General Utilities

Category: Industry Averages Base Ticker: 0QQ0.L

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	87.34	64.82	59.28	61.13	67.29	57.57	52.15	41.82	35.27	30.07	27.42	28.42	25.09	25.38	21.58	26.06	29.15	28.18	42.40	34.81	29.37	24.47	24.64	20.73	26.56	28.33	20.63	26.69	27.34	22.94	24.56
Market Capitalization	33,919.52M	19,376.44M	17,758.64M	18,381.21M	19,833.42M	16,937.58M	14,806.35M	12,080.65M	9,756.75M	8,372.37M	7,336.81M	7,988.03M	6,795.09M	6,223.10M	4,554.86M	4,873.14M	4,779.46M	4,393.27M	7,078.32M	6,459.91M	7,316.63M	5,061.49M	5,459.22M	4,703.14M	6,350.72M	6,425.74M	4,603.19M	4,291.11M	4,289.41M	3,150.99M	3,300.56M
(-) Cash & Equivalents	377.04M	546.69M	379.68M	278.75M	269.52M	416.55M	170.00M	184.89M	240.10M	284.97M	335.59M	248.41M	302.58M	275.20M	293.26M	341.93M	307.65M	147.90M	198.75M	74.72M	146.19M	300.69M	415.79M	638.11M	198.14M	145.90M	94.12M	41.89M	25.50M	51.10M	28.80M
(+) Total Debt	20,540.50M	12,385.83M	11,362.95M	10,495.21M	9,765.65M	8,635.60M	7,671.96M	6,862.48M	6,703.98M	7,376.98M	6,813.03M	6,587.63M	6,090.54M	3,994.13M	4,044.76M	4,099.15M	3,749.63M	3,540.88M	4,429.31M	3,743.57M	3,806.34M	4,093.49M	5,326.29M	6,613.26M	9,108.24M	5,486.74M	4,232.17M	1,878.73M	1,856.39M	2,222.20M	1,925.90M
Enterprise Value	55,343.07M	31,286.55M	28,693.89M	28,535.71M	28,853.17M	24,910.07M	22,209.59M	18,696.15M	16,765.51M	15,282.10M	14,246.41M	14,704.27M	12,838.40M	10,971.75M	7,729.49M	7,553.47M	7,530.46M	7,989.87M	11,964.55M	10,778.49M	11,045.73M	8,854.29M	10,369.71M	10,678.29M	15,260.82M	11,766.58M	8,741.24M	6,127.94M	6,120.30M	5,322.09M	5,197.66M

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	10,322.701M	7,595.022M	8,689.330M	8,687.794M	6,742.954M	5,449.588M	5,488.037M	5,165.912M	5,322.523M	5,028.093M	5,383.700M	5,631.571M	5,395.099M	4,868.457M	4,799.621M	4,721.898M	4,827.139M	4,471.821M	4,141.528M	3,787.445M	4,742.336M	3,869.890M	4,678.089M	4,167.748M	5,104.965M	5,691.690M	3,916.340M	3,370.880M	2,059.551M	2,654.200M	2,568.600M
Cost of Revenue	6,111.731M	4,516.157M	5,151.858M	6,049.777M	4,548.843M	3,360.632M	3,640.162M	3,449.033M	3,348.605M	3,289.148M	3,582.560M	3,759.884M	3,581.374M	3,243.550M	3,249.464M	3,096.396M	2,582.754M	2,303.604M	2,048.103M	1,879.715M	2,182.567M	1,222.954M	1,917.430M	1,511.117M	1,980.345M	2,950.252M	1,760.696M	1,298.138M	646.706M	876.700M	827.000M
Gross Profit	4,210.971M	3,078.866M	3,537.472M	2,638.018M	2,194.111M	2,088.956M	1,847.876M	1,716.879M	1,973.919M	1,738.945M	1,801.140M	1,871.687M	1,813.726M	1,624.907M	1,550.157M	1,625.502M	2,244.385M	2,168.216M	2,093.425M	1,907.731M	2,559.768M	2,646.937M	2,760.659M	2,656.631M	3,124.620M	2,741.438M	2,155.644M	2,072.742M	1,412.845M	1,777.500M	1,741.600M
Gross Margin	40.79%	40.54%	40.71%	30.36%	32.54%	38.33%	33.67%	33.23%	37.09%	34.58%	33.46%	33.24%	33.62%	33.38%	32.30%	34.42%	46.50%	48.49%	50.55%	50.37%	53.98%	68.40%	59.01%	63.74%	61.21%	48.17%	55.04%	61.49%	68.60%	66.97%	67.80%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	1.778M	1.556M	2.444M	2.348M	1.435M	1.096M	1.409M	1.592M	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	427.130M	171.560M	110.648M	194.062M	171.227M	158.694M	154.676M	245.578M	237.094M	205.212M	181.731M	128.343M	123.302M	24.118M	2.644M	5.865M	129.720M	108.695M	102.810M	92.078M	141.927M	49.269M	64.012M	83.377M	75.231M	56.347M	70.324M	68.828M	61.639M	148.700M	186.100M
Operating Expenses	427.130M	171.560M	110.648M	194.062M	171.227M	160.472M	156.232M	248.022M	239.442M	206.647M	182.827M	129.752M	124.894M	24.118M	2.644M	5.865M	129.720M	108.695M	102.810M	92.078M	141.927M	49.269M	64.012M	83.377M	75.231M	56.347M	70.324M	68.828M	61.639M	148.700M	186.100M
Operating Income	3,783.841M	2,907.306M	3,426.824M	2,443.956M	2,022.884M	1,928.484M	1,691.644M	1,468.857M	1,734.476M	1,532.298M	1,618.313M	1,741.935M	1,688.832M	1,600.789M	1,547.513M	1,619.637M	2,114.665M	2,059.521M	1,990.615M	1,815.653M	2,417.841M	2,597.668M	2,696.647M	2,573.254M	3,049.388M	2,685.091M	2,085.320M	2,003.913M	1,351.206M	1,628.800M	1,555.500M
Operating Margin	36.66%	38.28%	39.44%	28.13%	30.00%	35.39%	30.82%	28.43%	32.59%	30.47%	30.06%	30.93%	31.30%	32.88%	32.24%	34.30%	43.81%	46.06%	48.06%	47.94%	50.98%	67.13%	57.64%	61.74%	59.73%	47.18%	53.25%	59.45%	65.61%	61.37%	60.56%
