553.00M	1,250.00M	984.00M	936.40M
Accumulated OCI	1,909.00M	1,606.00M	1,776.00M	890.00M	713.00M	587.00M	487.00M	495.00M	1,045.00M	386.00M	746.00M	2,218.00M	378.00M	86.00M	-932.00M	-675.00M	-2,177.00M	-1,664.00M	-838.00M	-1,614.00M	-547.00M	-849.00M	-426.00M	-186.00M	344.00M	363.00M	228.00M	145.00M	259.00M	0.00M	0.00M
Minority Interest	3,156.00M	3,152.00M	3,113.00M	3,015.00M	3,308.00M	3,114.00M	2,987.00M	2,866.00M	2,875.00M	2,935.00M	3,006.00M	2,806.00M	2,643.00M	2,362.00M	2,456.00M	2,230.00M	112.00M	2,371.00M	2,332.00M	2,422.00M	2,247.00M	2,107.00M	2,022.00M	2,418.00M	2,051.00M	1,950.00M	1,931.00M	2,129.00M	2,083.00M	2,011.00M	660.20M
Total Shareholders’ Equity	28,559.00M	27,882.00M	27,833.00M	25,102.00M	24,200.00M	25,479.00M	23,842.00M	22,502.00M	24,384.00M	22,458.00M	21,855.00M	22,304.00M	19,128.00M	17,411.00M	14,495.00M	13,374.00M	-226.00M	7,200.00M	7,397.00M	6,084.00M	6,410.00M	9,470.00M	8,628.00M	8,590.00M	4,708.00M	4,397.00M	4,182.00M	3,789.00M	3,548.00M	984.00M	936.40M
Total Equity	31,715.00M	31,034.00M	30,946.00M	28,117.00M	27,508.00M	28,593.00M	26,829.00M	25,368.00M	27,259.00M	25,393.00M	24,861.00M	25,110.00M	21,771.00M	19,773.00M	16,951.00M	15,604.00M	-114.00M	9,571.00M	9,729.00M	8,506.00M	8,657.00M	11,577.00M	10,650.00M	11,008.00M	6,759.00M	6,347.00M	6,113.00M	5,918.00M	5,631.00M	2,995.00M	1,596.60M
Total Liabilities & Equity	31,715.00M	31,034.00M	800,485.00M	709,083.00M	670,545.00M	626,240.00M	576,102.00M	429,198.00M	420,057.00M	414,117.00M	393,533.00M	393,627.00M	350,528.00M	319,725.00M	250,800.00M	15,604.00M	4,361.00M	9,438.00M	120,972.00M	8,327.00M	8,657.00M	11,577.00M	90,697.00M	11,008.00M	6,759.00M	6,347.00M	6,113.00M	5,918.00M	5,631.00M	2,995.00M	1,596.60M
Tangible Assets	842,412.00M	798,758.00M	1,526,539.00M	697,369.00M	653,635.00M	592,629.00M	-108,383.00M	-96,055.00M	-119,631.00M	-115,473.00M	-111,107.00M	389,883.00M	347,229.00M	316,525.00M	245,246.00M	230,114.00M	123,009.00M	-5,217.00M	121,277.00M	108,176.00M	113,444.00M	-2,303.00M	89,015.00M	25,124.00M	20,085.00M	20,719.00M	19,725.00M	17,812.00M	18,709.00M	47,202.00M	27,374.10M
Tangible Equity	15,451.00M	14,950.00M	14,560.00M	12,384.00M	10,667.00M	13,998.00M	12,438.00M	14,984.00M	16,735.00M	15,482.00M	14,912.00M	15,161.00M	12,291.00M	10,505.00M	8,439.00M	7,049.00M	-8,619.00M	927.00M	932.00M	-1,706.00M	1,638.00M	4,797.00M	3,814.00M	4,345.00M	5,072.00M	4,743.00M	4,434.00M	4,224.00M	3,972.00M	1,274.00M	1,596.60M
Tangible Book Value	15,451.00M	14,950.00M	14,560.00M	12,384.00M	10,667.00M	13,998.00M	12,438.00M	14,984.00M	16,735.00M	15,482.00M	14,912.00M	15,161.00M	12,291.00M	10,505.00M	8,439.00M	7,049.00M	-8,619.00M	927.00M	932.00M	-1,706.00M	1,638.00M	4,797.00M	3,814.00M	4,345.00M	5,072.00M	4,743.00M	4,434.00M	4,224.00M	3,972.00M	1,274.00M	1,596.60M
