Norfolk Southern Corporation (0K8M.L)

Industry: General Transportation Sector: Industrials Currency Used: US Live Price: $291.58

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	300.41	255.97	264.41	237.32	218.02	242.15	267.72	193.29	192.06	155.16	127.70	93.38	87.82	105.35	79.73	65.97	69.52	57.82	41.74	57.56	51.45	50.41	38.35	28.64	19.98	21.71	17.80	14.27	25.38	31.99	31.73	29.30	24.03
Market Capitalization	67,412.00M	57,593.25M	59,519.01M	53,637.27M	49,447.95M	56,899.43M	65,938.34M	49,197.14M	50,458.71M	42,927.67M	36,738.32M	27,427.29M	26,541.05M	32,590.11M	24,853.15M	21,178.79M	23,941.78M	21,094.03M	15,325.37M	21,454.47M	20,021.60M	20,435.85M	15,557.21M	11,310.24M	7,811.61M	8,417.07M	6,862.75M	5,539.14M	9,615.93M	12,102.33M	11,895.37M	11,099.93M	9,442.31M
(-) Cash & Equivalents	1,418.00M	1,303.00M	1,242.33M	981.75M	1,045.50M	1,125.00M	1,243.00M	1,056.25M	429.25M	647.25M	752.75M	848.75M	736.75M	1,398.50M	921.50M	632.75M	358.00M	993.00M	900.25M	498.25M	370.00M	395.00M	473.25M	341.00M	170.00M	143.50M	109.75M	64.00M	67.25M	93.50M	75.75M	130.33M	90.70M
(+) Total Debt	17,083.00M	17,367.00M	17,221.67M	17,463.00M	16,068.00M	15,139.50M	13,604.75M	12,685.25M	11,728.25M	10,553.25M	9,927.00M	9,978.50M	9,477.25M	9,137.00M	8,839.00M	8,294.50M	6,995.00M	6,919.00M	7,058.75M	6,530.00M	6,303.00M	6,747.00M	7,140.50M	7,200.25M	7,324.00M	7,461.75M	7,710.50M	7,744.75M	7,953.50M	7,579.75M	6,386.18M	1,836.90M	1,709.98M
Enterprise Value	83,077.00M	73,657.25M	75,498.35M	70,118.52M	64,470.45M	70,913.93M	78,300.09M	60,826.14M	61,757.71M	52,833.67M	45,912.57M	36,557.04M	35,281.55M	40,328.61M	32,770.65M	28,840.54M	30,578.78M	27,020.03M	21,483.87M	27,486.22M	25,954.60M	26,787.85M	22,224.46M	18,169.49M	14,965.61M	15,735.32M	14,463.50M	13,219.89M	17,502.18M	19,588.58M	18,205.79M	12,806.50M	11,061.59M

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	12,230M	12,172M	12,123M	12,156M	12,745M	11,142M	9,789M	11,296M	11,458M	10,551M	9,888M	10,511M	11,624M	11,245M	11,040M	11,172M	9,516M	7,969M	10,661M	9,432M	9,407M	8,527M	7,312M	6,468M	6,270M	6,170M	6,159M	5,195M	4,221M	4,223M	4,770M	4,668M	4,581M	4,460M	4,607M	4,451M	4,617M	4,536M
Cost of Revenue	8,066M	8,706M	8,359M	9,348M	8,012M	6,777M	6,392M	7,403M	7,499M	7,029M	6,818M	7,632M	8,054M	7,994M	7,922M	7,966M	6,847M	6,007M	7,577M	6,858M	6,850M	5,932M	5,239M	2,826M	2,382M	2,420M	2,543M	1,931M	269M	350M	1,108M	1,057M	1,100M	1,685M	1,823M	3,589M	3,024M	2,957M
Gross Profit	4,164M	3,466M	3,764M	2,808M	4,733M	4,365M	3,397M	3,893M	3,959M	3,522M	3,070M	2,879M	3,570M	3,251M	3,118M	3,206M	2,669M	1,962M	3,084M	2,574M	2,557M	2,595M	2,073M	3,642M	3,888M	3,750M	3,616M	3,264M	3,952M	3,873M	3,662M	3,612M	3,481M	2,776M	2,783M	863M	1,593M	1,580M
Gross Profit Margin	34.0%	28.5%	31.0%	23.1%	37.1%	39.2%	34.7%	34.5%	34.6%	33.4%	31.0%	27.4%	30.7%	28.9%	28.2%	28.7%	28.0%	24.6%	28.9%	27.3%	27.2%	30.4%	28.4%	56.3%	62.0%	60.8%	58.7%	62.8%	93.6%	91.7%	76.8%	77.4%	76.0%	62.2%	60.4%	19.4%	34.5%	34.8%
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	0M	0M	-120M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	3,056M	2,364M	2,300M	2,518M	2,131M	1,682M	1,651M	1,646M	1,723M	1,641M	1,510M	1,500M	369M	412M	407M
Operating Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	437M	371M	3,694M	3,072M	3,029M	3,267M	2,822M	3,090M	2,829M	3,060M	3,071M	3,010M	1,915M	1,897M	751M	785M	754M
Operating Income (EBIT)	4,164M	3,466M	3,764M	2,808M	4,733M	4,365M	3,397M	3,893M	3,959M	3,522M	3,070M	2,879M	3,570M	3,251M	3,118M	3,206M	2,669M	1,962M	3,084M	2,574M	2,557M	2,158M	1,702M	-52M	816M	721M	349M	442M	862M	1,044M	602M	540M	472M	860M	887M	112M	808M	825M
Operating Income Margin	34.0%	28.5%	31.0%	23.1%	37.1%	39.2%	34.7%	34.5%	34.6%	33.4%	31.0%	27.4%	30.7%	28.9%	28.2%	28.7%	28.0%	24.6%	28.9%	27.3%	27.2%	25.3%	23.3%	-0.8%	13.0%	11.7%	5.7%	8.5%	20.4%	24.7%	12.6%	11.6%	10.3%	19.3%	19.2%	2.5%	17.5%	18.2%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	10M	8M	9M	8M	8M	9M	12M	0M	0M	45M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	796M	803M	807M	722M	692M	646M	625M	604M	557M	550M	569M	545M	557M	537M	504M	455M	462M	467M	444M	441M	0M	497M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-796M	-803M	-807M	-722M	-692M	-646M	-625M	-604M	-557M	-550M	-559M	-537M	-548M	-529M	-496M	-446M	-450M	-467M	-444M	-396M	0M	-497M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	460M	389M	372M	234M	89M	159M	-242M	202M	67M	156M	71M	100M	112M	243M	136M	158M	148M	127M	110M	59M	-327M	36M	-400M	638M	-110M	-168M	-99M	-91M	-17M	-46M	595M	575M	578M	38M	-11M	32M	67M	108M
