Insurance - Property & Casualty

Category: Industry Averages Base Ticker: ACIC

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	48.03	33.47	24.14	20.69	23.36	24.20	25.07	22.82	22.83	20.49	18.02	17.51	17.85	14.56	13.74	13.99	12.40	13.73	17.57	22.14	21.33	19.39	19.72	15.59	18.10	19.06	14.34	18.61	20.47	15.41	13.51
Market Capitalization	8,072.42M	5,732.69M	3,866.27M	3,650.84M	3,647.32M	2,919.98M	3,253.82M	2,967.70M	3,151.25M	2,865.12M	2,613.03M	2,453.15M	2,252.09M	1,616.13M	1,663.10M	1,625.77M	1,494.25M	1,673.93M	2,020.56M	2,347.85M	2,242.18M	2,255.22M	2,013.50M	1,404.72M	1,241.90M	1,460.91M	1,196.35M	1,507.24M	2,276.99M	1,339.07M	1,059.57M
(-) Cash & Equivalents	436.40M	423.17M	379.03M	325.05M	390.09M	366.94M	320.11M	280.90M	310.35M	280.24M	284.49M	261.56M	286.21M	311.13M	296.19M	225.03M	199.99M	320.43M	171.25M	197.07M	221.58M	187.42M	198.08M	153.19M	58.62M	54.09M	50.87M	56.93M	56.72M	52.53M	11.27M
(+) Total Debt	525.18M	880.56M	819.21M	828.08M	719.16M	735.92M	667.06M	650.91M	700.31M	626.85M	522.96M	509.65M	534.58M	428.80M	515.73M	499.39M	338.79M	382.68M	412.83M	403.96M	486.67M	397.77M	388.94M	316.20M	398.09M	303.70M	328.57M	252.33M	270.36M	272.21M	277.62M
Enterprise Value	8,577.74M	5,324.55M	4,317.67M	3,803.80M	3,499.08M	2,776.28M	3,014.42M	2,760.93M	3,048.60M	2,916.38M	2,861.76M	2,775.41M	2,420.17M	1,676.40M	1,662.83M	1,750.09M	1,568.41M	1,548.49M	2,109.66M	2,321.84M	2,272.13M	2,294.24M	2,137.16M	1,457.09M	1,567.12M	1,554.18M	1,235.84M	1,612.92M	2,320.24M	1,355.21M	1,048.56M

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	5,103.453M	4,661.141M	4,199.811M	3,750.108M	3,385.325M	2,905.457M	2,937.108M	2,760.944M	2,901.353M	2,791.963M	2,692.421M	2,705.880M	2,325.710M	2,280.563M	2,242.269M	1,955.927M	1,990.635M	2,026.999M	2,303.669M	2,350.806M	2,310.053M	2,276.201M	2,092.584M	1,681.456M	1,515.909M	1,348.729M	1,333.216M	1,067.861M	1,185.166M	1,244.363M	1,154.029M
Cost of Revenue	1,742.604M	1,555.473M	1,262.542M	1,477.243M	1,384.782M	1,221.188M	1,088.817M	986.261M	999.983M	951.960M	875.540M	871.569M	757.500M	835.125M	992.341M	764.095M	793.417M	838.556M	920.221M	1,095.462M	1,095.991M	1,111.120M	1,302.523M	981.240M	1,034.655M	871.486M	809.412M	541.847M	531.212M	561.482M	348.361M
Gross Profit	3,360.848M	3,105.667M	2,937.270M	2,272.865M	2,000.544M	1,684.269M	1,848.290M	1,774.683M	1,901.370M	1,840.003M	1,816.881M	1,834.311M	1,568.210M	1,445.438M	1,249.927M	1,191.832M	1,197.218M	1,188.443M	1,383.447M	1,255.344M	1,214.061M	1,165.080M	790.061M	700.216M	481.255M	477.243M	523.803M	526.013M	653.955M	682.881M	805.667M
Gross Margin	65.85%	66.63%	69.94%	60.61%	59.09%	57.97%	62.93%	64.28%	65.53%	65.90%	67.48%	67.79%	67.43%	63.38%	55.74%	60.93%	60.14%	58.63%	60.05%	53.40%	52.56%	51.19%	37.76%	41.64%	31.75%	35.38%	39.29%	49.26%	55.18%	54.88%	69.81%
R&D Expenses	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	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	45.896M	52.268M	69.383M	95.434M	108.606M	90.441M	100.812M	114.209M	103.162M	94.818M	83.745M	78.235M	74.676M	78.171M	193.691M	159.694M	158.291M	236.690M	59.258M	30.195M	17.711M	15.859M	6.197M	5.312M	2.491M	5.319M	16.156M	4.080M	10.766M	12.588M	6.725M
Operating Expenses	45.896M	52.268M	69.383M	95.434M	108.606M	90.441M	100.812M	114.209M	103.162M	94.818M	83.745M	78.235M	74.676M	78.171M	193.691M	159.694M	158.291M	236.690M	59.258M	30.195M	17.711M	15.859M	6.197M	5.312M	2.491M	5.319M	16.156M	4.080M	10.766M	12.588M	6.725M
Operating Income	3,314.952M	3,053.400M	2,867.886M	2,177.430M	1,891.938M	1,593.828M	1,747.478M	1,660.475M	1,798.208M	1,745.185M	1,733.137M	1,756.075M	1,493.534M	1,367.267M	1,056.236M	1,032.138M	1,038.927M	951.753M	1,324.190M	1,225.149M	1,196.350M	1,149.222M	783.864M	694.903M	478.764M	471.924M	507.648M	521.933M	643.189M	670.293M	798.942M
Operating Margin	64.96%	65.51%	68.29%	58.06%	55.89%	54.86%	59.50%	60.14%	61.98%	62.51%	64.37%	64.90%	64.22%	59.95%	47.11%	52.77%	52.19%	46.95%	57.48%	52.12%	51.79%	50.49%	37.46%	41.33%	31.58%	34.99%	38.08%	48.88%	54.27%	53.87%	69.23%
