AGCO Corporation (AGCO)

Industry: Agricultural - Machinery Sector: Industrials Currency Used: US Live Price: $111.35

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	107.07	103.16	100.93	101.87	126.58	119.90	128.15	70.02	75.26	60.23	68.19	51.00	49.11	50.51	55.51	47.22	45.47	38.13	27.16	44.62	50.10	25.84	18.04	21.40	17.62	21.69	10.79	11.91	11.08	16.16	31.13	26.38
Market Capitalization	7,987.42M	7,695.74M	7,529.63M	7,599.32M	9,474.58M	8,944.35M	9,635.37M	5,249.04M	5,735.95M	4,745.71M	5,395.89M	4,148.22M	4,272.90M	4,722.62M	5,399.98M	4,582.09M	4,338.00M	3,552.76M	2,505.72M	4,091.57M	4,584.84M	2,349.62M	1,630.32M	1,847.35M	1,324.32M	1,606.92M	741.75M	704.51M	650.35M	977.44M	1,923.84M	1,471.18M
(-) Cash & Equivalents	884.10M	783.90M	743.53M	1,086.93M	574.48M	657.70M	593.28M	603.45M	321.08M	311.90M	322.03M	325.03M	422.30M	300.45M	725.00M	480.83M	516.75M	540.55M	289.08M	442.75M	284.10M	196.63M	80.70M	129.60M	54.98M	17.43M	16.48M	10.25M	22.13M	21.23M	35.30M	32.28M
(+) Total Debt	2,967.00M	3,097.40M	3,046.03M	3,707.30M	2,045.33M	2,121.50M	1,617.48M	1,829.40M	1,866.70M	1,858.58M	1,880.88M	1,682.88M	1,448.98M	1,255.70M	1,334.90M	1,451.55M	792.10M	727.43M	636.20M	686.58M	714.78M	858.83M	999.85M	1,231.58M	779.13M	679.23M	679.68M	583.03M	883.63M	1,002.93M	838.18M	1,006.63M
Enterprise Value	10,070.32M	10,009.24M	9,832.13M	10,219.69M	10,945.43M	10,408.15M	10,659.57M	6,474.99M	7,281.57M	6,292.38M	6,954.74M	5,506.07M	5,299.57M	5,677.87M	6,009.88M	5,552.82M	4,613.35M	3,739.63M	2,852.84M	4,335.39M	5,015.52M	3,011.82M	2,549.47M	2,949.32M	2,048.47M	2,268.72M	1,404.95M	1,277.29M	1,511.85M	1,959.14M	2,726.72M	2,445.53M

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	10,049M	12,575M	11,662M	14,412M	12,651M	11,138M	9,150M	9,041M	9,352M	8,307M	7,411M	7,467M	9,724M	10,787M	9,962M	8,773M	6,897M	6,630M	8,425M	6,828M	5,435M	5,450M	5,273M	3,495M	2,923M	2,542M	2,336M	2,413M	2,941M	3,224M	2,318M	2,125M
Cost of Revenue	7,570M	9,432M	8,817M	10,675M	9,696M	8,630M	7,158M	7,118M	7,418M	6,598M	5,947M	5,947M	7,697M	8,443M	7,888M	7,024M	5,653M	5,558M	6,944M	5,659M	4,524M	4,654M	4,440M	2,879M	2,391M	2,107M	1,960M	2,057M	2,404M	2,558M	1,847M	1,592M
Gross Profit	2,479M	3,143M	2,845M	3,738M	2,955M	2,508M	1,992M	1,923M	1,934M	1,708M	1,463M	1,521M	2,027M	2,344M	2,074M	1,749M	1,243M	1,073M	1,481M	1,169M	911M	795M	833M	616M	532M	435M	377M	356M	537M	667M	470M	533M
Gross Profit Margin	24.7%	25.0%	24.4%	25.9%	23.4%	22.5%	21.8%	21.3%	20.7%	20.6%	19.7%	20.4%	20.8%	21.7%	20.8%	19.9%	18.0%	16.2%	17.6%	17.1%	16.8%	14.6%	15.8%	17.6%	18.2%	17.1%	16.1%	14.8%	18.3%	20.7%	20.3%	25.1%
R&D Expenses	460M	541M	493M	549M	444M	406M	343M	343M	355M	323M	296M	282M	337M	353M	317M	276M	220M	192M	195M	155M	128M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,316M	1,496M	1,375M	1,455M	1,190M	1,089M	1,016M	1,046M	1,062M	957M	868M	852M	995M	1,089M	1,041M	869M	692M	630M	721M	626M	542M	521M	510M	403M	384M	307M	274M	274M	327M	330M	243M	228M
Operating Expenses	1,799M	2,037M	1,868M	2,003M	1,634M	1,495M	1,359M	1,390M	1,417M	1,280M	1,164M	1,135M	1,332M	1,442M	1,358M	1,145M	912M	822M	915M	781M	670M	521M	510M	405M	385M	325M	311M	299M	367M	330M	243M	263M
Operating Income (EBIT)	680M	1,107M	977M	1,734M	1,322M	1,014M	633M	534M	517M	428M	299M	386M	694M	901M	716M	604M	332M	251M	565M	388M	241M	275M	324M	211M	147M	110M	66M	58M	171M	337M	227M	269M
Operating Income Margin	6.8%	8.8%	8.4%	12.0%	10.4%	9.1%	6.9%	5.9%	5.5%	5.2%	4.0%	5.2%	7.1%	8.4%	7.2%	6.9%	4.8%	3.8%	6.7%	5.7%	4.4%	5.0%	6.1%	6.0%	5.0%	4.3%	2.8%	2.4%	5.8%	10.5%	9.8%	12.7%
Interest Income	0M	7M	66M	64M	33M	19M	10M	9M	8M	9M	13M	19M	14M	21M	20M	29M	31M	22M	34M	26M	16M	16M	15M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	80M	65M	160M	69M	46M	25M	25M	29M	56M	52M	63M	64M	72M	79M	78M	57M	64M	66M	67M	51M	71M	96M	92M	60M	57M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-80M	-58M	-94M	-5M	-13M	-7M	-15M	-20M	-48M	-43M	-50M	-45M	-58M	-58M	-58M	-28M	-33M	-43M	-33M	-24M	-55M	-80M	-77M	-60M	-57M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	-467M	-835M	-1,271M	-328M	-137M	3M	-11M	-210M	-75M	-62M	3M	-5M	-44M	7M	-4M	34M	26M	-15M	19M	-7M	-178M	-12M	-22M	-53M	-64M	-95M	-80M	-90M	-96M	-92M	-55M	-74M
EBT Excluding Unusual Items	600M	1,049M	884M	1,730M	1,309M	1,007M	618M	514M	470M	385M	249M	341M	636M	843M	658M	576M	298M	207M	532M	364M	186M	195M	247M	151M	89M	110M	66M	58M	171M	337M	227M	269M