Interest Income	24.399M	25.007M	21.077M	33.723M	24.205M	33.732M	28.600M	66.372M	79.401M	69.802M	55.053M	54.218M	66.874M	48.350M	12.098M	13.109M	8.217M	17.085M	0.089M	7.667M	1.410M	0.000M	0.000M	15,287.667M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	691.431M	504.007M	449.233M	377.983M	339.419M	324.863M	311.149M	180.978M	196.763M	200.139M	196.631M	185.403M	208.595M	204.871M	257.840M	285.474M	285.501M	268.834M	200.950M	353.164M	126.686M	3.702M	107.906M	293,245.333M	24,053.667M	219,161.569M	73,486.333M	0.000M	0.000M	0.000M	0.000M
Net Interest Income	-667.032M	-479.000M	-428.156M	-344.259M	-315.213M	-291.131M	-282.548M	-114.606M	-117.362M	-130.337M	-141.578M	-131.185M	-141.721M	-156.521M	-245.742M	-272.365M	-277.284M	-251.748M	-200.861M	-345.498M	-125.276M	-3.702M	-107.906M	-277,957.667M	-24,053.667M	-219,161.569M	-73,486.333M	0.000M	0.000M	0.000M	0.000M
Other Income / Expense	-1,351.608M	-1,052.160M	-1,583.320M	-775.200M	-773.584M	-864.294M	-634.884M	-806.592M	-986.341M	-729.814M	-900.020M	-1,015.111M	-1,042.429M	-984.177M	-1,056.904M	-908.449M	-1,148.585M	-1,153.378M	-1,171.243M	-917.713M	-1,798.060M	-2,162.105M	-1,171.115M	273,803.280M	21,737.948M	217,092.068M	71,743.251M	-1,651.421M	-1,033.476M	-1,207.500M	-1,127.500M
Pre-Tax Income	1,765.200M	1,376.145M	1,415.347M	1,324.496M	934.086M	773.059M	774.212M	547.659M	630.774M	672.146M	576.715M	595.639M	504.682M	460.091M	244.867M	438.823M	688.795M	654.395M	618.511M	552.442M	494.505M	431.861M	1,417.627M	-1,581.133M	733.670M	615.590M	342.238M	352.493M	317.730M	421.300M	428.000M
Pre-Tax Margin	17.10%	18.12%	16.29%	15.25%	13.85%	14.19%	14.11%	10.60%	11.85%	13.37%	10.71%	10.58%	9.35%	9.45%	5.10%	9.29%	14.27%	14.63%	14.93%	14.59%	10.43%	11.16%	30.30%	-37.94%	14.37%	10.82%	8.74%	10.46%	15.43%	15.87%	16.66%
Income Tax Expense	185.373M	105.709M	146.927M	228.802M	101.082M	108.461M	98.051M	71.328M	220.013M	160.696M	214.239M	141.236M	87.756M	110.690M	68.565M	167.999M	208.255M	188.344M	201.641M	159.826M	147.471M	128.897M	158.537M	-185.456M	225.042M	230.987M	120.040M	115.615M	102.470M	146.800M	152.200M
Tax Rate	10.50%	7.68%	10.38%	17.27%	10.82%	14.03%	12.66%	13.02%	34.88%	23.91%	35.00%	23.71%	17.39%	24.06%	28.00%	35.00%	30.23%	28.78%	32.60%	28.93%	29.82%	29.85%	11.18%	11.73%	30.67%	35.00%	35.00%	32.80%	32.25%	34.84%	35.00%
Net Income	1,579.827M	1,270.436M	1,268.420M	1,095.695M	833.004M	664.598M	676.160M	476.331M	410.761M	511.451M	362.476M	454.403M	416.926M	349.401M	176.302M	270.823M	480.540M	466.051M	416.871M	392.616M	347.034M	302.964M	1,259.089M	-1,395.677M	508.628M	384.604M	222.198M	236.877M	215.261M	274.500M	275.800M
Net Margin	15.30%	16.73%	14.60%	12.61%	12.35%	12.20%	12.32%	9.22%	7.72%	10.17%	6.73%	8.07%	7.73%	7.18%	3.67%	5.74%	9.95%	10.42%	10.07%	10.37%	7.32%	7.83%	26.91%	-33.49%	9.96%	6.76%	5.67%	7.03%	10.45%	10.34%	10.74%
EBIT	3,783.841M	2,907.306M	3,426.824M	2,443.956M	2,022.884M	1,928.484M	1,691.644M	1,468.857M	1,734.476M	1,532.298M	1,618.313M	1,741.935M	1,688.832M	1,600.789M	1,547.513M	1,619.637M	2,114.665M	2,059.521M	1,990.615M	1,815.653M	2,417.841M	2,597.668M	2,696.647M	2,573.254M	3,049.388M	2,685.091M	2,085.320M	2,003.913M	1,351.206M	1,628.800M	1,555.500M
Depreciation & Amortization	1,471.410M	1,135.345M	1,016.850M	880.538M	824.939M	723.491M	679.939M	642.562M	647.236M	614.754M	638.978M	593.779M	687.222M	547.800M	389.287M	432.321M	400.906M	314.058M	390.557M	280.801M	429.978M	420.677M	549.725M	606.507M	536.370M	450.275M	118,681.125M	255.773M	133.337M	395.400M	380.100M
EBITDA	5,255.251M	4,042.651M	4,443.674M	3,324.494M	2,847.822M	2,651.974M	2,371.583M	2,111.419M	2,381.712M	2,147.051M	2,257.291M	2,335.714M	2,376.054M	2,148.589M	1,936.800M	2,051.958M	2,515.570M	2,373.579M	2,381.172M	2,096.454M	2,847.819M	3,018.344M	3,246.372M	3,179.761M	3,585.758M	3,135.366M	120,766.445M	2,259.687M	1,484.543M	2,024.200M	1,935.600M
EBITDA Margin	50.91%	53.23%	51.14%	38.27%	42.23%	48.66%	43.21%	40.87%	44.75%	42.70%	41.93%	41.48%	44.04%	44.13%	40.35%	43.46%	52.11%	53.08%	57.50%	55.35%	60.05%	78.00%	69.40%	76.29%	70.24%	55.09%	3,083.66%	67.04%	72.08%	76.26%	75.36%
NOPAT	3,386.480M	2,683.979M	3,071.085M	2,021.772M	1,803.977M	1,657.915M	1,477.403M	1,277.551M	1,129.493M	1,165.958M	1,051.904M	1,328.893M	1,395.171M	1,215.667M	1,114.195M	1,052.764M	1,475.302M	1,466.763M	1,341.655M	1,290.369M	1,696.795M	1,822.347M	2,395.073M	2,271.430M	2,114.034M	1,745.309M	1,355.458M	1,346.643M	915.435M	1,061.252M	1,011.075M
