Insurance - Life

Category: Industry Averages Base Ticker: AAME

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	22.86	11.50	9.43	9.31	9.72	9.80	10.40	9.84	11.03	9.41	10.28	10.41	10.59	7.85	7.99	9.37	7.93	8.07	11.27	12.53	10.57	10.41	11.57	11.79	14.76	13.82	11.46	12.76	16.23	13.59	14.14
Market Capitalization	10,748.15M	6,210.97M	5,128.93M	5,030.78M	5,261.10M	4,203.76M	4,958.84M	4,905.32M	5,707.67M	5,033.87M	5,603.27M	5,164.42M	5,145.88M	4,205.04M	3,708.18M	4,473.47M	4,164.64M	4,061.03M	5,252.35M	6,562.32M	6,117.17M	6,812.52M	5,937.67M	5,263.18M	5,240.97M	4,033.05M	3,208.26M	3,581.89M	3,586.05M	2,629.68M	1,733.29M
(-) Cash & Equivalents	4,136.11M	2,542.46M	2,211.45M	2,122.43M	2,334.62M	2,062.16M	1,784.43M	1,507.72M	1,195.69M	1,592.89M	1,455.06M	1,433.32M	1,263.13M	1,321.17M	1,613.47M	1,010.21M	1,299.02M	1,071.60M	1,226.82M	1,308.62M	905.18M	819.69M	919.44M	696.44M	694.37M	550.10M	202.24M	171.25M	70.96M	17.30M	7.26M
(+) Total Debt	3,189.32M	2,437.09M	2,349.88M	2,187.21M	1,999.67M	1,979.91M	1,908.88M	1,627.05M	1,620.13M	1,769.32M	1,748.48M	1,628.09M	1,488.21M	1,501.08M	1,323.28M	1,394.25M	1,398.90M	1,053.32M	1,261.76M	1,171.25M	846.83M	873.39M	811.69M	683.49M	780.04M	701.50M	369.57M	390.07M	429.56M	271.71M	391.53M
Enterprise Value	9,371.06M	7,296.98M	5,586.63M	5,372.46M	5,883.72M	4,830.83M	5,703.95M	5,702.30M	6,365.34M	6,530.03M	5,940.55M	5,087.21M	4,937.95M	4,082.21M	3,774.62M	4,988.07M	6,631.14M	4,976.13M	7,348.03M	8,525.70M	8,346.85M	6,849.09M	7,012.78M	6,326.40M	5,981.67M	5,857.71M	3,543.17M	4,065.77M	3,901.90M	2,707.52M	2,063.28M

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	10,701.645M	7,620.490M	6,515.834M	5,642.656M	8,815.573M	7,753.018M	8,919.625M	7,664.701M	7,362.948M	7,434.444M	8,000.709M	7,835.906M	6,995.521M	6,152.728M	7,275.756M	7,428.878M	6,576.743M	5,273.476M	6,255.867M	7,072.558M	4,945.885M	3,973.703M	4,267.545M	5,069.788M	4,852.309M	4,585.624M	3,431.363M	3,051.559M	1,999.646M	2,137.367M	2,155.300M
Cost of Revenue	864.676M	650.392M	537.127M	427.094M	751.843M	676.737M	809.455M	630.608M	268.586M	392.293M	409.278M	676.925M	343.669M	775.660M	705.508M	592.141M	492.788M	661.657M	661.236M	798.461M	552.941M	607.059M	586.628M	906.919M	449.824M	414.985M	690.297M	676.382M	412.425M	417.204M	439.853M
Gross Profit	9,836.969M	6,970.098M	5,978.707M	5,215.561M	8,063.731M	7,076.281M	8,110.170M	7,034.092M	7,094.362M	7,042.151M	7,591.431M	7,158.981M	6,651.852M	5,377.069M	6,570.248M	6,836.737M	6,083.954M	4,611.819M	5,594.631M	6,274.097M	4,392.944M	3,366.644M	3,680.917M	4,162.870M	4,402.485M	4,170.638M	2,741.066M	2,375.177M	1,587.221M	1,720.163M	1,715.446M
Gross Margin	91.92%	91.47%	91.76%	92.43%	91.47%	91.27%	90.93%	91.77%	96.35%	94.72%	94.88%	91.36%	95.09%	87.39%	90.30%	92.03%	92.51%	87.45%	89.43%	88.71%	88.82%	84.72%	86.25%	82.11%	90.73%	90.95%	79.88%	77.83%	79.38%	80.48%	79.59%
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	215.409M	206.446M	230.967M	289.027M	339.596M	300.414M	258.042M	272.310M	282.559M	285.165M	494.537M	641.152M	633.022M	390.697M	429.299M	607.937M	431.866M	468.530M	413.261M	520.764M	361.195M	454.766M	373.235M	364.078M	407.723M	322.965M	9.547M	8.707M	8.249M	100.120M	0.253M
Operating Expenses	215.409M	206.446M	230.967M	289.027M	339.596M	300.414M	258.042M	272.310M	282.559M	285.165M	494.537M	641.152M	633.022M	390.697M	429.299M	607.937M	431.866M	468.530M	413.261M	520.764M	361.195M	454.766M	373.235M	364.078M	407.723M	322.965M	9.547M	8.707M	8.249M	100.120M	0.253M
Operating Income	9,621.560M	6,763.652M	5,747.741M	4,926.535M	7,724.134M	6,775.867M	7,852.128M	6,761.782M	6,811.803M	6,756.986M	7,096.895M	6,517.828M	6,018.830M	4,986.372M	6,140.949M	6,228.801M	5,652.088M	4,143.289M	5,181.370M	5,753.333M	4,031.749M	2,911.878M	3,307.682M	3,798.791M	3,994.762M	3,847.673M	2,731.519M	2,366.471M	1,578.971M	1,620.043M	1,715.193M
Operating Margin	89.91%	88.76%	88.21%	87.31%	87.62%	87.40%	88.03%	88.22%	92.51%	90.89%	88.70%	83.18%	86.04%	81.04%	84.40%	83.85%	85.94%	78.57%	82.82%	81.35%	81.52%	73.28%	77.51%	74.93%	82.33%	83.91%	79.60%	77.55%	78.96%	75.80%	79.58%