Pre-Tax Income	133M	214M	-387M	1,402M	1,171M	1,010M	608M	304M	395M	323M	252M	337M	592M	851M	654M	610M	325M	192M	551M	358M	9M	183M	224M	98M	26M	15M	-14M	-32M	74M	246M	172M	195M
Pre-Tax Margin	1.3%	1.7%	-3.3%	9.7%	9.3%	9.1%	6.6%	3.4%	4.2%	3.9%	3.4%	4.5%	6.1%	7.9%	6.6%	7.0%	4.7%	2.9%	6.5%	5.2%	0.2%	3.4%	4.3%	2.8%	0.9%	0.6%	-0.6%	-1.3%	2.5%	7.6%	7.4%	9.2%
Income Tax Expense	-179M	47M	98M	230M	297M	108M	188M	181M	111M	134M	92M	73M	188M	259M	138M	25M	104M	57M	165M	111M	74M	151M	86M	41M	100M	2M	-8M	-10M	28M	88M	60M	66M
Net Income	375M	170M	-425M	1,171M	890M	897M	427M	125M	286M	186M	160M	266M	410M	597M	522M	583M	221M	136M	386M	246M	-65M	32M	159M	74M	-84M	23M	4M	-12M	61M	169M	126M	129M
Net Income Margin	3.7%	1.4%	-3.6%	8.1%	7.0%	8.1%	4.7%	1.4%	3.1%	2.2%	2.2%	3.6%	4.2%	5.5%	5.2%	6.6%	3.2%	2.0%	4.6%	3.6%	-1.2%	0.6%	3.0%	2.1%	-2.9%	0.9%	0.1%	-0.5%	2.1%	5.2%	5.4%	6.1%
Depreciation & Amortization	330M	320M	332M	290M	270M	282M	272M	272M	290M	280M	275M	260M	280M	259M	230M	174M	154M	148M	147M	134M	116M	106M	100M	66M	52M	70M	70M	77M	80M	72M	54M	36M
EBITDA	1,010M	1,427M	1,309M	2,024M	1,591M	1,296M	905M	806M	807M	708M	574M	646M	975M	1,161M	946M	778M	486M	398M	712M	522M	357M	381M	424M	277M	199M	180M	136M	135M	250M	409M	281M	305M
EBITDA Margin	10.0%	11.3%	11.2%	14.0%	12.6%	11.6%	9.9%	8.9%	8.6%	8.5%	7.7%	8.7%	10.0%	10.8%	9.5%	8.9%	7.0%	6.0%	8.4%	7.6%	6.6%	7.0%	8.0%	7.9%	6.8%	7.1%	5.8%	5.6%	8.5%	12.7%	12.1%	14.3%
NOPAT	1,592M	866M	772M	1,449M	987M	905M	437M	216M	372M	251M	190M	303M	474M	628M	565M	580M	225M	177M	396M	267M	-1,821M	48M	199M	122M	-421M	96M	52M	46M	107M	217M	148M	178M
NOPAT Margin	15.8%	6.9%	6.6%	10.1%	7.8%	8.1%	4.8%	2.4%	4.0%	3.0%	2.6%	4.1%	4.9%	5.8%	5.7%	6.6%	3.3%	2.7%	4.7%	3.9%	-33.5%	0.9%	3.8%	3.5%	-14.4%	3.8%	2.2%	1.9%	3.7%	6.7%	6.4%	8.4%
Owner's Earnings	432M	50M	-486M	943M	771M	909M	429M	124M	372M	262M	234M	315M	389M	465M	412M	456M	208M	68M	281M	238M	-79M	26M	181M	62M	-87M	54M	6M	21M	19M	-121M	134M	119M
Owner's Earnings Margin	4.3%	0.4%	-4.2%	6.5%	6.1%	8.2%	4.7%	1.4%	4.0%	3.2%	3.2%	4.2%	4.0%	4.3%	4.1%	5.2%	3.0%	1.0%	3.3%	3.5%	-1.4%	0.5%	3.4%	1.8%	-3.0%	2.1%	0.2%	0.9%	0.6%	-3.7%	5.8%	5.6%
EPS (Basic)	5.03	2.27	-5.69	15.66	11.92	11.93	5.69	1.05	3.62	2.34	1.97	3.06	4.39	6.14	5.38	6.10	2.38	1.47	4.36	2.69	-0.71	0.35	1.84	0.99	-1.14	0.31	0.06	-0.20	1.01	2.79	2.28	2.76
EPS (Diluted)	5.02	2.27	-5.69	15.64	11.88	11.85	5.65	1.63	3.58	2.32	1.96	3.06	4.36	6.01	5.30	5.95	2.29	1.44	3.95	2.55	-0.71	0.35	1.66	0.98	-1.14	0.33	0.06	-0.20	0.99	2.72	2.19	2.34
Shares (Basic)	75M	75M	75M	75M	75M	75M	75M	76M	79M	80M	81M	87M	93M	97M	97M	96M	93M	92M	92M	92M	91M	90M	86M	75M	74M	67M	59M	59M	60M	60M	55M	46M
Shares (Diluted)	75M	75M	75M	75M	75M	76M	76M	77M	80M	80M	82M	87M	94M	99M	99M	98M	96M	94M	98M	97M	91M	91M	96M	76M	74M	69M	60M	59M	61M	62M	57M	55M

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
APA	—	—	—	—	—	—	—	—	827.80M	—	—	—	—	—	—	—
Application Equipment Product Line	—	—	—	—	—	—	—	—	—	—	—	—	—	521.00M	462.50M	—
Combines	—	—	—	—	—	—	—	—	—	—	—	—	—	652.80M	638.90M	610.80M
Combines, Application,other	—	2,822.80M	—	2,822.80M	—	—	—	—	—	—	—	—	—	—	—	—
EME	—	—	—	—	—	—	—	—	5,385.10M	—	—	—	—	—	—	—
Equipment Product Line	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	345.20M
Grain Storage and Protein Production Systems	372.80M	1,302.30M	832.50M	1,062.60M	1,101.90M	1,076.10M	902.00M	1,034.80M	—	—	—	—	—	771.90M	728.50M	—
Operating Segments	—	—	—	—	—	—	—	—	9,352.00M	8,306.50M	7,410.50M	7,467.30M	9,723.70M	—	—	—
Other Machinery Product Line	—	—	—	—	2,438.30M	1,987.40M	1,529.80M	1,476.10M	—	—	—	—	—	1,001.00M	963.20M	762.50M
Replacement Part Sales	2,339.30M	2,302.80M	1,827.80M	1,816.00M	1,687.20M	1,687.90M	1,445.70M	1,347.80M	—	—	—	—	—	—	—	—
Replacement Parts	—	—	—	—	—	—	—	—	—	—	—	—	—	1,349.10M	1,286.70M	1,275.10M
Tractors	8,480.50M	9,858.50M	7,059.30M	8,711.00M	7,424.10M	6,386.90M	5,272.20M	5,182.70M	—	—	—	—	—	6,491.10M	5,882.40M	5,779.60M

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	2012-12-31	2011-12-31
APA Segment	31.60M	—	—	—	—	—	373.10M	344.70M	1,242.30M	366.40M	266.80M	201.00M	253.60M	—	—	—
Africa	109.60M	115.90M	108.60M	144.30M	157.00M	152.30M	58.30M	116.20M	135.50M	138.10M	—	—	—	—	—	—
Asia	140.90M	274.40M	258.90M	362.70M	384.20M	436.50M	—	—	—	—	—	—	—	293.10M	232.40M	—
