Regulated Electric

Category: Industry Averages Base Ticker: TXNM

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	32.65	24.83	22.88	24.26	25.83	24.23	25.02	20.59	21.79	20.15	20.71	21.00	17.40	18.19	16.90	16.70	15.24	13.44	17.11	17.79	14.87	13.17	12.86	11.45	12.11	15.13	12.84	16.20	15.06	14.23	15.41
Market Capitalization	16,328.51M	12,600.31M	10,370.40M	10,674.56M	10,900.71M	9,524.61M	9,893.90M	8,316.41M	8,545.14M	8,192.13M	7,850.64M	7,873.96M	6,407.59M	6,143.37M	6,132.81M	5,510.43M	5,257.42M	4,857.02M	6,118.59M	5,756.27M	4,475.83M	3,697.89M	3,852.02M	2,891.15M	3,320.41M	3,905.43M	3,108.61M	4,123.27M	3,768.42M	3,094.06M	3,244.74M
(-) Cash & Equivalents	388.52M	296.04M	276.54M	316.83M	282.86M	342.80M	281.84M	289.59M	297.67M	202.20M	266.08M	243.28M	252.40M	214.56M	215.01M	170.39M	207.68M	128.97M	132.59M	149.37M	133.45M	91.02M	143.02M	122.61M	120.50M	114.33M	104.03M	72.04M	63.21M	64.60M	81.44M
(+) Total Debt	17,066.34M	13,305.26M	12,352.74M	11,930.25M	11,610.38M	10,814.43M	8,237.37M	8,386.48M	7,567.18M	7,041.36M	6,326.09M	6,029.81M	5,703.72M	4,910.68M	4,543.34M	4,438.24M	3,793.09M	3,418.71M	3,352.33M	3,362.99M	3,056.90M	3,013.90M	3,560.02M	3,343.85M	3,202.97M	3,352.88M	3,059.16M	2,757.34M	2,646.32M	2,511.17M	2,443.12M
Enterprise Value	34,280.80M	26,653.33M	23,268.36M	23,009.62M	22,926.15M	20,968.00M	18,572.56M	16,300.73M	15,368.66M	14,796.45M	13,901.44M	13,700.99M	11,283.07M	10,855.13M	10,221.17M	10,068.89M	8,842.10M	8,410.21M	9,625.90M	9,363.95M	7,519.19M	6,631.25M	7,775.72M	6,169.96M	6,322.04M	7,496.11M	5,983.74M	6,920.22M	6,389.54M	5,738.04M	5,685.07M

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	9,146.779M	8,039.857M	7,645.499M	8,575.720M	6,920.505M	6,246.653M	6,359.478M	6,545.869M	6,106.521M	5,673.292M	5,528.151M	5,792.409M	5,396.836M	5,221.920M	5,317.899M	5,040.699M	4,661.201M	5,138.434M	4,546.621M	4,347.099M	3,901.202M	3,602.786M	3,670.243M	3,540.401M	3,894.120M	3,874.961M	3,107.840M	3,461.706M	2,804.693M	2,671.398M	2,701.319M
Cost of Revenue	4,660.817M	4,290.352M	4,799.903M	5,448.535M	4,361.741M	3,878.999M	4,195.939M	4,137.458M	3,828.670M	3,568.703M	3,658.788M	3,905.336M	3,497.150M	3,382.504M	3,034.309M	2,652.801M	2,210.301M	2,607.063M	2,100.230M	1,976.553M	1,743.305M	1,476.312M	1,352.614M	1,238.432M	1,530.398M	1,334.352M	926.681M	887.358M	1,132.218M	961.546M	939.663M
Gross Profit	4,485.962M	3,749.505M	2,845.596M	3,127.185M	2,558.764M	2,367.655M	2,163.539M	2,408.411M	2,277.851M	2,104.589M	1,869.363M	1,887.073M	1,899.685M	1,839.417M	2,283.590M	2,387.898M	2,450.900M	2,531.370M	2,446.390M	2,370.546M	2,157.897M	2,126.474M	2,317.629M	2,301.968M	2,363.722M	2,540.609M	2,181.160M	2,574.348M	1,672.475M	1,709.852M	1,761.655M
Gross Margin	49.04%	46.64%	37.22%	36.47%	36.97%	37.90%	34.02%	36.79%	37.30%	37.10%	33.82%	32.58%	35.20%	35.22%	42.94%	47.37%	52.58%	49.26%	53.81%	54.53%	55.31%	59.02%	63.15%	65.02%	60.70%	65.56%	70.18%	74.37%	59.63%	64.01%	65.21%
R&D Expenses	0.000M	0.078M	0.151M	0.175M	0.152M	0.011M	0.091M	0.046M	0.065M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	64.783M	94.997M	79.821M	60.997M	45.486M	53.396M	49.333M	62.472M	56.187M	38.097M	41.709M	33.244M	32.471M	16.270M	25.794M	41.704M	42.458M	28.333M	22.622M	19.897M	12.317M	6.744M	2.760M	3.480M	1.591M	1.744M	1.359M	0.951M	0.786M	1.428M	1.209M
Operating Expenses	64.783M	95.075M	79.973M	61.172M	45.638M	53.408M	49.424M	62.517M	56.252M	38.097M	41.709M	33.244M	32.471M	16.270M	25.794M	41.704M	42.458M	28.333M	22.622M	19.897M	12.317M	6.744M	2.760M	3.480M	1.591M	1.744M	1.359M	0.951M	0.786M	1.428M	1.209M
Operating Income	4,421.180M	3,654.430M	2,765.623M	3,066.013M	2,513.126M	2,314.247M	2,114.116M	2,345.894M	2,221.600M	2,066.493M	1,827.654M	1,853.829M	1,867.214M	1,823.147M	2,257.796M	2,346.193M	2,408.442M	2,503.038M	2,423.768M	2,350.649M	2,145.580M	2,119.730M	2,314.869M	2,298.489M	2,362.132M	2,538.865M	2,179.801M	2,573.397M	1,671.689M	1,708.424M	1,760.447M
Operating Margin	48.34%	45.45%	36.17%	35.75%	36.31%	37.05%	33.24%	35.84%	36.38%	36.42%	33.06%	32.00%	34.60%	34.91%	42.46%	46.55%	51.67%	48.71%	53.31%	54.07%	55.00%	58.84%	63.07%	64.92%	60.66%	65.52%	70.14%	74.34%	59.60%	63.95%	65.17%
