Reliance Steel & Aluminum Co. (RS)

Analysis: Margins & Ratios Industry: Steel Sector: Basic Materials Live Price: $324.03

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	15,221,966,667	13,714,220,000	11,876,430,000	10,755,299,667	9,587,558,950	8,068,528,960	6,891,797,467	13,922,300,000	14,045,700,000	13,835,000,000	14,805,900,000	17,025,000,000	14,093,300,000	8,811,900,000	10,973,800,000	11,534,500,000	9,721,000,000	8,613,400,000	9,350,500,000	10,451,600,000	9,223,800,000	8,442,300,000	8,134,700,000	6,312,795,000	5,318,132,000	8,718,844,000	7,265,610,000	5,748,376,000	3,370,722,000	2,947,202,000	1,882,933,000	1,748,271,000	1,656,974,000	1,726,665,000	1,511,100,000	1,352,800,000	961,500,000	654,000,000	561,300,000
Cost of Revenue	10,838,333,333	9,714,820,000	8,531,220,000	7,859,326,000	7,043,479,100	5,924,685,080	5,063,350,900	10,092,400,000	10,064,600,000	9,997,100,000	10,504,000,000	12,013,900,000	9,833,200,000	6,225,900,000	7,863,700,000	8,468,200,000	7,151,800,000	6,232,300,000	7,022,100,000	8,044,400,000	7,018,600,000	6,384,400,000	6,281,800,000	4,848,490,000	4,037,495,000	6,654,672,000	5,498,034,000	4,293,859,999	2,495,631,000	2,155,475,000	1,372,310,000	1,268,251,000	1,194,512,000	1,256,997,000	1,097,400,000	1,024,200,000	737,500,000	492,200,000	432,100,000
Cost of Revenue Margin	71.26%	70.84%	72.03%	73.53%	73.98%	73.72%	74.01%	72.49%	71.66%	72.26%	70.94%	70.57%	69.77%	70.65%	71.66%	73.42%	73.57%	72.36%	75.10%	76.97%	76.09%	75.62%	77.22%	76.80%	75.92%	76.33%	75.67%	74.70%	74.04%	73.14%	72.88%	72.54%	72.09%	72.80%	72.62%	75.71%	76.70%	75.26%	76.98%
Gross Profit	4,383,633,333	3,999,400,000	3,345,210,000	2,895,973,667	2,543,111,350	2,142,902,360	1,827,661,967	3,829,900,000	3,981,099,999	3,837,900,000	4,301,900,000	5,011,100,000	4,260,100,000	2,586,000,000	3,110,100,000	3,066,300,000	2,569,200,000	2,381,100,000	2,328,400,000	2,407,200,000	2,205,200,000	2,057,900,000	1,852,900,000	1,464,305,000	1,280,637,000	2,064,172,000	1,757,645,000	1,448,748,000	871,420,000	787,559,000	510,623,000	480,020,000	462,462,000	469,668,000	413,700,000	328,600,000	224,000,000	161,800,000	129,200,000
Gross Profit Margin	28.74%	29.16%	27.97%	26.47%	26.00%	26.26%	25.97%	27.51%	28.34%	27.74%	29.06%	29.43%	30.23%	29.35%	28.34%	26.58%	26.43%	27.64%	24.90%	23.03%	23.91%	24.38%	22.78%	23.20%	24.08%	23.67%	24.19%	25.20%	25.85%	26.72%	27.12%	27.46%	27.91%	27.20%	27.38%	24.29%	23.30%	24.74%	23.02%
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	2,575,766,667	2,379,220,000	2,154,450,000	1,914,545,600	1,666,153,000	1,409,924,400	1,203,243,667	2,760,500,000	2,632,700,000	2,662,100,000	2,562,400,000	2,502,800,000	2,306,400,000	1,862,400,000	2,096,300,000	2,108,400,000	1,902,700,000	1,803,900,000	1,737,100,000	1,766,600,000	1,627,000,000	1,396,200,000	1,280,300,000	1,103,584,000	1,030,244,999	1,211,201,000	1,034,138,999	821,386,000	507,905,000	483,887,000	395,927,000	379,288,000	347,310,000	318,638,000	278,600,000	220,200,000	151,400,000	109,600,000	89,400,000
SG&A Expenses Margin	17.08%	17.75%	18.52%	17.97%	17.32%	17.80%	17.60%	19.83%	18.74%	19.24%	17.31%	14.70%	16.37%	21.14%	19.10%	18.28%	19.57%	20.94%	18.58%	16.90%	17.64%	16.54%	15.74%	17.48%	19.37%	13.89%	14.23%	14.29%	15.07%	16.42%	21.03%	21.70%	20.96%	18.45%	18.44%	16.28%	15.75%	16.76%	15.93%
Operating Expenses	2,575,766,667	2,379,220,000	2,154,450,000	1,914,545,600	1,666,153,000	1,414,958,200	1,209,835,167	2,831,000,000	2,632,700,000	2,662,100,000	2,562,400,000	2,502,800,000	2,306,400,000	1,862,400,000	2,096,300,000	2,108,400,000	1,902,700,000	1,803,900,000	1,737,100,000	1,766,600,000	1,627,000,000	1,396,200,000	1,280,300,000	1,103,584,000	1,030,244,999	1,211,201,000	1,034,138,999	821,386,000	507,905,000	483,887,000	432,797,000	407,834,000	379,647,000	346,730,000	304,200,000	239,600,000	164,600,000	118,100,000	94,600,000
Operating Expenses Margin	17.08%	17.75%	18.52%	17.97%	17.32%	18.08%	18.07%	20.33%	18.74%	19.24%	17.31%	14.70%	16.37%	21.14%	19.10%	18.28%	19.57%	20.94%	18.58%	16.90%	17.64%	16.54%	15.74%	17.48%	19.37%	13.89%	14.23%	14.29%	15.07%	16.42%	22.99%	23.33%	22.91%	20.08%	20.13%	17.71%	17.12%	18.06%	16.85%
Operating Income (EBIT)	1,807,866,667	1,620,180,000	1,190,760,000	981,428,067	876,958,350	727,944,160	617,826,800	998,900,000	1,348,400,000	1,175,800,000	1,739,500,000	2,508,300,000	1,953,700,000	723,600,000	1,013,800,000	957,900,000	666,500,000	577,200,000	591,300,000	640,600,000	578,200,000	661,700,000	572,600,000	360,721,000	250,392,000	852,971,000	723,506,000	627,362,000	363,515,000	303,672,000	77,826,000	72,186,000	82,815,000	122,938,000	109,500,000	89,000,000	59,400,000	43,700,000	34,600,000
Operating Income (EBIT) Margin	11.66%	11.41%	9.45%	8.50%	8.68%	8.17%	7.90%	7.17%	9.60%	8.50%	11.75%	14.73%	13.86%	8.21%	9.24%	8.30%	6.86%	6.70%	6.32%	6.13%	6.27%	7.84%	7.04%	5.71%	4.71%	9.78%	9.96%	10.91%	10.78%	10.30%	4.13%	4.13%	5.00%	7.12%	7.25%	6.58%	6.18%	6.68%	6.16%
Interest Income	21,733,333	13,040,000	6,720,000	9,317,600	10,592,350	8,473,880	7,061,567	0	0	20,700,000	35,200,000	9,300,000	0	0	0	0	0	1,000,000	1,000,000	1,400,000	1,000,000	1,400,000	40,200,000	28,564,000	41,284,000	30,799,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.15%	0.09%	0.05%	0.10%	0.13%	0.10%	0.09%	0.00%	0.00%	0.15%	0.24%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.02%	0.49%	0.45%	0.78%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	47,566,667	86,640,000	117,720,000	115,554,200	105,741,750	85,741,000	71,450,833	50,200,000	40,100,000	40,300,000	40,100,000	62,300,000	148,200,000	142,300,000	158,900,000	156,300,000	140,400,000	146,700,000	141,700,000	134,400,000	125,300,000	102,600,000	100,300,000	93,513,000	99,208,000	116,690,000	78,710,000	61,692,000	25,222,000	28,690,000	0	0	0	0	0	0	0	0	0
Interest Expense Margin	0.31%	0.72%	1.11%	1.18%	1.19%	0.99%	0.82%	0.36%	0.29%	0.29%	0.27%	0.37%	1.05%	1.61%	1.45%	1.36%	1.44%	1.70%	1.52%	1.29%	1.36%	1.22%	1.23%	1.48%	1.87%	1.34%	1.08%	1.07%	0.75%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-25,833,333	-73,600,000	-111,000,000	-106,236,600	-95,149,400	-77,267,120	-64,389,267	-50,200,000	-40,100,000	-19,600,000	-4,900,000	-53,000,000	-148,200,000	-142,300,000	-158,900,000	-156,300,000	-140,400,000	-145,700,000	-140,700,000	-133,000,000	-124,300,000	-101,200,000	-60,100,000	-64,949,000	-57,924,000	-85,891,000	-78,710,000	-61,692,000	-25,222,000	-28,690,000	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-0.16%	-0.63%	-1.06%	-1.08%	-1.06%	-0.89%	-0.74%	-0.36%	-0.29%	-0.14%	-0.03%	-0.31%	-1.05%	-1.61%	-1.45%	-1.36%	-1.44%	-1.69%	-1.50%	-1.27%	-1.35%	-1.20%	-0.74%	-1.03%	-1.09%	-0.99%	-1.08%	-1.07%	-0.75%	-0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	63,366,667	159,320,000	209,370,000	196,602,800	177,814,950	148,285,440	124,014,533	101,200,000	48,800,000	55,500,000	3,700,000	130,900,000	218,800,000	387,700,000	243,400,000	263,600,000	223,100,000	293,700,000	273,300,000	227,300,000	224,200,000	153,500,000	121,100,000	129,242,000	112,823,000	173,164,000	147,823,000	117,922,000	55,525,000	62,394,000	22,970,000	22,466,000	22,656,000	20,351,000	13,100,000	8,700,000	1,400,000	-5,900,000	-4,000,000
Unusual Items Margin	0.40%	1.43%	2.03%	2.02%	2.00%	1.89%	1.58%	0.73%	0.35%	0.40%	0.02%	0.77%	1.55%	4.40%	2.22%	2.29%	2.30%	3.41%	2.92%	2.17%	2.43%	1.82%	1.49%	2.05%	2.12%	1.99%	2.03%	2.05%	1.65%	2.12%	1.22%	1.29%	1.37%	1.18%	0.87%	0.64%	0.15%	-0.90%	-0.71%
EBT Excluding Unusual Items	1,706,966,667	1,375,140,000	883,020,000	694,459,067	616,477,850	508,640,400	434,187,000	846,700,000	1,290,900,000	1,084,400,000	1,737,000,000	2,299,500,000	1,664,300,000	90,500,000	685,900,000	587,000,000	360,700,000	135,500,000	185,400,000	319,000,000	254,100,000	455,900,000	390,500,000	167,186,000	82,670,000	592,534,000	506,570,000	453,210,000	277,687,000	207,574,000	31,886,000	27,254,000	37,503,000	82,236,000	83,300,000	71,600,000	56,600,000	55,500,000	42,600,000
EBT Excluding Unusual Items Margin	11.03%	9.18%	6.45%	5.54%	5.73%	5.28%	5.49%	6.08%	9.19%	7.84%	11.73%	13.51%	11.81%	1.03%	6.25%	5.09%	3.71%	1.57%	1.98%	3.05%	2.75%	5.40%	4.80%	2.65%	1.55%	6.80%	6.97%	7.88%	8.24%	7.04%	1.69%	1.56%	2.26%	4.76%	5.51%	5.29%	5.89%	8.49%	7.59%
Pre-Tax Income	1,770,333,333	1,534,460,000	1,092,390,000	891,061,867	794,292,800	656,925,840	558,201,533	947,900,000	1,339,700,000	1,139,900,000	1,740,700,000	2,430,400,000	1,883,100,000	478,200,000	929,300,000	850,600,000	583,800,000	429,200,000	458,700,000	546,300,000	478,300,000	609,400,000	511,600,000	296,428,000	195,493,000	765,698,000	654,393,000	571,132,000	333,212,000	269,968,000	54,856,000	49,720,000	60,159,000	102,587,000	96,400,000	80,300,000	58,000,000	49,600,000	38,600,000
Pre-Tax Income Margin	11.42%	10.61%	8.48%	7.56%	7.73%	7.17%	7.07%	6.81%	9.54%	8.24%	11.76%	14.28%	13.36%	5.43%	8.47%	7.37%	6.01%	4.98%	4.91%	5.23%	5.19%	7.22%	6.29%	4.70%	3.68%	8.78%	9.01%	9.94%	9.89%	9.16%	2.91%	2.84%	3.63%	5.94%	6.38%	5.94%	6.03%	7.58%	6.88%