Australia and New Zealand	281.00M	324.50M	315.30M	378.00M	366.20M	360.90M	302.60M	257.70M	277.80M	247.40M	212.60M	201.10M	234.10M	214.80M	216.00M	—
Brazil	599.40M	1,356.70M	963.70M	1,860.30M	1,748.80M	—	—	—	—	—	—	—	—	—	—	—
CANADA	—	—	—	—	—	—	—	—	—	296.90M	286.70M	233.60M	333.90M	419.40M	415.90M	315.60M
Canada	281.70M	532.30M	488.60M	637.90M	490.20M	436.70M	—	—	—	—	—	—	—	—	—	—
EME Segment	—	—	—	—	—	—	—	—	5,385.10M	—	321.60M	346.40M	414.90M	—	—	—
FINLAND AND SCANDINAVIA	166.90M	—	—	—	—	—	698.50M	772.80M	826.50M	721.30M	677.70M	637.00M	808.40M	828.50M	790.20M	—
FRANCE	—	—	—	—	—	—	—	—	—	815.70M	746.90M	762.60M	828.40M	1,136.80M	944.30M	825.10M
Finland and Scandinavia	629.00M	714.40M	778.80M	837.30M	838.80M	836.30M	—	—	—	—	—	—	—	—	—	—
France	995.10M	1,314.80M	1,383.50M	1,494.30M	1,220.10M	1,129.10M	—	—	—	—	—	—	—	—	—	—
GERMANY	—	—	—	—	—	—	—	—	—	997.40M	891.20M	913.20M	1,240.00M	1,301.00M	1,114.40M	1,067.30M
Germany	1,137.70M	1,697.40M	1,733.30M	1,749.50M	1,394.90M	1,332.00M	—	—	—	—	—	—	—	—	—	—
Italy	314.40M	349.80M	386.60M	457.10M	421.70M	—	—	—	—	—	—	—	—	—	—	—
Mexico, Central America and Caribbean	119.80M	153.60M	146.40M	169.10M	152.90M	119.20M	94.30M	114.90M	143.40M	151.70M	135.60M	123.90M	112.00M	143.20M	156.80M	—
Middle East and Africa	—	—	—	—	—	—	—	—	—	—	—	—	—	320.70M	316.40M	—
Middle East and Algeria	311.90M	423.10M	433.20M	427.70M	216.20M	184.40M	136.70M	73.20M	100.00M	171.30M	—	—	—	—	—	—
North America Segment	—	—	—	—	—	—	—	2,191.80M	2,180.10M	1,445.70M	1,404.60M	1,624.00M	1,985.40M	—	—	1,363.70M
Other Europe	1,676.90M	1,488.00M	1,557.10M	1,871.50M	1,691.50M	2,104.60M	1,613.10M	1,629.00M	1,627.80M	1,396.00M	1,127.90M	1,077.70M	1,376.00M	1,422.60M	1,427.50M	—
Other South America	285.80M	382.40M	338.60M	358.10M	358.00M	—	—	—	—	—	—	—	—	—	—	—
South America	—	—	—	—	—	1,294.80M	—	—	—	—	—	—	—	—	—	—
South America Less Central America and Caribbean	—	—	—	—	—	—	—	—	—	—	—	—	—	2,018.50M	1,834.20M	—
South America Segment	—	—	—	—	—	—	873.80M	802.20M	959.00M	1,046.00M	898.20M	932.30M	1,646.20M	—	—	1,851.00M
UNITED KINGDOM AND IRELAND	140.60M	—	—	—	—	—	557.80M	561.90M	614.40M	512.60M	440.70M	414.50M	490.80M	471.80M	481.00M	—
UNITED STATES	—	—	—	—	—	—	—	—	—	—	—	—	—	2,216.50M	2,033.10M	—
United Kingdom and Ireland	397.40M	529.50M	540.40M	703.10M	664.10M	635.30M	—	—	—	—	—	—	—	—	—	—
United States	995.50M	2,573.30M	2,228.90M	2,961.50M	2,546.90M	2,116.20M	—	—	—	—	—	—	—	—	—	—

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	884.10M	783.90M	612.00M	595.00M	787.50M	882.20M	1,111.70M	429.60M	326.10M	367.70M	429.70M	426.70M	363.70M	1,047.20M	781.30M	724.40M	719.90M	651.40M	512.20M	582.40M	401.10M	220.60M	325.60M	147.00M	34.30M	28.90M	13.30M	19.60M	15.90M	31.20M	41.70M	27.90M
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	0.00M	0.00M	0.00M	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	884.10M	783.90M	612.00M	595.00M	787.50M	882.20M	1,111.70M	429.60M	326.10M	367.70M	429.70M	426.70M	363.70M	1,047.20M	781.30M	724.40M	719.90M	651.40M	512.20M	582.40M	401.10M	220.60M	325.60M	147.00M	34.30M	28.90M	13.30M	19.60M	15.90M	31.20M	41.70M	27.90M
Net Receivables	1,220.90M	1,205.70M	1,267.40M	1,605.30M	1,221.30M	991.50M	856.00M	800.50M	880.30M	1,019.40M	890.40M	836.80M	963.80M	940.60M	924.60M	970.50M	908.50M	725.20M	815.60M	766.40M	677.10M	655.70M	823.20M	553.60M	497.40M	471.90M	602.90M	758.20M	1,016.30M	997.20M	869.50M	975.20M
Inventory	3,081.10M	3,096.40M	2,731.30M	3,440.70M	3,189.70M	2,593.70M	1,974.40M	2,078.70M	1,908.70M	1,872.90M	1,514.80M	1,423.40M	1,750.70M	2,016.10M	1,703.10M	1,559.60M	1,233.50M	1,156.70M	1,389.90M	1,134.20M	1,064.90M	1,062.50M	1,069.40M	803.60M	708.60M	558.80M	531.10M	561.10M	671.60M	622.70M	473.80M	361.00M
Other Current Assets	535.60M	542.30M	527.30M	699.80M	540.80M	546.70M	426.30M	420.30M	422.30M	367.70M	330.80M	211.40M	232.50M	513.20M	545.70M	408.30M	259.10M	215.20M	287.50M	238.70M	165.90M	147.40M	186.30M	180.30M	171.90M	122.90M	93.00M	77.20M	86.70M	63.70M	81.50M	60.40M
Total Current Assets	5,721.70M	5,628.30M	5,138.00M	6,340.80M	5,739.30M	5,014.10M	4,368.40M	3,729.10M	3,537.40M	3,627.70M	3,165.70M	2,898.30M	3,310.70M	4,517.10M	3,954.70M	3,662.80M	3,121.00M	2,748.50M	3,005.20M	2,721.70M	2,309.00M	2,086.20M	2,404.50M	1,684.50M	1,412.20M	1,182.50M	1,240.30M	1,416.10M	1,790.50M	1,714.80M	1,466.50M	1,424.50M