NOPAT Margin	32.81%	35.34%	35.34%	23.27%	26.75%	30.42%	26.92%	24.73%	21.22%	23.19%	19.54%	23.60%	25.86%	24.97%	23.21%	22.30%	30.56%	32.80%	32.40%	34.07%	35.78%	47.09%	51.20%	54.50%	41.41%	30.66%	34.61%	39.95%	44.45%	39.98%	39.36%
Owner's Earnings	3,051.237M	2,405.781M	2,285.270M	1,976.233M	1,657.942M	1,388.089M	1,356.100M	1,118.893M	1,057.997M	1,126.205M	1,001.454M	1,048.182M	1,104.148M	897.201M	565.589M	703.145M	881.446M	780.110M	807.427M	673.417M	777.012M	723.641M	1,808.814M	-789.170M	1,044.997M	834.878M	118,903.323M	492.651M	348.597M	669.900M	655.900M
Owner's Earnings Margin	29.56%	31.68%	26.30%	22.75%	24.59%	25.47%	24.71%	21.66%	19.88%	22.40%	18.60%	18.61%	20.47%	18.43%	11.78%	14.89%	18.26%	17.45%	19.50%	17.78%	16.38%	18.70%	38.67%	-18.94%	20.47%	14.67%	3,036.08%	14.61%	16.93%	25.24%	25.54%
EPS	4.76	4.57	4.57	4.04	3.09	2.52	2.62	1.86	1.61	2.02	1.44	1.81	1.69	1.49	0.98	1.58	2.84	2.76	2.22	2.07	1.36	1.49	4.84	-4.51	1.75	1.44	0.87	1.22	1.13	2.00	2.05
EPS (Diluted)	4.76	4.57	4.57	4.04	3.09	2.52	2.62	1.86	1.61	2.02	1.44	1.81	1.69	1.49	0.98	1.58	2.84	2.76	2.22	2.07	1.36	1.49	4.84	-4.51	1.75	1.44	0.87	1.22	1.13	2.00	2.05
Shares (Diluted)	331,599,302	278,180,815	277,731,979	270,991,870	269,634,113	263,802,509	258,339,168	256,576,500	255,621,621	253,000,632	252,378,886	250,858,104	246,804,890	233,861,779	179,833,004	171,576,995	169,089,189	168,694,607	187,693,948	189,228,224	255,791,569	203,379,200	260,047,590	309,568,561	290,862,392	266,527,155	254,789,487	194,264,736	190,959,675	137,358,000	134,387,755

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	377.04M	546.69M	379.68M	278.75M	269.52M	416.55M	170.00M	184.89M	240.10M	284.97M	335.59M	248.41M	302.58M	275.20M	293.26M	341.93M	307.65M	147.90M	198.75M	74.72M	174.02M	400.92M	415.79M	638.11M	198.14M	145.90M	94.12M	41.89M	25.50M	51.10M	28.80M
Short-Term Investments	138.63M	46.70M	39.54M	35.19M	4.41M	56.10M	0.66M	12.05M	0.88M	9.50M	113.16M	235.47M	74.32M	90.70M	71.02M	196.24M	304.05M	297.52M	0.36M	0.00M	0.00M	-2.13M	-1.65M	-138.86M	-21.29M	0.00M	27.92M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	515.67M	593.39M	419.22M	313.94M	273.93M	472.65M	170.67M	196.94M	240.98M	294.47M	448.75M	483.88M	376.90M	365.90M	364.28M	538.17M	611.70M	445.42M	199.11M	74.72M	174.02M	398.79M	414.14M	499.25M	176.85M	145.90M	122.04M	41.89M	25.50M	51.10M	28.80M
Net Receivables	1,560.02M	1,362.15M	1,360.34M	1,470.43M	1,594.45M	816.48M	804.21M	715.42M	729.09M	792.47M	728.98M	834.85M	952.89M	771.00M	796.59M	485.64M	670.65M	539.03M	493.51M	367.97M	808.66M	760.90M	829.87M	552.14M	792.86M	954.76M	576.21M	332.59M	347.94M	519.10M	473.30M
Inventory	504.17M	364.95M	374.09M	384.99M	283.11M	233.58M	230.47M	224.13M	238.19M	253.97M	267.71M	284.41M	271.75M	316.53M	246.30M	256.00M	271.18M	275.76M	265.51M	254.36M	344.67M	323.47M	354.07M	414.43M	444.47M	294.25M	221.19M	139.18M	131.31M	154.40M	144.50M
Other Current Assets	996.67M	575.92M	950.80M	1,114.88M	1,351.51M	405.30M	426.83M	527.32M	575.45M	414.99M	361.68M	671.68M	597.77M	1,140.87M	677.46M	372.67M	512.91M	425.79M	376.23M	367.79M	607.45M	410.66M	538.12M	819.50M	343.73M	169.04M	102.73M	23.91M	37.40M	72.60M	57.90M
Total Current Assets	3,576.52M	2,896.41M	3,104.46M	3,284.25M	3,503.00M	1,928.01M	1,632.18M	1,663.81M	1,783.70M	1,755.89M	1,807.12M	2,274.82M	2,199.32M	2,594.30M	2,084.63M	1,652.47M	2,066.44M	1,686.00M	1,334.34M	1,064.84M	1,934.81M	1,893.82M	2,136.20M	2,285.33M	1,757.91M	1,563.95M	1,022.17M	537.58M	542.14M	797.20M	704.50M
Property, Plant & Equipment	31,562.72M	22,190.47M	20,384.51M	18,802.91M	17,257.47M	15,914.84M	14,711.51M	13,690.17M	13,694.70M	14,161.12M	13,164.35M	12,835.10M	12,236.47M	11,487.51M	8,768.63M	8,336.39M	8,032.37M	7,476.18M	7,722.24M	7,484.83M	8,906.61M	10,183.65M	9,299.71M	10,975.26M	13,007.97M	9,006.75M	4,530.70M	3,842.64M	3,844.76M	4,337.90M	4,310.30M
Goodwill	137.00M	649.59M	646.47M	657.77M	621.15M	419.22M	413.17M	342.48M	324.02M	360.41M	358.49M	364.06M	383.07M	384.67M	118.08M	119.53M	249.41M	239.96M	277.28M	0.00M	907.25M	313.33M	182.33M	11,846.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	264.38M	225.66M	540.95M	401.15M	212.30M	224.73M	106.66M	180.71M	160.98M	118.90M	114.68M	118.10M	126.95M	389.94M	212.91M	336.38M	248.38M	278.81M	74.18M	292.52M	90.00M	160.50M	22,832.32M	639.52M	20.45M	422.15M	190.73M	208.28M	519.10M	473.30M
Long-Term Investments	2,493.48M	1,623.05M	1,613.38M	1,602.54M	1,740.54M	1,552.38M	1,492.06M	1,483.87M	1,412.63M	1,395.54M	1,299.62M	1,126.45M	818.44M	885.31M	621.33M	614.11M	547.74M	465.36M	216.34M	4.33M	12.50M	143.00M	250.15M	296.29M	411.48M	325.71M	329.56M	266.97M	231.55M	0.00M	0.00M