EBT Excluding Unusual Items	3,368M	2,663M	2,957M	2,086M	4,041M	3,719M	2,772M	3,289M	3,402M	2,972M	2,511M	2,342M	3,022M	2,722M	2,622M	2,760M	2,219M	1,495M	2,640M	2,178M	2,557M	1,661M	1,702M	-52M	816M	721M	349M	442M	862M	1,044M	602M	540M	472M	860M	887M	112M	808M	825M
Pre-Tax Income	3,828M	3,052M	3,329M	2,320M	4,130M	3,878M	2,530M	3,491M	3,469M	3,128M	2,582M	2,442M	3,134M	2,965M	2,758M	2,918M	2,367M	1,622M	2,750M	2,237M	2,230M	1,697M	1,302M	586M	706M	553M	250M	351M	845M	998M	1,197M	1,115M	1,049M	899M	875M	144M	875M	933M
Pre-Tax Margin	31.3%	25.1%	27.5%	19.1%	32.4%	34.8%	25.8%	30.9%	30.3%	29.6%	26.1%	23.2%	27.0%	26.4%	25.0%	26.1%	24.9%	20.4%	25.8%	23.7%	23.7%	19.9%	17.8%	9.1%	11.3%	9.0%	4.1%	6.8%	20.0%	23.6%	25.1%	23.9%	22.9%	20.1%	19.0%	3.2%	19.0%	20.6%
Income Tax Expense	866M	636M	707M	493M	860M	873M	517M	769M	803M	-2,276M	914M	886M	1,134M	1,055M	1,009M	1,002M	871M	588M	1,034M	773M	749M	416M	379M	175M	246M	191M	78M	112M	215M	299M	427M	402M	381M	350M	318M	114M	319M	327M
Net Income	2,962M	2,416M	2,622M	1,827M	3,270M	3,005M	2,013M	2,722M	2,666M	5,404M	1,668M	1,556M	2,000M	1,910M	1,749M	1,916M	1,496M	1,034M	1,716M	1,464M	1,481M	1,281M	923M	535M	460M	375M	172M	239M	734M	721M	770M	713M	668M	772M	558M	30M	556M	606M
Net Income Margin	24.2%	19.8%	21.6%	15.0%	25.7%	27.0%	20.6%	24.1%	23.3%	51.2%	16.9%	14.8%	17.2%	17.0%	15.8%	17.2%	15.7%	13.0%	16.1%	15.5%	15.7%	15.0%	12.6%	8.3%	7.3%	6.1%	2.8%	4.6%	17.4%	17.1%	16.2%	15.3%	14.6%	17.3%	12.1%	0.7%	12.0%	13.4%
Depreciation & Amortization	1,382M	1,341M	1,353M	1,298M	1,221M	1,181M	1,154M	1,138M	1,102M	1,055M	1,061M	1,059M	956M	922M	922M	869M	826M	845M	815M	786M	750M	787M	609M	528M	529M	527M	517M	489M	450M	432M	429M	414M	404M	-406M	-397M	-381M	-373M	-347M
EBITDA	5,546M	4,807M	5,117M	4,106M	5,954M	5,546M	4,551M	5,031M	5,061M	4,577M	4,131M	3,938M	4,526M	4,173M	4,040M	4,075M	3,495M	2,807M	3,899M	3,360M	3,307M	2,945M	2,311M	476M	1,345M	1,248M	866M	931M	1,312M	1,476M	1,032M	954M	875M	455M	490M	-269M	435M	478M
EBITDA Margin	45.3%	39.5%	42.2%	33.8%	46.7%	49.8%	46.5%	44.5%	44.2%	43.4%	41.8%	37.5%	38.9%	37.1%	36.6%	36.5%	36.7%	35.2%	36.6%	35.6%	35.2%	34.5%	31.6%	7.4%	21.5%	20.2%	14.1%	17.9%	31.1%	35.0%	21.6%	20.4%	19.1%	10.2%	10.6%	-6.0%	9.4%	10.5%
NOPAT	3,222M	2,744M	2,965M	2,211M	3,747M	3,382M	2,703M	3,035M	3,043M	6,085M	1,983M	1,834M	2,278M	2,094M	1,977M	2,105M	1,687M	1,251M	1,924M	1,685M	1,698M	1,629M	1,207M	-36M	532M	472M	240M	301M	643M	731M	388M	345M	300M	525M	565M	23M	513M	536M
NOPAT Margin	26.3%	22.5%	24.5%	18.2%	29.4%	30.4%	27.6%	26.9%	26.6%	57.7%	20.1%	17.5%	19.6%	18.6%	17.9%	18.8%	17.7%	15.7%	18.1%	17.9%	18.1%	19.1%	16.5%	-0.6%	8.5%	7.6%	3.9%	5.8%	15.2%	17.3%	8.1%	7.4%	6.6%	11.8%	12.3%	0.5%	11.1%	11.8%
Owner's Earnings	2,194M	-445M	1,594M	776M	2,543M	2,716M	1,673M	1,841M	1,817M	4,736M	842M	230M	838M	861M	430M	625M	852M	580M	973M	909M	1,053M	1,043M	491M	343M	300M	156M	-42M	-184M	228M	278M	511M	467M	359M	-303M	-555M	-1,011M	-487M	-392M
Owner's Earnings Margin	17.9%	-3.7%	13.1%	6.4%	20.0%	24.4%	17.1%	16.3%	15.9%	44.9%	8.5%	2.2%	7.2%	7.7%	3.9%	5.6%	9.0%	7.3%	9.1%	9.6%	11.2%	12.2%	6.7%	5.3%	4.8%	2.5%	-0.7%	-3.5%	5.4%	6.6%	10.7%	10.0%	7.8%	-6.8%	-12.0%	-22.7%	-10.5%	-8.7%
EPS (Basic)	13.12	10.69	11.58	8.04	13.92	12.16	7.88	10.32	9.94	18.76	5.66	5.13	6.44	6.10	5.42	5.52	4.06	2.79	4.60	3.74	3.63	3.17	2.34	1.37	1.18	0.97	0.45	0.63	1.94	1.91	2.03	1.81	1.63	1.85	1.31	0.07	1.16	1.17
EPS (Diluted)	13.13	10.67	11.58	8.03	13.88	12.11	7.84	10.25	9.51	18.62	5.64	5.11	6.40	6.05	5.38	5.45	4.02	2.78	4.52	3.68	3.57	3.11	2.31	1.37	1.18	0.97	0.45	0.63	1.93	1.90	2.01	1.80	1.63	1.83	1.30	0.07	1.16	1.16
Shares (Basic)	225M	226M	226M	227M	235M	247M	255M	263M	268M	288M	294M	302M	309M	312M	321M	346M	367M	367M	372M	390M	408M	404M	394M	391M	390M	387M	382M	379M	378M	377M	379M	394M	409M	417M	426M	424M	479M	518M
Shares (Diluted)	226M	226M	226M	227M	236M	248M	257M	266M	280M	290M	296M	304M	313M	316M	325M	351M	372M	372M	380M	398M	415M	412M	400M	391M	390M	387M	382M	379M	380M	379M	383M	396M	409M	422M	429M	424M	479M	523M

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	1,418.00M	1,303.00M	1,641.00M	1,568.00M	456.00M	839.00M	1,115.00M	580.00M	358.00M	690.00M	956.00M	1,101.00M	973.00M	1,443.00M	653.00M	276.00M	827.00M	996.00M	618.00M	206.00M	527.00M	289.00M	579.00M	284.00M	184.00M	204.00M	0.00M	37.00M	5.00M	34.00M	209.20M	67.70M	57.00M	80.50M	111.80M	158.20M	389.70M	216.30M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	118.00M	15.00M	25.00M	283.00M	90.00M	0.00M	0.00M	391.00M	968.00M	90.00M	0.00M	0.00M	0.00M	2.00M	14.00M	58.00M	125.00M	194.20M	261.30M	249.70M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	1,418.00M	1,303.00M	1,641.00M	1,568.00M	456.00M	839.00M	1,115.00M	580.00M	358.00M	690.00M	956.00M	1,101.00M	973.00M	1,561.00M	668.00M	301.00M	1,110.00M	1,086.00M	618.00M	206.00M	918.00M	1,257.00M	669.00M	284.00M	184.00M	204.00M	2.00M	51.00M	63.00M	159.00M	403.40M	329.00M	306.70M	80.50M	111.80M	158.20M	389.70M	216.30M