Property, Plant & Equipment	2,146.40M	2,145.70M	1,987.50M	2,097.10M	1,755.10M	1,618.90M	1,673.60M	1,603.60M	1,373.10M	1,485.30M	1,361.30M	1,347.10M	1,530.40M	1,602.30M	1,406.10M	1,222.60M	924.80M	943.00M	811.10M	753.00M	643.90M	561.40M	593.30M	434.20M	343.70M	316.90M	316.20M	310.80M	417.60M	403.70M	292.40M	146.50M
Goodwill	1,901.20M	1,898.70M	1,820.40M	1,333.40M	1,310.80M	1,280.80M	1,306.50M	1,298.30M	1,495.50M	1,541.40M	1,376.40M	1,114.50M	1,192.80M	1,178.70M	1,192.40M	1,194.50M	632.70M	634.00M	587.00M	665.60M	592.10M	696.70M	730.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	689.80M	712.90M	728.90M	308.80M	364.40M	392.20M	455.60M	501.70M	573.10M	649.00M	607.30M	507.70M	553.80M	565.60M	607.10M	666.50M	171.60M	166.80M	176.90M	205.70M	207.90M	211.50M	238.20M	417.80M	394.60M	413.40M	286.40M	312.60M	370.50M	339.00M	205.60M	104.20M
Long-Term Investments	597.30M	594.20M	519.60M	512.70M	436.90M	413.50M	442.70M	380.20M	400.00M	409.00M	414.90M	392.90M	424.10M	416.10M	390.30M	346.30M	398.00M	353.90M	275.10M	284.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	898.30M	828.40M	561.00M	481.60M	228.50M	169.30M	77.60M	93.80M	104.90M	112.20M	99.70M	100.70M	215.90M	24.40M	40.00M	37.60M	58.00M	70.00M	29.90M	89.10M	105.50M	84.10M	146.10M	147.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	512.20M	501.60M	435.20M	346.80M	268.70M	293.30M	179.80M	153.00M	142.40M	147.10M	143.10M	136.50M	141.10M	134.60M	131.20M	126.90M	130.80M	115.70M	69.60M	67.90M	256.10M	221.30M	184.60M	155.40M	198.50M	260.50M	261.30M	233.70M	171.80M	163.40M	152.00M	487.70M
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	6,745.20M	6,681.50M	6,052.60M	5,080.40M	4,364.40M	4,168.00M	4,135.80M	4,030.60M	4,089.00M	4,344.00M	4,002.70M	3,599.40M	4,058.10M	3,921.70M	3,767.10M	3,594.40M	2,315.90M	2,283.40M	1,949.60M	2,065.90M	1,805.50M	1,775.00M	1,892.80M	1,154.90M	936.80M	990.80M	863.90M	857.10M	959.90M	906.10M	650.00M	738.40M
Total Assets	12,466.90M	12,309.80M	11,190.60M	11,421.20M	10,103.70M	9,182.10M	8,504.20M	7,759.70M	7,626.40M	7,971.70M	7,168.40M	6,497.70M	7,368.80M	8,438.80M	7,721.80M	7,257.20M	5,436.90M	5,031.90M	4,954.80M	4,787.60M	4,114.50M	3,861.20M	4,297.30M	2,839.40M	2,349.00M	2,173.30M	2,104.20M	2,273.20M	2,750.40M	2,620.90M	2,116.50M	2,162.90M
Accounts Payable	986.70M	1,060.00M	813.00M	1,207.30M	1,385.30M	1,078.30M	855.10M	914.80M	865.90M	917.50M	722.60M	625.60M	670.20M	960.30M	888.30M	937.00M	682.60M	621.60M	1,027.10M	827.10M	706.90M	590.90M	601.90M	393.20M	312.00M	272.20M	244.40M	244.20M	287.00M	350.10M	361.50M	330.50M
Short-Term Debt	109.20M	207.90M	415.20M	15.00M	196.00M	92.90M	359.70M	153.40M	210.60M	95.40M	85.40M	306.20M	94.30M	311.70M	251.20M	60.10M	275.00M	193.10M	0.10M	402.70M	207.60M	6.30M	6.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	361.40M
Tax Payables	0.00M	0.00M	239.50M	401.20M	344.80M	282.50M	249.60M	170.30M	137.80M	135.40M	113.50M	87.30M	108.40M	167.30M	169.30M	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
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
Other Current Liabilities	2,532.20M	2,535.60M	2,358.30M	2,720.10M	2,161.90M	2,000.90M	1,898.40M	1,646.00M	1,552.40M	1,502.30M	1,223.40M	1,166.30M	1,344.00M	1,372.70M	1,156.00M	1,208.40M	955.30M	854.20M	951.30M	853.50M	709.10M	663.20M	750.20M	535.90M	473.00M	370.60M	392.00M	407.90M	473.60M	480.40M	354.50M	247.10M
Total Current Liabilities	3,628.10M	3,803.50M	3,826.00M	4,343.60M	4,088.00M	3,454.60M	3,362.80M	2,884.50M	2,766.70M	2,650.60M	2,144.90M	2,185.40M	2,216.90M	2,812.00M	2,464.80M	2,205.50M	1,912.90M	1,668.90M	1,978.50M	2,083.30M	1,623.60M	1,260.40M	1,359.00M	929.10M	785.00M	642.80M	636.40M	652.10M	760.60M	830.50M	716.00M	939.00M
Long-Term Debt	2,857.80M	2,889.50M	2,360.80M	1,511.60M	1,390.20M	1,526.70M	1,382.60M	1,340.40M	1,275.30M	1,618.10M	1,610.00M	925.20M	997.60M	938.50M	1,035.60M	1,409.70M	443.00M	454.00M	625.00M	294.10M	577.40M	841.80M	1,151.70M	711.10M	636.90M	617.70M	570.20M	691.70M	924.20M	727.40M	567.10M	568.90M
