Auto - Manufacturers

Category: Industry Averages Base Ticker: BMW3.DE

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	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	11.36	8.47	9.33	7.79	10.04	9.03	7.85	8.53	8.56	7.78	6.55	6.61	5.93	5.67	4.83	5.88	4.03	2.72	4.67	4.15	3.61	4.83	3.37	3.12	4.24	3.43	3.80	3.70	3.82	3.16	3.37
Market Capitalization	10,635.20M	10,338.39M	8,493.91M	7,443.70M	10,331.92M	7,430.30M	5,825.35M	5,693.57M	5,923.06M	4,825.93M	5,181.35M	4,049.96M	3,956.99M	3,325.11M	3,051.18M	4,168.64M	3,479.97M	1,814.21M	3,870.60M	3,167.08M	2,532.41M	3,519.78M	3,785.05M	4,023.71M	4,139.98M	2,321.34M	2,555.55M	3,280.16M	2,279.73M	5,569.79M	5,711.15M
(-) Cash & Equivalents	1,769.06M	2,326.31M	2,582.89M	2,283.44M	2,069.49M	1,688.44M	1,154.82M	1,100.50M	1,045.93M	933.81M	746.91M	806.78M	723.14M	535.75M	530.88M	583.21M	517.14M	430.80M	540.61M	456.80M	372.18M	449.87M	634.49M	974.57M	736.34M	665.97M	438.88M	471.95M	540.16M	579.35M	2,120.35M
(+) Total Debt	2,292.15M	2,180.55M	2,489.71M	1,873.90M	1,779.03M	2,073.93M	1,833.81M	1,364.03M	1,290.80M	1,144.98M	1,078.03M	985.19M	866.26M	793.08M	989.39M	1,072.39M	798.92M	757.41M	635.83M	544.24M	737.30M	791.25M	3,637.97M	6,561.24M	2,541.12M	2,239.84M	1,220.87M	2,041.05M	1,801.63M	6,306.26M	36,414.24M
Enterprise Value	11,986.81M	10,308.62M	9,055.97M	9,138.14M	12,999.04M	9,539.44M	7,146.79M	6,090.50M	5,992.79M	4,944.97M	5,957.00M	4,869.32M	4,323.13M	3,522.54M	4,097.87M	4,786.49M	4,523.24M	2,966.81M	4,922.67M	4,269.98M	3,715.78M	5,385.86M	7,341.53M	10,532.83M	9,179.55M	8,767.91M	3,439.78M	7,175.15M	7,070.47M	9,954.75M	42,566.21M

Industry Income Statement

Metric	TTM	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
Revenue	11,201.455M	11,188.671M	9,855.852M	8,057.721M	7,035.585M	7,264.646M	7,371.391M	6,875.636M	5,837.287M	5,307.877M	4,642.590M	4,712.598M	4,015.718M	4,138.540M	4,631.536M	3,941.426M	4,869.149M	4,520.055M	4,382.930M	3,519.904M	4,154.457M	4,687.148M	11,726.395M	12,567.077M	10,586.574M	9,318.197M	3,452.122M	8,593.034M	7,804.410M	11,786.080M	35,179.501M
Cost of Revenue	9,007.906M	9,129.997M	8,030.965M	6,278.444M	5,709.120M	5,779.516M	5,743.796M	5,279.315M	4,557.202M	4,113.636M	3,727.049M	3,640.981M	3,156.195M	3,296.630M	3,686.305M	3,552.667M	3,905.906M	3,566.046M	3,485.629M	2,779.189M	3,348.334M	3,879.040M	8,858.250M	9,291.843M	7,638.192M	6,306.518M	2,860.908M	5,793.028M	5,321.936M	8,764.118M	28,111.475M
Gross Profit	2,193.549M	2,058.674M	1,824.888M	1,779.276M	1,326.465M	1,485.130M	1,627.596M	1,596.321M	1,280.085M	1,194.241M	915.541M	1,071.617M	859.523M	841.910M	945.230M	388.759M	963.242M	954.009M	897.301M	740.716M	806.123M	808.107M	2,868.146M	3,275.234M	2,948.382M	3,011.678M	591.214M	2,800.006M	2,482.474M	3,021.961M	7,068.027M
Gross Margin	19.58%	18.40%	18.52%	22.08%	18.85%	20.44%	22.08%	23.22%	21.93%	22.50%	19.72%	22.74%	21.40%	20.34%	20.41%	9.86%	19.78%	21.11%	20.47%	21.04%	19.40%	17.24%	24.46%	26.06%	27.85%	32.32%	17.13%	32.58%	31.81%	25.64%	20.09%
R&D Expenses	355.382M	356.187M	328.622M	295.050M	236.953M	210.845M	188.243M	161.451M	126.249M	118.218M	94.663M	84.878M	71.068M	42.620M	19.607M	19.168M	8.494M	0.273M	0.028M	0.361M	0.859M	0.020M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	1,176.510M	1,082.257M	994.738M	876.682M	768.296M	771.589M	751.818M	725.021M	683.525M	538.121M	512.191M	521.694M	417.523M	308.795M	178.943M	250.025M	231.736M	507.666M	517.569M	484.790M	689.570M	779.078M	1,497.661M	1,502.879M	1,885.926M	1,720.189M	730.860M	1,540.723M	1,344.435M	1,736.752M	1,791.025M
Operating Expenses	1,531.892M	1,438.444M	1,323.360M	1,171.732M	1,005.248M	982.434M	940.062M	886.472M	809.774M	656.339M	606.854M	606.571M	488.591M	351.416M	198.550M	269.193M	240.230M	507.938M	517.597M	485.152M	690.429M	779.097M	1,497.661M	1,502.879M	1,885.926M	1,720.189M	730.860M	1,540.723M	1,344.435M	1,736.752M	1,791.025M
Operating Income	661.657M	620.230M	501.528M	607.545M	321.217M	502.696M	687.534M	709.849M	470.310M	537.902M	308.687M	465.046M	370.932M	490.494M	746.681M	119.566M	723.012M	446.070M	379.704M	255.564M	115.694M	29.010M	1,370.484M	1,772.355M	1,062.456M	1,291.489M	-139.647M	1,259.283M	1,138.039M	1,285.210M	5,277.002M