Interest Income	34.998M	46.478M	31.336M	25.144M	12.757M	22.056M	25.003M	22.285M	23.206M	25.955M	25.091M	18.607M	18.950M	18.969M	9.963M	10.624M	10.777M	17.470M	4.653M	5.401M	4.116M	1.664M	0.126M	0.205M	0.104M	0.221M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	742.862M	614.693M	546.415M	472.253M	435.434M	439.268M	431.844M	359.181M	323.672M	310.275M	291.035M	296.538M	296.194M	263.044M	295.664M	270.113M	225.010M	227.585M	48.777M	52.592M	37.550M	26.643M	15.811M	1.353M	1.268M	1.291M	0.929M	1.212M	0.502M	0.663M	0.538M
Net Interest Income	-707.864M	-568.215M	-515.079M	-447.109M	-422.677M	-417.212M	-406.841M	-336.896M	-300.466M	-284.319M	-265.944M	-277.931M	-277.244M	-244.076M	-285.701M	-259.489M	-214.233M	-210.116M	-44.124M	-47.192M	-33.435M	-24.980M	-15.685M	-1.149M	-1.164M	-1.070M	-0.929M	-1.212M	-0.502M	-0.663M	-0.538M
Other Income / Expense	-2,472.905M	-2,025.153M	-1,457.472M	-1,861.734M	-1,429.401M	-1,233.213M	-1,087.489M	-1,384.790M	-1,115.763M	-1,096.669M	-890.064M	-825.987M	-1,026.492M	-1,017.104M	-1,365.875M	-1,435.551M	-1,602.214M	-1,640.934M	-1,774.438M	-1,773.416M	-1,708.580M	-1,772.991M	-1,976.451M	-1,980.412M	-1,990.993M	-2,242.527M	-1,833.054M	-2,176.754M	-1,305.510M	-1,313.744M	-1,319.965M
Pre-Tax Income	1,240.411M	1,061.062M	793.072M	757.170M	661.048M	663.823M	619.786M	624.207M	805.371M	685.504M	671.645M	749.911M	563.478M	561.968M	606.220M	651.153M	591.996M	651.988M	605.206M	530.042M	403.566M	321.759M	322.733M	316.928M	369.975M	295.269M	345.818M	395.431M	365.677M	394.017M	439.943M
Pre-Tax Margin	13.56%	13.20%	10.37%	8.83%	9.55%	10.63%	9.75%	9.54%	13.19%	12.08%	12.15%	12.95%	10.44%	10.76%	11.40%	12.92%	12.70%	12.69%	13.31%	12.19%	10.34%	8.93%	8.79%	8.95%	9.50%	7.62%	11.13%	11.42%	13.04%	14.75%	16.29%
Income Tax Expense	189.798M	154.087M	106.994M	105.161M	101.078M	105.486M	89.413M	106.768M	168.036M	150.965M	170.820M	187.794M	145.392M	140.650M	167.698M	201.874M	145.810M	181.599M	173.217M	143.556M	85.057M	78.216M	101.915M	89.043M	114.524M	90.903M	116.136M	117.778M	136.138M	123.155M	152.878M
Tax Rate	15.30%	14.52%	13.49%	13.89%	15.29%	15.89%	14.43%	17.10%	20.86%	22.02%	25.43%	25.04%	25.80%	25.03%	27.66%	31.00%	24.63%	27.85%	28.62%	27.08%	21.08%	24.31%	31.58%	28.10%	30.95%	30.79%	33.58%	29.78%	35.00%	31.26%	34.75%
Net Income	1,050.613M	906.975M	686.078M	652.009M	559.970M	558.337M	530.373M	517.440M	637.334M	534.539M	500.825M	562.117M	418.087M	421.317M	438.522M	449.279M	446.185M	470.390M	431.989M	386.486M	318.509M	243.543M	220.817M	227.885M	255.451M	204.365M	229.682M	277.654M	229.539M	270.862M	287.066M
Net Margin	11.49%	11.28%	8.97%	7.60%	8.09%	8.94%	8.34%	7.90%	10.44%	9.42%	9.06%	9.70%	7.75%	8.07%	8.25%	8.91%	9.57%	9.15%	9.50%	8.89%	8.16%	6.76%	6.02%	6.44%	6.56%	5.27%	7.39%	8.02%	8.18%	10.14%	10.63%
EBIT	4,421.180M	3,654.430M	2,765.623M	3,066.013M	2,513.126M	2,314.247M	2,114.116M	2,345.894M	2,221.600M	2,066.493M	1,827.654M	1,853.829M	1,867.214M	1,823.147M	2,257.796M	2,346.193M	2,408.442M	2,503.038M	2,423.768M	2,350.649M	2,145.580M	2,119.730M	2,314.869M	2,298.489M	2,362.132M	2,538.865M	2,179.801M	2,573.397M	1,671.689M	1,708.424M	1,760.447M
Depreciation & Amortization	1,215.696M	1,180.037M	972.875M	941.410M	933.080M	934.862M	886.740M	806.592M	799.762M	737.852M	662.074M	634.102M	630.949M	567.020M	525.587M	480.921M	462.381M	420.626M	438.132M	418.385M	341.927M	321.063M	358.078M	333.400M	314.527M	350.199M	321.989M	267.287M	58.629M	71.786M	90.348M
EBITDA	5,636.876M	4,834.467M	3,738.498M	4,007.423M	3,446.206M	3,249.109M	3,000.855M	3,152.486M	3,021.362M	2,804.345M	2,489.728M	2,487.930M	2,498.163M	2,390.167M	2,783.383M	2,827.114M	2,870.823M	2,923.664M	2,861.900M	2,769.034M	2,487.507M	2,440.793M	2,672.947M	2,631.889M	2,676.659M	2,889.064M	2,501.790M	2,840.684M	1,730.319M	1,780.210M	1,850.795M
EBITDA Margin	61.63%	60.13%	48.90%	46.73%	49.80%	52.01%	47.19%	48.16%	49.48%	49.43%	45.04%	42.95%	46.29%	45.77%	52.34%	56.09%	61.59%	56.90%	62.95%	63.70%	63.76%	67.75%	72.83%	74.34%	68.74%	74.56%	80.50%	82.06%	61.69%	66.64%	68.51%
NOPAT	3,744.684M	3,123.736M	2,392.511M	2,640.182M	2,128.856M	1,946.498M	1,809.125M	1,944.639M	1,758.075M	1,611.399M	1,362.825M	1,389.590M	1,385.425M	1,366.846M	1,633.223M	1,618.814M	1,815.235M	1,805.865M	1,730.058M	1,714.001M	1,693.368M	1,604.447M	1,583.859M	1,652.715M	1,630.945M	1,757.234M	1,447.758M	1,806.921M	1,086.598M	1,174.434M	1,148.702M
