Vulcan Materials Company (VMC)

Analysis: Margins & Ratios Industry: Construction Materials Sector: Basic Materials Live Price: $305.97

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	7,504,933,333	6,584,760,000	5,314,091,300	4,439,767,533	4,125,201,500	3,810,937,360	3,470,471,133	7,873,500,000	7,398,300,000	7,417,700,000	7,781,900,000	7,315,200,000	5,552,200,000	4,856,800,000	4,929,100,000	4,382,869,000	3,890,296,000	3,592,667,000	3,422,181,000	2,994,169,000	2,770,709,000	2,567,310,000	2,564,550,000	2,558,862,000	2,690,490,000	3,651,438,000	3,327,787,000	3,342,475,000	2,895,327,000	2,454,335,000	2,309,642,000	2,648,051,000	2,865,632,000	2,491,744,000	2,355,800,000	1,776,400,000	1,678,600,000	1,568,900,000	1,461,000,000
Cost of Revenue	5,669,666,667	4,952,620,000	3,978,343,700	3,420,396,933	3,171,308,800	2,925,072,200	2,627,470,167	5,657,300,000	5,463,800,000	5,418,100,000	5,833,400,000	5,757,500,000	4,178,800,000	3,575,300,000	3,673,200,000	3,281,924,000	2,896,783,000	2,603,782,000	2,564,648,000	2,406,587,000	2,343,829,000	2,233,284,000	2,280,681,000	2,258,136,000	2,244,528,000	2,901,726,000	2,376,884,000	2,410,571,000	2,186,513,000	1,871,662,000	1,753,895,000	2,131,580,000	2,241,580,000	1,701,912,000	1,584,900,000	1,096,400,000	1,075,300,000	1,006,700,000	934,000,000
Cost of Revenue Margin	75.57%	75.12%	74.69%	78.40%	77.90%	77.49%	75.28%	71.85%	73.85%	73.04%	74.96%	78.71%	75.26%	73.61%	74.52%	74.88%	74.46%	72.47%	74.94%	80.38%	84.59%	86.99%	88.93%	88.25%	83.42%	79.47%	71.43%	72.12%	75.52%	76.26%	75.94%	80.50%	78.22%	68.30%	67.28%	61.72%	64.06%	64.17%	63.93%
Gross Profit	1,835,266,667	1,632,140,000	1,335,747,600	1,019,370,600	953,892,700	885,865,160	843,000,967	2,216,200,000	1,934,500,000	1,999,600,000	1,948,500,000	1,557,700,000	1,373,400,000	1,281,500,000	1,255,900,000	1,100,945,000	993,513,000	988,885,000	857,533,000	587,582,000	426,880,000	334,026,000	283,869,000	300,726,000	445,962,000	749,712,000	950,903,000	931,904,000	708,814,000	582,673,000	555,747,000	516,471,000	624,052,000	789,832,000	770,900,000	680,000,000	603,300,000	562,200,000	527,000,000
Gross Profit Margin	24.43%	24.88%	25.31%	21.60%	22.10%	22.51%	24.72%	28.15%	26.15%	26.96%	25.04%	21.29%	24.74%	26.39%	25.48%	25.12%	25.54%	27.53%	25.06%	19.62%	15.41%	13.01%	11.07%	11.75%	16.58%	20.53%	28.57%	27.88%	24.48%	23.74%	24.06%	19.50%	21.78%	31.70%	32.72%	38.28%	35.94%	35.83%	36.07%
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	529,666,667	473,280,000	399,885,600	360,482,733	342,886,200	314,115,960	292,759,967	566,100,000	535,300,000	531,100,000	542,800,000	515,100,000	417,600,000	359,800,000	370,500,000	333,371,000	324,972,000	316,769,000	286,844,000	272,288,000	259,427,000	259,140,000	289,993,000	327,537,000	321,608,000	342,584,000	289,604,000	264,276,000	232,411,000	204,541,000	178,784,000	196,921,000	197,951,000	216,978,000	205,600,000	199,000,000	190,400,000	175,100,000	159,800,000
SG&A Expenses Margin	7.06%	7.22%	7.68%	8.63%	8.77%	8.58%	8.93%	7.19%	7.24%	7.16%	6.98%	7.04%	7.52%	7.41%	7.52%	7.61%	8.35%	8.82%	8.38%	9.09%	9.36%	10.09%	11.31%	12.80%	11.95%	9.38%	8.70%	7.91%	8.03%	8.33%	7.74%	7.44%	6.91%	8.71%	8.73%	11.20%	11.34%	11.16%	10.94%
Operating Expenses	587,500,000	502,180,000	422,773,900	353,239,667	340,099,700	319,981,360	320,894,467	574,500,000	600,800,000	635,100,000	521,100,000	606,300,000	362,600,000	385,800,000	378,400,000	353,232,000	354,469,000	322,983,000	307,755,000	49,444,000	236,476,000	249,245,000	220,425,000	315,266,000	297,510,000	500,610,000	236,486,000	236,815,000	231,978,000	204,541,000	178,784,000	196,921,000	167,951,000	449,343,000	412,700,000	336,800,000	319,600,000	287,700,000	270,500,000
Operating Expenses Margin	7.85%	7.60%	8.09%	8.11%	8.43%	8.64%	10.28%	7.30%	8.12%	8.56%	6.70%	8.29%	6.53%	7.94%	7.68%	8.06%	9.11%	8.99%	8.99%	1.65%	8.53%	9.71%	8.60%	12.32%	11.06%	13.71%	7.11%	7.09%	8.01%	8.33%	7.74%	7.44%	5.86%	18.03%	17.52%	18.96%	19.04%	18.34%	18.51%
Operating Income (EBIT)	1,247,766,667	1,129,960,000	912,973,700	666,130,933	613,793,000	574,065,440	528,924,533	1,641,700,000	1,333,700,000	1,364,500,000	1,427,400,000	951,400,000	1,010,800,000	895,700,000	877,500,000	747,713,000	639,044,000	665,902,000	549,778,000	538,138,000	190,404,000	84,781,000	63,444,000	-14,540,000	148,452,000	249,102,000	714,417,000	695,089,000	476,836,000	582,673,000	376,963,000	319,550,000	456,101,000	340,489,000	358,200,000	343,200,000	283,700,000	274,500,000	256,500,000
Operating Income (EBIT) Margin	16.58%	17.28%	17.23%	13.49%	13.67%	14.20%	14.72%	20.85%	18.03%	18.40%	18.34%	13.01%	18.21%	18.44%	17.80%	17.06%	16.43%	18.54%	16.07%	17.97%	6.87%	3.30%	2.47%	-0.57%	5.52%	6.82%	21.47%	20.80%	16.47%	23.74%	16.32%	12.07%	15.92%	13.66%	15.21%	19.32%	16.90%	17.50%	17.56%
Interest Income	12,733,333	8,280,000	4,869,800	3,736,600	3,072,850	2,458,280	2,048,567	20,900,000	0	20,900,000	16,500,000	800,000	1,600,000	1,600,000	1,155,000	554,000	4,437,000	807,000	345,000	960,000	943,000	1,141,000	3,444,000	863,000	2,282,000	3,126,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.17%	0.11%	0.07%	0.07%	0.06%	0.05%	0.04%	0.27%	0.00%	0.28%	0.21%	0.01%	0.03%	0.03%	0.02%	0.01%	0.11%	0.02%	0.01%	0.03%	0.03%	0.04%	0.13%	0.03%	0.08%	0.09%	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	185,500,000	168,360,000	176,016,300	188,094,400	158,474,550	126,779,640	105,649,700	485,500,000	155,100,000	191,200,000	196,100,000	169,200,000	149,300,000	136,000,000	130,200,000	137,977,000	295,522,000	134,076,000	220,588,000	243,367,000	202,588,000	213,067,000	220,628,000	181,603,000	175,262,000	172,813,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Margin	2.47%	2.58%	3.65%	5.06%	4.36%	3.49%	2.90%	6.17%	2.10%	2.58%	2.52%	2.31%	2.69%	2.80%	2.64%	3.15%	7.60%	3.73%	6.45%	8.13%	7.31%	8.30%	8.60%	7.10%	6.51%	4.73%	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 Interest Income	-172,766,667	-160,080,000	-171,142,000	-184,354,800	-155,399,450	-124,319,560	-103,599,633	-464,600,000	-155,100,000	-170,300,000	-179,600,000	-168,400,000	-147,700,000	-134,400,000	-129,000,000	-137,423,000	-291,085,000	-133,269,000	-220,243,000	-242,407,000	-201,645,000	-211,926,000	-217,184,000	-180,740,000	-172,980,000	-169,687,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-2.30%	-2.47%	-3.57%	-4.99%	-4.30%	-3.44%	-2.87%	-5.90%	-2.10%	-2.30%	-2.31%	-2.30%	-2.66%	-2.77%	-2.62%	-3.14%	-7.48%	-3.71%	-6.44%	-8.10%	-7.28%	-8.25%	-8.47%	-7.06%	-6.43%	-4.65%	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%
Unusual Items	352,100,000	325,460,400	340,088,300	365,882,600	310,388,250	268,103,960	221,593,300	700,400,000	320,400,000	362,700,000	361,900,000	331,700,000	284,700,000	286,302,000	248,844,000	261,846,000	568,813,000	251,914,000	442,164,000	481,707,000	395,752,000	417,125,000	434,366,000	358,406,000	340,653,000	343,731,000	46,915,000	-8,372,000	-3,401,000	207,107,000	65,538,000	61,890,000	132,048,000	28,251,000	6,600,000	-31,600,000	-16,800,000	-11,100,000	-1,900,000
Unusual Items Margin	4.69%	5.02%	7.07%	9.88%	8.57%	7.63%	6.25%	8.90%	4.33%	4.89%	4.65%	4.53%	5.13%	5.89%	5.05%	5.97%	14.62%	7.01%	12.92%	16.09%	14.28%	16.25%	16.94%	14.01%	12.66%	9.41%	1.41%	-0.25%	-0.12%	8.44%	2.84%	2.34%	4.61%	1.13%	0.28%	-1.78%	-1.00%	-0.71%	-0.13%
EBT Excluding Unusual Items	716,333,333	639,119,200	403,943,600	118,723,533	148,418,200	162,178,880	189,339,067	705,500,000	848,000,000	809,400,000	883,200,000	456,400,000	589,100,000	457,496,000	508,857,000	361,444,000	-207,497,000	295,343,000	-114,307,000	-182,869,000	-399,455,000	-537,543,000	-588,104,000	-550,612,000	-359,874,000	-268,673,000	620,587,000	711,833,000	483,638,000	168,459,000	245,887,000	195,770,000	192,005,000	283,987,000	345,000,000	406,400,000	317,300,000	296,700,000	260,300,000
EBT Excluding Unusual Items Margin	9.50%	9.71%	6.66%	-1.28%	0.83%	2.39%	5.09%	8.96%	11.46%	10.91%	11.35%	6.24%	10.61%	9.42%	10.32%	8.25%	-5.33%	8.22%	-3.34%	-6.11%	-14.42%	-20.94%	-22.93%	-21.52%	-13.38%	-7.36%	18.65%	21.30%	16.70%	6.86%	10.65%	7.39%	6.70%	11.40%	14.64%	22.88%	18.90%	18.91%	17.82%
Pre-Tax Income	1,068,433,333	964,579,600	744,031,900	484,606,133	458,806,450	430,282,840	410,932,367	1,405,900,000	1,168,400,000	1,172,100,000	1,245,100,000	788,100,000	873,800,000	743,798,000	757,701,000	623,290,000	361,316,000	547,257,000	327,857,000	298,838,000	-3,703,000	-120,418,000	-153,738,000	-192,206,000	-19,221,000	75,058,000	667,502,000	703,461,000	480,237,000	375,566,000	311,425,000	257,660,000	324,053,000	312,238,000	351,600,000	374,800,000	300,500,000	285,600,000	258,400,000
Pre-Tax Income Margin	14.19%	14.73%	13.73%	8.60%	9.40%	10.01%	11.34%	17.86%	15.79%	15.80%	16.00%	10.77%	15.74%	15.31%	15.37%	14.22%	9.29%	15.23%	9.58%	9.98%	-0.13%	-4.69%	-5.99%	-7.51%	-0.71%	2.06%	20.06%	21.05%	16.59%	15.30%	13.48%	9.73%	11.31%	12.53%	14.92%	21.10%	17.90%	18.20%	17.69%