Total Investments	0.00M	236,495.00M	243,662.00M	226,564.00M	221,219.00M	194,967.00M	192,594.00M	126,495.00M	134,995.00M	129,791.00M	125,954.00M	123,406.00M	111,393.00M	98,844.00M	89,776.00M	85,152.00M	984.00M	72,589.00M	740.00M	71,612.00M	76,788.00M	63,326.00M	58,365.00M	57,407.00M	35,345.00M	33,960.00M	31,459.00M	31,206.00M	31,626.00M	16,055.00M	7,828.00M
Net Debt	-499.00M	-940.00M	284.00M	2,236.00M	4,372.00M	3,322.00M	2,191.00M	1,744.00M	2,748.00M	2,661.00M	3,168.00M	3,061.00M	3,304.00M	3,329.00M	2,836.00M	2,694.00M	2,448.00M	715.00M	971.00M	1,591.00M	-82.00M	-122.00M	292.00M	618.00M	611.00M	638.00M	292.00M	74.00M	216.00M	811.00M	116.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Working Capital	0.0M	0.0M	27,426.0M	42,552.0M	22,631.0M	26,189.0M	18,338.0M	6,057.0M	5,517.0M	4,671.0M	4,522.0M	-156,044.0M	-142,501.0M	-128,593.0M	-117,915.0M	1,245.0M	1,688.0M	3,427.0M	1,192.0M	3,650.0M	4,658.0M	4,477.0M	-33.0M	3,791.0M	1,728.0M	1,790.0M	1,904.0M	1,781.0M	1,815.0M	1,054.0M	606.6M
Total Capital	38,796.0M	38,836.0M	39,769.0M	36,486.0M	37,199.0M	37,657.0M	34,733.0M	30,219.0M	31,439.0M	28,813.0M	28,429.0M	28,328.0M	25,056.0M	23,757.0M	19,286.0M	18,624.0M	17,743.0M	17,145.0M	17,049.0M	16,149.0M	14,091.0M	12,415.0M	11,392.0M	11,669.0M	6,231.0M	5,872.0M	5,214.0M	4,595.0M	4,523.0M	3,973.0M	2,110.7M
Capital Employed	858,676.0M	814,842.0M	798,116.0M	709,442.0M	668,145.0M	612,707.0M	595,467.0M	445,961.0M	423,093.0M	415,827.0M	396,315.0M	237,060.0M	208,321.0M	191,176.0M	131,227.0M	237,858.0M	131,362.0M	128,369.0M	128,416.0M	118,388.0M	120,463.0M	102,161.0M	92,014.0M	97,451.0M	60,071.0M	59,159.0M	55,754.0M	53,512.0M	54,725.0M	52,084.0M	28,010.0M
Invested Capital	28,060.0M	28,604.0M	30,205.0M	29,433.0M	30,788.0M	31,582.0M	26,787.0M	25,591.0M	27,271.0M	25,262.0M	25,170.0M	25,515.0M	22,558.0M	20,966.0M	17,391.0M	16,568.0M	15,903.0M	13,718.0M	14,199.0M	12,499.0M	11,032.0M	9,454.0M	8,920.0M	9,208.0M	5,319.0M	5,035.0M	4,474.0M	3,863.0M	3,764.0M	3,973.0M	2,110.7M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	4,620.00M	3,765.00M	4,821.00M	2,914.00M	4,039.00M	3,867.00M	3,072.00M	2,880.00M	3,462.00M	2,730.00M	3,352.00M	3,471.00M	3,389.00M	2,781.00M	2,562.00M	2,118.00M	1,743.00M	1,699.00M	1,453.00M	2,111.00M	1,927.00M	1,775.00M	1,616.00M	1,236.00M	962.00M	546.00M	674.00M	569.00M	473.00M	250.00M	289.30M
Depreciation & Amortization	0.00M	79.00M	0.00M	0.00M	558.00M	523.00M	438.00M	418.00M	308.00M	254.00M	260.00M	0.00M	200.00M	0.00M	0.00M	0.00M	0.00M	0.00M	41.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	66.00M	65.00M	60.00M	58.00M	8.00M	0.00M