NOPAT Margin	40.94%	38.85%	31.29%	30.79%	30.76%	31.16%	28.45%	29.71%	28.79%	28.40%	24.65%	23.99%	25.67%	26.18%	30.71%	32.11%	38.94%	35.14%	38.05%	39.43%	43.41%	44.53%	43.15%	46.68%	41.88%	45.35%	46.58%	52.20%	38.74%	43.96%	42.52%
Owner's Earnings	2,266.309M	2,087.012M	1,658.953M	1,593.419M	1,493.050M	1,493.199M	1,417.113M	1,324.032M	1,437.097M	1,272.391M	1,162.899M	1,196.219M	1,049.035M	988.337M	964.108M	930.200M	908.566M	891.016M	870.121M	804.871M	660.435M	564.606M	578.896M	561.285M	569.978M	554.565M	551.671M	544.940M	288.168M	342.648M	377.414M
Owner's Earnings Margin	24.78%	25.96%	21.70%	18.58%	21.57%	23.90%	22.28%	20.23%	23.53%	22.43%	21.04%	20.65%	19.44%	18.93%	18.13%	18.45%	19.49%	17.34%	19.14%	18.52%	16.93%	15.67%	15.77%	15.85%	14.64%	14.31%	17.75%	15.74%	10.27%	12.83%	13.97%
EPS	0.99	0.80	0.57	0.52	0.47	0.42	0.47	0.41	0.51	0.44	0.47	0.46	0.31	0.45	0.39	0.48	0.39	0.47	0.48	0.61	0.57	0.57	0.50	0.57	0.62	0.51	0.60	0.74	0.64	0.78	0.86
EPS (Diluted)	0.99	0.80	0.57	0.52	0.47	0.42	0.47	0.41	0.51	0.44	0.47	0.46	0.31	0.45	0.39	0.48	0.39	0.47	0.48	0.61	0.57	0.57	0.50	0.57	0.62	0.51	0.60	0.74	0.64	0.78	0.86
Shares (Diluted)	1,063,468,678	1,138,885,840	1,200,130,364	1,247,007,033	1,183,134,378	1,328,574,182	1,118,617,051	1,256,455,138	1,242,652,553	1,225,948,853	1,066,616,499	1,212,638,313	1,370,734,960	933,487,897	1,120,068,030	945,171,739	1,144,826,604	996,921,109	893,232,833	630,302,915	561,848,261	427,856,594	438,639,758	402,158,194	413,350,411	397,743,303	381,476,059	374,438,760	360,842,534	346,668,382	333,675,395

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	392.38M	296.75M	276.54M	316.83M	282.86M	342.80M	281.84M	289.59M	297.67M	202.20M	266.08M	243.28M	252.40M	214.56M	215.01M	170.39M	207.68M	128.97M	132.59M	149.37M	133.45M	91.02M	149.54M	124.35M	129.79M	125.10M	109.29M	76.97M	70.92M	70.10M	84.59M
Short-Term Investments	91.45M	74.84M	53.41M	67.06M	132.72M	104.28M	94.79M	69.89M	43.73M	81.35M	108.71M	53.70M	25.31M	41.80M	44.40M	25.47M	18.93M	46.04M	16.21M	9.58M	23.43M	4.52M	2.56M	3.68M	1.06M	1.36M	1.09M	0.47M	1.22M	1.20M	0.42M
Cash & Short-Term Investments	483.83M	371.59M	329.94M	383.90M	415.58M	447.08M	376.63M	359.48M	341.41M	283.55M	374.79M	296.99M	277.71M	256.36M	259.40M	195.86M	226.61M	175.02M	148.81M	158.94M	156.87M	95.54M	152.10M	128.02M	130.86M	126.46M	110.38M	77.45M	72.14M	71.29M	85.01M
Net Receivables	1,202.82M	1,237.83M	1,291.37M	1,284.92M	1,080.90M	938.35M	942.46M	955.35M	900.72M	859.14M	772.79M	832.45M	774.68M	677.54M	552.70M	632.57M	564.33M	550.91M	507.94M	447.75M	503.84M	377.30M	469.58M	501.41M	499.09M	598.92M	383.97M	393.42M	386.40M	315.78M	286.75M
Inventory	486.56M	382.85M	458.55M	434.56M	366.28M	331.09M	338.97M	333.94M	322.25M	320.93M	333.29M	350.82M	334.42M	352.52M	261.72M	215.08M	180.10M	206.12M	176.24M	181.45M	149.27M	125.12M	178.95M	172.12M	167.45M	160.99M	171.17M	159.43M	143.10M	173.15M	158.39M
Other Current Assets	434.69M	574.60M	490.93M	672.04M	476.49M	507.01M	374.84M	359.72M	335.62M	278.69M	272.55M	358.26M	314.73M	287.35M	228.18M	235.21M	204.22M	230.74M	228.40M	279.00M	301.88M	240.25M	217.09M	255.74M	255.02M	291.48M	129.31M	110.37M	134.82M	69.11M	64.30M
Total Current Assets	2,607.91M	2,566.86M	2,570.79M	2,775.42M	2,339.25M	2,223.53M	2,032.90M	2,008.48M	1,900.00M	1,742.32M	1,753.42M	1,838.51M	1,701.54M	1,573.76M	1,302.01M	1,278.71M	1,175.27M	1,162.78M	1,061.38M	1,067.14M	1,111.86M	838.21M	1,017.73M	1,057.29M	1,052.42M	1,177.85M	794.82M	740.66M	736.46M	629.33M	594.45M
Property, Plant & Equipment	19,769.79M	16,592.23M	19,506.45M	18,672.60M	18,158.80M	17,493.10M	16,592.41M	15,285.91M	14,280.84M	13,285.86M	13,120.34M	11,982.64M	11,781.14M	10,896.82M	8,658.19M	7,280.65M	6,733.68M	6,234.89M	5,535.50M	5,216.58M	4,530.01M	4,142.56M	6,140.75M	5,532.18M	4,647.63M	4,956.36M	4,433.65M	4,658.68M	4,925.52M	5,163.84M	5,168.00M
Goodwill	636.19M	631.92M	675.40M	810.12M	851.64M	684.48M	790.06M	619.81M	590.46M	580.86M	243.12M	234.75M	200.70M	68.12M	27.23M	62.88M	51.12M	15.51M	1.17M	4.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	137.93M	250.29M	248.03M	253.15M	242.13M	239.99M	272.79M	255.58M	278.91M	233.16M	185.73M	108.54M	83.63M	110.00M	133.73M	73.75M	39.17M	22.70M	18.72M	10.71M	21.69M	12.31M	116.78M	213.70M	17.40M	34.36M	7.27M	0.79M	0.77M	0.21M	0.02M