Income Tax Expense	247,933,333	219,940,600	132,806,900	77,377,600	88,315,000	89,183,560	91,366,300	280,400,000	313,500,000	251,400,000	299,400,000	193,000,000	200,100,000	155,803,000	135,198,000	105,449,000	-232,075,000	124,851,000	94,943,000	91,692,000	-24,459,000	-66,492,000	-78,483,000	-89,663,000	-37,869,000	76,724,000	204,416,000	225,963,000	136,402,000	114,353,000	87,971,000	67,247,000	101,373,000	92,345,000	111,900,000	118,900,000	91,400,000	97,000,000	92,200,000
Income Tax Expense Margin	3.29%	3.34%	2.21%	1.01%	1.67%	2.07%	2.70%	3.56%	4.24%	3.39%	3.85%	2.64%	3.60%	3.21%	2.74%	2.41%	-5.97%	3.48%	2.77%	3.06%	-0.88%	-2.59%	-3.06%	-3.50%	-1.41%	2.10%	6.14%	6.76%	4.71%	4.66%	3.81%	2.54%	3.54%	3.71%	4.75%	6.69%	5.45%	6.18%	6.31%
Net Income	806,900,000	735,200,000	605,132,000	404,050,933	369,708,200	339,558,000	318,281,667	1,122,700,000	845,700,000	911,900,000	933,200,000	575,600,000	670,800,000	584,500,000	617,662,000	515,805,000	601,185,000	419,491,000	221,177,000	204,923,000	24,382,000	-52,593,000	-70,778,000	-96,490,000	30,314,000	-4,115,000	450,910,000	467,534,000	388,757,000	287,385,000	194,952,000	169,876,000	222,680,000	219,893,000	239,700,000	255,900,000	209,100,000	188,600,000	166,200,000
Net Income Margin	10.72%	11.25%	11.42%	7.55%	7.76%	7.94%	8.63%	14.26%	11.43%	12.29%	11.99%	7.87%	12.08%	12.03%	12.53%	11.77%	15.45%	11.68%	6.46%	6.84%	0.88%	-2.05%	-2.76%	-3.77%	1.13%	-0.11%	13.55%	13.99%	13.43%	11.71%	8.44%	6.42%	7.77%	8.82%	10.17%	14.41%	12.46%	12.02%	11.38%
Depreciation and Amortization	598,000,000	528,140,000	421,580,000	388,739,867	366,774,150	345,434,960	311,109,133	712,300,000	607,100,000	617,500,000	603,100,000	573,400,000	449,900,000	396,800,000	374,600,000	346,246,000	305,965,000	284,940,000	263,349,000	267,896,000	296,423,000	324,003,000	353,524,000	373,452,000	394,612,000	389,060,000	271,475,000	226,370,000	222,868,000	245,050,000	277,091,000	267,676,000	278,209,000	232,365,000	207,100,000	137,800,000	129,200,000	112,600,000	110,700,000
Depreciation and Amortization Margin	7.97%	8.04%	7.92%	9.32%	9.39%	9.56%	9.26%	9.05%	8.21%	8.32%	7.75%	7.84%	8.10%	8.17%	7.60%	7.90%	7.86%	7.93%	7.70%	8.95%	10.70%	12.62%	13.79%	14.59%	14.67%	10.65%	8.16%	6.77%	7.70%	9.98%	12.00%	10.11%	9.71%	9.33%	8.79%	7.76%	7.70%	7.18%	7.58%
EBITDA	1,851,933,333	1,661,080,000	1,341,628,300	1,061,440,467	985,812,300	914,314,880	835,712,400	2,603,700,000	1,947,100,000	1,980,800,000	2,044,300,000	1,530,700,000	1,473,000,000	1,276,600,000	1,262,500,000	1,107,513,000	962,803,000	966,273,000	811,794,000	810,101,000	495,308,000	416,652,000	420,414,000	362,849,000	550,653,000	636,931,000	985,892,000	921,459,000	699,704,000	623,182,000	654,054,000	587,226,000	704,310,000	572,854,000	565,300,000	481,000,000	412,900,000	387,100,000	367,200,000
EBITDA Margin	24.63%	25.34%	25.30%	22.98%	23.20%	23.50%	23.76%	33.07%	26.32%	26.70%	26.27%	20.92%	26.53%	26.28%	25.61%	25.27%	24.75%	26.90%	23.72%	27.06%	17.88%	16.23%	16.39%	14.18%	20.47%	17.44%	29.63%	27.57%	24.17%	25.39%	28.32%	22.18%	24.58%	22.99%	24.00%	27.08%	24.60%	24.67%	25.13%
NOPAT	958,135,137	872,362,121	765,800,865	468,336,443	409,217,000	385,977,488	355,720,637	1,314,270,823	975,847,424	1,071,832,736	1,084,163,666	718,409,009	779,327,031	708,078,163	720,926,041	621,213,958	1,049,505,027	513,983,376	390,569,648	373,021,952	-1,067,249,642	37,966,917	31,055,941	-7,757,173	-144,026,476	-5,529,110	495,633,737	471,815,221	341,399,988	405,259,694	270,478,896	236,150,253	313,419,628	239,788,711	244,199,488	234,324,653	197,409,884	181,269,958	164,977,941
NOPAT Margin	12.73%	13.36%	14.83%	8.31%	8.00%	8.71%	9.19%	16.69%	13.19%	14.45%	13.93%	9.82%	14.04%	14.58%	14.63%	14.17%	26.98%	14.31%	11.41%	12.46%	-38.52%	1.48%	1.21%	-0.30%	-5.35%	-0.15%	14.89%	14.12%	11.79%	16.51%	11.71%	8.92%	10.94%	9.62%	10.37%	13.19%	11.76%	11.55%	11.29%
Owner's Earnings	722,900,000	684,403,000	530,377,200	402,655,200	360,966,150	323,026,200	269,711,833	1,194,300,000	819,300,000	940,600,000	677,600,000	550,500,000	638,200,000	615,115,000	584,412,000	378,019,000	416,827,000	325,412,000	177,087,000	231,226,000	32,397,000	167,446,000	199,107,000	105,880,000	257,593,000	31,749,000	239,063,000	257,023,000	394,067,000	328,635,000	278,120,000	188,774,000	214,035,000	-153,232,000	-648,300,000	190,400,000	156,400,000	149,500,000	167,700,000
Owner's Earnings Margin	9.64%	10.61%	9.85%	8.39%	8.24%	7.94%	7.07%	15.17%	11.07%	12.68%	8.71%	7.53%	11.49%	12.67%	11.86%	8.62%	10.71%	9.06%	5.17%	7.72%	1.17%	6.52%	7.76%	4.14%	9.57%	0.87%	7.18%	7.69%	13.61%	13.39%	12.04%	7.13%	7.47%	-6.15%	-27.52%	10.72%	9.32%	9.53%	11.48%

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	7,504,933,333	6,584,760,000	5,314,091,300	4,439,767,533	4,125,201,500	3,810,937,360	3,470,471,133	7,417,700,000	7,781,900,000	7,315,200,000	5,552,200,000	4,856,800,000	4,929,100,000	4,382,869,000	3,890,296,000	3,592,667,000	3,422,181,000	2,994,169,000	2,770,709,000	2,567,310,000	2,564,550,000	2,558,862,000	2,690,490,000	3,651,438,000	3,327,787,000	3,342,475,000	2,895,327,000	2,454,335,000	2,309,642,000	2,648,051,000	2,865,632,000	2,491,744,000	2,355,800,000	1,776,400,000	1,678,600,000	1,568,900,000	1,461,000,000
Cash & Cash Equivalents	550,733,333	616,860,000	408,061,800	326,299,133	264,610,100	252,285,880	224,728,233	559,700,000	931,100,000	161,400,000	235,000,000	1,197,100,000	271,589,000	40,037,000	141,646,000	258,986,000	284,060,000	141,273,000	193,738,000	275,478,000	155,839,000	47,541,000	22,265,000	10,194,000	34,888,000	55,230,000	275,138,000	271,450,000	416,689,000	170,728,000	100,802,000	55,276,000	52,800,000	180,600,000	128,600,000	50,800,000	21,900,000
Cash & Cash Equivalents Margin	7.24%	10.12%	7.62%	7.10%	5.99%	6.45%	6.20%	7.55%	11.96%	2.21%	4.23%	24.65%	5.51%	0.91%	3.64%	7.21%	8.30%	4.72%	6.99%	10.73%	6.08%	1.86%	0.83%	0.28%	1.05%	1.65%	9.50%	11.06%	18.04%	6.45%	3.52%	2.22%	2.24%	10.17%	7.66%	3.24%	1.50%
Short-Term Investments	0	0	0	0	10,799,250	16,006,760	13,338,967	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,111,000	36,734,000	0	0	175,140,000	179,210,000	4,974,000	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.00%	0.36%	0.59%	0.49%	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%	0.15%	1.01%	0.00%	0.00%	6.05%	7.30%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	550,733,333	616,860,000	408,061,800	326,299,133	275,409,350	268,292,640	238,067,200	559,700,000	931,100,000	161,400,000	235,000,000	1,197,100,000	271,589,000	40,037,000	141,646,000	258,986,000	284,060,000	141,273,000	193,738,000	275,478,000	155,839,000	47,541,000	26,376,000	46,928,000	34,888,000	55,230,000	450,278,000	450,660,000	421,663,000	170,728,000	100,802,000	55,276,000	52,800,000	180,600,000	128,600,000	50,800,000	21,900,000
Cash & Short-Term Investments Margin	7.24%	10.12%	7.62%	7.10%	6.35%	7.03%	6.69%	7.55%	11.96%	2.21%	4.23%	24.65%	5.51%	0.91%	3.64%	7.21%	8.30%	4.72%	6.99%	10.73%	6.08%	1.86%	0.98%	1.29%	1.05%	1.65%	15.55%	18.36%	18.26%	6.45%	3.52%	2.22%	2.24%	10.17%	7.66%	3.24%	1.50%
Net Receivables	942,433,333	844,460,000	683,137,600	564,967,333	519,460,100	483,392,960	440,074,133	892,300,000	889,700,000	1,045,300,000	838,700,000	556,300,000	570,116,000	540,778,000	588,337,000	491,821,000	418,024,000	373,842,000	339,621,000	296,980,000	314,893,000	317,798,000	268,024,000	356,977,000	421,861,000	391,460,000	476,370,000	281,613,000	359,953,000	332,126,000	340,063,000	381,867,000	329,700,000	221,300,000	199,800,000	185,500,000	181,100,000
Net Receivables Margin	12.58%	12.86%	12.92%	12.68%	12.54%	12.71%	12.67%	12.03%	11.43%	14.29%	15.11%	11.45%	11.57%	12.34%	15.12%	13.69%	12.22%	12.49%	12.26%	11.57%	12.28%	12.42%	9.96%	9.78%	12.68%	11.71%	16.45%	11.47%	15.58%	12.54%	11.87%	15.33%	14.00%	12.46%	11.90%	11.82%	12.40%
Inventory	625,566,667	569,317,000	481,125,000	430,678,933	397,356,750	360,429,600	324,031,333	681,800,000	615,600,000	579,300,000	521,300,000	448,585,000	458,308,000	429,330,000	384,338,000	345,616,000	347,073,000	321,804,000	344,606,000	335,022,000	327,657,000	319,845,000	325,033,000	364,311,000	356,318,000	243,537,000	197,752,000	177,184,000	219,376,000	239,586,000	228,415,000	199,044,000	178,700,000	143,700,000	132,400,000	128,600,000	126,800,000
Inventory Margin	8.34%	8.73%	9.24%	10.26%	10.04%	9.70%	9.43%	9.19%	7.91%	7.92%	9.39%	9.24%	9.30%	9.80%	9.88%	9.62%	10.14%	10.75%	12.44%	13.05%	12.78%	12.50%	12.08%	9.98%	10.71%	7.29%	6.83%	7.22%	9.50%	9.05%	7.97%	7.99%	7.59%	8.09%	7.89%	8.20%	8.68%
Other Current Assets	112,133,333	102,640,000	67,669,600	63,329,200	72,249,000	84,841,960	76,768,300	131,900,000	88,500,000	116,000,000	101,600,000	75,200,000	79,313,000	69,000,000	5,000,000	9,033,000	1,150,000	54,910,000	50,982,000	55,779,000	43,113,000	68,458,000	71,089,000	71,205,000	303,985,000	25,579,000	23,184,000	492,656,000	34,358,000	37,698,000	53,040,000	58,317,000	63,500,000	30,800,000	26,300,000	29,100,000	32,300,000
Other Current Assets Margin	1.50%	1.58%	1.15%	1.45%	1.85%	2.57%	2.47%	1.78%	1.14%	1.59%	1.83%	1.55%	1.61%	1.57%	0.13%	0.25%	0.03%	1.83%	1.84%	2.17%	1.68%	2.68%	2.64%	1.95%	9.13%	0.77%	0.80%	20.07%	1.49%	1.42%	1.85%	2.34%	2.70%	1.73%	1.57%	1.85%	2.21%
