Masco Corporation (0JZ1.L)

Industry: Construction Materials Sector: Basic Materials Currency Used: US Live Price: $71.32

Enterprise Value

Metric	MRQ	MRQ-1	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	1996	1995
Stock Price	70.39	64.36	68.10	74.73	56.88	48.74	61.15	48.71	42.14	35.85	38.79	32.08	25.10	20.56	18.50	13.02	9.57	10.98	9.52	14.21	22.24	26.25	27.98	29.16	20.74	20.82	20.53	18.21	24.95	24.95	19.14	13.71	12.47
Market Capitalization	14,781.90M	13,515.60M	14,346.66M	16,218.02M	12,737.31M	11,236.07M	15,195.52M	12,791.12M	12,025.02M	10,908.14M	12,165.02M	10,441.76M	8,458.78M	7,168.30M	6,460.45M	4,550.29M	3,328.06M	3,825.69M	3,330.96M	5,019.61M	8,237.68M	10,371.48M	11,819.84M	12,891.79M	9,794.00M	10,004.98M	9,430.69M	8,041.26M	10,703.40M	8,848.55M	6,084.56M	4,352.25M	3,953.27M
(-) Cash & Equivalents	559.00M	390.00M	442.00M	511.50M	521.00M	458.75M	846.75M	1,127.00M	453.25M	470.50M	1,004.00M	1,290.50M	1,405.50M	1,191.50M	1,122.25M	1,539.50M	1,595.50M	1,503.50M	1,087.75M	885.25M	907.50M	1,004.50M	1,500.50M	844.00M	809.15M	633.39M	163.56M	136.93M	195.73M	394.03M	370.28M	197.23M	63.65M
(+) Total Debt	3,173.00M	3,224.00M	3,234.33M	3,208.50M	3,353.25M	3,521.50M	3,128.50M	2,945.00M	3,005.00M	3,002.75M	3,063.50M	3,321.25M	3,545.00M	3,708.25M	3,527.00M	4,001.50M	4,060.75M	4,117.50M	3,975.75M	4,062.75M	4,217.25M	4,225.00M	4,627.75M	4,366.00M	4,441.73M	4,097.51M	3,872.89M	3,106.65M	2,107.20M	1,533.00M	1,314.60M	1,403.18M	1,684.43M
Enterprise Value	17,395.90M	16,349.60M	17,138.99M	18,915.02M	15,569.56M	14,298.82M	17,477.27M	14,609.12M	14,576.77M	13,440.39M	14,224.52M	12,472.51M	10,598.28M	9,685.05M	8,865.20M	7,012.29M	5,793.31M	6,439.69M	6,218.96M	8,197.11M	11,547.43M	13,591.98M	14,947.09M	16,413.79M	13,426.58M	13,469.10M	13,140.03M	11,010.99M	12,614.88M	9,987.53M	7,028.88M	5,558.20M	5,574.04M

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Revenue	7,597M	7,882M	7,828M	7,967M	8,680M	8,375M	7,188M	6,707M	6,654M	7,644M	7,357M	7,142M	8,521M	8,173M	7,745M	7,467M	7,592M	7,792M	9,600M	11,770M	12,778M	12,642M	12,074M	10,936M	9,419M	8,358M	7,243M	6,307M	4,345M	3,760M	3,237M	2,927M	4,468M	3,886M	3,525M	3,141M	3,209M	3,151M
Cost of Revenue	4,888M	5,033M	4,997M	5,131M	5,967M	5,512M	4,601M	4,336M	4,287M	5,033M	4,901M	4,889M	6,134M	5,918M	5,794M	5,683M	5,752M	5,774M	7,224M	8,559M	9,259M	9,033M	8,356M	7,586M	6,451M	5,807M	4,726M	3,859M	2,686M	2,281M	1,961M	1,756M	2,881M	2,506M	2,267M	2,104M	2,116M	2,086M
Gross Profit	2,709M	2,849M	2,831M	2,836M	2,713M	2,863M	2,587M	2,371M	2,367M	2,611M	2,456M	2,253M	2,387M	2,255M	1,951M	1,784M	1,840M	2,018M	2,376M	3,211M	3,519M	3,609M	3,718M	3,350M	2,969M	2,551M	2,517M	2,448M	1,659M	1,479M	1,277M	1,171M	1,587M	1,380M	1,259M	1,037M	1,093M	1,065M
Gross Profit Margin	35.7%	36.1%	36.2%	35.6%	31.3%	34.2%	36.0%	35.4%	35.6%	34.2%	33.4%	31.5%	28.0%	27.6%	25.2%	23.9%	24.2%	25.9%	24.8%	27.3%	27.5%	28.5%	30.8%	30.6%	31.5%	30.5%	34.8%	38.8%	38.2%	39.3%	39.4%	40.0%	35.5%	35.5%	35.7%	33.0%	34.1%	33.8%
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	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,417M	1,514M	1,468M	1,473M	1,390M	1,843M	1,327M	1,295M	1,264M	1,217M	1,407M	1,339M	1,347M	1,347M	1,535M	1,543M	1,598M	1,701M	1,802M	1,979M	2,010M	1,941M	1,974M	1,754M	1,393M	1,418M	1,222M	1,355M	1,037M	958M	696M	678M	957M	861M	785M	686M	637M	571M
Operating Expenses	1,418M	1,530M	1,468M	1,488M	1,416M	1,458M	1,292M	1,283M	1,290M	1,191M	1,375M	1,339M	1,339M	1,347M	1,654M	2,002M	2,296M	1,963M	2,269M	2,098M	2,327M	1,978M	2,056M	1,735M	1,524M	1,511M	1,460M	1,536M	1,193M	1,089M	796M	768M	1,077M	977M	900M	789M	730M	660M
Operating Income (EBIT)	1,291M	1,319M	1,363M	1,348M	1,297M	1,405M	1,295M	1,088M	1,077M	1,420M	1,081M	914M	1,048M	908M	297M	-218M	-456M	55M	107M	1,113M	1,192M	1,631M	1,662M	1,615M	1,445M	1,040M	1,057M	912M	465M	390M	481M	402M	510M	404M	359M	248M	363M	405M
Operating Income Margin	17.0%	16.7%	17.4%	16.9%	14.9%	16.8%	18.0%	16.2%	16.2%	18.6%	14.7%	12.8%	12.3%	11.1%	3.8%	-2.9%	-6.0%	0.7%	1.1%	9.5%	9.3%	12.9%	13.8%	14.8%	15.3%	12.4%	14.6%	14.5%	10.7%	10.4%	14.8%	13.7%	11.4%	10.4%	10.2%	7.9%	11.3%	12.9%
Interest Income	0M	4M	0M	9M	2M	1M	3M	3M	5M	3M	4M	3M	1M	2M	7M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	101M	100M	99M	106M	108M	278M	144M	159M	156M	278M	229M	225M	225M	235M	254M	254M	251M	225M	228M	258M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-101M	-96M	-99M	-97M	-106M	-277M	-141M	-156M	-151M	-275M	-225M	-222M	-224M	-233M	-247M	-253M	-250M	-225M	-228M	-258M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	-24M	-87M	-103M	-13M	2M	-440M	-23M	-18M	-19M	-260M	-26M	-3M	-249M	-241M	-8M	-1M	-71M	19M	-90M	-85M	-292M	-219M	-144M	-399M	-414M	-739M	-163M	-7M	290M	241M	22M	-51M	-187M	-41M	-54M	-151M	-127M	-78M