Interest Income	15.814M	24.821M	21.613M	31.557M	34.802M	18.377M	15.798M	34.730M	22.260M	4.275M	2.971M	1.427M	1.187M	7.916M	13.200M	0.301M	0.013M	0.073M	0.271M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	46.651M	46.667M	44.164M	42.617M	34.575M	28.726M	32.159M	23.945M	25.422M	23.450M	21.052M	23.449M	21.799M	22.705M	34.004M	31.981M	27.734M	26.884M	29.716M	32.969M	33.461M	31.016M	26.483M	23.703M	22.825M	32.974M	30.404M	24.285M	25.355M	22.462M	21.299M
Net Interest Income	-30.837M	-21.846M	-22.552M	-11.060M	0.227M	-10.349M	-16.361M	10.785M	-3.162M	-19.175M	-18.081M	-22.022M	-20.611M	-14.790M	-20.805M	-31.680M	-27.722M	-26.811M	-29.445M	-32.969M	-33.461M	-31.016M	-26.483M	-23.703M	-22.825M	-32.974M	-30.404M	-24.285M	-25.355M	-22.462M	-21.299M
Other Income / Expense	-2,543.219M	-2,385.926M	-2,397.448M	-1,872.478M	-1,508.817M	-1,394.973M	-1,469.048M	-1,487.535M	-1,570.777M	-1,494.961M	-1,489.654M	-1,484.339M	-1,256.805M	-1,162.626M	-879.484M	-783.695M	-810.622M	-818.744M	-909.464M	-783.676M	-879.315M	-840.651M	-546.804M	-568.412M	-490.635M	-379.206M	-370.031M	-364.176M	-406.418M	-473.783M	-628.344M
Pre-Tax Income	740.896M	645.628M	447.887M	293.893M	383.348M	188.505M	262.069M	183.725M	224.269M	231.049M	225.402M	249.714M	216.117M	189.852M	155.948M	216.764M	200.583M	106.199M	385.281M	408.504M	283.574M	277.555M	210.577M	102.788M	-34.696M	59.744M	107.212M	133.472M	211.416M	174.049M	149.299M
Pre-Tax Margin	14.52%	13.85%	10.66%	7.84%	11.32%	6.49%	8.92%	6.65%	7.73%	8.28%	8.37%	9.23%	9.29%	8.32%	6.95%	11.08%	10.08%	5.24%	16.72%	17.38%	12.28%	12.19%	10.06%	6.11%	-2.29%	4.43%	8.04%	12.50%	17.84%	13.99%	12.94%
Income Tax Expense	160.199M	135.692M	97.539M	59.044M	77.034M	39.172M	44.861M	34.697M	59.644M	48.084M	50.653M	64.035M	50.872M	56.701M	34.712M	50.404M	41.252M	15.883M	101.235M	112.847M	80.551M	76.361M	56.315M	26.362M	-12.638M	17.260M	15.305M	24.958M	44.181M	32.915M	28.779M
Tax Rate	21.62%	21.02%	21.78%	20.09%	20.10%	20.78%	17.12%	18.89%	26.59%	20.81%	22.47%	25.64%	23.54%	29.87%	22.26%	23.25%	20.57%	14.96%	26.28%	27.62%	28.41%	27.51%	26.74%	25.65%	35.00%	28.89%	14.28%	18.70%	20.90%	18.91%	19.28%
Net Income	580.697M	509.936M	350.348M	234.849M	306.314M	149.333M	217.208M	149.028M	164.625M	182.965M	174.749M	185.679M	165.246M	133.150M	121.236M	166.359M	159.331M	90.316M	284.046M	295.657M	203.023M	201.193M	154.262M	76.426M	-22.058M	42.484M	91.907M	108.514M	167.235M	141.134M	120.520M
Net Margin	11.38%	10.94%	8.34%	6.26%	9.05%	5.14%	7.40%	5.40%	5.67%	6.55%	6.49%	6.86%	7.11%	5.84%	5.41%	8.51%	8.00%	4.46%	12.33%	12.58%	8.79%	8.84%	7.37%	4.55%	-1.46%	3.15%	6.89%	10.16%	14.11%	11.34%	10.44%
EBIT	3,314.952M	3,053.400M	2,867.886M	2,177.430M	1,891.938M	1,593.828M	1,747.478M	1,660.475M	1,798.208M	1,745.185M	1,733.137M	1,756.075M	1,493.534M	1,367.267M	1,056.236M	1,032.138M	1,038.927M	951.753M	1,324.190M	1,225.149M	1,196.350M	1,149.222M	783.864M	694.903M	478.764M	471.924M	507.648M	521.933M	643.189M	670.293M	798.942M
Depreciation & Amortization	20.119M	28.094M	31.414M	33.141M	44.784M	42.649M	38.573M	41.952M	37.227M	31.176M	28.917M	25.265M	24.589M	24.227M	29.541M	24.884M	24.504M	24.923M	23.717M	20.704M	22.585M	21.003M	15.236M	13.193M	19.999M	10.711M	18.941M	16.481M	22.866M	22.259M	8.865M
EBITDA	3,335.071M	3,081.494M	2,899.300M	2,210.571M	1,936.721M	1,636.477M	1,786.051M	1,702.427M	1,835.435M	1,776.361M	1,762.054M	1,781.340M	1,518.123M	1,391.494M	1,085.777M	1,057.022M	1,063.430M	976.676M	1,347.907M	1,245.853M	1,218.936M	1,170.224M	799.100M	708.096M	498.762M	482.635M	526.589M	538.415M	666.055M	692.552M	807.807M
EBITDA Margin	65.35%	66.11%	69.03%	58.95%	57.21%	56.32%	60.81%	61.66%	63.26%	63.62%	65.44%	65.83%	65.28%	61.02%	48.42%	54.04%	53.42%	48.18%	58.51%	53.00%	52.77%	51.41%	38.19%	42.11%	32.90%	35.78%	39.50%	50.42%	56.20%	55.66%	70.00%
NOPAT	2,598.182M	2,411.663M	2,243.329M	1,739.975M	1,511.753M	1,262.622M	1,448.346M	1,346.888M	1,319.978M	1,381.992M	1,343.661M	1,305.758M	1,141.972M	958.916M	821.130M	792.134M	825.262M	809.410M	976.250M	886.709M	856.519M	833.045M	574.234M	516.682M	311.196M	335.584M	435.178M	424.336M	508.777M	543.532M	644.936M