Total Current Assets	2,230,866,667	2,132,173,000	1,650,388,500	1,400,032,733	1,284,600,200	1,214,973,960	1,093,954,967	2,265,700,000	2,524,900,000	1,902,000,000	1,691,100,000	2,277,165,000	1,379,326,000	1,079,145,000	1,180,101,000	1,119,857,000	1,084,591,000	920,469,000	955,959,000	984,972,000	863,100,000	772,106,000	744,293,000	893,890,000	1,157,229,000	731,379,000	1,164,722,000	1,417,959,000	1,050,242,000	789,688,000	729,952,000	694,504,000	624,700,000	576,400,000	487,100,000	394,000,000	362,100,000
Total Current Assets Margin	29.66%	33.27%	31.21%	31.97%	31.43%	32.60%	31.76%	30.54%	32.45%	26.00%	30.46%	46.89%	27.98%	24.62%	30.33%	31.17%	31.69%	30.74%	34.50%	38.37%	33.66%	30.17%	27.66%	24.48%	34.77%	21.88%	40.23%	57.77%	45.47%	29.82%	25.47%	27.87%	26.52%	32.45%	29.02%	25.11%	24.78%
Property, Plant & Equipment	7,447,066,667	6,685,705,400	5,272,672,000	4,621,376,333	4,222,215,150	3,747,926,440	3,283,485,367	8,987,900,000	6,729,400,000	6,623,900,000	6,238,200,000	4,849,127,000	4,724,227,000	4,237,307,000	3,918,931,000	3,261,438,000	3,156,290,000	3,071,630,000	3,312,017,000	3,159,185,000	3,418,179,000	3,632,914,000	3,874,671,000	4,155,812,000	3,620,094,000	1,869,114,000	1,603,967,000	1,536,493,000	1,892,648,000	1,976,053,000	2,000,030,000	1,848,634,000	1,639,700,000	895,800,000	808,400,000	764,500,000	698,000,000
Property, Plant & Equipment Margin	99.40%	102.08%	98.67%	107.14%	104.25%	97.93%	90.43%	121.17%	86.48%	90.55%	112.36%	99.84%	95.84%	96.68%	100.74%	90.78%	92.23%	102.59%	119.54%	123.05%	133.29%	141.97%	144.01%	113.81%	108.78%	55.92%	55.40%	62.60%	81.95%	74.62%	69.79%	74.19%	69.60%	50.43%	48.16%	48.73%	47.78%
Goodwill	3,669,800,000	3,575,642,400	3,352,263,800	3,264,628,733	2,977,785,150	2,382,228,120	1,985,190,100	3,788,100,000	3,531,700,000	3,689,600,000	3,696,700,000	3,172,112,000	3,167,061,000	3,165,396,000	3,122,321,000	3,094,824,000	3,094,824,000	3,094,824,000	3,081,521,000	3,086,716,000	3,086,716,000	3,097,016,000	3,093,979,000	3,083,013,000	3,789,091,000	620,189,000	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	48.96%	55.76%	67.21%	83.22%	79.01%	63.21%	52.67%	51.07%	45.38%	50.44%	66.58%	65.31%	64.25%	72.22%	80.26%	86.14%	90.43%	103.36%	111.22%	120.23%	120.36%	121.03%	115.00%	84.43%	113.86%	18.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	1,625,833,333	1,550,008,800	1,253,615,800	1,071,580,400	902,361,200	838,144,760	716,747,300	1,714,700,000	1,460,700,000	1,702,100,000	1,749,000,000	1,123,544,000	1,091,475,000	1,095,378,000	1,063,630,000	769,052,000	766,579,000	758,243,000	697,578,000	692,532,000	697,502,000	691,693,000	682,643,000	673,792,000	0	0	617,083,000	600,181,000	579,817,000	575,791,000	588,562,000	562,044,000	454,800,000	94,000,000	0	0	0
Intangible Assets Margin	21.72%	23.96%	23.81%	24.65%	21.75%	21.97%	19.13%	23.12%	18.77%	23.27%	31.50%	23.13%	22.14%	24.99%	27.34%	21.41%	22.40%	25.32%	25.18%	26.98%	27.20%	27.03%	25.37%	18.45%	0.00%	0.00%	21.31%	24.45%	25.10%	21.74%	20.54%	22.56%	19.31%	5.29%	0.00%	0.00%	0.00%
Long-Term Investments	31,466,667	32,560,200	38,302,400	38,368,800	31,840,650	25,472,520	21,227,100	31,300,000	31,300,000	31,800,000	34,100,000	34,301,000	60,709,000	44,615,000	35,115,000	39,226,000	40,558,000	41,650,000	42,387,000	42,081,000	29,004,000	37,386,000	33,283,000	27,998,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	0.42%	0.52%	0.80%	1.01%	0.86%	0.69%	0.57%	0.42%	0.40%	0.43%	0.61%	0.71%	1.23%	1.02%	0.90%	1.09%	1.19%	1.39%	1.53%	1.64%	1.13%	1.46%	1.24%	0.77%	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	290,000,000	273,740,000	231,832,000	203,296,467	200,730,050	182,561,880	174,941,567	317,100,000	267,700,000	285,200,000	268,000,000	230,700,000	225,995,000	210,289,000	184,793,000	169,753,000	158,790,000	154,281,000	174,144,000	161,113,000	134,813,000	106,776,000	105,085,000	79,664,000	369,956,000	207,337,000	203,112,000	110,500,000	114,153,000	106,689,000	94,712,000	123,392,000	120,300,000	92,400,000	153,700,000	162,100,000	155,700,000
Other Non-Current Assets Margin	3.87%	4.24%	4.47%	4.79%	5.11%	4.96%	5.48%	4.27%	3.44%	3.90%	4.83%	4.75%	4.58%	4.80%	4.75%	4.72%	4.64%	5.15%	6.29%	6.28%	5.26%	4.17%	3.91%	2.18%	11.12%	6.20%	7.02%	4.50%	4.94%	4.03%	3.31%	4.95%	5.11%	5.20%	9.16%	10.33%	10.66%
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	13,064,166,667	12,118,748,000	10,149,231,600	9,201,001,467	8,336,055,600	7,176,631,160	6,181,839,300	14,839,100,000	12,020,800,000	12,332,600,000	11,991,500,000	9,409,740,000	9,269,467,000	8,752,985,000	8,324,790,000	7,334,293,000	7,217,041,000	7,141,433,000	7,307,647,000	7,141,627,000	7,366,214,000	7,565,785,000	7,789,662,000	8,020,279,000	7,779,141,000	2,692,846,000	2,424,162,000	2,247,174,000	2,586,618,000	2,658,533,000	2,668,272,000	2,534,070,000	2,214,800,000	1,082,200,000	962,100,000	926,600,000	853,700,000
Total Non-Current Assets Margin	174.37%	186.57%	194.96%	220.86%	211.01%	188.76%	168.29%	200.05%	154.47%	168.59%	215.98%	193.74%	188.06%	199.71%	213.99%	204.15%	210.89%	238.51%	263.75%	278.18%	287.23%	295.67%	289.53%	219.65%	233.76%	80.56%	83.73%	91.56%	111.99%	100.40%	93.11%	101.70%	94.01%	60.92%	57.32%	59.06%	58.43%
Total Assets	15,295,033,333	14,250,921,000	11,799,620,100	10,601,034,200	9,620,655,800	8,391,605,120	7,275,794,267	17,104,800,000	14,545,700,000	14,234,600,000	13,682,600,000	11,686,905,000	10,648,793,000	9,832,130,000	9,504,891,000	8,454,150,000	8,301,632,000	8,061,902,000	8,263,606,000	8,126,599,000	8,229,314,000	8,337,891,000	8,533,955,000	8,914,169,000	8,936,370,000	3,424,225,000	3,588,884,000	3,665,133,000	3,636,860,000	3,448,221,000	3,398,224,000	3,228,574,000	2,839,500,000	1,658,600,000	1,449,200,000	1,320,600,000	1,215,800,000
Total Assets Margin	204.03%	219.83%	226.18%	252.84%	242.44%	221.36%	200.05%	230.59%	186.92%	194.59%	246.44%	240.63%	216.04%	224.33%	244.32%	235.32%	242.58%	269.25%	298.25%	316.54%	320.89%	325.84%	317.19%	244.13%	268.54%	102.45%	123.95%	149.33%	157.46%	130.22%	118.59%	129.57%	120.53%	93.37%	86.33%	84.17%	83.22%
Accounts Payable	417,300,000	378,100,000	289,023,800	232,954,267	213,936,300	198,415,520	183,772,933	407,000,000	390,400,000	454,500,000	365,500,000	273,100,000	265,159,000	216,473,000	197,335,000	145,042,000	175,729,000	145,148,000	139,345,000	113,337,000	103,931,000	102,315,000	121,324,000	147,104,000	219,548,000	154,215,000	142,221,000	95,312,000	129,361,000	122,053,000	153,619,000	181,317,000	136,100,000	107,400,000	112,500,000	98,500,000	98,300,000
Accounts Payable Margin	5.57%	5.78%	5.35%	5.06%	5.02%	5.09%	5.29%	5.49%	5.02%	6.21%	6.58%	5.62%	5.38%	4.94%	5.07%	4.04%	5.14%	4.85%	5.03%	4.41%	4.05%	4.00%	4.51%	4.03%	6.60%	4.61%	4.91%	3.88%	5.60%	4.61%	5.36%	7.28%	5.78%	6.05%	6.70%	6.28%	6.73%
Short-Term Debt	167,166,667	204,420,000	119,679,900	128,214,400	326,878,600	289,467,520	246,012,933	400,500,000	500,000	100,500,000	5,200,000	515,400,000	25,000	133,023,000	41,383,000	138,000	130,000	150,137,000	170,000	150,602,000	134,762,000	290,746,000	621,893,000	1,394,185,000	2,126,681,000	199,530,000	272,067,000	3,226,000	278,721,000	78,939,000	61,143,000	277,087,000	107,900,000	7,800,000	9,100,000	8,300,000	10,600,000
Short-Term Debt Margin	2.26%	3.50%	2.16%	3.27%	9.48%	8.72%	7.50%	5.40%	0.01%	1.37%	0.09%	10.61%	0.00%	3.04%	1.06%	0.00%	0.00%	5.01%	0.01%	5.87%	5.25%	11.36%	23.11%	38.18%	63.91%	5.97%	9.40%	0.13%	12.07%	2.98%	2.13%	11.12%	4.58%	0.44%	0.54%	0.53%	0.73%
Tax Payables	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 Payables 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%
Deferred Revenue	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
Deferred Revenue 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 Current Liabilities	261,066,667	237,900,000	179,251,500	122,852,867	96,634,350	91,031,160	91,905,967	276,200,000	238,100,000	268,900,000	258,500,000	147,800,000	153,984,000	141,463,000	105,282,000	125,858,000	76,428,000	520,000	0	801,000	0	48,957,000	38,517,000	0	7,706,000	5,801,000	37,870,000	229,265,000	0	0	0	113,827,000	142,600,000	96,300,000	86,100,000	87,900,000	68,500,000
Other Current Liabilities Margin	3.49%	3.63%	3.30%	2.33%	1.90%	2.08%	2.63%	3.72%	3.06%	3.68%	4.66%	3.04%	3.12%	3.23%	2.71%	3.50%	2.23%	0.02%	0.00%	0.03%	0.00%	1.91%	1.43%	0.00%	0.23%	0.17%	1.31%	9.34%	0.00%	0.00%	0.00%	4.57%	6.05%	5.42%	5.13%	5.60%	4.69%
Total Current Liabilities	997,766,667	962,100,000	711,720,800	619,548,867	770,385,150	703,671,160	625,655,967	1,239,100,000	797,600,000	956,600,000	769,300,000	1,047,900,000	535,563,000	602,550,000	442,872,000	372,244,000	353,479,000	451,878,000	299,135,000	436,411,000	406,253,000	582,348,000	856,695,000	1,663,066,000	2,528,187,000	487,508,000	579,014,000	426,689,000	542,952,000	297,709,000	344,495,000	572,231,000	386,600,000	211,500,000	207,700,000	194,700,000	177,400,000
Total Current Liabilities Margin	13.34%	15.09%	13.22%	14.24%	20.08%	19.55%	18.46%	16.70%	10.25%	13.08%	13.86%	21.58%	10.87%	13.75%	11.38%	10.36%	10.33%	15.09%	10.80%	17.00%	15.84%	22.76%	31.84%	45.55%	75.97%	14.59%	20.00%	17.39%	23.51%	11.24%	12.02%	22.97%	16.41%	11.91%	12.37%	12.41%	12.14%