Interest Income	79.017M	393.757M	307.484M	377.312M	358.572M	129.433M	196.676M	176.759M	154.270M	238.622M	195.580M	149.197M	160.452M	146.123M	90.477M	111.639M	56.123M	9.838M	3.342M	3.012M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	116.025M	86.532M	106.242M	99.302M	85.391M	73.678M	78.123M	62.750M	74.949M	83.727M	84.320M	84.919M	90.783M	93.615M	103.045M	98.036M	88.255M	68.086M	64.508M	71.943M	35.083M	29.720M	46.596M	48.310M	34.693M	36.974M	23.183M	24.090M	23.432M	37.508M	37.816M
Net Interest Income	-37.009M	307.225M	201.243M	278.010M	273.181M	55.755M	118.552M	114.009M	79.321M	154.894M	111.260M	64.278M	69.669M	52.508M	-12.568M	13.603M	-32.132M	-58.249M	-61.166M	-68.932M	-35.083M	-29.720M	-46.596M	-48.310M	-34.693M	-36.974M	-23.183M	-24.090M	-23.432M	-37.508M	-37.816M
Other Income / Expense	-8,418.191M	-5,962.826M	-5,361.953M	-4,698.595M	-7,155.993M	-6,503.867M	-7,391.513M	-6,284.062M	-6,360.285M	-6,393.017M	-6,571.740M	-6,020.309M	-5,711.029M	-4,653.975M	-5,838.955M	-5,791.779M	-5,220.763M	-3,912.974M	-4,432.321M	-5,008.675M	-3,513.836M	-2,359.230M	-2,749.781M	-3,413.561M	-3,531.515M	-3,382.347M	-2,371.059M	-2,029.190M	-1,407.846M	-1,339.317M	-1,486.073M
Pre-Tax Income	1,166.361M	1,108.052M	587.031M	505.949M	841.322M	327.755M	579.168M	591.729M	530.840M	518.863M	636.414M	561.797M	377.471M	384.904M	289.426M	450.624M	399.192M	172.067M	687.883M	675.726M	482.830M	522.927M	511.306M	336.921M	428.554M	428.352M	337.278M	313.191M	147.693M	243.218M	191.305M
Pre-Tax Margin	10.90%	14.54%	9.01%	8.97%	9.54%	4.23%	6.49%	7.72%	7.21%	6.98%	7.95%	7.17%	5.40%	6.26%	3.98%	6.07%	6.07%	3.26%	11.00%	9.55%	9.76%	13.16%	11.98%	6.65%	8.83%	9.34%	9.83%	10.26%	7.39%	11.38%	8.88%
Income Tax Expense	163.320M	175.173M	92.219M	88.828M	143.619M	60.176M	88.031M	104.701M	78.161M	121.792M	155.536M	134.816M	121.749M	80.630M	87.525M	94.080M	82.276M	24.363M	165.247M	167.442M	127.627M	139.468M	133.002M	89.868M	64.142M	126.522M	81.671M	85.767M	49.828M	86.080M	79.956M
Tax Rate	14.00%	15.81%	15.71%	17.56%	17.07%	18.36%	15.20%	17.69%	14.72%	23.47%	24.44%	24.00%	32.25%	20.95%	30.24%	20.88%	20.61%	14.16%	24.02%	24.78%	26.43%	26.67%	26.01%	26.67%	14.97%	29.54%	24.21%	27.38%	33.74%	35.00%	35.00%
Net Income	1,003.040M	932.879M	494.812M	417.121M	697.704M	267.580M	491.137M	487.028M	452.678M	397.071M	480.878M	426.981M	255.722M	304.274M	201.900M	356.545M	316.916M	147.703M	522.636M	508.284M	355.203M	383.459M	378.303M	247.052M	364.412M	301.831M	255.606M	227.424M	97.865M	157.138M	111.348M
Net Margin	9.37%	12.24%	7.59%	7.39%	7.91%	3.45%	5.51%	6.35%	6.15%	5.34%	6.01%	5.45%	3.66%	4.95%	2.77%	4.80%	4.82%	2.80%	8.35%	7.19%	7.18%	9.65%	8.86%	4.87%	7.51%	6.58%	7.45%	7.45%	4.89%	7.35%	5.17%
EBIT	9,621.560M	6,763.652M	5,747.741M	4,926.535M	7,724.134M	6,775.867M	7,852.128M	6,761.782M	6,811.803M	6,756.986M	7,096.895M	6,517.828M	6,018.830M	4,986.372M	6,140.949M	6,228.801M	5,652.088M	4,143.289M	5,181.370M	5,753.333M	4,031.749M	2,911.878M	3,307.682M	3,798.791M	3,994.762M	3,847.673M	2,731.519M	2,366.471M	1,578.971M	1,620.043M	1,715.193M
Depreciation & Amortization	19.061M	60.107M	38.897M	42.051M	66.115M	36.299M	54.184M	41.720M	40.168M	32.380M	46.857M	39.520M	27.462M	32.127M	38.769M	30.845M	36.348M	33.531M	61.896M	94.363M	43.316M	95.744M	114.174M	152.802M	41.019M	55.922M	14.521M	17.585M	15.150M	15.735M	3.684M
EBITDA	9,640.621M	6,823.759M	5,786.637M	4,968.586M	7,790.249M	6,812.166M	7,906.312M	6,803.502M	6,851.972M	6,789.366M	7,143.751M	6,557.348M	6,046.293M	5,018.499M	6,179.717M	6,259.645M	5,688.436M	4,176.820M	5,243.265M	5,847.695M	4,075.065M	3,007.622M	3,421.856M	3,951.593M	4,035.781M	3,903.595M	2,746.040M	2,384.055M	1,594.121M	1,635.778M	1,718.877M
EBITDA Margin	90.09%	89.54%	88.81%	88.05%	88.37%	87.86%	88.64%	88.76%	93.06%	91.32%	89.29%	83.68%	86.43%	81.57%	84.94%	84.26%	86.49%	79.20%	83.81%	82.68%	82.39%	75.69%	80.18%	77.94%	83.17%	85.13%	80.03%	78.13%	79.72%	76.53%	79.75%
NOPAT	8,274.295M	5,694.380M	4,844.808M	4,061.593M	6,405.578M	5,531.823M	6,658.638M	5,565.348M	5,808.825M	5,170.925M	5,362.449M	4,953.728M	4,077.518M	3,941.824M	4,283.861M	4,928.374M	4,487.153M	3,556.631M	3,936.674M	4,327.683M	2,966.030M	2,135.261M	2,447.279M	2,785.523M	3,396.860M	2,711.192M	2,070.087M	1,718.416M	1,046.263M	1,053.028M	1,114.876M