Net Receivables	1,102.00M	1,123.00M	1,069.00M	1,147.00M	1,148.00M	976.00M	848.00M	920.00M	1,009.00M	955.00M	945.00M	946.00M	1,055.00M	1,024.00M	1,109.00M	1,022.00M	807.00M	766.00M	870.00M	942.00M	992.00M	931.00M	767.00M	695.00M	683.00M	475.00M	411.00M	857.00M	519.00M	552.00M	558.00M	703.50M	726.60M	907.60M	1,014.90M	724.90M	852.70M	887.80M
Inventory	0.00M	313.00M	277.00M	264.00M	253.00M	218.00M	221.00M	244.00M	207.00M	222.00M	257.00M	271.00M	236.00M	223.00M	216.00M	209.00M	169.00M	164.00M	194.00M	176.00M	151.00M	132.00M	104.00M	92.00M	97.00M	90.00M	91.00M	100.00M	59.00M	58.00M	63.00M	61.70M	61.90M	70.30M	80.80M	70.30M	80.80M	64.60M
Other Current Assets	516.00M	168.00M	201.00M	292.00M	150.00M	134.00M	134.00M	337.00M	288.00M	282.00M	133.00M	194.00M	514.00M	267.00M	249.00M	219.00M	234.00M	230.00M	317.00M	293.00M	339.00M	283.00M	379.00M	446.00M	432.00M	278.00M	345.00M	363.00M	272.00M	334.00M	336.00M	509.90M	242.30M	505.10M	189.70M	515.90M	423.60M	541.00M
Total Current Assets	3,036.00M	2,907.00M	3,188.00M	3,271.00M	2,007.00M	2,167.00M	2,318.00M	2,081.00M	1,862.00M	2,149.00M	2,291.00M	2,512.00M	2,778.00M	3,075.00M	2,242.00M	1,751.00M	2,320.00M	2,246.00M	1,999.00M	1,617.00M	2,400.00M	2,603.00M	1,919.00M	1,517.00M	1,396.00M	1,047.00M	849.00M	1,371.00M	913.00M	1,103.00M	1,360.40M	1,604.10M	1,337.50M	1,563.50M	1,397.20M	1,469.30M	1,746.80M	1,709.70M
Property, Plant & Equipment	0.00M	35,921.00M	35,831.00M	33,326.00M	32,156.00M	31,653.00M	31,345.00M	31,614.00M	31,091.00M	30,330.00M	29,751.00M	28,992.00M	27,694.00M	26,645.00M	25,736.00M	24,469.00M	23,231.00M	22,643.00M	22,247.00M	21,583.00M	21,098.00M	20,705.00M	20,526.00M	11,779.00M	11,370.00M	11,208.00M	11,105.00M	10,956.00M	10,477.00M	9,904.00M	9,529.10M	9,258.80M	8,987.10M	8,730.70M	8,648.00M	8,372.20M	8,128.00M	7,882.00M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-399.00M	-388.00M	-380.00M	-366.00M	-329.00M	-421.00M	-349.00M	-316.00M	-282.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	4,081.00M	4,038.00M	3,370.00M	3,839.00M	3,694.00M	3,707.00M	3,590.00M	3,428.00M	3,109.00M	2,981.00M	2,777.00M	2,572.00M	2,679.00M	2,439.00M	2,300.00M	2,234.00M	2,193.00M	2,164.00M	1,779.00M	1,974.00M	1,755.00M	1,590.00M	805.00M	6,259.00M	6,178.00M	6,161.00M	6,154.00M	6,132.00M	6,210.00M	6,221.00M	274.70M	231.70M	172.80M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax 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
Other Non-Current Assets	37,463.00M	1,289.00M	1,293.00M	1,216.00M	1,028.00M	966.00M	1,108.00M	1,188.00M	557.00M	-5,707.00M	-8,738.00M	363.00M	272.00M	460.00M	179.00M	84.00M	304.00M	316.00M	272.00M	912.00M	775.00M	916.00M	1,452.00M	1,133.00M	1,109.00M	1,002.00M	868.00M	791.00M	580.00M	122.00M	155.80M	71.50M	90.40M	225.60M	355.30M	306.60M	648.20M	652.60M
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	41,544.00M	41,248.00M	40,494.00M	38,381.00M	36,878.00M	36,326.00M	35,644.00M	35,842.00M	34,377.00M	27,238.00M	23,461.00M	31,506.00M	30,296.00M	29,228.00M	27,933.00M	26,787.00M	25,728.00M	25,123.00M	24,298.00M	24,469.00M	23,628.00M	23,211.00M	22,783.00M	19,171.00M	18,657.00M	18,371.00M	18,127.00M	17,879.00M	17,267.00M	16,247.00M	9,959.60M	9,562.00M	9,250.30M	8,956.30M	9,003.30M	8,678.80M	8,776.20M	8,534.60M
Total Assets	44,580.00M	44,155.00M	43,682.00M	41,652.00M	38,885.00M	38,493.00M	37,962.00M	37,923.00M	36,239.00M	29,387.00M	25,752.00M	34,018.00M	33,074.00M	32,303.00M	30,175.00M	28,538.00M	28,048.00M	27,369.00M	26,297.00M	26,086.00M	26,028.00M	25,814.00M	24,702.00M	20,688.00M	20,053.00M	19,418.00M	18,976.00M	19,250.00M	18,180.00M	17,350.00M	11,320.00M	11,166.10M	10,587.80M	10,519.80M	10,400.50M	10,148.10M	10,523.00M	10,244.30M
Accounts Payable	1,657.00M	1,504.00M	985.00M	997.00M	712.00M	850.00M	552.00M	710.00M	828.00M	822.00M	650.00M	602.00M	748.00M	685.00M	777.00M	499.00M	1,181.00M	974.00M	1,140.00M	1,139.00M	1,181.00M	1,163.00M	1,012.00M	948.00M	908.00M	848.00M	925.00M	818.00M	600.00M	624.00M	594.00M	732.80M	704.10M	653.60M	655.10M	698.20M	791.60M	819.40M
Short-Term Debt	607.00M	903.00M	555.00M	4.00M	703.00M	553.00M	579.00M	316.00M	585.00M	700.00M	650.00M	700.00M	102.00M	545.00M	250.00M	150.00M	458.00M	474.00M	484.00M	369.00M	491.00M	314.00M	662.00M	360.00M	358.00M	605.00M	297.00M	503.00M	141.00M	88.00M	100.00M	130.90M	116.90M	263.20M	231.20M	408.70M	266.70M	97.50M