Long-Term Debt	4,219,800,000	3,861,280,000	3,164,663,900	2,909,207,867	2,504,155,500	2,149,788,120	1,825,926,767	4,906,900,000	3,877,300,000	3,875,200,000	3,874,800,000	2,772,200,000	2,784,315,000	2,779,357,000	2,813,482,000	1,982,751,000	1,980,334,000	1,834,642,000	2,522,243,000	2,526,401,000	2,680,677,000	2,427,516,000	2,116,120,000	2,153,588,000	1,529,828,000	322,064,000	323,392,000	604,522,000	607,654,000	857,757,000	906,299,000	685,361,000	698,900,000	76,500,000	81,900,000	85,500,000	90,300,000
Long-Term Debt Margin	56.32%	59.16%	60.11%	70.08%	62.78%	55.92%	48.29%	66.15%	49.82%	52.97%	69.79%	57.08%	56.49%	63.41%	72.32%	55.19%	57.87%	61.27%	91.03%	98.41%	104.53%	94.87%	78.65%	58.98%	45.97%	9.64%	11.17%	24.63%	26.31%	32.39%	31.63%	27.51%	29.67%	4.31%	4.88%	5.45%	6.18%
Capital Lease Obligations	525,733,333	523,856,400	300,732,400	200,488,267	150,366,200	120,292,960	100,244,133	521,400,000	507,400,000	548,400,000	642,500,000	399,582,000	388,042,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	7.02%	8.17%	4.87%	3.25%	2.44%	1.95%	1.62%	7.03%	6.52%	7.50%	11.57%	8.23%	7.87%	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%
Deferred Tax Liabilities	1,146,066,667	1,030,040,000	819,855,300	788,283,933	743,659,800	659,729,800	570,138,167	1,336,500,000	1,028,900,000	1,072,800,000	1,005,900,000	706,100,000	633,039,000	567,283,000	464,081,000	702,854,000	681,096,000	691,137,000	701,075,000	657,367,000	732,528,000	843,599,000	893,974,000	920,475,000	671,518,000	287,905,000	275,065,000	348,613,000	338,913,000	345,181,000	318,545,000	268,797,000	250,800,000	98,500,000	88,700,000	87,000,000	85,900,000
Deferred Tax Liabilities Margin	15.30%	15.71%	15.57%	19.42%	19.40%	18.07%	16.16%	18.02%	13.22%	14.67%	18.12%	14.54%	12.84%	12.94%	11.93%	19.56%	19.90%	23.08%	25.30%	25.61%	28.56%	32.97%	33.23%	25.21%	20.18%	8.61%	9.50%	14.20%	14.67%	13.04%	11.12%	10.79%	10.65%	5.54%	5.28%	5.55%	5.88%
Other Non-Current Liabilities	723,833,333	677,320,000	627,806,100	623,330,933	582,385,450	504,042,120	437,121,767	820,600,000	681,300,000	669,600,000	655,300,000	559,800,000	506,097,000	493,640,000	624,087,000	642,762,000	624,875,000	672,773,000	578,841,000	671,775,000	618,239,000	530,275,000	620,845,000	625,743,000	446,827,000	319,458,000	284,872,000	271,334,000	252,518,000	157,930,000	144,499,000	127,063,000	179,500,000	118,400,000	79,400,000	69,700,000	65,600,000
Other Non-Current Liabilities Margin	9.66%	10.46%	12.60%	16.03%	15.67%	14.06%	12.65%	11.06%	8.75%	9.15%	11.80%	11.53%	10.27%	11.26%	16.04%	17.89%	18.26%	22.47%	20.89%	26.17%	24.11%	20.72%	23.08%	17.14%	13.43%	9.56%	9.84%	11.06%	10.93%	5.96%	5.04%	5.10%	7.62%	6.67%	4.73%	4.44%	4.49%
Total Non-Current Liabilities	6,763,066,667	6,249,300,000	5,087,839,600	4,671,651,867	4,093,322,600	3,524,057,520	3,008,601,267	7,723,200,000	6,240,200,000	6,325,800,000	6,345,600,000	4,611,700,000	4,491,373,000	4,026,677,000	4,093,126,000	3,526,755,000	3,493,965,000	3,412,520,000	4,021,902,000	3,929,126,000	4,031,444,000	3,801,390,000	3,630,939,000	3,699,806,000	2,648,173,000	929,427,000	883,329,000	1,224,469,000	1,199,085,000	1,360,868,000	1,369,343,000	1,081,221,000	1,129,200,000	293,400,000	250,000,000	242,200,000	241,800,000
Total Non-Current Liabilities Margin	90.26%	96.01%	96.85%	112.43%	103.03%	92.20%	80.54%	104.12%	80.19%	86.47%	114.29%	94.95%	91.12%	91.87%	105.21%	98.17%	102.10%	113.97%	145.16%	153.04%	157.20%	148.56%	134.95%	101.32%	79.58%	27.81%	30.51%	49.89%	51.92%	51.39%	47.79%	43.39%	47.93%	16.52%	14.89%	15.44%	16.55%
Total Liabilities	7,760,833,333	7,211,400,000	5,799,560,400	5,291,200,733	4,863,707,750	4,227,728,680	3,634,257,233	8,962,300,000	7,037,800,000	7,282,400,000	7,114,900,000	5,659,600,000	5,026,936,000	4,629,227,000	4,535,998,000	3,898,999,000	3,847,444,000	3,864,398,000	4,321,037,000	4,365,537,000	4,437,697,000	4,383,738,000	4,487,634,000	5,362,872,000	5,176,360,000	1,416,935,000	1,462,343,000	1,651,158,000	1,742,037,000	1,658,577,000	1,713,838,000	1,653,452,000	1,515,800,000	504,900,000	457,700,000	436,900,000	419,200,000
Total Liabilities Margin	103.60%	111.10%	110.06%	126.67%	123.11%	111.75%	99.01%	120.82%	90.44%	99.55%	128.15%	116.53%	101.98%	105.62%	116.60%	108.53%	112.43%	129.06%	155.95%	170.04%	173.04%	171.32%	166.80%	146.87%	155.55%	42.39%	50.51%	67.28%	75.42%	62.63%	59.81%	66.36%	64.34%	28.42%	27.27%	27.85%	28.69%
Preferred Stock	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
Preferred Stock 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%
Common Stock	132,366,667	132,460,000	132,426,800	131,594,067	129,886,850	131,850,480	119,188,733	132,100,000	132,100,000	132,900,000	132,700,000	132,500,000	132,371,000	131,762,000	132,324,000	132,339,000	133,172,000	131,907,000	130,200,000	129,721,000	129,245,000	128,570,000	125,912,000	110,270,000	108,234,000	139,705,000	139,705,000	139,705,000	139,705,000	139,705,000	139,705,000	139,705,000	139,700,000	139,700,000	0	0	0
Common Stock Margin	1.77%	2.08%	2.71%	3.42%	3.56%	3.95%	3.75%	1.78%	1.70%	1.82%	2.39%	2.73%	2.69%	3.01%	3.40%	3.68%	3.89%	4.41%	4.70%	5.05%	5.04%	5.02%	4.68%	3.02%	3.25%	4.18%	4.83%	5.69%	6.05%	5.28%	4.88%	5.61%	5.93%	7.86%	0.00%	0.00%	0.00%
Retained Earnings	4,646,733,333	4,192,560,000	3,187,401,400	2,584,378,733	2,503,735,850	2,424,714,720	2,262,788,933	5,213,800,000	4,615,000,000	4,111,400,000	3,748,500,000	3,274,100,000	2,895,871,000	2,444,870,000	2,180,448,000	1,771,518,000	1,618,507,000	1,471,845,000	1,295,834,000	1,276,649,000	1,334,476,000	1,512,863,000	1,752,240,000	1,862,913,000	2,083,718,000	2,972,738,000	2,637,427,000	2,366,915,000	2,185,839,000	2,090,319,000	2,015,809,000	1,884,269,000	1,749,200,000	1,588,100,000	1,449,900,000	1,304,400,000	1,174,200,000
Retained Earnings Margin	61.93%	64.14%	58.79%	56.31%	60.18%	64.78%	67.77%	70.29%	59.30%	56.20%	67.51%	67.41%	58.75%	55.78%	56.05%	49.31%	47.29%	49.16%	46.77%	49.73%	52.04%	59.12%	65.13%	51.02%	62.62%	88.94%	91.09%	96.44%	94.64%	78.94%	70.34%	75.62%	74.25%	89.40%	86.38%	83.14%	80.37%
Accumulated OCI	-141,966,667	-151,980,000	-153,876,400	-161,320,600	-142,341,600	-114,045,480	-95,037,900	-127,400,000	-143,800,000	-154,700,000	-152,700,000	-181,300,000	-197,738,000	-172,215,000	-149,466,000	-139,376,000	-120,069,000	-161,714,000	-99,631,000	-225,517,000	-216,844,000	-177,339,000	-194,358,000	-185,282,000	-40,217,000	-4,953,000	-2,213,000	-1,309,000	2,649,000	2,438,000	-8,083,000	0	0	0	0	0	0
Accumulated OCI Margin	-1.89%	-2.43%	-3.13%	-4.30%	-3.91%	-3.13%	-2.61%	-1.72%	-1.85%	-2.11%	-2.75%	-3.73%	-4.01%	-3.93%	-3.84%	-3.88%	-3.51%	-5.40%	-3.60%	-8.78%	-8.46%	-6.93%	-7.22%	-5.07%	-1.21%	-0.15%	-0.08%	-0.05%	0.11%	0.09%	-0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	24,000,000	18,940,000	9,470,000	6,313,333	4,775,950	19,157,360	15,964,467	23,900,000	24,500,000	23,600,000	22,700,000	0	0	0	0	0	0	0	0	0	0	0	0	409,000	410,000	0	0	0	91,987,000	92,658,000	95,144,000	103,626,000	0	0	0	0	0
Minority Interest Margin	0.32%	0.27%	0.14%	0.09%	0.07%	0.65%	0.55%	0.32%	0.31%	0.32%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	3.98%	3.50%	3.32%	4.16%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	7,510,200,000	7,020,580,000	5,992,321,700	5,303,712,067	4,750,884,550	4,144,290,320	3,625,215,267	8,118,600,000	7,483,400,000	6,928,600,000	6,545,000,000	6,027,300,000	5,621,857,000	5,202,903,000	4,968,893,000	4,572,476,000	4,454,188,000	4,176,699,000	3,938,106,000	3,761,062,000	3,791,617,000	3,964,980,000	4,052,022,000	3,522,736,000	3,759,600,000	2,001,111,000	2,126,541,000	2,013,975,000	1,802,836,000	1,696,986,000	1,604,274,000	1,471,496,000	1,323,700,000	1,153,700,000	991,500,000	883,700,000	796,600,000
Total Shareholders’ Equity Margin	100.11%	108.46%	116.02%	126.08%	119.23%	108.95%	100.49%	109.45%	96.16%	94.72%	117.88%	124.10%	114.05%	118.71%	127.73%	127.27%	130.16%	139.49%	142.13%	146.50%	147.85%	154.95%	150.61%	96.48%	112.98%	59.87%	73.45%	82.06%	78.06%	64.08%	55.98%	59.05%	56.19%	64.95%	59.07%	56.33%	54.52%
Total Equity	7,534,200,000	7,039,520,000	6,001,791,700	5,310,025,400	4,755,660,500	4,163,447,680	3,641,179,733	8,142,500,000	7,507,900,000	6,952,200,000	6,567,700,000	6,027,300,000	5,621,857,000	5,202,903,000	4,968,893,000	4,572,476,000	4,454,188,000	4,176,699,000	3,938,106,000	3,761,062,000	3,791,617,000	3,964,980,000	4,052,022,000	3,523,145,000	3,760,010,000	2,001,111,000	2,126,541,000	2,013,975,000	1,894,823,000	1,789,644,000	1,699,418,000	1,575,122,000	1,323,700,000	1,153,700,000	991,500,000	883,700,000	796,600,000
Total Equity Margin	100.43%	108.74%	116.16%	126.17%	119.30%	109.60%	101.04%	109.77%	96.48%	95.04%	118.29%	124.10%	114.05%	118.71%	127.73%	127.27%	130.16%	139.49%	142.13%	146.50%	147.85%	154.95%	150.61%	96.49%	112.99%	59.87%	73.45%	82.06%	82.04%	67.58%	59.30%	63.21%	56.19%	64.95%	59.07%	56.33%	54.52%