NOPAT Margin	77.32%	74.72%	74.35%	71.98%	72.66%	71.35%	74.65%	72.61%	78.89%	69.55%	67.02%	63.22%	58.29%	64.07%	58.88%	66.34%	68.23%	67.44%	62.93%	61.19%	59.97%	53.73%	57.35%	54.94%	70.01%	59.12%	60.33%	56.31%	52.32%	49.27%	51.73%
Owner's Earnings	1,022.101M	992.985M	533.709M	459.172M	763.818M	303.879M	545.321M	528.748M	492.846M	429.450M	527.735M	466.501M	283.184M	336.401M	240.669M	387.389M	353.264M	181.235M	584.532M	602.647M	398.519M	479.204M	492.477M	399.854M	405.431M	357.752M	270.127M	245.009M	113.015M	172.873M	115.032M
Owner's Earnings Margin	9.55%	13.03%	8.19%	8.14%	8.66%	3.92%	6.11%	6.90%	6.69%	5.78%	6.60%	5.95%	4.05%	5.47%	3.31%	5.21%	5.37%	3.44%	9.34%	8.52%	8.06%	12.06%	11.54%	7.89%	8.36%	7.80%	7.87%	8.03%	5.65%	8.09%	5.34%
EPS	0.91	0.69	0.36	0.32	0.54	0.24	0.42	0.48	0.46	0.35	0.48	0.45	0.28	0.31	0.20	0.28	0.25	0.18	0.70	0.65	0.44	0.48	0.67	0.44	0.85	0.68	0.58	0.56	0.23	0.40	0.70
EPS (Diluted)	0.91	0.69	0.36	0.32	0.54	0.24	0.42	0.48	0.46	0.35	0.48	0.45	0.28	0.31	0.20	0.28	0.25	0.18	0.70	0.65	0.44	0.48	0.67	0.44	0.85	0.68	0.58	0.56	0.23	0.40	0.70
Shares (Diluted)	1,103,840,612	1,348,797,350	1,385,146,935	1,298,280,596	1,297,217,265	1,121,031,020	1,171,542,296	1,018,535,550	985,303,555	1,138,923,571	992,894,492	957,407,293	909,129,404	994,539,452	1,001,861,366	1,291,811,236	1,274,017,924	821,601,954	742,998,401	777,780,051	816,225,156	803,311,483	564,110,087	558,402,132	428,045,351	446,440,322	439,577,972	404,419,931	417,236,346	397,115,923	158,174,096

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	4,252.54M	2,542.46M	2,211.45M	2,026.67M	2,222.17M	2,013.54M	1,784.43M	1,507.72M	1,244.16M	1,592.89M	1,455.06M	1,433.32M	1,283.01M	1,321.17M	1,613.47M	1,010.21M	1,299.02M	1,071.60M	1,226.82M	1,308.62M	905.18M	846.37M	919.44M	696.44M	794.27M	550.10M	202.24M	171.25M	70.96M	17.30M	7.26M
Short-Term Investments	7,487.17M	4,517.11M	4,869.45M	10,908.87M	14,085.42M	14,339.51M	12,262.40M	4,994.29M	4,238.25M	3,720.08M	4,542.45M	3,430.17M	3,368.16M	3,776.74M	430.83M	307.73M	944.23M	910.39M	176.33M	768.94M	547.20M	502.79M	54.48M	107.26M	281.73M	120.22M	34.88M	14.49M	34.94M	88.22M	29.33M
Cash & Short-Term Investments	11,739.71M	7,059.57M	7,080.90M	12,935.54M	16,307.59M	16,353.06M	14,046.83M	6,502.01M	5,482.41M	5,312.96M	5,997.51M	4,863.49M	4,651.17M	5,097.90M	2,044.30M	1,317.94M	2,243.26M	1,981.99M	1,403.14M	2,077.56M	1,452.38M	1,349.16M	973.91M	803.70M	1,076.01M	670.31M	237.12M	185.75M	105.91M	105.52M	36.60M
Net Receivables	1,156.97M	1,452.80M	688.75M	1,204.44M	1,331.83M	334.36M	190.59M	23.94M	87.24M	89.75M	130.57M	39.75M	74.04M	97.29M	40.68M	17.23M	33.15M	29.00M	50.86M	86.43M	51.10M	38.86M	150.08M	130.05M	91.23M	82.32M	85.37M	95.37M	223.42M	144.05M	91.98M
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	-8,082.85M	-1,176.62M	-387.74M	-1,538.07M	-1,388.17M	-331.37M	4.89M	73.39M	58.00M	106.87M	7.18M	0.10M	0.00M	5.36M	2.29M	3.18M	4.62M	6.44M	43.09M	1.63M	4.97M	3.29M	0.00M	0.00M	1,007.36M	473.77M	399.17M	184.84M	2,351.47M	42.82M	47.68M
Total Current Assets	4,813.83M	7,335.75M	7,381.91M	12,601.92M	16,251.25M	16,356.05M	14,242.30M	6,599.35M	5,627.64M	5,509.59M	6,135.26M	4,903.33M	4,725.21M	5,200.55M	2,087.27M	1,338.36M	2,281.03M	2,017.44M	1,497.09M	2,165.62M	1,508.45M	1,391.31M	1,123.99M	933.74M	2,174.60M	1,226.40M	721.65M	465.95M	2,680.79M	292.39M	176.26M
Property, Plant & Equipment	293.88M	277.37M	262.29M	226.41M	263.43M	254.99M	260.93M	216.72M	226.87M	283.78M	295.77M	229.58M	210.32M	195.29M	208.74M	186.56M	176.69M	135.22M	196.18M	154.37M	287.26M	376.96M	393.89M	286.02M	283.70M	294.85M	263.90M	251.83M	189.53M	158.13M	51.92M
Goodwill	108.24M	146.13M	142.85M	138.97M	111.52M	112.66M	136.18M	113.06M	124.44M	125.38M	125.46M	123.67M	135.64M	126.82M	85.62M	77.64M	81.42M	55.76M	106.59M	245.08M	97.28M	99.44M	97.50M	106.52M	141.13M	177.07M	120.11M	130.42M	158.27M	104.94M	130.06M
Intangible Assets	178.26M	310.63M	306.76M	244.17M	352.05M	325.51M	294.86M	713.92M	652.66M	638.33M	533.72M	612.71M	568.30M	437.59M	97.94M	92.48M	68.28M	95.41M	66.77M	57.83M	20.76M	176.97M	48.19M	335.90M	0.58M	260.01M	3.90M	0.77M	0.78M	2.45M	2.74M
Long-Term Investments	19,991.66M	52,416.89M	31,803.41M	37,885.11M	39,610.12M	33,343.83M	33,825.39M	27,124.48M	25,691.09M	24,213.54M	24,959.15M	23,973.76M	22,692.13M	24,869.68M	23,064.19M	21,497.33M	20,416.96M	14,403.85M	19,149.42M	20,943.68M	14,245.60M	11,131.12M	11,863.32M	12,611.80M	9,436.92M	7,687.03M	4,308.67M	3,623.69M	3,745.70M	2,963.03M	1,453.72M