Long-Term Investments	1,516.08M	1,293.31M	1,083.70M	1,153.16M	1,149.87M	1,264.71M	1,255.41M	1,204.68M	1,126.85M	992.74M	842.80M	646.23M	612.85M	508.00M	446.16M	559.71M	429.51M	320.36M	8.05M	7.70M	12.79M	5.39M	2.10M	0.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	9.75M	15.69M	49.51M	56.56M	43.25M	36.59M	40.53M	43.07M	57.27M	64.14M	29.58M	47.72M	38.75M	45.14M	43.70M	52.60M	43.69M	16.92M	9.53M	7.20M	3.06M	2.65M	0.03M	0.04M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	3,941.07M	4,318.90M	3,228.73M	2,746.55M	2,636.53M	3,133.93M	2,286.99M	1,814.58M	1,798.40M	1,659.16M	1,611.48M	1,646.38M	1,261.54M	1,178.81M	1,387.62M	1,107.18M	1,128.35M	1,325.00M	1,394.30M	1,561.15M	1,293.42M	1,317.22M	1,485.20M	1,395.83M	1,825.26M	2,084.97M	1,980.79M	1,793.92M	1,418.70M	1,490.14M	1,220.04M
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	26,010.81M	23,102.36M	24,791.82M	23,692.14M	23,082.22M	22,852.80M	21,238.19M	19,223.62M	18,132.73M	16,815.92M	16,033.05M	14,666.27M	13,978.61M	12,806.89M	10,696.63M	9,136.77M	8,425.53M	7,935.38M	6,967.28M	6,807.73M	5,860.97M	5,480.14M	7,744.85M	7,142.70M	6,490.33M	7,075.69M	6,421.70M	6,453.40M	6,344.99M	6,654.19M	6,388.06M
Total Assets	28,618.72M	25,669.22M	27,362.60M	26,467.55M	25,421.48M	25,076.33M	23,271.09M	21,232.10M	20,032.73M	18,558.24M	17,786.47M	16,504.78M	15,680.15M	14,380.66M	11,998.64M	10,415.48M	9,600.80M	9,098.16M	8,028.66M	7,874.87M	6,972.83M	6,318.35M	8,762.57M	8,199.99M	7,542.75M	8,253.54M	7,216.53M	7,194.06M	7,081.45M	7,283.52M	6,982.51M
Accounts Payable	1,084.67M	1,027.02M	894.30M	923.81M	835.64M	774.99M	699.26M	716.35M	734.88M	672.01M	614.22M	579.93M	557.45M	552.19M	460.10M	457.96M	384.80M	392.39M	445.12M	389.75M	400.62M	329.18M	271.98M	324.75M	322.14M	422.38M	278.11M	238.03M	252.74M	212.00M	178.99M
Short-Term Debt	1,637.16M	1,496.65M	1,739.06M	1,643.39M	1,504.25M	1,343.10M	1,058.79M	1,040.61M	782.14M	819.90M	634.74M	566.30M	653.14M	501.85M	502.10M	411.55M	404.46M	437.51M	495.43M	478.15M	326.88M	327.95M	334.33M	566.17M	563.86M	654.11M	462.23M	382.33M	368.40M	346.44M	264.34M
Tax Payables	8.09M	72.89M	88.44M	105.59M	80.67M	74.15M	74.61M	67.18M	57.81M	67.33M	51.06M	47.06M	50.24M	35.64M	40.08M	33.55M	36.35M	10.97M	10.22M	6.57M	6.04M	5.35M	3.56M	1.24M	1.93M	1.06M	1.11M	1.38M	1.02M	0.42M	0.09M
Deferred Revenue	77.64M	61.92M	77.79M	117.05M	111.87M	132.33M	139.24M	93.46M	117.39M	98.59M	93.30M	93.92M	75.92M	70.47M	56.44M	27.34M	39.25M	13.00M	5.62M	5.25M	4.98M	9.67M	6.72M	4.55M	3.08M	1.81M	2.50M	5.75M	1.95M	2.31M	4.59M
Other Current Liabilities	987.37M	898.60M	821.14M	918.47M	905.65M	875.94M	720.23M	786.14M	738.58M	701.96M	605.43M	538.25M	493.66M	547.84M	440.57M	384.85M	376.70M	326.17M	60.13M	63.39M	48.69M	28.19M	5.18M	1.84M	1.33M	1.33M	1.61M	1.26M	2.66M	0.45M	0.25M
Total Current Liabilities	3,794.94M	3,557.08M	3,620.72M	3,708.31M	3,438.07M	3,200.51M	2,692.12M	2,703.74M	2,430.80M	2,359.80M	1,998.76M	1,825.46M	1,830.41M	1,707.99M	1,499.30M	1,315.25M	1,241.57M	1,180.04M	1,016.52M	943.10M	787.22M	700.34M	621.77M	898.55M	892.34M	1,080.69M	745.57M	628.75M	626.77M	561.63M	448.27M
Long-Term Debt	14,263.00M	11,657.94M	10,522.28M	9,855.88M	9,709.35M	9,406.22M	8,168.29M	6,161.58M	6,770.95M	6,552.72M	5,755.81M	5,443.40M	5,124.65M	4,726.02M	3,898.60M	3,858.89M	3,311.13M	3,136.28M	3,040.78M	2,915.29M	2,654.90M	2,639.62M	3,145.32M	2,759.67M	2,766.36M	2,693.81M	2,677.54M	2,550.65M	2,506.24M	2,239.78M	2,257.32M
Capital Lease Obligations	55.50M	176.39M	178.75M	157.98M	176.33M	226.89M	167.18M	22.44M	15.92M	9.77M	13.84M	10.83M	18.23M	3.11M	2.29M	0.84M	0.64M	0.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.50M	3.63M
Deferred Tax Liabilities	2,543.19M	1,549.55M	1,534.96M	1,708.94M	1,525.81M	1,270.64M	1,220.63M	1,272.33M	1,528.61M	2,411.12M	1,943.54M	1,530.33M	1,370.17M	1,324.22M	1,499.65M	924.93M	789.82M	729.52M	655.27M	657.75M	715.83M	1,029.44M	679.07M	638.72M	649.18M	870.16M	1,008.03M	1,116.74M	1,228.48M	1,400.81M	1,404.23M
Other Non-Current Liabilities	5,420.41M	4,340.32M	3,882.08M	3,867.98M	4,186.19M	4,569.00M	3,817.40M	4,141.76M	3,611.38M	3,160.16M	3,023.94M	2,690.61M	2,588.23M	2,351.37M	1,762.84M	1,740.13M	1,583.40M	-70.84M	-745.40M	-803.47M	-841.42M	-935.68M	-2,050.64M	-1,548.88M	-2,384.81M	-2,591.62M	-2,726.57M	-2,423.25M	-2,724.38M	-2,815.17M	-2,430.51M