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	31,466,667	32,560,000	38,302,300	38,368,733	42,639,850	41,479,240	34,566,033	31,300,000	31,300,000	31,800,000	34,100,000	34,300,000	60,709,000	44,615,000	35,115,000	39,226,000	40,558,000	41,650,000	42,387,000	42,081,000	29,004,000	37,386,000	37,394,000	64,732,000	0	0	175,140,000	179,210,000	4,974,000	0	0	0	0	0	0	0	0
Total Investments Margin	0.42%	0.52%	0.80%	1.01%	1.22%	1.28%	1.06%	0.42%	0.40%	0.43%	0.61%	0.71%	1.23%	1.02%	0.90%	1.09%	1.19%	1.39%	1.53%	1.64%	1.13%	1.46%	1.39%	1.77%	0.00%	0.00%	6.05%	7.30%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	4,361,966,667	3,972,700,000	3,177,016,200	2,911,612,600	2,716,791,100	2,307,263,440	1,947,456,200	5,269,100,000	3,454,100,000	4,362,700,000	4,287,500,000	2,490,100,000	2,900,793,000	2,872,343,000	2,713,219,000	1,723,903,000	1,696,404,000	1,843,506,000	2,328,675,000	2,401,525,000	2,659,600,000	2,670,721,000	2,715,748,000	3,537,579,000	3,621,621,000	466,364,000	320,321,000	336,298,000	469,686,000	765,968,000	866,640,000	907,172,000	754,000,000	-96,300,000	-37,600,000	43,000,000	79,000,000
Net Debt Margin	58.35%	60.71%	59.52%	69.50%	68.71%	60.15%	51.21%	71.03%	44.39%	59.64%	77.22%	51.27%	58.85%	65.54%	69.74%	47.98%	49.57%	61.57%	84.05%	93.54%	103.71%	104.37%	100.94%	96.88%	108.83%	13.95%	11.06%	13.70%	20.34%	28.93%	30.24%	36.41%	32.01%	-5.42%	-2.24%	2.74%	5.41%

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	7,504,933,333	6,584,760,000	5,314,091,300	4,439,767,533	4,125,201,500	3,810,937,360	3,470,471,133	7,417,700,000	7,781,900,000	7,315,200,000	5,552,200,000	4,856,800,000	4,929,100,000	4,382,869,000	3,890,296,000	3,592,667,000	3,422,181,000	2,994,169,000	2,770,709,000	2,567,310,000	2,564,550,000	2,558,862,000	2,690,490,000	3,651,438,000	3,327,787,000	3,342,475,000	2,895,327,000	2,454,335,000	2,309,642,000	2,648,051,000	2,865,632,000	2,491,744,000	2,355,800,000	1,776,400,000	1,678,600,000	1,568,900,000	1,461,000,000
Working Capital	1,233,100,000	1,170,073,000	938,667,700	780,483,867	514,215,050	511,302,800	468,299,000	1,026,600,000	1,727,300,000	945,400,000	921,800,000	1,229,265,000	843,763,000	476,595,000	737,229,000	747,613,000	731,112,000	468,591,000	656,824,000	548,561,000	456,847,000	189,758,000	-112,402,000	-769,176,000	-1,370,958,000	243,871,000	585,708,000	991,270,000	507,290,000	491,979,000	385,457,000	122,273,000	238,100,000	364,900,000	279,400,000	199,300,000	184,700,000
Working Capital Margin	16.32%	18.17%	18.00%	17.73%	11.35%	13.05%	13.30%	13.84%	22.20%	12.92%	16.60%	25.31%	17.12%	10.87%	18.95%	20.81%	21.36%	15.65%	23.71%	21.37%	17.81%	7.42%	-4.18%	-21.07%	-41.20%	7.30%	20.23%	40.39%	21.96%	18.58%	13.45%	4.91%	10.11%	20.54%	16.64%	12.70%	12.64%
Total Capital	12,422,900,000	11,610,140,000	9,577,399,700	8,541,623,800	7,732,285,750	6,703,839,640	5,797,399,700	13,947,400,000	11,868,600,000	11,452,700,000	11,067,500,000	9,714,500,000	8,794,239,000	8,115,283,000	7,823,758,000	6,555,365,000	6,434,652,000	6,161,478,000	6,460,519,000	6,438,065,000	6,607,056,000	6,683,242,000	6,790,035,000	7,070,509,000	7,416,109,000	2,522,705,000	2,722,000,000	2,621,723,000	2,689,211,000	2,633,682,000	2,571,716,000	2,433,944,000	2,130,500,000	1,238,000,000	1,082,500,000	977,500,000	897,500,000
Total Capital Margin	165.70%	179.29%	183.16%	202.68%	193.93%	175.55%	157.90%	188.03%	152.52%	156.56%	199.34%	200.02%	178.41%	185.16%	201.11%	182.47%	188.03%	205.78%	233.17%	250.77%	257.63%	261.18%	252.37%	193.64%	222.85%	75.47%	94.01%	106.82%	116.43%	99.46%	89.74%	97.68%	90.44%	69.69%	64.49%	62.30%	61.43%
Capital Employed	14,297,266,667	13,288,821,000	11,087,899,300	9,981,485,333	8,850,270,650	7,687,933,960	6,650,138,300	15,865,700,000	13,748,100,000	13,278,000,000	12,913,300,000	10,639,005,000	10,113,230,000	9,229,580,000	9,062,019,000	8,081,906,000	7,948,153,000	7,610,024,000	7,964,471,000	7,690,188,000	7,823,061,000	7,755,543,000	7,677,260,000	7,251,103,000	6,408,183,000	2,936,717,000	3,009,870,000	3,238,444,000	3,093,908,000	3,150,512,000	3,053,729,000	2,656,343,000	2,452,900,000	1,447,100,000	1,241,500,000	1,125,900,000	1,038,400,000
Capital Employed Margin	190.69%	204.74%	212.96%	238.59%	222.36%	201.81%	181.59%	213.89%	176.67%	181.51%	232.58%	219.05%	205.17%	210.58%	232.94%	224.96%	232.25%	254.16%	287.45%	299.54%	305.05%	303.09%	285.35%	198.58%	192.57%	87.86%	103.96%	131.95%	133.96%	118.97%	106.56%	106.61%	104.12%	81.46%	73.96%	71.76%	71.07%
Invested Capital	11,872,166,667	10,993,280,000	9,169,337,900	8,215,324,667	7,467,675,650	6,451,553,760	5,572,671,467	13,387,700,000	10,937,500,000	11,291,300,000	10,832,500,000	8,517,400,000	8,522,650,000	8,075,246,000	7,682,112,000	6,296,379,000	6,150,592,000	6,020,205,000	6,266,781,000	6,162,587,000	6,451,217,000	6,635,701,000	6,767,770,000	7,060,315,000	7,381,221,000	2,467,475,000	2,446,862,000	2,350,273,000	2,272,522,000	2,462,954,000	2,470,914,000	2,378,668,000	2,077,700,000	1,057,400,000	953,900,000	926,700,000	875,600,000
Invested Capital Margin	158.46%	169.17%	175.55%	195.57%	187.93%	169.10%	151.70%	180.48%	140.55%	154.35%	195.10%	175.37%	172.90%	184.25%	197.47%	175.26%	179.73%	201.06%	226.18%	240.04%	251.55%	259.32%	251.54%	193.36%	221.81%	73.82%	84.51%	95.76%	98.39%	93.01%	86.23%	95.46%	88.20%	59.52%	56.83%	59.07%	59.93%

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	7,504,933,333	6,584,760,000	5,314,091,300	4,439,767,533	4,125,201,500	3,810,937,360	3,470,471,133	7,417,700,000	7,781,900,000	7,315,200,000	5,552,200,000	4,856,800,000	4,929,100,000	4,382,869,000	3,890,296,000	3,592,667,000	3,422,181,000	2,994,169,000	2,770,709,000	2,567,310,000	2,564,550,000	2,558,862,000	2,690,490,000	3,651,438,000	3,327,787,000	3,342,475,000	2,895,327,000	2,454,335,000	2,309,642,000	2,648,051,000	2,865,632,000	2,491,744,000	2,355,800,000	1,776,400,000	1,678,600,000	1,568,900,000	1,461,000,000
Net Income	801,400,000	731,816,000	603,440,000	402,922,933	368,862,200	338,881,200	317,717,667	913,100,000	914,600,000	576,500,000	670,400,000	584,480,000	617,662,000	515,805,000	601,185,000	419,491,000	221,177,000	204,923,000	24,382,000	-52,593,000	-70,778,000	-96,490,000	30,314,000	-4,115,000	450,910,000	467,534,000	388,757,000	287,385,000	194,952,000	169,876,000	222,680,000	219,893,000	239,700,000	255,900,000	209,100,000	188,600,000	166,200,000
Net Income Margin	10.65%	11.21%	11.39%	7.54%	7.75%	7.93%	8.62%	12.31%	11.75%	7.88%	12.07%	12.03%	12.53%	11.77%	15.45%	11.68%	6.46%	6.84%	0.88%	-2.05%	-2.76%	-3.77%	1.13%	-0.11%	13.55%	13.99%	13.43%	11.71%	8.44%	6.42%	7.77%	8.82%	10.17%	14.41%	12.46%	12.02%	11.38%
Depreciation & Amortization	612,233,333	529,641,800	410,680,400	374,149,400	352,771,800	334,233,080	301,487,567	632,200,000	617,000,000	587,500,000	418,700,000	392,809,000	350,844,000	331,302,000	275,208,000	256,069,000	245,172,000	251,155,000	283,395,000	313,396,000	368,797,000	288,694,000	337,008,000	389,060,000	271,475,000	224,696,000	220,956,000	245,050,000	277,091,000	267,676,000	278,209,000	232,365,000	207,100,000	137,800,000	120,600,000	112,600,000	110,700,000
Depreciation & Amortization Margin	8.16%	8.02%	7.62%	8.84%	8.92%	9.18%	8.93%	8.52%	7.93%	8.03%	7.54%	8.09%	7.12%	7.56%	7.07%	7.13%	7.16%	8.39%	10.23%	12.21%	14.38%	11.28%	12.53%	10.65%	8.16%	6.72%	7.63%	9.98%	12.00%	10.11%	9.71%	9.33%	8.79%	7.76%	7.18%	7.18%	7.58%
Deferred Income Tax	1,666,667	26,763,600	7,543,100	-10,433,800	-11,557,700	-5,365,000	-4,730,833	-9,400,000	-43,300,000	57,700,000	66,800,000	62,018,000	76,011,000	64,639,000	-235,697,000	33,591,000	3,069,000	18,378,000	-35,063,000	-69,830,000	-93,739,000	-51,684,000	-43,773,000	-22,385,000	-8,489,000	0	0	0	8,857,000	44,989,000	34,909,000	8,274,000	-28,000,000	6,300,000	3,900,000	4,100,000	5,900,000
Deferred Income Tax Margin	0.04%	0.52%	0.06%	-0.57%	-0.55%	-0.29%	-0.24%	-0.13%	-0.56%	0.79%	1.20%	1.28%	1.54%	1.47%	-6.06%	0.93%	0.09%	0.61%	-1.27%	-2.72%	-3.66%	-2.02%	-1.63%	-0.61%	-0.26%	0.00%	0.00%	0.00%	0.38%	1.70%	1.22%	0.33%	-1.19%	0.35%	0.23%	0.26%	0.40%
Stock-Based Compensation	52,566,667	45,080,000	34,801,100	30,036,867	23,683,650	18,946,920	15,789,100	53,400,000	63,200,000	41,100,000	34,700,000	33,000,000	31,843,000	25,215,000	26,635,000	20,670,000	18,248,000	23,884,000	22,093,000	17,474,000	18,454,000	20,637,000	23,120,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.70%	0.68%	0.64%	0.68%	0.55%	0.44%	0.37%	0.72%	0.81%	0.56%	0.62%	0.68%	0.65%	0.58%	0.68%	0.58%	0.53%	0.80%	0.80%	0.68%	0.72%	0.81%	0.86%	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%
Change in Working Capital	-178,366,667	-142,340,000	-115,115,200	-84,667,133	-73,479,600	-62,413,000	-53,557,500	-277,400,000	-33,400,000	-224,300,000	-143,900,000	-32,700,000	-147,218,000	-6,974,000	-169,352,000	-92,788,000	-23,120,000	-93,320,000	-53,945,000	20,378,000	-11,906,000	19,938,000	90,275,000	-101,781,000	16,345,000	-95,402,000	-109,022,000	14,980,000	11,547,000	-54,523,000	-20,362,000	-42,375,000	-13,000,000	-44,200,000	-9,900,000	23,900,000	-3,200,000