Operating Margin	5.91%	5.54%	5.09%	7.54%	4.57%	6.92%	9.33%	10.32%	8.06%	10.13%	6.65%	9.87%	9.24%	11.85%	16.12%	3.03%	14.85%	9.87%	8.66%	7.26%	2.78%	0.62%	11.69%	14.10%	10.04%	13.86%	-4.05%	14.65%	14.58%	10.90%	15.00%
Interest Income	72.070M	94.434M	101.985M	56.397M	39.303M	33.487M	30.043M	28.275M	24.318M	21.411M	23.655M	23.141M	17.667M	17.008M	17.514M	9.983M	10.100M	12.780M	11.316M	9.504M	11.861M	3.344M	1.821M	2.889M	1.532M	4.749M	1.806M	5.053M	4.047M	1.647M	188.235M
Interest Expense	69.531M	84.045M	68.782M	43.884M	41.684M	50.841M	43.054M	40.560M	28.595M	31.938M	31.301M	31.577M	26.336M	22.982M	27.722M	26.023M	29.793M	35.510M	28.676M	11.643M	21.382M	7.083M	5.532M	8.784M	6.418M	18.794M	14.323M	16.165M	15.690M	8.288M	150.752M
Net Interest Income	2.539M	10.389M	33.202M	12.513M	-2.381M	-17.354M	-13.011M	-12.285M	-4.277M	-10.527M	-7.646M	-8.436M	-8.669M	-5.974M	-10.208M	-16.040M	-19.693M	-22.731M	-17.360M	-2.140M	-9.521M	-3.740M	-3.711M	-5.895M	-4.886M	-14.046M	-12.518M	-11.112M	-11.643M	-6.640M	37.483M
Other Income / Expense	-106.689M	147.476M	295.306M	-193.280M	184.855M	-241.246M	-323.192M	-168.042M	41.023M	-44.467M	46.414M	-77.528M	-84.813M	-307.122M	-530.961M	147.487M	-586.826M	-336.428M	-202.785M	-124.410M	109.503M	132.649M	-1,214.858M	-1,490.812M	-1,047.352M	-965.362M	285.292M	-933.630M	-631.547M	-767.889M	-3,622.200M
Pre-Tax Income	557.507M	778.095M	830.037M	426.778M	503.691M	244.097M	351.330M	529.522M	507.056M	482.908M	347.455M	379.081M	277.449M	177.399M	205.511M	251.013M	116.493M	86.911M	159.559M	129.015M	215.676M	157.919M	151.915M	275.648M	10.218M	312.081M	133.127M	314.541M	494.849M	510.680M	1,692.285M
Pre-Tax Margin	4.98%	6.95%	8.42%	5.30%	7.16%	3.36%	4.77%	7.70%	8.69%	9.10%	7.48%	8.04%	6.91%	4.29%	4.44%	6.37%	2.39%	1.92%	3.64%	3.67%	5.19%	3.37%	1.30%	2.19%	0.10%	3.35%	3.86%	3.66%	6.34%	4.33%	4.81%
Income Tax Expense	146.423M	150.273M	105.396M	78.995M	63.777M	60.510M	74.812M	87.465M	81.433M	84.172M	59.535M	45.223M	45.917M	46.336M	32.758M	56.885M	21.207M	27.205M	25.683M	21.610M	24.621M	49.447M	40.986M	92.469M	4.662M	133.381M	53.462M	138.015M	159.602M	161.230M	591.219M
Tax Rate	26.26%	19.31%	12.70%	18.51%	12.66%	24.79%	21.29%	16.52%	16.06%	17.43%	17.13%	11.93%	16.55%	26.12%	15.94%	22.66%	18.20%	31.30%	16.10%	16.75%	11.42%	31.31%	26.98%	33.55%	35.00%	35.00%	35.00%	35.00%	32.25%	31.57%	34.94%
Net Income	411.084M	627.823M	724.641M	347.783M	439.914M	183.587M	276.518M	442.056M	425.624M	398.736M	287.920M	333.858M	231.532M	131.062M	172.754M	194.129M	95.286M	59.706M	133.877M	107.405M	191.055M	108.472M	110.929M	183.179M	5.556M	178.700M	79.665M	176.526M	335.246M	349.450M	1,101.066M
Net Margin	3.67%	5.61%	7.35%	4.32%	6.25%	2.53%	3.75%	6.43%	7.29%	7.51%	6.20%	7.08%	5.77%	3.17%	3.73%	4.93%	1.96%	1.32%	3.05%	3.05%	4.60%	2.31%	0.95%	1.46%	0.05%	1.92%	2.31%	2.05%	4.30%	2.96%	3.13%
EBIT	661.657M	620.230M	501.528M	607.545M	321.217M	502.696M	687.534M	709.849M	470.310M	537.902M	308.687M	465.046M	370.932M	490.494M	746.681M	119.566M	723.012M	446.070M	379.704M	255.564M	115.694M	29.010M	1,370.484M	1,772.355M	1,062.456M	1,291.489M	-139.647M	1,259.283M	1,138.039M	1,285.210M	5,277.002M
Depreciation & Amortization	397.308M	553.399M	485.136M	439.303M	405.593M	366.653M	351.478M	294.258M	235.350M	204.002M	156.931M	163.841M	154.239M	144.692M	139.521M	145.386M	164.564M	161.096M	150.868M	138.200M	160.412M	160.294M	390.489M	605.383M	311.111M	280.091M	147.262M	221.078M	206.027M	676.047M	2,902.351M
EBITDA	1,058.965M	1,173.629M	986.664M	1,046.848M	726.809M	869.349M	1,039.013M	1,004.106M	705.660M	741.905M	465.618M	628.886M	525.170M	635.186M	886.202M	264.952M	887.576M	607.167M	530.572M	393.764M	276.106M	189.304M	1,760.973M	2,377.738M	1,373.567M	1,571.580M	7.615M	1,480.362M	1,344.066M	1,961.257M	8,179.353M
EBITDA Margin	9.45%	10.49%	10.01%	12.99%	10.33%	11.97%	14.10%	14.60%	12.09%	13.98%	10.03%	13.34%	13.08%	15.35%	19.13%	6.72%	18.23%	13.43%	12.11%	11.19%	6.65%	4.04%	15.02%	18.92%	12.97%	16.87%	0.22%	17.23%	17.22%	16.64%	23.25%
NOPAT	487.880M	500.446M	437.845M	495.090M	280.544M	378.082M	541.131M	592.597M	394.779M	444.145M	255.794M	409.568M	309.543M	362.378M	627.663M	92.470M	591.391M	306.440M	318.587M	212.757M	102.486M	19.927M	1,000.733M	1,177.800M	690.596M	839.468M	-90.770M	818.534M	770.990M	879.449M	3,433.421M