Capital Lease Obligations	123.40M	132.60M	127.50M	134.40M	125.40M	115.50M	125.90M	148.60M	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	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	143.70M	139.50M	125.00M	122.60M	112.00M	116.90M	112.40M	107.00M	116.30M	130.50M	112.40M	86.40M	211.70M	251.20M	242.70M	192.30M	103.90M	118.70M	108.10M	163.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	1,045.20M	1,004.50M	835.90M	786.60M	630.90M	640.10M	628.40M	520.80M	474.60M	477.20M	463.90M	417.40M	445.70M	392.30M	497.20M	418.50M	317.90M	362.90M	223.20M	203.60M	419.90M	343.00M	364.20M	293.10M	209.50M	113.40M	107.70M	100.30M	83.50M	71.40M	58.70M	66.10M
Total Non-Current Liabilities	4,170.10M	4,166.10M	3,449.20M	2,555.20M	2,258.50M	2,399.20M	2,249.30M	2,116.80M	1,866.20M	2,225.80M	2,186.30M	1,429.00M	1,655.00M	1,582.00M	1,775.50M	2,020.50M	864.80M	935.60M	956.30M	661.30M	997.30M	1,184.80M	1,515.90M	1,004.20M	846.40M	731.10M	677.90M	792.00M	1,007.70M	798.80M	625.80M	635.00M
Total Liabilities	7,798.20M	7,969.60M	7,275.20M	6,898.80M	6,346.50M	5,853.80M	5,612.10M	5,001.30M	4,632.90M	4,876.40M	4,331.20M	3,614.40M	3,871.90M	4,394.00M	4,240.30M	4,226.00M	2,777.70M	2,604.50M	2,934.80M	2,744.60M	2,620.90M	2,445.20M	2,874.90M	1,933.30M	1,631.40M	1,373.90M	1,314.30M	1,444.10M	1,768.30M	1,629.30M	1,341.80M	1,574.00M
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	0.70M	0.70M	0.70M	0.70M	0.70M	0.70M	0.80M	0.80M	0.80M	0.80M	0.80M	0.80M	0.90M	1.00M	1.00M	1.00M	0.90M	0.90M	0.90M	0.90M	0.90M	0.90M	0.90M	0.80M	0.80M	0.70M	0.60M	0.60M	0.60M	0.60M	0.60M	0.00M
Retained Earnings	6,206.70M	5,922.60M	5,645.00M	6,360.00M	5,654.60M	5,182.20M	4,759.10M	4,443.50M	4,477.30M	4,253.80M	4,113.60M	3,996.00M	3,771.60M	3,402.00M	2,843.70M	2,321.60M	1,738.30M	1,517.80M	1,382.10M	1,020.40M	774.10M	825.40M	793.80M	635.00M	560.60M	645.00M	622.90M	621.90M	635.80M	577.60M	411.40M	287.70M
Accumulated OCI	-1,732.60M	-1,764.80M	-1,902.90M	-1,708.10M	-1,803.10M	-1,770.90M	-1,810.80M	-1,595.20M	-1,555.40M	-1,361.60M	-1,441.60M	-1,460.20M	-906.50M	-510.70M	-479.40M	-400.60M	-132.10M	-187.40M	-436.10M	79.00M	-190.30M	-305.00M	-265.50M	-320.00M	-431.40M	-377.80M	-260.70M	-221.10M	-81.60M	-101.60M	2.50M	-43.90M
Minority Interest	301.30M	304.30M	300.10M	0.10M	0.20M	27.90M	38.00M	53.20M	60.60M	65.70M	61.10M	45.00M	48.40M	34.60M	33.30M	36.00M	0.80M	7.60M	5.70M	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
Total Shareholders’ Equity	4,474.80M	4,158.50M	3,742.80M	4,652.60M	3,852.20M	3,412.00M	2,949.10M	2,849.10M	2,922.70M	2,893.00M	2,672.80M	2,536.60M	2,866.00M	2,892.30M	2,365.30M	1,922.00M	1,607.10M	1,331.30M	946.90M	1,100.30M	584.70M	521.30M	529.20M	315.80M	130.00M	267.90M	362.80M	401.40M	554.80M	476.60M	414.50M	243.80M
Total Equity	4,776.10M	4,462.80M	4,042.90M	4,652.70M	3,852.40M	3,439.90M	2,987.10M	2,902.30M	2,983.30M	2,958.70M	2,733.90M	2,581.60M	2,914.40M	2,926.90M	2,398.60M	1,958.00M	1,607.90M	1,338.90M	952.60M	1,100.30M	584.70M	521.30M	529.20M	315.80M	130.00M	267.90M	362.80M	401.40M	554.80M	476.60M	414.50M	243.80M
Total Liabilities & Equity	12,574.30M	12,432.40M	11,318.10M	11,551.50M	10,198.90M	9,293.70M	8,599.20M	7,903.60M	7,616.20M	7,835.10M	7,065.10M	6,196.00M	6,786.30M	7,320.90M	6,638.90M	6,184.00M	4,385.60M	3,943.40M	3,887.40M	3,844.90M	3,205.60M	2,966.50M	3,404.10M	2,249.10M	1,761.40M	1,641.80M	1,677.10M	1,845.50M	2,323.10M	2,105.90M	1,756.30M	1,817.80M
Tangible Assets	9,875.90M	9,698.20M	8,641.30M	9,779.00M	8,428.50M	7,509.10M	6,742.10M	5,959.70M	5,557.80M	5,781.30M	5,184.70M	4,875.50M	5,622.20M	6,694.50M	5,922.30M	5,396.20M	4,632.60M	4,231.10M	4,190.90M	3,916.30M	3,314.50M	2,953.00M	3,328.50M	2,421.60M	1,954.40M	1,759.90M	1,817.80M	1,960.60M	2,379.90M	2,281.90M	1,910.90M	2,058.70M
Tangible Equity	2,185.10M	1,851.20M	1,493.60M	3,010.50M	2,177.20M	1,766.90M	1,225.00M	1,102.30M	914.70M	768.30M	750.20M	959.40M	1,167.80M	1,182.60M	599.10M	97.00M	803.60M	538.10M	188.70M	229.00M	-215.30M	-386.90M	-439.60M	-102.00M	-264.60M	-145.50M	76.40M	88.80M	184.30M	137.60M	208.90M	139.60M
Tangible Book Value	2,185.10M	1,851.20M	1,493.60M	3,010.50M	2,177.20M	1,766.90M	1,225.00M	1,102.30M	914.70M	768.30M	750.20M	959.40M	1,167.80M	1,182.60M	599.10M	97.00M	803.60M	538.10M	188.70M	229.00M	-215.30M	-386.90M	-439.60M	-102.00M	-264.60M	-145.50M	76.40M	88.80M	184.30M	137.60M	208.90M	139.60M
