Vulcan Materials Company (VMC)

Industry: Construction Materials Sector: Basic Materials Currency Used: US Live Price: $305.97

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
Stock Price	307.62	260.82	267.25	255.27	206.51	164.66	179.89	126.94	138.23	113.58	123.78	116.20	88.10	64.04	52.57	45.40	37.76	43.09	48.53	67.57	100.44	83.19	65.95	50.14	38.70	41.06	47.78	44.14	41.53	37.41	27.71	19.73
Market Capitalization	40,667.36M	34,506.49M	35,354.26M	33,778.46M	27,468.32M	21,899.12M	23,885.17M	16,830.08M	18,289.69M	15,038.51M	16,402.65M	15,476.33M	11,700.96M	8,418.03M	6,847.97M	5,890.28M	4,884.55M	5,514.69M	5,800.52M	7,417.57M	9,850.62M	8,127.66M	6,725.29M	5,140.04M	3,944.18M	4,176.03M	4,848.01M	4,460.53M	4,198.71M	3,770.15M	2,817.26M	2,062.50M
(-) Cash & Equivalents	191.30M	347.40M	240.00M	349.08M	394.18M	131.90M	487.65M	804.50M	104.72M	42.82M	564.89M	169.53M	230.03M	182.40M	178.65M	217.02M	119.53M	52.04M	39.99M	75.85M	42.63M	68.85M	271.60M	321.51M	274.21M	97.79M	58.26M	44.14M	64.88M	113.03M	60.38M	23.50M
(+) Total Debt	4,929.90M	5,445.80M	5,280.07M	4,359.03M	4,402.63M	4,641.50M	3,861.30M	3,564.34M	3,256.22M	3,000.79M	2,833.53M	1,982.72M	2,071.09M	2,001.10M	2,584.14M	2,779.40M	2,815.20M	2,737.25M	3,024.94M	3,676.30M	1,308.70M	510.19M	599.34M	694.95M	918.71M	942.06M	1,058.89M	849.31M	906.23M	85.83M	90.98M	108.13M
Enterprise Value	45,405.96M	39,604.89M	40,394.32M	37,788.41M	31,476.77M	26,408.72M	27,258.83M	19,589.93M	21,441.20M	17,996.49M	18,671.29M	17,289.51M	13,542.01M	10,236.72M	9,253.46M	8,452.66M	7,580.22M	8,199.90M	8,785.47M	11,018.02M	11,116.69M	8,568.99M	7,053.03M	5,513.48M	4,588.68M	5,020.30M	5,848.63M	5,265.69M	5,040.06M	3,742.95M	2,847.86M	2,147.13M

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	1995-12-31
Revenue	7,874M	7,398M	7,418M	7,782M	7,315M	5,552M	4,857M	4,929M	4,383M	3,890M	3,593M	3,422M	2,994M	2,771M	2,567M	2,565M	2,559M	2,690M	3,651M	3,328M	3,342M	2,895M	2,454M	2,310M	2,648M	2,866M	2,492M	2,356M	1,776M	1,679M	1,569M	1,461M
Cost of Revenue	5,657M	5,464M	5,418M	5,833M	5,758M	4,179M	3,575M	3,673M	3,282M	2,897M	2,604M	2,565M	2,407M	2,344M	2,233M	2,281M	2,258M	2,245M	2,902M	2,377M	2,411M	2,187M	1,872M	1,754M	2,132M	2,242M	1,702M	1,585M	1,096M	1,075M	1,007M	934M
Gross Profit	2,216M	1,935M	2,000M	1,949M	1,558M	1,373M	1,282M	1,256M	1,101M	994M	989M	858M	588M	427M	334M	284M	301M	446M	750M	951M	932M	709M	583M	556M	516M	624M	790M	771M	680M	603M	562M	527M
Gross Profit Margin	28.1%	26.1%	27.0%	25.0%	21.3%	24.7%	26.4%	25.5%	25.1%	25.5%	27.5%	25.1%	19.6%	15.4%	13.0%	11.1%	11.8%	16.6%	20.5%	28.6%	27.9%	24.5%	23.7%	24.1%	19.5%	21.8%	31.7%	32.7%	38.3%	35.9%	35.8%	36.1%
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
SG&A Expenses	566M	535M	531M	543M	515M	418M	360M	371M	333M	325M	317M	287M	272M	259M	259M	290M	328M	322M	343M	290M	264M	232M	205M	179M	197M	198M	217M	206M	199M	190M	175M	160M
Operating Expenses	575M	601M	635M	521M	606M	363M	386M	378M	353M	354M	323M	308M	49M	236M	249M	220M	315M	298M	501M	236M	237M	232M	205M	179M	197M	168M	449M	413M	337M	320M	288M	271M
Operating Income (EBIT)	1,642M	1,334M	1,365M	1,427M	951M	1,011M	896M	878M	748M	639M	666M	550M	538M	190M	85M	63M	-15M	148M	249M	714M	695M	477M	378M	377M	320M	456M	340M	358M	343M	284M	275M	257M
Operating Income Margin	20.9%	18.0%	18.4%	18.3%	13.0%	18.2%	18.4%	17.8%	17.1%	16.4%	18.5%	16.1%	18.0%	6.9%	3.3%	2.5%	-0.6%	5.5%	6.8%	21.5%	20.8%	16.5%	15.4%	16.3%	12.1%	15.9%	13.7%	15.2%	19.3%	16.9%	17.5%	17.6%
Interest Income	21M	0M	21M	17M	1M	2M	2M	1M	1M	4M	1M	0M	1M	1M	1M	3M	1M	2M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	486M	155M	191M	196M	169M	149M	136M	130M	138M	296M	134M	221M	243M	203M	213M	221M	182M	175M	173M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-465M	-155M	-170M	-180M	-168M	-148M	-134M	-129M	-137M	-291M	-133M	-220M	-242M	-202M	-212M	-217M	-181M	-173M	-170M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	229M	-10M	-22M	-3M	5M	11M	-18M	9M	13M	13M	15M	-2M	3M	8M	7M	0M	3M	5M	-4M	-47M	8M	3M	-3M	-66M	-62M	-132M	-28M	-7M	32M	17M	11M	2M