NOPAT Margin	4.36%	4.47%	4.44%	6.14%	3.99%	5.20%	7.34%	8.62%	6.76%	8.37%	5.51%	8.69%	7.71%	8.76%	13.55%	2.35%	12.15%	6.78%	7.27%	6.04%	2.47%	0.43%	8.53%	9.37%	6.52%	9.01%	-2.63%	9.53%	9.88%	7.46%	9.76%
Owner's Earnings	808.391M	1,181.222M	1,209.777M	787.086M	845.506M	550.240M	627.997M	736.314M	660.973M	602.739M	444.852M	497.699M	385.771M	275.754M	312.275M	339.514M	259.850M	220.802M	284.745M	245.605M	351.467M	268.767M	501.418M	788.562M	316.666M	458.791M	226.927M	397.604M	541.273M	1,025.497M	4,003.417M
Owner's Earnings Margin	7.22%	10.56%	12.27%	9.77%	12.02%	7.57%	8.52%	10.71%	11.32%	11.36%	9.58%	10.56%	9.61%	6.66%	6.74%	8.61%	5.34%	4.88%	6.50%	6.98%	8.46%	5.73%	4.28%	6.27%	2.99%	4.92%	6.57%	4.63%	6.94%	8.70%	11.38%
EPS	0.26	0.39	0.47	0.23	0.33	0.14	0.24	0.44	0.42	0.50	0.37	0.37	0.26	0.17	0.19	0.22	0.10	0.07	0.16	0.12	0.22	0.12	0.11	0.18	0.01	0.19	0.09	0.17	0.30	0.25	0.68
EPS (Diluted)	0.26	0.39	0.47	0.23	0.33	0.14	0.24	0.44	0.42	0.50	0.37	0.37	0.26	0.17	0.19	0.22	0.10	0.07	0.16	0.12	0.22	0.12	0.11	0.18	0.01	0.19	0.09	0.17	0.30	0.25	0.68
Shares (Diluted)	1,561,878,048	1,625,100,320	1,556,151,615	1,525,553,088	1,349,707,401	1,299,398,383	1,130,957,620	1,001,863,524	1,003,956,337	795,488,288	776,052,299	897,206,030	899,791,609	779,546,176	905,464,960	863,423,699	957,845,810	871,361,453	847,179,723	862,631,489	869,504,123	912,404,284	1,024,273,610	1,040,402,081	1,023,936,619	925,835,376	901,028,525	1,038,229,055	1,121,962,138	1,390,906,535	1,615,163,919

Industry Balance Sheet

Metric	MRQ	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
Cash & Cash Equivalents	2,044.14M	2,373.47M	2,608.22M	2,305.76M	2,069.49M	1,688.44M	1,166.28M	1,111.53M	1,056.45M	943.37M	754.54M	815.06M	731.25M	592.11M	574.53M	629.02M	531.46M	442.36M	548.38M	464.01M	378.59M	466.78M	634.49M	974.57M	736.34M	665.97M	438.88M	488.73M	560.14M	579.35M	2,120.35M
Short-Term Investments	619.41M	561.54M	516.41M	480.09M	626.21M	270.19M	296.27M	265.25M	218.57M	236.71M	220.31M	156.56M	124.85M	281.56M	192.68M	155.21M	132.09M	142.99M	15.41M	84.91M	145.00M	166.44M	385.26M	142.70M	83.58M	91.51M	43.42M	64.41M	10.99M	0.02M	1,566.15M
Cash & Short-Term Investments	2,663.56M	2,935.01M	3,124.64M	2,785.85M	2,695.70M	1,958.64M	1,462.55M	1,376.78M	1,275.02M	1,180.09M	974.84M	971.62M	856.10M	873.67M	767.21M	784.23M	663.55M	585.35M	563.79M	548.93M	523.59M	633.22M	1,019.75M	1,117.27M	819.92M	757.48M	482.30M	553.15M	571.13M	579.37M	3,686.50M
Net Receivables	1,421.83M	1,733.65M	1,194.98M	1,026.35M	1,040.67M	1,040.10M	1,173.79M	1,002.79M	915.59M	921.23M	727.74M	715.79M	634.83M	567.65M	488.78M	509.39M	575.23M	470.80M	491.85M	438.22M	381.86M	264.21M	197.33M	1,947.89M	706.40M	1,367.02M	171.54M	601.70M	816.84M	820.40M	1,041.22M
Inventory	1,409.76M	1,421.16M	1,346.67M	1,143.41M	906.13M	907.66M	849.64M	780.54M	659.28M	628.81M	613.19M	569.96M	507.43M	489.69M	488.87M	514.47M	465.27M	555.08M	523.81M	497.82M	473.39M	526.45M	1,269.10M	1,476.21M	1,065.62M	893.98M	373.49M	901.88M	837.99M	1,610.91M	2,133.16M
Other Current Assets	501.41M	385.48M	708.81M	498.34M	330.66M	333.41M	464.17M	434.55M	317.25M	267.34M	272.36M	168.41M	137.54M	157.18M	94.39M	132.82M	138.96M	131.80M	141.78M	84.62M	69.97M	172.70M	613.05M	735.97M	619.99M	416.06M	584.69M	168.15M	462.08M	1,506.06M	1,273.61M
Total Current Assets	5,996.55M	6,475.30M	6,375.10M	5,453.96M	4,973.15M	4,239.81M	3,950.16M	3,594.66M	3,167.14M	2,997.47M	2,588.13M	2,425.78M	2,135.90M	2,088.18M	1,839.25M	1,940.91M	1,843.01M	1,743.03M	1,721.23M	1,569.58M	1,448.81M	1,596.58M	3,099.22M	5,277.35M	3,211.93M	3,434.54M	1,612.03M	2,224.89M	2,688.04M	4,516.74M	8,134.50M
Property, Plant & Equipment	2,613.01M	3,080.94M	2,589.12M	2,447.78M	2,258.41M	2,157.63M	2,071.15M	1,897.71M	1,618.67M	1,554.18M	1,446.55M	1,308.91M	1,112.83M	1,111.26M	1,104.72M	1,271.21M	1,180.38M	1,040.69M	1,062.64M	1,086.11M	1,056.72M	1,289.75M	2,517.62M	2,909.02M	2,360.18M	1,871.47M	918.38M	1,795.57M	1,588.77M	4,529.58M	8,582.41M