Income Tax Expense	416,233,333	364,040,000	247,760,000	217,551,933	209,167,750	175,523,400	150,632,833	217,200,000	294,300,000	261,899,999	400,600,000	586,200,000	465,700,000	105,800,000	223,200,000	208,800,000	-37,200,000	120,100,000	142,500,000	170,000,000	153,600,000	201,100,000	162,400,000	98,579,000	46,317,000	282,921,000	246,438,000	216,625,000	127,775,000	100,240,000	20,846,000	19,553,000	23,823,000	40,268,000	38,800,000	32,600,000	23,800,000	19,800,000	15,900,000
Income Tax Expense Margin	2.68%	2.51%	1.89%	1.88%	2.16%	2.10%	2.20%	1.56%	2.10%	1.89%	2.71%	3.44%	3.30%	1.20%	2.03%	1.81%	-0.38%	1.39%	1.52%	1.63%	1.67%	2.38%	2.00%	1.56%	0.87%	3.24%	3.39%	3.77%	3.79%	3.40%	1.11%	1.12%	1.44%	2.33%	2.57%	2.41%	2.48%	3.03%	2.83%
Net Income	1,350,400,000	1,166,660,000	839,770,000	668,830,200	581,564,350	478,553,880	405,194,900	728,200,000	1,042,600,000	875,200,000	1,335,900,000	1,840,100,000	1,413,000,000	369,100,000	701,500,000	633,700,000	613,400,000	304,300,000	311,500,000	371,500,000	321,600,000	403,500,000	343,800,000	194,353,000	148,158,000	482,777,000	407,955,000	354,507,000	205,437,000	169,728,000	34,010,000	30,167,000	36,336,000	62,319,000	57,600,000	47,700,000	34,200,000	29,800,000	22,700,000
Net Income Margin	8.72%	8.07%	6.54%	5.64%	5.54%	5.03%	4.84%	5.23%	7.42%	6.33%	9.02%	10.81%	10.03%	4.19%	6.39%	5.49%	6.31%	3.53%	3.33%	3.55%	3.49%	4.78%	4.23%	3.08%	2.79%	5.54%	5.61%	6.17%	6.09%	5.76%	1.81%	1.73%	2.19%	3.61%	3.81%	3.53%	3.56%	4.56%	4.04%
Depreciation and Amortization	251,433,333	242,360,000	230,520,000	207,606,867	175,994,450	147,614,440	125,408,700	279,500,000	260,999,999	268,700,000	245,400,000	240,200,000	230,200,000	227,300,000	219,300,000	215,200,000	218,400,000	222,000,000	218,500,000	213,800,000	192,400,000	149,000,000	133,100,000	120,603,000	118,884,000	97,924,000	79,873,000	62,474,000	46,631,000	44,627,000	36,870,000	28,546,000	32,337,000	28,092,000	25,600,000	19,400,000	13,200,000	8,500,000	5,200,000
Depreciation and Amortization Margin	1.67%	1.84%	2.02%	1.98%	1.83%	1.81%	1.73%	2.01%	1.86%	1.94%	1.66%	1.41%	1.63%	2.58%	2.00%	1.87%	2.25%	2.58%	2.34%	2.05%	2.09%	1.76%	1.64%	1.91%	2.24%	1.12%	1.10%	1.09%	1.38%	1.51%	1.96%	1.63%	1.95%	1.63%	1.69%	1.43%	1.37%	1.30%	0.93%
EBITDA	2,069,333,333	1,863,460,000	1,440,630,000	1,214,222,933	1,076,541,500	894,699,120	759,185,933	1,277,600,000	1,640,800,000	1,448,900,000	2,026,200,000	2,732,900,000	2,261,500,000	847,800,000	1,307,500,000	1,222,100,000	942,600,000	797,900,000	818,900,000	894,500,000	796,000,000	861,000,000	745,000,000	510,544,000	413,585,000	981,170,000	813,310,000	695,604,000	413,817,000	352,467,000	117,533,000	100,466,000	115,152,000	151,030,000	135,100,000	108,400,000	72,600,000	52,200,000	39,800,000
EBITDA Margin	13.40%	13.18%	11.61%	10.72%	10.77%	10.20%	9.82%	9.18%	11.68%	10.47%	13.69%	16.05%	16.05%	9.62%	11.91%	10.60%	9.70%	9.26%	8.76%	8.56%	8.63%	10.20%	9.16%	8.09%	7.78%	11.25%	11.19%	12.10%	12.28%	11.96%	6.24%	5.75%	6.95%	8.75%	8.94%	8.01%	7.55%	7.98%	7.09%
NOPAT	1,382,712,937	1,236,437,045	920,751,291	741,081,678	645,483,324	532,693,403	450,575,296	770,013,957	1,052,188,818	905,651,725	1,339,176,165	1,903,310,920	1,470,540,269	563,506,148	770,304,724	722,760,663	708,969,681	415,686,207	407,606,409	441,255,318	392,518,378	443,341,172	390,836,435	240,760,958	191,068,105	537,803,129	451,040,721	389,409,489	224,119,873	190,917,595	48,251,099	43,797,970	50,020,210	74,681,716	65,427,386	52,867,995	35,025,517	26,255,242	20,347,668
NOPAT Margin	8.92%	8.72%	7.34%	6.38%	6.26%	5.76%	5.45%	5.53%	7.49%	6.55%	9.04%	11.18%	10.43%	6.39%	7.02%	6.27%	7.29%	4.83%	4.36%	4.22%	4.26%	5.25%	4.80%	3.81%	3.59%	6.17%	6.21%	6.77%	6.65%	6.48%	2.56%	2.51%	3.02%	4.33%	4.33%	3.91%	3.64%	4.01%	3.63%
Owner's Earnings	1,188,100,000	1,079,060,000	808,230,000	645,886,667	559,118,550	462,197,440	379,794,533	641,100,000	873,700,000	713,300,000	1,112,500,000	1,738,500,000	1,406,600,000	424,400,000	678,600,000	609,000,000	670,200,000	371,400,000	357,800,000	394,900,000	346,000,000	341,000,000	320,500,000	203,600,000	197,141,000	428,811,000	363,701,000	306,090,000	198,328,000	178,373,000	49,971,000	40,055,000	44,134,000	60,032,000	-29,300,000	-109,000,000	-59,700,000	16,900,000	20,000,000
Owner's Earnings Margin	7.63%	7.54%	6.42%	5.53%	5.39%	5.00%	3.83%	4.60%	6.22%	5.16%	7.51%	10.21%	9.98%	4.82%	6.18%	5.28%	6.89%	4.31%	3.83%	3.78%	3.75%	4.04%	3.94%	3.23%	3.71%	4.92%	5.01%	5.32%	5.88%	6.05%	2.65%	2.29%	2.66%	3.48%	-1.94%	-8.06%	-6.21%	2.58%	3.56%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	15,221,966,667	13,714,220,000	11,876,430,000	10,755,299,667	9,587,558,950	8,068,528,960	6,891,797,467	13,835,000,000	14,805,900,000	17,025,000,000	14,093,300,000	8,811,900,000	10,973,800,000	11,534,500,000	9,721,000,000	8,613,400,000	9,350,500,000	10,451,600,000	9,223,800,000	8,442,300,000	8,134,700,000	6,312,795,000	5,318,132,000	8,718,844,000	7,265,610,000	5,748,376,000	3,370,722,000	2,947,202,000	1,882,933,000	1,748,271,000	1,656,974,000	1,726,665,000	1,511,100,000	1,352,800,000	961,500,000	654,000,000	561,300,000
Cash & Cash Equivalents	857,233,333	711,140,000	423,970,000	312,307,667	247,456,600	199,412,000	168,483,333	318,100,000	1,080,200,000	1,173,400,000	300,500,000	683,500,000	174,300,000	128,200,000	154,400,000	122,800,000	104,300,000	106,200,000	83,600,000	97,600,000	84,600,000	72,915,000	43,002,000	51,995,000	77,023,000	57,475,000	35,022,000	11,659,000	2,166,000	9,305,000	9,931,000	3,107,000	9,900,000	6,500,000	34,000,000	800,000	18,000,000
Cash & Cash Equivalents Margin	5.50%	5.28%	3.32%	2.57%	2.15%	1.79%	1.76%	2.30%	7.30%	6.89%	2.13%	7.76%	1.59%	1.11%	1.59%	1.43%	1.12%	1.02%	0.91%	1.16%	1.04%	1.16%	0.81%	0.60%	1.06%	1.00%	1.04%	0.40%	0.12%	0.53%	0.60%	0.18%	0.66%	0.48%	3.54%	0.12%	3.21%
Short-Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	857,233,333	711,140,000	423,970,000	312,307,667	247,456,600	199,412,000	168,483,333	318,100,000	1,080,200,000	1,173,400,000	300,500,000	683,500,000	174,300,000	128,200,000	154,400,000	122,800,000	104,300,000	106,200,000	83,600,000	97,600,000	84,600,000	72,915,000	43,002,000	51,995,000	77,023,000	57,475,000	35,022,000	11,659,000	2,166,000	9,305,000	9,931,000	3,107,000	9,900,000	6,500,000	34,000,000	800,000	18,000,000
Cash & Short-Term Investments Margin	5.50%	5.28%	3.32%	2.57%	2.15%	1.79%	1.76%	2.30%	7.30%	6.89%	2.13%	7.76%	1.59%	1.11%	1.59%	1.43%	1.12%	1.02%	0.91%	1.16%	1.04%	1.16%	0.81%	0.60%	1.06%	1.00%	1.04%	0.40%	0.12%	0.53%	0.60%	0.18%	0.66%	0.48%	3.54%	0.12%	3.21%
Net Receivables	1,504,233,333	1,424,820,000	1,249,080,000	1,140,695,000	1,016,494,750	857,503,160	734,039,300	1,402,400,000	1,508,000,000	1,602,300,000	1,683,000,000	928,400,000	1,105,000,000	1,258,200,000	1,090,200,000	960,200,000	953,100,000	1,144,600,000	1,017,400,000	836,100,000	896,200,000	725,325,000	587,891,000	861,194,000	709,037,000	691,417,000	369,931,000	329,991,000	221,793,000	190,191,000	172,603,000	193,106,000	167,700,000	156,200,000	117,700,000	73,100,000	68,900,000
Net Receivables Margin	9.91%	10.44%	10.57%	10.68%	10.69%	10.77%	10.92%	10.14%	10.19%	9.41%	11.94%	10.54%	10.07%	10.91%	11.21%	11.15%	10.19%	10.95%	11.03%	9.90%	11.02%	11.49%	11.05%	9.88%	9.76%	12.03%	10.97%	11.20%	11.78%	10.88%	10.42%	11.18%	11.10%	11.55%	12.24%	11.18%	12.28%
Inventory	2,021,766,667	1,910,140,000	1,770,810,000	1,623,034,333	1,427,645,800	1,203,112,080	1,030,163,400	2,026,800,000	2,043,200,000	1,995,300,000	2,065,000,000	1,420,400,000	1,645,700,000	1,817,100,000	1,726,000,000	1,532,600,000	1,436,000,000	1,752,100,000	1,540,000,000	1,272,300,000	1,212,800,000	860,215,000	719,915,000	1,284,468,000	911,315,000	904,318,000	387,385,000	349,779,000	288,080,000	307,385,000	308,093,000	271,549,000	232,900,000	240,700,000	158,700,000	122,800,000	72,000,000
Inventory Margin	13.39%	14.19%	15.26%	15.31%	14.88%	15.07%	15.27%	14.65%	13.80%	11.72%	14.65%	16.12%	15.00%	15.75%	17.76%	17.79%	15.36%	16.76%	16.70%	15.07%	14.91%	13.63%	13.54%	14.73%	12.54%	15.73%	11.49%	11.87%	15.30%	17.58%	18.59%	15.73%	15.41%	17.79%	16.51%	18.78%	12.83%
Other Current Assets	134,733,333	80,840,000	40,420,000	36,886,667	33,123,750	30,496,400	27,720,333	148,200,000	140,400,000	115,600,000	0	0	0	0	0	0	0	46,400,000	38,900,000	30,500,000	33,300,000	0	2,241,000	70,933,000	0	0	36,001,000	24,584,000	17,954,000	15,300,000	18,463,000	23,634,000	18,400,000	16,900,000	11,700,000	14,200,000	8,000,000
Other Current Assets Margin	0.90%	0.54%	0.27%	0.29%	0.31%	0.46%	0.62%	1.07%	0.95%	0.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%	0.42%	0.36%	0.41%	0.00%	0.04%	0.81%	0.00%	0.00%	1.07%	0.83%	0.95%	0.88%	1.11%	1.37%	1.22%	1.25%	1.22%	2.17%	1.43%
