Valmont Industries, Inc. (VMI)

Analysis: Margins & Ratios Industry: Conglomerates Sector: Industrials Live Price: $443.58

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2024-12-28	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	4,198,294,000	3,798,362,400	3,240,249,900	3,099,758,600	2,703,973,650	2,340,879,200	2,051,802,667	4,103,136,000	4,053,266,000	4,075,034,000	4,174,598,000	4,345,250,000	3,501,575,000	2,895,355,000	2,766,976,000	2,757,144,000	2,745,967,000	2,521,676,000	2,618,924,000	3,123,143,000	3,304,211,000	3,029,541,000	2,661,480,000	1,975,505,000	1,786,601,000	1,907,278,000	1,499,834,000	1,281,281,000	1,108,100,000	1,031,475,000	837,625,000	854,898,000	872,380,000	846,129,000	614,200,000	606,300,000	622,500,000	644,500,000	544,600,000
Cost of Revenue	2,997,137,333	2,747,787,800	2,383,972,900	2,279,428,267	1,986,357,700	1,720,979,960	1,506,993,300	2,859,600,000	2,842,134,000	2,833,822,000	2,938,564,000	3,219,026,000	2,617,686,000	2,129,841,000	2,084,295,000	2,088,972,000	2,064,199,000	1,865,433,000	1,997,891,000	2,315,026,000	2,358,983,000	2,227,085,000	1,994,670,000	1,455,931,000	1,254,587,000	1,396,794,000	1,099,989,000	954,555,000	829,805,000	785,553,000	629,635,000	623,422,000	654,759,000	603,976,000	445,200,000	458,200,000	436,900,000	457,700,000	387,300,000
Cost of Revenue Margin	71.34%	72.47%	73.89%	73.77%	73.64%	73.74%	73.46%	69.69%	70.12%	69.54%	70.39%	74.08%	74.76%	73.56%	75.33%	75.77%	75.17%	73.98%	76.29%	74.12%	71.39%	73.51%	74.95%	73.70%	70.22%	73.23%	73.34%	74.50%	74.89%	76.16%	75.17%	72.92%	75.05%	71.38%	72.48%	75.57%	70.18%	71.02%	71.12%
Gross Profit	1,201,156,667	1,050,574,600	856,277,000	820,330,333	717,615,950	619,899,240	546,486,033	1,243,536,000	1,211,132,000	1,241,212,000	1,236,034,000	1,126,224,000	883,889,000	765,514,000	682,681,000	668,172,000	681,768,000	656,243,000	621,033,000	808,117,000	945,228,000	802,456,000	666,810,000	519,574,000	532,014,000	510,484,000	399,845,000	326,726,000	278,295,000	245,922,000	207,990,000	231,476,000	217,621,000	242,153,000	194,700,000	172,700,000	185,600,000	186,800,000	157,300,000
Gross Profit Margin	28.66%	27.53%	26.11%	26.23%	26.36%	26.26%	26.82%	30.31%	29.88%	30.46%	29.61%	25.92%	25.24%	26.44%	24.67%	24.23%	24.83%	26.02%	23.71%	25.88%	28.61%	26.49%	25.05%	26.30%	29.78%	26.77%	26.66%	25.50%	25.11%	23.84%	24.83%	27.08%	24.95%	28.62%	31.70%	28.48%	29.82%	28.98%	28.88%
R&D Expenses	19,666,667	11,800,000	5,900,000	3,933,333	2,950,000	2,360,000	1,966,667	0	0	59,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.48%	0.29%	0.14%	0.10%	0.07%	0.06%	0.05%	0.00%	0.00%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	726,008,667	658,311,400	545,947,800	503,123,933	438,953,200	382,666,200	337,475,167	724,281,000	711,958,000	716,628,000	768,423,000	692,975,000	590,608,000	522,923,000	454,776,000	440,220,000	414,688,000	410,869,000	447,368,000	450,401,000	472,159,000	420,160,000	403,500,000	341,161,000	294,020,000	281,893,000	244,219,000	216,641,000	195,432,000	175,810,000	153,367,000	161,187,000	152,600,000	144,627,000	122,600,000	105,100,000	107,200,000	119,600,000	103,100,000
SG&A Expenses Margin	17.31%	17.37%	16.77%	16.18%	16.24%	16.54%	16.85%	17.65%	17.57%	17.59%	18.41%	15.95%	16.87%	18.06%	16.44%	15.97%	15.10%	16.29%	17.08%	14.42%	14.29%	13.87%	15.16%	17.27%	16.46%	14.78%	16.28%	16.91%	17.64%	17.04%	18.31%	18.85%	17.49%	17.09%	19.96%	17.33%	17.22%	18.56%	18.93%