EBT Excluding Unusual Items	1,190M	1,223M	1,264M	1,251M	1,191M	1,128M	1,154M	932M	926M	1,145M	856M	692M	824M	675M	50M	-471M	-706M	-170M	-121M	855M	1,192M	1,631M	1,662M	1,615M	1,445M	1,040M	1,057M	912M	465M	390M	481M	402M	510M	404M	359M	248M	363M	405M
Pre-Tax Income	1,166M	1,136M	1,161M	1,238M	1,193M	688M	1,131M	914M	907M	885M	830M	689M	575M	434M	42M	-472M	-777M	-151M	-211M	770M	900M	1,412M	1,518M	1,216M	1,031M	301M	893M	904M	755M	631M	503M	352M	323M	363M	305M	98M	236M	327M
Pre-Tax Margin	15.3%	14.4%	14.8%	15.5%	13.7%	8.2%	15.7%	13.6%	13.6%	11.6%	11.3%	9.6%	6.7%	5.3%	0.5%	-6.3%	-10.2%	-1.9%	-2.2%	6.5%	7.0%	11.2%	12.6%	11.1%	10.9%	3.6%	12.3%	14.3%	17.4%	16.8%	15.5%	12.0%	7.2%	9.3%	8.6%	3.1%	7.4%	10.4%
Income Tax Expense	292M	254M	287M	278M	288M	210M	269M	230M	221M	305M	296M	293M	-333M	111M	83M	-49M	225M	-49M	132M	336M	412M	518M	569M	463M	349M	102M	302M	335M	279M	249M	208M	152M	129M	142M	122M	53M	97M	106M
Net Income	827M	831M	822M	908M	846M	408M	1,224M	684M	734M	533M	491M	355M	856M	272M	-114M	-575M	-1,043M	-183M	-391M	386M	488M	940M	893M	806M	590M	199M	592M	570M	476M	382M	295M	-442M	194M	221M	183M	45M	139M	221M
Net Income Margin	10.9%	10.5%	10.5%	11.4%	9.7%	4.9%	17.0%	10.2%	11.0%	7.0%	6.7%	5.0%	10.0%	3.3%	-1.5%	-7.7%	-13.7%	-2.3%	-4.1%	3.3%	3.8%	7.4%	7.4%	7.4%	6.3%	2.4%	8.2%	9.0%	11.0%	10.2%	9.1%	-15.1%	4.3%	5.7%	5.2%	1.4%	4.3%	7.0%
Depreciation & Amortization	0M	0M	150M	149M	145M	151M	133M	159M	120M	127M	134M	133M	167M	186M	214M	263M	279M	254M	238M	248M	244M	241M	237M	244M	220M	269M	238M	182M	157M	132M	100M	90M	121M	116M	115M	103M	94M	89M
EBITDA	1,291M	1,319M	1,513M	1,497M	1,442M	1,556M	1,428M	1,247M	1,197M	1,547M	1,215M	1,047M	1,215M	1,094M	511M	45M	-177M	309M	345M	1,361M	1,436M	1,872M	1,899M	1,859M	1,665M	1,309M	1,295M	1,093M	622M	521M	580M	493M	630M	520M	473M	351M	456M	494M
EBITDA Margin	17.0%	16.7%	19.3%	18.8%	16.6%	18.6%	19.9%	18.6%	18.0%	20.2%	16.5%	14.7%	14.3%	13.4%	6.6%	0.6%	-2.3%	4.0%	3.6%	11.6%	11.2%	14.8%	15.7%	17.0%	17.7%	15.7%	17.9%	17.3%	14.3%	13.9%	17.9%	16.8%	14.1%	13.4%	13.4%	11.2%	14.2%	15.7%
NOPAT	968M	1,024M	1,026M	1,045M	984M	976M	987M	814M	815M	931M	695M	525M	1,655M	676M	-290M	-172M	-360M	43M	85M	627M	646M	1,033M	1,039M	1,000M	956M	686M	700M	574M	293M	236M	282M	229M	306M	246M	215M	114M	213M	273M
NOPAT Margin	12.7%	13.0%	13.1%	13.1%	11.3%	11.7%	13.7%	12.1%	12.2%	12.2%	9.5%	7.4%	19.4%	8.3%	-3.7%	-2.3%	-4.7%	0.6%	0.9%	5.3%	5.1%	8.2%	8.6%	9.1%	10.1%	8.2%	9.7%	9.1%	6.8%	6.3%	8.7%	7.8%	6.8%	6.3%	6.1%	3.6%	6.7%	8.7%
Owner's Earnings	662M	657M	804M	814M	767M	431M	1,243M	681M	635M	487M	445M	330M	895M	332M	-19M	-463M	-901M	-54M	-353M	386M	344M	899M	820M	779M	525M	194M	442M	-395M	121M	160M	83M	-517M	124M	171M	180M	35M	67M	146M
Owner's Earnings Margin	8.7%	8.3%	10.3%	10.2%	8.8%	5.1%	17.3%	10.2%	9.5%	6.4%	6.0%	4.6%	10.5%	4.1%	-0.2%	-6.2%	-11.9%	-0.7%	-3.7%	3.3%	2.7%	7.1%	6.8%	7.1%	5.6%	2.3%	6.1%	-6.3%	2.8%	4.2%	2.6%	-17.6%	2.8%	4.4%	5.1%	1.1%	2.1%	4.6%
EPS (Basic)	3.93	3.79	3.77	4.04	3.65	1.63	3.03	2.21	2.50	1.72	1.54	1.03	2.40	0.78	-0.33	-1.65	-2.99	-0.52	-1.11	1.05	1.23	2.23	2.01	1.69	1.07	0.37	1.34	1.31	1.30	1.05	0.92	-1.39	0.61	0.72	0.61	0.15	0.46	0.71
EPS (Diluted)	3.89	3.76	3.75	4.02	3.65	1.63	4.64	2.38	2.39	1.68	1.49	1.04	2.43	0.77	-0.33	-1.65	-2.99	-0.52	-1.11	1.03	1.22	2.19	1.96	1.65	1.01	0.35	1.31	1.28	1.10	0.90	0.92	-1.39	0.61	0.70	0.61	0.15	0.46	0.71
Shares (Basic)	211M	219M	218M	225M	231M	249M	258M	287M	294M	310M	318M	338M	349M	350M	344M	348M	349M	351M	352M	369M	394M	422M	445M	477M	551M	536M	442M	435M	435M	423M	321M	319M	318M	307M	300M	299M	302M	311M
Shares (Diluted)	213M	221M	219M	226M	232M	251M	264M	288M	307M	318M	330M	341M	352M	352M	349M	348M	349M	351M	353M	373M	400M	430M	456M	488M	584M	567M	452M	445M	435M	423M	321M	319M	318M	316M	300M	299M	302M	311M

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Cash & Cash Equivalents	559.00M	390.00M	634.00M	634.00M	452.00M	926.00M	1,326.00M	697.00M	559.00M	1,194.00M	990.00M	1,468.00M	1,383.00M	1,223.00M	1,351.00M	1,656.00M	1,715.00M	1,413.00M	1,028.00M	922.00M	1,958.00M	1,964.00M	1,256.00M	795.00M	1,066.57M	311.99M	169.43M	230.80M	541.70M	441.30M	473.70M	60.50M	61.20M	120.00M	45.40M	62.10M	51.10M	46.50M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	108.00M	201.00M	248.00M	306.00M	321.00M	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