Change in Working Capital Margin	-2.41%	-2.10%	-2.13%	-1.68%	-1.54%	-1.37%	-1.22%	-3.74%	-0.43%	-3.07%	-2.59%	-0.67%	-2.99%	-0.16%	-4.35%	-2.58%	-0.68%	-3.12%	-1.95%	0.79%	-0.46%	0.78%	3.36%	-2.79%	0.49%	-2.85%	-3.77%	0.61%	0.50%	-2.06%	-0.71%	-1.70%	-0.55%	-2.49%	-0.59%	1.52%	-0.22%
Accounts Receivable	12,700,000	1,900,000	-15,349,200	-13,563,867	-10,172,900	-8,138,320	-6,781,933	63,200,000	28,200,000	-53,300,000	-42,000,000	13,400,000	-29,734,000	63,230,000	-81,561,000	-72,763,000	-42,164,000	-25,118,000	-42,260,000	17,412,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	0.16%	0.00%	-0.45%	-0.41%	-0.31%	-0.25%	-0.21%	0.85%	0.36%	-0.73%	-0.76%	0.28%	-0.60%	1.44%	-2.10%	-2.03%	-1.23%	-0.84%	-1.53%	0.68%	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%
Inventory	-25,633,333	-11,759,800	-15,546,900	-11,867,400	-10,531,100	-8,632,760	-8,263,967	-27,400,000	0	-49,500,000	8,300,000	9,801,000	-28,273,000	-34,976,000	-14,121,000	1,625,000	-20,925,000	-5,595,000	-7,700,000	-9,028,000	-6,927,000	6,708,000	39,289,000	-7,630,000	-29,508,000	-28,552,000	-6,210,000	5,815,000	20,609,000	-7,545,000	-15,628,000	-8,448,000	-11,500,000	-8,800,000	-3,800,000	3,900,000	-11,900,000
Inventory Margin	-0.35%	-0.14%	-0.30%	-0.25%	-0.23%	-0.18%	-0.21%	-0.37%	0.00%	-0.68%	0.15%	0.20%	-0.57%	-0.80%	-0.36%	0.05%	-0.61%	-0.19%	-0.28%	-0.35%	-0.27%	0.26%	1.46%	-0.21%	-0.89%	-0.85%	-0.21%	0.24%	0.89%	-0.28%	-0.55%	-0.34%	-0.49%	-0.50%	-0.23%	0.25%	-0.81%
Accounts Payable	-78,500,000	-51,760,000	-13,016,400	-5,557,267	-4,167,950	-3,334,360	-2,778,633	-193,000,000	-25,100,000	-17,400,000	-23,300,000	0	21,788,000	40,181,000	9,823,000	30,353,000	26,491,000	4,229,000	15,485,000	27,091,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	-1.05%	-0.72%	-0.04%	0.09%	0.07%	0.06%	0.05%	-2.60%	-0.32%	-0.24%	-0.42%	0.00%	0.44%	0.92%	0.25%	0.84%	0.77%	0.14%	0.56%	1.06%	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 Working Capital	-86,933,333	-80,720,000	-103,168,900	-80,003,867	-74,350,700	-58,961,200	-49,321,000	-120,200,000	-36,500,000	-104,100,000	-86,900,000	-55,900,000	-110,999,000	-110,385,000	-179,175,000	-151,428,000	-76,102,000	-97,549,000	-75,890,000	-24,125,000	15,965,000	13,230,000	-28,944,000	-85,171,000	0	-70,029,000	-102,812,000	64,879,000	42,168,000	-55,402,000	-4,734,000	-33,927,000	-1,500,000	-35,400,000	2,600,000	20,000,000	8,700,000
Other Working Capital Margin	-1.17%	-1.25%	-2.20%	-1.86%	-1.84%	-1.44%	-1.20%	-1.62%	-0.47%	-1.42%	-1.57%	-1.15%	-2.25%	-2.52%	-4.61%	-4.21%	-2.22%	-3.26%	-2.74%	-0.94%	0.62%	0.52%	-1.08%	-2.33%	0.00%	-2.10%	-3.55%	2.64%	1.83%	-2.09%	-0.17%	-1.36%	-0.06%	-1.99%	0.15%	1.27%	0.60%
Other Non-Cash Items	75,366,667	44,410,400	31,705,100	13,843,000	14,239,670	10,909,096	9,627,580	97,700,000	18,700,000	109,700,000	-34,800,000	30,752,000	50,193,000	-112,154,000	115,942,000	5,346,000	35,672,000	-173,026,000	122,097,000	9,650,000	-15,317,000	-52,810,000	16,091,000	112,202,400	-5,752,000	-15,974,000	-29,419,000	-22,514,000	-24,631,000	38,449,000	-3,370,000	0	-2,800,000	16,600,000	-900,000	16,300,000	-13,100,000
Other Non-Cash Items Margin	1.02%	0.61%	0.57%	0.14%	0.20%	0.14%	0.14%	1.32%	0.24%	1.50%	-0.63%	0.63%	1.02%	-2.56%	2.98%	0.15%	1.04%	-5.78%	4.41%	0.38%	-0.60%	-2.06%	0.60%	3.07%	-0.17%	-0.48%	-1.02%	-0.92%	-1.07%	1.45%	-0.12%	0.00%	-0.12%	0.93%	-0.05%	1.04%	-0.90%
Net Cash from Operating Activities	1,364,866,667	1,235,371,800	978,640,200	734,230,733	683,117,900	646,011,400	595,599,500	1,409,600,000	1,536,800,000	1,148,200,000	1,011,900,000	1,070,359,000	984,122,000	832,777,000	644,678,000	644,588,000	503,378,000	260,336,000	356,499,000	238,475,000	169,043,000	202,706,000	453,035,000	435,185,000	708,144,000	579,349,000	473,184,000	580,615,000	519,046,000	458,043,000	512,066,000	418,157,000	403,000,000	362,600,000	340,100,000	345,500,000	266,500,000
Net Cash from Operating Activities Margin	18.15%	18.94%	18.29%	15.22%	15.60%	16.40%	16.94%	19.00%	19.75%	15.70%	18.23%	22.04%	19.97%	19.00%	16.57%	17.94%	14.71%	8.69%	12.87%	9.29%	6.59%	7.92%	16.84%	11.92%	21.28%	17.33%	16.34%	23.66%	22.47%	17.30%	17.87%	16.78%	17.11%	20.41%	20.26%	22.02%	18.24%
Capital Expenditures (PPE)	-696,233,333	-580,438,800	-485,435,200	-375,545,133	-361,513,850	-350,764,880	-350,057,400	-603,500,000	-872,600,000	-612,600,000	-451,300,000	-362,194,000	-384,094,000	-469,088,000	-459,566,000	-350,148,000	-289,262,000	-224,852,000	-275,380,000	-93,357,000	-98,912,000	-86,324,000	-109,729,000	-353,196,000	-483,322,000	-435,207,000	-215,646,000	-203,800,000	-193,923,000	-248,778,000	-286,854,000	-605,490,000	-1,095,100,000	-203,300,000	-173,300,000	-151,700,000	-109,200,000
Capital Expenditures (PPE) Margin	-9.24%	-8.66%	-9.18%	-8.01%	-8.44%	-9.17%	-10.49%	-8.14%	-11.21%	-8.37%	-8.13%	-7.46%	-7.79%	-10.70%	-11.81%	-9.75%	-8.45%	-7.51%	-9.94%	-3.64%	-3.86%	-3.37%	-4.08%	-9.67%	-14.52%	-13.02%	-7.45%	-8.30%	-8.40%	-9.39%	-10.01%	-24.30%	-46.49%	-11.44%	-10.32%	-9.67%	-7.47%
Acquisitions (Net)	-710,300,000	-762,511,000	-494,729,300	-298,848,267	-380,091,050	-312,886,320	-260,738,600	-2,266,200,000	614,500,000	-479,200,000	-1,639,400,000	-42,255,000	-42,407,000	-210,163,000	-822,433,000	-32,537,000	-27,198,000	437,122,000	-38,347,000	21,166,000	64,208,000	-19,580,000	-20,905,000	141,726,000	-3,267,338,000	121,385,000	-93,965,000	-34,555,000	-3,543,000	-43,445,000	-138,794,000	0	0	0	0	0	0
Acquisitions (Net) Margin	-9.74%	-11.92%	-8.81%	-4.82%	-8.35%	-7.00%	-5.84%	-30.55%	7.90%	-6.55%	-29.53%	-0.87%	-0.86%	-4.80%	-21.14%	-0.91%	-0.79%	14.60%	-1.38%	0.82%	2.50%	-0.77%	-0.78%	3.88%	-98.18%	3.63%	-3.25%	-1.41%	-0.15%	-1.64%	-4.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0	0	0	906,800	-8,081,650	-22,012,680	-18,450,567	0	0	0	0	0	0	0	0	0	0	0	0	0	0	13,602,000	17,750,000	-1,201,000	88,939,000	32,767,000	-313,490,000	-378,463,000	-10,221,000	0	0	0	0	0	200,000	-1,200,000	-2,200,000
Purchases of Investments Margin	0.00%	0.00%	0.00%	0.04%	-0.30%	-0.88%	-0.74%	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%	0.53%	0.66%	-0.03%	2.67%	0.98%	-10.83%	-15.42%	-0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	-0.08%	-0.15%
Sales / Maturities of Investments	0	0	0	243,533	28,039,950	41,389,400	34,491,167	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,653,000	33,282,000	25,542,000	5,026,000	175,140,000	318,156,000	473,936,000	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.01%	0.92%	1.51%	1.26%	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%	0.14%	1.24%	0.70%	0.15%	5.24%	10.99%	19.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	62,733,333	85,547,000	48,459,300	41,751,933	39,152,250	42,143,040	38,125,867	54,800,000	94,600,000	38,800,000	216,600,000	22,935,000	10,664,000	9,360,000	12,508,000	17,608,000	6,718,000	26,061,000	17,537,000	82,590,000	15,225,000	273,000	-400,000	-1,911,000	2,396,000	908,000	155,773,000	48,377,000	81,700,000	25,888,000	38,990,000	75,576,000	119,200,000	2,500,000	16,400,000	-52,900,000	5,000,000
Other Investing Activities Margin	0.83%	1.37%	0.83%	0.91%	0.95%	1.20%	1.10%	0.74%	1.22%	0.53%	3.90%	0.47%	0.22%	0.21%	0.32%	0.49%	0.20%	0.87%	0.63%	3.22%	0.59%	0.01%	-0.01%	-0.05%	0.07%	0.03%	5.38%	1.97%	3.54%	0.98%	1.36%	3.03%	5.06%	0.14%	0.98%	-3.37%	0.34%
Net Cash from Investing Activities	-1,343,800,000	-1,257,402,800	-931,705,200	-631,491,133	-682,494,350	-602,131,440	-556,629,533	-2,814,900,000	-163,500,000	-1,053,000,000	-1,874,100,000	-381,514,000	-415,837,000	-669,891,000	-1,269,491,000	-365,077,000	-309,742,000	238,331,000	-296,190,000	10,399,000	-19,479,000	-88,376,000	-80,002,000	-189,040,000	-3,654,299,000	-105,007,000	-149,172,000	-94,505,000	-125,987,000	-266,335,000	-386,658,000	-529,914,000	-975,900,000	-200,800,000	-156,700,000	-205,800,000	-106,400,000
Net Cash from Investing Activities Margin	-18.15%	-19.21%	-17.16%	-11.88%	-15.22%	-14.34%	-14.70%	-37.95%	-2.10%	-14.39%	-33.75%	-7.86%	-8.44%	-15.28%	-32.63%	-10.16%	-9.05%	7.96%	-10.69%	0.41%	-0.76%	-3.45%	-2.97%	-5.18%	-109.81%	-3.14%	-5.15%	-3.85%	-5.45%	-10.06%	-13.49%	-21.27%	-41.43%	-11.30%	-9.34%	-13.12%	-7.28%
Net Debt Issuance	474,033,334	408,400,000	262,352,900	119,358,267	194,466,350	147,553,360	137,237,800	1,436,500,000	-103,899,999	89,500,000	121,500,000	498,400,000	-133,023,000	45,432,000	736,692,000	-130,000	-67,442,000	-579,829,000	-150,602,000	-134,780,000	52,272,000	-20,216,000	-812,027,000	-108,716,000	3,104,931,000	-73,632,000	-11,603,000	-278,989,000	-50,136,000	-31,273,000	5,345,000	154,560,000	490,700,000	-6,700,000	-4,600,000	-7,200,000	-43,900,000
Net Debt Issuance Margin	6.42%	6.34%	4.70%	1.21%	3.79%	2.70%	2.80%	19.37%	-1.34%	1.22%	2.19%	10.26%	-2.70%	1.04%	18.94%	0.00%	-1.97%	-19.37%	-5.44%	-5.25%	2.04%	-0.79%	-30.18%	-2.98%	93.30%	-2.20%	-0.40%	-11.37%	-2.17%	-1.18%	0.19%	6.20%	20.83%	-0.38%	-0.27%	-0.46%	-3.00%