Total Investments	597.30M	594.20M	519.60M	512.70M	436.90M	413.50M	442.70M	380.20M	400.00M	409.00M	414.90M	392.90M	424.10M	416.10M	390.30M	346.30M	398.00M	353.90M	275.10M	284.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	2,082.90M	2,313.50M	2,164.00M	931.60M	798.70M	737.40M	630.60M	1,064.20M	1,159.80M	1,345.80M	1,265.70M	804.70M	728.20M	203.00M	505.50M	745.40M	-1.90M	-4.30M	112.90M	114.40M	383.90M	627.50M	833.00M	564.10M	602.60M	588.80M	556.90M	672.10M	908.30M	696.20M	525.40M	902.40M

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	2,093.6M	1,824.8M	1,312.0M	1,997.2M	1,651.3M	1,559.5M	1,005.6M	844.6M	770.7M	977.1M	1,020.8M	712.9M	1,093.8M	1,705.1M	1,489.9M	1,457.3M	1,208.1M	1,079.6M	1,026.7M	638.4M	685.4M	825.8M	1,045.5M	755.4M	627.2M	539.7M	603.9M	764.0M	1,029.9M	884.3M	750.5M	485.5M
Total Capital	7,457.8M	7,265.9M	6,518.8M	6,183.3M	5,468.6M	5,035.5M	4,722.3M	4,347.6M	4,418.8M	4,743.1M	4,471.5M	4,069.7M	4,540.4M	5,260.4M	4,744.2M	4,465.0M	3,376.4M	3,040.3M	2,639.4M	2,739.8M	2,278.6M	2,264.1M	2,581.0M	1,617.2M	1,354.5M	1,417.1M	1,360.1M	1,520.8M	1,906.3M	1,719.0M	1,341.8M	1,519.2M
Capital Employed	8,838.8M	8,506.3M	7,364.6M	7,077.6M	6,015.7M	5,727.5M	5,141.4M	4,875.2M	4,859.7M	5,321.1M	5,023.5M	4,312.3M	5,151.9M	5,626.8M	5,257.0M	5,051.7M	3,524.0M	3,330.0M	2,976.3M	2,704.3M	2,490.9M	2,600.8M	2,938.3M	1,910.3M	1,564.0M	1,530.5M	1,467.8M	1,621.1M	1,989.8M	1,790.4M	1,400.5M	1,223.9M
Invested Capital	6,573.7M	6,482.0M	5,906.8M	5,588.3M	4,681.1M	4,153.3M	3,610.6M	3,918.0M	4,092.7M	4,375.4M	4,041.8M	3,643.0M	4,176.7M	4,213.2M	3,962.9M	3,740.6M	2,656.5M	2,388.9M	2,127.2M	2,157.4M	1,877.5M	2,043.5M	2,255.4M	1,470.2M	1,320.2M	1,388.2M	1,346.8M	1,501.2M	1,890.4M	1,687.8M	1,300.1M	1,491.3M

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	314.00M	168.80M	-485.60M	1,171.40M	874.70M	901.50M	419.80M	122.80M	283.70M	189.30M	160.20M	264.00M	404.20M	592.30M	516.40M	585.30M	220.20M	135.70M	400.00M	246.30M	-64.90M	31.60M	158.80M	74.40M	-84.40M	22.60M	3.50M	-11.50M	60.60M	170.80M	129.40M	129.10M
Depreciation & Amortization	329.70M	320.10M	332.20M	288.10M	269.60M	281.80M	272.00M	272.00M	289.90M	279.80M	274.60M	260.10M	280.40M	259.40M	229.90M	173.50M	154.30M	147.60M	146.50M	138.20M	121.90M	105.90M	113.30M	65.90M	52.30M	70.40M	69.70M	76.80M	79.70M	72.00M	53.50M	35.50M
Deferred Income Tax	-420.80M	-239.90M	-102.70M	-264.40M	-58.00M	-117.90M	3.40M	15.10M	-14.70M	-14.10M	2.10M	-26.80M	3.60M	21.70M	-36.40M	-127.60M	2.90M	-21.90M	7.30M	2.50M	10.60M	107.90M	14.50M	-12.30M	48.40M	-32.80M	-37.60M	-47.20M	-22.40M	53.40M	20.10M	32.90M
Stock-Based Compensation	22.10M	30.20M	18.40M	46.40M	34.00M	27.40M	37.60M	41.30M	46.30M	38.20M	18.10M	12.20M	-10.80M	34.60M	36.80M	24.40M	13.40M	8.00M	33.30M	25.70M	3.50M	0.20M	0.30M	0.50M	24.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	610.70M	14.40M	29.50M	-112.70M	-293.50M	-451.20M	194.80M	61.20M	-33.20M	40.20M	-93.70M	36.90M	-218.80M	-105.00M	-89.80M	79.50M	44.40M	83.80M	-170.80M	98.00M	209.00M	10.70M	-15.70M	-41.30M	-0.50M	161.60M	137.60M	198.30M	-103.40M	-183.60M	26.20M	-136.10M
Accounts Receivable	242.60M	-64.60M	59.10M	-443.80M	-306.10M	-207.70M	-90.50M	63.80M	-565.30M	-864.40M	-1,144.20M	-829.90M	-1,421.80M	-1,507.90M	-1,357.10M	149.20M	-1,173.70M	-868.50M	-1,107.70M	83.40M	76.80M	-812.80M	-1,049.30M	-794.00M	-516.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	416.50M	157.40M	308.80M	-164.40M	-668.30M	-762.60M	119.70M	-216.30M	-214.30M	-196.00M	-33.10M	117.60M	111.40M	-356.90M	-160.90M	-221.00M	-60.60M	292.80M	-374.20M	10.70M	66.20M	-42.10M	-65.10M	13.80M	-119.00M	39.60M	23.70M	72.10M	-17.30M	-100.40M	-22.60M	-32.30M
Accounts Payable	-48.90M	-212.90M	-224.90M	-191.60M	322.10M	292.20M	-59.10M	35.70M	-24.30M	123.50M	62.80M	36.30M	-219.40M	54.70M	-61.70M	162.30M	70.60M	-411.30M	284.40M	54.10M	55.10M	39.80M	53.20M	-16.50M	7.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.50M	134.50M	-113.50M	687.10M	358.80M	226.90M	224.70M	178.00M	770.70M	977.10M	1,020.80M	712.90M	1,311.00M	1,705.10M	1,489.90M	-11.00M	1,208.10M	1,070.80M	1,026.70M	-50.20M	10.90M	825.80M	1,045.50M	755.40M	627.20M	122.00M	113.90M	126.20M	-86.10M	-83.20M	48.80M	-103.80M
Other Non-Cash Items	166.70M	498.80M	898.10M	-25.70M	11.40M	41.30M	-31.10M	183.50M	23.90M	44.20M	8.20M	-22.20M	-20.20M	-6.00M	9.50M	-9.20M	3.50M	-1.50M	-125.00M	-6.40M	162.10M	-10.00M	-5.30M	0.80M	33.00M	3.60M	1.20M	17.30M	-3.30M	-10.50M	-19.00M	5.90M