Total Current Assets	4,517,966,667	4,165,360,000	3,541,600,000	3,168,599,800	2,773,320,650	2,331,446,440	1,994,508,700	3,895,500,000	4,771,800,000	4,886,600,000	4,160,100,000	3,112,800,000	3,010,200,000	3,285,000,000	3,051,300,000	2,688,500,000	2,554,200,000	3,121,100,000	2,738,900,000	2,277,400,000	2,274,700,000	1,700,897,000	1,390,904,000	2,302,372,000	1,721,403,000	1,675,389,000	847,348,000	733,229,000	544,586,000	532,544,000	517,993,000	491,396,000	428,900,000	420,300,000	322,100,000	210,900,000	166,900,000
Total Current Assets Margin	29.70%	30.79%	29.98%	29.41%	28.59%	28.63%	29.02%	28.16%	32.23%	28.70%	29.52%	35.32%	27.43%	28.48%	31.39%	31.21%	27.32%	29.86%	29.69%	26.98%	27.96%	26.94%	26.15%	26.41%	23.69%	29.15%	25.14%	24.88%	28.92%	30.46%	31.26%	28.46%	28.38%	31.07%	33.50%	32.25%	29.73%
Property, Plant & Equipment	2,497,033,333	2,309,740,000	2,022,930,000	1,790,740,333	1,544,404,800	1,306,226,920	1,115,235,767	2,820,100,000	2,480,000,000	2,191,000,000	2,061,400,000	1,996,200,000	1,996,700,000	1,729,900,000	1,656,300,000	1,662,200,000	1,635,500,000	1,656,400,000	1,603,900,000	1,240,700,000	1,105,500,000	1,025,305,000	981,259,000	998,706,000	824,635,000	742,672,000	479,719,000	458,813,000	466,871,000	306,189,000	290,353,000	245,351,000	227,400,000	213,100,000	161,000,000	133,600,000	66,300,000
Property, Plant & Equipment Margin	16.67%	17.46%	17.43%	16.80%	16.02%	16.40%	16.33%	20.38%	16.75%	12.87%	14.63%	22.65%	18.20%	15.00%	17.04%	19.30%	17.49%	15.85%	17.39%	14.70%	13.59%	16.24%	18.45%	11.45%	11.35%	12.92%	14.23%	15.57%	24.79%	17.51%	17.52%	14.21%	15.05%	15.75%	16.74%	20.43%	11.81%
Goodwill	2,126,266,667	2,084,320,000	1,969,100,000	1,785,833,333	1,530,268,700	1,224,214,960	1,020,179,133	2,161,800,000	2,111,100,000	2,105,900,000	2,107,600,000	1,935,200,000	2,003,800,000	1,870,800,000	1,842,600,000	1,827,400,000	1,724,800,000	1,736,400,000	1,691,600,000	1,314,600,000	1,244,300,000	1,109,600,000	1,081,324,000	1,065,527,000	886,152,000	784,871,000	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	14.08%	15.83%	17.23%	17.04%	15.70%	12.56%	10.47%	15.63%	14.26%	12.37%	14.95%	21.96%	18.26%	16.22%	18.95%	21.22%	18.45%	16.61%	18.34%	15.57%	15.30%	17.58%	20.33%	12.22%	12.20%	13.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	1,002,633,333	1,006,540,000	1,052,460,000	1,037,877,867	911,966,000	786,913,280	671,074,400	1,007,200,000	981,100,000	1,019,600,000	1,077,700,000	947,100,000	1,031,100,000	1,072,000,000	1,112,100,000	1,151,300,000	1,125,400,000	1,241,600,000	1,213,800,000	936,500,000	895,900,000	755,768,000	726,255,000	741,681,000	464,291,000	354,195,000	384,730,000	341,780,000	325,305,000	284,276,000	250,103,000	232,048,000	215,200,000	176,900,000	67,300,000	0	0
Intangible Assets Margin	6.63%	7.66%	9.38%	10.20%	9.95%	10.91%	10.24%	7.28%	6.63%	5.99%	7.65%	10.75%	9.40%	9.29%	11.44%	13.37%	12.04%	11.88%	13.16%	11.09%	11.01%	11.97%	13.66%	8.51%	6.39%	6.16%	11.41%	11.60%	17.28%	16.26%	15.09%	13.44%	14.24%	13.08%	7.00%	0.00%	0.00%
Long-Term Investments	0	0	0	4,631,600	5,547,950	4,438,360	3,698,633	0	0	0	0	0	0	0	0	0	0	5,400,000	14,100,000	15,500,000	16,200,000	18,274,000	20,880,000	20,605,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	0.00%	0.00%	0.00%	0.06%	0.08%	0.06%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.15%	0.18%	0.20%	0.29%	0.39%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	133,433,333	129,000,000	107,380,000	84,725,667	83,165,650	71,760,560	65,370,467	137,200,000	136,300,000	126,800,000	129,200,000	115,500,000	89,300,000	87,200,000	88,700,000	81,900,000	81,700,000	29,300,000	39,800,000	42,500,000	36,000,000	49,485,000	103,914,000	87,199,000	86,996,000	57,046,000	57,273,000	29,509,000	32,662,000	16,238,000	23,844,000	28,448,000	28,500,000	31,100,000	33,500,000	46,700,000	27,300,000
Other Non-Current Assets Margin	0.89%	0.98%	0.92%	0.78%	0.92%	1.01%	1.50%	0.99%	0.92%	0.74%	0.92%	1.31%	0.81%	0.76%	0.91%	0.95%	0.87%	0.28%	0.43%	0.50%	0.44%	0.78%	1.95%	1.00%	1.20%	0.99%	1.70%	1.00%	1.73%	0.93%	1.44%	1.65%	1.89%	2.30%	3.48%	7.14%	4.86%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	5,759,366,667	5,529,600,000	5,151,870,000	4,714,386,400	4,082,368,100	3,399,166,080	2,880,235,067	6,126,300,000	5,708,500,000	5,443,300,000	5,375,900,000	4,994,000,000	5,120,900,000	4,759,900,000	4,699,700,000	4,722,800,000	4,567,400,000	4,715,500,000	4,602,100,000	3,580,300,000	3,331,200,000	2,967,996,000	2,915,873,000	2,893,113,000	2,262,074,000	1,938,784,000	921,722,000	830,102,000	824,838,000	606,703,000	564,300,000	505,847,000	471,100,000	421,100,000	261,800,000	180,300,000	93,600,000
Total Non-Current Assets Margin	38.27%	41.93%	44.96%	45.00%	42.76%	41.01%	38.63%	44.28%	38.56%	31.97%	38.15%	56.67%	46.66%	41.27%	48.35%	54.83%	48.85%	45.12%	49.89%	42.41%	40.95%	47.02%	54.83%	33.18%	31.13%	33.73%	27.34%	28.17%	43.81%	34.70%	34.06%	29.30%	31.18%	31.13%	27.23%	27.57%	16.68%
Total Assets	10,277,333,333	9,694,960,000	8,693,470,000	7,882,986,200	6,855,688,750	5,730,612,520	4,874,743,767	10,021,800,000	10,480,300,000	10,329,900,000	9,536,000,000	8,106,800,000	8,131,100,000	8,044,900,000	7,751,000,000	7,411,300,000	7,121,600,000	7,836,600,000	7,341,000,000	5,857,700,000	5,605,900,000	4,668,893,000	4,306,777,000	5,195,485,000	3,983,477,000	3,614,173,000	1,769,070,000	1,563,331,000	1,369,424,000	1,139,247,000	1,082,293,000	997,243,000	900,000,000	841,400,000	583,900,000	391,200,000	260,500,000
Total Assets Margin	67.97%	72.71%	74.93%	74.41%	71.35%	69.64%	67.65%	72.44%	70.78%	60.67%	67.66%	92.00%	74.10%	69.75%	79.73%	86.04%	76.16%	74.98%	79.59%	69.39%	68.91%	73.96%	80.98%	59.59%	54.83%	62.87%	52.48%	53.04%	72.73%	65.16%	65.32%	57.76%	59.56%	62.20%	60.73%	59.82%	46.41%
Accounts Payable	394,866,667	379,560,000	340,750,000	320,672,533	304,521,950	262,365,080	231,157,567	361,900,000	410,300,000	412,400,000	453,900,000	259,300,000	275,000,000	338,800,000	346,700,000	302,200,000	247,000,000	286,500,000	280,300,000	255,600,000	335,200,000	244,988,000	169,113,000	248,312,000	333,986,000	340,356,000	188,584,000	140,323,000	98,438,000	77,441,000	69,870,000	82,616,000	104,000,000	91,600,000	82,900,000	50,300,000	46,800,000
Accounts Payable Margin	2.60%	2.79%	2.91%	3.06%	3.40%	3.66%	4.33%	2.62%	2.77%	2.42%	3.22%	2.94%	2.51%	2.94%	3.57%	3.51%	2.64%	2.74%	3.04%	3.03%	4.12%	3.88%	3.18%	2.85%	4.60%	5.92%	5.59%	4.76%	5.23%	4.43%	4.22%	4.78%	6.88%	6.77%	8.62%	7.69%	8.34%
Short-Term Debt	302,733,333	183,840,000	172,460,000	135,802,133	118,099,200	98,456,760	82,240,633	399,700,000	300,000	508,200,000	5,000,000	6,000,000	64,900,000	65,200,000	92,000,000	82,500,000	500,800,000	93,900,000	36,500,000	83,600,000	12,200,000	86,232,000	86,383,000	93,877,000	71,815,000	22,816,000	50,061,000	46,400,000	22,400,000	20,160,000	10,325,000	150,000	200,000	100,000	100,000	2,500,000	2,900,000
Short-Term Debt Margin	1.96%	1.20%	1.44%	1.21%	1.19%	1.13%	0.97%	2.89%	0.00%	2.99%	0.04%	0.07%	0.59%	0.57%	0.95%	0.96%	5.36%	0.90%	0.40%	0.99%	0.15%	1.37%	1.62%	1.08%	0.99%	0.40%	1.49%	1.57%	1.19%	1.15%	0.62%	0.01%	0.01%	0.01%	0.01%	0.38%	0.52%
Tax Payables	0	12,860,000	7,050,000	6,773,333	5,080,000	4,064,000	3,386,667	0	0	0	64,300,000	0	0	0	0	6,200,000	0	9,200,000	0	0	21,900,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	0.00%	0.09%	0.05%	0.06%	0.04%	0.04%	0.03%	0.00%	0.00%	0.00%	0.46%	0.00%	0.00%	0.00%	0.00%	0.07%	0.00%	0.09%	0.00%	0.00%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	0	0	4,431,750	3,545,400	2,954,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,534,000	82,949,000	2,152,000	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.00%	0.05%	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.95%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	216,366,667	221,780,000	185,460,000	155,724,267	118,936,150	99,915,880	88,353,233	195,200,000	213,900,000	240,000,000	294,000,000	165,800,000	172,100,000	174,800,000	139,300,000	140,800,000	118,700,000	128,400,000	119,500,000	112,800,000	111,000,000	9,564,000	-4,197,000	0	23,136,000	23,706,000	214,000	138,000	28,721,000	4,359,000	24,985,000	60,971,000	51,700,000	37,400,000	25,800,000	21,300,000	16,500,000
Other Current Liabilities Margin	1.42%	1.65%	1.57%	1.40%	1.08%	1.14%	1.45%	1.41%	1.44%	1.41%	2.09%	1.88%	1.57%	1.52%	1.43%	1.63%	1.27%	1.23%	1.30%	1.34%	1.36%	0.15%	-0.08%	0.00%	0.32%	0.41%	0.01%	0.00%	1.53%	0.25%	1.51%	3.53%	3.42%	2.76%	2.68%	3.26%	2.94%
Total Current Liabilities	1,143,966,667	1,021,980,000	883,370,000	782,206,333	714,262,550	608,060,720	524,520,600	1,213,000,000	843,600,000	1,375,300,000	1,065,000,000	613,000,000	675,300,000	699,100,000	703,700,000	656,000,000	989,700,000	662,800,000	573,400,000	578,200,000	576,400,000	508,595,000	417,569,000	650,165,000	599,864,000	550,739,000	333,819,000	288,780,000	202,824,000	142,924,000	138,002,000	143,737,000	155,900,000	129,100,000	108,800,000	74,100,000	66,200,000