Goodwill	3.07M	63.06M	67.12M	23.27M	20.47M	44.10M	48.77M	44.02M	21.85M	14.42M	10.79M	8.64M	10.38M	4.81M	1.00M	0.39M	0.42M	0.56M	0.45M	1.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	292.26M	573.40M	491.62M	615.56M	608.96M	371.82M	286.59M	249.07M	207.25M	171.21M	147.95M	156.48M	121.10M	124.16M	135.93M	109.24M	95.20M	111.11M	94.68M	60.15M	60.33M	44.53M	75.46M	235.08M	50.49M	5.07M	2.18M	1.89M	0.93M	0.90M	1.44M
Long-Term Investments	1,823.27M	740.93M	1,480.31M	897.29M	1,231.83M	1,093.84M	708.82M	662.68M	649.96M	576.94M	537.88M	442.35M	451.45M	221.05M	278.92M	227.86M	196.28M	192.41M	322.23M	194.61M	58.82M	21.42M	2.69M	5.51M	7.12M	99.25M	43.35M	7.74M	0.00M	0.00M	1,602.96M
Tax Assets	167.04M	239.63M	150.54M	187.30M	197.00M	177.51M	183.41M	150.70M	77.70M	74.04M	62.49M	59.44M	45.29M	38.59M	27.27M	61.56M	51.25M	31.73M	26.58M	41.20M	27.31M	40.99M	53.91M	63.55M	49.78M	16.87M	0.03M	14.07M	0.00M	0.00M	1,129.89M
Other Non-Current Assets	215.47M	1,046.78M	995.86M	732.36M	547.20M	345.12M	256.32M	357.97M	241.15M	181.55M	123.92M	124.51M	129.93M	258.68M	279.71M	254.25M	209.82M	191.95M	161.78M	191.33M	200.18M	463.88M	1,262.05M	1,592.98M	1,171.79M	391.18M	490.78M	1,960.45M	1,667.84M	1,638.75M	40,298.68M
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
Total Non-Current Assets	5,114.12M	5,744.74M	5,774.57M	4,903.55M	4,863.88M	4,190.03M	3,555.06M	3,362.15M	2,816.59M	2,572.34M	2,329.58M	2,100.33M	1,870.98M	1,758.55M	1,827.54M	1,924.50M	1,733.34M	1,568.46M	1,668.35M	1,574.64M	1,403.36M	1,860.56M	3,911.74M	4,806.14M	3,639.36M	2,383.84M	1,454.72M	3,779.73M	3,257.54M	6,169.22M	51,615.38M
Total Assets	11,110.68M	12,220.05M	12,149.67M	10,357.51M	9,837.02M	8,429.84M	7,505.22M	6,956.81M	5,983.73M	5,569.81M	4,917.71M	4,526.11M	4,006.87M	3,846.74M	3,666.79M	3,865.41M	3,576.35M	3,311.49M	3,389.57M	3,144.23M	2,852.17M	3,457.14M	7,010.97M	10,083.49M	6,851.29M	5,818.39M	3,066.74M	6,004.61M	5,945.57M	10,685.96M	59,749.87M
Accounts Payable	1,918.58M	2,532.37M	2,346.41M	2,002.00M	1,737.87M	1,575.96M	1,476.35M	1,380.83M	1,352.86M	1,150.01M	1,021.94M	914.50M	796.30M	714.78M	778.49M	873.99M	848.13M	668.95M	546.31M	416.03M	346.40M	338.86M	1,307.84M	1,968.62M	1,917.41M	943.51M	333.68M	1,083.93M	919.76M	2,112.53M	3,171.55M
Short-Term Debt	1,400.87M	966.28M	824.28M	868.38M	782.27M	719.24M	640.82M	588.87M	546.98M	384.70M	411.05M	442.43M	396.82M	358.03M	416.94M	462.65M	401.18M	390.53M	316.73M	281.41M	146.83M	170.05M	161.78M	71.97M	172.60M	114.82M	395.35M	310.83M	313.65M	469.07M	577.75M
Tax Payables	0.00M	52.21M	57.04M	55.09M	51.06M	39.01M	30.61M	34.10M	33.89M	31.84M	28.35M	18.98M	16.10M	16.06M	13.14M	17.74M	10.24M	2.87M	3.06M	3.30M	2.60M	1.59M	4.08M	2.33M	3.72M	13.96M	9.14M	14.37M	8.50M	9.83M	76.69M
Deferred Revenue	75.35M	2.78M	24.22M	108.08M	462.41M	464.74M	410.08M	94.46M	271.25M	226.56M	204.40M	177.57M	147.17M	128.16M	93.05M	94.44M	72.57M	43.77M	59.02M	84.06M	55.21M	47.93M	45.28M	21.33M	57.03M	38.53M	54.51M	32.26M	26.05M	30.98M	11,664.46M
Other Current Liabilities	846.05M	1,142.13M	1,217.39M	941.47M	836.61M	619.33M	740.06M	551.51M	419.01M	530.73M	418.67M	393.11M	372.78M	391.05M	351.87M	218.32M	335.13M	489.26M	357.03M	506.96M	246.62M	574.26M	876.04M	616.97M	368.75M	351.26M	260.88M	7.73M	4.20M	1.87M	2.87M
Total Current Liabilities	4,240.85M	4,695.76M	4,469.34M	3,975.03M	3,870.23M	3,418.28M	3,297.93M	2,649.77M	2,623.99M	2,323.83M	2,084.41M	1,946.59M	1,729.18M	1,608.07M	1,653.49M	1,667.13M	1,667.24M	1,595.37M	1,282.15M	1,291.77M	797.66M	1,132.69M	2,395.03M	2,681.21M	2,519.51M	1,462.09M	1,053.56M	1,449.13M	1,272.16M	2,624.28M	15,493.32M
Long-Term Debt	917.52M	1,167.00M	1,054.20M	1,039.96M	949.75M	958.05M	812.20M	668.43M	523.26M	510.49M	473.70M	497.40M	378.53M	425.51M	509.54M	628.13M	487.36M	407.14M	369.14M	264.45M	294.77M	224.27M	601.91M	1,110.43M	713.37M	898.49M	411.47M	1,026.91M	1,097.17M	1,984.61M	35,040.51M
Capital Lease Obligations	0.00M	234.43M	190.37M	142.20M	111.28M	88.54M	50.23M	2.59M	0.86M	0.43M	0.66M	0.63M	0.04M	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
Deferred Tax Liabilities	71.29M	77.35M	88.29M	82.52M	68.84M	51.62M	64.59M	53.47M	46.02M	39.79M	33.60M	27.91M	24.73M	29.13M	27.02M	26.79M	31.94M	27.15M	34.42M	34.55M	31.19M	30.23M	129.85M	194.27M	128.44M	3.06M	0.38M	0.01M	35.32M	108.76M	1,180.47M