Deferred Income Tax	0.00M	-506.00M	0.00M	-793.00M	0.00M	0.00M	-545.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	59.00M	447.00M	-612.00M	-114.00M	63.00M	125.00M	168.00M	-178.00M	33.00M	-30.00M	-89.00M	-12.00M	145.00M	-134.00M	-48.60M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	157.00M	190.00M	107.00M	117.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	4,519.00M	3,565.00M	-839.00M	9,201.00M	-20,031.00M	4,495.00M	12,604.00M	10,411.00M	-146.00M	5,807.00M	7,028.00M	3.00M	10,071.00M	-525.00M	4,966.00M	1,837.00M	3,769.00M	5,536.00M	-2,290.00M	651.00M	1,822.00M	4,966.00M	-221.00M	135.00M	-63.00M	870.00M	-320.00M	-216.00M	-107.00M	0.00M	0.00M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	1,168.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	386.00M	-219.00M	1,805.00M	644.00M	0.00M	0.00M	0.00M	-192.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,419.00M	2,702.00M	137.00M	396.00M	645.00M	435.00M	-160.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	4,519.00M	3,565.00M	-839.00M	9,201.00M	-21,199.00M	4,495.00M	12,604.00M	10,411.00M	-146.00M	5,807.00M	7,028.00M	3.00M	10,071.00M	-525.00M	4,966.00M	1,837.00M	3,769.00M	5,536.00M	-2,290.00M	651.00M	17.00M	2,483.00M	-2,163.00M	-905.00M	-708.00M	435.00M	-160.00M	-24.00M	-107.00M	0.00M	0.00M
Other Non-Cash Items	-4,116.00M	988.00M	769.00M	-6,119.00M	19,049.00M	1,298.00M	-6,066.00M	-7,716.00M	2,870.00M	-2,034.00M	-4,386.00M	1,649.00M	-8,217.00M	2,770.00M	-2,806.00M	889.00M	226.00M	-3,724.00M	5,271.00M	1,083.00M	0.00M	-2,915.00M	1,439.00M	905.00M	462.00M	248.00M	-250.00M	-414.00M	145.00M	-106.00M	323.30M
Net Cash from Operating Activities	5,023.00M	7,891.00M	4,751.00M	5,203.00M	3,772.00M	10,373.00M	9,610.00M	6,110.00M	6,494.00M	6,757.00M	6,254.00M	5,123.00M	5,443.00M	5,026.00M	4,722.00M	4,844.00M	5,797.00M	3,958.00M	3,863.00M	3,731.00M	3,812.00M	3,951.00M	3,002.00M	2,098.00M	1,394.00M	1,700.00M	80.00M	-13.00M	714.00M	18.00M	564.00M
Capital Expenditures (PPE)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-131.00M	-20.00M	-1,657.00M	-631.00M	-588.00M	-197.00M	-111.00M	-40.00M	-200.00M	-117.00M	-77.00M	-41.00M	-38.00M	-45.80M
Acquisitions (Net)	-19.00M	-747.00M	-197.00M	-563.00M	-2,218.00M	-380.00M	-1,122.00M	0.00M	-279.00M	-291.00M	-33.00M	-4.00M	-43.00M	-1,234.00M	0.00M	73.00M	0.00M	0.00M	1,375.00M	-4,149.00M	-1,467.00M	-22.00M	150.00M	-1,862.00M	42.00M	0.00M	28.00M	30.00M	-123.00M	0.00M	0.00M
Purchases of Investments	-1.00M	0.00M	0.00M	0.00M	-31,271.00M	-42,242.00M	-32,227.00M	-27,597.00M	-30,555.00M	-33,546.00M	-36,923.00M	-34,438.00M	-33,173.00M	-32,764.00M	-29,068.00M	-23,971.00M	-28,172.00M	-24,605.00M	-22,883.00M	-26,459.00M	-38,141.00M	-42,313.00M	-41,357.00M	-39,572.00M	-24,540.00M	-21,502.00M	-18,106.00M	-23,062.00M	-18,086.00M	-12,744.00M	-12,225.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	31,314.00M	33,574.00M	26,509.00M	27,969.00M	27,940.00M	30,297.00M	32,666.00M	31,189.00M	30,061.00M	30,035.00M	26,021.00M	21,924.00M	19,667.00M	20,068.00M	17,786.00M	24,605.00M	33,643.00M	40,216.00M	39,794.00M	39,232.00M	23,566.00M	20,418.00M	18,502.00M	23,331.00M	17,982.00M	12,419.00M	12,098.50M