Tax Assets	153.11M	70.58M	173.75M	282.36M	85.63M	129.43M	57.35M	80.59M	40.13M	45.36M	32.60M	10.76M	16.86M	62.57M	49.38M	58.93M	28.47M	108.87M	18.44M	18.57M	22.04M	20.30M	4.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	-22,680.99M	12,174.20M	5,952.54M	-8,057.51M	-3,251.06M	-3,369.99M	-4,982.50M	-2,068.63M	-1,419.71M	1,408.09M	726.10M	3,019.41M	-72.26M	-7,251.62M	-8,657.55M	-6,355.97M	-14,179.97M	-4,873.03M	-12,714.13M	-14,397.91M	-12,620.44M	-6,089.03M	-8,455.64M	-10,645.56M	-7,437.30M	-7,262.30M	-2,756.80M	-2,481.71M	-2,436.29M	-1,749.87M	-1,510.24M
Other Assets	157,427.88M	9,532.70M	7,923.91M	14,890.45M	8,152.62M	7,356.58M	8,665.84M	3,145.59M	6,287.04M	3,773.70M	6,046.00M	6,068.91M	6,475.56M	8,957.84M	6,549.40M	6,631.30M	5,268.68M	4,888.18M	8,120.19M	11,414.85M	7,415.64M	7,275.55M	9,006.54M	13,515.89M	14,170.65M	15,984.13M	3,695.80M	4,183.05M	1,640.00M	1,476.55M	841.99M
Total Non-Current Assets	155,472.06M	74,928.50M	46,565.51M	45,609.96M	45,324.31M	38,153.01M	38,258.04M	29,325.74M	31,602.54M	30,488.17M	32,718.79M	34,038.79M	30,026.54M	27,398.18M	21,397.71M	22,188.27M	11,860.53M	14,814.24M	14,943.46M	18,436.48M	9,468.14M	12,991.32M	12,958.11M	16,210.58M	16,595.67M	17,140.79M	5,635.59M	5,708.05M	3,297.99M	2,955.23M	970.20M
Total Assets	160,285.88M	82,264.25M	53,947.42M	58,211.88M	61,575.56M	54,509.06M	52,500.34M	35,925.08M	37,230.18M	35,997.76M	38,854.05M	38,942.13M	34,751.75M	32,598.72M	23,484.98M	23,526.63M	14,141.56M	16,831.68M	16,440.55M	20,602.10M	10,976.59M	14,382.63M	14,082.10M	17,144.32M	18,770.27M	18,367.20M	6,357.24M	6,173.99M	5,978.78M	3,247.62M	1,146.46M
Accounts Payable	47.99M	91.21M	147.24M	221.37M	270.09M	224.94M	284.34M	122.60M	157.91M	134.58M	149.45M	115.26M	105.89M	89.14M	70.14M	69.11M	79.12M	54.72M	107.44M	220.61M	20.49M	14.90M	3.69M	0.91M	0.36M	1.51M	0.00M	1.48M	1.28M	0.48M	0.35M
Short-Term Debt	375.23M	191.02M	224.61M	298.04M	128.89M	85.84M	78.33M	9.15M	81.25M	24.82M	16.53M	11.65M	14.03M	23.50M	48.32M	46.91M	75.77M	42.98M	52.94M	89.65M	115.23M	112.47M	52.51M	116.79M	57.22M	118.68M	115.59M	87.65M	115.22M	27.26M	59.73M
Tax Payables	14.87M	49.76M	41.37M	58.01M	76.47M	45.57M	52.60M	90.39M	119.71M	93.47M	118.87M	62.16M	61.85M	72.91M	31.36M	34.83M	37.78M	5.20M	21.10M	28.04M	4.52M	8.00M	13.09M	1.91M	1.28M	100.65M	103.10M	33.19M	139.09M	84.87M	111.77M
Deferred Revenue	0.00M	0.00M	0.00M	6.24M	7.69M	6.03M	17.04M	1.15M	5.15M	4.63M	1.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-1,169.98M	1,399.36M	-27.01M	-499.23M	-651.40M	-282.39M	-633.72M	-684.40M	-938.72M	-879.55M	-791.29M	-247.87M	-321.64M	-127.39M	-435.35M	-155.20M	-275.41M	-78.44M	-170.57M	-504.72M	-199.65M	-169.90M	-94.32M	-176.49M	-102.91M	-233.02M	44.61M	-257.07M	-228.32M	-42.58M	-23.83M
Total Current Liabilities	-731.88M	1,731.35M	386.20M	84.43M	-168.26M	79.98M	-201.42M	-461.11M	-574.70M	-622.04M	-505.27M	-58.79M	-139.88M	58.17M	-285.54M	-4.35M	-82.73M	24.46M	10.91M	-166.42M	-59.41M	-34.53M	-25.03M	-56.88M	-44.05M	-12.17M	263.29M	-134.76M	27.26M	70.03M	148.01M
Long-Term Debt	3,038.16M	2,010.99M	2,162.75M	1,734.20M	1,876.29M	1,515.55M	1,546.26M	1,350.38M	1,181.42M	1,454.90M	1,330.85M	1,159.66M	1,287.98M	1,377.01M	1,268.64M	997.78M	971.49M	850.71M	1,047.39M	921.42M	595.42M	708.40M	584.19M	515.15M	650.21M	389.44M	277.70M	297.45M	257.21M	239.31M	295.75M
Capital Lease Obligations	0.00M	16.33M	30.65M	33.94M	35.85M	23.12M	40.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	47.74M	118.89M	79.03M	73.63M	105.30M	124.84M	111.30M	77.18M	127.95M	124.80M	153.70M	104.54M	67.37M	145.58M	90.43M	62.98M	72.88M	42.57M	224.61M	255.08M	184.10M	155.65M	197.71M	172.82M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.65M
Other Non-Current Liabilities	-2,663.28M	57,910.82M	23,789.81M	18,838.12M	14,522.52M	2,100.40M	1,574.78M	9,614.74M	3,955.97M	9,656.18M	8,646.08M	8,153.51M	7,871.76M	4,272.49M	-870.43M	91.67M	-803.28M	132.67M	-430.56M	-157.18M	-237.28M	-811.16M	-638.32M	-670.38M	-639.27M	-282.17M	-196.23M	-259.10M	-216.88M	-212.84M	-266.38M