EBT Excluding Unusual Items	1,177M	1,179M	1,194M	1,248M	783M	863M	761M	748M	610M	348M	533M	330M	296M	-11M	-127M	-154M	-195M	-25M	79M	714M	695M	477M	378M	377M	320M	456M	340M	358M	343M	284M	275M	257M
Pre-Tax Income	1,406M	1,168M	1,172M	1,245M	788M	874M	744M	758M	623M	361M	547M	328M	299M	-4M	-120M	-154M	-192M	-19M	75M	668M	703M	480M	376M	311M	258M	324M	312M	352M	375M	301M	286M	258M
Pre-Tax Margin	17.9%	15.8%	15.8%	16.0%	10.8%	15.7%	15.3%	15.4%	14.2%	9.3%	15.2%	9.6%	10.0%	-0.1%	-4.7%	-6.0%	-7.5%	-0.7%	2.1%	20.1%	21.0%	16.6%	15.3%	13.5%	9.7%	11.3%	12.5%	14.9%	21.1%	17.9%	18.2%	17.7%
Income Tax Expense	280M	314M	251M	299M	193M	200M	156M	135M	105M	-232M	125M	95M	92M	-24M	-66M	-78M	-90M	-38M	77M	204M	226M	136M	114M	88M	67M	101M	92M	112M	119M	91M	97M	92M
Net Income	1,123M	846M	912M	933M	576M	671M	585M	618M	516M	601M	419M	221M	205M	24M	-53M	-71M	-96M	30M	-4M	451M	468M	389M	287M	195M	170M	223M	220M	240M	256M	209M	189M	166M
Net Income Margin	14.3%	11.4%	12.3%	12.0%	7.9%	12.1%	12.0%	12.5%	11.8%	15.5%	11.7%	6.5%	6.8%	0.9%	-2.0%	-2.8%	-3.8%	1.1%	-0.1%	13.5%	14.0%	13.4%	11.7%	8.4%	6.4%	7.8%	8.8%	10.2%	14.4%	12.5%	12.0%	11.4%
Depreciation & Amortization	712M	607M	618M	603M	573M	450M	397M	375M	346M	306M	285M	263M	268M	296M	324M	354M	373M	395M	389M	271M	226M	223M	245M	277M	268M	278M	232M	207M	138M	129M	113M	111M
EBITDA	2,354M	1,941M	1,982M	2,031M	1,525M	1,461M	1,293M	1,252M	1,094M	945M	951M	813M	806M	487M	409M	417M	359M	543M	638M	986M	921M	700M	623M	654M	587M	734M	573M	565M	481M	413M	387M	367M
EBITDA Margin	29.9%	26.2%	26.7%	26.1%	20.8%	26.3%	26.6%	25.4%	25.0%	24.3%	26.5%	23.8%	26.9%	17.6%	15.9%	16.3%	14.0%	20.2%	17.5%	29.6%	27.6%	24.2%	25.4%	28.3%	22.2%	25.6%	23.0%	24.0%	27.1%	24.6%	24.7%	25.1%
NOPAT	1,314M	976M	1,072M	1,084M	718M	779M	708M	721M	621M	1,050M	514M	391M	373M	150M	67M	50M	-11M	117M	-6M	496M	472M	341M	263M	270M	236M	313M	240M	244M	234M	197M	181M	165M
NOPAT Margin	16.7%	13.2%	14.4%	13.9%	9.8%	14.0%	14.6%	14.6%	14.2%	27.0%	14.3%	11.4%	12.5%	5.4%	2.6%	2.0%	-0.4%	4.4%	-0.2%	14.9%	14.1%	11.8%	10.7%	11.7%	8.9%	10.9%	9.6%	10.4%	13.2%	11.8%	11.6%	11.3%
Owner's Earnings	1,180M	806M	926M	664M	536M	669M	619M	608M	393M	448M	354M	195M	248M	45M	178M	184M	191M	315M	32M	239M	259M	396M	329M	278M	189M	214M	-153M	-648M	190M	165M	150M	168M
Owner's Earnings Margin	15.0%	10.9%	12.5%	8.5%	7.3%	12.1%	12.7%	12.3%	9.0%	11.5%	9.9%	5.7%	8.3%	1.6%	6.9%	7.2%	7.5%	11.7%	0.9%	7.2%	7.7%	13.7%	13.4%	12.0%	7.1%	7.5%	-6.1%	-27.5%	10.7%	9.8%	9.5%	11.5%
EPS (Basic)	8.48	6.39	6.89	7.02	4.33	5.05	4.41	4.67	3.90	4.54	3.15	1.66	1.56	0.19	-0.41	-0.55	-0.75	0.25	-0.04	4.65	4.82	3.81	2.81	1.91	1.67	2.20	2.18	2.38	2.54	2.06	1.79	1.54
EPS (Diluted)	8.44	6.35	6.85	6.98	4.31	5.02	4.39	4.63	3.85	4.46	3.09	1.64	1.54	0.19	-0.41	-0.55	-0.75	0.25	-0.04	4.54	4.69	3.73	2.77	1.90	1.66	2.17	2.16	2.35	2.50	2.03	1.78	1.53
Shares (Basic)	132M	132M	132M	133M	133M	133M	133M	132M	132M	133M	133M	133M	131M	130M	128M	129M	128M	119M	110M	97M	98M	102M	102M	102M	102M	101M	101M	101M	101M	102M	106M	108M
Shares (Diluted)	133M	133M	133M	134M	134M	134M	133M	133M	134M	135M	136M	135M	133M	131M	130M	129M	128M	119M	111M	99M	100M	104M	104M	103M	103M	103M	102M	102M	102M	103M	106M	109M

Product Segments

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
Aggregates	7,863.50M	5,990.80M	5,949.60M	5,909.90M	5,272.80M	4,345.00M	3,672.88M	3,669.46M	3,513.65M	3,096.09M	2,961.84M	2,777.76M	2,346.40M	1,899.00M	1,729.40M	1,734.00M	1,766.90M
Asphalt	1,672.00M	1,204.80M	1,245.60M	1,140.70M	990.20M	777.80M	792.61M	855.82M	733.18M	622.07M	—	—	—	—	—	—	—
Calcium	—	2.00M	—	9.00M	7.80M	6.90M	7.72M	8.19M	8.11M	7.74M	8.86M	8.60M	25.00M	—	—	—	—
Concrete	965.90M	746.10M	653.50M	1,249.30M	1,593.90M	766.80M	383.62M	395.63M	402.00M	417.75M	330.13M	299.25M	375.80M	471.70M	406.40M	374.70M	383.20M

Geographic Segments