Total Non-Current Liabilities	22,282.10M	17,724.19M	16,118.07M	15,590.77M	15,597.68M	15,472.75M	13,373.49M	11,598.12M	11,926.86M	12,133.77M	10,737.13M	9,675.17M	9,101.27M	8,404.72M	7,163.38M	6,524.80M	5,684.98M	3,795.23M	2,950.65M	2,769.57M	2,529.30M	2,733.37M	1,773.75M	1,849.51M	1,030.72M	972.35M	959.00M	1,244.13M	1,010.34M	828.93M	1,234.67M
Total Liabilities	26,077.03M	21,281.27M	19,738.79M	19,299.08M	19,035.75M	18,673.26M	16,065.61M	14,301.86M	14,357.66M	14,493.56M	12,735.89M	11,500.63M	10,931.68M	10,112.72M	8,662.68M	7,840.05M	6,926.55M	4,975.27M	3,967.17M	3,712.67M	3,316.52M	3,433.71M	2,395.52M	2,748.06M	1,923.06M	2,053.04M	1,704.56M	1,872.88M	1,637.11M	1,390.55M	1,682.94M
Preferred Stock	54.03M	7.77M	0.51M	2.43M	52.51M	37.53M	2.91M	1.17M	1.17M	0.00M	0.10M	4.28M	4.25M	4.15M	0.00M	1.86M	0.00M	4.29M	0.00M	4.45M	5.08M	0.06M	10.98M	6.06M	5.10M	57.16M	70.40M	98.10M	148.36M	204.42M	254.60M
Common Stock	1,685.73M	1,805.39M	2,107.31M	1,986.29M	1,709.21M	1,736.83M	1,841.10M	1,562.35M	1,450.61M	1,352.96M	1,346.41M	1,290.57M	1,204.96M	1,126.23M	1,021.01M	417.75M	466.46M	459.95M	280.83M	280.38M	278.22M	305.69M	619.09M	600.60M	733.78M	530.59M	572.00M	600.77M	602.16M	648.95M	641.47M
Retained Earnings	3,331.98M	3,741.36M	2,727.84M	1,889.36M	2,009.34M	2,494.32M	2,352.13M	2,150.30M	2,447.42M	2,188.49M	2,201.03M	2,274.20M	2,107.55M	1,706.83M	1,648.28M	1,439.38M	1,365.29M	1,184.87M	935.87M	808.60M	622.29M	898.68M	706.96M	679.57M	606.16M	453.37M	614.51M	625.96M	704.08M	875.72M	860.70M
Accumulated OCI	35.24M	21.17M	-29.70M	-2.38M	-13.88M	-36.78M	-39.08M	-71.87M	-45.63M	-41.61M	-29.91M	-58.98M	-44.17M	-100.74M	-78.00M	-50.32M	-53.15M	-57.86M	-30.96M	-36.39M	-68.74M	-43.99M	-55.65M	-182.45M	-41.83M	-44.14M	-32.37M	-13.31M	-27.40M	-37.84M	-16.25M
Minority Interest	248.49M	266.82M	217.94M	224.81M	206.85M	223.90M	215.81M	166.92M	154.07M	151.01M	87.81M	85.92M	63.88M	69.44M	53.95M	31.95M	28.54M	12.81M	14.73M	12.83M	14.27M	14.90M	14.65M	9.60M	23.72M	12.33M	6.94M	5.37M	4.68M	0.54M	2.93M
Total Shareholders’ Equity	5,106.98M	5,575.69M	4,805.95M	3,875.70M	3,757.18M	4,231.90M	4,157.06M	3,641.95M	3,853.57M	3,499.85M	3,517.63M	3,510.06M	3,272.60M	2,736.47M	2,591.29M	1,808.67M	1,778.59M	1,591.25M	1,185.74M	1,057.04M	836.85M	1,160.45M	1,281.38M	1,103.78M	1,303.21M	996.98M	1,224.55M	1,311.51M	1,427.21M	1,691.25M	1,740.52M
Total Equity	5,355.47M	5,842.51M	5,023.89M	4,100.51M	3,964.03M	4,455.79M	4,372.87M	3,808.87M	4,007.64M	3,650.86M	3,605.44M	3,595.99M	3,336.48M	2,805.92M	2,645.24M	1,840.62M	1,807.14M	1,604.06M	1,200.47M	1,069.87M	851.13M	1,175.34M	1,296.03M	1,113.38M	1,326.93M	1,009.31M	1,231.49M	1,316.88M	1,431.89M	1,691.79M	1,743.45M
Total Liabilities & Equity	31,432.50M	27,123.78M	24,762.68M	23,399.59M	22,999.78M	23,129.05M	20,438.48M	18,110.73M	18,365.30M	18,144.42M	16,341.33M	15,096.61M	14,268.16M	12,918.63M	11,307.92M	9,680.67M	8,733.69M	6,579.33M	5,167.65M	4,782.54M	4,167.65M	4,609.05M	3,691.55M	3,861.43M	3,249.99M	3,062.34M	2,936.05M	3,189.76M	3,069.01M	3,082.34M	3,426.39M
Tangible Assets	27,844.59M	24,787.01M	26,439.17M	25,404.28M	24,327.70M	24,151.86M	22,208.24M	20,356.72M	19,163.35M	17,744.22M	17,357.62M	16,161.49M	15,395.82M	14,202.53M	11,837.68M	10,278.85M	9,510.50M	9,059.95M	8,008.77M	7,859.77M	6,951.14M	6,306.04M	8,645.80M	7,986.29M	7,525.34M	8,219.18M	7,209.26M	7,193.27M	7,080.68M	7,283.31M	6,982.49M
Tangible Equity	4,581.34M	4,960.29M	4,100.46M	3,037.24M	2,870.26M	3,531.32M	3,310.02M	2,933.49M	3,138.26M	2,836.84M	3,176.59M	3,252.69M	3,052.15M	2,627.79M	2,484.28M	1,704.00M	1,716.84M	1,565.85M	1,180.58M	1,054.78M	829.44M	1,163.03M	1,179.25M	899.68M	1,309.52M	974.95M	1,224.22M	1,316.09M	1,431.13M	1,691.58M	1,743.43M
Tangible Book Value	4,581.34M	4,960.29M	4,100.46M	3,037.24M	2,870.26M	3,531.32M	3,310.02M	2,933.49M	3,138.26M	2,836.84M	3,176.59M	3,252.69M	3,052.15M	2,627.79M	2,484.28M	1,704.00M	1,716.84M	1,565.85M	1,180.58M	1,054.78M	829.44M	1,163.03M	1,179.25M	899.68M	1,309.52M	974.95M	1,224.22M	1,316.09M	1,431.13M	1,691.58M	1,743.43M
Total Investments	1,839.23M	1,398.68M	1,236.37M	1,198.47M	1,291.90M	1,343.00M	1,383.30M	1,276.46M	1,244.68M	1,142.60M	926.76M	803.84M	779.23M	546.62M	549.39M	629.30M	554.10M	414.65M	78.70M	52.12M	32.94M	16.94M	10.14M	7.71M	5.17M	3.38M	3.57M	3.54M	0.63M	0.09M	0.01M