Cash & Short-Term Investments	559.00M	390.00M	634.00M	634.00M	452.00M	926.00M	1,326.00M	697.00M	559.00M	1,302.00M	1,191.00M	1,716.00M	1,689.00M	1,544.00M	1,351.00M	1,656.00M	1,715.00M	1,413.00M	1,028.00M	922.00M	1,958.00M	1,964.00M	1,256.00M	795.00M	1,066.57M	311.99M	169.43M	230.80M	541.70M	441.30M	473.70M	60.50M	61.20M	120.00M	45.40M	62.10M	51.10M	46.50M
Net Receivables	1,181.00M	1,318.00M	1,035.00M	1,090.00M	1,149.00M	1,171.00M	1,138.00M	997.00M	990.00M	1,066.00M	917.00M	853.00M	820.00M	1,004.00M	933.00M	914.00M	888.00M	983.00M	999.00M	1,405.00M	1,613.00M	1,716.00M	1,732.00M	1,674.00M	1,546.00M	1,204.21M	1,099.15M	1,002.60M	800.30M	559.10M	466.90M	439.90M	755.10M	615.00M	547.80M	505.20M	480.50M	512.90M
Inventory	1,069.00M	1,097.00M	938.00M	1,022.00M	1,236.00M	1,216.00M	876.00M	754.00M	946.00M	796.00M	712.00M	687.00M	819.00M	765.00M	792.00M	769.00M	732.00M	743.00M	941.00M	1,126.00M	1,263.00M	1,127.00M	1,132.00M	1,019.00M	1,055.62M	913.10M	912.96M	769.90M	559.00M	515.00M	411.90M	391.80M	948.80M	824.10M	781.70M	738.90M	753.40M	712.30M
Other Current Assets	150.00M	120.00M	2.00M	110.00M	109.00M	0.00M	0.00M	173.00M	342.00M	0.00M	0.00M	0.00M	335.00M	73.00M	100.00M	20.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	126.62M	106.50M	81.60M	111.30M	77.30M	72.30M	126.30M	84.70M	90.60M	69.70M	80.20M	121.60M
Total Current Assets	2,959.00M	2,925.00M	2,609.00M	2,856.00M	2,946.00M	3,313.00M	3,340.00M	2,621.00M	2,837.00M	3,164.00M	2,820.00M	3,256.00M	3,663.00M	3,386.00M	3,176.00M	3,359.00M	3,335.00M	3,139.00M	2,968.00M	3,453.00M	4,834.00M	4,807.00M	4,120.00M	3,488.00M	3,668.19M	2,429.30M	2,308.16M	2,109.80M	1,982.60M	1,626.70M	1,429.80M	964.50M	1,891.40M	1,643.80M	1,465.50M	1,375.90M	1,365.20M	1,393.30M
Property, Plant & Equipment	1,420.00M	1,418.00M	1,347.00M	1,390.00M	1,241.00M	1,083.00M	1,074.00M	1,054.00M	1,223.00M	1,129.00M	1,060.00M	1,027.00M	1,139.00M	1,252.00M	1,429.00M	1,567.00M	1,737.00M	1,981.00M	2,136.00M	2,367.00M	2,363.00M	2,173.00M	2,272.00M	2,339.00M	2,315.06M	2,016.73M	1,906.84M	1,624.40M	1,164.30M	1,037.30M	940.60M	856.70M	1,231.80M	1,095.20M	1,030.50M	1,000.10M	970.10M	880.70M
Goodwill	622.00M	621.00M	597.00M	603.00M	537.00M	568.00M	563.00M	509.00M	898.00M	841.00M	832.00M	839.00M	1,884.00M	1,903.00M	1,894.00M	1,891.00M	2,383.00M	3,108.00M	3,371.00M	3,938.00M	3,957.00M	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
Intangible Assets	213.00M	219.00M	220.00M	377.00M	350.00M	388.00M	357.00M	259.00M	406.00M	187.00M	154.00M	160.00M	145.00M	149.00M	151.00M	196.00M	269.00M	290.00M	299.00M	323.00M	306.00M	4,478.00M	4,734.00M	4,835.00M	4,651.02M	3,522.67M	2,190.77M	1,742.90M	1,036.30M	729.20M	457.40M	343.50M	706.20M	605.20M	627.30M	630.90M	641.30M	627.90M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	22.00M	25.00M	157.00M	11.00M	12.00M	13.00M	18.00M	48.00M	50.00M	113.00M	95.00M	112.00M	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
Tax Assets	0.00M	0.00M	0.00M	0.00M	60.00M	57.00M	109.00M	99.00M	42.00M	45.00M	68.00M	184.00M	293.00M	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 Non-Current Assets	97.00M	105.00M	122.00M	137.00M	31.00M	32.00M	28.00M	384.00M	46.00M	55.00M	71.00M	94.00M	-158.00M	161.00M	-968.00M	214.00M	287.00M	345.00M	377.00M	471.00M	584.00M	785.00M	1,133.00M	1,171.00M	1,134.58M	1,017.01M	1,338.23M	1,157.80M	1,104.20M	940.60M	873.90M	1,613.90M	560.60M	676.90M	863.30M	778.90M	784.10M	738.90M
Other Assets	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,352.00M	2,363.00M	2,286.00M	2,507.00M	2,241.00M	2,153.00M	2,288.00M	2,316.00M	2,627.00M	2,270.00M	2,203.00M	2,352.00M	3,353.00M	3,578.00M	2,601.00M	3,980.00M	4,676.00M	5,724.00M	6,183.00M	7,099.00M	7,210.00M	7,436.00M	8,139.00M	8,345.00M	8,100.66M	6,556.41M	5,435.84M	4,525.10M	3,304.80M	2,707.10M	2,271.90M	2,814.10M	2,498.60M	2,377.30M	2,521.10M	2,409.90M	2,395.50M	2,247.50M
Total Assets	5,311.00M	5,288.00M	4,895.00M	5,363.00M	5,187.00M	5,466.00M	5,628.00M	4,937.00M	5,464.00M	5,434.00M	5,023.00M	5,608.00M	7,016.00M	6,964.00M	5,777.00M	7,339.00M	8,011.00M	8,863.00M	9,151.00M	10,552.00M	12,044.00M	12,243.00M	12,259.00M	11,833.00M	11,768.85M	8,985.71M	7,744.00M	6,634.90M	5,287.40M	4,333.80M	3,701.70M	3,778.60M	4,390.00M	4,021.10M	3,986.60M	3,785.80M	3,760.70M	3,640.80M
Accounts Payable	842.00M	871.00M	789.00M	840.00M	877.00M	1,045.00M	893.00M	697.00M	736.00M	824.00M	800.00M	749.00M	721.00M	902.00M	788.00M	770.00M	602.00M	578.00M	531.00M	714.00M	815.00M	837.00M	837.00M	715.00M	542.00M	322.28M	250.46M	243.80M	196.90M	166.30M	149.50M	125.20M	201.30M	161.20M	133.20M	128.40M	126.70M	127.80M