Net Cash from Operating Activities	1,022.40M	792.40M	689.90M	1,103.10M	838.20M	682.90M	896.50M	695.90M	595.90M	577.60M	369.50M	524.20M	438.40M	797.00M	666.40M	725.90M	438.70M	351.70M	291.30M	504.30M	442.20M	246.30M	265.90M	88.00M	73.20M	225.40M	174.40M	233.70M	11.20M	100.00M	206.70M	67.10M
Capital Expenditures (PPE)	-273.30M	-439.70M	-393.30M	-518.10M	-388.30M	-269.80M	-269.90M	-273.40M	-203.30M	-203.90M	-201.00M	-211.40M	-301.50M	-391.80M	-340.50M	-300.40M	-167.10M	-215.30M	-251.30M	-141.40M	-129.10M	-111.80M	-78.40M	-78.70M	-54.90M	-39.30M	-67.70M	-44.20M	-121.60M	-361.30M	-45.20M	-45.30M
Acquisitions (Net)	629.50M	-1,901.20M	-1,262.80M	-9.80M	-107.30M	-32.20M	26.30M	-3.10M	-5.80M	-293.90M	-400.10M	-29.20M	-134.20M	-19.50M	-38.80M	-1,018.00M	-25.40M	-17.10M	-0.60M	-17.80M	2.90M	0.00M	-765.70M	0.00M	-60.70M	-147.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	-1.60M	0.00M	0.00M	0.00M	-13.10M	-29.10M	-3.10M	-5.80M	-0.80M	-4.50M	-3.80M	0.00M	10.00M	0.00M	-43.10M	0.00M	-34.50M	0.00M	-68.00M	-2.90M	0.00M	0.00M	0.00M	12.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	6.90M	0.00M	-7.40M	-21.60M	13.10M	13.10M	29.10M	3.10M	0.00M	0.00M	0.00M	0.00M	0.00M	-10.00M	0.00M	1.50M	0.00M	37.10M	0.00M	6.00M	-2.90M	-23.40M	0.00M	0.00M	1.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	249.20M	2.10M	13.10M	3.80M	-14.30M	-9.10M	1.90M	4.90M	3.60M	4.10M	2.80M	-0.20M	2.80M	2.60M	4.60M	-3.70M	-80.60M	37.10M	-27.60M	-2.70M	3.90M	34.30M	47.00M	20.90M	1.20M	6.00M	-2.00M	23.60M	0.00M	0.00M	-301.80M	-133.40M
Net Cash from Investing Activities	612.30M	-2,340.40M	-1,650.40M	-545.70M	-496.80M	-311.10M	-241.70M	-271.60M	-205.50M	-493.70M	-598.30M	-240.80M	-432.90M	-408.70M	-374.70M	-1,363.70M	-273.10M	-192.70M	-279.50M	-223.90M	-128.10M	-100.90M	-797.10M	-57.80M	-100.60M	-180.80M	-69.70M	-20.60M	-121.60M	-361.30M	-347.00M	-178.70M
Net Debt Issuance	-1,236.40M	1,916.50M	1,362.30M	-128.80M	33.00M	-3.80M	150.00M	-108.40M	-176.10M	-125.80M	495.50M	182.40M	-100.60M	-58.10M	-222.50M	689.50M	-98.60M	-61.40M	37.00M	-121.00M	-170.00M	-230.90M	413.60M	84.30M	22.20M	-19.70M	-107.50M	-204.70M	185.50M	118.40M	174.50M	114.90M
Long-Term Debt Issuance	-1,236.40M	1,916.50M	1,362.30M	-128.80M	33.00M	-3.80M	150.00M	-108.40M	-176.10M	-125.80M	495.50M	182.40M	-100.60M	-58.10M	-222.50M	689.50M	-98.60M	-61.00M	37.00M	-121.00M	-170.00M	-230.90M	413.60M	84.30M	22.20M	-19.70M	-107.50M	-204.70M	185.50M	118.40M	174.50M	114.90M
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	-0.40M	0.00M	0.00M	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	-31.10M	-64.90M	-22.00M	-53.00M	-20.60M	-135.00M	-55.00M	-130.00M	-184.30M	-6.90M	-212.50M	-287.50M	-499.70M	-1.00M	-17.60M	0.30M	0.50M	0.00M	0.30M	8.20M	10.80M	1.40M	303.00M	2.50M	10.30M	6.40M	0.30M	0.00M	-87.70M	142.20M	1.70M	-2.00M
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	0.00M	0.00M	0.00M	0.30M	0.50M	0.00M	0.30M	8.20M	10.80M	1.40M	303.00M	2.50M	10.30M	6.40M	0.30M	0.00M	0.40M	142.20M	1.70M	1.30M
Common Stock Repurchased	-31.10M	-64.90M	-22.00M	-53.00M	-20.60M	-135.00M	-55.00M	-130.00M	-184.30M	-6.90M	-212.50M	-287.50M	-499.70M	-1.00M	-17.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-13.10M	0.00M	0.00M	-88.10M	0.00M	0.00M	-3.30M
Preferred 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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-86.50M	-273.10M	-273.10M	-457.40M	-404.30M	-358.50M	-48.00M	-48.00M	-47.10M	-44.50M	-42.50M	-42.00M	-40.80M	-38.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.50M	-2.50M	-2.40M	-2.40M	-2.50M	-2.20M	0.00M
Common Dividends Paid	-86.50M	-273.10M	-273.10M	-457.40M	-404.30M	-358.50M	-48.00M	-48.00M	-47.10M	-44.50M	-42.50M	-42.00M	-40.80M	-38.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.50M	-2.50M	-2.40M	-2.40M	-2.50M	-2.20M	0.00M
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
Other Financing Activities	-4.50M	-18.20M	-21.70M	-32.50M	-15.10M	-42.20M	-24.30M	-27.00M	-5.80M	0.50M	-4.10M	-6.30M	-20.90M	-8.80M	-1.50M	-18.80M	-11.30M	-3.90M	-3.20M	0.00M	-4.90M	0.00M	-21.10M	-9.80M	0.00M	-13.10M	0.00M	0.00M	0.00M	-3.50M	-12.40M	0.00M
Net Cash from Financing Activities	-1,358.50M	1,560.30M	1,045.50M	-671.70M	-407.00M	-539.50M	22.70M	-313.40M	-413.30M	-176.70M	236.40M	-153.40M	-662.00M	-106.80M	-241.60M	671.00M	-109.40M	-65.30M	34.10M	-112.80M	-164.10M	-229.50M	695.50M	77.00M	32.50M	-26.90M	-109.70M	-207.10M	95.40M	254.60M	161.60M	112.90M