Tax Payables	227.00M	223.00M	337.00M	262.00M	312.00M	305.00M	263.00M	229.00M	255.00M	211.00M	245.00M	203.00M	217.00M	225.00M	206.00M	207.00M	199.00M	109.00M	261.00M	203.00M	205.00M	231.00M	210.00M	199.00M	269.00M	312.00M	251.00M	163.00M	151.00M	169.00M	178.70M	190.80M	168.50M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,033.00M	1,037.00M	1,026.00M	760.00M	396.00M	365.00M	375.00M	429.00M	460.00M	438.00M	436.00M	423.00M	429.00M	445.00M	463.00M	470.00M	244.00M	232.00M	220.00M	237.00M	216.00M	213.00M	317.00M	294.00M	318.00M	248.00M	414.00M	440.00M	225.00M	212.00M	201.00M	342.10M	142.30M	281.10M	296.20M	233.90M	313.50M	289.90M
Total Current Liabilities	3,524.00M	3,667.00M	2,903.00M	2,023.00M	2,123.00M	2,073.00M	1,769.00M	1,684.00M	2,128.00M	2,171.00M	1,981.00M	1,928.00M	1,496.00M	1,900.00M	1,696.00M	1,326.00M	2,082.00M	1,789.00M	2,105.00M	1,948.00M	2,093.00M	1,921.00M	2,201.00M	1,801.00M	1,853.00M	2,013.00M	1,887.00M	1,924.00M	1,117.00M	1,093.00M	1,073.70M	1,396.60M	1,131.80M	1,197.90M	1,182.50M	1,340.80M	1,371.80M	1,206.80M
Long-Term Debt	16,476.00M	16,464.00M	16,651.00M	17,175.00M	14,479.00M	13,287.00M	12,102.00M	11,880.00M	10,560.00M	9,136.00M	9,562.00M	9,393.00M	8,924.00M	8,903.00M	8,432.00M	7,390.00M	6,567.00M	6,679.00M	6,183.00M	5,999.00M	6,109.00M	6,616.00M	6,863.00M	6,800.00M	7,006.00M	7,027.00M	7,339.00M	7,556.00M	7,483.00M	7,398.00M	1,800.30M	1,553.30M	1,547.80M	1,481.50M	1,565.90M	1,300.10M	1,030.40M	693.60M
Capital Lease Obligations	0.00M	0.00M	272.00M	392.00M	410.00M	413.00M	433.00M	538.00M	2.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	7,734.00M	7,529.00M	7,420.00M	7,225.00M	7,265.00M	7,165.00M	6,922.00M	6,815.00M	6,460.00M	6,324.00M	9,140.00M	9,063.00M	8,817.00M	8,542.00M	7,832.00M	7,486.00M	7,088.00M	6,747.00M	6,366.00M	6,431.00M	6,444.00M	6,620.00M	6,550.00M	3,223.00M	3,010.00M	2,781.00M	2,745.00M	2,687.00M	2,545.00M	2,480.00M	2,411.60M	2,299.00M	2,208.00M	2,129.80M	2,654.80M	2,606.50M	2,708.40M	2,703.00M
Other Non-Current Liabilities	1,705.00M	1,708.00M	1,569.00M	1,552.00M	909.00M	1,014.00M	1,109.00M	1,023.00M	986.00M	1,067.00M	1,162.00M	1,105.00M	1,032.00M	1,311.00M	2,104.00M	1,917.00M	1,793.00M	1,801.00M	2,030.00M	2,039.00M	1,767.00M	1,415.00M	1,146.00M	1,796.00M	1,542.00M	1,089.00M	1,131.00M	1,101.00M	1,065.00M	885.00M	927.00M	965.50M	961.90M	1,035.40M	710.30M	750.80M	432.80M	403.20M
Total Non-Current Liabilities	25,915.00M	25,701.00M	25,912.00M	26,344.00M	23,063.00M	21,879.00M	20,566.00M	20,256.00M	18,008.00M	16,527.00M	19,864.00M	19,561.00M	18,773.00M	18,756.00M	18,368.00M	16,793.00M	15,448.00M	15,227.00M	14,579.00M	14,469.00M	14,320.00M	14,651.00M	14,559.00M	11,819.00M	11,558.00M	10,897.00M	11,215.00M	11,344.00M	11,093.00M	10,763.00M	5,138.90M	4,817.80M	4,717.70M	4,646.70M	4,931.00M	4,657.40M	4,171.60M	3,799.80M
Total Liabilities	29,439.00M	29,368.00M	28,815.00M	28,367.00M	25,186.00M	23,952.00M	22,335.00M	21,940.00M	20,136.00M	18,698.00M	21,845.00M	21,489.00M	20,269.00M	20,656.00M	20,064.00M	18,119.00M	17,530.00M	17,016.00M	16,684.00M	16,417.00M	16,413.00M	16,572.00M	16,760.00M	13,620.00M	13,411.00M	12,910.00M	13,102.00M	13,268.00M	12,210.00M	11,856.00M	6,212.60M	6,214.40M	5,849.50M	5,844.60M	6,113.50M	5,998.20M	5,543.40M	5,006.60M
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	65.00M	0.00M	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	226.00M	226.00M	228.00M	227.00M	230.00M	242.00M	254.00M	259.00M	269.00M	285.00M	292.00M	299.00M	310.00M	310.00M	315.00M	332.00M	358.00M	370.00M	368.00M	380.00M	418.00M	431.00M	421.00M	412.00M	410.00M	407.00M	405.00M	404.00M	401.00M	399.00M	132.40M	136.30M	140.40M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	12,894.00M	12,563.00M	12,093.00M	10,695.00M	10,697.00M	11,586.00M	12,883.00M	13,207.00M	13,440.00M	14,176.00M	10,425.00M	10,191.00M	10,348.00M	9,339.00M	8,643.00M	8,693.00M	9,224.00M	9,027.00M	8,501.00M	8,280.00M	8,283.00M	7,980.00M	6,893.00M	6,112.00M	5,694.00M	5,335.00M	5,053.00M	5,187.00M	5,252.00M	4,826.00M	4,403.70M	4,282.40M	4,154.60M	4,078.50M	3,697.80M	3,563.00M	4,351.20M	4,566.50M
Accumulated OCI	-262.00M	-261.00M	-262.00M	-320.00M	-351.00M	-402.00M	-594.00M	-491.00M	-563.00M	-356.00M	-487.00M	-445.00M	-398.00M	-381.00M	-1,109.00M	-1,026.00M	-805.00M	-853.00M	-952.00M	-399.00M	-369.00M	-77.00M	-24.00M	-44.00M	-65.00M	-55.00M	-6.00M	-11.00M	-8.00M	-4,435.00M	-4,399.00M	-4,326.00M	-4,223.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	9.00M	45.00M	45.00M	50.00M	50.00M	49.00M	49.00M	49.50M	52.20M	53.50M	54.50M	54.40M	56.50M	67.70M	69.10M
Total Shareholders’ Equity	12,858.00M	12,528.00M	12,059.00M	10,602.00M	10,576.00M	11,426.00M	12,543.00M	12,975.00M	13,146.00M	14,105.00M	10,230.00M	10,045.00M	10,260.00M	9,268.00M	7,849.00M	7,999.00M	8,777.00M	8,544.00M	7,917.00M	8,261.00M	8,332.00M	8,334.00M	7,290.00M	6,480.00M	6,104.00M	5,687.00M	5,452.00M	5,580.00M	5,645.00M	790.00M	137.10M	92.70M	72.00M	4,078.50M	3,697.80M	3,563.00M	4,351.20M	4,566.50M