Total Non-Current Liabilities	422.62M	60,057.03M	26,062.23M	20,679.89M	16,539.97M	3,763.90M	3,273.11M	11,042.29M	5,265.34M	11,235.88M	10,130.63M	9,417.71M	9,227.11M	5,795.09M	488.64M	1,152.43M	241.09M	1,025.95M	841.44M	1,019.32M	542.24M	52.89M	143.58M	17.59M	10.95M	107.27M	81.47M	38.35M	40.33M	26.47M	30.02M
Total Liabilities	-309.26M	61,788.38M	26,448.44M	20,764.32M	16,371.71M	3,843.88M	3,071.69M	10,581.18M	4,690.64M	10,613.83M	9,625.36M	9,358.92M	9,087.24M	5,853.25M	203.10M	1,148.08M	158.35M	1,050.41M	852.35M	852.90M	482.83M	18.35M	118.55M	-39.29M	-33.11M	95.10M	344.76M	-96.41M	67.59M	96.50M	178.04M
Preferred Stock	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.11M	0.01M	0.00M	0.00M	0.00M	1.28M	9.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.21M	0.03M	17.38M	0.03M	0.03M	0.04M	0.13M	0.03M	0.03M	0.04M	0.18M	0.00M
Common Stock	528.91M	550.39M	507.14M	470.35M	453.58M	396.15M	405.53M	421.65M	419.16M	527.35M	556.92M	435.56M	384.66M	388.00M	369.68M	208.03M	284.45M	154.42M	265.11M	227.14M	285.64M	198.72M	140.84M	162.36M	151.16M	124.85M	55.42M	93.78M	63.73M	28.71M	30.10M
Retained Earnings	5,199.12M	4,126.76M	3,070.27M	3,057.70M	3,002.25M	2,576.77M	2,773.44M	2,422.27M	2,364.05M	2,050.42M	2,264.12M	1,924.64M	1,680.55M	1,352.87M	1,506.87M	1,228.52M	1,344.06M	1,315.95M	1,619.83M	1,358.30M	1,163.82M	1,025.51M	1,501.90M	1,728.44M	1,350.91M	1,234.93M	1,248.15M	756.61M	735.25M	764.28M	800.39M
Accumulated OCI	-351.93M	-543.37M	-513.08M	-489.52M	941.73M	895.51M	920.78M	200.05M	445.27M	462.57M	471.19M	288.06M	59.74M	44.87M	37.49M	16.67M	-22.08M	-77.64M	6.52M	29.40M	72.41M	114.35M	109.44M	228.06M	41.05M	28.23M	-6.87M	116.42M	135.98M	59.80M	60.77M
Minority Interest	540.89M	427.25M	302.29M	223.61M	221.62M	207.37M	177.33M	161.84M	124.68M	105.65M	76.28M	120.07M	108.59M	79.19M	78.59M	68.65M	56.48M	18.13M	22.88M	43.15M	34.39M	26.65M	15.66M	128.27M	155.84M	197.87M	199.34M	145.28M	102.42M	146.74M	52.78M
Total Shareholders’ Equity	5,376.10M	4,133.78M	3,064.34M	3,038.53M	4,397.57M	3,868.43M	4,099.86M	3,043.97M	3,228.48M	3,040.34M	3,292.23M	2,649.54M	2,134.21M	1,785.74M	1,914.03M	1,453.22M	1,606.43M	1,392.74M	1,891.45M	1,615.05M	1,521.90M	1,355.97M	1,752.21M	2,118.90M	1,543.15M	1,388.14M	1,296.72M	966.85M	935.00M	852.96M	891.26M
Total Equity	5,916.99M	4,561.03M	3,366.62M	3,262.13M	4,619.18M	4,075.80M	4,277.18M	3,205.82M	3,353.16M	3,145.99M	3,368.51M	2,769.61M	2,242.80M	1,864.92M	1,992.62M	1,521.87M	1,662.91M	1,410.86M	1,914.33M	1,658.20M	1,556.28M	1,382.62M	1,767.87M	2,247.17M	1,699.00M	1,586.01M	1,496.07M	1,112.13M	1,037.41M	999.70M	944.04M
Total Liabilities & Equity	5,607.73M	66,349.41M	29,815.06M	24,026.45M	20,990.89M	7,919.69M	7,348.88M	13,786.99M	8,043.80M	13,759.83M	12,993.87M	12,128.53M	11,330.03M	7,718.18M	2,195.72M	2,669.96M	1,821.26M	2,461.28M	2,766.68M	2,511.10M	2,039.11M	1,400.97M	1,886.42M	2,207.88M	1,665.89M	1,681.11M	1,840.83M	1,015.72M	1,105.00M	1,096.20M	1,122.08M
Tangible Assets	159,999.37M	81,807.49M	53,497.81M	57,828.74M	61,111.99M	54,070.89M	52,069.30M	35,098.10M	36,453.07M	35,234.04M	38,194.87M	38,205.74M	34,047.81M	32,034.31M	23,301.43M	23,356.51M	13,991.85M	16,680.51M	16,267.19M	20,299.18M	10,858.55M	14,106.21M	13,936.40M	16,701.90M	18,628.56M	17,930.12M	6,233.23M	6,042.80M	5,819.73M	3,140.24M	1,013.66M
Tangible Equity	5,630.48M	4,104.27M	2,917.01M	2,878.99M	4,155.61M	3,637.63M	3,846.14M	2,378.83M	2,576.06M	2,382.27M	2,709.33M	2,033.22M	1,538.86M	1,300.51M	1,809.07M	1,351.75M	1,513.21M	1,259.69M	1,740.97M	1,355.29M	1,438.24M	1,106.20M	1,622.17M	1,804.75M	1,557.29M	1,148.94M	1,372.05M	980.94M	878.36M	892.32M	811.24M
Tangible Book Value	5,630.48M	4,104.27M	2,917.01M	2,878.99M	4,155.61M	3,637.63M	3,846.14M	2,378.83M	2,576.06M	2,382.27M	2,709.33M	2,033.22M	1,538.86M	1,300.51M	1,809.07M	1,351.75M	1,513.21M	1,259.69M	1,740.97M	1,355.29M	1,438.24M	1,106.20M	1,622.17M	1,804.75M	1,557.29M	1,148.94M	1,372.05M	980.94M	878.36M	892.32M	811.24M
Total Investments	46,206.74M	61,000.49M	41,106.74M	53,272.97M	62,526.71M	45,972.61M	38,478.96M	34,157.54M	32,145.82M	31,562.47M	33,104.00M	28,454.68M	26,828.88M	27,249.49M	24,977.51M	22,653.06M	22,005.70M	15,798.53M	21,856.16M	22,488.60M	16,099.27M	13,129.62M	13,740.00M	14,373.22M	10,235.12M	8,290.98M	5,378.13M	4,749.88M	4,828.42M	3,908.87M	1,976.03M