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
East	3,126.00M	2,208.00M	2,296.90M	2,229.60M	2,379.70M	1,669.50M	1,604.01M	1,682.55M	1,523.33M	—	—	—	—	—
Gulf Coast	4,584.00M	3,586.70M	3,529.10M	4,105.20M	3,703.90M	2,612.40M	2,422.53M	2,386.71M	2,033.45M	—	—	—	—	—
Non Us	—	—	—	—	—	—	—	—	—	17.80M	13.24M	—	—	—
Nondomestic	—	—	—	—	—	—	—	—	—	—	—	11.41M	14.70M	12.34M
West	2,791.40M	2,046.50M	2,022.70M	1,974.10M	1,781.10M	1,100.60M	1,101.69M	1,180.65M	1,100.16M	—	—	—	—	—

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
Cash & Cash Equivalents	191.30M	347.40M	559.70M	931.10M	161.40M	235.00M	1,197.10M	271.59M	40.04M	141.65M	258.99M	284.06M	141.27M	193.74M	275.48M	155.84M	47.54M	22.27M	10.19M	34.89M	55.23M	275.14M	271.45M	416.69M	170.73M	100.80M	55.28M	52.80M	180.60M	128.60M	50.80M	21.90M
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	0.00M	0.00M	0.00M	0.00M	4.11M	36.73M	0.00M	0.00M	175.14M	179.21M	4.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	191.30M	347.40M	559.70M	931.10M	161.40M	235.00M	1,197.10M	271.59M	40.04M	141.65M	258.99M	284.06M	141.27M	193.74M	275.48M	155.84M	47.54M	26.38M	46.93M	34.89M	55.23M	450.28M	450.66M	421.66M	170.73M	100.80M	55.28M	52.80M	180.60M	128.60M	50.80M	21.90M
Net Receivables	1,184.80M	1,078.90M	892.30M	889.70M	1,045.30M	838.70M	556.30M	570.12M	540.78M	588.34M	491.82M	418.02M	373.84M	339.62M	296.98M	314.89M	317.80M	268.02M	356.98M	421.86M	391.46M	476.37M	281.61M	359.95M	332.13M	340.06M	381.87M	329.70M	221.30M	199.80M	185.50M	181.10M
Inventory	687.10M	725.50M	681.80M	615.60M	579.30M	521.30M	448.59M	458.31M	429.33M	384.34M	345.62M	347.07M	321.80M	344.61M	335.02M	327.66M	319.85M	325.03M	364.31M	356.32M	243.54M	197.75M	177.18M	219.38M	239.59M	228.42M	199.04M	178.70M	143.70M	132.40M	128.60M	126.80M
Other Current Assets	205.20M	91.70M	131.90M	88.50M	116.00M	101.60M	75.20M	79.31M	69.00M	5.00M	9.03M	1.15M	54.91M	50.98M	55.78M	43.11M	68.46M	71.09M	71.21M	303.99M	25.58M	23.18M	492.66M	34.36M	37.70M	53.04M	58.32M	63.50M	30.80M	26.30M	29.10M	32.30M
Total Current Assets	2,268.40M	2,243.50M	2,265.70M	2,524.90M	1,902.00M	1,696.60M	2,277.19M	1,379.33M	1,079.15M	1,119.32M	1,105.46M	1,050.31M	891.83M	928.95M	963.26M	841.50M	753.64M	690.52M	839.42M	1,117.05M	715.81M	1,147.58M	1,402.11M	1,035.35M	780.14M	722.32M	694.50M	624.70M	576.40M	487.10M	394.00M	362.10M
Property, Plant & Equipment	15,163.60M	8,882.90M	8,987.90M	6,729.40M	6,623.90M	6,238.20M	4,849.13M	4,724.23M	4,237.31M	3,918.93M	3,261.44M	3,156.29M	3,071.63M	3,312.02M	3,159.19M	3,418.18M	3,632.91M	3,874.67M	4,155.81M	3,620.09M	1,869.11M	1,603.97M	1,536.49M	1,892.65M	1,976.05M	2,000.03M	1,848.63M	1,639.70M	895.80M	808.40M	764.50M	698.00M
Goodwill	3,839.50M	3,831.80M	3,788.10M	3,531.70M	3,689.60M	3,696.70M	3,172.11M	3,167.06M	3,165.40M	3,122.32M	3,094.82M	3,094.82M	3,094.82M	3,081.52M	3,086.72M	3,086.72M	3,097.02M	3,093.98M	3,083.01M	3,789.09M	620.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	1,796.00M	1,831.60M	1,714.70M	1,460.70M	1,702.10M	1,749.00M	1,123.54M	1,091.48M	1,095.38M	1,063.63M	769.05M	766.58M	758.24M	697.58M	692.53M	697.50M	691.69M	682.64M	673.79M	0.00M	0.00M	617.08M	600.18M	579.82M	575.79M	588.56M	562.04M	454.80M	94.00M	0.00M	0.00M	0.00M
Long-Term Investments	33.60M	32.90M	31.30M	31.30M	31.80M	34.10M	34.30M	60.71M	44.62M	35.12M	39.23M	40.56M	41.65M	42.39M	42.08M	29.00M	37.39M	33.28M	28.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-6,122.60M	152.00M	317.10M	267.70M	285.20M	268.00M	230.70M	226.00M	210.29M	184.79M	169.75M	158.79M	154.28M	174.14M	161.11M	134.81M	106.78M	105.09M	79.66M	369.96M	207.34M	203.11M	110.50M	114.15M	106.69M	94.71M	123.39M	120.30M	92.40M	153.70M	162.10M	155.70M
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
Total Non-Current Assets	14,710.10M	14,731.20M	14,839.10M	12,020.80M	12,332.60M	11,986.00M	9,409.78M	9,269.47M	8,752.99M	8,324.79M	7,334.29M	7,217.04M	7,120.63M	7,307.65M	7,141.63M	7,366.21M	7,565.79M	7,789.66M	8,020.28M	7,779.14M	2,696.64M	2,424.16M	2,247.17M	2,586.62M	2,658.53M	2,683.30M	2,534.07M	2,214.80M	1,082.20M	962.10M	926.60M	853.70M