Tax Assets	24.81M	240.52M	37.92M	503.19M	191.46M	178.10M	152.40M	178.75M	253.97M	94.83M	53.52M	184.85M	140.56M	188.86M	18.93M	35.75M	62.10M	26.93M	49.59M	54.69M	6.75M	111.78M	37.73M	29.30M	258.62M	25.58M	23.76M	35.21M	25.46M	0.00M	0.00M
Other Non-Current Assets	3,005.50M	1,937.19M	1,813.53M	1,703.96M	1,557.52M	1,346.48M	1,388.69M	1,166.30M	917.78M	1,475.84M	1,392.39M	1,299.38M	1,115.06M	-1,071.53M	1,300.17M	1,474.49M	1,326.91M	1,533.68M	1,095.69M	1,057.23M	2,350.05M	2,225.79M	2,196.19M	4,986.32M	1,988.56M	1,534.96M	1,359.27M	1,122.29M	1,029.58M	1,398.40M	1,128.00M
Other Assets	0.00M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	1.62M	1.72M	1.45M	10.52M	50.23M	2.10M	455.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	37,223.51M	26,905.23M	24,721.47M	23,811.31M	21,769.29M	19,623.33M	18,382.56M	16,969.85M	16,785.53M	17,650.17M	16,397.80M	15,974.77M	14,813.81M	12,457.36M	11,217.09M	10,793.18M	10,554.91M	9,990.50M	9,639.95M	8,675.27M	12,475.68M	13,067.55M	12,126.61M	50,965.50M	16,306.15M	10,913.45M	6,665.44M	5,457.85M	5,339.63M	6,255.40M	5,911.60M
Total Assets	40,800.02M	29,801.64M	27,825.93M	27,095.56M	25,272.29M	21,551.33M	20,014.74M	18,633.66M	18,569.24M	19,406.06M	18,204.92M	18,249.58M	17,013.12M	15,051.66M	13,301.72M	12,445.65M	12,621.35M	11,676.50M	10,974.30M	9,740.12M	14,410.49M	14,961.37M	14,262.80M	53,250.83M	18,064.06M	12,477.40M	7,687.61M	5,995.42M	5,881.77M	7,052.60M	6,616.10M
Accounts Payable	1,300.17M	1,028.78M	1,022.10M	1,023.70M	849.18M	608.42M	594.49M	587.79M	598.19M	541.42M	499.03M	575.55M	565.41M	494.62M	363.74M	385.54M	370.47M	296.14M	293.11M	278.45M	533.62M	559.98M	481.72M	557.11M	686.37M	778.34M	400.68M	192.12M	186.43M	236.30M	246.10M
Short-Term Debt	1,080.67M	996.97M	889.20M	936.29M	925.48M	373.50M	571.28M	711.61M	678.26M	509.42M	586.42M	600.70M	618.21M	160.98M	180.15M	232.21M	195.70M	359.31M	715.94M	427.54M	491.40M	628.99M	584.57M	3,298.40M	1,585.49M	826.95M	826.39M	292.49M	190.33M	629.60M	383.60M
Tax Payables	0.00M	133.32M	153.22M	136.68M	81.50M	69.39M	42.53M	30.25M	43.89M	37.51M	20.33M	23.52M	27.32M	31.54M	25.86M	30.41M	33.71M	5.76M	0.00M	0.00M	0.09M	0.00M	6.33M	0.00M	0.00M	14.62M	1.58M	0.00M	1.23M	0.00M	0.00M
Deferred Revenue	1.33M	61.22M	155.19M	51.38M	97.39M	73.01M	59.54M	17.41M	78.15M	54.11M	10.65M	-18.35M	15.13M	114.92M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	2,054.32M	1,124.34M	1,504.25M	1,465.38M	2,035.99M	521.28M	609.51M	600.48M	583.63M	572.00M	593.38M	580.47M	598.39M	900.46M	537.27M	439.82M	491.79M	731.12M	106.78M	48.62M	218.96M	4.00M	315.76M	232.97M	39.95M	4.74M	7.40M	2.76M	3.47M	0.00M	-0.10M
Total Current Liabilities	4,436.49M	3,344.63M	3,723.96M	3,613.42M	3,989.55M	1,645.60M	1,877.35M	1,947.53M	1,982.13M	1,714.45M	1,709.81M	1,761.88M	1,824.46M	1,702.52M	1,107.02M	1,087.98M	1,091.67M	1,392.33M	1,115.83M	754.60M	1,244.07M	1,192.97M	1,388.38M	4,088.48M	2,311.80M	1,624.66M	1,236.05M	487.37M	381.46M	865.90M	629.60M
Long-Term Debt	18,267.83M	10,911.52M	10,042.16M	9,149.96M	8,014.17M	7,815.80M	6,545.15M	6,139.89M	6,020.97M	6,595.25M	6,086.27M	5,668.47M	5,272.16M	5,437.56M	4,470.38M	4,674.50M	3,438.91M	3,182.71M	3,379.52M	3,208.86M	3,415.45M	4,829.01M	4,741.72M	3,314.86M	7,522.75M	4,659.79M	3,405.78M	1,586.24M	1,666.06M	1,592.60M	1,542.30M
Capital Lease Obligations	59.67M	413.56M	441.54M	379.94M	383.27M	377.86M	452.06M	155.50M	118.51M	78.62M	72.60M	26.15M	16.07M	4.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	425.54M	129.91M	190.62M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	3,672.54M	2,259.06M	2,107.50M	1,955.82M	1,608.03M	1,173.53M	1,369.50M	1,256.06M	1,280.70M	1,877.20M	1,707.42M	933.58M	866.35M	815.12M	1,299.23M	1,263.10M	1,140.84M	933.66M	888.12M	875.49M	1,179.34M	1,467.42M	1,431.00M	1,132.42M	1,546.76M	1,250.87M	870.88M	888.26M	897.32M	953.90M	1,002.70M
Other Non-Current Liabilities	6,146.50M	4,069.15M	3,838.35M	4,274.76M	3,837.28M	3,759.68M	3,757.86M	3,867.85M	4,608.09M	3,052.68M	2,749.62M	2,846.57M	2,482.45M	1,507.35M	1,026.17M	1,189.47M	1,925.26M	1,233.21M	1,127.72M	1,053.35M	-1,430.45M	-3,133.90M	-1,830.10M	-4,052.40M	-6,183.61M	-2,898.58M	-3,964.14M	-2,260.41M	-2,353.74M	-2,546.50M	-2,545.00M