Total Equity	12,858.00M	12,528.00M	12,059.00M	10,602.00M	10,576.00M	11,426.00M	12,543.00M	12,975.00M	13,146.00M	14,105.00M	10,230.00M	10,045.00M	10,260.00M	9,268.00M	7,849.00M	7,999.00M	8,777.00M	8,544.00M	7,917.00M	8,261.00M	8,332.00M	8,334.00M	7,290.00M	6,489.00M	6,149.00M	5,732.00M	5,502.00M	5,630.00M	5,694.00M	839.00M	186.60M	144.90M	125.50M	4,133.00M	3,752.20M	3,619.50M	4,418.90M	4,635.60M
Total Liabilities & Equity	42,297.00M	41,896.00M	40,874.00M	38,969.00M	35,762.00M	35,378.00M	34,878.00M	34,915.00M	33,282.00M	32,803.00M	32,075.00M	31,534.00M	30,529.00M	29,924.00M	27,913.00M	26,118.00M	26,307.00M	25,560.00M	24,601.00M	24,678.00M	24,745.00M	24,906.00M	24,050.00M	20,109.00M	19,560.00M	18,642.00M	18,604.00M	18,898.00M	17,904.00M	12,695.00M	6,399.20M	6,359.30M	5,975.00M	9,977.60M	9,865.70M	9,617.70M	9,962.30M	9,642.20M
Tangible Assets	44,580.00M	44,155.00M	43,682.00M	41,652.00M	38,885.00M	38,493.00M	38,361.00M	38,311.00M	36,619.00M	29,753.00M	26,081.00M	34,439.00M	33,423.00M	32,619.00M	30,457.00M	28,538.00M	28,048.00M	27,369.00M	26,297.00M	26,086.00M	26,028.00M	25,814.00M	24,702.00M	20,688.00M	20,053.00M	19,418.00M	18,976.00M	19,250.00M	18,180.00M	17,350.00M	11,320.00M	11,166.10M	10,587.80M	10,519.80M	10,400.50M	10,148.10M	10,523.00M	10,244.30M
Tangible Equity	12,858.00M	12,528.00M	12,059.00M	10,602.00M	10,576.00M	11,426.00M	12,942.00M	13,363.00M	13,526.00M	14,471.00M	10,559.00M	10,466.00M	10,609.00M	9,584.00M	8,131.00M	7,999.00M	8,777.00M	8,544.00M	7,917.00M	8,261.00M	8,332.00M	8,334.00M	7,290.00M	6,489.00M	6,149.00M	5,732.00M	5,502.00M	5,630.00M	5,694.00M	839.00M	186.60M	144.90M	125.50M	4,133.00M	3,752.20M	3,619.50M	4,418.90M	4,635.60M
Tangible Book Value	12,858.00M	12,528.00M	12,059.00M	10,602.00M	10,576.00M	11,426.00M	12,942.00M	13,363.00M	13,526.00M	14,471.00M	10,559.00M	10,466.00M	10,609.00M	9,584.00M	8,131.00M	7,999.00M	8,777.00M	8,544.00M	7,917.00M	8,261.00M	8,332.00M	8,334.00M	7,290.00M	6,489.00M	6,149.00M	5,732.00M	5,502.00M	5,630.00M	5,694.00M	839.00M	186.60M	144.90M	125.50M	4,133.00M	3,752.20M	3,619.50M	4,418.90M	4,635.60M
Total Investments	4,081.00M	4,038.00M	3,370.00M	3,839.00M	3,694.00M	3,707.00M	3,590.00M	3,428.00M	3,109.00M	2,981.00M	2,777.00M	2,572.00M	2,679.00M	2,557.00M	2,315.00M	2,259.00M	2,476.00M	2,254.00M	1,779.00M	1,974.00M	2,146.00M	2,558.00M	895.00M	6,259.00M	6,178.00M	6,161.00M	6,156.00M	6,146.00M	6,268.00M	6,346.00M	468.90M	493.00M	422.50M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	15,665.00M	16,064.00M	15,565.00M	15,611.00M	14,726.00M	13,001.00M	11,566.00M	11,616.00M	10,787.00M	9,146.00M	9,256.00M	8,992.00M	8,053.00M	8,005.00M	8,029.00M	7,264.00M	6,198.00M	6,157.00M	6,049.00M	6,162.00M	6,073.00M	6,641.00M	6,946.00M	6,876.00M	7,180.00M	7,428.00M	7,636.00M	8,022.00M	7,619.00M	7,452.00M	1,691.10M	1,616.50M	1,607.70M	1,664.20M	1,685.30M	1,550.60M	907.40M	574.80M

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	-488.0M	-760.0M	-357.0M	639.0M	-642.0M	-354.0M	158.0M	-219.0M	-729.0M	-396.0M	-48.0M	402.0M	998.0M	770.0M	161.0M	50.0M	389.0M	457.0M	-106.0M	-273.0M	307.0M	729.0M	-234.0M	-376.0M	-554.0M	-1,339.0M	-1,038.0M	-553.0M	-204.0M	10.0M	266.5M	137.0M	205.7M	365.6M	214.7M	128.5M	375.0M	502.9M
Total Capital	32,224.0M	32,154.0M	31,784.0M	30,352.0M	28,325.0M	27,894.0M	27,905.0M	27,918.0M	26,507.0M	26,195.0M	22,621.0M	22,281.0M	21,434.0M	20,737.0M	18,442.0M	17,451.0M	17,694.0M	17,506.0M	16,264.0M	16,095.0M	16,215.0M	16,219.0M	15,515.0M	14,136.0M	13,864.0M	13,722.0M	13,460.0M	13,991.0M	13,545.0M	12,931.0M	6,877.9M	6,513.2M	6,349.5M	6,365.4M	6,029.7M	5,802.2M	6,209.0M	5,959.7M
Capital Employed	41,056.0M	40,488.0M	40,137.0M	39,020.0M	36,236.0M	35,972.0M	35,802.0M	35,623.0M	33,648.0M	33,166.0M	32,553.0M	32,029.0M	31,461.0M	30,178.0M	28,261.0M	26,837.0M	26,117.0M	25,580.0M	24,192.0M	24,196.0M	23,935.0M	23,940.0M	22,549.0M	18,795.0M	18,103.0M	17,032.0M	17,089.0M	17,326.0M	17,063.0M	16,257.0M	10,226.1M	9,699.0M	9,456.0M	9,321.9M	9,218.0M	8,807.3M	9,151.2M	9,037.5M
Invested Capital	30,806.0M	30,851.0M	30,143.0M	28,784.0M	27,869.0M	27,055.0M	26,790.0M	27,338.0M	26,149.0M	25,505.0M	21,665.0M	21,180.0M	20,461.0M	19,294.0M	17,789.0M	17,175.0M	16,867.0M	16,510.0M	15,646.0M	15,889.0M	15,688.0M	15,930.0M	14,936.0M	13,852.0M	13,680.0M	13,518.0M	13,460.0M	13,954.0M	13,540.0M	12,897.0M	6,668.7M	6,445.5M	6,292.5M	6,284.9M	5,917.9M	5,644.0M	5,819.3M	5,743.4M