Total Assets	16,978.50M	16,974.70M	17,104.80M	14,545.70M	14,234.60M	13,682.60M	11,686.97M	10,648.79M	9,832.13M	9,444.11M	8,439.75M	8,267.35M	8,012.46M	8,236.59M	8,104.89M	8,207.72M	8,319.43M	8,480.18M	8,859.70M	8,896.19M	3,412.45M	3,571.75M	3,649.29M	3,621.97M	3,438.67M	3,405.62M	3,228.57M	2,839.50M	1,658.60M	1,449.20M	1,320.60M	1,215.80M
Accounts Payable	422.60M	383.50M	407.00M	390.40M	454.50M	365.50M	273.10M	265.16M	216.47M	197.34M	145.04M	175.73M	145.15M	139.35M	113.34M	103.93M	102.32M	121.32M	147.10M	219.55M	154.22M	142.22M	95.31M	129.36M	122.05M	153.62M	181.32M	136.10M	107.40M	112.50M	98.50M	98.30M
Short-Term Debt	58.00M	550.50M	400.50M	0.50M	100.50M	5.20M	515.40M	0.03M	133.02M	41.38M	0.14M	0.13M	150.14M	0.17M	150.60M	134.76M	290.75M	621.89M	1,394.19M	2,126.68M	199.53M	272.07M	3.23M	278.72M	78.94M	61.14M	277.09M	107.90M	7.80M	9.10M	8.30M	10.60M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	132.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	403.90M	407.90M	276.20M	238.10M	268.90M	258.50M	147.80M	153.98M	141.46M	105.28M	125.86M	76.43M	0.52M	0.00M	0.80M	0.00M	48.96M	38.52M	0.00M	7.71M	5.80M	37.87M	229.27M	0.00M	0.00M	0.00M	113.83M	142.60M	96.30M	86.10M	87.90M	68.50M
Total Current Liabilities	1,016.80M	1,341.90M	1,083.70M	629.00M	823.90M	629.20M	936.30M	419.17M	490.96M	344.00M	271.04M	252.29M	295.81M	139.52M	264.74M	238.69M	442.02M	781.73M	1,541.29M	2,353.94M	359.55M	452.16M	327.80M	408.08M	200.99M	214.76M	572.23M	386.60M	211.50M	207.70M	194.70M	177.40M
Long-Term Debt	4,360.40M	4,359.20M	4,906.90M	3,877.30M	3,875.20M	3,874.80M	2,772.20M	2,784.32M	2,779.36M	2,813.48M	1,982.75M	1,980.33M	1,834.64M	2,522.24M	2,526.40M	2,680.68M	2,427.52M	2,116.12M	2,153.59M	1,529.83M	322.06M	323.39M	604.52M	607.65M	857.76M	906.30M	685.36M	698.90M	76.50M	81.90M	85.50M	90.30M
Capital Lease Obligations	506.20M	536.10M	521.40M	507.40M	548.40M	642.50M	399.58M	388.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1,391.90M	1,323.60M	1,336.50M	1,028.90M	1,072.80M	1,005.90M	706.10M	633.04M	567.28M	464.08M	702.85M	681.10M	691.14M	701.08M	657.37M	732.53M	843.60M	893.97M	920.48M	671.52M	287.91M	275.07M	348.61M	338.91M	345.18M	318.55M	268.80M	250.80M	98.50M	88.70M	87.00M	85.90M
Other Non-Current Liabilities	808.50M	849.90M	820.60M	681.30M	669.60M	655.30M	559.80M	506.10M	493.64M	624.09M	642.76M	624.88M	672.77M	578.84M	671.78M	618.24M	530.28M	620.85M	625.74M	446.83M	319.46M	284.87M	271.33M	252.52M	157.93M	144.50M	127.06M	179.50M	118.40M	79.40M	69.70M	65.60M
Total Non-Current Liabilities	7,067.00M	7,068.80M	7,585.40M	6,094.90M	6,166.00M	6,178.50M	4,437.68M	4,311.49M	3,840.28M	3,901.65M	3,328.37M	3,286.31M	3,198.55M	3,802.16M	3,855.54M	4,031.44M	3,801.39M	3,630.94M	3,699.81M	2,648.17M	929.43M	883.33M	1,224.47M	1,199.09M	1,360.87M	1,369.34M	1,081.22M	1,129.20M	293.40M	250.00M	242.20M	241.80M
Total Liabilities	8,083.80M	8,410.70M	8,669.10M	6,723.90M	6,989.90M	6,807.70M	5,373.98M	4,730.66M	4,331.24M	4,245.65M	3,599.41M	3,538.59M	3,494.36M	3,941.67M	4,120.28M	4,270.14M	4,243.41M	4,412.67M	5,241.10M	5,002.11M	1,288.97M	1,335.49M	1,552.27M	1,607.17M	1,561.86M	1,584.11M	1,653.45M	1,515.80M	504.90M	457.70M	436.90M	419.20M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	132.00M	132.00M	132.10M	132.10M	132.90M	132.70M	132.50M	132.37M	131.76M	132.32M	132.34M	133.17M	131.91M	130.20M	129.72M	129.25M	128.57M	125.91M	110.27M	108.23M	139.71M	139.71M	139.71M	139.71M	139.71M	139.71M	139.71M	139.70M	139.70M	0.00M	0.00M	0.00M
Retained Earnings	5,805.10M	5,494.90M	5,213.80M	4,615.00M	4,111.40M	3,748.50M	3,274.10M	2,895.87M	2,444.87M	2,180.45M	1,771.52M	1,618.51M	1,471.85M	1,295.83M	1,276.65M	1,334.48M	1,512.86M	1,752.24M	1,862.91M	2,083.72M	2,972.74M	2,637.43M	2,366.92M	2,185.84M	2,090.32M	2,015.81M	1,884.27M	1,749.20M	1,588.10M	1,449.90M	1,304.40M	1,174.20M