Other Non-Current Liabilities	544.43M	557.25M	388.44M	513.63M	299.19M	374.21M	212.30M	170.34M	156.16M	139.03M	127.40M	126.86M	106.12M	99.93M	108.48M	107.57M	102.66M	41.76M	175.34M	118.62M	163.55M	355.48M	587.66M	305.77M	667.04M	249.65M	97.79M	424.12M	335.13M	3,000.22M	6,966.84M
Total Non-Current Liabilities	1,533.24M	2,036.04M	1,721.29M	1,778.30M	1,429.06M	1,472.41M	1,139.32M	894.83M	726.31M	689.75M	635.36M	652.80M	509.42M	554.57M	645.04M	762.50M	621.96M	476.05M	578.90M	417.62M	489.51M	609.98M	1,319.43M	1,610.47M	1,508.84M	1,151.20M	509.63M	1,451.04M	1,467.63M	5,093.60M	43,187.82M
Total Liabilities	5,774.08M	6,731.80M	6,190.64M	5,753.33M	5,299.28M	4,890.69M	4,437.25M	3,544.60M	3,350.30M	3,013.58M	2,719.77M	2,599.39M	2,238.59M	2,162.64M	2,298.53M	2,429.62M	2,289.20M	2,071.42M	1,861.05M	1,709.39M	1,287.17M	1,742.67M	3,714.46M	4,291.68M	4,028.35M	2,613.29M	1,563.19M	2,900.16M	2,739.79M	7,717.88M	58,681.14M
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
Common Stock	217.06M	252.19M	265.44M	265.31M	239.78M	214.56M	176.76M	170.83M	163.27M	157.47M	150.79M	152.35M	162.53M	162.25M	186.25M	165.56M	117.05M	158.47M	103.44M	93.57M	96.83M	99.23M	142.70M	172.79M	179.69M	101.01M	189.67M	166.46M	61.38M	59.33M	306.78M
Retained Earnings	1,900.34M	2,997.83M	3,223.50M	2,634.54M	2,145.07M	1,744.49M	1,679.91M	1,684.51M	1,428.03M	1,220.26M	1,017.17M	928.59M	793.81M	537.83M	410.22M	211.14M	124.66M	159.35M	83.30M	73.37M	139.28M	257.40M	463.59M	640.59M	1,102.91M	723.63M	453.94M	2,023.15M	1,768.13M	2,062.48M	4,514.52M
Accumulated OCI	251.03M	83.89M	70.10M	128.64M	58.21M	24.00M	36.09M	32.37M	36.15M	8.22M	17.59M	-18.27M	-19.45M	0.00M	-0.04M	0.00M	-0.07M	-0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-5.68M	139.76M
Minority Interest	93.43M	223.09M	184.31M	162.95M	133.63M	100.64M	96.58M	72.82M	71.29M	70.43M	70.75M	84.75M	89.69M	87.15M	63.27M	78.73M	110.44M	116.03M	73.68M	53.28M	44.77M	62.91M	66.36M	37.61M	37.12M	17.77M	22.78M	10.04M	2.18M	3.29M	3.35M
Total Shareholders’ Equity	2,368.43M	3,333.92M	3,559.04M	3,028.49M	2,443.06M	1,983.04M	1,892.76M	1,887.71M	1,627.45M	1,385.95M	1,185.55M	1,062.67M	936.89M	700.08M	596.43M	376.70M	241.64M	317.52M	186.73M	166.93M	236.11M	356.63M	606.29M	813.39M	1,282.60M	824.64M	643.62M	2,189.60M	1,829.52M	2,116.14M	4,961.07M
Total Equity	2,461.86M	3,557.00M	3,743.35M	3,191.44M	2,576.68M	2,083.68M	1,989.34M	1,960.53M	1,698.74M	1,456.37M	1,256.30M	1,147.43M	1,026.58M	787.23M	659.70M	455.43M	352.08M	433.55M	260.42M	220.22M	280.88M	419.53M	672.65M	851.00M	1,319.72M	842.41M	666.39M	2,199.64M	1,831.69M	2,119.43M	4,964.42M
Total Liabilities & Equity	8,235.94M	10,288.80M	9,933.99M	8,944.77M	7,875.97M	6,974.37M	6,426.59M	5,505.13M	5,049.04M	4,469.95M	3,976.08M	3,746.82M	3,265.17M	2,949.86M	2,958.24M	2,885.06M	2,641.28M	2,504.98M	2,121.46M	1,929.61M	1,568.06M	2,162.20M	4,387.11M	5,142.68M	5,348.07M	3,455.71M	2,229.58M	5,099.80M	4,571.48M	9,837.32M	63,645.56M
Tangible Assets	10,815.35M	11,583.59M	11,590.93M	9,718.68M	9,207.60M	8,013.92M	7,169.86M	6,663.72M	5,754.63M	5,384.18M	4,758.98M	4,360.99M	3,875.40M	3,717.77M	3,529.86M	3,755.78M	3,480.73M	3,199.82M	3,294.45M	3,082.84M	2,791.84M	3,412.61M	6,935.50M	9,848.41M	6,800.80M	5,813.31M	3,064.56M	6,002.72M	5,944.64M	10,685.07M	59,748.44M
Tangible Equity	2,166.53M	2,920.54M	3,184.61M	2,552.62M	1,947.26M	1,667.76M	1,653.98M	1,667.43M	1,469.64M	1,270.74M	1,097.57M	982.31M	895.10M	658.25M	522.78M	345.81M	256.46M	321.88M	165.30M	158.83M	220.55M	375.00M	597.19M	615.92M	1,269.23M	837.34M	664.21M	2,197.75M	1,830.76M	2,118.53M	4,962.98M
Tangible Book Value	2,166.53M	2,920.54M	3,184.61M	2,552.62M	1,947.26M	1,667.76M	1,653.98M	1,667.43M	1,469.64M	1,270.74M	1,097.57M	982.31M	895.10M	658.25M	522.78M	345.81M	256.46M	321.88M	165.30M	158.83M	220.55M	375.00M	597.19M	615.92M	1,269.23M	837.34M	664.21M	2,197.75M	1,830.76M	2,118.53M	4,962.98M
Total Investments	2,671.11M	1,937.77M	2,107.50M	1,908.51M	1,816.29M	1,480.52M	1,062.62M	1,061.98M	873.78M	794.09M	762.65M	656.76M	684.27M	581.72M	782.93M	732.22M	551.79M	514.04M	491.87M	396.73M	388.62M	322.57M	261.36M	232.38M	296.08M	203.71M	81.06M	83.01M	7.33M	0.07M	3,169.26M