Other Investing Activities	0.00M	-3,333.00M	-211.00M	-598.00M	-43.00M	-2,164.00M	-1,362.00M	-1,911.00M	-1,882.00M	-1,238.00M	-275.00M	-171.00M	-974.00M	-850.00M	-791.00M	-1,433.00M	2,406.00M	2,837.00M	450.00M	2,459.00M	3,191.00M	196.00M	-282.00M	374.00M	248.00M	202.00M	-386.00M	-42.00M	-141.00M	-1,526.00M	-206.70M
Net Cash from Investing Activities	-20.00M	-4,080.00M	-408.00M	-1,161.00M	-2,218.00M	-11,212.00M	-8,202.00M	-1,539.00M	-4,776.00M	-4,778.00M	-4,565.00M	-3,424.00M	-4,129.00M	-4,813.00M	-3,838.00M	-3,407.00M	-6,099.00M	-1,831.00M	-3,292.00M	-5,201.00M	-3,405.00M	-2,511.00M	-1,892.00M	-1,939.00M	-724.00M	-1,082.00M	-79.00M	180.00M	-409.00M	-1,889.00M	-379.00M
Net Debt Issuance	0.00M	-131.00M	-60.00M	-1,408.00M	1,297.00M	-768.00M	3,751.00M	-259.00M	434.00M	-337.00M	683.00M	-137.00M	-446.00M	842.00M	-1.00M	-6.00M	246.00M	369.00M	-1,660.00M	3,444.00M	79.00M	-157.00M	-477.00M	600.00M	0.00M	200.00M	200.00M	0.00M	-210.00M	-311.00M	-4.00M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	-735.00M	696.00M	-4.00M	3,212.00M	-231.00M	415.00M	-361.00M	714.00M	-7.00M	-348.00M	585.00M	-1.00M	7.00M	292.00M	198.00M	108.00M	997.00M	329.00M	-157.00M	-477.00M	600.00M	0.00M	200.00M	200.00M	-163.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	-131.00M	-60.00M	-673.00M	601.00M	-764.00M	539.00M	-28.00M	19.00M	24.00M	-31.00M	-130.00M	-98.00M	257.00M	0.00M	-13.00M	-46.00M	171.00M	-1,768.00M	-1,055.00M	-250.00M	0.00M	0.00M	516.00M	0.00M	-33.00M	0.00M	0.00M	-210.00M	-311.00M	-4.00M
Net Stock Issuance	-418.00M	-71.00M	-26.00M	-75.00M	39.00M	1,603.00M	18.00M	-2,027.00M	-30.00M	263.00M	-236.00M	-122.00M	115.00M	988.00M	670.00M	26.00M	-56.00M	-389.00M	1,257.00M	32.00M	294.00M	253.00M	61.00M	779.00M	-251.00M	-368.00M	-64.00M	-20.00M	-7.00M	1,202.00M	-14.00M
Common Stock Issuance	286.00M	106.00M	88.00M	158.00M	43.00M	1,781.00M	18.00M	39.00M	39.00M	126.00M	31.00M	99.00M	10.00M	1,277.00M	20.00M	26.00M	442.00M	181.00M	1,027.00M	33.00M	25.00M	20.00M	20.00M	1,036.00M	18.00M	17.00M	6.00M	5.00M	1.00M	948.00M	0.00M
Common Stock Repurchased	-704.00M	-177.00M	-114.00M	-233.00M	-4.00M	-194.00M	0.00M	-2,066.00M	-69.00M	-63.00M	-267.00M	-221.00M	-95.00M	-289.00M	0.00M	0.00M	-507.00M	-574.00M	0.00M	-1.00M	-85.00M	-67.00M	-259.00M	-257.00M	-269.00M	-164.00M	-70.00M	-225.00M	-8.00M	-315.00M	-14.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	-4.00M	6.00M	0.00M	0.00M	0.00M	200.00M	0.00M	0.00M	200.00M	-230.00M	650.00M	0.00M	-107.00M	-404.00M	230.00M	-1.00M	269.00M	290.00M	170.00M	-102.00M	-100.00M	-221.00M	0.00M	0.00M	0.00M	569.00M	0.00M
Net Dividends Paid	-2,345.00M	-2,166.00M	-2,199.00M	-2,067.00M	-1,956.00M	-1,811.00M	-1,759.00M	-1,692.00M	-1,671.00M	-1,582.00M	-1,492.00M	-1,424.00M	-1,350.00M	-1,330.00M	-1,283.00M	-1,265.00M	-1,252.00M	-1,234.00M	-1,130.00M	-1,002.00M	-878.00M	-755.00M	-627.00M	-500.00M	-379.00M	-320.00M	-274.00M	-231.00M	-200.00M	-159.00M	-136.60M