Long-Term Debt Issuance	657,533,334	568,500,000	346,954,200	207,106,867	262,447,150	213,089,760	191,851,467	1,987,000,000	-3,899,999	-10,500,000	121,500,000	748,400,000	-23,000	-42,055,000	736,692,000	-130,000	-67,442,000	-579,829,000	-150,602,000	-134,780,000	52,272,000	450,000,000	35,936,000	900,284,000	1,214,373,000	0	-8,253,000	-195,000	-50,136,000	-31,273,000	5,345,000	154,560,000	490,700,000	-6,700,000	-4,600,000	-7,200,000	-43,900,000
Long-Term Debt Issuance Margin	8.86%	8.84%	6.02%	3.32%	5.60%	4.60%	4.39%	26.79%	-0.05%	-0.14%	2.19%	15.41%	0.00%	-0.96%	18.94%	0.00%	-1.97%	-19.37%	-5.44%	-5.25%	2.04%	17.59%	1.34%	24.66%	36.49%	0.00%	-0.29%	-0.01%	-2.17%	-1.18%	0.19%	6.20%	20.83%	-0.38%	-0.27%	-0.46%	-3.00%
Short-Term Debt Issuance	-183,500,000	-160,100,000	-80,050,000	-84,714,400	-65,705,150	-63,715,880	-53,096,567	-550,500,000	-100,000,000	100,000,000	0	-250,000,000	-133,000,000	133,000,000	0	0	0	0	0	0	0	-470,216,000	-847,963,000	-1,009,000,000	1,890,558,000	-73,632,000	-3,350,000	-278,794,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-2.45%	-2.50%	-1.22%	-2.04%	-1.76%	-1.86%	-1.55%	-7.42%	-1.29%	1.37%	0.00%	-5.15%	-2.70%	3.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-18.38%	-31.52%	-27.63%	56.81%	-2.20%	-0.12%	-11.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-95,766,667	-66,506,400	-67,788,500	-37,479,667	-26,507,600	-19,741,400	-23,647,833	-68,800,000	-200,000,000	-18,500,000	-19,100,000	-26,132,000	-41,100,000	-133,983,000	-60,303,000	-161,463,000	51,496,000	30,620,000	3,821,000	10,462,000	8,551,000	62,236,000	606,546,000	79,674,000	30,274,000	-493,912,000	-190,539,000	21,508,000	5,116,000	4,443,000	5,550,000	0	-12,500,000	-65,000,000	-43,100,000	-45,200,000	-50,100,000
Net Stock Issuance Margin	-1.25%	-0.93%	-1.31%	-0.58%	-0.22%	-0.12%	-0.54%	-0.93%	-2.57%	-0.25%	-0.34%	-0.54%	-0.83%	-3.06%	-1.55%	-4.49%	1.50%	1.02%	0.14%	0.41%	0.33%	2.43%	22.54%	2.18%	0.91%	-14.78%	-6.58%	0.88%	0.22%	0.17%	0.19%	0.00%	-0.53%	-3.66%	-2.57%	-2.88%	-3.43%
Common Stock Issuance	0	0	0	5,407,400	42,231,600	35,249,960	29,374,967	0	0	0	0	0	0	0	0	0	0	30,620,000	3,821,000	0	4,936,000	41,734,000	606,546,000	55,072,000	35,074,000	28,889,000	37,940,000	21,508,000	5,116,000	4,443,000	5,550,000	0	0	0	0	0	0
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.20%	1.51%	1.27%	1.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.02%	0.14%	0.00%	0.19%	1.63%	22.54%	1.51%	1.05%	0.86%	1.31%	0.88%	0.22%	0.17%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-95,766,667	-66,506,400	-71,235,600	-47,490,400	-73,421,800	-58,737,440	-56,144,533	-68,800,000	-200,000,000	-18,500,000	-19,100,000	-26,132,000	-2,600,000	-133,983,000	-60,303,000	-161,463,000	-21,475,000	0	0	0	0	0	0	0	-4,800,000	-522,801,000	-228,479,000	0	0	0	0	0	-12,500,000	-65,000,000	-43,100,000	-45,200,000	-50,100,000
Common Stock Repurchased Margin	-1.25%	-0.93%	-1.44%	-0.96%	-1.90%	-1.52%	-1.71%	-0.93%	-2.57%	-0.25%	-0.34%	-0.54%	-0.05%	-3.06%	-1.55%	-4.49%	-0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.14%	-15.64%	-7.89%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.53%	-3.66%	-2.57%	-2.88%	-3.43%
Preferred Stock Issuance	0	-6,400	3,443,900	3,903,733	4,157,900	3,326,320	2,771,933	0	0	0	0	-32,000	-38,500,000	0	0	0	72,971,000	0	0	0	3,615,000	20,502,000	0	24,602,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.14%	0.15%	0.15%	0.12%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.78%	0.00%	0.00%	0.00%	2.13%	0.00%	0.00%	0.00%	0.14%	0.80%	0.00%	0.67%	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 Dividends Paid	-228,466,667	-212,403,200	-166,598,000	-128,746,800	-138,053,950	-129,528,760	-118,690,633	-244,400,000	-228,400,000	-212,600,000	-196,400,000	-180,216,000	-163,973,000	-148,109,000	-132,335,000	-106,333,000	-53,214,000	-28,884,000	-5,191,000	-5,183,000	-98,172,000	-127,792,000	-171,468,000	-214,783,000	-181,315,000	-144,082,000	-118,229,000	-106,331,000	-99,580,000	-95,384,000	-91,080,000	-84,765,000	-78,700,000	-70,000,000	-63,600,000	-58,400,000	-51,800,000
Net Dividends Paid Margin	-3.05%	-3.28%	-3.10%	-2.75%	-3.36%	-3.44%	-3.48%	-3.29%	-2.94%	-2.91%	-3.54%	-3.71%	-3.33%	-3.38%	-3.40%	-2.96%	-1.55%	-0.96%	-0.19%	-0.20%	-3.83%	-4.99%	-6.37%	-5.88%	-5.45%	-4.31%	-4.08%	-4.33%	-4.31%	-3.60%	-3.18%	-3.40%	-3.34%	-3.94%	-3.79%	-3.72%	-3.55%
Common Dividends Paid	-228,466,667	-212,403,200	-166,598,000	-128,746,800	-138,053,950	-129,528,760	-118,690,633	-244,400,000	-228,400,000	-212,600,000	-196,400,000	-180,216,000	-163,973,000	-148,109,000	-132,335,000	-106,333,000	-53,214,000	-28,884,000	-5,191,000	-5,183,000	-98,172,000	-127,792,000	-171,468,000	-214,783,000	-181,315,000	-144,082,000	-118,229,000	-106,331,000	-99,580,000	-95,384,000	-91,080,000	-84,765,000	-78,700,000	-70,000,000	-63,600,000	-58,400,000	-51,800,000
Common Dividends Paid Margin	-3.05%	-3.28%	-3.10%	-2.75%	-3.36%	-3.44%	-3.48%	-3.29%	-2.94%	-2.91%	-3.54%	-3.71%	-3.33%	-3.38%	-3.40%	-2.96%	-1.55%	-0.96%	-0.19%	-0.20%	-3.83%	-4.99%	-6.37%	-5.88%	-5.45%	-4.31%	-4.08%	-4.33%	-4.31%	-3.60%	-3.18%	-3.40%	-3.34%	-3.94%	-3.79%	-3.72%	-3.55%
Preferred Dividends Paid	0	0	-2,700	-1,800	-1,350	-1,080	-900	0	0	0	0	0	-27,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-51,100,000	-42,198,000	-29,850,700	-17,903,733	-14,511,850	-9,761,160	-5,550,967	-66,400,000	-53,300,000	-33,600,000	-300,000	-57,390,000	-87,000	-28,468,000	-40,614,000	-36,659,000	18,311,000	26,961,000	9,923,000	266,000	-3,917,000	-3,282,000	15,987,000	-27,014,000	-28,077,000	17,376,000	47,000	1,383,000	-2,498,000	2,953,000	-34,000	44,404,000	45,700,000	31,900,000	0	0	-100,000
Other Financing Activities Margin	-0.68%	-0.65%	-0.54%	-0.29%	-0.24%	-0.12%	0.02%	-0.90%	-0.68%	-0.46%	-0.01%	-1.18%	0.00%	-0.65%	-1.04%	-1.02%	0.54%	0.90%	0.36%	0.01%	-0.15%	-0.13%	0.59%	-0.74%	-0.84%	0.52%	0.00%	0.06%	-0.11%	0.11%	0.00%	1.78%	1.94%	1.80%	0.00%	0.00%	-0.01%
Net Cash from Financing Activities	98,700,000	87,292,400	-1,884,300	-64,771,933	15,392,950	-11,631,520	-10,779,600	1,056,900,000	-585,600,000	-175,200,000	-94,300,000	234,662,000	-338,183,000	-265,128,000	503,440,000	-304,585,000	-50,849,000	-551,132,000	-142,049,000	-129,235,000	-41,266,000	-89,054,000	-360,962,000	-270,839,000	2,925,813,000	-694,250,000	-320,324,000	-362,429,000	-147,098,000	-125,241,000	-78,078,000	114,199,000	445,200,000	-109,800,000	-111,300,000	-110,800,000	-145,900,000
Net Cash from Financing Activities Margin	1.44%	1.49%	-0.25%	-2.41%	-0.04%	-1.00%	-1.19%	14.25%	-7.53%	-2.40%	-1.70%	4.83%	-6.86%	-6.05%	12.94%	-8.48%	-1.49%	-18.41%	-5.13%	-5.03%	-1.61%	-3.48%	-13.42%	-7.42%	87.92%	-20.77%	-11.06%	-14.77%	-6.37%	-4.73%	-2.72%	4.58%	18.90%	-6.18%	-6.63%	-7.06%	-9.99%
Effect of FX on Cash	0	0	0	-297,533	-223,150	-178,520	-21,842,100	0	0	0	0	0	0	0	0	0	0	0	-4,463,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-100,000	-161,800,000	-189,100,000	-139,700,000	-160,100,000
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	-0.01%	-0.01%	-0.01%	-1.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.16%	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%	-9.11%	-11.27%	-8.90%	-10.96%
Net Change in Cash	119,766,667	65,261,400	45,050,700	38,265,200	16,239,650	32,493,160	6,890,967	-348,400,000	787,700,000	-80,000,000	-956,500,000	923,507,000	230,102,000	-102,242,000	-121,373,000	-25,074,000	142,787,000	-52,465,000	-77,277,000	119,639,000	108,298,000	25,276,000	12,071,000	-24,694,000	-20,342,000	-219,908,000	3,688,000	123,681,000	245,961,000	69,926,000	45,526,000	2,442,000	-127,800,000	-109,800,000	-111,300,000	-110,800,000	-145,900,000
Net Change in Cash Margin	1.44%	1.22%	0.88%	0.94%	0.34%	1.07%	-0.28%	-4.70%	10.12%	-1.09%	-17.23%	19.01%	4.67%	-2.33%	-3.12%	-0.70%	4.17%	-1.75%	-2.79%	4.66%	4.22%	0.99%	0.45%	-0.68%	-0.61%	-6.58%	0.13%	5.04%	10.65%	2.64%	1.59%	0.10%	-5.42%	-6.18%	-6.63%	-7.06%	-9.99%
Cash at Beginning of Period	450,733,333	564,941,200	370,910,800	293,597,933	252,543,450	223,131,120	198,929,267	949,200,000	161,500,000	241,500,000	1,198,000,000	274,506,000	44,404,000	146,646,000	268,019,000	284,060,000	141,273,000	193,738,000	275,478,000	155,839,000	47,541,000	22,265,000	10,194,000	34,888,000	55,230,000	275,138,000	271,450,000	147,769,000	170,728,000	100,802,000	55,276,000	52,834,000	180,600,000	128,600,000	50,800,000	21,900,000	7,700,000
Cash at Beginning of Period Margin	6.06%	9.08%	6.86%	6.25%	5.72%	5.43%	5.18%	12.80%	2.08%	3.30%	21.58%	5.65%	0.90%	3.35%	6.89%	7.91%	4.13%	6.47%	9.94%	6.07%	1.85%	0.87%	0.38%	0.96%	1.66%	8.23%	9.38%	6.02%	7.39%	3.81%	1.93%	2.12%	7.67%	7.24%	3.03%	1.40%	0.53%
Cash at End of Period	570,500,000	630,202,600	415,961,500	331,863,133	268,783,100	255,624,280	205,820,233	600,800,000	949,200,000	161,500,000	241,500,000	1,198,013,000	274,506,000	44,404,000	146,646,000	258,986,000	284,060,000	141,273,000	198,201,000	275,478,000	155,839,000	47,541,000	22,265,000	10,194,000	34,888,000	55,230,000	275,138,000	271,450,000	416,689,000	170,728,000	100,802,000	55,276,000	52,800,000	18,800,000	-60,500,000	-88,900,000	-138,200,000