Total Non-Current Liabilities	28,146.54M	17,653.29M	16,429.55M	15,760.47M	13,842.76M	13,126.87M	12,124.57M	11,419.29M	12,028.26M	11,603.75M	10,615.92M	9,474.76M	8,637.03M	7,764.92M	6,795.78M	7,127.07M	6,505.01M	5,349.58M	5,395.36M	5,137.69M	3,589.87M	3,292.43M	4,533.24M	394.87M	2,885.90M	3,012.08M	312.51M	214.09M	209.64M	0.00M	0.00M
Total Liabilities	32,583.03M	20,997.92M	20,153.51M	19,373.90M	17,832.31M	14,772.47M	14,001.92M	13,366.83M	14,010.39M	13,318.20M	12,325.73M	11,236.65M	10,461.49M	9,467.44M	7,902.81M	8,215.05M	7,596.68M	6,741.91M	6,511.20M	5,892.30M	4,833.94M	4,485.40M	5,921.61M	4,483.36M	5,197.71M	4,636.73M	1,548.56M	701.47M	591.10M	865.90M	629.60M
Preferred Stock	6.67M	144.44M	144.44M	2.22M	2.00M	44.44M	50.48M	96.93M	34.54M	50.01M	128.04M	85.77M	53.73M	0.00M	0.00M	29.99M	29.99M	29.99M	34.99M	34.99M	189.25M	235.45M	95.66M	99.44M	113.44M	113.51M	113.50M	113.50M	145.17M	240.50M	240.50M
Common Stock	562.49M	492.37M	481.46M	478.15M	447.99M	443.26M	434.96M	393.69M	389.23M	388.45M	371.39M	368.21M	353.11M	347.55M	149.53M	56.98M	56.98M	52.97M	9.08M	1.85M	252.87M	334.72M	333.47M	332.93M	289.16M	285.09M	130.16M	127.70M	62.63M	172.70M	170.40M
Retained Earnings	7,302.95M	5,082.56M	4,676.96M	4,287.84M	3,609.75M	3,229.27M	2,962.90M	2,694.55M	2,479.20M	2,358.11M	2,168.94M	2,429.74M	2,373.28M	2,395.85M	2,203.16M	1,646.77M	1,511.13M	1,168.20M	583.88M	380.47M	705.53M	832.43M	744.23M	-396.96M	1,642.58M	1,422.78M	529.24M	1,011.64M	962.63M	1,340.80M	1,266.00M
Accumulated OCI	-48.17M	-62.65M	-35.83M	-148.03M	-141.22M	-125.65M	-112.32M	-111.08M	-67.51M	-141.58M	-155.23M	-76.95M	-17.35M	-50.85M	-37.69M	-17.60M	-18.50M	-15.48M	-7.26M	20.67M	-93.27M	-4.16M	-40.44M	-155.32M	-104.20M	-2,176.53M	-3,458.66M	-1,930.97M	-1,809.43M	-16.30M	-8.20M
Minority Interest	396.59M	376.91M	419.34M	346.61M	302.24M	276.40M	262.74M	251.48M	697.11M	662.18M	300.98M	306.53M	311.48M	206.81M	81.47M	51.21M	65.55M	11.81M	7.34M	5.76M	58.72M	7.77M	19.86M	26.53M	242.00M	98.65M	6.12M	5.67M	7.77M	0.00M	0.00M
Total Shareholders’ Equity	7,823.93M	5,656.72M	5,267.02M	4,620.19M	3,918.52M	3,591.32M	3,336.02M	3,074.09M	2,835.46M	2,654.99M	2,513.14M	2,806.78M	2,762.78M	2,692.55M	2,314.99M	1,716.15M	1,579.60M	1,235.68M	620.69M	437.98M	1,054.38M	1,398.43M	1,132.92M	-119.91M	1,940.99M	-355.17M	-2,685.76M	-678.13M	-639.01M	1,737.70M	1,668.70M
Total Equity	8,220.52M	6,033.63M	5,686.37M	4,966.80M	4,220.75M	3,867.72M	3,598.76M	3,325.58M	3,532.57M	3,317.17M	2,814.12M	3,113.31M	3,074.26M	2,899.36M	2,396.47M	1,767.36M	1,645.14M	1,247.50M	628.02M	443.74M	1,113.10M	1,406.21M	1,152.77M	-93.38M	2,182.99M	-256.51M	-2,679.64M	-672.46M	-631.23M	1,737.70M	1,668.70M
Total Liabilities & Equity	40,803.55M	27,031.55M	25,839.88M	24,340.70M	22,053.06M	18,640.19M	17,600.68M	16,692.40M	17,542.95M	16,635.37M	15,139.85M	14,349.96M	13,535.75M	12,366.80M	10,299.27M	9,982.41M	9,241.83M	7,989.41M	7,139.22M	6,336.03M	5,947.04M	5,891.60M	7,074.39M	4,389.98M	7,380.70M	4,380.22M	-1,131.08M	29.01M	-40.13M	2,603.60M	2,298.30M
Tangible Assets	40,663.02M	28,887.67M	26,953.79M	25,896.84M	24,249.99M	20,919.81M	19,376.84M	18,184.52M	18,064.50M	18,884.66M	17,727.52M	17,770.84M	16,511.95M	14,540.04M	12,793.70M	12,113.21M	12,035.57M	11,188.15M	10,418.20M	9,665.93M	13,210.71M	14,558.04M	13,919.97M	18,572.50M	17,424.53M	12,456.95M	7,265.46M	5,804.70M	5,673.50M	6,533.50M	6,142.80M
Tangible Equity	8,083.52M	5,119.66M	4,814.23M	3,768.08M	3,198.46M	3,236.20M	2,960.86M	2,876.44M	3,027.83M	2,795.77M	2,336.73M	2,634.56M	2,573.09M	2,387.74M	1,888.45M	1,434.91M	1,059.36M	759.15M	71.92M	369.55M	-86.67M	1,002.87M	809.94M	-34,771.70M	1,543.47M	-276.97M	-3,101.79M	-863.18M	-839.51M	1,218.60M	1,195.40M
Tangible Book Value	8,083.52M	5,119.66M	4,814.23M	3,768.08M	3,198.46M	3,236.20M	2,960.86M	2,876.44M	3,027.83M	2,795.77M	2,336.73M	2,634.56M	2,573.09M	2,387.74M	1,888.45M	1,434.91M	1,059.36M	759.15M	71.92M	369.55M	-86.67M	1,002.87M	809.94M	-34,771.70M	1,543.47M	-276.97M	-3,101.79M	-863.18M	-839.51M	1,218.60M	1,195.40M
Total Investments	2,815.11M	1,650.48M	1,634.11M	1,640.38M	1,769.86M	1,606.77M	1,552.48M	1,573.84M	1,525.47M	1,482.45M	1,456.13M	1,165.05M	839.86M	910.37M	1,148.98M	1,204.06M	1,098.17M	1,047.75M	378.52M	234.19M	575.98M	143.00M	250.15M	296.29M	411.51M	325.71M	329.56M	266.97M	231.55M	0.00M	0.00M
Net Debt	18,971.46M	11,361.79M	10,551.68M	9,807.49M	8,670.14M	7,772.76M	6,946.43M	6,666.62M	6,459.14M	6,819.70M	6,337.10M	6,020.76M	5,587.79M	5,323.33M	4,357.28M	4,564.78M	3,326.96M	3,394.12M	3,896.72M	3,561.67M	3,732.83M	5,057.07M	4,910.50M	5,975.16M	8,910.10M	5,340.84M	4,138.05M	1,836.83M	1,830.89M	2,171.10M	1,897.10M