Short-Term Debt	2.00M	48.00M	3.00M	3.00M	205.00M	10.00M	3.00M	2.00M	8.00M	116.00M	2.00M	1,004.00M	505.00M	6.00M	206.00M	803.00M	66.00M	364.00M	71.00M	122.00M	1,446.00M	832.00M	80.00M	334.00M	321.00M	129.86M	210.95M	62.30M	254.00M	68.50M	7.60M	25.70M	48.40M	33.20M	94.80M	132.10M	199.80M	171.90M
Tax Payables	0.00M	0.00M	28.00M	32.00M	64.00M	32.00M	32.00M	18.00M	25.00M	27.00M	19.00M	25.00M	53.00M	60.00M	27.00M	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 Revenue	0.00M	0.00M	45.00M	45.00M	61.00M	67.00M	62.00M	40.00M	39.00M	32.00M	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	732.00M	0.00M	79.00M	83.00M	61.00M	76.00M	182.00M	190.00M	335.00M	50.00M	52.00M	48.00M	340.00M	48.00M	91.00M	67.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.00M	0.00M	616.64M	540.30M	470.10M	385.20M	361.30M	295.00M	351.60M	296.00M	263.50M	253.30M	225.30M	239.80M
Total Current Liabilities	1,576.00M	919.00M	944.00M	1,003.00M	1,268.00M	1,230.00M	1,172.00M	947.00M	1,143.00M	1,049.00M	873.00M	1,826.00M	1,619.00M	1,016.00M	1,112.00M	1,640.00M	668.00M	942.00M	602.00M	836.00M	2,261.00M	1,669.00M	917.00M	1,049.00M	862.00M	452.14M	1,078.05M	846.40M	921.00M	620.00M	518.40M	445.90M	601.30M	490.40M	491.50M	513.80M	551.80M	539.50M
Long-Term Debt	2,945.00M	2,945.00M	2,945.00M	2,946.00M	2,946.00M	2,949.00M	2,792.00M	2,771.00M	2,971.00M	2,969.00M	2,995.00M	2,403.00M	2,919.00M	3,421.00M	3,422.00M	3,222.00M	4,032.00M	3,604.00M	3,915.00M	3,966.00M	3,533.00M	3,915.00M	4,187.00M	3,848.00M	4,316.47M	3,627.63M	3,018.24M	2,431.30M	1,391.40M	1,321.50M	1,236.30M	1,577.10M	1,592.60M	1,418.30M	1,487.10M	1,369.30M	1,334.30M	1,153.20M
Capital Lease Obligations	226.00M	231.00M	266.00M	258.00M	255.00M	172.00M	149.00M	38.00M	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
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	106.00M	397.00M	1,053.00M	970.00M	1,039.00M	973.00M	1,040.00M	1,008.00M	932.00M	902.00M	740.00M	672.00M	508.00M	199.31M	221.65M	220.70M	230.20M	163.30M	107.10M	100.30M	83.50M	113.90M	121.10M	103.80M	100.60M	89.60M
Other Non-Current Liabilities	396.00M	354.00M	341.00M	348.00M	339.00M	437.00M	481.00M	602.00M	669.00M	715.00M	785.00M	800.00M	844.00M	666.00M	4.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	44.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M	0.00M	0.10M	-0.10M	-0.10M	0.10M	0.00M	0.00M	0.00M	0.10M
Total Non-Current Liabilities	3,567.00M	3,530.00M	3,552.00M	3,552.00M	3,540.00M	3,558.00M	3,422.00M	3,411.00M	3,640.00M	3,684.00M	3,780.00M	3,203.00M	3,869.00M	4,484.00M	4,479.00M	4,192.00M	5,071.00M	4,577.00M	4,955.00M	4,974.00M	4,465.00M	4,817.00M	4,971.00M	4,520.00M	4,824.47M	3,826.94M	3,239.89M	2,652.00M	1,621.70M	1,484.80M	1,343.50M	1,677.30M	1,676.00M	1,532.30M	1,608.20M	1,473.10M	1,434.90M	1,242.90M
Total Liabilities	5,143.00M	4,449.00M	4,496.00M	4,555.00M	4,808.00M	4,788.00M	4,594.00M	4,358.00M	4,783.00M	4,733.00M	4,653.00M	5,029.00M	5,488.00M	5,500.00M	5,591.00M	5,832.00M	5,739.00M	5,519.00M	5,557.00M	5,810.00M	6,726.00M	6,486.00M	5,888.00M	5,569.00M	5,686.47M	4,279.08M	4,317.94M	3,498.40M	2,542.70M	2,104.80M	1,861.90M	2,123.20M	2,277.30M	2,022.70M	2,099.70M	1,986.90M	1,986.70M	1,782.40M
Preferred Stock	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	0.02M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	208.00M	209.00M	212.00M	221.00M	225.00M	241.00M	258.00M	276.00M	294.00M	310.00M	318.00M	330.00M	345.00M	349.00M	349.00M	348.00M	349.00M	350.00M	351.00M	359.00M	384.00M	419.00M	447.00M	458.00M	488.89M	459.05M	444.75M	443.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	-576.00M	-583.00M	-693.00M	-596.00M	-947.00M	-652.00M	79.00M	-332.00M	-278.00M	-298.00M	-381.00M	-300.00M	690.00M	79.00M	-102.00M	38.00M	720.00M	1,871.00M	2,162.00M	2,969.00M	3,575.00M	4,286.00M	3,880.00M	3,299.00M	2,783.00M	2,468.23M	2,519.94M	2,151.50M	1,762.80M	1,784.40M	1,536.40M	1,366.30M	1,924.70M	1,805.20M	1,685.00M	1,596.20M	1,638.40M	1,641.30M
Accumulated OCI	291.00M	289.00M	201.00M	249.00M	226.00M	232.00M	-142.00M	-179.00M	-127.00M	-65.00M	-235.00M	-165.00M	-111.00M	115.00M	59.00M	76.00M	273.00M	366.00M	308.00M	697.00M	512.00M	143.00M	454.00M	256.00M	-186.00M	-188.29M	-169.75M	-60.50M	-16.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	246.00M	234.00M	227.00M	242.00M	238.00M	257.00M	226.00M	179.00M	180.00M	236.00M	195.00M	193.00M	204.00M	228.00M	212.00M	215.00M	198.00M	188.00M	160.00M	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 Shareholders’ Equity	-77.00M	-85.00M	-280.00M	-126.00M	-496.00M	-179.00M	195.00M	-235.00M	-111.00M	-53.00M	-298.00M	-135.00M	924.00M	543.00M	306.00M	462.00M	1,342.00M	2,587.00M	2,821.00M	4,025.00M	4,471.00M	4,848.00M	4,781.00M	4,013.00M	3,085.91M	2,739.01M	2,794.94M	2,534.50M	1,746.20M	1,784.40M	1,536.40M	1,366.30M	1,924.70M	1,805.20M	1,685.00M	1,596.20M	1,638.40M	1,641.30M