Accumulated OCI	-123.10M	-124.50M	-127.40M	-143.80M	-154.70M	-152.70M	-181.30M	-197.74M	-172.22M	-149.47M	-139.38M	-120.07M	-161.71M	-99.63M	-225.52M	-216.84M	-177.34M	-194.36M	-185.28M	-40.22M	-4.95M	-2.21M	-1.31M	2.65M	2.44M	-8.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	22.90M	22.80M	23.90M	24.50M	23.60M	22.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.41M	0.41M	0.00M	0.00M	0.00M	91.99M	92.66M	95.14M	103.63M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	5,814.00M	5,502.40M	5,218.50M	4,603.30M	4,089.60M	3,728.50M	3,225.30M	2,830.50M	2,404.42M	2,163.31M	1,764.48M	1,631.61M	1,442.04M	1,326.40M	1,180.85M	1,246.88M	1,464.09M	1,683.79M	1,787.90M	2,151.74M	3,107.49M	2,774.92M	2,505.31M	2,328.19M	2,232.46M	2,147.43M	2,023.97M	1,888.90M	1,727.80M	1,449.90M	1,304.40M	1,174.20M
Total Equity	5,836.90M	5,525.20M	5,242.40M	4,627.80M	4,113.20M	3,751.20M	3,225.30M	2,830.50M	2,404.42M	2,163.31M	1,764.48M	1,631.61M	1,442.04M	1,326.40M	1,180.85M	1,246.88M	1,464.09M	1,683.79M	1,788.31M	2,152.15M	3,107.49M	2,774.92M	2,505.31M	2,420.18M	2,325.12M	2,242.58M	2,127.60M	1,888.90M	1,727.80M	1,449.90M	1,304.40M	1,174.20M
Total Liabilities & Equity	13,920.70M	13,935.90M	13,911.50M	11,351.70M	11,103.10M	10,558.90M	8,599.28M	7,561.17M	6,735.66M	6,408.96M	5,363.89M	5,170.20M	4,936.40M	5,268.08M	5,301.14M	5,517.01M	5,707.50M	6,096.47M	7,029.41M	7,154.25M	4,396.46M	4,110.41M	4,057.58M	4,027.35M	3,886.98M	3,826.68M	3,781.05M	3,404.70M	2,232.70M	1,907.60M	1,741.30M	1,593.40M
Tangible Assets	11,343.00M	11,311.30M	11,602.00M	9,553.30M	8,842.90M	8,236.90M	7,391.31M	6,390.26M	5,571.36M	5,258.16M	4,575.87M	4,405.95M	4,159.39M	4,457.50M	4,325.64M	4,423.50M	4,530.72M	4,703.56M	5,102.90M	5,107.10M	2,792.26M	2,954.66M	3,049.11M	3,042.15M	2,862.88M	2,817.06M	2,666.53M	2,384.70M	1,564.60M	1,449.20M	1,320.60M	1,215.80M
Tangible Equity	201.40M	-138.20M	-260.40M	-364.60M	-1,278.50M	-1,694.50M	-1,070.36M	-1,428.03M	-1,856.36M	-2,022.65M	-2,099.40M	-2,229.79M	-2,411.03M	-2,452.70M	-2,598.40M	-2,537.34M	-2,324.62M	-2,092.83M	-1,968.50M	-1,636.95M	2,487.30M	2,157.84M	1,905.13M	1,840.36M	1,749.33M	1,654.01M	1,565.56M	1,434.10M	1,633.80M	1,449.90M	1,304.40M	1,174.20M
Tangible Book Value	201.40M	-138.20M	-260.40M	-364.60M	-1,278.50M	-1,694.50M	-1,070.36M	-1,428.03M	-1,856.36M	-2,022.65M	-2,099.40M	-2,229.79M	-2,411.03M	-2,452.70M	-2,598.40M	-2,537.34M	-2,324.62M	-2,092.83M	-1,968.50M	-1,636.95M	2,487.30M	2,157.84M	1,905.13M	1,840.36M	1,749.33M	1,654.01M	1,565.56M	1,434.10M	1,633.80M	1,449.90M	1,304.40M	1,174.20M
Total Investments	33.60M	32.90M	31.30M	31.30M	31.80M	34.10M	34.30M	60.71M	44.62M	35.12M	39.23M	40.56M	41.65M	42.39M	42.08M	29.00M	37.39M	37.39M	64.73M	0.00M	0.00M	175.14M	179.21M	4.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	4,227.10M	4,562.30M	4,747.70M	2,946.70M	3,814.30M	3,645.00M	2,090.50M	2,512.75M	2,872.34M	2,713.22M	1,723.90M	1,696.40M	1,843.51M	2,328.68M	2,401.53M	2,659.60M	2,670.72M	2,715.75M	3,537.58M	3,621.62M	466.36M	320.32M	336.30M	469.69M	765.97M	866.64M	907.17M	754.00M	-96.30M	-37.60M	43.00M	79.00M

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	1995-12-31
Working Capital	1,251.6M	901.6M	1,026.6M	1,727.3M	945.4M	921.8M	1,229.3M	843.8M	476.6M	737.2M	747.6M	731.1M	468.6M	656.8M	548.6M	456.8M	189.8M	-112.4M	-769.2M	-1,371.0M	243.9M	585.7M	991.3M	507.3M	492.0M	385.5M	122.3M	238.1M	364.9M	279.4M	199.3M	184.7M
Total Capital	13,664.1M	13,852.7M	13,947.4M	11,868.6M	11,452.7M	11,067.5M	9,714.5M	8,794.2M	8,115.3M	7,823.8M	6,555.4M	6,434.7M	6,161.5M	6,460.5M	6,438.1M	6,607.1M	6,683.2M	6,790.0M	7,070.5M	7,416.1M	2,522.7M	2,722.0M	2,621.7M	2,689.2M	2,633.7M	2,571.7M	2,433.9M	2,130.5M	1,238.0M	1,082.5M	977.5M	897.5M
Capital Employed	15,961.7M	15,632.8M	15,865.7M	13,748.1M	13,278.0M	12,913.3M	10,639.0M	10,113.2M	9,229.6M	9,062.0M	8,081.9M	7,948.2M	7,610.0M	7,964.5M	7,690.2M	7,823.1M	7,755.5M	7,677.3M	7,251.1M	6,408.2M	2,936.7M	3,009.9M	3,238.4M	3,093.9M	3,150.5M	3,053.7M	2,656.3M	2,452.9M	1,447.1M	1,241.5M	1,125.9M	1,038.4M