Common Dividends Paid	-2,215.00M	-2,036.00M	-2,069.00M	-1,937.00M	-1,826.00M	-1,677.00M	-1,626.00M	-1,559.00M	-1,538.00M	-1,453.00M	-1,369.00M	-1,298.00M	-1,228.00M	-1,200.00M	-1,168.00M	-1,169.00M	-1,166.00M	-1,162.00M	-1,073.00M	-947.00M	-826.00M	-722.00M	-611.00M	-500.00M	-379.00M	-320.00M	-274.00M	-231.00M	-200.00M	-159.00M	-136.60M
Preferred Dividends Paid	-130.00M	-130.00M	-130.00M	-130.00M	-130.00M	-134.00M	-133.00M	-133.00M	-133.00M	-129.00M	-123.00M	-126.00M	-122.00M	-130.00M	-115.00M	-96.00M	-86.00M	-72.00M	-57.00M	-55.00M	-52.00M	-33.00M	-16.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-689.00M	0.00M	0.00M	0.00M	0.00M	-16.00M	0.00M	-3.00M	0.00M	-3.00M	0.00M	0.00M	-4.00M	-7.00M	-423.00M	0.00M	-8.00M	-4.00M	-21.00M	-52.00M	-60.00M	-6.00M	-9.00M	511.00M	35.00M	-33.00M	131.00M	71.00M	-29.00M	-2.00M	-0.40M
Net Cash from Financing Activities	-3,452.00M	-2,368.00M	-2,285.00M	-3,550.00M	-620.00M	-992.00M	2,010.00M	-3,981.00M	-1,267.00M	-1,659.00M	-1,045.00M	-1,683.00M	-1,685.00M	493.00M	-1,037.00M	-1,245.00M	-1,070.00M	-1,258.00M	-1,554.00M	2,422.00M	-565.00M	-665.00M	-1,052.00M	1,390.00M	-595.00M	-521.00M	-7.00M	-180.00M	-446.00M	730.00M	-155.00M
Effect of FX on Cash	298.00M	118.00M	534.00M	-40.00M	281.00M	-40.00M	-100.00M	-130.00M	166.00M	-28.00M	-198.00M	299.00M	78.00M	190.00M	-8.00M	24.00M	-215.00M	-292.00M	157.00M	-359.00M	280.00M	-286.00M	-47.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,802.00M	0.00M
Net Change in Cash	1,849.00M	1,561.00M	2,592.00M	452.00M	1,215.00M	-1,871.00M	3,318.00M	460.00M	617.00M	292.00M	446.00M	315.00M	-293.00M	896.00M	-161.00M	216.00M	-1,587.00M	577.00M	-826.00M	593.00M	122.00M	489.00M	11.00M	1,549.00M	75.00M	97.00M	-6.00M	-27.00M	-141.00M	661.00M	30.00M
Cash at Beginning of Period	39,771.00M	31,733.00M	8,117.00M	7,290.00M	6,075.00M	7,946.00M	4,628.00M	4,168.00M	3,551.00M	3,259.00M	2,813.00M	2,498.00M	2,791.00M	1,895.00M	2,056.00M	1,840.00M	3,427.00M	2,850.00M	3,676.00M	3,083.00M	2,961.00M	2,472.00M	2,461.00M	912.00M	837.00M	740.00M	746.00M	759.00M	900.00M	239.00M	209.10M
Cash at End of Period	41,620.00M	33,294.00M	10,709.00M	7,742.00M	7,290.00M	6,075.00M	7,946.00M	4,628.00M	4,168.00M	3,551.00M	3,259.00M	2,813.00M	2,498.00M	2,791.00M	1,895.00M	2,056.00M	1,840.00M	3,427.00M	2,850.00M	3,676.00M	3,083.00M	2,961.00M	2,472.00M	2,461.00M	912.00M	837.00M	740.00M	732.00M	759.00M	900.00M	239.40M
Operating Cash Flow	5,023.00M	7,891.00M	4,751.00M	5,203.00M	3,772.00M	10,373.00M	9,610.00M	6,110.00M	6,494.00M	6,757.00M	6,254.00M	5,123.00M	5,443.00M	5,026.00M	4,722.00M	4,844.00M	5,797.00M	3,958.00M	3,863.00M	3,731.00M	3,812.00M	3,951.00M	3,002.00M	2,098.00M	1,394.00M	1,700.00M	80.00M	-13.00M	714.00M	18.00M	563.40M