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	-107.96M	-1,089.99M	-1,133.99M	-1,060.60M	-1,184.92M	184.22M	-382.70M	-332.05M	-391.72M	-371.01M	-369.68M	-169.21M	-3.52M	259.18M	185.94M	545.99M	333.93M	94.68M	18.72M	24.73M	25.69M	310.44M	160.00M	-5,524.50M	-1,200.84M	-566.28M	-949.32M	-206.76M	-110.22M	-439.20M	-286.90M
Total Capital	34,139.91M	21,430.75M	19,851.36M	18,329.97M	16,813.48M	15,194.39M	13,736.95M	12,165.77M	11,698.88M	12,407.06M	11,730.92M	12,096.52M	11,420.98M	9,286.81M	8,580.50M	8,718.12M	8,141.77M	7,623.08M	7,967.38M	7,099.56M	8,441.35M	10,123.01M	9,407.85M	9,316.30M	13,148.53M	9,007.09M	6,525.95M	4,031.10M	3,948.68M	4,598.60M	4,193.80M
Capital Employed	41,407.67M	26,782.99M	24,918.28M	23,676.75M	21,639.04M	20,645.11M	18,829.88M	17,016.54M	17,452.60M	17,660.78M	17,139.85M	17,299.05M	15,557.01M	15,722.79M	12,709.25M	12,901.34M	11,698.53M	11,132.50M	10,039.60M	9,757.38M	11,810.72M	13,451.31M	12,514.92M	8,764.62M	14,355.14M	10,347.17M	5,764.08M	5,099.86M	5,059.20M	5,400.50M	5,237.20M
Invested Capital	33,762.88M	20,884.06M	19,471.69M	18,051.22M	16,543.96M	14,777.84M	13,566.95M	11,980.88M	11,458.78M	12,122.10M	11,395.33M	11,848.10M	11,118.40M	9,011.61M	8,287.24M	8,376.19M	7,834.12M	7,475.17M	7,768.63M	7,024.84M	8,267.34M	9,722.09M	8,992.06M	8,678.19M	12,950.39M	8,861.19M	6,431.83M	3,989.21M	3,923.19M	4,547.50M	4,165.00M

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	1,394.63M	1,098.46M	1,003.41M	885.99M	809.84M	722.64M	673.55M	627.70M	670.82M	626.66M	652.85M	608.45M	700.72M	561.17M	423.33M	432.32M	428.81M	313.23M	220.60M	89.43M	301.41M	350.18M	352.09M	342,926.87M	315,255.83M	276,300.98M	-12.34M	5.44M	3.44M	0.00M	0.00M
Deferred Income Tax	90.29M	45.67M	21.78M	-13.57M	-2.43M	42.81M	-79.11M	47.64M	227.17M	146.89M	191.68M	89.96M	104.80M	44.40M	74.86M	153.57M	176.45M	97.87M	88.43M	30.33M	66.51M	147.16M	40.28M	-312.56M	28.25M	34.29M	-14.97M	-6.06M	-9.10M	-30.60M	-11.10M
Stock-Based Compensation	17.11M	10.44M	26.82M	13.86M	14.42M	23.12M	20.96M	17.55M	20.53M	14.59M	18.82M	17.63M	15.61M	15.87M	10.43M	8.57M	7.43M	7.29M	6.33M	0.00M	3.00M	4.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-24.75M	-70.54M	410.86M	-866.71M	-681.68M	-85.41M	-201.32M	-60.07M	-58.93M	-31.85M	78.36M	-152.17M	-105.39M	-31.19M	-5.97M	-48.99M	89.73M	-63.91M	-87.03M	64.31M	-77.02M	-145.98M	22.18M	252.37M	-72.63M	-23.35M	24.27M	48.21M	13.84M	-35.10M	16.40M
Accounts Receivable	-93.89M	-60.44M	152.05M	-354.20M	-416.22M	-117.32M	17.00M	-103.37M	-14.84M	-45.35M	20.84M	17.59M	-88.81M	-47.05M	-8.80M	-8.50M	28.14M	0.29M	-47.23M	53.88M	-104.58M	148.91M	-25.89M	42,011.26M	72,837.84M	-147,891.41M	-18.38M	5.08M	-3.77M	0.00M	0.00M
Inventory	-10.74M	-21.40M	-20.41M	-65.09M	-36.74M	-10.16M	-5.93M	3.77M	2.71M	3.94M	5.41M	-31.17M	20.36M	-23.33M	3.20M	28.01M	2.63M	-34.02M	-15.92M	-22.89M	-45.86M	-42.40M	-6.20M	15.74M	-119.22M	11.93M	-8.23M	-6.07M	5.50M	0.00M	0.00M
Accounts Payable	23.49M	-2.18M	-102.12M	185.89M	100.12M	7.04M	-0.17M	44.47M	17.52M	29.75M	-49.18M	-2.67M	38.43M	-26.07M	2.57M	-53.96M	-20.29M	8.12M	0.00M	-24.33M	84.61M	43.06M	34.24M	26,779.33M	-108,648.67M	237,689.67M	13.54M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	14.61M	28.21M	407.39M	-647.17M	-456.50M	-9.43M	-155.06M	-8.12M	-80.37M	12.64M	94.42M	-79.90M	-132.75M	30.11M	-20.92M	-5.91M	47.11M	-13.77M	12.19M	-11.36M	-11.19M	-295.56M	20.03M	-68,553.96M	35,857.42M	-89,833.53M	37.34M	49.19M	12.11M	-35.10M	16.40M
Other Non-Cash Items	-146.58M	-106.16M	-282.22M	162.41M	-19.81M	127.86M	98.99M	420.36M	678.75M	460.77M	691.58M	68.89M	126.18M	72.57M	256.81M	12.80M	-46.35M	32.01M	26.17M	-2.63M	109.57M	399.81M	-1,023.13M	2,743.76M	329.83M	169.49M	309.98M	224.63M	247.12M	335.70M	292.70M
Net Cash from Operating Activities	2,652.31M	2,298.05M	2,424.57M	1,116.73M	826.82M	1,334.79M	1,390.08M	1,300.87M	1,387.84M	1,223.73M	1,301.45M	1,091.51M	961.10M	1,036.93M	898.10M	933.26M	1,119.23M	850.57M	843.94M	641.85M	620.54M	861.31M	684.38M	1,011.42M	866.01M	875.00M	529.14M	509.10M	470.56M	544.50M	573.80M
Capital Expenditures (PPE)	-3,911.90M	-2,761.35M	-2,345.63M	-1,898.02M	-1,722.80M	-1,384.23M	-1,152.75M	-1,103.62M	-1,016.78M	-1,014.30M	-1,036.10M	-1,055.92M	-999.96M	-1,203.06M	-791.80M	-429.73M	-471.97M	-486.21M	-639.03M	-421.56M	-627.52M	-732.15M	-282.78M	-1,554.56M	-2,604.97M	-1,451.64M	-401.91M	-262.71M	-279.85M	-412.50M	-401.00M