Invested Capital	13,472.8M	13,505.3M	13,387.7M	10,937.5M	11,291.3M	10,832.5M	8,517.4M	8,522.7M	8,075.2M	7,682.1M	6,296.4M	6,150.6M	6,020.2M	6,266.8M	6,162.6M	6,451.2M	6,635.7M	6,767.8M	7,060.3M	7,381.2M	2,467.5M	2,446.9M	2,350.3M	2,272.5M	2,463.0M	2,470.9M	2,378.7M	2,077.7M	1,057.4M	953.9M	926.7M	875.6M

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
Net Income	1,118.80M	847.70M	913.10M	914.60M	576.50M	670.40M	584.48M	617.66M	515.81M	601.19M	419.49M	221.18M	204.92M	24.38M	-52.59M	-70.78M	-96.49M	30.31M	-4.12M	450.91M	467.53M	388.76M	287.39M	194.95M	169.88M	222.68M	219.89M	239.70M	255.90M	209.10M	188.60M	166.20M
Depreciation & Amortization	727.00M	620.90M	632.20M	617.00M	587.50M	418.70M	392.81M	350.84M	331.30M	275.21M	256.07M	245.17M	251.16M	283.40M	313.40M	368.80M	288.69M	337.01M	389.06M	271.48M	224.70M	220.96M	245.05M	277.09M	267.68M	278.21M	232.37M	207.10M	137.80M	120.60M	112.60M	110.70M
Deferred Income Tax	20.90M	-37.30M	-9.40M	-43.30M	57.70M	66.80M	62.02M	76.01M	64.64M	-235.70M	33.59M	3.07M	18.38M	-35.06M	-69.83M	-93.74M	-51.68M	-43.77M	-22.39M	-8.49M	0.00M	0.00M	0.00M	8.86M	44.99M	34.91M	8.27M	-28.00M	6.30M	3.90M	4.10M	5.90M
Stock-Based Compensation	63.40M	59.60M	53.40M	63.20M	41.10M	34.70M	33.00M	31.84M	25.22M	26.64M	20.67M	18.25M	23.88M	22.09M	17.47M	18.45M	20.64M	23.12M	0.00M	0.00M	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	239.00M	-81.60M	-277.40M	-33.40M	-224.30M	-143.90M	-32.70M	-147.22M	-6.97M	-169.35M	-92.79M	-23.12M	-93.32M	-53.95M	20.38M	-11.91M	19.94M	90.28M	-101.78M	16.35M	-95.40M	-109.02M	14.98M	11.55M	-54.52M	-20.36M	-42.38M	-13.00M	-44.20M	-9.90M	23.90M	-3.20M
Accounts Receivable	0.00M	28.20M	63.20M	28.20M	-53.30M	-42.00M	13.40M	-29.73M	63.23M	-81.56M	-72.76M	-42.16M	-25.12M	-42.26M	17.41M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	-54.60M	-27.40M	0.00M	-49.50M	8.30M	9.80M	-28.27M	-34.98M	-14.12M	1.63M	-20.93M	-5.60M	-7.70M	-9.03M	-6.93M	6.71M	39.29M	-7.63M	-29.51M	-28.55M	-6.21M	5.82M	20.61M	-7.55M	-15.63M	-8.45M	-11.50M	-8.80M	-3.80M	3.90M	-11.90M
Accounts Payable	0.00M	26.40M	-193.00M	-25.10M	-17.40M	-23.30M	0.00M	21.79M	40.18M	9.82M	30.35M	26.49M	4.23M	15.49M	27.09M	0.00M	0.00M	0.00M	0.00M	0.00M	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	239.00M	-81.60M	-120.20M	-36.50M	-104.10M	-86.90M	-55.90M	-111.00M	-110.39M	-179.18M	-151.43M	-76.10M	-97.55M	-75.89M	-24.13M	15.97M	13.23M	-28.94M	-85.17M	0.00M	-70.03M	-102.81M	64.88M	42.17M	-55.40M	-4.73M	-33.93M	-1.50M	-35.40M	2.60M	20.00M	8.70M
Other Non-Cash Items	-459.00M	41.80M	97.70M	18.70M	109.70M	-34.80M	30.75M	50.19M	-112.15M	115.94M	5.35M	35.67M	-173.03M	122.10M	9.65M	-15.32M	-52.81M	16.09M	112.20M	-5.75M	-15.97M	-29.42M	-22.51M	-24.63M	38.45M	-3.37M	0.00M	-2.80M	16.60M	-0.90M	16.30M	-13.10M
Net Cash from Operating Activities	1,710.10M	1,451.10M	1,409.60M	1,536.80M	1,148.20M	1,011.90M	1,070.36M	984.12M	832.78M	644.68M	644.59M	503.38M	260.34M	356.50M	238.48M	169.04M	202.71M	453.04M	435.19M	708.14M	579.35M	473.18M	580.62M	519.05M	458.04M	512.07M	418.16M	403.00M	362.60M	340.10M	345.50M	266.50M
Capital Expenditures (PPE)	-655.40M	-647.30M	-603.50M	-872.60M	-612.60M	-451.30M	-362.19M	-384.09M	-469.09M	-459.57M	-350.15M	-289.26M	-224.85M	-275.38M	-93.36M	-98.91M	-86.32M	-109.73M	-353.20M	-483.32M	-435.21M	-215.65M	-203.80M	-193.92M	-248.78M	-286.85M	-605.49M	-1,095.10M	-203.30M	-173.30M	-151.70M	-109.20M
Acquisitions (Net)	-2,068.30M	348.00M	-2,266.20M	614.50M	-479.20M	-1,639.40M	-42.26M	-42.41M	-210.16M	-822.43M	-32.54M	-27.20M	437.12M	-38.35M	21.17M	64.21M	-19.58M	-20.91M	141.73M	-3,267.34M	121.39M	-93.97M	-34.56M	-3.54M	-43.45M	-138.79M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	13.60M	17.75M	-1.20M	88.94M	32.77M	-313.49M	-378.46M	-10.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.20M	-1.20M	-2.20M