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	2,964.00M	2,414.00M	2,622.00M	1,827.00M	3,270.00M	3,005.00M	2,013.00M	2,722.00M	2,666.00M	5,404.00M	1,668.00M	1,556.00M	2,000.00M	1,910.00M	1,749.00M	1,916.00M	1,496.00M	1,034.00M	1,716.00M	1,464.00M	1,481.00M	1,281.00M	923.00M	525.00M	460.00M	362.00M	172.00M	239.00M	525.00M	699.00M	770.40M	712.70M	667.80M	548.70M	557.70M	29.70M	556.10M	606.20M
Depreciation & Amortization	1,382.00M	1,341.00M	1,353.00M	1,298.00M	1,221.00M	1,181.00M	1,154.00M	1,139.00M	1,104.00M	1,059.00M	1,030.00M	1,059.00M	956.00M	922.00M	922.00M	869.00M	826.00M	845.00M	815.00M	786.00M	750.00M	787.00M	609.00M	528.00M	529.00M	527.00M	517.00M	489.00M	450.00M	432.00M	429.20M	413.50M	403.80M	-405.50M	-396.60M	-381.30M	-373.00M	-347.00M
Deferred Income Tax	350.00M	145.00M	176.00M	-49.00M	83.00M	184.00M	142.00M	330.00M	173.00M	-2,859.00M	227.00M	320.00M	294.00M	262.00M	366.00M	527.00M	312.00M	338.00M	290.00M	125.00M	-8.00M	80.00M	200.00M	132.00M	178.00M	44.00M	2.00M	85.00M	114.00M	75.00M	97.10M	66.70M	112.70M	56.20M	64.10M	-124.10M	-2.80M	100.30M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	53.00M	0.00M	28.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	45.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-103.00M	582.00M	625.00M	368.00M	-201.00M	147.00M	131.00M	-139.00M	122.00M	58.00M	305.00M	114.00M	-251.00M	78.00M	5.00M	-53.00M	79.00M	-200.00M	-19.00M	9.00M	62.00M	45.00M	82.00M	86.00M	-84.00M	-176.00M	832.00M	-48.00M	-50.00M	43.00M	-17.20M	145.60M	18.90M	-26.50M	94.50M	-60.00M	92.20M	102.10M
Accounts Receivable	188.00M	-93.00M	85.00M	-2.00M	-171.00M	-133.00M	71.00M	87.00M	-70.00M	-41.00M	23.00M	109.00M	-31.00M	85.00M	-64.00M	-215.00M	-41.00M	63.00M	269.00M	30.00M	-60.00M	-94.00M	-71.00M	-12.00M	-208.00M	-74.00M	446.00M	-322.00M	33.00M	-23.00M	-0.80M	28.10M	-12.90M	18.10M	-23.70M	127.80M	35.10M	78.20M
Inventory	4.00M	15.00M	-13.00M	-11.00M	-35.00M	3.00M	23.00M	-37.00M	15.00M	35.00M	42.00M	-35.00M	-13.00M	-7.00M	-7.00M	-40.00M	-5.00M	30.00M	-18.00M	-25.00M	-19.00M	-28.00M	-12.00M	5.00M	-7.00M	1.00M	9.00M	-40.00M	-1.00M	3.00M	-1.30M	0.20M	8.40M	9.80M	-10.50M	10.50M	-16.10M	1.60M
Accounts Payable	0.00M	2.00M	0.00M	379.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	82.00M	0.00M	0.00M	0.00M	21.00M	27.00M	75.00M	108.00M	-29.00M	36.00M	19.00M	280.00M	209.00M	-89.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-295.00M	658.00M	553.00M	2.00M	5.00M	277.00M	37.00M	-189.00M	177.00M	64.00M	240.00M	40.00M	-207.00M	0.00M	76.00M	82.00M	125.00M	-293.00M	-270.00M	-17.00M	114.00M	167.00M	165.00M	122.00M	-35.00M	-122.00M	-638.00M	105.00M	162.00M	107.00M	-15.10M	117.30M	23.40M	-54.40M	128.70M	-198.30M	73.20M	22.30M
Other Non-Cash Items	-344.00M	-709.00M	-724.00M	-265.00M	-204.00M	-262.00M	169.00M	-160.00M	-339.00M	-409.00M	-196.00M	-78.00M	-84.00M	-94.00M	-22.00M	-32.00M	1.00M	-149.00M	-87.00M	-51.00M	-79.00M	-88.00M	-153.00M	-217.00M	51.00M	-103.00M	-14.00M	-24.00M	-149.00M	-99.00M	-74.80M	-101.10M	-58.90M	478.40M	638.50M	1,298.10M	722.20M	645.60M
Net Cash from Operating Activities	4,249.00M	3,774.00M	4,052.00M	3,179.00M	4,222.00M	4,255.00M	3,637.00M	3,892.00M	3,726.00M	3,253.00M	3,034.00M	2,877.00M	2,852.00M	3,078.00M	3,065.00M	3,227.00M	2,714.00M	1,860.00M	2,715.00M	2,333.00M	2,206.00M	2,105.00M	1,661.00M	1,054.00M	803.00M	654.00M	1,342.00M	533.00M	890.00M	1,150.00M	1,204.70M	1,237.40M	1,144.30M	874.60M	958.20M	762.40M	994.70M	1,107.20M
Capital Expenditures (PPE)	-2,150.00M	-4,202.00M	-4,024.00M	-2,349.00M	-1,948.00M	-1,470.00M	-1,494.00M	-2,019.00M	-1,951.00M	-1,723.00M	-1,887.00M	-2,385.00M	-2,118.00M	-1,971.00M	-2,241.00M	-2,160.00M	-1,470.00M	-1,299.00M	-1,558.00M	-1,341.00M	-1,178.00M	-1,025.00M	-1,041.00M	-720.00M	-689.00M	-746.00M	-731.00M	-912.00M	-956.00M	-875.00M	-688.20M	-658.90M	-712.90M	-669.20M	-716.10M	-659.40M	-669.70M	-651.60M
Acquisitions (Net)	32.00M	2,543.00M	558.00M	0.00M	263.00M	159.00M	1.00M	104.00M	204.00M	202.00M	130.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,465.00M	1,297.00M	1,135.00M	1,116.00M	798.00M	720.00M	902.00M	868.00M	1,016.00M	1,039.00M	949.00M	131.10M	129.50M	86.10M	0.00M	0.00M	67.20M	114.00M	0.00M
Purchases of Investments	-616.00M	-322.00M	-319.00M	-124.00M	-12.00M	-10.00M	-14.00M	-122.00M	-10.00M	-7.00M	-123.00M	-5.00M	-104.00M	-130.00M	-23.00M	-135.00M	-504.00M	-266.00M	-86.00M	-635.00M	-1,804.00M	-1,822.00M	-228.00M	-106.00M	-78.00M	-99.00M	-77.00M	-123.00M	-116.00M	-185.00M	-82.00M	-75.40M	-133.10M	0.00M	0.00M	-93.60M	-102.50M	0.00M
Sales / Maturities of Investments	708.00M	394.00M	1,005.00M	205.00M	94.00M	99.00M	-1.00M	-104.00M	99.00M	47.00M	48.00M	240.00M	106.00M	63.00M	78.00M	439.00M	421.00M	30.00M	307.00M	827.00M	2,179.00M	910.00M	61.00M	108.00M	63.00M	88.00M	90.00M	343.00M	155.00M	217.00M	185.40M	104.00M	330.70M	88.60M	40.20M	212.40M	91.90M	46.10M