Acquisitions (Net)	187.61M	100.60M	-43.58M	16.21M	510.67M	102.87M	140.27M	243.87M	-11.50M	-28.45M	53.35M	-12.77M	-54.89M	-16.92M	-58.46M	-22.21M	-14.31M	11.57M	-0.90M	-103.86M	29.17M	-129.33M	-153.46M	53.60M	-937.71M	-637.65M	-506.46M	0.00M	-102.81M	0.00M	0.00M
Purchases of Investments	-362.22M	-291.92M	-222.75M	-310.64M	-341.34M	-414.09M	-324.25M	-334.12M	-495.88M	-292.91M	-279.21M	-259.87M	-270.98M	-189.29M	-379.42M	-331.51M	-154.21M	-433.49M	-230.31M	-176.93M	-147.03M	0.00M	-1.03M	-87.27M	-49.95M	-30.55M	-54.45M	-44.94M	-105.96M	0.00M	0.00M
Sales / Maturities of Investments	257.88M	295.14M	235.15M	406.80M	342.17M	394.27M	344.26M	319.28M	397.43M	323.39M	324.15M	251.19M	159.44M	202.44M	320.73M	227.70M	247.64M	260.34M	99.44M	106.70M	180.12M	23.91M	46.39M	-39,591.83M	51,631.71M	2.97M	14.50M	6.02M	6.39M	0.00M	0.70M
Other Investing Activities	-136.02M	43.92M	52.49M	18.94M	-59.24M	-60.29M	-535.20M	-653.79M	-166.50M	93.47M	23.30M	29.99M	47.67M	25.05M	-78.39M	49.08M	-462.06M	14.64M	26.40M	36.33M	67.92M	85.78M	-252.25M	39,445.97M	-51,575.29M	-66.33M	-565.09M	-52.18M	-130.27M	-235.50M	-94.80M
Net Cash from Investing Activities	-3,392.37M	-2,574.66M	-2,397.75M	-1,641.16M	-1,754.39M	-1,089.93M	-1,499.87M	-1,394.34M	-1,325.21M	-1,271.66M	-1,183.77M	-1,422.60M	-1,170.62M	-1,188.94M	-944.99M	-886.26M	-1,005.19M	-992.76M	-673.66M	-831.21M	-531.58M	-772.40M	-643.13M	-1,734.08M	-3,536.20M	-2,153.86M	-1,513.40M	-353.81M	-607.22M	-648.00M	-495.10M
Net Debt Issuance	1,878.96M	1,014.31M	651.26M	586.81M	685.75M	644.46M	257.51M	446.53M	193.57M	199.09M	88.25M	355.73M	298.05M	520.73M	-17.68M	301.40M	174.17M	291.18M	356.70M	166.88M	-272.13M	-280.67M	122.30M	535.97M	2,640.60M	1,242.29M	1,209.23M	13.81M	235.45M	282.40M	44.30M
Long-Term Debt Issuance	1,660.34M	970.99M	668.24M	544.81M	338.30M	723.01M	164.51M	384.09M	201.70M	238.89M	260.79M	249.94M	220.19M	510.82M	-39.83M	239.25M	226.96M	331.27M	129.25M	14.38M	-311.96M	-59.25M	213.30M	443.97M	2,225.54M	1,130.81M	1,101.46M	45.64M	163.85M	282.40M	44.30M
Short-Term Debt Issuance	-27.25M	-22.21M	-33.84M	-14.44M	266.89M	-2.38M	-26.45M	31.60M	-9.69M	-27.70M	-115.36M	82.56M	66.53M	-7.92M	-65.68M	12.66M	-40.85M	-80.48M	0.00M	0.00M	89.58M	51.25M	0.00M	0.00M	207.39M	0.00M	72.00M	0.67M	40.67M	0.00M	0.00M
Net Stock Issuance	45.20M	277.00M	78.34M	8.55M	25.28M	174.71M	203.52M	81.55M	7.97M	-1.60M	-4.10M	29.15M	-0.62M	11.26M	-17.17M	101.30M	12.92M	41.96M	10.95M	35.40M	103.02M	471.99M	111.07M	229.85M	371.97M	341.37M	31.77M	-7.57M	54.27M	41.70M	56.20M
Common Stock Issuance	71.22M	285.14M	153.76M	117.21M	76.62M	248.39M	204.39M	85.73M	15.19M	14.90M	12.46M	35.32M	6.25M	13.25M	16.43M	152.73M	23.30M	53.65M	12.96M	35.73M	165.77M	618.00M	121.41M	243.85M	371.97M	341.37M	31.77M	24.10M	89.33M	41.70M	56.20M
Common Stock Repurchased	-32.18M	-16.76M	-19.40M	-188.49M	-52.45M	-52.01M	-6.04M	-5.70M	-1.98M	-16.37M	-16.45M	-8.70M	-5.57M	-3.56M	-29.99M	-58.86M	-0.16M	-4.57M	-0.33M	-0.33M	-62.75M	-146.01M	-10.33M	-14.00M	0.00M	0.00M	0.00M	-31.67M	-35.07M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-737.83M	-681.56M	-659.68M	-446.07M	-404.45M	-369.02M	-303.14M	-289.97M	-272.55M	-268.08M	-271.77M	-297.16M	-246.73M	-218.90M	-172.19M	-200.90M	-193.39M	-225.38M	-193.23M	-162.00M	-245.76M	-266.48M	-237.77M	-290.79M	-289.30M	-281.17M	-191.33M	-189.40M	-179.67M	-198.20M	-191.40M
Common Dividends Paid	-732.94M	-671.78M	-649.90M	-446.07M	-404.45M	-369.02M	-303.14M	-289.97M	-272.55M	-268.09M	-271.77M	-287.91M	-246.73M	-213.35M	-170.91M	-199.61M	-188.57M	-217.52M	-115.53M	-68.16M	-112.92M	-106.81M	-101.11M	-165.46M	-172.96M	-165.00M	-75.17M	-73.23M	-69.23M	-198.20M	-191.40M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.28M	-0.09M	-2.27M	0.00M	-4.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-5.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-24.37M	-110.88M	-92.37M	22.41M	179.02M	-22.30M	-19.73M	-20.58M	-44.85M	-36.57M	2.26M	109.42M	174.27M	50.38M	-22.57M	10.18M	1.08M	-9.74M	-1.34M	-4.78M	-0.79M	-24.73M	-116.11M	711.78M	1.69M	0.00M	-5.72M	33.37M	26.97M	0.00M	0.00M
Net Cash from Financing Activities	1,067.61M	471.23M	58.26M	484.87M	590.81M	490.76M	145.38M	202.25M	13.04M	-62.13M	-63.43M	312.77M	174.11M	291.32M	-113.14M	347.46M	52.56M	42.11M	182.28M	-57.10M	-415.66M	-99.90M	-120.51M	1,186.81M	2,724.96M	1,302.49M	1,036.53M	-149.79M	137.01M	125.90M	-90.90M