Total Current Liabilities Margin	7.51%	7.41%	7.47%	7.28%	7.62%	7.91%	8.40%	8.77%	5.70%	8.08%	7.56%	6.96%	6.15%	6.06%	7.24%	7.62%	10.58%	6.34%	6.22%	6.85%	7.09%	8.06%	7.85%	7.46%	8.26%	9.58%	9.90%	9.80%	10.77%	8.18%	8.33%	8.32%	10.32%	9.54%	11.32%	11.33%	11.79%
Long-Term Debt	1,008,033,333	1,261,000,000	1,505,110,000	1,508,639,000	1,377,191,350	1,179,672,280	1,014,483,567	742,800,000	1,141,900,000	1,139,400,000	1,642,000,000	1,638,900,000	1,523,600,000	2,138,500,000	1,809,400,000	1,846,700,000	1,427,900,000	2,208,100,000	2,072,500,000	1,123,800,000	1,319,000,000	855,085,000	849,375,000	1,671,732,000	1,008,765,000	1,083,095,000	301,275,000	380,850,000	469,250,000	344,080,000	331,975,000	421,825,000	318,100,000	343,300,000	143,400,000	107,500,000	30,400,000
Long-Term Debt Margin	6.59%	10.00%	13.78%	14.96%	15.06%	16.13%	16.21%	5.37%	7.71%	6.69%	11.65%	18.60%	13.88%	18.54%	18.61%	21.44%	15.27%	21.13%	22.47%	13.31%	16.21%	13.55%	15.97%	19.17%	13.88%	18.84%	8.94%	12.92%	24.92%	19.68%	20.04%	24.43%	21.05%	25.38%	14.91%	16.44%	5.42%
Capital Lease Obligations	242,800,000	230,920,000	135,660,000	90,440,000	68,994,100	55,195,280	45,996,067	275,600,000	235,100,000	217,700,000	221,100,000	205,100,000	202,000,000	0	0	0	0	0	0	0	0	0	3,845,000	4,471,000	4,495,000	4,956,000	5,515,000	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	1.62%	1.75%	1.06%	0.71%	0.55%	0.44%	0.37%	1.99%	1.59%	1.28%	1.57%	2.33%	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.05%	0.06%	0.09%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	502,700,000	489,700,000	505,270,000	514,337,533	441,945,150	360,944,480	303,597,067	537,500,000	494,000,000	476,600,000	484,800,000	455,600,000	469,300,000	440,100,000	440,800,000	626,900,000	627,100,000	692,900,000	690,800,000	466,300,000	439,800,000	372,563,000	335,897,000	340,326,000	200,181,000	181,628,000	65,808,000	55,613,000	40,349,000	31,672,000	28,433,000	28,642,000	25,700,000	23,200,000	18,500,000	16,900,000	0
Deferred Tax Liabilities Margin	3.34%	3.73%	4.52%	5.08%	4.71%	4.14%	3.71%	3.89%	3.34%	2.80%	3.44%	5.17%	4.28%	3.82%	4.53%	7.28%	6.71%	6.63%	7.49%	5.52%	5.41%	5.90%	6.32%	3.90%	2.76%	3.16%	1.95%	1.89%	2.14%	1.81%	1.72%	1.66%	1.70%	1.71%	1.92%	2.58%	0.00%
Other Non-Current Liabilities	83,433,333	92,160,000	98,180,000	105,042,400	94,331,200	75,464,960	62,890,800	83,700,000	89,100,000	77,500,000	88,000,000	122,500,000	99,300,000	87,700,000	97,200,000	102,600,000	134,200,000	130,700,000	119,900,000	122,000,000	118,700,000	102,536,000	92,632,000	94,361,000	62,224,000	46,111,000	15,660,000	0	0	0	0	0	0	0	0	100,000	0
Other Non-Current Liabilities Margin	0.55%	0.74%	0.90%	1.07%	1.05%	0.84%	0.70%	0.60%	0.60%	0.46%	0.62%	1.39%	0.90%	0.76%	1.00%	1.19%	1.44%	1.25%	1.30%	1.45%	1.46%	1.62%	1.74%	1.08%	0.86%	0.80%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%
Total Non-Current Liabilities	1,780,266,667	2,017,840,000	2,211,000,000	2,197,258,933	1,966,496,750	1,658,504,960	1,416,324,133	1,578,200,000	1,903,900,000	1,858,700,000	2,377,300,000	2,371,100,000	2,241,700,000	2,666,300,000	2,347,400,000	2,576,200,000	2,189,200,000	3,045,900,000	2,883,200,000	1,712,100,000	1,877,500,000	1,330,184,000	1,281,086,000	2,110,252,000	1,275,665,000	1,315,790,000	388,258,000	436,463,000	509,599,000	375,752,000	360,408,000	450,467,000	343,800,000	366,500,000	161,900,000	124,500,000	30,400,000
Total Non-Current Liabilities Margin	11.73%	15.79%	20.00%	21.65%	21.25%	21.45%	20.91%	11.41%	12.86%	10.92%	16.87%	26.91%	20.43%	23.12%	24.15%	29.91%	23.41%	29.14%	31.26%	20.28%	23.08%	21.07%	24.09%	24.20%	17.56%	22.89%	11.52%	14.81%	27.06%	21.49%	21.75%	26.09%	22.75%	27.09%	16.84%	19.04%	5.42%
Total Liabilities	2,924,233,333	3,039,820,000	3,094,370,000	2,979,465,267	2,680,759,300	2,266,565,680	1,940,844,733	2,791,200,000	2,747,500,000	3,234,000,000	3,442,300,000	2,984,100,000	2,917,000,000	3,365,400,000	3,051,100,000	3,232,200,000	3,178,900,000	3,708,700,000	3,456,600,000	2,290,300,000	2,453,900,000	1,838,779,000	1,698,655,000	2,760,417,000	1,875,529,000	1,866,529,000	722,077,000	725,243,000	712,423,000	518,676,000	498,410,000	594,204,000	499,700,000	495,600,000	270,700,000	198,600,000	96,600,000
Total Liabilities Margin	19.24%	23.20%	27.47%	28.94%	28.87%	29.36%	29.31%	20.17%	18.56%	19.00%	24.43%	33.86%	26.58%	29.18%	31.39%	37.53%	34.00%	35.48%	37.47%	27.13%	30.17%	29.13%	31.94%	31.66%	25.81%	32.47%	21.42%	24.61%	37.84%	29.67%	30.08%	34.41%	33.07%	36.64%	28.15%	30.37%	17.21%
Preferred Stock	0	0	9,970,000	6,746,667	5,060,000	4,048,000	3,373,333	0	0	0	0	0	0	0	0	0	99,700,000	0	0	1,500,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.11%	0.07%	0.05%	0.04%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	100,000	100,000	197,780,000	332,986,667	265,990,500	266,475,280	227,166,067	100,000	100,000	100,000	100,000	100,000	122,200,000	136,400,000	594,600,000	590,300,000	533,800,000	819,400,000	818,300,000	722,200,000	657,100,000	0	0	0	0	0	325,010,000	313,953,000	303,587,000	294,503,000	290,798,000	139,231,000	153,100,000	0	0	0	0
Common Stock Margin	0.00%	0.00%	2.10%	3.62%	3.20%	5.33%	4.78%	0.00%	0.00%	0.00%	0.00%	0.00%	1.11%	1.18%	6.12%	6.85%	5.71%	7.84%	8.87%	8.55%	8.08%	0.00%	0.00%	0.00%	0.00%	0.00%	9.64%	10.65%	16.12%	16.85%	17.55%	8.06%	10.13%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	7,435,733,333	6,731,140,000	5,477,040,000	4,578,928,333	3,789,754,750	3,100,944,000	2,611,940,000	7,334,700,000	7,798,900,000	7,173,600,000	6,155,300,000	5,193,200,000	5,189,500,000	4,637,900,000	4,144,100,000	3,663,200,000	3,480,000,000	3,328,500,000	3,063,000,000	2,837,700,000	2,495,600,000	2,188,725,000	2,020,343,000	1,900,360,000	1,439,598,000	1,046,339,000	704,530,000	508,147,000	344,962,000	317,189,000	294,091,000	264,116,000	247,200,000	193,900,000	158,400,000	131,500,000	103,600,000
Retained Earnings Margin	49.28%	50.09%	46.03%	41.62%	37.15%	33.19%	30.52%	53.02%	52.67%	42.14%	43.68%	58.93%	47.29%	40.21%	42.63%	42.53%	37.22%	31.85%	33.21%	33.61%	30.68%	34.67%	37.99%	21.80%	19.81%	18.20%	20.90%	17.24%	18.32%	18.14%	17.75%	15.30%	16.36%	14.33%	16.47%	20.11%	18.46%
Accumulated OCI	-92,733,333	-85,000,000	-90,880,000	-64,295,000	-48,951,250	-39,306,200	-42,701,833	-115,200,000	-76,700,000	-86,300,000	-68,900,000	-77,900,000	-105,100,000	-102,700,000	-71,600,000	-104,700,000	-99,700,000	-48,900,000	-6,700,000	-1,500,000	-8,800,000	10,275,000	-1,523,000	-32,016,000	20,245,000	-1,631,000	325,000	452,000	-930,000	-1,838,000	-1,006,000	-308,000	-95,800,000	-81,000,000	-64,900,000	-56,700,000	0
Accumulated OCI Margin	-0.62%	-0.65%	-0.81%	-0.57%	-0.44%	-0.36%	-1.22%	-0.83%	-0.52%	-0.51%	-0.49%	-0.88%	-0.96%	-0.89%	-0.74%	-1.22%	-1.07%	-0.47%	-0.07%	-0.02%	-0.11%	0.16%	-0.03%	-0.37%	0.28%	-0.03%	0.01%	0.02%	-0.05%	-0.11%	-0.06%	-0.02%	-6.34%	-5.99%	-6.75%	-8.67%	0.00%
Minority Interest	10,000,000	8,900,000	15,160,000	14,252,133	11,958,850	10,992,480	9,160,400	11,000,000	10,500,000	8,500,000	7,200,000	7,300,000	7,500,000	7,900,000	32,800,000	30,300,000	28,600,000	28,900,000	9,800,000	9,000,000	8,100,000	6,382,000	1,690,000	3,632,000	1,699,000	1,246,000	17,128,000	15,536,000	9,382,000	10,717,000	0	0	0	0	0	0	0
Minority Interest Margin	0.07%	0.07%	0.15%	0.14%	0.14%	0.18%	0.15%	0.08%	0.07%	0.05%	0.05%	0.08%	0.07%	0.07%	0.34%	0.35%	0.31%	0.28%	0.11%	0.11%	0.10%	0.10%	0.03%	0.04%	0.02%	0.02%	0.51%	0.53%	0.50%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	7,343,100,000	6,646,240,000	5,583,940,000	4,889,268,800	4,162,970,600	3,453,054,360	2,924,738,633	7,219,600,000	7,722,300,000	7,087,400,000	6,086,500,000	5,115,400,000	5,206,600,000	4,671,600,000	4,667,100,000	4,148,800,000	3,914,100,000	4,099,000,000	3,874,600,000	3,558,400,000	3,143,900,000	2,823,732,000	2,606,432,000	2,431,436,000	2,106,249,000	1,746,398,000	1,029,865,000	822,552,000	647,619,000	609,854,000	583,883,000	403,039,000	400,300,000	345,800,000	313,200,000	192,600,000	163,900,000
Total Shareholders’ Equity Margin	48.66%	49.44%	47.32%	45.33%	42.34%	40.10%	38.19%	52.18%	52.16%	41.63%	43.19%	58.05%	47.45%	40.50%	48.01%	48.17%	41.86%	39.22%	42.01%	42.15%	38.65%	44.73%	49.01%	27.89%	28.99%	30.38%	30.55%	27.91%	34.39%	34.88%	35.24%	23.34%	26.49%	25.56%	32.57%	29.45%	29.20%
Total Equity	7,353,100,000	6,655,140,000	5,599,100,000	4,903,520,933	4,174,929,450	3,464,046,840	2,933,899,033	7,230,600,000	7,732,800,000	7,095,900,000	6,093,700,000	5,122,700,000	5,214,100,000	4,679,500,000	4,699,900,000	4,179,100,000	3,942,700,000	4,127,900,000	3,884,400,000	3,567,400,000	3,152,000,000	2,830,114,000	2,608,122,000	2,435,068,000	2,107,948,000	1,747,644,000	1,046,993,000	838,088,000	657,001,000	620,571,000	583,883,000	403,039,000	400,300,000	345,800,000	313,200,000	192,600,000	163,900,000