Sales / Maturities of 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	0.00M	0.00M	0.00M	3.65M	33.28M	25.54M	5.03M	175.14M	318.16M	473.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	99.70M	3.20M	54.80M	94.60M	38.80M	216.60M	22.94M	10.66M	9.36M	12.51M	17.61M	6.72M	26.06M	17.54M	82.59M	15.23M	0.27M	-0.40M	-1.91M	2.40M	0.91M	155.77M	48.38M	81.70M	25.89M	38.99M	75.58M	119.20M	2.50M	16.40M	-52.90M	5.00M
Net Cash from Investing Activities	-2,624.00M	-296.10M	-2,814.90M	-163.50M	-1,053.00M	-1,874.10M	-381.51M	-415.84M	-669.89M	-1,269.49M	-365.08M	-309.74M	238.33M	-296.19M	10.40M	-19.48M	-88.38M	-80.00M	-189.04M	-3,654.30M	-105.01M	-149.17M	-94.51M	-125.99M	-266.34M	-386.66M	-529.91M	-975.90M	-200.80M	-156.70M	-205.80M	-106.40M
Net Debt Issuance	-956.40M	-570.40M	1,436.50M	-103.90M	89.50M	121.50M	498.40M	-133.02M	45.43M	736.69M	-0.13M	-67.44M	-579.83M	-150.60M	-134.78M	52.27M	-20.22M	-812.03M	-108.72M	3,104.93M	-73.63M	-11.60M	-278.99M	-50.14M	-31.27M	5.35M	154.56M	490.70M	-6.70M	-4.60M	-7.20M	-43.90M
Long-Term Debt Issuance	-406.40M	-570.40M	1,987.00M	-3.90M	-10.50M	121.50M	748.40M	-0.02M	-42.06M	736.69M	-0.13M	-67.44M	-579.83M	-150.60M	-134.78M	52.27M	450.00M	35.94M	900.28M	1,214.37M	0.00M	-8.25M	-0.20M	-50.14M	-31.27M	5.35M	154.56M	490.70M	-6.70M	-4.60M	-7.20M	-43.90M
Short-Term Debt Issuance	-550.00M	0.00M	-550.50M	-100.00M	100.00M	0.00M	-250.00M	-133.00M	133.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-470.22M	-847.96M	-1,009.00M	1,890.56M	-73.63M	-3.35M	-278.79M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-46.60M	-219.10M	-68.80M	-200.00M	-18.50M	-19.10M	-26.13M	-41.10M	-133.98M	-60.30M	-161.46M	51.50M	30.62M	3.82M	10.46M	8.55M	62.24M	606.55M	79.67M	30.27M	-493.91M	-190.54M	21.51M	5.12M	4.44M	5.55M	0.00M	-12.50M	-65.00M	-43.10M	-45.20M	-50.10M
Common Stock 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	30.62M	3.82M	0.00M	4.94M	41.73M	606.55M	55.07M	35.07M	28.89M	37.94M	21.51M	5.12M	4.44M	5.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-46.60M	-219.10M	-68.80M	-200.00M	-18.50M	-19.10M	-26.13M	-2.60M	-133.98M	-60.30M	-161.46M	-21.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.80M	-522.80M	-228.48M	0.00M	0.00M	0.00M	0.00M	0.00M	-12.50M	-65.00M	-43.10M	-45.20M	-50.10M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.03M	-38.50M	0.00M	0.00M	0.00M	72.97M	0.00M	0.00M	0.00M	3.62M	20.50M	0.00M	24.60M	0.00M	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	-256.20M	-240.40M	-244.40M	-228.40M	-212.60M	-196.40M	-180.22M	-163.97M	-148.11M	-132.34M	-106.33M	-53.21M	-28.88M	-5.19M	-5.18M	-98.17M	-127.79M	-171.47M	-214.78M	-181.32M	-144.08M	-118.23M	-106.33M	-99.58M	-95.38M	-91.08M	-84.77M	-78.70M	-70.00M	-63.60M	-58.40M	-51.80M
Common Dividends Paid	-256.20M	-240.40M	-244.40M	-228.40M	-212.60M	-196.40M	-180.22M	-163.97M	-148.11M	-132.34M	-106.33M	-53.21M	-28.88M	-5.19M	-5.18M	-98.17M	-127.79M	-171.47M	-214.78M	-181.32M	-144.08M	-118.23M	-106.33M	-99.58M	-95.38M	-91.08M	-84.77M	-78.70M	-70.00M	-63.60M	-58.40M	-51.80M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1,934.00M	-35.80M	-66.40M	-53.30M	-33.60M	-0.30M	-57.39M	-0.09M	-28.47M	-40.61M	-36.66M	18.31M	26.96M	9.92M	0.27M	-3.92M	-3.28M	15.99M	-27.01M	-28.08M	17.38M	0.05M	1.38M	-2.50M	2.95M	-0.03M	44.40M	45.70M	31.90M	0.00M	0.00M	-0.10M
Net Cash from Financing Activities	674.80M	-1,065.70M	1,056.90M	-585.60M	-175.20M	-94.30M	234.66M	-338.18M	-265.13M	503.44M	-304.59M	-50.85M	-551.13M	-142.05M	-129.24M	-41.27M	-89.05M	-360.96M	-270.84M	2,925.81M	-694.25M	-320.32M	-362.43M	-147.10M	-125.24M	-78.08M	114.20M	445.20M	-109.80M	-111.30M	-110.80M	-145.90M
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	-4.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.10M	-161.80M	-189.10M	-139.70M	-160.10M