Net Debt	-839.14M	-340.45M	175.90M	5.58M	-216.98M	-412.16M	-159.84M	-148.19M	18.51M	-113.16M	-107.68M	-262.00M	19.00M	79.34M	-296.51M	34.48M	-251.76M	-177.91M	-126.49M	-297.55M	-194.53M	-25.50M	-282.73M	-64.50M	-86.84M	-41.97M	191.05M	213.84M	301.46M	249.27M	348.22M

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	0.00M	1,390.05M	2,041.28M	6,084.14M	8,414.74M	7,002.14M	5,142.38M	6,883.47M	4,677.08M	2,968.77M	4,869.19M	3,702.84M	3,577.63M	3,445.62M	2,670.85M	628.49M	1,059.98M	2,198.35M	361.10M	1,368.07M	1,522.93M	-233.74M	991.75M	1,080.55M	1,587.14M	-1,051.82M	-436.85M	-274.95M	264.55M	-1,006.62M	-617.95M
Total Capital	13,487.65M	9,546.00M	7,898.46M	7,145.20M	8,772.46M	7,737.45M	7,801.06M	7,001.87M	7,175.56M	7,108.29M	7,578.16M	6,950.21M	6,124.03M	5,469.05M	5,282.07M	5,040.15M	4,850.46M	4,120.85M	5,209.58M	5,686.61M	3,938.97M	3,917.38M	3,957.62M	3,491.66M	3,874.47M	3,237.26M	2,086.75M	2,023.63M	1,871.15M	1,391.32M	1,489.96M
Capital Employed	161,187.81M	123,719.08M	108,288.10M	99,229.09M	94,182.26M	82,617.16M	96,121.80M	71,387.20M	65,428.48M	62,120.65M	71,331.38M	72,089.84M	52,622.81M	44,934.80M	45,860.81M	40,965.23M	38,148.81M	37,229.05M	36,821.04M	42,621.21M	32,284.59M	26,595.43M	29,406.01M	28,599.90M	30,356.87M	23,669.21M	14,978.15M	14,174.47M	9,668.14M	8,570.27M	7,400.25M
Invested Capital	9,235.11M	7,003.54M	5,687.01M	5,118.53M	6,550.29M	5,723.91M	6,016.63M	5,494.15M	5,931.40M	5,515.41M	6,123.10M	5,516.89M	4,841.01M	4,147.88M	3,668.60M	4,029.94M	3,551.43M	3,049.25M	3,982.76M	4,377.99M	3,033.79M	3,071.01M	3,038.18M	2,795.22M	3,080.19M	2,687.17M	1,884.51M	1,852.38M	1,800.18M	1,374.02M	1,482.70M

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	31.78M	67.76M	41.28M	41.06M	58.93M	46.85M	53.14M	44.32M	40.37M	54.50M	37.79M	31.16M	27.40M	27.13M	27.13M	28.59M	34.35M	39.92M	30.54M	26.84M	23.71M	26.67M	22.87M	92.89M	37.00M	14.09M	14.65M	17.68M	15.86M	17.11M	8.76M
Deferred Income Tax	0.32M	0.00M	0.00M	-0.10M	-0.43M	-0.52M	-0.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.45M	0.58M	-0.22M	-0.02M	0.18M	0.10M	-0.67M	-2.46M	-0.13M	-0.25M	-0.12M	-0.30M
Stock-Based Compensation	1.26M	0.60M	2.57M	2.82M	4.68M	2.42M	4.15M	3.33M	2.86M	2.72M	2.54M	2.57M	2.38M	1.30M	0.22M	0.02M	0.01M	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
Change in Working Capital	449.47M	411.96M	447.57M	-142.92M	576.31M	799.53M	866.30M	311.26M	578.08M	619.32M	570.10M	1,011.35M	528.95M	297.54M	110.32M	542.36M	289.83M	160.91M	341.44M	413.05M	392.62M	63.49M	118.64M	603.59M	109.76M	106.66M	5.34M	-6.28M	44.40M	43.59M	478.78M
Accounts Receivable	0.00M	-2.79M	7.56M	-3.72M	-0.99M	-0.47M	-1.27M	-0.91M	-0.95M	-0.27M	0.14M	-0.86M	-5.10M	-0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	1.54M	0.32M	5.44M	-2.40M	-1.29M	-1.18M	-5.60M	-6.12M	-1.40M	-1.37M	-6.35M	-4.53M
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	40.09M	52.60M	52.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.40M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	34.37M	103.31M	88.31M	84.85M	87.97M	8.50M	76.61M	186.51M	18.70M	6.84M	20.53M	3.75M	2.04M
Other Working Capital	436.72M	498.55M	225.29M	166.23M	726.62M	873.48M	606.99M	322.98M	539.05M	496.52M	468.79M	871.40M	326.51M	45.73M	49.63M	124.46M	44.62M	54.57M	78.50M	-4.00M	-155.47M	-161.65M	-185.82M	27.56M	65.11M	91.78M	422.72M	169.05M	587.53M	587.26M	627.71M
Other Non-Cash Items	263.93M	-23.92M	95.61M	823.95M	0.32M	369.00M	245.53M	271.76M	59.62M	193.14M	-4.84M	25.41M	418.39M	182.84M	247.21M	135.28M	540.33M	1,048.84M	163.55M	274.14M	145.76M	336.84M	377.89M	230.55M	483.14M	93.84M	-10.86M	103.44M	31.01M	71.06M	224.70M
Net Cash from Operating Activities	1,593.00M	1,620.13M	1,194.81M	1,134.52M	1,423.91M	1,390.44M	1,554.12M	1,139.05M	1,250.49M	1,327.09M	1,409.99M	1,488.83M	1,493.16M	1,176.81M	1,184.87M	1,471.86M	1,073.02M	1,214.05M	1,326.89M	1,615.23M	1,210.05M	1,117.50M	875.68M	803.84M	639.87M	698.15M	565.47M	357.40M	397.39M	361.33M	628.17M
Capital Expenditures (PPE)	-20.68M	-26.55M	-28.46M	-23.50M	-31.76M	-25.32M	-39.73M	-30.83M	-32.27M	-38.59M	-35.41M	-35.96M	-37.75M	-31.59M	-32.01M	-19.04M	-26.34M	-32.62M	-50.40M	-41.03M	-26.87M	-19.56M	-12.40M	-8.57M	-12.45M	-13.24M	-11.32M	-10.39M	-10.27M	-6.16M	-2.81M