Total Equity Margin	48.72%	49.51%	47.47%	45.47%	42.48%	40.28%	38.34%	52.26%	52.23%	41.68%	43.24%	58.13%	47.51%	40.57%	48.35%	48.52%	42.17%	39.50%	42.11%	42.26%	38.75%	44.83%	49.04%	27.93%	29.01%	30.40%	31.06%	28.44%	34.89%	35.50%	35.24%	23.34%	26.49%	25.56%	32.57%	29.45%	29.20%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	0	0	0	4,631,600	5,547,950	4,438,360	3,698,633	0	0	0	0	0	0	0	0	0	0	5,400,000	14,100,000	15,500,000	16,200,000	18,274,000	20,880,000	20,605,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Investments Margin	0.00%	0.00%	0.00%	0.06%	0.08%	0.06%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.15%	0.18%	0.20%	0.29%	0.39%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	696,333,333	964,620,000	1,389,260,000	1,423,520,133	1,317,570,100	1,133,712,560	974,070,467	1,100,000,000	297,100,000	691,900,000	1,567,600,000	1,166,500,000	1,616,200,000	2,075,500,000	1,747,000,000	1,806,400,000	1,824,400,000	2,210,000,000	2,025,400,000	1,109,800,000	1,246,600,000	868,402,000	896,601,000	1,718,085,000	1,008,693,000	1,053,392,000	321,829,000	415,591,000	489,484,000	335,100,000	332,369,000	418,868,000	308,400,000	336,900,000	109,500,000	109,200,000	15,300,000
Net Debt Margin	4.67%	7.68%	12.96%	14.33%	14.66%	15.87%	15.76%	7.95%	2.01%	4.06%	11.12%	13.24%	14.73%	17.99%	17.97%	20.97%	19.51%	21.15%	21.96%	13.15%	15.32%	13.76%	16.86%	19.71%	13.88%	18.33%	9.55%	14.10%	26.00%	19.17%	20.06%	24.26%	20.41%	24.90%	11.39%	16.70%	2.73%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	15,221,966,667	13,714,220,000	11,876,430,000	10,755,299,667	9,587,558,950	8,068,528,960	6,891,797,467	13,835,000,000	14,805,900,000	17,025,000,000	14,093,300,000	8,811,900,000	10,973,800,000	11,534,500,000	9,721,000,000	8,613,400,000	9,350,500,000	10,451,600,000	9,223,800,000	8,442,300,000	8,134,700,000	6,312,795,000	5,318,132,000	8,718,844,000	7,265,610,000	5,748,376,000	3,370,722,000	2,947,202,000	1,882,933,000	1,748,271,000	1,656,974,000	1,726,665,000	1,511,100,000	1,352,800,000	961,500,000	654,000,000	561,300,000
Working Capital	3,374,000,000	3,143,380,000	2,658,230,000	2,386,393,467	2,059,058,100	1,723,385,720	1,469,988,100	2,682,500,000	3,928,200,000	3,511,300,000	3,095,100,000	2,499,800,000	2,334,900,000	2,585,900,000	2,347,600,000	2,032,500,000	1,564,500,000	2,458,300,000	2,165,500,000	1,699,200,000	1,698,300,000	1,192,302,000	973,335,000	1,652,207,000	1,121,539,000	1,124,650,000	513,529,000	444,449,000	341,762,000	389,620,000	379,991,000	347,659,000	273,000,000	291,200,000	213,300,000	136,800,000	100,700,000
Working Capital Margin	22.18%	23.37%	22.50%	22.13%	20.97%	20.72%	20.62%	19.39%	26.53%	20.62%	21.96%	28.37%	21.28%	22.42%	24.15%	23.60%	16.73%	23.52%	23.48%	20.13%	20.88%	18.89%	18.30%	18.95%	15.44%	19.56%	15.23%	15.08%	18.15%	22.29%	22.93%	20.13%	18.07%	21.53%	22.18%	20.92%	17.94%
Total Capital	8,896,666,667	8,322,000,000	7,397,170,000	6,625,096,600	5,727,997,300	4,786,178,920	4,067,292,433	8,637,700,000	9,099,600,000	8,952,700,000	7,954,600,000	6,965,400,000	6,997,100,000	6,875,300,000	6,568,500,000	6,078,000,000	5,842,800,000	6,415,200,000	5,983,600,000	4,765,800,000	4,475,100,000	3,765,049,000	3,546,035,000	4,201,516,000	3,191,965,000	2,857,265,000	1,386,716,000	1,249,802,000	1,139,269,000	954,259,000	926,183,000	825,014,000	718,600,000	689,200,000	456,700,000	302,600,000	197,200,000
Total Capital Margin	58.83%	62.39%	63.60%	62.22%	59.15%	57.77%	55.72%	62.43%	61.46%	52.59%	56.44%	79.05%	63.76%	59.61%	67.57%	70.56%	62.49%	61.38%	64.87%	56.45%	55.01%	59.64%	66.68%	48.19%	43.93%	49.71%	41.14%	42.41%	60.51%	54.58%	55.90%	47.78%	47.55%	50.95%	47.50%	46.27%	35.13%
Capital Employed	9,133,366,667	8,672,980,000	7,810,100,000	7,100,779,867	6,141,426,200	5,122,551,800	4,350,223,167	8,808,800,000	9,636,700,000	8,954,600,000	8,471,000,000	7,493,800,000	7,455,800,000	7,345,800,000	7,047,300,000	6,755,300,000	6,131,900,000	7,173,800,000	6,767,600,000	5,279,500,000	5,029,500,000	4,160,298,000	3,889,208,000	4,545,320,000	3,383,613,000	3,063,434,000	1,435,251,000	1,274,551,000	1,166,600,000	996,323,000	944,291,000	853,506,000	744,100,000	712,300,000	475,100,000	317,100,000	194,300,000
Capital Employed Margin	60.45%	65.30%	67.46%	67.13%	63.73%	61.73%	59.25%	63.67%	65.09%	52.60%	60.11%	85.04%	67.94%	63.69%	72.50%	78.43%	65.58%	68.64%	73.37%	62.54%	61.83%	65.90%	73.13%	52.13%	46.57%	53.29%	42.58%	43.25%	61.96%	56.99%	56.99%	49.43%	49.24%	52.65%	49.41%	48.49%	34.62%
Invested Capital	8,039,433,333	7,610,860,000	6,973,200,000	6,312,788,933	5,480,540,700	4,586,766,920	3,898,809,100	8,319,600,000	8,019,400,000	7,779,300,000	7,654,100,000	6,281,900,000	6,822,800,000	6,747,100,000	6,414,100,000	5,955,200,000	5,738,500,000	6,309,000,000	5,900,000,000	4,668,200,000	4,390,500,000	3,692,134,000	3,503,033,000	4,149,521,000	3,114,942,000	2,799,790,000	1,351,694,000	1,238,143,000	1,137,103,000	944,954,000	916,252,000	821,907,000	708,700,000	682,700,000	422,700,000	301,800,000	179,200,000
Invested Capital Margin	53.33%	57.12%	60.28%	59.66%	57.00%	55.97%	53.96%	60.13%	54.16%	45.69%	54.31%	71.29%	62.17%	58.49%	65.98%	69.14%	61.37%	60.36%	63.96%	55.30%	53.97%	58.49%	65.87%	47.59%	42.87%	48.71%	40.10%	42.01%	60.39%	54.05%	55.30%	47.60%	46.90%	50.47%	43.96%	46.15%	31.93%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	15,221,966,667	13,714,220,000	11,876,430,000	10,755,299,667	9,587,558,950	8,068,528,960	6,891,797,467	13,835,000,000	14,805,900,000	17,025,000,000	14,093,300,000	8,811,900,000	10,973,800,000	11,534,500,000	9,721,000,000	8,613,400,000	9,350,500,000	10,451,600,000	9,223,800,000	8,442,300,000	8,134,700,000	6,312,795,000	5,318,132,000	8,718,844,000	7,265,610,000	5,748,376,000	3,370,722,000	2,947,202,000	1,882,933,000	1,748,271,000	1,656,974,000	1,726,665,000	1,511,100,000	1,352,800,000	961,500,000	654,000,000	561,300,000
Net Income	1,352,700,000	1,169,580,000	844,210,000	673,229,933	584,915,050	481,234,440	407,428,700	878,000,000	1,335,900,000	1,844,200,000	1,417,400,000	372,400,000	706,100,000	641,800,000	621,000,000	309,100,000	316,200,000	376,300,000	324,700,000	408,300,000	349,200,000	197,849,000	149,176,000	482,777,000	407,955,000	354,507,000	205,437,000	169,728,000	34,010,000	30,167,000	36,336,000	62,319,000	57,600,000	47,700,000	34,200,000	29,800,000	22,700,000
Net Income Margin	8.73%	8.10%	6.58%	5.68%	5.57%	5.06%	4.87%	6.35%	9.02%	10.83%	10.06%	4.23%	6.43%	5.56%	6.39%	3.59%	3.38%	3.60%	3.52%	4.84%	4.29%	3.13%	2.81%	5.54%	5.61%	6.17%	6.09%	5.76%	1.81%	1.73%	2.19%	3.61%	3.81%	3.53%	3.56%	4.56%	4.04%
Depreciation & Amortization	251,433,333	242,360,000	230,520,000	207,773,533	176,012,000	147,628,480	125,420,400	268,700,000	245,400,000	240,200,000	230,200,000	227,300,000	219,300,000	215,200,000	218,400,000	222,000,000	218,500,000	213,800,000	192,400,000	151,500,000	133,100,000	120,603,000	118,884,000	97,924,000	79,873,000	60,325,000	46,631,000	44,627,000	36,870,000	28,546,000	32,337,000	28,092,000	25,600,000	19,400,000	13,200,000	8,500,000	5,200,000
Depreciation & Amortization Margin	1.67%	1.84%	2.02%	1.98%	1.83%	1.81%	1.73%	1.94%	1.66%	1.41%	1.63%	2.58%	2.00%	1.87%	2.25%	2.58%	2.34%	2.05%	2.09%	1.79%	1.64%	1.91%	2.24%	1.12%	1.10%	1.05%	1.38%	1.51%	1.96%	1.63%	1.95%	1.63%	1.69%	1.43%	1.37%	1.30%	0.93%
Deferred Income Tax	15,300,000	1,680,000	-17,840,000	-11,678,400	-3,808,100	-2,546,000	-2,101,667	36,400,000	16,200,000	-6,700,000	-23,800,000	-13,700,000	32,500,000	-9,100,000	-192,600,000	-500,000	-17,100,000	-18,200,000	3,100,000	2,800,000	-27,200,000	42,724,000	58,016,000	22,720,000	12,042,000	7,295,000	-1,059,000	2,726,000	8,120,000	3,577,000	-2,142,000	231,000	-200,000	-200,000	1,300,000	1,500,000	-1,800,000
Deferred Income Tax Margin	0.11%	0.00%	-0.19%	-0.11%	0.00%	0.02%	0.02%	0.26%	0.11%	-0.04%	-0.17%	-0.16%	0.30%	-0.08%	-1.98%	-0.01%	-0.18%	-0.17%	0.03%	0.03%	-0.33%	0.68%	1.09%	0.26%	0.17%	0.13%	-0.03%	0.09%	0.43%	0.20%	-0.13%	0.01%	-0.01%	-0.01%	0.14%	0.23%	-0.32%
Stock-Based Compensation	62,366,667	60,020,000	47,590,000	39,088,933	31,561,650	25,249,320	21,041,100	56,800,000	65,000,000	65,300,000	70,800,000	42,200,000	51,200,000	45,500,000	33,400,000	24,400,000	21,300,000	22,800,000	26,000,000	23,000,000	21,300,000	17,334,000	15,530,000	13,189,000	10,120,000	6,060,000	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.41%	0.44%	0.39%	0.35%	0.30%	0.24%	0.20%	0.41%	0.44%	0.38%	0.50%	0.48%	0.47%	0.39%	0.34%	0.28%	0.23%	0.22%	0.28%	0.27%	0.26%	0.27%	0.29%	0.15%	0.14%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	37,600,000	-79,320,000	-22,980,000	-51,876,333	-9,829,550	-10,848,880	-8,024,067	165,900,000	1,900,000	-55,000,000	-909,700,000	400,300,000	279,300,000	-266,700,000	-283,600,000	12,600,000	425,200,000	-220,900,000	70,300,000	14,100,000	-246,500,000	-165,345,000	613,542,000	50,443,000	139,101,000	-230,514,000	8,982,000	-105,740,000	29,053,000	29,056,000	36,971,000	-63,971,000	54,300,000	-30,700,000	-2,500,000	2,400,000	7,000,000