Other Investing Activities	119.00M	-1,992.00M	0.00M	86.00M	0.00M	0.00M	333.00M	377.00M	0.00M	0.00M	0.00M	63.00M	114.00M	144.00M	192.00M	84.00M	97.00M	84.00M	109.00M	-1,341.00M	-1,178.00M	-1,025.00M	-1,041.00M	-720.00M	-689.00M	-746.00M	-731.00M	-915.00M	-789.00M	-6,616.00M	-82.00M	-67.10M	-58.70M	110.50M	0.80M	-71.40M	129.70M	60.00M
Net Cash from Investing Activities	-1,907.00M	-3,579.00M	-2,780.00M	-2,182.00M	-1,603.00M	-1,222.00M	-1,175.00M	-1,764.00M	-1,658.00M	-1,481.00M	-1,832.00M	-2,087.00M	-2,002.00M	-1,894.00M	-1,994.00M	-1,772.00M	-1,456.00M	-1,451.00M	-1,228.00M	-1,025.00M	-684.00M	-1,827.00M	-1,133.00M	-640.00M	-673.00M	-601.00M	-581.00M	-591.00M	-667.00M	-6,510.00M	-535.70M	-567.90M	-487.90M	-470.10M	-675.10M	-544.80M	-436.60M	-545.50M
Net Debt Issuance	-158.00M	586.00M	-4.00M	1,959.00M	1,279.00M	1,092.00M	403.00M	1,004.00M	1,273.00M	-412.00M	94.00M	1,083.00M	-445.00M	739.00M	1,129.00M	501.00M	-139.00M	403.00M	280.00M	-239.00M	-339.00M	-456.00M	-253.00M	-167.00M	-91.00M	230.00M	-494.00M	380.00M	17.00M	3,996.00M	116.00M	-66.00M	-82.20M	-53.70M	87.50M	411.80M	428.90M	10.70M
Long-Term Debt Issuance	-158.00M	586.00M	-4.00M	1,959.00M	1,279.00M	1,092.00M	403.00M	1,004.00M	1,273.00M	-412.00M	94.00M	1,083.00M	-445.00M	739.00M	1,129.00M	501.00M	-139.00M	403.00M	280.00M	-239.00M	-339.00M	-456.00M	-253.00M	-167.00M	-91.00M	230.00M	-494.00M	380.00M	17.00M	3,996.00M	116.00M	-66.00M	-82.20M	-53.70M	87.50M	411.80M	428.90M	10.70M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-522.00M	-92.00M	26.00M	-622.00M	-3,114.00M	-3,373.00M	-1,370.00M	-2,072.00M	-2,741.00M	-923.00M	-746.00M	-1,063.00M	-188.00M	-496.00M	-1,199.00M	-1,931.00M	-774.00M	66.00M	-899.00M	-1,013.00M	-667.00M	194.00M	162.00M	13.00M	42.00M	14.00M	2.00M	14.00M	34.00M	24.00M	29.00M	-319.00M	-335.00M	-122.40M	-162.00M	-622.40M	-565.30M	-340.90M
Common Stock Issuance	12.00M	15.00M	26.00M	0.00M	0.00M	17.00M	69.00M	27.00M	40.00M	89.00M	57.00M	12.00M	130.00M	131.00M	89.00M	120.00M	89.00M	66.00M	229.00M	183.00M	297.00M	194.00M	162.00M	13.00M	42.00M	14.00M	2.00M	14.00M	34.00M	24.00M	418.00M	19.00M	9.80M	15.70M	15.20M	12.90M	11.00M	22.50M
Common Stock Repurchased	-534.00M	-107.00M	0.00M	-619.00M	-3,114.00M	-3,390.00M	-1,439.00M	-2,099.00M	-2,781.00M	-1,012.00M	-803.00M	-1,075.00M	-318.00M	-627.00M	-1,288.00M	-2,051.00M	-863.00M	0.00M	-1,128.00M	-1,196.00M	-964.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-389.00M	-338.00M	-344.80M	-138.10M	-177.20M	-635.30M	-576.30M	-363.40M
Preferred Stock Issuance	0.00M	0.00M	0.00M	-3.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	63.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	297.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-1,218.00M	-1,220.00M	-1,221.00M	-1,225.00M	-1,167.00M	-1,028.00M	-960.00M	-949.00M	-844.00M	-703.00M	-695.00M	-713.00M	-687.00M	-637.00M	-624.00M	-576.00M	-514.00M	-500.00M	-456.00M	-377.00M	-278.00M	-194.00M	-142.00M	-117.00M	-101.00M	-93.00M	-306.00M	-304.00M	-303.00M	-301.00M	-283.70M	-273.50M	-262.70M	-259.70M	-255.00M	-238.50M	-248.20M	-241.90M
Common Dividends Paid	-1,218.00M	-1,220.00M	-1,221.00M	-1,225.00M	-1,167.00M	-1,028.00M	-960.00M	-949.00M	-844.00M	-703.00M	-695.00M	-713.00M	-687.00M	-637.00M	-624.00M	-576.00M	-514.00M	-500.00M	-456.00M	-377.00M	-278.00M	-194.00M	-142.00M	-117.00M	-101.00M	-93.00M	-306.00M	-304.00M	-303.00M	-301.00M	-283.70M	-273.50M	-262.70M	-259.70M	-255.00M	-238.50M	-248.20M	-241.90M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	3.00M	0.00M	0.00M	0.00M	23.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-43.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,468.00M	-388.80M	-0.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	-1,899.00M	-726.00M	-1,199.00M	115.00M	-3,002.00M	-3,309.00M	-1,927.00M	-1,994.00M	-2,312.00M	-2,038.00M	-1,347.00M	-662.00M	-1,320.00M	-394.00M	-694.00M	-2,006.00M	-1,427.00M	-31.00M	-1,075.00M	-1,629.00M	-1,284.00M	-456.00M	-233.00M	-314.00M	-150.00M	151.00M	-798.00M	90.00M	-252.00M	5,187.00M	-527.50M	-658.80M	-679.90M	-435.80M	-329.50M	-449.10M	-384.60M	-572.10M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-53.00M	-761.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-558.10M	-561.70M
Net Change in Cash	443.00M	-531.00M	73.00M	1,112.00M	-383.00M	-276.00M	535.00M	134.00M	-244.00M	-266.00M	-145.00M	128.00M	-470.00M	790.00M	377.00M	-551.00M	-169.00M	378.00M	412.00M	-321.00M	238.00M	-178.00M	295.00M	100.00M	-20.00M	151.00M	-798.00M	32.00M	-29.00M	-173.00M	141.50M	10.70M	-23.50M	-31.30M	-46.40M	-231.50M	-384.60M	-572.10M