Net Debt	274.24M	-240.18M	-729.75M	-397.42M	-337.47M	-11.16M	286.74M	145.76M	13.79M	-48.19M	130.21M	124.76M	44.10M	191.43M	351.95M	461.76M	357.07M	355.30M	137.49M	81.85M	63.01M	-72.46M	129.21M	207.82M	149.63M	347.34M	367.94M	849.00M	850.68M	1,874.34M	33,497.90M

Industry Capital

Metric	MRQ	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
Working Capital	1,220.50M	985.17M	954.01M	999.26M	1,034.18M	622.39M	624.28M	584.15M	696.91M	666.11M	272.72M	313.16M	316.59M	520.14M	351.44M	-81.92M	200.77M	-3.20M	-218.52M	65.55M	-55.79M	-15.35M	1,222.94M	3,727.85M	-268.78M	337.98M	-108.53M	167.64M	264.30M	1,764.94M	-632.52M
Total Capital	7,393.97M	7,823.99M	8,030.51M	7,292.76M	7,644.76M	6,057.91M	4,938.84M	4,273.26M	3,913.39M	3,423.53M	2,993.31M	2,767.84M	2,478.53M	2,705.47M	3,079.77M	2,329.86M	1,659.43M	1,489.75M	1,806.83M	1,180.53M	1,734.33M	2,160.21M	5,938.24M	8,388.32M	4,732.66M	5,166.20M	2,129.11M	4,552.15M	3,965.66M	9,833.80M	42,982.44M
Capital Employed	6,807.52M	8,758.99M	9,892.96M	9,984.47M	8,745.53M	5,759.95M	5,777.07M	5,638.68M	4,996.42M	4,246.41M	3,238.08M	3,365.55M	3,094.44M	3,401.66M	3,386.17M	2,807.17M	2,373.00M	2,643.13M	2,143.22M	2,267.01M	1,945.76M	2,277.37M	8,361.75M	10,431.95M	5,008.77M	4,130.10M	1,372.03M	3,936.03M	3,589.85M	9,060.64M	51,339.71M
Invested Capital	5,349.83M	5,450.52M	5,422.28M	4,987.00M	5,575.27M	4,369.47M	3,772.57M	3,161.73M	2,856.94M	2,480.16M	2,238.77M	1,952.78M	1,747.28M	2,113.36M	2,505.24M	1,700.84M	1,127.97M	1,047.38M	1,258.45M	716.52M	1,355.74M	1,693.43M	5,303.75M	7,413.75M	3,996.32M	4,500.23M	1,690.23M	4,063.41M	3,405.51M	9,254.45M	40,862.09M

Industry Cash Flow Statement

Metric	TTM	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
Depreciation & Amortization	347.35M	498.46M	497.81M	456.37M	414.33M	396.43M	321.85M	295.58M	237.72M	206.04M	149.64M	163.57M	154.36M	148.29M	148.05M	197.43M	166.10M	165.31M	84.33M	140.06M	126.01M	169.77M	390.49M	600.76M	311.14M	279.28M	152.03M	681.65M	6,532.53M	7,960.57M	8,622.44M
Deferred Income Tax	0.00M	0.00M	-0.54M	-4.38M	-0.74M	-0.90M	-3.76M	-1.70M	-0.52M	-0.48M	-1.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.16M	1.09M	1.97M	3.04M	3.44M	1.36M	0.19M	0.26M	0.40M	0.16M	0.03M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-26.92M	59.42M	9.37M	-229.52M	70.67M	-7.59M	-27.76M	-61.42M	-80.63M	-21.52M	-48.86M	-37.74M	-38.19M	-41.10M	-90.97M	14.44M	149.91M	-71.00M	-13.64M	2.61M	16.95M	-28.90M	-144.08M	54.45M	217.61M	81.19M	40.05M	128.49M	2,542.53M	3,075.82M	1,515.86M
Accounts Receivable	-18.43M	-169.65M	-101.26M	-97.95M	32.56M	19.89M	21.18M	-70.99M	-66.06M	-70.85M	-61.70M	-52.47M	-45.66M	-12.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-29.11M	0.00M	-39.69M	29.86M	-1,267.64M	86.00M
Inventory	3.59M	-38.11M	-240.20M	-263.77M	-45.92M	-12.50M	-25.66M	-62.35M	-46.36M	-21.97M	-39.87M	-60.41M	-25.62M	-28.91M	-23.56M	-29.93M	28.63M	-46.36M	-35.05M	-27.12M	-22.59M	-32.71M	-80.25M	-36.14M	-2.18M	-68.45M	-3.35M	-71.74M	529.33M	474.42M	-46.00M
Accounts Payable	0.00M	57.33M	68.29M	78.32M	32.66M	71.49M	13.83M	18.04M	17.39M	33.49M	3.41M	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	0.00M	0.00M	0.00M
Other Working Capital	2.76M	93.08M	36.15M	4.02M	11.96M	-15.20M	-21.65M	-26.41M	-38.22M	-10.33M	8.72M	9.64M	-4.99M	-3.87M	-38.91M	27.04M	7.61M	-7.31M	6.38M	23.22M	19.64M	-7.40M	5.74M	88.96M	230.91M	160.39M	73.15M	248.41M	2,058.96M	3,913.68M	1,621.72M
Other Non-Cash Items	127.24M	27.22M	21.14M	-50.19M	-46.61M	-20.07M	-31.16M	-17.53M	-26.29M	-1.64M	-30.55M	-18.36M	-23.63M	-49.52M	-61.15M	6.93M	12.21M	-2.28M	2.82M	28.54M	-1.52M	30.18M	37.03M	24.20M	18.89M	4.67M	19.00M	-28.16M	1,048.98M	-1,793.06M	2,221.09M
Net Cash from Operating Activities	1,216.10M	1,290.31M	999.24M	631.75M	806.69M	562.52M	566.72M	585.90M	408.47M	386.92M	364.06M	294.19M	290.22M	203.87M	270.82M	551.02M	275.05M	40.28M	289.51M	326.56M	245.55M	189.20M	296.96M	1,128.50M	697.84M	637.26M	336.93M	1,397.62M	13,568.26M	12,204.15M	15,300.74M
Capital Expenditures (PPE)	-611.27M	-552.54M	-625.12M	-499.94M	-435.00M	-435.39M	-458.25M	-407.91M	-324.97M	-296.97M	-324.06M	-292.60M	-228.87M	-238.85M	-264.35M	-154.18M	-242.44M	-282.44M	-243.14M	-268.66M	-278.77M	-265.88M	-555.45M	-940.38M	-485.19M	-361.93M	-196.34M	-768.46M	-4,826.19M	-6,698.44M	-8,059.17M