Acquisitions (Net)	0.01M	-0.43M	-7.24M	-7.04M	-11.90M	-11.07M	-3.02M	-2.48M	-11.48M	-23.37M	-0.64M	-7.61M	-53.66M	-3.19M	4.28M	-2.89M	2.55M	10.72M	-9.86M	-79.34M	3.58M	13.61M	-0.77M	-6.80M	-0.42M	0.33M	0.36M	-0.19M	0.34M	0.73M	0.48M
Purchases of Investments	-3,978.32M	-6,051.30M	-7,552.18M	-6,886.47M	-8,726.20M	-6,205.74M	-7,326.37M	-6,356.46M	-7,117.03M	-6,070.03M	-6,068.12M	-5,231.24M	-4,861.18M	-5,511.63M	-4,830.35M	-5,859.47M	-6,107.14M	-3,970.06M	-5,822.52M	-5,522.71M	-4,645.48M	-6,157.95M	-7,151.34M	-6,480.11M	-3,658.60M	-2,272.84M	-1,984.47M	-1,541.46M	-1,950.35M	-2,045.54M	-1,519.41M
Sales / Maturities of Investments	3,570.62M	5,335.79M	7,190.49M	5,614.26M	7,564.08M	5,101.15M	5,815.68M	6,122.62M	6,649.38M	6,390.17M	6,229.31M	5,040.55M	4,287.33M	3,758.89M	3,523.31M	3,925.07M	4,005.47M	3,678.47M	4,928.13M	3,358.41M	3,522.71M	5,162.17M	8,655.40M	10,968.93M	3,477.77M	2,552.61M	1,763.63M	930.04M	1,058.70M	1,323.70M	1,021.01M
Other Investing Activities	-40.37M	102.50M	2.59M	-33.01M	5.37M	12.20M	-68.73M	-67.33M	-53.07M	-43.23M	-96.61M	14.00M	-53.83M	3.21M	28.28M	-25.04M	185.39M	42.04M	-121.67M	289.69M	48.88M	-381.63M	-196.30M	-205.74M	10.28M	-4.00M	-22.38M	-21.39M	-91.50M	27.17M	33.58M
Net Cash from Investing Activities	-2,525.57M	-1,089.35M	-895.10M	-801.23M	-1,200.81M	-1,197.79M	-1,281.77M	-1,024.35M	-1,224.72M	-1,335.98M	-1,379.34M	-1,096.35M	-1,201.44M	-1,153.49M	-768.22M	-1,513.13M	-1,103.41M	-792.27M	-1,218.42M	-966.73M	-1,089.16M	-749.31M	-897.15M	-829.32M	-631.91M	-425.70M	-444.25M	-266.26M	-317.81M	-139.15M	-356.37M
Net Debt Issuance	173.06M	120.42M	-57.73M	26.90M	30.81M	81.69M	22.74M	65.12M	-1.23M	49.68M	-3.35M	57.46M	72.38M	48.06M	11.41M	77.51M	17.28M	13.62M	18.62M	72.03M	12.63M	18.71M	77.28M	-17.14M	62.20M	-19.32M	41.67M	-49.23M	24.24M	-42.12M	16.18M
Long-Term Debt Issuance	32.46M	115.44M	-55.93M	30.66M	30.13M	108.43M	28.69M	70.48M	-27.11M	31.00M	4.46M	58.89M	59.88M	47.70M	9.65M	53.33M	44.02M	-1.08M	17.64M	78.03M	18.38M	36.12M	4.80M	1.11M	157.35M	25.13M	-6.36M	-39.71M	17.73M	-40.86M	35.58M
Short-Term Debt Issuance	16.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.25M	0.00M	0.00M	-0.70M	0.00M	0.00M	18.57M	0.00M	32.73M	-0.97M	0.00M
Net Stock Issuance	-137.53M	-107.28M	-60.88M	-68.87M	-14.41M	-2.76M	-50.34M	-5.82M	-12.09M	-42.04M	-59.49M	-14.78M	-5.60M	-16.23M	-4.11M	6.50M	21.58M	1.45M	-6.96M	-57.70M	7.02M	1.79M	18.18M	-64.74M	-52.48M	-41.40M	-45.71M	21.19M	-28.56M	-33.78M	0.97M
Common Stock Issuance	7.17M	2.75M	1.40M	3.84M	2.43M	4.23M	4.32M	2.46M	3.91M	5.29M	10.05M	8.09M	3.68M	10.97M	3.71M	13.41M	25.52M	8.23M	20.08M	15.06M	44.76M	23.33M	29.63M	6.57M	33.92M	11.61M	18.56M	9.42M	37.81M	3.55M	2.98M
Common Stock Repurchased	-139.26M	-109.33M	-85.63M	-112.48M	-36.83M	-39.32M	-116.83M	-13.17M	-12.34M	-49.20M	-77.19M	-33.42M	-27.08M	-30.71M	-4.80M	-0.35M	-0.01M	-18.16M	-21.01M	-17.77M	-16.59M	-74.77M	-40.66M	-106.24M	-77.34M	-47.62M	-77.68M	-37.56M	-121.26M	-40.12M	-7.47M
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	0.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-263.29M	-191.10M	-176.89M	-148.89M	-139.57M	-107.27M	-130.58M	-124.89M	-119.67M	-106.53M	-122.34M	-71.28M	-112.02M	-86.43M	-53.70M	-63.97M	-35.27M	-114.11M	-97.62M	-98.36M	-69.22M	-82.41M	-87.46M	-84.45M	-57.83M	-51.71M	-43.22M	-37.12M	-37.86M	-46.90M	-44.79M
Common Dividends Paid	-228.74M	-187.71M	-175.02M	-149.71M	-140.27M	-107.29M	-132.89M	-124.94M	-119.71M	-104.34M	-122.21M	-71.28M	-111.96M	-86.46M	-53.69M	-49.17M	-34.97M	-82.65M	-80.82M	-84.63M	-46.56M	-75.71M	-78.02M	-79.32M	-53.59M	-47.16M	-38.99M	-30.60M	-32.75M	-42.37M	-39.86M
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	451.94M	47.56M	-0.01M	134.34M	3.80M	42.52M	87.97M	94.03M	57.14M	30.20M	-3.55M	113.47M	-1.52M	8.97M	4.09M	23.65M	81.15M	37.30M	9.25M	-34.07M	32.00M	84.24M	86.86M	118.95M	147.77M	-0.18M	23.08M	7.98M	-11.37M	-1.78M	52.07M
Net Cash from Financing Activities	267.38M	-37.17M	-175.76M	-99.67M	-128.51M	103.92M	-160.37M	-34.09M	-201.08M	-25.63M	-153.28M	0.03M	-9.44M	-64.56M	13.10M	33.75M	159.59M	-38.00M	-40.85M	-133.17M	-12.07M	43.26M	217.24M	-142.61M	179.47M	-92.03M	16.21M	-48.26M	-38.54M	-117.58M	-14.19M