NOPAT Margin	50.91%	51.74%	53.41%	46.40%	44.66%	43.46%	49.31%	48.78%	45.50%	49.50%	49.91%	48.26%	49.10%	42.05%	36.62%	40.50%	41.46%	39.93%	42.38%	37.72%	37.08%	36.60%	27.44%	30.73%	20.53%	24.88%	32.64%	39.74%	42.93%	43.68%	55.89%
Owner's Earnings	600.816M	538.030M	381.762M	267.989M	351.098M	191.982M	255.781M	190.979M	201.852M	214.141M	203.667M	210.944M	189.835M	157.377M	150.776M	191.243M	183.835M	115.239M	307.763M	316.361M	225.608M	222.196M	169.498M	89.619M	-2.060M	53.195M	110.848M	124.995M	190.100M	163.393M	129.385M
Owner's Earnings Margin	11.77%	11.54%	9.09%	7.15%	10.37%	6.61%	8.71%	6.92%	6.96%	7.67%	7.56%	7.80%	8.16%	6.90%	6.72%	9.78%	9.23%	5.69%	13.36%	13.46%	9.77%	9.76%	8.10%	5.33%	-0.14%	3.94%	8.31%	11.71%	16.04%	13.13%	11.21%
EPS	2.99	2.80	1.88	1.04	1.40	0.72	1.06	0.82	0.86	0.96	0.93	0.97	0.84	0.78	0.81	1.11	1.04	0.56	1.62	1.51	1.05	1.05	0.85	0.46	-0.15	0.32	0.68	0.72	1.03	0.94	0.87
EPS (Diluted)	2.99	2.80	1.88	1.04	1.40	0.72	1.06	0.82	0.86	0.96	0.93	0.97	0.84	0.78	0.81	1.11	1.04	0.56	1.62	1.51	1.05	1.05	0.85	0.46	-0.15	0.32	0.68	0.72	1.03	0.94	0.87
Shares (Diluted)	194,411,678	181,926,377	186,406,206	225,404,649	219,373,620	206,229,777	204,817,514	181,726,709	191,484,417	190,063,703	188,513,475	191,156,784	197,293,795	171,778,451	150,563,389	149,441,782	153,471,120	162,556,078	175,132,875	195,365,612	192,847,540	190,735,472	181,229,757	166,144,567	142,473,144	131,467,270	135,929,445	151,048,590	161,875,844	149,722,000	138,865,066

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	445.50M	423.17M	379.03M	325.04M	390.15M	366.95M	318.34M	289.47M	313.47M	280.24M	284.49M	261.56M	289.29M	322.30M	296.19M	225.03M	199.99M	320.43M	171.25M	231.47M	225.64M	187.42M	198.08M	153.19M	60.52M	55.52M	52.39M	58.57M	60.17M	52.53M	11.27M
Short-Term Investments	2,544.73M	1,899.57M	1,943.41M	2,529.57M	2,300.58M	2,848.61M	2,113.17M	1,955.10M	1,261.13M	1,358.55M	970.97M	867.15M	724.79M	1,269.78M	302.74M	156.12M	111.96M	140.01M	178.16M	152.54M	124.39M	210.50M	322.48M	123.81M	141.40M	87.08M	78.47M	82.37M	70.82M	62.20M	72.64M
Cash & Short-Term Investments	2,990.23M	2,322.73M	2,322.44M	2,854.61M	2,690.73M	3,215.55M	2,431.51M	2,244.56M	1,574.60M	1,638.79M	1,255.46M	1,128.71M	1,014.07M	1,592.08M	598.93M	381.15M	311.95M	460.44M	349.40M	384.01M	350.03M	397.92M	520.55M	277.00M	201.92M	142.60M	130.85M	140.94M	130.99M	114.73M	83.90M
Net Receivables	1,749.44M	573.59M	466.62M	901.93M	959.40M	821.57M	736.24M	175.06M	113.46M	96.37M	74.22M	67.94M	280.16M	540.98M	432.01M	389.15M	394.19M	387.19M	417.55M	805.11M	761.68M	565.17M	766.55M	750.89M	891.55M	625.80M	563.51M	439.83M	201.51M	281.18M	235.64M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Assets	-3,451.37M	-539.74M	-507.41M	-634.42M	-271.35M	-680.12M	-383.28M	4.39M	1.45M	0.64M	0.40M	0.00M	0.00M	0.09M	0.00M	2.26M	2.06M	1.56M	3.47M	8.34M	53.33M	17.84M	0.00M	0.00M	945.84M	877.82M	886.07M	993.35M	1,039.67M	897.36M	0.00M
Total Current Assets	1,288.30M	2,356.58M	2,281.66M	3,122.11M	3,378.79M	3,357.00M	2,784.47M	2,424.01M	1,689.52M	1,735.80M	1,330.08M	1,196.65M	1,294.24M	2,133.14M	1,030.95M	772.56M	708.21M	849.20M	770.43M	1,197.46M	1,165.05M	980.94M	1,287.11M	1,027.90M	2,039.31M	1,646.22M	1,580.44M	1,574.12M	1,372.17M	1,293.27M	319.55M
Property, Plant & Equipment	91.60M	128.04M	122.15M	107.53M	123.76M	111.67M	120.13M	130.48M	130.52M	114.22M	117.29M	89.81M	105.20M	100.85M	103.73M	90.91M	93.03M	100.57M	73.07M	62.60M	59.82M	56.03M	51.01M	48.59M	53.30M	50.38M	53.89M	52.94M	52.44M	47.20M	17.02M
Goodwill	55.14M	68.62M	67.70M	58.99M	55.42M	52.86M	64.33M	66.00M	65.03M	61.92M	62.31M	57.51M	51.36M	52.97M	26.68M	25.80M	29.11M	10.40M	29.71M	35.56M	38.65M	35.70M	39.53M	38.54M	23.55M	25.32M	26.22M	22.80M	21.26M	18.81M	5.87M
Intangible Assets	25.60M	85.89M	83.29M	64.62M	67.25M	60.63M	77.48M	91.13M	82.60M	64.33M	63.33M	42.10M	41.67M	55.67M	15.22M	13.54M	13.82M	24.56M	7.95M	5.49M	3.82M	1.48M	0.27M	0.20M	0.68M	1.39M	1.95M	3.51M	5.00M	9.46M	10.54M