Capital Expenditure	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-31.00M	-20.00M	-1,657.00M	-631.00M	-588.00M	-197.00M	-111.00M	-40.00M	-200.00M	-117.00M	-77.00M	-41.00M	-38.00M	-45.80M
Free Cash Flow	5,023.00M	7,891.00M	4,751.00M	5,203.00M	3,772.00M	10,373.00M	9,610.00M	6,110.00M	6,494.00M	6,757.00M	6,254.00M	5,123.00M	5,443.00M	5,026.00M	4,722.00M	4,844.00M	5,797.00M	3,927.00M	3,843.00M	3,731.00M	3,181.00M	3,363.00M	2,805.00M	1,987.00M	1,354.00M	1,760.00M	-37.00M	-90.00M	673.00M	-20.00M	517.60M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
EBITDA	24,334.00M	917.00M	7,212.00M	5,298.00M	6,165.00M	7,323.00M	55,767.00M	6,193.00M	6,515.00M	6,262.00M	6,150.00M	6,077.00M	5,960.00M	23,500.00M	4,885.00M	4,469.00M	41,259.00M	43,228.00M	13,298.00M	22,329.00M	6,410.00M	20,389.00M	18,326.00M	10,474.00M	14,128.00M	14,173.00M	13,515.00M	11,838.00M	12,368.00M	6,327.00M	5,147.00M
(-) Tax Adjustment	2,968.68M	78.38M	1,067.10M	91.52M	597.69M	575.69M	0.00M	802.08M	728.28M	967.97M	726.55M	805.36M	1,104.42M	3,912.44M	694.04M	768.52M	5,377.96M	7,170.03M	0.00M	5,102.27M	1,382.65M	4,923.18M	4,474.77M	3,022.40M	4,263.19M	4,960.55M	4,730.25M	3,875.41M	4,328.80M	616.71M	1,750.92M
(-) Change In Working Capital	4,519.00M	3,565.00M	-839.00M	9,201.00M	-20,031.00M	4,495.00M	12,604.00M	10,411.00M	-146.00M	5,807.00M	7,028.00M	3.00M	10,071.00M	-525.00M	4,966.00M	1,837.00M	3,769.00M	5,536.00M	-2,290.00M	651.00M	1,822.00M	4,966.00M	-221.00M	135.00M	-63.00M	870.00M	-320.00M	-216.00M	-107.00M	0.00M	0.00M
(-) Capital Expenditure	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-31.00M	-20.00M	-1,657.00M	-631.00M	-588.00M	-197.00M	-111.00M	-40.00M	-200.00M	-117.00M	-77.00M	-41.00M	-38.00M	-45.80M
Unlevered Free Cash Flow	16,846.32M	-2,726.38M	6,983.90M	-3,994.52M	25,598.31M	2,252.31M	43,163.00M	-5,020.08M	5,932.72M	-512.97M	-1,604.55M	5,268.64M	-5,215.42M	20,112.56M	-775.04M	1,863.48M	32,112.04M	30,490.97M	15,568.00M	14,918.73M	2,574.35M	9,911.82M	13,875.23M	7,205.60M	9,887.81M	8,142.45M	8,987.75M	8,101.59M	8,105.20M	5,672.29M	3,350.28M
(-) Net Interest Income After Taxes	-336.28M	-353.92M	-332.29M	-402.92M	-342.26M	-307.74M	-306.00M	-250.70M	-180.31M	-229.11M	-242.51M	-239.42M	-227.30M	-224.22M	-236.79M	-222.74M	-250.46M	-280.27M	-296.00M	-207.53M	-158.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	0.00M	-131.00M	-60.00M	-1,408.00M	1,297.00M	-768.00M	3,751.00M	-259.00M	434.00M	-337.00M	683.00M	-137.00M	-446.00M	842.00M	-1.00M	-6.00M	246.00M	369.00M	-1,660.00M	3,444.00M	79.00M	-157.00M	-477.00M	600.00M	0.00M	200.00M	200.00M	0.00M	-210.00M	-311.00M	-4.00M
Levered Free Cash Flow	17,182.60M	-2,503.46M	7,256.19M	-4,999.61M	27,237.57M	1,792.05M	47,220.00M	-5,028.38M	6,547.03M	-620.86M	-679.04M	5,371.06M	-5,434.12M	21,178.77M	-539.26M	2,080.22M	32,608.51M	31,140.24M	14,204.00M	18,570.26M	2,811.78M	9,754.82M	13,398.23M	7,805.60M	9,887.81M	8,342.45M	9,187.75M	8,101.59M	7,895.20M	5,361.29M	3,346.28M