Effect of FX on Cash	-2.55M	-5.34M	-4.42M	-13.74M	-2.55M	1.68M	-1.82M	-4.61M	-0.82M	0.59M	-5.20M	-0.26M	-0.60M	1.65M	-0.12M	-0.19M	-1.25M	-4.02M	0.00M	0.00M	279.00M	1.15M	-11.95M	10.47M	-2.54M	0.24M	-0.03M	0.00M	0.00M	-0.10M	-0.10M
Net Change in Cash	-224.95M	128.75M	9.35M	-0.02M	-63.74M	213.25M	-5.66M	-31.74M	-38.62M	-54.80M	24.82M	4.96M	14.21M	58.08M	-117.73M	107.10M	205.34M	-56.20M	134.76M	32.38M	159.58M	-193.51M	-81.22M	493.31M	52.23M	4.66M	52.23M	5.50M	0.35M	22.30M	-12.30M
Cash at Beginning of Period	696.17M	412.42M	320.33M	291.23M	437.08M	195.54M	203.23M	307.50M	347.82M	348.07M	251.21M	302.85M	278.23M	256.52M	341.93M	308.77M	148.49M	357.17M	76.01M	53.18M	26.69M	226.43M	633.41M	144.80M	145.91M	122.03M	41.89M	36.40M	25.15M	28.80M	41.10M
Cash at End of Period	579.41M	580.36M	423.91M	314.55M	291.23M	437.08M	195.54M	203.23M	307.50M	347.76M	339.29M	251.21M	302.57M	278.23M	293.74M	341.93M	307.65M	148.49M	200.04M	76.40M	186.27M	437.59M	552.20M	638.11M	198.14M	145.90M	94.13M	41.89M	25.50M	51.10M	28.80M
Operating Cash Flow	2,649.18M	2,298.05M	2,424.57M	1,116.73M	826.82M	1,327.56M	1,390.08M	1,300.87M	1,363.07M	1,241.95M	1,297.01M	1,091.51M	961.10M	1,036.93M	898.10M	933.26M	1,119.23M	844.14M	843.94M	644.02M	622.54M	862.60M	684.38M	1,011.42M	866.01M	875.10M	529.14M	509.10M	470.47M	544.50M	573.80M
Capital Expenditure	-3,441.29M	-2,760.31M	-2,364.27M	-1,897.35M	-1,722.80M	-1,760.57M	-1,442.53M	-1,361.26M	-1,254.70M	-1,303.91M	-1,296.67M	-1,275.35M	-1,153.99M	-1,321.17M	-917.66M	-615.40M	-826.89M	-924.21M	-612.20M	-421.56M	-627.52M	-733.82M	-282.78M	-1,554.56M	-2,604.97M	-1,451.64M	-383.22M	-262.71M	-279.85M	-412.50M	-401.00M
Free Cash Flow	-860.76M	-500.50M	-502.27M	-375.99M	-735.96M	-428.21M	-93.10M	-91.24M	44.43M	45.83M	19.83M	-67.97M	-194.73M	-195.13M	109.13M	175.45M	214.74M	-66.07M	100.39M	174.35M	-6.98M	125.50M	401.60M	-543.14M	-1,738.96M	-576.54M	145.92M	246.39M	190.63M	132.00M	172.80M

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	3,823.08M	2,928.30M	2,646.47M	2,442.60M	2,314.61M	1,902.40M	1,823.17M	1,511.92M	1,444.64M	1,330.30M	1,270.91M	1,532.99M	1,494.14M	1,318.74M	810.71M	1,159.67M	1,380.33M	1,277.79M	1,342.23M	1,180.49M	1,143.99M	1,055.96M	1,857.87M	1,772.91M	1,959.44M	1,396.50M	1,063.72M	1,008.20M	1,410.51M	908.80M	865.20M
(-) Tax Adjustment	401.48M	224.94M	274.73M	421.95M	250.48M	266.91M	230.90M	196.91M	503.89M	318.05M	472.12M	363.50M	259.81M	317.27M	227.01M	443.97M	417.34M	367.76M	437.58M	341.53M	341.16M	315.17M	207.77M	207.95M	601.03M	524.01M	373.10M	330.68M	454.90M	316.67M	307.67M
(-) Change In Working Capital	-24.75M	-70.54M	410.86M	-866.71M	-681.68M	-85.41M	-201.32M	-60.07M	-58.93M	-31.85M	78.36M	-152.17M	-105.39M	-31.19M	-5.97M	-48.99M	89.73M	-63.91M	-87.03M	64.31M	-77.02M	-145.98M	22.18M	252.37M	-72.63M	-23.35M	24.27M	48.21M	13.84M	-35.10M	16.40M
(-) Capital Expenditure	3,441.29M	2,760.31M	2,364.27M	1,897.35M	1,722.80M	1,760.57M	1,442.53M	1,361.26M	1,254.70M	1,303.91M	1,296.67M	1,275.35M	1,153.99M	1,321.17M	917.66M	615.40M	826.89M	924.21M	612.20M	421.56M	627.52M	733.82M	282.78M	1,554.56M	2,604.97M	1,451.64M	383.22M	262.71M	279.85M	412.50M	401.00M
Unlevered Free Cash Flow	5.06M	13.59M	-403.39M	990.01M	1,023.01M	-39.66M	351.07M	13.81M	-255.02M	-259.81M	-576.23M	46.32M	185.73M	-288.51M	-327.99M	149.29M	46.37M	49.72M	379.48M	353.10M	252.33M	152.95M	1,345.13M	-241.97M	-1,173.93M	-555.79M	283.13M	366.60M	661.92M	214.73M	140.13M
(-) Net Interest Income After Taxes	-596.98M	-442.21M	-383.71M	-284.79M	-281.10M	-250.28M	-246.76M	-99.68M	-76.43M	-99.18M	-88.98M	-100.08M	-117.08M	-118.86M	-176.93M	-168.09M	-193.45M	-179.29M	-135.38M	-245.54M	-87.92M	-2.60M	-95.84M	-245,355.20M	-16,675.56M	-136,926.03M	-47,711.07M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	1,878.96M	1,014.31M	651.26M	586.81M	685.75M	644.46M	257.51M	446.53M	193.57M	199.09M	88.25M	355.73M	298.05M	520.73M	-17.68M	301.40M	174.17M	291.18M	356.70M	166.88M	-272.13M	-280.67M	122.30M	535.97M	2,640.60M	1,242.29M	1,209.23M	13.81M	235.45M	282.40M	44.30M
Levered Free Cash Flow	2,481.00M	1,470.11M	631.58M	1,861.60M	1,989.87M	855.08M	855.34M	560.02M	14.97M	38.45M	-399.00M	502.12M	600.86M	351.09M	-168.74M	618.79M	413.99M	520.19M	871.56M	765.52M	68.11M	-125.12M	1,563.27M	245,649.20M	18,142.23M	137,612.53M	49,203.43M	380.41M	897.37M	497.13M	184.43M