Long-Term Investments	8,263.83M	7,582.19M	7,092.33M	6,618.60M	6,449.16M	5,017.75M	5,054.71M	4,347.36M	4,206.21M	3,921.75M	3,962.86M	3,953.71M	3,749.94M	3,871.52M	4,390.27M	3,521.89M	3,490.04M	2,976.94M	3,221.37M	3,665.20M	3,476.03M	3,021.34M	2,171.40M	1,968.56M	2,965.40M	1,750.33M	2,437.48M	2,548.59M	2,692.62M	1,880.20M	851.02M
Tax Assets	0.55M	3.87M	11.81M	16.65M	8.34M	2.81M	5.20M	14.99M	27.51M	18.23M	11.48M	9.25M	8.75M	2.54M	7.66M	7.17M	5.96M	39.85M	6.63M	7.87M	4.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	-7,249.44M	-1,526.51M	-1,175.64M	-3,799.28M	-1,784.07M	-2,447.48M	-2,233.55M	-59.68M	78.30M	835.57M	179.92M	-86.35M	547.73M	-477.78M	-1,082.67M	-1,136.95M	-1,299.60M	-1,186.18M	-1,129.32M	-1,365.42M	-758.61M	-594.69M	63.90M	-24.33M	-918.94M	-616.81M	-472.10M	-335.07M	-525.44M	-451.77M	144.47M
Other Assets	14,146.62M	1,928.92M	3,123.92M	3,764.68M	2,010.18M	3,650.44M	3,221.80M	62.36M	769.07M	402.17M	517.66M	584.09M	380.15M	913.36M	869.03M	708.73M	702.43M	668.45M	639.09M	677.01M	575.68M	704.63M	718.62M	816.80M	481.49M	385.68M	333.90M	203.20M	323.90M	213.06M	193.10M
Total Non-Current Assets	15,333.91M	8,271.02M	9,325.57M	6,831.79M	6,930.04M	6,448.69M	6,310.09M	4,652.65M	5,359.24M	5,418.19M	4,914.86M	4,650.12M	4,884.79M	4,519.14M	4,329.92M	3,231.10M	3,034.78M	2,634.59M	2,848.49M	3,088.32M	3,399.51M	3,224.50M	3,044.73M	2,848.36M	2,605.47M	1,596.29M	2,381.34M	2,495.96M	2,569.79M	1,716.97M	1,222.03M
Total Assets	16,622.22M	10,627.61M	11,607.22M	9,953.90M	10,308.83M	9,805.69M	9,094.56M	7,076.66M	7,048.76M	7,153.99M	6,244.93M	5,846.77M	6,179.03M	6,652.28M	5,360.86M	4,003.66M	3,742.99M	3,483.79M	3,618.92M	4,285.77M	4,564.55M	4,205.44M	4,331.83M	3,876.26M	4,644.78M	3,242.51M	3,961.78M	4,070.08M	3,941.96M	3,010.25M	1,541.58M
Accounts Payable	66.61M	72.23M	63.99M	100.68M	109.62M	109.44M	114.72M	89.41M	57.90M	63.62M	62.59M	61.94M	74.21M	85.88M	73.68M	29.99M	32.36M	35.90M	40.99M	45.55M	28.04M	33.74M	43.30M	48.04M	33.28M	36.96M	42.03M	39.81M	25.75M	21.83M	17.73M
Short-Term Debt	0.23M	8.78M	2.02M	18.35M	8.27M	3.18M	3.18M	0.00M	0.01M	0.00M	0.00M	0.00M	0.13M	1.52M	2.57M	0.34M	1.22M	0.35M	1.88M	1.74M	2.94M	4.05M	6.18M	5.94M	19.00M	12.06M	16.73M	16.43M	6.05M	0.27M	0.97M
Tax Payables	2.44M	5.92M	5.70M	5.77M	4.38M	4.57M	2.68M	2.94M	4.37M	4.55M	5.03M	5.08M	4.18M	2.10M	4.65M	5.77M	7.23M	17.18M	4.67M	3.54M	0.00M	0.44M	0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	2.84M	0.07M	0.12M	2.55M	0.11M	0.31M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-156.88M	-34.44M	-17.51M	-125.67M	-154.83M	-149.13M	-129.00M	-86.28M	-79.39M	-74.33M	-75.59M	-80.36M	-82.92M	-97.90M	-78.83M	-69.48M	-70.30M	-64.38M	-46.57M	-50.56M	-33.66M	-40.38M	-55.47M	-70.49M	-47.98M	-45.27M	-50.02M	-46.06M	-32.37M	-24.03M	-24.93M
Total Current Liabilities	-87.59M	52.49M	54.21M	1.96M	-32.49M	-31.82M	-5.86M	6.18M	-16.81M	-6.00M	-7.97M	-13.33M	-4.40M	-8.41M	2.07M	-33.38M	-29.49M	-10.95M	0.97M	0.27M	-2.69M	-2.15M	-5.88M	-16.51M	4.29M	3.74M	8.73M	10.19M	-0.57M	-1.93M	-6.23M
Long-Term Debt	939.80M	843.82M	738.28M	770.55M	668.82M	644.16M	630.65M	614.82M	651.26M	630.11M	514.07M	501.57M	538.06M	548.21M	508.50M	498.33M	365.06M	388.25M	404.93M	407.39M	491.46M	412.16M	385.25M	272.04M	390.25M	298.82M	320.34M	238.97M	232.87M	223.29M	252.91M
Capital Lease Obligations	0.85M	5.03M	14.73M	22.17M	33.04M	14.54M	13.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	5.69M	17.13M	12.49M	22.40M	39.08M	28.29M	41.19M	40.25M	26.48M	39.39M	14.93M	15.64M	6.41M	16.71M	7.88M	2.45M	0.88M	1.10M	4.70M	3.74M	0.79M	0.11M	2.54M	0.00M	0.00M	0.00M	0.00M	2.56M	11.77M	1.34M	3.80M
Other Non-Current Liabilities	-707.41M	7,383.29M	545.02M	602.15M	292.76M	-174.89M	-164.36M	1,847.86M	1,829.55M	2,622.40M	2,039.43M	1,562.41M	1,919.97M	146.18M	-95.18M	-84.49M	-86.74M	-117.79M	-129.19M	-98.27M	-72.30M	-23.08M	-181.27M	-179.90M	-150.40M	-164.95M	-157.84M	-154.73M	-90.25M	-156.79M	-123.82M