Net Debt	15,507.78M	12,857.84M	11,984.80M	11,182.43M	10,930.74M	10,406.52M	8,945.23M	6,912.61M	7,255.41M	7,170.42M	6,124.47M	5,766.41M	5,525.39M	5,013.32M	4,185.70M	4,100.06M	3,507.92M	3,444.82M	3,403.62M	3,244.07M	2,848.34M	2,876.55M	3,330.11M	3,201.49M	3,200.42M	3,222.83M	3,030.49M	2,856.00M	2,803.72M	2,516.13M	2,437.07M

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	-1,448.22M	-1,131.77M	-871.53M	-794.61M	-583.23M	-716.33M	-769.47M	-760.29M	-813.78M	-782.14M	-291.93M	-123.62M	-65.14M	-267.55M	-239.95M	182.29M	203.59M	-16.98M	-227.00M	-185.97M	-184.86M	-58.60M	-95.88M	-398.00M	-365.26M	-246.25M	-169.06M	-180.36M	-386.49M	-246.22M	-101.19M
Total Capital	27,411.50M	22,921.87M	21,096.79M	20,325.23M	19,210.58M	18,427.51M	14,925.90M	14,567.91M	13,904.64M	12,948.43M	12,155.49M	11,460.20M	10,738.58M	9,669.82M	8,743.32M	8,137.26M	7,183.17M	6,902.90M	6,553.80M	6,319.56M	5,575.97M	5,839.19M	5,823.43M	5,607.17M	5,701.12M	5,592.52M	5,467.63M	5,335.62M	5,410.26M	5,291.62M	5,114.02M
Capital Employed	26,520.10M	25,311.83M	24,402.03M	23,344.09M	23,145.68M	23,200.48M	21,235.00M	19,350.30M	18,132.99M	17,523.09M	17,339.47M	17,156.50M	15,868.39M	14,530.65M	12,463.43M	11,057.06M	10,452.15M	10,004.64M	8,316.63M	8,322.25M	6,863.45M	8,499.28M	8,968.41M	8,493.69M	7,811.65M	8,102.91M	6,814.15M	6,859.46M	6,613.57M	6,422.64M	6,499.66M
Invested Capital	27,019.12M	22,625.12M	20,820.26M	20,008.39M	18,927.71M	18,084.71M	14,644.06M	14,278.32M	13,606.97M	12,746.23M	11,889.41M	11,216.91M	10,486.18M	9,455.27M	8,528.32M	7,966.87M	6,975.49M	6,773.93M	6,421.21M	6,170.19M	5,442.52M	5,748.17M	5,673.89M	5,482.82M	5,571.33M	5,467.42M	5,358.34M	5,258.65M	5,339.34M	5,221.53M	5,029.43M

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	973.74M	1,044.47M	975.21M	947.26M	943.59M	941.01M	869.35M	806.92M	806.67M	735.66M	566.08M	638.34M	614.68M	567.33M	443.85M	415.39M	397.10M	418.46M	252.52M	376.51M	284.01M	245.58M	135.85M	217.62M	94.10M	11.93M	6.98M	4.18M	0.00M	0.00M	0.00M
Deferred Income Tax	60.94M	76.61M	36.11M	22.12M	63.70M	48.15M	61.45M	41.98M	125.24M	89.75M	125.76M	138.63M	102.20M	69.81M	111.25M	138.05M	59.68M	86.73M	10.40M	-0.13M	14.54M	47.74M	41.74M	-4.52M	-6.10M	3.28M	-8.56M	-4.77M	-0.67M	17.96M	21.23M
Stock-Based Compensation	0.00M	0.00M	0.10M	6.20M	2.26M	2.82M	0.05M	1.99M	3.91M	3.95M	1.45M	1.21M	1.12M	1.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-56.81M	41.68M	-62.88M	-228.54M	-193.16M	-114.87M	-69.88M	-10.53M	-117.53M	-21.20M	12.49M	-70.24M	-20.24M	-29.63M	-16.09M	-46.47M	-11.22M	-69.35M	-31.67M	10.72M	-47.50M	-31.73M	-44.11M	-13.75M	3.89M	-38.09M	-16.55M	-23.51M	-1.85M	9.23M	-0.35M
Accounts Receivable	-79.71M	-73.77M	59.04M	-169.02M	-97.57M	-47.11M	-18.29M	-40.67M	-56.92M	-59.02M	36.20M	-10.35M	-59.62M	-8.71M	8.60M	-14.99M	10.31M	6.12M	-1.18M	11.96M	-25.56M	-11.14M	0.00M	0.00M	0.04M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-22.52M	-16.62M	-18.13M	-56.14M	-34.22M	2.18M	-6.53M	-4.72M	-3.89M	7.99M	6.62M	-11.32M	4.00M	-1.42M	-12.43M	-1.18M	6.20M	-22.40M	-3.51M	-8.62M	-26.35M	-5.86M	-7.79M	-0.39M	-19.16M	-1.63M	-1.58M	-10.19M	4.81M	10.62M	7.69M
Accounts Payable	24.31M	31.37M	-99.86M	117.14M	60.31M	34.45M	-14.39M	42.95M	35.27M	45.91M	-32.21M	10.97M	13.13M	-0.15M	1.24M	5.04M	-19.35M	-6.07M	0.00M	-9.65M	16.49M	6.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	66.15M	60.70M	11.71M	-69.55M	-136.13M	-56.29M	-32.00M	-0.28M	-99.00M	-50.21M	-6.74M	-37.06M	-29.97M	6.97M	20.87M	-56.26M	5.69M	-53.99M	-31.35M	4.45M	-0.67M	-5.19M	-52.38M	-58.61M	-42.16M	36.44M	6.44M	-22.63M	17.33M	9.27M	-7.86M
Other Non-Cash Items	119.58M	78.60M	48.00M	48.24M	4.35M	61.24M	46.34M	56.91M	111.82M	116.35M	65.60M	60.31M	129.06M	86.70M	41.65M	23.99M	42.72M	50.51M	95.84M	151.29M	68.69M	23.69M	106.08M	182.74M	227.54M	179.70M	198.44M	300.50M	561.73M	549.40M	539.07M
Net Cash from Operating Activities	2,355.77M	2,183.60M	1,850.69M	1,358.68M	1,311.39M	1,469.96M	1,460.63M	1,451.79M	1,451.33M	1,493.17M	1,551.79M	1,415.41M	1,314.20M	1,217.87M	1,129.72M	933.28M	932.52M	988.02M	682.65M	988.22M	573.60M	637.84M	678.91M	587.26M	735.75M	447.27M	565.69M	641.04M	1,087.61M	1,008.79M	950.59M