Effect of FX on Cash	11.83M	1.27M	-0.49M	7.73M	-3.64M	-0.65M	-1.90M	2.87M	-1.16M	-0.98M	7.74M	-0.63M	-7.39M	-1.96M	-0.63M	-0.47M	0.05M	-0.69M	-6.69M	-3.53M	-11.21M	-0.07M	0.00M	0.00M	-0.02M	-0.24M	0.00M	0.00M	-0.18M	0.00M	0.14M
Net Change in Cash	288.62M	68.96M	124.85M	177.65M	-90.63M	222.69M	150.00M	116.81M	55.81M	-44.56M	246.56M	173.39M	-10.54M	93.78M	224.35M	-130.35M	81.84M	106.33M	83.96M	180.14M	150.82M	5.77M	156.06M	21.05M	92.98M	50.25M	65.49M	11.84M	45.36M	10.51M	1.35M
Cash at Beginning of Period	2,305.78M	2,363.10M	2,384.08M	2,335.90M	2,437.55M	1,844.81M	1,725.58M	1,537.69M	1,697.12M	1,769.51M	1,727.90M	1,361.89M	1,427.86M	1,496.66M	1,003.50M	1,481.77M	1,351.75M	1,195.97M	1,253.65M	1,048.48M	1,112.69M	747.77M	772.79M	975.11M	635.30M	521.03M	269.77M	344.11M	104.67M	78.14M	154.36M
Cash at End of Period	3,962.41M	2,747.11M	2,424.77M	2,241.48M	2,319.48M	2,121.41M	1,979.62M	1,660.93M	1,535.13M	1,791.43M	2,008.75M	1,704.24M	1,392.47M	1,432.31M	1,280.54M	1,300.22M	1,549.33M	1,517.31M	1,260.38M	1,570.39M	1,412.49M	923.21M	1,019.74M	789.63M	835.08M	655.02M	412.66M	302.87M	233.70M	118.64M	140.18M
Operating Cash Flow	1,511.65M	1,620.13M	1,194.94M	1,143.63M	1,426.62M	1,406.28M	1,554.12M	1,139.17M	1,250.49M	1,335.12M	1,409.99M	1,488.83M	1,522.21M	1,132.96M	1,184.87M	1,471.86M	1,077.92M	1,214.05M	1,326.89M	1,615.23M	1,210.05M	1,117.50M	875.68M	803.84M	639.87M	698.15M	565.47M	357.40M	397.39M	361.29M	628.17M
Capital Expenditure	-20.28M	-34.75M	-30.83M	-26.85M	-32.59M	-28.67M	-40.41M	-39.60M	-32.76M	-39.09M	-35.97M	-36.51M	-38.24M	-33.75M	-33.27M	-20.13M	-25.77M	-35.76M	-50.40M	-41.02M	-26.81M	-19.56M	-12.37M	-8.57M	-12.45M	-13.24M	-11.32M	-10.39M	-10.27M	-6.16M	-2.81M
Free Cash Flow	1,552.62M	1,573.69M	1,170.61M	1,128.44M	1,403.72M	1,371.19M	1,445.92M	1,063.63M	1,165.71M	1,483.97M	1,345.11M	1,364.20M	1,398.52M	1,099.96M	1,154.08M	1,453.94M	1,030.37M	1,052.56M	1,194.58M	1,563.02M	1,142.30M	1,067.70M	856.28M	786.48M	634.80M	673.95M	555.98M	342.41M	389.85M	353.75M	476.49M

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	1,256.34M	935.14M	793.14M	598.64M	1,182.15M	452.66M	506.22M	724.45M	615.80M	578.51M	683.20M	537.46M	473.13M	547.60M	666.30M	624.55M	525.18M	283.75M	822.53M	1,064.55M	832.05M	640.01M	503.94M	479.40M	373.21M	387.87M	281.05M	224.67M	99.06M	267.66M	178.72M
(-) Tax Adjustment	175.92M	147.84M	124.60M	105.10M	201.80M	83.11M	76.94M	128.19M	90.67M	135.79M	166.97M	128.98M	152.60M	114.71M	201.50M	130.39M	108.24M	40.18M	197.59M	263.79M	219.94M	170.69M	131.09M	127.87M	55.86M	114.56M	68.06M	61.52M	33.42M	94.73M	74.70M
(-) Change In Working Capital	449.47M	411.96M	447.57M	-142.92M	576.31M	799.53M	866.30M	311.26M	578.08M	619.32M	570.10M	1,011.35M	528.95M	297.54M	110.32M	542.36M	289.83M	160.91M	341.44M	413.05M	392.62M	63.49M	118.64M	603.59M	109.76M	106.66M	5.34M	-6.28M	44.40M	43.59M	478.78M
(-) Capital Expenditure	20.28M	34.75M	30.83M	26.85M	32.59M	28.67M	40.41M	39.60M	32.76M	39.09M	35.97M	36.51M	38.24M	33.75M	33.27M	20.13M	25.77M	35.76M	50.40M	41.02M	26.81M	19.56M	12.37M	8.57M	12.45M	13.24M	11.32M	10.39M	10.27M	6.16M	2.81M
Unlevered Free Cash Flow	610.67M	340.59M	190.15M	609.61M	371.44M	-458.65M	-477.43M	245.41M	-85.71M	-215.70M	-89.84M	-639.37M	-246.65M	101.60M	321.22M	-68.33M	101.33M	46.90M	233.10M	346.69M	192.68M	386.26M	241.84M	-260.64M	195.14M	153.41M	196.33M	159.04M	10.96M	123.18M	-377.56M
(-) Net Interest Income After Taxes	-31.83M	258.66M	169.63M	229.20M	226.55M	45.52M	100.53M	93.84M	67.64M	118.54M	84.07M	48.85M	47.20M	41.51M	-8.77M	10.76M	-25.51M	-50.00M	-46.47M	-51.85M	-25.81M	-21.79M	-34.48M	-35.42M	-29.50M	-26.05M	-17.57M	-17.49M	-15.53M	-24.23M	-22.01M
Net Debt Issuance	173.06M	120.42M	-57.73M	26.90M	30.81M	81.69M	22.74M	65.12M	-1.23M	49.68M	-3.35M	57.46M	72.38M	48.06M	11.41M	77.51M	17.28M	13.62M	18.62M	72.03M	12.63M	18.71M	77.28M	-17.14M	62.20M	-19.32M	41.67M	-49.23M	24.24M	-42.12M	16.18M
Levered Free Cash Flow	815.55M	202.36M	-37.21M	407.31M	175.70M	-422.47M	-555.22M	216.70M	-154.58M	-284.56M	-177.25M	-630.76M	-221.47M	108.15M	341.40M	-1.59M	144.13M	110.52M	298.19M	470.57M	231.12M	426.76M	353.60M	-242.35M	286.84M	160.14M	255.56M	127.30M	50.73M	105.29M	-339.37M