Change in Working Capital Margin	0.30%	-0.20%	0.10%	-0.39%	0.22%	0.10%	0.18%	1.20%	0.01%	-0.32%	-6.45%	4.54%	2.55%	-2.31%	-2.92%	0.15%	4.55%	-2.11%	0.76%	0.17%	-3.03%	-2.62%	11.54%	0.58%	1.91%	-4.01%	0.27%	-3.59%	1.54%	1.66%	2.23%	-3.70%	3.59%	-2.27%	-0.26%	0.37%	1.25%
Accounts Receivable	122,900,000	-30,120,000	-5,420,000	-19,702,867	4,757,300	1,283,880	1,069,900	167,400,000	95,600,000	105,700,000	-656,100,000	136,800,000	178,100,000	-153,300,000	-119,700,000	-31,200,000	222,500,000	-97,200,000	25,400,000	123,100,000	-145,900,000	-146,743,000	322,163,000	166,025,000	61,265,000	-50,566,000	-108,198,000	-108,198,000	-5,951,000	-5,951,000	57,051,000	0	0	0	0	0	0
Accounts Receivable Margin	0.83%	-0.13%	0.05%	-0.19%	0.09%	0.04%	0.03%	1.21%	0.65%	0.62%	-4.66%	1.55%	1.62%	-1.33%	-1.23%	-0.36%	2.38%	-0.93%	0.28%	1.46%	-1.79%	-2.32%	6.06%	1.90%	0.84%	-0.88%	-3.21%	-3.67%	-0.32%	-0.34%	3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	44,733,333	-28,840,000	6,860,000	-20,310,467	24,279,050	18,813,200	16,121,000	116,800,000	-41,500,000	58,900,000	-505,900,000	227,500,000	211,800,000	-88,800,000	-186,600,000	-30,400,000	306,800,000	-131,000,000	111,900,000	-1,300,000	-231,000,000	-121,857,000	569,943,000	191,472,000	129,582,000	-89,414,000	-11,345,000	-61,699,000	19,995,000	30,150,000	21,468,000	-25,165,000	35,000,000	-3,300,000	500,000	-6,700,000	-12,200,000
Inventory Margin	0.30%	-0.02%	0.21%	-0.18%	0.50%	0.42%	0.32%	0.84%	-0.28%	0.35%	-3.59%	2.58%	1.93%	-0.77%	-1.92%	-0.35%	3.28%	-1.25%	1.21%	-0.02%	-2.84%	-1.93%	10.72%	2.20%	1.78%	-1.56%	-0.34%	-2.09%	1.06%	1.72%	1.30%	-1.46%	2.32%	-0.24%	0.05%	-1.02%	-2.17%
Accounts Payable	-157,333,333	-57,860,000	-43,960,000	-27,687,467	-51,378,250	-39,291,760	-32,743,133	-145,500,000	-89,500,000	-237,000,000	226,100,000	-43,400,000	-142,500,000	-10,600,000	34,200,000	47,500,000	-78,900,000	-24,200,000	-49,700,000	-88,800,000	107,600,000	79,388,000	-222,125,000	-297,933,000	-62,833,000	-97,103,000	67,741,000	67,741,000	7,878,000	7,878,000	-38,226,000	0	0	0	0	0	0
Accounts Payable Margin	-1.02%	-0.39%	-0.33%	-0.17%	-0.53%	-0.39%	-0.33%	-1.05%	-0.60%	-1.39%	1.60%	-0.49%	-1.30%	-0.09%	0.35%	0.55%	-0.84%	-0.23%	-0.54%	-1.05%	1.32%	1.26%	-4.18%	-3.42%	-0.86%	-1.69%	2.01%	2.30%	0.42%	0.45%	-2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	27,300,000	37,500,000	19,540,000	15,824,467	12,512,350	8,345,800	7,528,167	27,200,000	37,300,000	17,400,000	26,200,000	79,400,000	31,900,000	-14,000,000	-11,500,000	26,700,000	-25,200,000	31,500,000	-17,300,000	-18,900,000	22,800,000	23,867,000	-56,439,000	-9,121,000	11,087,000	6,569,000	60,784,000	-3,584,000	7,131,000	-3,021,000	-3,322,000	-38,806,000	19,300,000	-27,400,000	-3,000,000	9,100,000	19,200,000
Other Working Capital Margin	0.18%	0.33%	0.17%	0.15%	0.16%	0.03%	0.15%	0.20%	0.25%	0.10%	0.19%	0.90%	0.29%	-0.12%	-0.12%	0.31%	-0.27%	0.30%	-0.19%	-0.22%	0.28%	0.38%	-1.06%	-0.10%	0.15%	0.11%	1.80%	-0.12%	0.38%	-0.17%	-0.20%	-2.25%	1.28%	-2.03%	-0.31%	1.39%	3.42%
Other Non-Cash Items	20,500,000	44,100,000	39,370,000	26,714,800	19,079,650	15,506,280	12,345,233	24,000,000	6,900,000	30,600,000	14,500,000	144,500,000	13,100,000	37,900,000	2,400,000	58,900,000	60,900,000	-17,800,000	16,800,000	2,200,000	4,900,000	922,000	-12,152,000	-2,369,000	-10,127,000	-6,709,000	12,228,000	10,427,000	-1,639,000	-602,000	85,000	-2,207,000	100,000	-5,300,000	-6,400,000	-5,800,000	100,000
Other Non-Cash Items Margin	0.13%	0.43%	0.40%	0.27%	0.20%	0.16%	0.07%	0.17%	0.05%	0.18%	0.10%	1.64%	0.12%	0.33%	0.02%	0.68%	0.65%	-0.17%	0.18%	0.03%	0.06%	0.01%	-0.23%	-0.03%	-0.14%	-0.12%	0.36%	0.35%	-0.09%	-0.03%	0.01%	-0.13%	0.01%	-0.39%	-0.67%	-0.89%	0.02%
Net Cash from Operating Activities	1,739,900,000	1,438,420,000	1,120,870,000	883,252,467	797,930,700	656,223,640	556,116,367	1,429,800,000	1,671,300,000	2,118,600,000	799,400,000	1,173,000,000	1,301,500,000	664,600,000	399,000,000	626,500,000	1,025,000,000	356,000,000	633,300,000	601,900,000	234,800,000	214,087,000	942,996,000	664,684,000	638,964,000	190,964,000	272,219,000	121,768,000	106,414,000	90,744,000	103,587,000	24,464,000	131,400,000	30,900,000	39,800,000	36,400,000	39,400,000
Net Cash from Operating Activities Margin	11.36%	10.61%	9.30%	7.78%	8.11%	7.40%	7.09%	10.33%	11.29%	12.44%	5.67%	13.31%	11.86%	5.76%	4.10%	7.27%	10.96%	3.41%	6.87%	7.13%	2.89%	3.39%	17.73%	7.62%	8.79%	3.32%	8.08%	4.13%	5.65%	5.19%	6.25%	1.42%	8.70%	2.28%	4.14%	5.57%	7.02%
Capital Expenditures (PPE)	-413,733,333	-329,960,000	-262,060,000	-230,717,067	-198,457,800	-163,984,920	-150,820,767	-430,600,000	-468,800,000	-341,800,000	-236,600,000	-172,000,000	-242,200,000	-239,900,000	-161,600,000	-154,900,000	-172,200,000	-190,400,000	-168,000,000	-214,000,000	-156,400,000	-111,356,000	-69,901,000	-151,890,000	-124,127,000	-108,742,000	-53,740,000	-35,982,000	-20,909,000	-18,658,000	-24,539,000	-30,379,000	-112,500,000	-176,100,000	-107,100,000	-21,400,000	-7,900,000
Capital Expenditures (PPE) Margin	-2.76%	-2.38%	-2.15%	-2.09%	-1.98%	-1.85%	-2.75%	-3.11%	-3.17%	-2.01%	-1.68%	-1.95%	-2.21%	-2.08%	-1.66%	-1.80%	-1.84%	-1.82%	-1.82%	-2.53%	-1.92%	-1.76%	-1.31%	-1.74%	-1.71%	-1.89%	-1.59%	-1.22%	-1.11%	-1.07%	-1.48%	-1.76%	-7.44%	-13.02%	-11.14%	-3.27%	-1.41%
Acquisitions (Net)	-125,900,000	-164,780,000	-146,620,000	-203,321,667	-214,615,200	-190,491,960	-158,743,300	-364,600,000	-24,000,000	10,900,000	-439,300,000	-6,900,000	-177,800,000	-77,600,000	-37,800,000	-348,700,000	-400,000	-182,000,000	-821,100,000	-166,900,000	-313,300,000	-100,325,000	-5,292,000	-330,249,000	-269,957,000	-542,604,000	-94,377,000	0	-245,850,000	-53,321,000	-129,677,000	-41,147,000	0	0	0	0	0
Acquisitions (Net) Margin	-0.91%	-1.19%	-1.27%	-2.05%	-2.53%	-3.08%	-2.56%	-2.64%	-0.16%	0.06%	-3.12%	-0.08%	-1.62%	-0.67%	-0.39%	-4.05%	0.00%	-1.74%	-8.90%	-1.98%	-3.85%	-1.59%	-0.10%	-3.79%	-3.72%	-9.44%	-2.80%	0.00%	-13.06%	-3.05%	-7.83%	-2.38%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0	0	0	-566,667	-1,527,400	-1,221,920	-1,018,267	0	0	0	0	0	0	0	0	0	0	0	0	0	-8,500,000	0	-31,544,000	12,592,000	0	-3,096,000	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	0.00%	0.00%	-0.01%	-0.03%	-0.02%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.10%	0.00%	-0.59%	0.14%	0.00%	-0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	0	0	3,355,867	3,346,250	2,677,000	2,230,833	0	0	0	0	0	0	0	0	0	0	0	0	0	3,600,000	46,738,000	6,576,000	6,524,000	0	3,487,000	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.05%	0.05%	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.74%	0.12%	0.07%	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-5,733,333	-620,000	5,550,000	4,424,000	2,729,350	2,378,880	-554,267	-8,500,000	8,900,000	-17,600,000	23,600,000	-9,500,000	900,000	36,500,000	20,000,000	-1,500,000	2,700,000	7,400,000	10,100,000	-800,000	-9,000,000	3,160,000	6,576,000	5,369,000	-25,724,000	521,000	1,485,000	-13,667,000	3,020,000	3,742,000	8,513,000	3,277,000	18,500,000	3,700,000	8,600,000	-93,400,000	-13,500,000
Other Investing Activities Margin	-0.03%	-0.01%	0.05%	0.04%	0.02%	0.04%	-0.44%	-0.06%	0.06%	-0.10%	0.17%	-0.11%	0.01%	0.32%	0.21%	-0.02%	0.03%	0.07%	0.11%	-0.01%	-0.11%	0.05%	0.12%	0.06%	-0.35%	0.01%	0.04%	-0.46%	0.16%	0.21%	0.51%	0.19%	1.22%	0.27%	0.89%	-14.28%	-2.41%
Net Cash from Investing Activities	-545,366,667	-495,360,000	-403,130,000	-426,225,533	-408,074,800	-350,282,920	-308,605,767	-803,700,000	-483,900,000	-348,500,000	-652,300,000	-188,400,000	-419,100,000	-281,000,000	-179,400,000	-505,100,000	-169,900,000	-365,000,000	-979,000,000	-381,700,000	-474,600,000	-161,783,000	-93,585,000	-457,654,000	-419,808,000	-650,434,000	-146,632,000	-49,649,000	-263,739,000	-68,237,000	-145,703,000	-68,249,000	-94,000,000	-172,400,000	-98,500,000	-114,800,000	-21,400,000
Net Cash from Investing Activities Margin	-3.71%	-3.58%	-3.37%	-4.05%	-4.46%	-4.86%	-5.74%	-5.81%	-3.27%	-2.05%	-4.63%	-2.14%	-3.82%	-2.44%	-1.85%	-5.86%	-1.82%	-3.49%	-10.61%	-4.52%	-5.83%	-2.56%	-1.76%	-5.25%	-5.78%	-11.32%	-4.35%	-1.68%	-14.01%	-3.90%	-8.79%	-3.95%	-6.22%	-12.74%	-10.24%	-17.55%	-3.81%
Net Debt Issuance	-170,366,667	-90,760,000	-120,960,000	-39,374,867	-63,280,800	-47,985,960	-34,438,300	-300,000	-508,300,000	-2,500,000	-1,500,000	58,800,000	-617,600,000	278,100,000	-31,900,000	-7,800,000	-376,600,000	168,500,000	370,400,000	-185,200,000	283,700,000	-18,423,000	-831,168,000	-114,224,000	-119,750,000	483,660,000	-93,511,000	-64,400,000	147,245,000	-17,640,000	-95,568,000	96,330,000	-30,900,000	129,000,000	5,600,000	62,300,000	500,000
Net Debt Issuance Margin	-1.15%	-0.56%	-1.05%	-0.26%	-0.84%	-0.49%	0.18%	0.00%	-3.43%	-0.01%	-0.01%	0.67%	-5.63%	2.41%	-0.33%	-0.09%	-4.03%	1.61%	4.02%	-2.19%	3.49%	-0.29%	-15.63%	-1.31%	-1.65%	8.41%	-2.77%	-2.19%	7.82%	-1.01%	-5.77%	5.58%	-2.04%	9.54%	0.58%	9.53%	0.09%