Capital Expenditures (PPE)	-1,704.70M	-1,696.84M	-1,978.40M	-2,109.18M	-1,758.19M	-1,781.55M	-1,613.85M	-1,655.03M	-1,574.86M	-1,498.11M	-1,345.30M	-1,367.45M	-1,191.89M	-1,162.78M	-893.91M	-739.08M	-667.84M	-817.45M	-728.18M	-656.70M	-405.77M	-321.56M	-478.76M	-587.68M	-533.38M	-550.26M	-448.83M	-465.21M	-540.52M	-488.63M	-507.10M
Acquisitions (Net)	-3.47M	0.00M	12.41M	3.06M	11.45M	12.58M	-28.52M	9.28M	-10.23M	-66.58M	-36.74M	-8.58M	-2.43M	-6.54M	-4.10M	-1.09M	-0.57M	-3.47M	0.02M	-2.78M	0.18M	0.11M	0.03M	0.00M	-7.30M	-9.94M	-3.43M	0.00M	-11.33M	-35.16M	0.00M
Purchases of Investments	-237.11M	-384.69M	-232.33M	-351.93M	-460.91M	-487.82M	-326.94M	-397.95M	-401.42M	-459.89M	-415.95M	-320.58M	-304.94M	-121.47M	-129.00M	-242.37M	-99.64M	-42.92M	-16.16M	-34.04M	-44.62M	-9.68M	-6.84M	-2.52M	-3.91M	-5.53M	-6.73M	-11.73M	-21.12M	-16.47M	-4.93M
Sales / Maturities of Investments	295.44M	359.19M	285.96M	346.27M	471.72M	440.42M	317.69M	387.48M	375.60M	397.12M	348.41M	280.34M	219.65M	230.67M	296.55M	146.43M	122.60M	65.97M	32.16M	30.55M	40.72M	7.97M	2.53M	6.59M	1.38M	3.71M	1.59M	0.38M	5.00M	0.00M	0.00M
Other Investing Activities	-248.39M	-248.49M	-36.25M	-29.85M	-53.44M	-47.29M	-36.79M	-25.46M	31.62M	-7.57M	36.23M	-27.46M	13.71M	-17.71M	3.30M	-16.56M	6.85M	-21.46M	8.86M	9.53M	-18.34M	14.40M	-15.14M	-18.73M	-50.77M	-1.19M	-27.46M	-33.71M	-73.39M	-80.30M	-9.11M
Net Cash from Investing Activities	-2,768.27M	-2,495.18M	-2,059.83M	-2,252.65M	-1,683.68M	-1,904.39M	-1,987.40M	-1,569.78M	-1,558.24M	-1,846.17M	-1,356.77M	-1,440.87M	-1,265.43M	-1,247.29M	-1,070.74M	-851.91M	-767.58M	-1,002.97M	-497.40M	-721.11M	-510.84M	-321.86M	-469.93M	-599.14M	-936.10M	-659.61M	-435.33M	-523.06M	-990.17M	-814.61M	-569.67M
Net Debt Issuance	942.07M	841.09M	805.96M	815.25M	1,006.63M	840.27M	617.92M	501.44M	479.05M	456.99M	253.47M	367.32M	270.69M	220.63M	171.93M	141.30M	104.53M	281.56M	95.60M	55.68M	36.40M	-76.11M	-96.31M	-13.69M	219.45M	299.95M	294.86M	148.30M	449.06M	-45.83M	-88.90M
Long-Term Debt Issuance	896.44M	867.00M	807.95M	744.92M	731.16M	986.60M	610.40M	453.46M	485.69M	399.22M	276.68M	369.31M	236.04M	130.55M	179.46M	152.00M	149.19M	220.02M	75.23M	15.79M	27.68M	-50.82M	-93.56M	24.74M	187.29M	269.23M	186.67M	89.82M	379.00M	-13.76M	-110.68M
Short-Term Debt Issuance	15.22M	-64.73M	11.65M	107.49M	33.39M	-59.42M	1.99M	-1.09M	13.84M	13.21M	20.72M	-0.60M	18.91M	12.26M	4.44M	-10.19M	-22.30M	12.51M	-0.03M	1.10M	3.61M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	16.07M	43.11M	8.78M	17.30M	9.27M	19.05M	155.53M	42.88M	13.76M	17.79M	6.34M	11.98M	11.00M	16.06M	7.85M	23.66M	14.50M	9.66M	6.05M	7.18M	29.80M	16.62M	45.79M	51.73M	3.72M	-9.51M	-49.09M	-13.82M	-73.29M	-35.53M	-9.96M
Common Stock Issuance	19.51M	67.88M	11.55M	114.08M	19.56M	39.53M	169.31M	53.74M	24.59M	71.73M	49.90M	38.42M	17.91M	21.06M	21.48M	27.56M	21.15M	15.27M	22.55M	38.56M	66.17M	37.11M	65.31M	112.64M	15.91M	16.72M	7.27M	19.20M	100.56M	89.72M	56.11M
Common Stock Repurchased	0.00M	0.00M	0.00M	-0.21M	0.00M	0.00M	0.00M	0.00M	-0.73M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.42M	0.00M	0.00M	-3.74M	-0.02M	-14.12M	-16.79M	-2.14M	-1.69M	-14.28M	-7.96M	-45.11M	-98.22M	-47.59M	-139.01M	-115.81M	-38.20M
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
Net Dividends Paid	-478.85M	-468.30M	-428.28M	-393.55M	-390.24M	-342.03M	-319.27M	-309.11M	-355.50M	-336.21M	-315.08M	-292.79M	-296.24M	-281.47M	-220.18M	-199.95M	-178.80M	-190.73M	-182.39M	-165.27M	-127.39M	-105.33M	-112.17M	-128.24M	-133.94M	-150.97M	-152.15M	-177.90M	-275.44M	-292.60M	-287.31M
Common Dividends Paid	-468.36M	-456.80M	-420.93M	-389.06M	-389.73M	-341.72M	-319.22M	-298.59M	-332.14M	-316.01M	-297.28M	-287.17M	-283.49M	-278.43M	-241.95M	-194.00M	-176.79M	-189.46M	-174.01M	-154.74M	-122.72M	-96.69M	-105.18M	-120.49M	-125.91M	-143.90M	-142.49M	-169.06M	-257.54M	-271.87M	-262.10M
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	-30.82M	-11.03M	-44.37M	-4.14M	-5.47M	-12.53M	-28.21M	-3.77M	-21.96M	9.19M	-13.61M	-6.22M	-6.14M	6.61M	-2.93M	-6.86M	-7.76M	-9.02M	-6.14M	-7.60M	2.77M	-10.39M	-13.90M	5.01M	1.79M	10.15M	4.82M	0.77M	-2.84M	4.51M	-8.53M