Cash at Beginning of Period	4,925.00M	4,385.00M	1,568.00M	456.00M	839.00M	1,115.00M	580.00M	446.00M	690.00M	956.00M	1,101.00M	973.00M	1,443.00M	653.00M	276.00M	827.00M	996.00M	618.00M	206.00M	527.00M	289.00M	467.00M	284.00M	184.00M	204.00M	53.00M	37.00M	5.00M	34.00M	207.00M	67.70M	57.00M	80.50M	111.80M	158.20M	389.70M	216.20M	226.70M
Cash at End of Period	5,368.00M	3,854.00M	1,641.00M	1,568.00M	456.00M	839.00M	1,115.00M	580.00M	446.00M	690.00M	956.00M	1,101.00M	973.00M	1,443.00M	653.00M	276.00M	827.00M	996.00M	618.00M	206.00M	527.00M	289.00M	579.00M	284.00M	184.00M	204.00M	-761.00M	37.00M	5.00M	34.00M	209.20M	67.70M	57.00M	80.50M	111.80M	158.20M	-168.40M	-345.40M
Operating Cash Flow	4,249.00M	3,774.00M	4,052.00M	3,179.00M	4,222.00M	4,255.00M	3,637.00M	3,892.00M	3,726.00M	3,253.00M	3,034.00M	2,877.00M	2,852.00M	3,078.00M	3,065.00M	3,227.00M	2,714.00M	1,860.00M	2,715.00M	2,333.00M	2,206.00M	2,105.00M	1,661.00M	1,054.00M	803.00M	654.00M	1,342.00M	533.00M	890.00M	1,150.00M	1,204.70M	1,237.40M	1,144.30M	874.60M	958.20M	762.40M	994.70M	1,107.20M
Capital Expenditure	-2,150.00M	-4,202.00M	-2,381.00M	-2,349.00M	-1,948.00M	-1,470.00M	-1,494.00M	-2,019.00M	-1,951.00M	-1,723.00M	-1,887.00M	-2,385.00M	-2,118.00M	-1,971.00M	-2,241.00M	-2,160.00M	-1,470.00M	-1,299.00M	-1,558.00M	-1,341.00M	-1,178.00M	-1,025.00M	-1,041.00M	-720.00M	-689.00M	-746.00M	-731.00M	-912.00M	-956.00M	-875.00M	-688.20M	-658.90M	-712.90M	-669.20M	-716.10M	-659.40M	-669.70M	-651.60M
Free Cash Flow	2,099.00M	-428.00M	1,671.00M	830.00M	2,274.00M	2,785.00M	2,143.00M	1,873.00M	1,775.00M	1,530.00M	1,147.00M	492.00M	734.00M	1,107.00M	824.00M	1,067.00M	1,244.00M	561.00M	1,157.00M	992.00M	1,028.00M	1,080.00M	620.00M	334.00M	114.00M	-92.00M	611.00M	-379.00M	-66.00M	275.00M	516.50M	578.50M	431.40M	205.40M	242.10M	103.00M	325.00M	455.60M

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	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
EBITDA	5,546.00M	4,807.00M	5,237.00M	4,106.00M	5,954.00M	5,546.00M	4,551.00M	5,031.00M	5,061.00M	4,577.00M	4,131.00M	3,938.00M	4,526.00M	4,173.00M	4,040.00M	4,075.00M	3,495.00M	2,807.00M	3,899.00M	3,360.00M	3,307.00M	3,382.00M	2,682.00M	1,114.00M	2,053.00M	1,977.00M	1,615.00M	1,622.00M	2,720.00M	2,654.00M	2,445.50M	2,302.20M	2,243.90M	860.40M	886.50M	112.00M	808.10M	825.20M
(-) Tax Adjustment	1,254.66M	1,001.72M	1,112.21M	872.53M	1,239.82M	1,248.49M	929.99M	1,108.23M	1,171.51M	0.00M	1,445.85M	1,378.30M	1,584.10M	1,460.55M	1,414.00M	1,399.30M	1,223.25M	982.45M	1,364.65M	1,161.05M	1,110.74M	829.06M	780.71M	332.68M	715.35M	682.83M	503.88M	517.56M	692.07M	795.14M	855.93M	805.77M	785.37M	301.14M	310.28M	39.20M	282.84M	288.82M
(-) Change In Working Capital	-103.00M	582.00M	625.00M	368.00M	-201.00M	147.00M	131.00M	-139.00M	122.00M	58.00M	305.00M	114.00M	-251.00M	78.00M	5.00M	-53.00M	79.00M	-200.00M	-19.00M	9.00M	62.00M	45.00M	82.00M	86.00M	-84.00M	-176.00M	832.00M	-48.00M	-50.00M	43.00M	-17.20M	145.60M	18.90M	-26.50M	94.50M	-60.00M	92.20M	102.10M
(-) Capital Expenditure	-2,150.00M	-4,202.00M	-2,381.00M	-2,349.00M	-1,948.00M	-1,470.00M	-1,494.00M	-2,019.00M	-1,951.00M	-1,723.00M	-1,887.00M	-2,385.00M	-2,118.00M	-1,971.00M	-2,241.00M	-2,160.00M	-1,470.00M	-1,299.00M	-1,558.00M	-1,341.00M	-1,178.00M	-1,025.00M	-1,041.00M	-720.00M	-689.00M	-746.00M	-731.00M	-912.00M	-956.00M	-875.00M	-688.20M	-658.90M	-712.90M	-669.20M	-716.10M	-659.40M	-669.70M	-651.60M
Unlevered Free Cash Flow	2,244.34M	-978.72M	1,118.79M	516.48M	2,967.18M	2,680.51M	1,996.01M	2,042.77M	1,816.49M	2,796.00M	493.15M	60.70M	1,074.90M	663.45M	380.00M	568.70M	722.75M	725.55M	995.35M	848.95M	956.26M	1,482.94M	778.29M	-24.68M	732.65M	724.17M	-451.88M	240.44M	1,121.93M	940.86M	918.58M	691.93M	726.74M	-83.44M	-234.38M	-526.60M	-236.64M	-217.32M
(-) Net Interest Income After Taxes	-615.92M	-635.66M	-635.61M	-568.58M	-547.90M	-500.58M	-497.28M	-470.95M	-428.07M	-550.00M	-363.35M	-349.05M	-356.20M	-343.85M	-322.40M	-292.85M	-292.50M	-303.55M	-288.60M	-259.16M	0.00M	-375.17M	0.00M	0.00M	0.00M	0.00M	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	-158.00M	586.00M	-4.00M	1,959.00M	1,279.00M	1,092.00M	403.00M	1,004.00M	1,273.00M	-412.00M	94.00M	1,083.00M	-445.00M	739.00M	1,129.00M	501.00M	-139.00M	403.00M	280.00M	-239.00M	-339.00M	-456.00M	-253.00M	-167.00M	-91.00M	230.00M	-494.00M	380.00M	17.00M	3,996.00M	116.00M	-66.00M	-82.20M	-53.70M	87.50M	411.80M	428.90M	10.70M
Levered Free Cash Flow	2,702.26M	242.94M	1,750.40M	3,044.05M	4,794.09M	4,273.08M	2,896.30M	3,517.72M	3,517.55M	2,934.00M	950.50M	1,492.75M	986.10M	1,746.30M	1,831.40M	1,362.55M	876.25M	1,432.10M	1,563.95M	869.11M	617.26M	1,402.11M	525.29M	-191.68M	641.65M	954.17M	-945.88M	620.44M	1,138.93M	4,936.86M	1,034.58M	625.93M	644.54M	-137.14M	-146.88M	-114.80M	192.27M	-206.62M