Total Non-Current Liabilities	238.93M	8,249.26M	1,310.52M	1,417.28M	1,033.70M	512.11M	521.14M	2,502.93M	2,507.29M	3,291.91M	2,568.43M	2,079.62M	2,464.44M	711.10M	421.20M	416.30M	279.20M	271.56M	280.45M	312.87M	419.94M	389.19M	206.51M	92.14M	239.86M	133.88M	162.50M	86.80M	154.39M	67.84M	132.89M
Total Liabilities	151.34M	8,301.76M	1,364.73M	1,419.24M	1,001.20M	480.29M	515.28M	2,509.11M	2,490.49M	3,285.91M	2,560.46M	2,066.29M	2,460.04M	702.69M	423.28M	382.92M	249.72M	260.61M	281.42M	313.14M	417.25M	387.04M	200.63M	75.63M	244.14M	137.62M	171.23M	96.99M	153.81M	65.91M	126.65M
Preferred Stock	0.00M	0.00M	1.43M	0.74M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.23M	0.03M	0.00M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.04M
Common Stock	81.25M	76.97M	88.96M	74.56M	66.31M	64.77M	64.67M	64.78M	68.70M	65.38M	65.09M	63.40M	77.33M	65.39M	59.86M	52.28M	53.30M	59.69M	39.32M	56.97M	50.99M	97.35M	90.50M	59.18M	20.26M	20.52M	23.84M	24.27M	23.33M	14.27M	12.45M
Retained Earnings	3,916.51M	2,761.98M	2,235.56M	2,192.72M	2,033.32M	1,593.37M	1,610.58M	1,381.95M	1,416.49M	1,245.17M	1,200.46M	1,170.74M	1,000.13M	954.68M	968.49M	958.38M	971.20M	769.18M	979.72M	930.53M	712.81M	605.10M	594.13M	478.93M	492.08M	521.36M	551.29M	593.99M	613.84M	559.51M	502.65M
Accumulated OCI	-50.41M	-103.17M	-106.08M	-201.37M	89.24M	157.83M	68.34M	-13.62M	58.39M	39.65M	27.65M	65.15M	57.84M	103.77M	73.92M	56.20M	28.61M	-68.58M	30.06M	66.90M	70.54M	116.89M	109.82M	78.87M	58.50M	42.14M	-3.33M	50.61M	94.38M	36.21M	21.02M
Minority Interest	1.51M	3.21M	4.84M	5.05M	5.03M	3.30M	3.05M	2.90M	2.59M	2.65M	4.10M	2.07M	7.48M	2.99M	2.05M	1.73M	1.52M	1.37M	6.40M	6.18M	4.63M	6.09M	10.69M	6.32M	38.71M	38.96M	39.84M	28.37M	27.11M	4.95M	3.80M
Total Shareholders’ Equity	3,947.34M	2,735.78M	2,219.87M	2,066.65M	2,188.86M	1,815.97M	1,743.59M	1,433.11M	1,543.57M	1,350.21M	1,293.20M	1,299.35M	1,135.31M	1,123.84M	1,102.27M	1,066.86M	1,053.11M	760.52M	1,049.12M	1,054.41M	834.38M	819.35M	794.44M	616.97M	570.83M	584.02M	571.79M	668.86M	731.56M	609.98M	536.15M
Total Equity	3,948.86M	2,738.99M	2,224.70M	2,071.70M	2,193.89M	1,819.27M	1,746.64M	1,436.01M	1,546.16M	1,352.85M	1,297.30M	1,301.42M	1,142.78M	1,126.83M	1,104.32M	1,068.59M	1,054.64M	761.88M	1,055.53M	1,060.59M	839.01M	825.43M	805.14M	623.29M	609.55M	622.98M	611.63M	697.23M	758.67M	614.93M	539.95M
Total Liabilities & Equity	4,100.20M	11,040.74M	3,589.44M	3,490.94M	3,195.09M	2,299.56M	2,261.92M	3,945.12M	4,036.65M	4,638.76M	3,857.76M	3,367.71M	3,602.83M	1,829.51M	1,527.60M	1,451.50M	1,304.35M	1,022.49M	1,336.94M	1,373.74M	1,256.26M	1,212.47M	1,005.77M	698.92M	853.69M	760.61M	782.86M	794.22M	912.48M	680.84M	666.61M
Tangible Assets	16,541.47M	10,473.09M	11,456.23M	9,830.29M	10,186.16M	9,692.19M	8,952.76M	6,919.53M	6,901.12M	7,027.74M	6,119.29M	5,747.16M	6,086.00M	6,543.65M	5,318.97M	3,964.33M	3,700.06M	3,448.83M	3,581.26M	4,244.72M	4,522.08M	4,168.25M	4,292.03M	3,837.52M	4,620.56M	3,215.80M	3,933.61M	4,043.77M	3,915.70M	2,981.97M	1,525.17M
Tangible Equity	3,868.12M	2,584.47M	2,073.71M	1,948.09M	2,071.22M	1,705.78M	1,604.84M	1,278.88M	1,398.52M	1,226.60M	1,171.65M	1,201.81M	1,049.76M	1,018.19M	1,062.42M	1,029.25M	1,011.71M	726.92M	1,017.87M	1,019.54M	796.54M	788.25M	765.34M	584.56M	585.32M	596.28M	583.46M	670.92M	732.41M	586.65M	523.54M
Tangible Book Value	3,868.12M	2,584.47M	2,073.71M	1,948.09M	2,071.22M	1,705.78M	1,604.84M	1,278.88M	1,398.52M	1,226.60M	1,171.65M	1,201.81M	1,049.76M	1,018.19M	1,062.42M	1,029.25M	1,011.71M	726.92M	1,017.87M	1,019.54M	796.54M	788.25M	765.34M	584.56M	585.32M	596.28M	583.46M	670.92M	732.41M	586.65M	523.54M
Total Investments	9,770.88M	11,444.01M	7,808.97M	7,530.74M	7,595.02M	5,964.21M	5,900.73M	5,557.40M	4,828.52M	4,743.60M	4,564.79M	4,395.80M	4,425.42M	4,598.07M	4,853.91M	3,902.09M	3,730.02M	3,218.20M	3,747.18M	3,849.76M	3,612.93M	3,119.81M	2,537.07M	2,214.47M	3,277.17M	2,598.55M	2,442.90M	2,689.18M	2,714.62M	2,002.68M	917.75M