Total Equity	169.00M	149.00M	-53.00M	116.00M	-258.00M	78.00M	421.00M	-56.00M	69.00M	183.00M	-103.00M	58.00M	1,128.00M	771.00M	518.00M	677.00M	1,540.00M	2,775.00M	2,981.00M	4,025.00M	4,471.00M	4,848.00M	4,781.00M	4,013.00M	3,085.91M	2,739.01M	2,794.94M	2,534.50M	1,746.20M	1,784.40M	1,536.40M	1,366.30M	1,924.70M	1,805.20M	1,685.00M	1,596.20M	1,638.40M	1,641.30M
Total Liabilities & Equity	5,312.00M	4,598.00M	4,443.00M	4,671.00M	4,550.00M	4,866.00M	5,015.00M	4,302.00M	4,852.00M	4,916.00M	4,550.00M	5,087.00M	6,616.00M	6,271.00M	6,109.00M	6,509.00M	7,279.00M	8,294.00M	8,538.00M	9,835.00M	11,197.00M	11,334.00M	10,669.00M	9,582.00M	8,772.38M	7,018.09M	7,112.88M	6,032.90M	4,288.90M	3,889.20M	3,398.30M	3,489.50M	4,202.00M	3,827.90M	3,784.70M	3,583.10M	3,625.10M	3,423.70M
Tangible Assets	4,476.00M	4,448.00M	4,078.00M	4,383.00M	4,300.00M	4,510.00M	4,708.00M	4,169.00M	4,160.00M	4,406.00M	4,037.00M	4,609.00M	4,987.00M	4,912.00M	3,732.00M	5,252.00M	5,359.00M	5,465.00M	5,481.00M	6,291.00M	7,781.00M	7,765.00M	7,525.00M	6,998.00M	7,117.83M	5,463.04M	5,553.23M	4,892.00M	4,251.10M	3,604.60M	3,244.30M	3,435.10M	3,683.80M	3,415.90M	3,359.30M	3,154.90M	3,119.40M	3,012.90M
Tangible Equity	-666.00M	-691.00M	-870.00M	-864.00M	-1,145.00M	-878.00M	-499.00M	-824.00M	-1,235.00M	-845.00M	-1,089.00M	-941.00M	-901.00M	-1,281.00M	-1,527.00M	-1,410.00M	-1,112.00M	-623.00M	-689.00M	-236.00M	208.00M	370.00M	47.00M	-822.00M	-1,565.11M	-783.66M	604.17M	791.60M	709.90M	1,055.20M	1,079.00M	1,022.80M	1,218.50M	1,200.00M	1,057.70M	965.30M	997.10M	1,013.40M
Tangible Book Value	-666.00M	-691.00M	-870.00M	-864.00M	-1,145.00M	-878.00M	-499.00M	-824.00M	-1,235.00M	-845.00M	-1,089.00M	-941.00M	-901.00M	-1,281.00M	-1,527.00M	-1,410.00M	-1,112.00M	-623.00M	-689.00M	-236.00M	208.00M	370.00M	47.00M	-822.00M	-1,565.11M	-783.66M	604.17M	791.60M	709.90M	1,055.20M	1,079.00M	1,022.80M	1,218.50M	1,200.00M	1,057.70M	965.30M	997.10M	1,013.40M
Total Investments	0.00M	0.00M	0.00M	0.00M	22.00M	25.00M	157.00M	11.00M	12.00M	121.00M	219.00M	296.00M	356.00M	434.00M	95.00M	112.00M	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
Net Debt	2,388.00M	2,603.00M	2,314.00M	2,315.00M	2,699.00M	2,033.00M	1,469.00M	2,076.00M	2,420.00M	1,891.00M	2,007.00M	1,939.00M	2,041.00M	2,204.00M	2,277.00M	2,369.00M	2,383.00M	2,555.00M	2,958.00M	3,166.00M	3,021.00M	2,783.00M	3,011.00M	3,387.00M	3,570.90M	3,445.50M	3,059.76M	2,262.80M	1,103.70M	948.70M	770.20M	1,542.30M	1,579.80M	1,331.50M	1,536.50M	1,439.30M	1,483.00M	1,278.60M

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Working Capital	1,383.0M	1,316.0M	1,170.0M	1,161.0M	1,057.0M	1,483.0M	1,555.0M	1,163.0M	1,082.0M	1,587.0M	1,474.0M	822.0M	1,652.0M	1,686.0M	1,355.0M	1,066.0M	1,977.0M	1,670.0M	1,753.0M	1,900.0M	1,726.0M	2,229.0M	2,255.0M	1,705.0M	2,017.3M	1,390.4M	1,230.1M	1,263.4M	1,016.0M	1,006.7M	911.4M	518.6M	1,290.1M	1,153.4M	974.0M	862.1M	813.4M	853.8M
Total Capital	3,095.0M	3,139.0M	2,934.0M	3,125.0M	2,965.0M	2,990.0M	3,178.0M	2,738.0M	2,868.0M	3,032.0M	2,699.0M	3,272.0M	4,348.0M	3,986.0M	3,950.0M	4,552.0M	5,482.0M	6,597.0M	6,807.0M	8,113.0M	9,450.0M	9,595.0M	9,690.0M	9,638.0M	9,931.0M	7,877.3M	6,655.3M	5,630.1M	4,721.6M	3,619.0M	3,083.7M	3,258.2M	3,753.7M	3,449.9M	3,468.8M	3,300.3M	3,308.1M	3,183.5M
Capital Employed	3,735.0M	3,679.0M	3,456.0M	3,668.0M	3,298.0M	3,636.0M	3,843.0M	3,479.0M	3,709.0M	3,860.0M	3,677.0M	3,174.0M	4,956.0M	5,151.0M	5,013.0M	4,934.0M	6,653.0M	7,394.0M	7,936.0M	8,999.0M	8,936.0M	9,665.0M	10,394.0M	10,050.0M	10,118.0M	7,946.8M	6,666.0M	5,788.5M	4,320.8M	3,713.8M	3,183.3M	3,332.7M	3,788.7M	3,530.7M	3,495.1M	3,272.0M	3,208.9M	3,101.3M
Invested Capital	2,536.0M	2,749.0M	2,300.0M	2,491.0M	2,513.0M	2,064.0M	1,852.0M	2,041.0M	2,309.0M	1,838.0M	1,709.0M	1,804.0M	2,965.0M	2,763.0M	2,599.0M	2,896.0M	3,767.0M	5,184.0M	5,779.0M	7,191.0M	7,492.0M	7,631.0M	8,434.0M	8,843.0M	8,864.4M	7,565.3M	6,485.8M	5,399.3M	4,179.9M	3,177.7M	2,610.0M	3,197.7M	3,692.5M	3,329.9M	3,423.4M	3,238.2M	3,257.0M	3,137.0M