Net Change in Cash	-239.10M	89.30M	-348.40M	787.70M	-80.00M	-956.50M	923.51M	230.10M	-102.24M	-121.37M	-25.07M	142.79M	-52.47M	-77.28M	119.64M	108.30M	25.28M	12.07M	-24.69M	-20.34M	-219.91M	3.69M	123.68M	245.96M	69.93M	45.53M	2.44M	-127.80M	-109.80M	-111.30M	-110.80M	-145.90M
Cash at Beginning of Period	1,579.00M	1,705.90M	949.20M	161.50M	241.50M	1,198.00M	274.51M	44.40M	146.65M	268.02M	284.06M	141.27M	193.74M	275.48M	155.84M	47.54M	22.27M	10.19M	34.89M	55.23M	275.14M	271.45M	147.77M	170.73M	100.80M	55.28M	52.83M	180.60M	128.60M	50.80M	21.90M	7.70M
Cash at End of Period	1,339.90M	1,795.20M	600.80M	949.20M	161.50M	241.50M	1,198.01M	274.51M	44.40M	146.65M	258.99M	284.06M	141.27M	198.20M	275.48M	155.84M	47.54M	22.27M	10.19M	34.89M	55.23M	275.14M	271.45M	416.69M	170.73M	100.80M	55.28M	52.80M	18.80M	-60.50M	-88.90M	-138.20M
Operating Cash Flow	1,710.10M	1,451.10M	1,409.60M	1,536.80M	1,148.20M	1,011.90M	1,070.36M	984.12M	832.78M	644.68M	644.59M	503.38M	260.34M	360.96M	238.48M	169.04M	202.71M	453.04M	435.19M	708.14M	579.35M	473.18M	580.62M	519.05M	461.50M	510.26M	418.16M	403.00M	362.60M	345.80M	345.50M	266.50M
Capital Expenditure	-655.40M	-647.30M	-603.50M	-872.60M	-612.60M	-451.30M	-362.19M	-384.09M	-469.09M	-459.57M	-350.15M	-289.26M	-224.85M	-275.38M	-93.36M	-98.91M	-86.32M	-109.73M	-353.20M	-483.32M	-435.21M	-215.65M	-203.80M	-193.92M	-248.78M	-286.85M	-605.49M	-1,095.10M	-203.30M	-173.30M	-151.70M	-109.20M
Free Cash Flow	1,054.70M	803.80M	806.10M	664.20M	535.60M	560.60M	708.17M	600.03M	363.69M	185.11M	294.44M	214.12M	35.48M	85.58M	145.12M	70.13M	116.38M	343.31M	81.99M	224.82M	144.14M	257.54M	376.82M	325.12M	212.72M	223.41M	-187.33M	-692.10M	159.30M	172.50M	193.80M	157.30M

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
EBITDA	2,362.40M	2,006.30M	2,086.00M	2,008.80M	1,616.00M	1,405.70M	1,318.50M	1,260.00M	1,113.82M	974.51M	957.06M	834.04M	583.19M	463.88M	398.89M	347.40M	346.64M	518.97M	796.19M	932.77M	894.00M	699.27M	623.18M	654.05M	587.23M	704.31M	805.22M	772.40M	618.80M	542.10M	499.70M	477.90M
(-) Tax Adjustment	471.17M	538.32M	447.42M	483.04M	395.75M	321.90M	276.19M	224.82M	188.44M	0.00M	218.34M	241.53M	178.94M	162.36M	139.61M	121.59M	121.32M	181.64M	278.67M	285.65M	287.17M	198.61M	189.75M	184.76M	153.26M	220.33M	238.15M	245.82M	196.31M	164.88M	169.72M	167.27M
(-) Change In Working Capital	239.00M	-81.60M	-277.40M	-33.40M	-224.30M	-143.90M	-32.70M	-147.22M	-6.97M	-169.35M	-92.79M	-23.12M	-93.32M	-53.95M	20.38M	-11.91M	19.94M	90.28M	-101.78M	16.35M	-95.40M	-109.02M	14.98M	11.55M	-54.52M	-20.36M	-42.38M	-13.00M	-44.20M	-9.90M	23.90M	-3.20M
(-) Capital Expenditure	-655.40M	-647.30M	-603.50M	-872.60M	-612.60M	-451.30M	-362.19M	-384.09M	-469.09M	-459.57M	-350.15M	-289.26M	-224.85M	-275.38M	-93.36M	-98.91M	-86.32M	-109.73M	-353.20M	-483.32M	-435.21M	-215.65M	-203.80M	-193.92M	-248.78M	-286.85M	-605.49M	-1,095.10M	-203.30M	-173.30M	-151.70M	-109.20M
Unlevered Free Cash Flow	996.83M	902.28M	1,312.48M	686.56M	831.95M	776.40M	712.82M	798.30M	463.27M	684.29M	481.35M	326.37M	272.72M	80.08M	145.54M	138.80M	119.05M	137.32M	266.11M	147.45M	267.03M	394.03M	214.65M	263.83M	239.71M	217.49M	3.96M	-555.52M	263.39M	213.82M	154.38M	204.64M
(-) Net Interest Income After Taxes	-371.94M	-113.48M	-133.77M	-136.41M	-127.16M	-113.88M	-106.25M	-106.02M	-114.17M	-291.09M	-102.87M	-156.46M	-168.03M	-131.07M	-137.75M	-141.17M	-117.48M	-112.44M	-110.30M	0.00M	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	-956.40M	-570.40M	1,436.50M	-103.90M	89.50M	121.50M	498.40M	-133.02M	45.43M	736.69M	-0.13M	-67.44M	-579.83M	-150.60M	-134.78M	52.27M	-20.22M	-812.03M	-108.72M	3,104.93M	-73.63M	-11.60M	-278.99M	-50.14M	-31.27M	5.35M	154.56M	490.70M	-6.70M	-4.60M	-7.20M	-43.90M
Levered Free Cash Flow	412.37M	445.36M	2,882.75M	719.07M	1,048.61M	1,011.77M	1,317.47M	771.30M	622.87M	1,712.07M	584.09M	415.39M	-139.08M	60.55M	148.51M	332.25M	216.32M	-562.27M	267.69M	3,252.39M	193.39M	382.43M	-64.33M	213.69M	208.44M	222.83M	158.52M	-64.82M	256.69M	209.22M	147.18M	160.74M