Net Debt	494.53M	429.43M	361.28M	463.86M	286.93M	280.40M	315.49M	325.36M	337.80M	349.88M	229.58M	240.01M	248.91M	227.43M	214.88M	273.64M	166.29M	68.17M	235.57M	177.67M	268.75M	228.79M	193.35M	124.78M	348.73M	255.37M	284.68M	196.84M	178.75M	171.03M	242.61M

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	21.70M	693.21M	335.30M	672.12M	2,015.14M	727.87M	762.50M	2,107.03M	106.42M	1,006.56M	1,039.75M	1,062.79M	1,145.25M	1,320.36M	691.49M	623.93M	521.28M	690.63M	1,094.18M	1,160.52M	1,207.34M	1,190.27M	987.95M	1,003.89M	1,328.80M	1,168.97M	979.69M	954.59M	832.14M	627.75M	381.24M
Total Capital	4,349.55M	3,795.36M	3,461.27M	3,091.76M	3,059.87M	2,978.43M	2,790.00M	2,630.50M	2,719.54M	2,527.50M	2,314.57M	2,330.43M	2,255.53M	2,405.66M	2,297.24M	2,058.29M	1,830.97M	1,709.99M	1,991.61M	2,031.62M	1,984.53M	1,908.57M	2,035.12M	1,427.64M	1,703.70M	1,448.91M	1,428.44M	1,387.11M	1,608.23M	1,412.19M	1,196.82M
Capital Employed	15,781.89M	13,977.02M	12,878.99M	11,963.85M	11,391.96M	10,232.14M	9,519.89M	10,188.88M	9,303.49M	9,677.90M	9,300.34M	9,109.22M	8,596.89M	8,795.42M	7,263.22M	6,811.76M	6,678.87M	6,500.49M	6,897.56M	7,498.88M	7,251.23M	7,646.78M	8,043.03M	7,452.98M	7,177.79M	6,305.59M	6,089.68M	4,957.22M	5,704.48M	5,230.97M	5,088.07M
Invested Capital	3,904.05M	3,372.19M	3,082.24M	2,766.72M	2,669.72M	2,611.49M	2,471.66M	2,341.03M	2,406.07M	2,247.26M	2,030.08M	2,068.87M	1,966.25M	2,083.36M	2,001.05M	1,833.26M	1,630.98M	1,389.56M	1,820.36M	1,800.15M	1,758.89M	1,721.15M	1,837.04M	1,274.45M	1,643.18M	1,393.39M	1,376.05M	1,328.55M	1,548.06M	1,359.66M	1,185.55M

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	19.10M	21.42M	25.68M	31.37M	42.54M	41.01M	36.23M	38.60M	31.47M	28.96M	27.90M	25.63M	23.95M	23.18M	23.18M	24.78M	18.88M	22.38M	12.84M	11.82M	19.06M	20.03M	15.36M	9.54M	13.15M	11.00M	24.40M	21.61M	24.35M	22.23M	7.33M
Deferred Income Tax	0.47M	0.00M	0.00M	-4.76M	-1.65M	-4.42M	-0.99M	-0.91M	-0.47M	1.46M	0.05M	0.67M	0.97M	1.11M	-0.23M	0.64M	2.16M	-0.10M	0.68M	-0.50M	-0.42M	-6.23M	5.68M	-2.29M	-0.30M	0.02M	0.21M	1.14M	3.63M	2.14M	-0.57M
Stock-Based Compensation	5.95M	2.91M	4.57M	6.49M	6.37M	2.54M	3.60M	5.00M	3.84M	5.09M	5.21M	4.31M	3.70M	2.38M	0.64M	0.83M	0.41M	0.15M	0.00M	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	212.25M	356.21M	446.52M	254.15M	218.09M	161.17M	76.84M	34.84M	115.36M	39.66M	44.92M	47.42M	8.77M	25.27M	35.24M	-28.09M	-66.25M	-32.95M	18.26M	60.87M	114.09M	191.68M	325.24M	202.81M	273.57M	1.33M	-67.29M	13.71M	-30.74M	-3.97M	6.12M
Accounts Receivable	-0.44M	-46.52M	-7.88M	-81.22M	-46.67M	-30.67M	-19.05M	-17.39M	-19.56M	-14.96M	-3.51M	-1.65M	-3.68M	-3.82M	-1.51M	-0.07M	0.03M	0.00M	2.33M	24.25M	-29.85M	-48.61M	-89.96M	-54.50M	-61.47M	-20.43M	-3.17M	-15.19M	3.70M	-7.90M	-11.63M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	22.91M	2.06M	15.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.14M	0.00M	0.04M	0.00M	0.00M	0.00M	0.04M	0.00M	0.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.73M	-1.13M	104.49M	201.79M	401.11M	135.91M	173.28M	9.52M	4.47M	38.23M	2.88M	7.00M	10.72M
Other Working Capital	248.23M	386.96M	436.67M	363.31M	207.97M	123.88M	65.91M	42.68M	76.03M	49.81M	41.17M	39.53M	27.00M	12.38M	16.41M	-17.06M	-10.85M	18.48M	24.31M	-28.62M	-89.38M	-59.34M	-71.31M	96.98M	114.42M	-45.31M	-82.86M	-18.16M	-52.86M	-29.05M	7.44M
Other Non-Cash Items	36.85M	-19.59M	-71.51M	29.54M	-28.92M	16.80M	-6.57M	20.77M	-0.46M	16.93M	13.00M	3.05M	-6.87M	-5.72M	-2.98M	-4.78M	17.20M	232.23M	2.57M	46.90M	70.00M	86.76M	49.14M	95.62M	-13.05M	15.18M	11.13M	-43.87M	-11.18M	32.20M	29.63M
Net Cash from Operating Activities	888.68M	845.75M	611.23M	573.51M	589.49M	467.95M	358.28M	209.52M	252.44M	335.36M	321.26M	290.71M	272.20M	236.02M	203.45M	138.30M	122.99M	358.14M	409.60M	504.94M	567.48M	568.37M	572.30M	395.45M	180.75M	37.34M	51.81M	102.58M	184.92M	229.21M	210.78M
Capital Expenditures (PPE)	-18.76M	-28.00M	-18.22M	-19.97M	-22.19M	-16.48M	-22.55M	-18.54M	-30.51M	-24.07M	-23.04M	-16.95M	-20.15M	-15.89M	-17.34M	-16.71M	-15.58M	-18.73M	-13.99M	-15.86M	-16.63M	-14.79M	-14.79M	-20.64M	-14.45M	-14.57M	-33.62M	-23.12M	-25.01M	-20.55M	-16.56M