Net Cash from Financing Activities	584.71M	409.40M	406.05M	795.11M	523.48M	460.86M	406.98M	292.40M	171.04M	320.74M	38.08M	121.93M	-8.04M	-33.05M	52.47M	14.82M	21.36M	163.52M	-106.17M	-150.75M	-12.39M	-245.47M	-188.86M	-59.25M	239.15M	180.11M	64.32M	-145.97M	197.21M	-339.74M	-354.51M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.21M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-9.08M	35.83M	-18.53M	33.25M	-4.40M	40.39M	-27.84M	7.33M	48.97M	-26.28M	8.97M	14.11M	27.61M	-22.59M	26.27M	-2.02M	19.78M	41.67M	8.93M	8.31M	-2.79M	18.14M	-0.92M	-4.97M	48.32M	18.74M	15.97M	20.07M	58.21M	-30.12M	20.58M
Cash at Beginning of Period	469.18M	341.80M	364.86M	338.02M	321.83M	316.72M	350.16M	305.44M	192.01M	265.96M	256.39M	253.02M	228.25M	258.57M	215.01M	230.79M	157.47M	160.94M	160.84M	206.47M	101.71M	50.72M	131.34M	142.59M	104.99M	125.48M	82.47M	70.21M	92.57M	169.16M	64.02M
Cash at End of Period	382.76M	365.29M	320.29M	366.95M	337.59M	353.59M	319.68M	329.69M	301.39M	200.80M	272.32M	247.23M	260.82M	238.90M	258.03M	192.90M	226.71M	208.03M	152.37M	218.73M	188.27M	143.34M	155.75M	148.81M	147.48M	133.22M	118.48M	84.45M	197.11M	94.96M	168.93M
Operating Cash Flow	2,333.34M	2,179.34M	1,849.37M	1,349.62M	1,309.43M	1,469.82M	1,460.63M	1,451.79M	1,451.37M	1,493.22M	1,564.13M	1,415.41M	1,314.20M	1,217.87M	1,129.64M	933.28M	932.42M	988.03M	682.65M	988.22M	573.60M	637.83M	681.59M	586.33M	692.88M	447.27M	566.53M	640.98M	1,087.61M	1,008.79M	950.45M
Capital Expenditure	-2,418.26M	-2,090.00M	-2,120.69M	-2,121.91M	-1,759.62M	-1,774.79M	-1,613.62M	-1,685.69M	-1,583.09M	-1,504.92M	-1,354.45M	-1,368.28M	-1,191.89M	-1,176.87M	-893.42M	-739.90M	-665.92M	-814.11M	-728.16M	-652.56M	-405.77M	-321.37M	-480.68M	-587.80M	-559.02M	-550.26M	-448.83M	-465.24M	-540.52M	-488.63M	-506.80M
Free Cash Flow	-294.61M	-117.53M	-402.99M	-564.74M	-449.92M	-283.19M	-256.04M	-166.78M	-73.61M	-18.27M	88.28M	34.33M	95.28M	28.56M	31.54M	73.99M	50.35M	-84.68M	-20.34M	109.92M	55.07M	187.38M	230.80M	54.67M	141.57M	-1.64M	122.68M	251.69M	441.71M	569.96M	454.80M

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	3,294.22M	2,767.27M	2,452.97M	2,081.07M	1,993.11M	2,035.74M	1,835.18M	1,670.43M	1,810.70M	1,712.37M	1,705.93M	1,736.83M	1,507.48M	1,477.42M	1,525.78M	1,482.50M	1,230.63M	1,186.73M	1,241.71M	1,074.47M	939.11M	882.72M	868.12M	821.85M	876.63M	790.56M	947.66M	1,034.68M	951.73M	987.76M	952.47M
(-) Tax Adjustment	504.06M	401.86M	330.93M	289.03M	304.76M	323.49M	264.75M	285.72M	377.79M	377.11M	433.87M	434.94M	388.97M	369.77M	422.07M	459.61M	303.11M	330.54M	355.39M	291.01M	197.93M	214.58M	274.14M	230.90M	271.36M	243.39M	318.25M	308.17M	354.32M	308.74M	330.98M
(-) Change In Working Capital	-56.81M	41.68M	-62.88M	-228.54M	-193.16M	-114.87M	-69.88M	-10.53M	-117.53M	-21.20M	12.49M	-70.24M	-20.24M	-29.63M	-16.09M	-46.47M	-11.22M	-69.35M	-31.67M	10.72M	-47.50M	-31.73M	-44.11M	-13.75M	3.89M	-38.09M	-16.55M	-23.51M	-1.85M	9.23M	-0.35M
(-) Capital Expenditure	2,418.26M	2,090.00M	2,120.69M	2,121.91M	1,759.62M	1,774.79M	1,613.62M	1,685.69M	1,583.09M	1,504.92M	1,354.45M	1,368.28M	1,191.89M	1,176.87M	893.42M	739.90M	665.92M	814.11M	728.16M	652.56M	405.77M	321.37M	480.68M	587.80M	559.02M	550.26M	448.83M	465.24M	540.52M	488.63M	506.80M
Unlevered Free Cash Flow	428.72M	233.73M	64.22M	-101.33M	121.89M	52.34M	26.69M	-290.44M	-32.65M	-148.46M	-94.88M	3.85M	-53.15M	-39.59M	226.38M	329.45M	272.82M	111.43M	189.83M	120.18M	382.90M	378.51M	157.41M	16.90M	42.36M	35.00M	197.12M	284.77M	58.73M	181.16M	115.05M
(-) Net Interest Income After Taxes	-599.55M	-485.70M	-445.59M	-385.01M	-358.05M	-350.91M	-348.15M	-279.27M	-237.78M	-221.71M	-198.31M	-208.33M	-205.71M	-182.99M	-206.67M	-179.04M	-161.47M	-151.59M	-31.50M	-34.41M	-26.39M	-18.91M	-10.73M	-0.83M	-0.80M	-0.74M	-0.62M	-0.85M	-0.31M	-0.46M	-0.35M
Net Debt Issuance	942.07M	841.09M	805.96M	815.25M	1,006.63M	840.27M	617.92M	501.44M	479.05M	456.99M	253.47M	367.32M	270.69M	220.63M	171.93M	141.30M	104.53M	281.56M	95.60M	55.68M	36.40M	-76.11M	-96.31M	-13.69M	219.45M	299.95M	294.86M	148.30M	449.06M	-45.83M	-88.90M
Levered Free Cash Flow	1,970.35M	1,560.52M	1,315.77M	1,098.93M	1,486.57M	1,243.52M	992.75M	490.27M	684.18M	530.24M	356.89M	579.51M	423.25M	364.03M	604.97M	649.79M	538.81M	544.58M	316.93M	210.27M	445.69M	321.31M	71.84M	4.04M	262.61M	335.69M	492.60M	433.93M	508.11M	135.79M	26.50M