Acquisitions (Net)	0.31M	-0.98M	-12.94M	-19.23M	-4.59M	7.59M	4.48M	-3.03M	-2.54M	-0.32M	6.14M	-3.27M	-0.64M	-0.01M	-3.65M	-1.31M	-1.59M	-2.71M	0.37M	0.83M	2.12M	6.82M	12.50M	5.77M	-2.90M	0.00M	0.43M	0.05M	-17.78M	-94.86M	-5,998.00M
Purchases of Investments	-489.55M	-770.24M	-429.51M	-486.25M	-363.32M	-374.39M	-163.67M	-283.25M	-188.77M	-101.53M	-141.08M	-87.11M	-76.29M	-51.86M	-65.76M	-110.08M	-80.78M	-60.30M	-58.41M	-140.66M	-82.77M	-77.55M	-72.80M	-95.14M	-89.83M	-106.02M	-58.18M	-356.30M	-1,389.85M	-4,616.57M	-4,394.08M
Sales / Maturities of Investments	505.95M	601.19M	488.48M	422.22M	265.63M	258.51M	273.36M	248.79M	206.97M	179.36M	133.43M	104.31M	27.45M	59.76M	50.61M	63.62M	71.95M	67.68M	75.27M	141.42M	97.17M	111.29M	46.88M	32.63M	67.95M	62.62M	38.86M	44.20M	1,570.22M	5,640.00M	3,584.67M
Other Investing Activities	-100.19M	-98.99M	12.26M	32.56M	29.27M	31.80M	13.03M	0.90M	9.64M	10.36M	12.16M	7.49M	4.16M	10.97M	28.59M	35.21M	9.64M	9.47M	3.53M	6.62M	19.15M	-40.27M	26.31M	8.82M	-32.98M	-59.99M	-248.35M	-634.34M	-12,688.07M	-13,618.75M	-10,071.34M
Net Cash from Investing Activities	-887.93M	-841.58M	-693.21M	-478.21M	-293.41M	-460.80M	-456.01M	-454.53M	-418.14M	-305.66M	-306.49M	-244.15M	-218.95M	-205.30M	-188.94M	-106.33M	-126.12M	-275.19M	-238.64M	-206.58M	-111.15M	-184.40M	-193.96M	-832.95M	-799.08M	-469.33M	-341.75M	-1,689.78M	-17,354.49M	-19,388.26M	-24,618.65M
Net Debt Issuance	29.34M	100.22M	216.16M	13.72M	-9.93M	131.88M	74.56M	94.38M	99.19M	55.19M	9.85M	80.24M	49.37M	58.41M	12.07M	-19.42M	2.90M	36.61M	32.29M	44.33M	2.73M	-6.63M	7.36M	3.68M	24.83M	45.50M	60.71M	285.94M	4,832.74M	7,028.24M	12,524.30M
Long-Term Debt Issuance	29.38M	94.44M	136.26M	-26.20M	22.69M	123.78M	113.97M	63.40M	99.02M	74.81M	8.18M	85.94M	50.15M	45.18M	15.85M	9.95M	42.65M	35.66M	23.65M	15.16M	6.34M	-12.71M	0.98M	7.36M	53.73M	86.94M	61.87M	279.67M	2,303.18M	4,956.81M	8,326.30M
Short-Term Debt Issuance	-9.47M	-0.26M	0.98M	-1.59M	-0.75M	-3.00M	0.00M	0.00M	0.48M	0.00M	0.00M	-0.68M	0.00M	0.00M	0.12M	-1.33M	-1.45M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-14.82M	0.00M	30.56M	2,561.62M	2,071.43M	4,198.00M
Net Stock Issuance	-3.37M	-8.81M	-0.08M	-0.51M	0.90M	0.00M	-0.01M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.05M	1.72M	0.66M	0.00M	0.22M	0.00M	0.20M	0.00M	0.00M	4.65M	0.00M	0.00M	0.00M	-14.60M	332.44M	1,193.71M	-849.33M
Common Stock Issuance	0.00M	0.00M	0.07M	0.16M	11.94M	0.52M	0.05M	0.46M	0.05M	0.15M	0.05M	0.03M	0.00M	0.01M	0.22M	2.06M	2.35M	0.11M	0.37M	1.18M	1.07M	0.00M	0.13M	4.57M	75.75M	0.00M	0.00M	0.00M	339.11M	1,193.71M	400.67M
Common Stock Repurchased	-3.37M	-8.78M	-1.94M	-1.02M	-0.12M	0.00M	-0.12M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.04M	0.00M	-0.03M	0.00M	-0.06M	0.00M	0.00M	0.00M	-14.60M	-6.67M	0.00M	0.00M
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	-1,250.00M
Net Dividends Paid	-63.52M	-158.44M	-147.18M	-106.04M	-99.52M	-98.01M	-104.14M	-104.57M	-79.21M	-76.15M	-78.13M	-62.38M	-44.90M	-50.63M	-31.69M	-14.48M	-14.99M	-21.92M	-18.43M	-27.15M	-29.00M	-24.93M	-38.65M	-67.71M	-41.25M	-26.60M	-13.03M	-108.26M	-945.48M	-1,099.33M	-1,094.62M
Common Dividends Paid	-60.61M	-158.44M	-147.40M	-106.84M	-100.27M	-98.95M	-129.31M	-103.80M	-91.42M	-74.86M	-76.54M	-54.30M	-44.41M	-40.36M	-29.12M	-13.91M	-13.50M	-17.65M	-18.42M	-32.85M	-27.46M	-25.24M	-38.65M	-67.74M	-41.27M	-26.60M	-13.03M	-108.26M	-945.48M	-1,099.33M	-1,094.62M
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
Other Financing Activities	-45.92M	-53.65M	-27.71M	-25.14M	-20.99M	-10.36M	-18.62M	1.25M	0.13M	-0.23M	8.15M	-0.43M	-5.47M	-1.74M	6.00M	-13.02M	-4.92M	-4.25M	-8.06M	1.91M	-0.28M	0.03M	-17.56M	-3.21M	21.08M	0.92M	8.52M	-10.52M	-194.60M	-518.30M	377.35M
Net Cash from Financing Activities	-5.49M	-42.66M	36.72M	-27.95M	-125.93M	111.92M	-51.36M	-43.94M	111.09M	26.77M	-9.46M	33.47M	28.78M	29.70M	-6.51M	-20.34M	21.62M	27.34M	-3.57M	18.88M	-12.60M	-26.74M	-30.09M	-30.46M	1.02M	38.43M	145.80M	279.42M	4,284.57M	6,785.13M	10,985.49M