Acquisitions (Net)	0.00M	0.00M	-3.32M	10.56M	-2.09M	0.48M	1.89M	-1.27M	-18.61M	-2.76M	-3.32M	-1.41M	-0.31M	-4.19M	-12.69M	-2.13M	-9.21M	-12.50M	-13.36M	0.00M	1.58M	-3.56M	-0.34M	-2.29M	0.88M	-1.76M	-25.79M	-26.77M	-7.55M	-3.37M	-10.70M
Purchases of Investments	-1,678.50M	-2,093.28M	-2,027.34M	-2,385.02M	-2,752.88M	-2,369.09M	-1,806.82M	-2,033.65M	-2,282.65M	-2,010.75M	-1,578.44M	-1,505.10M	-1,411.28M	-1,302.73M	-1,597.72M	-1,403.72M	-1,743.63M	-1,268.11M	-1,762.31M	-1,542.25M	-2,490.06M	-2,226.54M	-3,068.87M	-2,319.32M	-2,268.58M	-1,328.55M	-1,359.90M	-1,502.29M	-1,784.36M	-1,495.75M	-1,203.09M
Sales / Maturities of Investments	1,275.39M	1,770.20M	1,494.71M	1,738.14M	2,239.15M	2,280.83M	1,674.64M	1,968.36M	2,169.12M	1,695.97M	1,473.06M	1,181.20M	1,334.45M	1,097.49M	1,098.37M	1,497.12M	1,471.57M	1,483.02M	1,380.79M	1,340.83M	1,161.17M	1,274.02M	2,542.86M	1,740.54M	1,591.29M	1,066.71M	1,193.22M	972.53M	1,086.50M	980.31M	980.68M
Other Investing Activities	-0.37M	-7.63M	-0.36M	-17.23M	2.80M	2.61M	-7.18M	-3.44M	7.60M	3.29M	-7.43M	-6.93M	-29.20M	-34.29M	-10.04M	4.22M	14.44M	-17.66M	17.20M	-0.97M	7.96M	-28.86M	-34.37M	-62.36M	10.91M	182.48M	195.54M	192.70M	211.85M	125.93M	119.50M
Net Cash from Investing Activities	-451.51M	-550.41M	-402.95M	-445.15M	-347.59M	-204.42M	-214.21M	-208.44M	-203.91M	-287.09M	-139.73M	-210.49M	-192.83M	-216.96M	-59.78M	0.79M	-231.17M	-167.95M	-327.45M	-305.78M	-478.97M	-723.37M	-420.09M	-411.67M	-172.87M	-11.86M	10.23M	-47.92M	-111.94M	-132.83M	-201.51M
Net Debt Issuance	3.00M	7.67M	-1.40M	-20.16M	5.55M	22.98M	-3.41M	9.72M	15.62M	30.10M	-1.39M	14.59M	5.79M	3.27M	0.26M	15.27M	51.34M	-7.30M	12.63M	2.92M	5.66M	46.31M	32.07M	-13.47M	21.49M	4.36M	22.22M	41.71M	8.85M	20.97M	21.80M
Long-Term Debt Issuance	-0.05M	0.59M	0.44M	-14.26M	5.91M	21.42M	-2.80M	7.66M	15.63M	29.97M	-2.50M	12.91M	6.02M	1.54M	-0.35M	18.33M	56.99M	-3.55M	11.17M	-0.16M	4.13M	43.53M	37.37M	12.85M	20.76M	11.45M	27.70M	13.78M	8.31M	24.56M	16.31M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.86M	-0.23M	12.10M	0.00M	0.00M	0.00M
Net Stock Issuance	-23.29M	-29.85M	-8.11M	-23.34M	-28.31M	-18.65M	-4.31M	-1.26M	-12.88M	-13.03M	-20.75M	-15.45M	-19.89M	-4.60M	-9.03M	-55.41M	-6.61M	-39.72M	-48.03M	-7.78M	-4.64M	7.82M	9.44M	50.73M	90.47M	-15.07M	-67.63M	-42.77M	-31.80M	-34.29M	56.54M
Common Stock Issuance	0.00M	0.07M	0.16M	0.01M	0.39M	0.64M	1.09M	0.11M	0.97M	0.36M	0.48M	1.52M	1.24M	1.16M	0.92M	1.21M	2.36M	0.84M	8.00M	7.34M	5.46M	12.13M	27.36M	46.56M	98.94M	5.43M	1.87M	3.19M	2.91M	30.57M	41.35M
Common Stock Repurchased	-21.59M	-29.34M	-22.17M	-24.85M	-31.17M	-19.19M	-5.06M	-6.26M	-14.03M	-16.22M	-34.59M	-28.82M	-21.33M	-15.25M	-13.99M	-39.26M	-17.49M	-41.86M	-53.15M	-23.95M	-9.35M	-0.78M	-0.49M	-1.05M	-7.10M	-13.14M	-70.14M	-51.97M	-22.26M	-39.28M	-10.81M
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	-1.19M	0.00M	0.00M	-0.25M	0.00M
Net Dividends Paid	-56.40M	-142.68M	-110.14M	-77.12M	-100.06M	-33.09M	-89.47M	-79.29M	-67.04M	-64.49M	-52.15M	-59.57M	-48.21M	-61.19M	-43.42M	-39.63M	-35.37M	-41.89M	-42.24M	-39.71M	-32.18M	-26.66M	-25.38M	-22.32M	-22.61M	-18.24M	-20.07M	-21.52M	-21.86M	-21.36M	-13.75M
Common Dividends Paid	-52.88M	-135.50M	-108.02M	-75.48M	-98.54M	-32.43M	-88.33M	-78.48M	-65.93M	-63.33M	-46.34M	-54.78M	-40.20M	-58.99M	-41.68M	-36.97M	-30.15M	-37.26M	-39.50M	-31.74M	-28.43M	-22.94M	-22.85M	-19.76M	-18.49M	-16.63M	-15.25M	-14.06M	-17.54M	-12.75M	-10.60M
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	-8.27M	-6.41M	-7.14M	-2.55M	-0.56M	-7.27M	-1.22M	-2.97M	1.21M	0.67M	0.14M	2.70M	0.94M	3.29M	1.79M	6.07M	5.41M	2.91M	5.63M	-1.34M	3.09M	3.21M	9.61M	-7.77M	3.26M	22.59M	1.87M	5.24M	10.62M	41.07M	-6.26M
Net Cash from Financing Activities	-136.48M	-212.25M	-202.58M	-137.05M	-58.05M	-35.24M	-46.20M	-42.73M	-58.09M	-25.49M	-92.18M	-38.94M	-51.62M	-26.05M	-59.51M	-112.49M	-15.94M	-79.72M	-85.69M	-102.19M	-24.16M	53.68M	108.56M	38.97M	126.07M	-28.89M	-41.17M	-23.98M	-32.14M	-4.73M	26.34M