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Net Income	901.00M	907.00M	822.00M	960.00M	842.00M	478.00M	1,276.00M	980.00M	981.00M	901.00M	814.00M	704.00M	695.00M	607.00M	-76.00M	-533.00M	-1,002.00M	-145.00M	-391.00M	386.00M	488.00M	940.00M	893.00M	806.00M	589.70M	198.50M	591.70M	569.60M	476.00M	382.40M	295.20M	-441.60M	193.70M	221.10M	183.10M	44.90M	138.80M	220.90M
Depreciation & Amortization	110.00M	117.00M	150.00M	149.00M	145.00M	151.00M	133.00M	159.00M	156.00M	127.00M	134.00M	133.00M	167.00M	186.00M	214.00M	263.00M	279.00M	254.00M	238.00M	248.00M	244.00M	241.00M	237.00M	244.00M	220.30M	269.49M	238.33M	181.80M	136.30M	116.10M	99.70M	90.10M	120.60M	116.00M	114.50M	102.70M	93.50M	89.10M
Deferred Income Tax	28.00M	-32.00M	28.00M	-3.00M	-15.00M	-53.00M	22.00M	-18.00M	46.00M	43.00M	130.00M	212.00M	-406.00M	42.00M	50.00M	-112.00M	168.00M	-83.00M	20.00M	-41.00M	-42.00M	75.00M	91.00M	179.00M	63.50M	-94.89M	15.26M	5.20M	45.90M	34.90M	28.90M	18.20M	-36.10M	-8.50M	11.60M	-3.60M	6.30M	-2.10M
Stock-Based Compensation	0.00M	-1.00M	0.00M	31.00M	0.00M	61.00M	45.00M	35.00M	27.00M	38.00M	29.00M	41.00M	47.00M	54.00M	61.00M	61.00M	62.00M	69.00M	74.00M	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	-128.00M	6.00M	-124.00M	241.00M	-266.00M	-224.00M	102.00M	-6.00M	51.00M	-150.00M	-88.00M	-5.00M	-93.00M	38.00M	36.00M	-2.00M	115.00M	235.00M	161.00M	283.00M	-57.00M	9.00M	-10.00M	36.00M	-12.52M	37.37M	-166.10M	-200.70M	-109.90M	-35.40M	29.00M	-28.60M	-75.10M	-36.20M	-92.40M	36.90M	-38.90M	-61.90M
Accounts Receivable	-33.00M	20.00M	-39.00M	42.00M	-15.00M	-64.00M	-141.00M	-37.00M	-46.00M	-140.00M	-132.00M	-104.00M	-81.00M	-85.00M	-50.00M	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
Inventory	-50.00M	-18.00M	4.00M	233.00M	-43.00M	-350.00M	-89.00M	58.00M	-11.00M	-76.00M	-39.00M	17.00M	-75.00M	-24.00M	-16.00M	-54.00M	2.00M	198.00M	104.00M	157.00M	-126.00M	-57.00M	-138.00M	39.00M	10.51M	47.58M	-89.81M	-68.30M	-39.30M	-38.80M	-1.90M	-14.00M	-74.50M	-38.80M	-35.10M	17.60M	-48.70M	-39.00M
Accounts Payable	-88.00M	-43.00M	-95.00M	-34.00M	-225.00M	0.00M	0.00M	0.00M	108.00M	67.00M	79.00M	82.00M	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 Working Capital	43.00M	47.00M	6.00M	0.00M	17.00M	190.00M	332.00M	-27.00M	62.00M	-74.00M	-49.00M	-22.00M	-18.00M	62.00M	52.00M	52.00M	113.00M	37.00M	57.00M	126.00M	69.00M	66.00M	128.00M	-3.00M	-23.03M	-10.21M	-76.29M	-132.40M	-70.60M	3.40M	30.90M	-14.60M	-0.60M	2.60M	-57.30M	19.30M	9.80M	-22.90M
Other Non-Cash Items	101.00M	156.00M	199.00M	35.00M	134.00M	517.00M	-625.00M	-317.00M	-229.00M	-208.00M	-293.00M	-386.00M	192.00M	-282.00M	-4.00M	562.00M	843.00M	375.00M	695.00M	343.00M	535.00M	109.00M	243.00M	156.00M	72.83M	586.64M	144.60M	-65.30M	-4.30M	-7.20M	-32.60M	0.10M	108.10M	-31.50M	-13.20M	69.90M	5.00M	-22.20M
Net Cash from Operating Activities	1,012.00M	1,153.00M	1,075.00M	1,413.00M	840.00M	930.00M	953.00M	833.00M	1,032.00M	751.00M	726.00M	699.00M	602.00M	645.00M	281.00M	239.00M	465.00M	705.00M	797.00M	1,270.00M	1,208.00M	1,374.00M	1,454.00M	1,421.00M	1,224.85M	966.64M	733.84M	490.60M	419.10M	405.00M	340.10M	322.50M	311.20M	260.90M	203.60M	250.80M	204.70M	223.80M
Capital Expenditures (PPE)	-165.00M	-174.00M	-168.00M	-243.00M	-224.00M	-128.00M	-114.00M	-162.00M	-219.00M	-173.00M	-180.00M	-158.00M	-128.00M	-126.00M	-119.00M	-151.00M	-137.00M	-125.00M	-200.00M	-248.00M	-388.00M	-282.00M	-310.00M	-271.00M	-284.67M	-274.43M	-388.03M	-1,145.90M	-511.90M	-354.30M	-311.60M	-165.10M	-190.60M	-166.50M	-117.70M	-113.00M	-165.60M	-163.70M
Acquisitions (Net)	-5.00M	131.00M	107.00M	-136.00M	1.00M	-52.00M	643.00M	722.00M	-549.00M	39.00M	180.00M	-41.00M	-2.00M	10.00M	9.00M	-10.00M	0.00M	0.00M	158.00M	-158.00M	132.00M	-25.00M	-16.00M	-239.00M	-735.99M	-589.06M	-588.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	219.00M	-99.00M	-211.00M	-254.00M	-400.00M	-410.00M	119.00M	151.00M	0.00M	0.00M	200.00M	-1,047.00M	-142.00M	-155.00M	-349.00M	-377.00M	-581.98M	-424.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	2.00M	0.00M	2.00M	1.00M	171.00M	3.00M	1.00M	113.00M	112.00M	283.00M	289.00M	443.00M	427.00M	40.00M	94.00M	42.00M	11.00M	58.00M	1,155.00M	174.00M	348.00M	679.00M	507.00M	306.15M	422.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.40M	5.30M
Other Investing Activities	-3.00M	-9.00M	-4.00M	-6.00M	-8.00M	-3.00M	-1.00M	21.00M	-215.00M	96.00M	-196.00M	-25.00M	-13.00M	22.00M	-76.00M	-145.00M	-14.00M	-4.00M	-229.00M	-49.00M	-2.00M	300.00M	157.00M	252.00M	0.31M	199.06M	-198.30M	13.90M	101.00M	40.70M	876.40M	22.60M	-142.90M	210.70M	-90.50M	-75.30M	62.40M	-81.00M