Effect of FX on Cash	0.54M	0.65M	-0.76M	5.37M	-1.33M	-6.93M	1.97M	-1.95M	-1.57M	1.40M	0.95M	0.61M	-2.30M	-0.69M	-1.50M	-0.32M	0.59M	-7.35M	-0.31M	1.56M	0.15M	0.26M	-0.04M	4.09M	0.69M	-3.83M	-2.36M	5.61M	-40.35M	-114.86M	52.67M
Net Change in Cash	42.50M	-23.20M	98.35M	73.70M	126.28M	304.11M	60.33M	3.29M	54.64M	83.46M	52.40M	37.68M	44.37M	14.26M	39.11M	58.30M	103.27M	-16.77M	89.46M	21.46M	51.64M	66.10M	78.89M	43.02M	101.39M	50.57M	86.12M	-126.72M	432.64M	-664.28M	1,691.49M
Cash at Beginning of Period	2,055.48M	2,271.21M	2,270.62M	2,152.21M	1,707.72M	1,145.67M	1,121.65M	1,125.82M	943.10M	737.50M	740.29M	616.05M	413.30M	492.72M	528.18M	458.10M	334.73M	359.50M	357.55M	282.16M	271.89M	357.35M	783.25M	778.57M	670.31M	630.98M	397.00M	733.37M	3,734.95M	5,511.14M	4,614.72M
Cash at End of Period	2,980.58M	2,108.68M	2,586.81M	2,255.35M	2,130.61M	1,670.17M	1,199.08M	1,111.12M	1,082.70M	943.48M	752.30M	787.08M	688.83M	539.70M	533.22M	623.22M	470.73M	338.82M	473.14M	419.76M	375.19M	490.31M	647.64M	978.32M	743.61M	672.87M	478.75M	654.14M	4,176.86M	5,021.72M	6,306.21M
Operating Cash Flow	1,216.06M	1,290.31M	992.03M	640.09M	825.38M	562.02M	566.73M	585.90M	408.47M	386.92M	364.06M	294.19M	290.22M	203.89M	270.81M	551.02M	275.05M	40.28M	289.51M	326.56M	245.55M	189.20M	296.96M	1,128.50M	697.84M	637.26M	336.93M	1,397.62M	13,568.26M	12,204.15M	15,300.74M
Capital Expenditure	-616.13M	-687.83M	-698.43M	-500.14M	-435.04M	-435.54M	-458.99M	-408.65M	-325.71M	-296.97M	-324.06M	-292.60M	-241.96M	-238.85M	-264.51M	-154.03M	-193.79M	-282.44M	-243.14M	-268.59M	-288.26M	-265.88M	-555.45M	-940.38M	-485.19M	-361.93M	-196.34M	-768.46M	-4,826.19M	-6,698.44M	-8,059.17M
Free Cash Flow	537.88M	306.61M	249.56M	87.95M	337.58M	210.04M	102.38M	104.80M	50.85M	142.27M	78.68M	25.52M	49.68M	4.36M	24.34M	256.04M	95.22M	-64.29M	72.70M	86.55M	34.83M	23.85M	51.24M	76.67M	62.34M	278.18M	184.08M	631.78M	8,733.89M	5,505.71M	7,241.57M

Industry Free Cash Flow

Metric	TTM	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
EBITDA	1,017.56M	1,363.11M	1,120.70M	906.49M	833.90M	751.60M	778.67M	752.11M	647.04M	645.20M	518.58M	519.32M	379.11M	367.20M	378.43M	459.92M	271.91M	313.87M	389.83M	157.70M	331.05M	377.76M	905.38M	1,371.05M	1,105.96M	906.04M	254.03M	795.24M	791.35M	525.64M	4,741.07M
(-) Tax Adjustment	267.25M	263.26M	142.30M	167.79M	105.59M	186.32M	165.81M	124.23M	103.91M	112.46M	88.86M	61.95M	62.74M	95.91M	60.32M	104.23M	49.50M	98.25M	62.75M	26.42M	37.79M	118.28M	244.27M	459.93M	504.62M	387.23M	102.01M	348.94M	255.23M	165.95M	1,656.35M
(-) Change In Working Capital	-26.92M	59.42M	9.37M	-229.52M	70.67M	-7.59M	-27.76M	-61.42M	-80.63M	-21.52M	-48.86M	-37.74M	-38.19M	-41.10M	-90.97M	14.44M	149.91M	-71.00M	-13.64M	2.61M	16.95M	-28.90M	-144.08M	54.45M	217.61M	81.19M	40.05M	128.49M	2,542.53M	3,075.82M	1,515.86M
(-) Capital Expenditure	616.13M	687.83M	698.43M	500.14M	435.04M	435.54M	458.99M	408.65M	325.71M	296.97M	324.06M	292.60M	241.96M	238.85M	264.51M	154.03M	193.79M	282.44M	243.14M	268.59M	288.26M	265.88M	555.45M	940.38M	485.19M	361.93M	196.34M	768.46M	4,826.19M	6,698.44M	8,059.17M
Unlevered Free Cash Flow	161.10M	352.61M	270.60M	468.08M	222.60M	137.34M	181.63M	280.65M	298.04M	257.29M	154.52M	202.51M	112.60M	73.53M	144.57M	187.23M	-121.29M	4.18M	97.57M	-139.92M	-11.95M	22.50M	249.74M	-83.71M	-101.45M	75.68M	-84.37M	-450.65M	-6,832.60M	-9,414.58M	-6,490.30M
(-) Net Interest Income After Taxes	1.87M	8.38M	28.99M	10.20M	-2.08M	-13.05M	-10.24M	-10.26M	-3.59M	-8.69M	-6.34M	-7.43M	-7.23M	-4.41M	-8.58M	-12.41M	-16.11M	-15.62M	-14.57M	-1.78M	-8.43M	-2.57M	-2.71M	-3.92M	-2.66M	-8.04M	-7.49M	-6.24M	-7.89M	-4.54M	24.39M
Net Debt Issuance	29.34M	100.22M	216.16M	13.72M	-9.93M	131.88M	74.56M	94.38M	99.19M	55.19M	9.85M	80.24M	49.37M	58.41M	12.07M	-19.42M	2.90M	36.61M	32.29M	44.33M	2.73M	-6.63M	7.36M	3.68M	24.83M	45.50M	60.71M	285.94M	4,832.74M	7,028.24M	12,524.30M
Levered Free Cash Flow	188.56M	444.45M	457.77M	471.61M	214.75M	282.27M	266.43M	385.29M	400.82M	321.18M	170.70M	290.18M	169.21M	136.36M	165.22M	180.21M	-102.29M	56.41M	144.43M	-93.81M	-0.79M	18.44M	259.82M	-76.12M	-73.96M	129.22M	-16.17M	-158.48M	-1,991.97M	-2,381.79M	6,009.60M