Effect of FX on Cash	1.19M	-0.79M	1.16M	-1.25M	-1.01M	1.08M	0.15M	-1.23M	0.78M	-0.71M	-1.82M	-2.04M	-0.80M	0.07M	-0.45M	0.15M	1.92M	-0.40M	1.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.07M	0.00M	0.00M	-0.02M	-1.91M
Net Change in Cash	95.89M	36.52M	-1.64M	-10.97M	-8.40M	66.77M	26.38M	1.30M	34.70M	2.02M	21.28M	-4.32M	-5.56M	6.03M	38.35M	11.79M	-22.73M	46.89M	0.44M	36.35M	-11.85M	-7.02M	46.85M	20.86M	37.66M	-0.31M	-13.01M	32.02M	30.03M	29.16M	-2.90M
Cash at Beginning of Period	367.87M	360.04M	329.99M	396.59M	392.57M	252.39M	271.76M	252.12M	258.94M	251.80M	225.08M	233.12M	243.96M	260.63M	208.76M	180.68M	250.55M	166.27M	188.95M	212.97M	181.34M	199.04M	230.96M	192.97M	133.94M	135.35M	123.52M	122.80M	134.48M	96.74M	90.83M
Cash at End of Period	521.04M	392.74M	359.97M	323.41M	389.73M	376.02M	251.68M	273.01M	287.33M	266.61M	257.14M	225.89M	238.99M	257.73M	281.75M	210.28M	184.17M	300.14M	195.95M	241.31M	234.49M	243.71M	273.88M	224.30M	204.88M	133.52M	123.07M	157.45M	173.25M	136.56M	84.42M
Operating Cash Flow	888.65M	845.75M	617.76M	573.50M	589.21M	469.33M	358.28M	209.52M	254.55M	335.36M	319.37M	290.54M	272.20M	236.02M	203.45M	139.67M	122.99M	358.14M	409.60M	504.81M	567.48M	568.37M	572.30M	395.45M	180.75M	37.34M	51.81M	102.58M	184.92M	229.21M	210.78M
Capital Expenditure	-18.50M	-32.75M	-20.76M	-20.19M	-22.32M	-16.62M	-22.61M	-18.57M	-30.63M	-24.07M	-23.04M	-16.99M	-20.15M	-15.89M	-16.64M	-16.75M	-15.58M	-23.26M	-13.95M	-15.84M	-16.61M	-15.57M	-14.79M	-20.94M	-14.45M	-14.57M	-33.62M	-23.12M	-25.01M	-20.55M	-16.56M
Free Cash Flow	850.28M	787.15M	601.91M	557.08M	570.15M	330.98M	323.66M	188.92M	235.88M	297.60M	294.47M	255.16M	235.29M	217.95M	172.74M	129.05M	125.70M	275.24M	351.89M	346.90M	546.08M	549.73M	558.35M	377.03M	91.40M	32.47M	47.21M	83.02M	154.41M	171.25M	193.63M

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	727.32M	716.31M	565.83M	399.37M	484.74M	295.70M	351.97M	311.99M	318.19M	296.28M	267.05M	289.71M	240.36M	255.83M	230.26M	290.53M	262.31M	173.81M	451.57M	458.71M	329.54M	324.93M	246.29M	147.68M	49.90M	96.27M	180.36M	151.37M	156.05M	196.49M	158.24M
(-) Tax Adjustment	157.26M	150.55M	123.22M	80.24M	97.41M	61.45M	60.25M	58.92M	84.62M	61.66M	60.01M	74.29M	56.58M	76.41M	51.25M	67.56M	53.95M	26.00M	118.65M	126.72M	93.61M	89.40M	65.87M	37.87M	18.18M	27.81M	25.75M	28.31M	32.61M	37.16M	30.50M
(-) Change In Working Capital	212.25M	356.21M	446.52M	254.15M	218.09M	161.17M	76.84M	34.84M	115.36M	39.66M	44.92M	47.42M	8.77M	25.27M	35.24M	-28.09M	-66.25M	-32.95M	18.26M	60.87M	114.09M	191.68M	325.24M	202.81M	273.57M	1.33M	-67.29M	13.71M	-30.74M	-3.97M	6.12M
(-) Capital Expenditure	18.50M	32.75M	20.76M	20.19M	22.32M	16.62M	22.61M	18.57M	30.63M	24.07M	23.04M	16.99M	20.15M	15.89M	16.64M	16.75M	15.58M	23.26M	13.95M	15.84M	16.61M	15.57M	14.79M	20.94M	14.45M	14.57M	33.62M	23.12M	25.01M	20.55M	16.56M
Unlevered Free Cash Flow	339.31M	176.80M	-24.67M	44.80M	146.92M	56.46M	192.27M	199.66M	87.58M	170.89M	139.08M	151.01M	154.86M	138.27M	127.14M	234.31M	259.03M	157.50M	300.71M	255.28M	105.23M	28.28M	-159.60M	-113.95M	-256.30M	52.55M	188.28M	86.24M	129.17M	142.75M	105.06M
(-) Net Interest Income After Taxes	-24.17M	-17.25M	-17.64M	-8.84M	0.18M	-8.20M	-13.56M	8.75M	-2.32M	-15.18M	-14.02M	-16.37M	-15.76M	-10.37M	-16.17M	-24.31M	-22.02M	-22.80M	-21.71M	-23.86M	-23.96M	-22.48M	-19.40M	-17.62M	-14.51M	-23.45M	-26.06M	-19.74M	-20.06M	-18.21M	-17.19M
Net Debt Issuance	3.00M	7.67M	-1.40M	-20.16M	5.55M	22.98M	-3.41M	9.72M	15.62M	30.10M	-1.39M	14.59M	5.79M	3.27M	0.26M	15.27M	51.34M	-7.30M	12.63M	2.92M	5.66M	46.31M	32.07M	-13.47M	21.49M	4.36M	22.22M	41.71M	8.85M	20.97M	21.80M
Levered Free Cash Flow	366.47M	201.73M	-8.43M	33.48M	152.29M	87.64M	202.42M	200.63M	105.53M	216.18M	151.71M	181.97M	176.42M	151.91M	143.57M	273.89M	332.40M	173.00M	335.04M	282.06M	134.85M	97.07M	-108.12M	-109.80M	-220.29M	80.35M	236.56M	147.70M	158.07M	181.94M	144.05M