Net Cash from Investing Activities	-173.00M	-50.00M	-65.00M	-383.00M	-230.00M	-12.00M	531.00M	582.00M	-651.00M	-25.00M	-124.00M	-189.00M	-100.00M	-77.00M	-27.00M	-61.00M	-109.00M	-118.00M	-13.00M	-347.00M	-226.00M	186.00M	161.00M	-128.00M	-1,296.18M	-666.57M	-1,175.11M	-1,132.00M	-410.90M	-313.60M	564.80M	-142.50M	-333.50M	44.20M	-208.20M	-188.30M	-99.80M	-239.40M
Net Debt Issuance	-2.00M	-69.00M	-3.00M	-205.00M	190.00M	152.00M	13.00M	-209.00M	-115.00M	55.00M	-452.00M	197.00M	-2.00M	-202.00M	-396.00M	-64.00M	124.00M	-11.00M	-33.00M	-881.00M	151.00M	407.00M	-13.00M	-541.00M	634.00M	201.63M	702.01M	579.00M	315.70M	262.30M	-368.10M	-52.20M	134.20M	-131.40M	80.50M	-30.00M	168.90M	161.70M
Long-Term Debt Issuance	83.00M	-31.00M	-3.00M	-205.00M	190.00M	-3.00M	13.00M	-8.00M	-115.00M	55.00M	-412.00M	200.00M	-2.00M	-202.00M	-1.00M	-5.00M	-2.00M	-11.00M	-33.00M	544.00M	-10.00M	407.00M	-13.00M	-541.00M	634.00M	201.63M	702.01M	579.00M	315.70M	262.30M	-368.10M	-52.20M	134.20M	-131.40M	80.50M	-30.00M	168.90M	161.70M
Short-Term Debt Issuance	-85.00M	-38.00M	0.00M	0.00M	0.00M	155.00M	0.00M	-201.00M	0.00M	58.00M	-40.00M	-3.00M	0.00M	0.00M	-395.00M	-58.00M	135.00M	0.00M	0.00M	-1,425.00M	161.00M	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
Net Stock Issuance	-620.00M	-633.00M	-672.00M	-353.00M	-913.00M	-1,026.00M	-727.00M	-896.00M	-640.00M	-331.00M	-499.00M	-492.00M	-157.00M	-35.00M	-8.00M	-30.00M	-45.00M	-11.00M	-160.00M	-797.00M	-826.00M	-953.00M	-885.00M	-790.00M	400.00M	-115.33M	-103.41M	-106.40M	-90.10M	-29.10M	0.00M	0.00M	-61.70M	0.00M	0.00M	63.60M	-188.10M	-109.80M
Common Stock Issuance	3.00M	76.00M	79.00M	0.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	2.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	60.00M	28.00M	33.00M	58.00M	37.00M	598.00M	0.00M	156.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	63.60M	0.00M	0.00M
Common Stock Repurchased	-623.00M	-709.00M	-751.00M	-353.00M	-914.00M	-1,026.00M	-727.00M	-896.00M	-654.00M	-331.00M	-459.00M	-456.00M	-158.00M	-35.00M	-8.00M	-30.00M	-45.00M	-11.00M	-160.00M	-857.00M	-854.00M	-986.00M	-943.00M	-827.00M	-198.00M	-115.33M	-259.45M	-106.40M	-90.10M	-29.10M	0.00M	0.00M	-61.70M	0.00M	0.00M	0.00M	-188.10M	-109.80M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	14.00M	0.00M	-41.00M	-38.00M	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
Net Dividends Paid	-260.00M	-255.00M	-254.00M	-257.00M	-258.00M	-211.00M	-145.00M	-144.00M	-134.00M	-129.00M	-128.00M	-126.00M	-117.00M	-107.00M	-107.00M	-125.00M	-123.00M	-182.00M	-336.00M	-347.00M	-349.00M	-339.00M	-302.00M	-286.00M	-267.88M	-243.81M	-218.68M	-165.00M	-145.30M	-131.70M	-123.50M	-116.40M	-109.00M	-99.00M	-92.70M	-85.20M	-81.10M	-74.80M
Common Dividends Paid	-260.00M	-255.00M	-254.00M	-257.00M	-258.00M	-211.00M	-145.00M	-144.00M	-134.00M	-129.00M	-128.00M	-126.00M	-117.00M	-107.00M	-107.00M	-107.00M	-108.00M	-166.00M	-336.00M	-347.00M	-349.00M	-339.00M	-302.00M	-286.00M	-268.00M	-243.81M	-218.68M	-165.00M	-145.30M	-131.70M	-123.50M	-116.40M	-109.00M	-99.00M	-92.70M	-85.20M	-81.10M	-74.80M
Preferred Dividends Paid	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	-16.00M	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 Financing Activities	-54.00M	-72.00M	-73.00M	-39.00M	-85.00M	-213.00M	-27.00M	-42.00M	-131.00M	-172.00M	-30.00M	11.00M	-21.00M	-38.00M	-65.00M	-18.00M	-11.00M	7.00M	-102.00M	19.00M	18.00M	0.00M	55.00M	0.00M	1.37M	0.00M	0.00M	11.50M	-44.40M	-225.30M	-0.10M	12.50M	0.00M	-0.10M	0.00M	0.10M	0.00M	-0.10M
Net Cash from Financing Activities	-936.00M	-1,029.00M	-1,002.00M	-854.00M	-1,066.00M	-1,298.00M	-886.00M	-1,291.00M	-1,020.00M	-577.00M	-1,046.00M	-410.00M	-297.00M	-382.00M	-576.00M	-219.00M	-40.00M	-197.00M	-632.00M	-2,006.00M	-1,006.00M	-885.00M	-1,145.00M	-1,617.00M	767.37M	-157.51M	379.92M	319.10M	92.30M	-123.80M	-491.70M	-156.10M	-36.50M	-230.50M	-12.20M	-51.50M	-100.30M	-23.00M
Effect of FX on Cash	10.00M	13.00M	-8.00M	6.00M	-18.00M	-20.00M	31.00M	14.00M	4.00M	55.00M	-34.00M	-15.00M	-45.00M	-3.00M	17.00M	-18.00M	-14.00M	-5.00M	-46.00M	47.00M	18.00M	-5.00M	29.00M	52.00M	58.54M	0.00M	0.00M	-0.10M	-8.20M	-91.40M	-904.90M	-180.00M	22.30M	-305.10M	4.60M	-62.50M	-104.90M	15.60M
Net Change in Cash	-87.00M	86.00M	0.00M	182.00M	-474.00M	-400.00M	629.00M	138.00M	-635.00M	204.00M	-478.00M	85.00M	160.00M	183.00M	-305.00M	-59.00M	302.00M	385.00M	106.00M	-1,036.00M	-6.00M	670.00M	499.00M	-272.00M	754.58M	142.56M	-61.35M	-322.40M	92.30M	-123.80M	-491.70M	-156.10M	-36.50M	-230.50M	-12.20M	-51.50M	-100.30M	-23.00M