Cash at End of Period Margin	7.50%	10.30%	7.74%	7.19%	6.06%	6.50%	4.90%	8.10%	12.20%	2.21%	4.35%	24.67%	5.57%	1.01%	3.77%	7.21%	8.30%	4.72%	7.15%	10.73%	6.08%	1.86%	0.83%	0.28%	1.05%	1.65%	9.50%	11.06%	18.04%	6.45%	3.52%	2.22%	2.24%	1.06%	-3.60%	-5.67%	-9.46%
Operating Cash Flow	1,364,866,667	1,235,371,800	978,640,200	734,528,267	683,341,050	646,256,120	595,993,433	1,409,600,000	1,536,800,000	1,148,200,000	1,011,900,000	1,070,359,000	984,122,000	832,777,000	644,678,000	644,588,000	503,378,000	260,336,000	360,962,000	238,475,000	169,043,000	202,706,000	453,035,000	435,185,000	708,144,000	579,349,000	473,184,000	580,615,000	519,046,000	461,502,000	510,262,000	418,157,000	403,000,000	362,600,000	345,800,000	345,500,000	266,500,000
Operating Cash Flow Margin	18.15%	18.94%	18.29%	15.23%	15.61%	16.41%	16.96%	19.00%	19.75%	15.70%	18.23%	22.04%	19.97%	19.00%	16.57%	17.94%	14.71%	8.69%	13.03%	9.29%	6.59%	7.92%	16.84%	11.92%	21.28%	17.33%	16.34%	23.66%	22.47%	17.43%	17.81%	16.78%	17.11%	20.41%	20.60%	22.02%	18.24%
Capital Expenditure	-696,233,333	-580,438,800	-485,435,200	-375,545,133	-361,513,850	-350,764,880	-350,057,400	-603,500,000	-872,600,000	-612,600,000	-451,300,000	-362,194,000	-384,094,000	-469,088,000	-459,566,000	-350,148,000	-289,262,000	-224,852,000	-275,380,000	-93,357,000	-98,912,000	-86,324,000	-109,729,000	-353,196,000	-483,322,000	-435,207,000	-215,646,000	-203,800,000	-193,923,000	-248,778,000	-286,854,000	-605,490,000	-1,095,100,000	-203,300,000	-173,300,000	-151,700,000	-109,200,000
Capital Expenditure Margin	-9.24%	-8.66%	-9.18%	-8.01%	-8.44%	-9.17%	-10.49%	-8.14%	-11.21%	-8.37%	-8.13%	-7.46%	-7.79%	-10.70%	-11.81%	-9.75%	-8.45%	-7.51%	-9.94%	-3.64%	-3.86%	-3.37%	-4.08%	-9.67%	-14.52%	-13.02%	-7.45%	-8.30%	-8.40%	-9.39%	-10.01%	-24.30%	-46.49%	-11.44%	-10.32%	-9.67%	-7.47%
Free Cash Flow	668,633,333	654,933,000	493,205,000	358,983,133	321,827,200	295,491,240	245,936,033	806,100,000	664,200,000	535,600,000	560,600,000	708,165,000	600,028,000	363,689,000	185,112,000	294,440,000	214,116,000	35,484,000	85,582,000	145,118,000	70,131,000	116,382,000	343,306,000	81,989,000	224,822,000	144,142,000	257,538,000	376,815,000	325,123,000	212,724,000	223,408,000	-187,333,000	-692,100,000	159,300,000	172,500,000	193,800,000	157,300,000
Free Cash Flow Margin	8.91%	10.28%	9.11%	7.22%	7.16%	7.24%	6.47%	10.87%	8.54%	7.32%	10.10%	14.58%	12.17%	8.30%	4.76%	8.20%	6.26%	1.19%	3.09%	5.65%	2.73%	4.55%	12.76%	2.25%	6.76%	4.31%	8.89%	15.35%	14.08%	8.03%	7.80%	-7.52%	-29.38%	8.97%	10.28%	12.35%	10.77%

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	7,504,933,333	6,584,760,000	5,314,091,300	4,439,767,533	4,125,201,500	3,810,937,360	3,470,471,133	7,417,700,000	7,781,900,000	7,315,200,000	5,552,200,000	4,856,800,000	4,929,100,000	4,382,869,000	3,890,296,000	3,592,667,000	3,422,181,000	2,994,169,000	2,770,709,000	2,567,310,000	2,564,550,000	2,558,862,000	2,690,490,000	3,651,438,000	3,327,787,000	3,342,475,000	2,895,327,000	2,454,335,000	2,309,642,000	2,648,051,000	2,865,632,000	2,491,744,000	2,355,800,000	1,776,400,000	1,678,600,000	1,568,900,000	1,461,000,000
EBITDA	1,851,933,333	1,661,080,000	1,341,628,300	1,061,440,467	985,812,300	914,314,880	835,712,400	1,980,800,000	2,044,300,000	1,530,700,000	1,473,000,000	1,276,600,000	1,262,500,000	1,107,513,000	962,803,000	966,273,000	811,794,000	810,101,000	495,308,000	416,652,000	420,414,000	362,849,000	550,653,000	636,931,000	985,892,000	921,459,000	699,704,000	623,182,000	654,054,000	587,226,000	704,310,000	572,854,000	565,300,000	481,000,000	412,900,000	387,100,000	367,200,000
EBITDA Margin	24.63%	25.34%	25.30%	22.98%	23.20%	23.50%	23.76%	26.70%	26.27%	20.92%	26.53%	26.28%	25.61%	25.27%	24.75%	26.90%	23.72%	27.06%	17.88%	16.23%	16.39%	14.18%	20.47%	17.44%	29.63%	27.57%	24.17%	25.39%	28.32%	22.18%	24.58%	22.99%	24.00%	27.08%	24.60%	24.67%	25.13%
(-) Tax Adjustment	430,430,196	379,203,205	214,577,356	52,651,098	57,629,457	82,804,196	93,022,968	424,855,490	491,577,721	374,857,379	337,316,663	267,408,772	225,270,225	187,370,467	-618,412,985	220,445,148	235,084,679	248,562,033	-990,616,000	-230,065,478	-214,620,666	-169,266,984	-1,084,890,404	651,068,428	301,919,843	295,987,468	198,737,342	189,747,558	184,756,472	153,260,835	220,328,211	169,422,692	179,912,031	152,590,448	125,587,554	131,473,039	131,021,053
(-) Tax Adjustment Margin	5.72%	5.75%	3.47%	-1.11%	-0.72%	0.86%	2.09%	5.73%	6.32%	5.12%	6.08%	5.51%	4.57%	4.28%	-15.90%	6.14%	6.87%	8.30%	-35.75%	-8.96%	-8.37%	-6.61%	-40.32%	17.83%	9.07%	8.86%	6.86%	7.73%	8.00%	5.79%	7.69%	6.80%	7.64%	8.59%	7.48%	8.38%	8.97%
(-) Change In Working Capital	-178,366,667	-142,340,000	-115,115,200	-84,667,133	-73,479,600	-62,413,000	-53,557,500	-277,400,000	-33,400,000	-224,300,000	-143,900,000	-32,700,000	-147,218,000	-6,974,000	-169,352,000	-92,788,000	-23,120,000	-93,320,000	-53,945,000	20,378,000	-11,906,000	19,938,000	90,275,000	-101,781,000	16,345,000	-95,402,000	-109,022,000	14,980,000	11,547,000	-54,523,000	-20,362,000	-42,375,000	-13,000,000	-44,200,000	-9,900,000	23,900,000	-3,200,000
(-) Change In Working Capital Margin	-2.41%	-2.10%	-2.13%	-1.68%	-1.54%	-1.37%	-1.22%	-3.74%	-0.43%	-3.07%	-2.59%	-0.67%	-2.99%	-0.16%	-4.35%	-2.58%	-0.68%	-3.12%	-1.95%	0.79%	-0.46%	0.78%	3.36%	-2.79%	0.49%	-2.85%	-3.77%	0.61%	0.50%	-2.06%	-0.71%	-1.70%	-0.55%	-2.49%	-0.59%	1.52%	-0.22%
(-) Capital Expenditure	-696,233,333	-580,438,800	-485,435,200	-375,545,133	-361,513,850	-350,764,880	-350,057,400	-603,500,000	-872,600,000	-612,600,000	-451,300,000	-362,194,000	-384,094,000	-469,088,000	-459,566,000	-350,148,000	-289,262,000	-224,852,000	-275,380,000	-93,357,000	-98,912,000	-86,324,000	-109,729,000	-353,196,000	-483,322,000	-435,207,000	-215,646,000	-203,800,000	-193,923,000	-248,778,000	-286,854,000	-605,490,000	-1,095,100,000	-203,300,000	-173,300,000	-151,700,000	-109,200,000
(-) Capital Expenditure Margin	-9.24%	-8.66%	-9.18%	-8.01%	-8.44%	-9.17%	-10.49%	-8.14%	-11.21%	-8.37%	-8.13%	-7.46%	-7.79%	-10.70%	-11.81%	-9.75%	-8.45%	-7.51%	-9.94%	-3.64%	-3.86%	-3.37%	-4.08%	-9.67%	-14.52%	-13.02%	-7.45%	-8.30%	-8.40%	-9.39%	-10.01%	-24.30%	-46.49%	-11.44%	-10.32%	-9.67%	-7.47%
Unlevered Free Cash Flow	903,636,470	843,777,995	756,730,944	717,911,369	640,148,593	543,158,804	446,189,532	1,229,844,510	713,522,279	767,542,621	828,283,337	679,697,228	800,353,775	458,028,533	1,291,001,985	488,467,852	310,567,321	430,006,967	1,264,489,000	532,982,478	548,028,666	425,853,984	1,435,539,404	-265,552,428	184,305,157	285,666,532	394,342,658	214,654,442	263,827,528	239,710,165	217,489,789	-159,683,692	-696,712,031	169,309,552	123,912,446	80,026,961	130,178,947
Unlevered Free Cash Flow Margin	12.08%	13.03%	14.77%	17.76%	17.01%	14.83%	12.40%	16.58%	9.17%	10.49%	14.92%	13.99%	16.24%	10.45%	33.19%	13.60%	9.08%	14.36%	45.64%	20.76%	21.37%	16.64%	53.36%	-7.27%	5.54%	8.55%	13.62%	8.75%	11.42%	9.05%	7.59%	-6.41%	-29.57%	9.53%	7.38%	5.10%	8.91%
(-) Net Interest Income After Taxes	-132,448,622	-123,493,979	-157,504,169	-218,004,210	-189,004,001	-151,203,201	-126,002,667	-133,772,895	-136,412,915	-127,160,056	-113,876,734	-106,247,298	-106,019,260	-114,173,601	-478,050,292	-102,865,062	-156,463,574	-168,029,636	-604,935,000	-328,946,575	-328,056,080	-265,054,177	-513,783,268	3,766,401	0	0	0	0	0	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	-1.76%	-1.91%	-3.40%	-6.49%	-5.82%	-4.66%	-3.88%	-1.80%	-1.75%	-1.74%	-2.05%	-2.19%	-2.15%	-2.60%	-12.29%	-2.86%	-4.57%	-5.61%	-21.83%	-12.81%	-12.79%	-10.36%	-19.10%	0.10%	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 Issuance	474,033,334	408,400,000	262,352,900	119,358,267	194,466,350	147,553,360	137,237,800	1,436,500,000	-103,899,999	89,500,000	121,500,000	498,400,000	-133,023,000	45,432,000	736,692,000	-130,000	-67,442,000	-579,829,000	-150,602,000	-134,780,000	52,272,000	-20,216,000	-812,027,000	-108,716,000	3,104,931,000	-73,632,000	-11,603,000	-278,989,000	-50,136,000	-31,273,000	5,345,000	154,560,000	490,700,000	-6,700,000	-4,600,000	-7,200,000	-43,900,000
Net Debt Issuance Margin	6.42%	6.34%	4.70%	1.21%	3.79%	2.70%	2.80%	19.37%	-1.34%	1.22%	2.19%	10.26%	-2.70%	1.04%	18.94%	0.00%	-1.97%	-19.37%	-5.44%	-5.25%	2.04%	-0.79%	-30.18%	-2.98%	93.30%	-2.20%	-0.40%	-11.37%	-2.17%	-1.18%	0.19%	6.20%	20.83%	-0.38%	-0.27%	-0.46%	-3.00%
Levered Free Cash Flow	1,510,118,426	1,375,671,975	1,176,588,013	1,055,273,846	1,023,618,944	841,915,365	709,430,000	2,800,117,405	746,035,195	984,202,677	1,063,660,071	1,284,344,526	773,350,035	617,634,134	2,505,744,277	591,202,914	399,588,895	18,207,603	1,718,822,000	727,149,053	928,356,746	670,692,160	1,137,295,672	-378,034,829	3,289,236,157	212,034,532	382,739,658	-64,334,558	213,691,528	208,437,165	222,834,789	-5,123,692	-206,012,031	162,609,552	119,312,446	72,826,961	86,278,947
Levered Free Cash Flow Margin	20.26%	21.28%	22.87%	25.47%	26.62%	22.18%	19.09%	37.75%	9.59%	13.45%	19.16%	26.44%	15.69%	14.09%	64.41%	16.46%	11.68%	0.61%	62.04%	28.32%	36.20%	26.21%	42.27%	-10.35%	98.84%	6.34%	13.22%	-2.62%	9.25%	7.87%	7.78%	-0.21%	-8.74%	9.15%	7.11%	4.64%	5.91%