Long-Term Debt Issuance	-168,900,000	-89,860,000	-115,840,000	6,441,333	-28,759,650	-20,369,040	-11,424,200	-300,000	-506,100,000	-300,000	-700,000	58,100,000	-617,600,000	326,500,000	-40,300,000	11,600,000	-389,300,000	166,800,000	843,400,000	-122,000,000	388,400,000	-21,580,000	-831,301,000	-110,911,000	-119,750,000	483,660,000	-93,511,000	-64,400,000	147,245,000	-17,640,000	-95,568,000	96,330,000	-30,900,000	129,000,000	5,600,000	62,300,000	500,000
Long-Term Debt Issuance Margin	-1.14%	-0.55%	-1.00%	0.25%	-0.46%	-0.19%	0.43%	0.00%	-3.42%	0.00%	0.00%	0.66%	-5.63%	2.83%	-0.41%	0.13%	-4.16%	1.60%	9.14%	-1.45%	4.77%	-0.34%	-15.63%	-1.27%	-1.65%	8.41%	-2.77%	-2.19%	7.82%	-1.01%	-5.77%	5.58%	-2.04%	9.54%	0.58%	9.53%	0.09%
Short-Term Debt Issuance	-1,466,667	-900,000	-4,470,000	-45,380,000	-34,194,000	-27,355,200	-22,796,000	0	-2,200,000	-2,200,000	-800,000	700,000	-300,000	-48,400,000	8,400,000	-12,600,000	12,700,000	1,700,000	-473,000,000	-63,200,000	-104,700,000	3,200,000	133,000	-3,313,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-0.01%	-0.01%	-0.04%	-0.50%	-0.38%	-0.30%	-0.25%	0.00%	-0.01%	-0.01%	-0.01%	0.01%	0.00%	-0.42%	0.09%	-0.15%	0.14%	0.02%	-5.13%	-0.75%	-1.29%	0.05%	0.00%	-0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-734,500,000	-572,860,000	-377,450,000	-254,966,667	-199,287,100	-154,557,760	-126,338,133	-1,093,700,000	-479,500,000	-630,300,000	-323,500,000	-337,300,000	-50,000,000	-484,900,000	-19,800,000	0	-355,500,000	-50,000,000	0	0	0	0	258,000	-114,490,000	-65,404,000	7,337,000	11,057,000	10,366,000	10,490,000	3,705,000	151,567,000	-54,330,000	1,900,000	-10,600,000	88,900,000	800,000	-7,200,000
Net Stock Issuance Margin	-4.95%	-4.19%	-2.96%	-2.01%	-1.59%	-0.99%	-0.58%	-7.91%	-3.24%	-3.70%	-2.30%	-3.83%	-0.46%	-4.20%	-0.20%	0.00%	-3.80%	-0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.31%	-0.90%	0.13%	0.33%	0.35%	0.56%	0.21%	9.15%	-3.15%	0.13%	-0.78%	9.25%	0.12%	-1.28%
Common Stock Issuance	0	0	3,750,000	2,500,000	2,835,850	9,391,960	11,163,300	0	0	0	0	0	0	0	0	37,500,000	0	0	0	0	0	0	258,000	284,000	281,000	7,337,000	11,057,000	10,366,000	10,490,000	3,705,000	151,567,000	1,954,000	1,900,000	700,000	96,300,000	800,000	400,000
Common Stock Issuance Margin	0.00%	0.00%	0.04%	0.03%	0.05%	0.45%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.33%	0.35%	0.56%	0.21%	9.15%	0.11%	0.13%	0.05%	10.02%	0.12%	0.07%
Common Stock Repurchased	-734,500,000	-572,860,000	-377,970,000	-255,313,333	-201,332,100	-163,317,040	-136,974,200	-1,093,700,000	-479,500,000	-630,300,000	-323,500,000	-337,300,000	-50,000,000	-484,900,000	-25,000,000	0	-355,500,000	-50,000,000	0	0	0	0	0	-114,774,000	-82,168,000	0	0	0	0	0	0	-56,284,000	0	-11,300,000	-7,400,000	0	-7,600,000
Common Stock Repurchased Margin	-4.95%	-4.19%	-2.97%	-2.01%	-1.63%	-1.43%	-1.29%	-7.91%	-3.24%	-3.70%	-2.30%	-3.83%	-0.46%	-4.20%	-0.26%	0.00%	-3.80%	-0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.32%	-1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.26%	0.00%	-0.84%	-0.77%	0.00%	-1.35%
Preferred Stock Issuance	0	0	520,000	346,667	1,084,150	867,320	722,767	0	0	0	0	0	0	0	5,200,000	0	0	0	0	0	0	0	0	0	16,483,000	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.01%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-234,966,667	-209,200,000	-171,510,000	-136,432,800	-107,899,300	-87,863,280	-73,736,067	-249,700,000	-238,100,000	-217,100,000	-177,000,000	-164,100,000	-151,300,000	-145,300,000	-132,000,000	-120,400,000	-120,100,000	-108,700,000	-96,900,000	-60,200,000	-35,900,000	-29,692,000	-29,383,000	-29,229,000	-24,207,000	-16,145,000	-12,530,000	-10,157,000	-8,021,000	-7,605,000	-6,812,000	-6,001,000	-4,900,000	-4,500,000	-2,600,000	-1,900,000	-1,600,000
Net Dividends Paid Margin	-1.56%	-1.56%	-1.45%	-1.21%	-1.00%	-0.88%	-0.78%	-1.80%	-1.61%	-1.28%	-1.26%	-1.86%	-1.38%	-1.26%	-1.36%	-1.40%	-1.28%	-1.04%	-1.05%	-0.71%	-0.44%	-0.47%	-0.55%	-0.34%	-0.33%	-0.28%	-0.37%	-0.34%	-0.43%	-0.44%	-0.41%	-0.35%	-0.32%	-0.33%	-0.27%	-0.29%	-0.29%
Common Dividends Paid	-234,966,667	-209,200,000	-171,510,000	-136,432,800	-107,899,300	-87,508,480	-73,440,400	-249,700,000	-238,100,000	-217,100,000	-177,000,000	-164,100,000	-151,300,000	-145,300,000	-132,000,000	-120,400,000	-120,100,000	-108,700,000	-96,900,000	-60,200,000	-35,900,000	-29,692,000	-29,383,000	-29,229,000	-24,207,000	-16,145,000	-12,530,000	-8,448,000	-8,021,000	-444,000	-6,812,000	-6,001,000	-4,900,000	-4,500,000	-2,600,000	-1,900,000	-1,600,000
Common Dividends Paid Margin	-1.56%	-1.56%	-1.45%	-1.21%	-1.00%	-0.86%	-0.77%	-1.80%	-1.61%	-1.28%	-1.26%	-1.86%	-1.38%	-1.26%	-1.36%	-1.40%	-1.28%	-1.04%	-1.05%	-0.71%	-0.44%	-0.47%	-0.55%	-0.34%	-0.33%	-0.28%	-0.37%	-0.29%	-0.43%	-0.03%	-0.41%	-0.35%	-0.32%	-0.33%	-0.27%	-0.29%	-0.29%
Preferred Dividends Paid	0	0	0	0	0	-68,360	-56,967	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,709,000	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-44,666,667	-40,420,000	-25,830,000	-7,683,267	-3,953,700	-3,458,760	-2,878,967	-32,700,000	-56,400,000	-44,900,000	-27,700,000	-40,400,000	-21,700,000	-51,800,000	-14,400,000	28,000,000	3,700,000	23,200,000	58,600,000	37,800,000	-200,000	23,651,000	464,000	26,455,000	9,511,000	6,904,000	-7,159,000	0	0	-8,877,000	451,000	1,031,000	-100,000	0	100,000	0	100,000
Other Financing Activities Margin	-0.29%	-0.31%	-0.20%	-0.02%	0.00%	-0.01%	-0.01%	-0.24%	-0.38%	-0.26%	-0.20%	-0.46%	-0.20%	-0.45%	-0.15%	0.33%	0.04%	0.22%	0.64%	0.45%	0.00%	0.37%	0.01%	0.30%	0.13%	0.12%	-0.21%	0.00%	0.00%	-0.51%	0.03%	0.06%	-0.01%	0.00%	0.01%	0.00%	0.02%
Net Cash from Financing Activities	-1,183,766,667	-912,640,000	-695,450,000	-438,257,600	-374,270,900	-293,459,320	-237,052,767	-1,376,400,000	-1,282,300,000	-892,600,000	-528,900,000	-483,000,000	-840,600,000	-403,900,000	-198,100,000	-100,200,000	-848,500,000	33,000,000	332,100,000	-207,600,000	247,600,000	-24,464,000	-859,829,000	-231,488,000	-199,850,000	481,756,000	-102,143,000	-64,191,000	149,714,000	-23,256,000	49,638,000	37,030,000	-34,000,000	113,900,000	92,000,000	61,200,000	-8,200,000
Net Cash from Financing Activities Margin	-7.95%	-6.62%	-5.65%	-3.49%	-3.43%	-2.36%	-1.18%	-9.95%	-8.66%	-5.24%	-3.75%	-5.48%	-7.66%	-3.50%	-2.04%	-1.16%	-9.07%	0.32%	3.60%	-2.46%	3.04%	-0.39%	-16.17%	-2.66%	-2.75%	8.38%	-3.03%	-2.18%	7.95%	-1.33%	3.00%	2.14%	-2.25%	8.42%	9.57%	9.36%	-1.46%
Effect of FX on Cash	-4,900,000	-1,660,000	-1,100,000	-428,467	-262,200	-151,280	8,560,600	-11,800,000	1,700,000	-4,600,000	-1,200,000	7,600,000	4,300,000	-5,900,000	10,100,000	-2,700,000	-8,500,000	-1,400,000	-400,000	400,000	3,900,000	2,073,000	1,425,000	-570,000	242,000	167,000	-81,000	1,565,000	472,000	123,000	-698,000	0	0	141,500,000	58,700,000	78,400,000	-18,000,000
Effect of FX on Cash Margin	-0.03%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.85%	-0.09%	0.01%	-0.03%	-0.01%	0.09%	0.04%	-0.05%	0.10%	-0.03%	-0.09%	-0.01%	0.00%	0.00%	0.05%	0.03%	0.03%	-0.01%	0.00%	0.00%	0.00%	0.05%	0.03%	0.01%	-0.04%	0.00%	0.00%	10.46%	6.11%	11.99%	-3.21%
Net Change in Cash	5,866,667	28,760,000	21,190,000	18,340,867	15,322,800	12,330,120	19,018,433	-762,100,000	-93,200,000	872,900,000	-383,000,000	509,200,000	46,100,000	-26,200,000	31,600,000	18,500,000	-1,900,000	22,600,000	-14,000,000	13,000,000	11,700,000	29,913,000	-8,993,000	-25,028,000	19,548,000	22,453,000	23,363,000	9,493,000	-7,139,000	-626,000	6,824,000	-6,755,000	3,400,000	113,900,000	92,000,000	61,200,000	-8,200,000
Net Change in Cash Margin	-0.34%	0.41%	0.28%	0.24%	0.22%	0.18%	1.02%	-5.51%	-0.63%	5.13%	-2.72%	5.78%	0.42%	-0.23%	0.33%	0.21%	-0.02%	0.22%	-0.15%	0.15%	0.14%	0.47%	-0.17%	-0.29%	0.27%	0.39%	0.69%	0.32%	-0.38%	-0.04%	0.41%	-0.39%	0.23%	8.42%	9.57%	9.36%	-1.46%
Cash at Beginning of Period	851,366,667	682,380,000	402,780,000	293,966,800	232,133,800	187,081,880	158,154,900	1,080,200,000	1,173,400,000	300,500,000	683,500,000	174,300,000	128,200,000	154,400,000	122,800,000	104,300,000	106,200,000	83,600,000	97,600,000	84,600,000	72,900,000	43,002,000	51,995,000	77,023,000	57,475,000	35,022,000	11,659,000	2,166,000	9,305,000	9,931,000	3,107,000	9,862,000	6,500,000	34,000,000	800,000	18,000,000	8,300,000
Cash at Beginning of Period Margin	5.83%	4.87%	3.04%	2.33%	1.92%	1.62%	1.59%	7.81%	7.93%	1.77%	4.85%	1.98%	1.17%	1.34%	1.26%	1.21%	1.14%	0.80%	1.06%	1.00%	0.90%	0.68%	0.98%	0.88%	0.79%	0.61%	0.35%	0.07%	0.49%	0.57%	0.19%	0.57%	0.43%	2.51%	0.08%	2.75%	1.48%
Cash at End of Period	857,233,333	711,140,000	423,970,000	312,307,667	247,456,600	199,412,000	177,173,333	318,100,000	1,080,200,000	1,173,400,000	300,500,000	683,500,000	174,300,000	128,200,000	154,400,000	122,800,000	104,300,000	106,200,000	83,600,000	97,600,000	84,600,000	72,915,000	43,002,000	51,995,000	77,023,000	57,475,000	35,022,000	11,659,000	2,166,000	9,305,000	9,931,000	3,107,000	9,900,000	147,900,000	92,800,000	79,200,000	100,000