Effect of FX on Cash	-34.70M	-50.40M	-67.80M	-79.70M	-34.00M	-62.30M	8.80M	-4.20M	-18.70M	30.80M	-4.60M	-67.00M	-27.00M	-15.60M	6.80M	-28.70M	12.30M	46.80M	-116.10M	13.70M	30.50M	-20.90M	14.30M	5.50M	0.30M	-2.10M	-1.30M	-2.30M	-0.30M	-3.80M	0.40M	0.80M
Net Change in Cash	241.50M	-38.10M	17.20M	-194.00M	-99.60M	-230.00M	686.30M	106.70M	-41.60M	-62.00M	3.00M	63.00M	-683.50M	265.90M	56.90M	4.50M	68.50M	140.50M	-70.20M	181.30M	180.50M	-105.00M	178.60M	112.70M	5.40M	15.60M	-6.30M	3.70M	-15.30M	-10.50M	21.70M	2.10M
Cash at Beginning of Period	2,601.80M	4,409.30M	595.50M	789.50M	889.10M	1,119.10M	432.80M	326.10M	367.70M	429.70M	426.70M	363.70M	1,047.20M	781.30M	724.40M	719.90M	651.40M	512.20M	582.40M	401.10M	220.60M	325.60M	147.00M	34.30M	28.90M	13.30M	19.60M	15.90M	31.20M	41.70M	20.00M	25.80M
Cash at End of Period	2,843.30M	4,371.20M	612.70M	595.50M	789.50M	889.10M	1,119.10M	432.80M	326.10M	367.70M	429.70M	426.70M	363.70M	1,047.20M	781.30M	724.40M	719.90M	652.70M	512.20M	582.40M	401.10M	220.60M	325.60M	147.00M	34.30M	28.90M	13.30M	19.60M	15.90M	31.20M	41.70M	27.90M
Operating Cash Flow	1,022.40M	792.40M	689.90M	1,103.10M	838.20M	682.90M	896.50M	695.90M	595.90M	577.60M	369.50M	524.20M	438.40M	797.00M	666.40M	725.90M	438.70M	351.70M	291.30M	504.30M	442.20M	246.30M	265.90M	88.00M	73.20M	225.40M	174.40M	233.70M	11.20M	100.00M	206.70M	67.10M
Capital Expenditure	-273.30M	-439.70M	-393.30M	-518.10M	-388.30M	-269.80M	-269.90M	-273.40M	-203.30M	-203.90M	-201.00M	-211.40M	-301.50M	-391.80M	-340.50M	-300.40M	-167.10M	-215.30M	-251.30M	-141.40M	-129.10M	-111.80M	-78.40M	-78.70M	-54.90M	-39.30M	-67.70M	-44.20M	-121.60M	-361.30M	-45.20M	-45.30M
Free Cash Flow	749.10M	352.70M	296.60M	585.00M	449.90M	413.10M	626.60M	422.50M	392.60M	373.70M	168.50M	312.80M	136.90M	405.20M	325.90M	425.50M	271.60M	136.40M	40.00M	362.90M	313.10M	134.50M	187.50M	9.30M	18.30M	186.10M	106.70M	189.50M	-110.40M	-261.30M	161.50M	21.80M

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	1,032.50M	1,426.80M	1,309.40M	2,024.20M	1,591.20M	1,295.50M	905.10M	805.60M	807.00M	707.90M	573.90M	646.10M	974.70M	1,160.80M	945.50M	777.50M	486.00M	398.20M	711.70M	521.90M	356.80M	380.60M	423.70M	279.30M	200.40M	198.60M	172.50M	159.00M	290.20M	409.30M	280.50M	340.40M
(-) Tax Adjustment	0.00M	310.76M	0.00M	332.72M	402.93M	139.06M	279.65M	281.96M	226.80M	247.77M	200.87M	139.20M	309.09M	352.69M	199.27M	31.36M	156.31M	117.06M	212.80M	162.54M	124.88M	133.21M	148.30M	97.76M	70.14M	25.67M	60.38M	50.37M	101.57M	143.26M	98.08M	115.04M
(-) Change In Working Capital	610.70M	14.40M	29.50M	-112.70M	-293.50M	-451.20M	194.80M	61.20M	-33.20M	40.20M	-93.70M	36.90M	-218.80M	-105.00M	-89.80M	79.50M	44.40M	83.80M	-170.80M	98.00M	209.00M	10.70M	-15.70M	-41.30M	-0.50M	161.60M	137.60M	198.30M	-103.40M	-183.60M	26.20M	-136.10M
(-) Capital Expenditure	-273.30M	-439.70M	-393.30M	-518.10M	-388.30M	-269.80M	-269.90M	-273.40M	-203.30M	-203.90M	-201.00M	-211.40M	-301.50M	-391.80M	-340.50M	-300.40M	-167.10M	-215.30M	-251.30M	-141.40M	-129.10M	-111.80M	-78.40M	-78.70M	-54.90M	-39.30M	-67.70M	-44.20M	-121.60M	-361.30M	-45.20M	-45.30M
Unlevered Free Cash Flow	148.50M	661.94M	886.60M	1,286.08M	1,093.47M	1,337.84M	160.75M	189.04M	410.10M	216.04M	265.74M	258.60M	582.91M	521.31M	495.53M	366.24M	118.19M	-17.96M	418.40M	119.96M	-106.18M	124.89M	212.71M	144.15M	75.86M	-27.97M	-93.18M	-133.87M	170.43M	88.35M	111.02M	316.16M
(-) Net Interest Income After Taxes	-79.70M	-45.37M	-93.70M	-3.84M	-9.71M	-5.98M	-10.37M	-12.94M	-34.15M	-27.76M	-32.57M	-35.23M	-39.88M	-40.38M	-45.46M	-26.77M	-22.59M	-30.57M	-23.27M	-16.59M	-35.88M	-52.00M	-50.05M	-39.00M	-37.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	-1,236.40M	1,916.50M	1,362.30M	-128.80M	33.00M	-3.80M	150.00M	-108.40M	-176.10M	-125.80M	495.50M	182.40M	-100.60M	-58.10M	-222.50M	689.50M	-98.60M	-61.40M	37.00M	-121.00M	-170.00M	-230.90M	413.60M	84.30M	22.20M	-19.70M	-107.50M	-204.70M	185.50M	118.40M	174.50M	114.90M
Levered Free Cash Flow	-1,008.20M	2,623.81M	2,342.60M	1,161.12M	1,136.18M	1,340.03M	321.12M	93.58M	268.15M	117.99M	793.80M	476.22M	522.19M	503.59M	318.49M	1,082.51M	42.18M	-48.79M	478.67M	15.56M	-240.30M	-54.01M	676.36M	267.45M	135.37M	-47.67M	-200.68M	-338.57M	355.93M	206.75M	285.52M	431.06M