Cash at Beginning of Period	2,047.00M	1,960.00M	634.00M	452.00M	926.00M	1,326.00M	697.00M	559.00M	1,194.00M	990.00M	1,468.00M	1,383.00M	1,223.00M	1,040.00M	1,656.00M	1,715.00M	1,413.00M	1,028.00M	922.00M	1,958.00M	1,964.00M	1,294.00M	757.00M	1,067.00M	311.99M	169.43M	230.78M	553.20M	441.30M	473.70M	60.50M	36.50M	120.00M	45.40M	62.10M	51.10M	46.50M	85.10M
Cash at End of Period	1,960.00M	2,046.00M	634.00M	634.00M	452.00M	926.00M	1,326.00M	697.00M	559.00M	1,194.00M	990.00M	1,468.00M	1,383.00M	1,223.00M	1,351.00M	1,656.00M	1,715.00M	1,413.00M	1,028.00M	922.00M	1,958.00M	1,964.00M	1,256.00M	795.00M	1,066.57M	311.99M	169.43M	230.80M	533.60M	349.90M	-431.20M	-119.60M	83.50M	-185.10M	49.90M	-0.40M	-53.80M	62.10M
Operating Cash Flow	1,012.00M	1,152.00M	1,075.00M	1,413.00M	840.00M	930.00M	953.00M	833.00M	1,032.00M	751.00M	726.00M	699.00M	602.00M	645.00M	281.00M	239.00M	465.00M	705.00M	797.00M	1,270.00M	1,208.00M	1,374.00M	1,454.00M	1,421.00M	1,224.85M	966.64M	733.84M	490.60M	419.10M	405.00M	340.10M	322.50M	311.20M	260.90M	203.60M	250.80M	204.70M	223.80M
Capital Expenditure	-165.00M	-174.00M	-168.00M	-243.00M	-224.00M	-128.00M	-114.00M	-162.00M	-219.00M	-173.00M	-180.00M	-158.00M	-128.00M	-126.00M	-119.00M	-151.00M	-137.00M	-125.00M	-200.00M	-248.00M	-388.00M	-282.00M	-310.00M	-271.00M	-284.67M	-274.43M	-388.03M	-1,145.90M	-511.90M	-354.30M	-311.60M	-165.10M	-190.60M	-166.50M	-117.70M	-113.00M	-165.60M	-163.70M
Free Cash Flow	847.00M	979.00M	907.00M	1,170.00M	616.00M	802.00M	839.00M	671.00M	813.00M	578.00M	546.00M	541.00M	474.00M	519.00M	162.00M	88.00M	328.00M	580.00M	597.00M	1,022.00M	820.00M	1,092.00M	1,144.00M	1,150.00M	940.18M	692.21M	345.81M	-655.30M	-92.80M	50.70M	28.50M	157.40M	120.60M	94.40M	85.90M	137.80M	39.10M	60.10M

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
EBITDA	1,292.00M	1,335.00M	1,513.00M	1,512.00M	1,468.00M	1,171.00M	1,393.00M	1,235.00M	1,223.00M	1,521.00M	1,183.00M	1,047.00M	1,207.00M	1,094.00M	630.00M	504.00M	521.00M	571.00M	812.00M	1,480.00M	1,753.00M	1,909.00M	1,981.00M	1,840.00M	1,795.81M	1,402.49M	1,533.36M	1,275.10M	778.80M	652.80M	679.90M	582.60M	750.80M	635.90M	587.60M	453.70M	549.80M	583.10M
(-) Tax Adjustment	323.55M	298.49M	374.01M	339.53M	354.39M	357.43M	331.31M	310.78M	298.00M	524.19M	414.05M	366.45M	0.00M	279.80M	220.50M	52.32M	0.00M	185.29M	0.00M	518.00M	613.55M	668.15M	693.35M	644.00M	607.72M	476.67M	517.81M	446.29M	272.58M	228.48M	237.97M	203.91M	262.78M	222.57M	205.66M	158.80M	192.43M	189.32M
(-) Change In Working Capital	-128.00M	6.00M	-124.00M	241.00M	-266.00M	-224.00M	102.00M	-6.00M	51.00M	-150.00M	-88.00M	-5.00M	-93.00M	38.00M	36.00M	-2.00M	115.00M	235.00M	161.00M	283.00M	-57.00M	9.00M	-10.00M	36.00M	-12.52M	37.37M	-166.10M	-200.70M	-109.90M	-35.40M	29.00M	-28.60M	-75.10M	-36.20M	-92.40M	36.90M	-38.90M	-61.90M
(-) Capital Expenditure	-165.00M	-174.00M	-168.00M	-243.00M	-224.00M	-128.00M	-114.00M	-162.00M	-219.00M	-173.00M	-180.00M	-158.00M	-128.00M	-126.00M	-119.00M	-151.00M	-137.00M	-125.00M	-200.00M	-248.00M	-388.00M	-282.00M	-310.00M	-271.00M	-284.67M	-274.43M	-388.03M	-1,145.90M	-511.90M	-354.30M	-311.60M	-165.10M	-190.60M	-166.50M	-117.70M	-113.00M	-165.60M	-163.70M
Unlevered Free Cash Flow	931.45M	856.51M	1,094.99M	688.47M	1,155.61M	909.57M	845.69M	768.22M	655.00M	973.81M	676.95M	527.55M	1,172.00M	650.20M	254.50M	302.68M	269.00M	25.71M	451.00M	431.00M	808.45M	949.85M	987.65M	889.00M	915.94M	614.02M	793.62M	-116.39M	104.22M	105.42M	101.34M	242.19M	372.52M	283.04M	356.64M	145.01M	230.67M	291.98M
(-) Net Interest Income After Taxes	-75.71M	-74.54M	-74.53M	-75.22M	-80.41M	-192.45M	-107.46M	-116.74M	-114.21M	-180.23M	-146.25M	-144.30M	-224.00M	-173.41M	-160.55M	-226.74M	-250.00M	-151.99M	-228.00M	-167.70M	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
Net Debt Issuance	-2.00M	-69.00M	-3.00M	-205.00M	190.00M	152.00M	13.00M	-209.00M	-115.00M	55.00M	-452.00M	197.00M	-2.00M	-202.00M	-396.00M	-64.00M	124.00M	-11.00M	-33.00M	-881.00M	151.00M	407.00M	-13.00M	-541.00M	634.00M	201.63M	702.01M	579.00M	315.70M	262.30M	-368.10M	-52.20M	134.20M	-131.40M	80.50M	-30.00M	168.90M	161.70M
Levered Free Cash Flow	1,005.15M	862.04M	1,166.51M	558.69M	1,426.02M	1,254.02M	966.15M	675.97M	654.21M	1,209.04M	371.20M	868.85M	1,394.00M	621.61M	19.05M	465.41M	643.00M	166.70M	646.00M	-282.30M	959.45M	1,356.85M	974.65M	348.00M	1,549.94M	815.65M	1,495.63M	462.62M	419.92M	367.72M	-266.77M	189.99M	506.72M	151.64M	437.14M	115.01M	399.57M	453.68M