Cash at End of Period Margin	5.50%	5.28%	3.32%	2.57%	2.15%	1.79%	2.61%	2.30%	7.30%	6.89%	2.13%	7.76%	1.59%	1.11%	1.59%	1.43%	1.12%	1.02%	0.91%	1.16%	1.04%	1.16%	0.81%	0.60%	1.06%	1.00%	1.04%	0.40%	0.12%	0.53%	0.60%	0.18%	0.66%	10.93%	9.65%	12.11%	0.02%
Operating Cash Flow	1,739,900,000	1,438,420,000	1,120,870,000	883,252,467	797,930,700	656,223,640	556,116,367	1,429,800,000	1,671,300,000	2,118,600,000	799,400,000	1,173,000,000	1,301,500,000	664,600,000	399,000,000	626,500,000	1,025,000,000	356,000,000	633,300,000	601,900,000	234,800,000	214,087,000	942,996,000	664,684,000	638,964,000	190,964,000	272,219,000	121,768,000	106,414,000	90,744,000	103,587,000	24,464,000	131,400,000	30,900,000	39,800,000	36,400,000	39,400,000
Operating Cash Flow Margin	11.36%	10.61%	9.30%	7.78%	8.11%	7.40%	7.09%	10.33%	11.29%	12.44%	5.67%	13.31%	11.86%	5.76%	4.10%	7.27%	10.96%	3.41%	6.87%	7.13%	2.89%	3.39%	17.73%	7.62%	8.79%	3.32%	8.08%	4.13%	5.65%	5.19%	6.25%	1.42%	8.70%	2.28%	4.14%	5.57%	7.02%
Capital Expenditure	-413,733,333	-329,960,000	-262,060,000	-230,717,067	-198,457,800	-163,984,920	-150,820,767	-430,600,000	-468,800,000	-341,800,000	-236,600,000	-172,000,000	-242,200,000	-239,900,000	-161,600,000	-154,900,000	-172,200,000	-190,400,000	-168,000,000	-214,000,000	-156,400,000	-111,356,000	-69,901,000	-151,890,000	-124,127,000	-108,742,000	-53,740,000	-35,982,000	-20,909,000	-18,658,000	-24,539,000	-30,379,000	-112,500,000	-176,100,000	-107,100,000	-21,400,000	-7,900,000
Capital Expenditure Margin	-2.76%	-2.38%	-2.15%	-2.09%	-1.98%	-1.85%	-2.75%	-3.11%	-3.17%	-2.01%	-1.68%	-1.95%	-2.21%	-2.08%	-1.66%	-1.80%	-1.84%	-1.82%	-1.82%	-2.53%	-1.92%	-1.76%	-1.31%	-1.74%	-1.71%	-1.89%	-1.59%	-1.22%	-1.11%	-1.07%	-1.48%	-1.76%	-7.44%	-13.02%	-11.14%	-3.27%	-1.41%
Free Cash Flow	1,326,166,667	1,108,460,000	858,810,000	652,535,400	599,472,900	492,238,720	405,295,600	999,200,000	1,202,500,000	1,776,800,000	562,800,000	1,001,000,000	1,059,300,000	424,700,000	237,400,000	471,600,000	852,800,000	165,600,000	465,300,000	387,900,000	78,400,000	102,731,000	873,095,000	512,794,000	514,837,000	82,222,000	218,479,000	85,786,000	85,505,000	72,086,000	79,048,000	-5,915,000	18,900,000	-145,200,000	-67,300,000	15,000,000	31,500,000
Free Cash Flow Margin	8.59%	8.23%	7.15%	5.69%	6.13%	5.54%	4.33%	7.22%	8.12%	10.44%	3.99%	11.36%	9.65%	3.68%	2.44%	5.48%	9.12%	1.58%	5.04%	4.59%	0.96%	1.63%	16.42%	5.88%	7.09%	1.43%	6.48%	2.91%	4.54%	4.12%	4.77%	-0.34%	1.25%	-10.73%	-7.00%	2.29%	5.61%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	15,221,966,667	13,714,220,000	11,876,430,000	10,755,299,667	9,587,558,950	8,068,528,960	6,891,797,467	13,835,000,000	14,805,900,000	17,025,000,000	14,093,300,000	8,811,900,000	10,973,800,000	11,534,500,000	9,721,000,000	8,613,400,000	9,350,500,000	10,451,600,000	9,223,800,000	8,442,300,000	8,134,700,000	6,312,795,000	5,318,132,000	8,718,844,000	7,265,610,000	5,748,376,000	3,370,722,000	2,947,202,000	1,882,933,000	1,748,271,000	1,656,974,000	1,726,665,000	1,511,100,000	1,352,800,000	961,500,000	654,000,000	561,300,000
EBITDA	2,069,333,333	1,863,460,000	1,440,630,000	1,214,222,933	1,076,541,500	894,699,120	759,185,933	1,448,900,000	2,026,200,000	2,732,900,000	2,261,500,000	847,800,000	1,307,500,000	1,222,100,000	942,600,000	797,900,000	818,900,000	894,500,000	796,000,000	861,000,000	745,000,000	510,544,000	413,585,000	981,170,000	813,310,000	695,604,000	413,817,000	352,467,000	117,533,000	100,466,000	115,152,000	151,030,000	135,100,000	108,400,000	72,600,000	52,200,000	39,800,000
EBITDA Margin	13.40%	13.18%	11.61%	10.72%	10.77%	10.20%	9.82%	10.47%	13.69%	16.05%	16.05%	9.62%	11.91%	10.60%	9.70%	9.26%	8.76%	8.56%	8.63%	10.20%	9.16%	8.09%	7.78%	11.25%	11.19%	12.10%	12.28%	11.96%	6.24%	5.75%	6.95%	8.75%	8.94%	8.01%	7.55%	7.98%	7.09%
(-) Tax Adjustment	486,120,186	441,042,681	323,685,104	297,415,467	282,528,086	238,819,632	204,529,946	332,894,911	466,304,199	659,161,447	559,280,203	187,572,647	314,036,371	299,993,510	-60,062,898	223,270,713	254,399,935	278,354,384	255,625,340	284,127,174	236,489,445	169,784,626	97,988,247	362,536,663	306,284,587	263,836,060	158,684,163	130,872,148	44,664,083	39,509,487	45,600,261	59,283,106	54,376,349	44,007,970	29,791,034	20,837,903	16,394,301
(-) Tax Adjustment Margin	3.14%	3.10%	2.57%	2.67%	2.98%	2.99%	3.03%	2.41%	3.15%	3.87%	3.97%	2.13%	2.86%	2.60%	-0.62%	2.59%	2.72%	2.66%	2.77%	3.37%	2.91%	2.69%	1.84%	4.16%	4.22%	4.59%	4.71%	4.44%	2.37%	2.26%	2.75%	3.43%	3.60%	3.25%	3.10%	3.19%	2.92%
(-) Change In Working Capital	37,600,000	-79,320,000	-22,980,000	-51,876,333	-9,829,550	-10,848,880	-8,024,067	165,900,000	1,900,000	-55,000,000	-909,700,000	400,300,000	279,300,000	-266,700,000	-283,600,000	12,600,000	425,200,000	-220,900,000	70,300,000	14,100,000	-246,500,000	-165,345,000	613,542,000	50,443,000	139,101,000	-230,514,000	8,982,000	-105,740,000	29,053,000	29,056,000	36,971,000	-63,971,000	54,300,000	-30,700,000	-2,500,000	2,400,000	7,000,000
(-) Change In Working Capital Margin	0.30%	-0.20%	0.10%	-0.39%	0.22%	0.10%	0.18%	1.20%	0.01%	-0.32%	-6.45%	4.54%	2.55%	-2.31%	-2.92%	0.15%	4.55%	-2.11%	0.76%	0.17%	-3.03%	-2.62%	11.54%	0.58%	1.91%	-4.01%	0.27%	-3.59%	1.54%	1.66%	2.23%	-3.70%	3.59%	-2.27%	-0.26%	0.37%	1.25%
(-) Capital Expenditure	-413,733,333	-329,960,000	-262,060,000	-230,717,067	-198,457,800	-163,984,920	-150,820,767	-430,600,000	-468,800,000	-341,800,000	-236,600,000	-172,000,000	-242,200,000	-239,900,000	-161,600,000	-154,900,000	-172,200,000	-190,400,000	-168,000,000	-214,000,000	-156,400,000	-111,356,000	-69,901,000	-151,890,000	-124,127,000	-108,742,000	-53,740,000	-35,982,000	-20,909,000	-18,658,000	-24,539,000	-30,379,000	-112,500,000	-176,100,000	-107,100,000	-21,400,000	-7,900,000
(-) Capital Expenditure Margin	-2.76%	-2.38%	-2.15%	-2.09%	-1.98%	-1.85%	-2.75%	-3.11%	-3.17%	-2.01%	-1.68%	-1.95%	-2.21%	-2.08%	-1.66%	-1.80%	-1.84%	-1.82%	-1.82%	-2.53%	-1.92%	-1.76%	-1.31%	-1.74%	-1.71%	-1.89%	-1.59%	-1.22%	-1.11%	-1.07%	-1.48%	-1.76%	-7.44%	-13.02%	-11.14%	-3.27%	-1.41%
Unlevered Free Cash Flow	1,131,879,814	1,171,777,319	877,864,896	737,966,733	605,385,164	502,743,448	411,859,288	519,505,089	1,089,195,801	1,786,938,553	2,375,319,797	87,927,353	471,963,629	948,906,490	1,124,662,898	407,129,287	-32,899,935	646,645,616	302,074,660	348,772,826	598,610,555	394,748,374	-367,846,247	416,300,337	243,797,413	553,539,940	192,410,837	291,352,852	22,906,917	13,242,513	8,041,739	125,338,894	-86,076,349	-81,007,970	-61,791,034	7,562,097	8,505,699
Unlevered Free Cash Flow Margin	7.20%	7.89%	6.79%	6.34%	5.58%	5.25%	3.86%	3.76%	7.36%	10.50%	16.85%	1.00%	4.30%	8.23%	11.57%	4.73%	-0.35%	6.19%	3.27%	4.13%	7.36%	6.25%	-6.92%	4.77%	3.36%	9.63%	5.71%	9.89%	1.22%	0.76%	0.49%	7.26%	-5.70%	-5.99%	-6.43%	1.16%	1.52%
(-) Net Interest Income After Taxes	-19,695,254	-56,290,362	-87,138,574	-79,970,474	-70,041,197	-56,754,450	-47,295,375	-15,096,763	-3,772,327	-40,216,672	-111,549,403	-110,816,646	-120,735,274	-117,932,448	-149,346,351	-104,929,800	-96,990,059	-91,612,484	-84,382,626	-67,804,332	-41,022,127	-43,349,801	-44,200,409	-54,154,770	-49,068,584	-38,292,804	-15,550,256	-18,037,309	0	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	-0.12%	-0.48%	-0.83%	-0.81%	-0.77%	-0.64%	-0.53%	-0.11%	-0.03%	-0.24%	-0.79%	-1.26%	-1.10%	-1.02%	-1.54%	-1.22%	-1.04%	-0.88%	-0.91%	-0.80%	-0.50%	-0.69%	-0.83%	-0.62%	-0.68%	-0.67%	-0.46%	-0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-170,366,667	-90,760,000	-120,960,000	-39,374,867	-63,280,800	-47,985,960	-34,438,300	-300,000	-508,300,000	-2,500,000	-1,500,000	58,800,000	-617,600,000	278,100,000	-31,900,000	-7,800,000	-376,600,000	168,500,000	370,400,000	-185,200,000	283,700,000	-18,423,000	-831,168,000	-114,224,000	-119,750,000	483,660,000	-93,511,000	-64,400,000	147,245,000	-17,640,000	-95,568,000	96,330,000	-30,900,000	129,000,000	5,600,000	62,300,000	500,000
Net Debt Issuance Margin	-1.15%	-0.56%	-1.05%	-0.26%	-0.84%	-0.49%	0.18%	0.00%	-3.43%	-0.01%	-0.01%	0.67%	-5.63%	2.41%	-0.33%	-0.09%	-4.03%	1.61%	4.02%	-2.19%	3.49%	-0.29%	-15.63%	-1.31%	-1.65%	8.41%	-2.77%	-2.19%	7.82%	-1.01%	-5.77%	5.58%	-2.04%	9.54%	0.58%	9.53%	0.09%
Levered Free Cash Flow	981,208,402	1,137,307,681	844,043,470	778,562,340	612,145,560	511,511,937	424,716,363	534,301,852	584,668,128	1,824,655,225	2,485,369,200	257,543,998	-24,901,098	1,344,938,937	1,242,109,250	504,259,087	-312,509,876	906,758,100	756,857,286	231,377,158	923,332,682	419,675,175	-1,154,813,838	356,231,108	173,115,997	1,075,492,744	114,450,094	244,990,161	170,151,917	-4,397,487	-87,526,261	221,668,894	-116,976,349	47,992,030	-56,191,034	69,862,097	9,005,699
Levered Free Cash Flow Margin	6.18%	7.82%	6.58%	6.90%	5.51%	5.40%	4.57%	3.86%	3.95%	10.72%	17.64%	2.92%	-0.23%	11.66%	12.78%	5.85%	-3.34%	8.68%	8.21%	2.74%	11.35%	6.65%	-21.71%	4.09%	2.38%	18.71%	3.40%	8.31%	9.04%	-0.25%	-5.28%	12.84%	-7.74%	3.55%	-5.84%	10.68%	1.60%