Operating Expenses	784,693,333	698,149,000	571,641,600	520,253,133	451,800,100	394,154,520	349,892,100	824,502,000	742,988,000	716,628,000	944,477,000	692,975,000	597,104,000	539,561,000	454,776,000	456,000,000	414,688,000	410,869,000	489,338,000	450,401,000	472,159,000	420,160,000	403,500,000	341,161,000	294,020,000	281,893,000	244,219,000	216,641,000	195,432,000	175,810,000	153,367,000	161,187,000	152,600,000	174,897,000	144,500,000	124,900,000	123,600,000	134,400,000	115,500,000
Operating Expenses Margin	18.72%	18.37%	17.49%	16.66%	16.60%	16.97%	17.68%	20.09%	18.33%	17.59%	22.62%	15.95%	17.05%	18.64%	16.44%	16.54%	15.10%	16.29%	18.68%	14.42%	14.29%	13.87%	15.16%	17.27%	16.46%	14.78%	16.28%	16.91%	17.64%	17.04%	18.31%	18.85%	17.49%	20.67%	23.53%	20.60%	19.86%	20.85%	21.21%
Operating Income (EBIT)	416,463,333	352,425,600	284,635,400	300,077,200	265,815,850	225,744,720	196,593,933	419,034,000	468,144,000	524,584,000	291,557,000	433,249,000	286,785,000	225,953,000	227,905,000	212,172,000	267,080,000	245,374,000	131,695,000	357,716,000	473,069,000	382,296,000	263,310,000	178,413,000	237,994,000	228,591,000	155,626,000	110,085,000	82,863,000	70,112,000	54,623,000	70,289,000	65,021,000	67,256,000	50,200,000	47,800,000	62,000,000	52,400,000	41,800,000
Operating Income (EBIT) Margin	9.94%	9.16%	8.62%	9.57%	9.77%	9.29%	9.14%	10.21%	11.55%	12.87%	6.98%	9.97%	8.19%	7.80%	8.24%	7.70%	9.73%	9.73%	5.03%	11.45%	14.32%	12.62%	9.89%	9.03%	13.32%	11.99%	10.38%	8.59%	7.48%	6.80%	6.52%	8.22%	7.45%	7.95%	8.17%	7.88%	9.96%	8.13%	7.68%
Interest Income	5,142,667	3,798,800	3,874,200	4,909,467	3,873,750	3,099,000	2,582,500	8,375,000	7,009,000	7,183,000	6,230,000	2,015,000	1,192,000	2,374,000	3,942,000	4,668,000	4,737,000	3,105,000	3,296,000	6,046,000	6,477,000	8,272,000	9,265,000	4,840,000	1,510,000	2,323,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.12%	0.10%	0.12%	0.17%	0.13%	0.11%	0.09%	0.20%	0.17%	0.18%	0.15%	0.05%	0.03%	0.08%	0.14%	0.17%	0.17%	0.12%	0.13%	0.19%	0.20%	0.27%	0.35%	0.25%	0.08%	0.12%	0.00%	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	54,354,667	49,350,200	46,481,600	42,190,333	36,045,050	33,162,840	29,332,367	42,738,000	61,694,000	58,722,000	56,808,000	47,534,000	42,612,000	41,075,000	40,153,000	44,237,000	44,645,000	44,409,000	44,621,000	36,790,000	32,502,000	31,625,000	36,175,000	30,947,000	15,760,000	18,267,000	17,434,000	16,347,000	20,238,000	37,643,000	13,244,000	15,860,000	20,952,000	20,471,000	8,900,000	2,600,000	2,400,000	34,700,000	2,300,000
Interest Expense Margin	1.30%	1.31%	1.47%	1.39%	1.35%	1.55%	1.56%	1.04%	1.52%	1.44%	1.36%	1.09%	1.22%	1.42%	1.45%	1.60%	1.63%	1.76%	1.70%	1.18%	0.98%	1.04%	1.36%	1.57%	0.88%	0.96%	1.16%	1.28%	1.83%	3.65%	1.58%	1.86%	2.40%	2.42%	1.45%	0.43%	0.39%	5.38%	0.42%
Net Interest Income	-49,212,000	-45,551,400	-42,607,400	-37,280,867	-29,470,350	-23,576,280	-19,646,900	-34,363,000	-54,685,000	-51,539,000	-50,578,000	-45,519,000	-41,420,000	-38,701,000	-36,211,000	-39,569,000	-39,908,000	-41,304,000	-41,325,000	-30,744,000	-26,025,000	-23,353,000	-26,910,000	-26,107,000	-14,250,000	-15,944,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-1.17%	-1.21%	-1.35%	-1.22%	-1.00%	-0.80%	-0.67%	-0.84%	-1.35%	-1.26%	-1.21%	-1.05%	-1.18%	-1.34%	-1.31%	-1.44%	-1.45%	-1.64%	-1.58%	-0.98%	-0.79%	-0.77%	-1.01%	-1.32%	-0.80%	-0.84%	0.00%	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	110,124,667	94,466,000	85,975,700	77,871,400	66,748,950	60,948,560	53,757,133	79,756,000	114,835,000	107,442,000	107,102,000	115,830,000	69,066,000	72,890,000	64,258,000	98,408,000	78,524,000	66,224,000	80,013,000	104,277,000	49,677,000	46,359,000	56,463,000	51,538,000	26,160,000	39,016,000	32,891,000	30,113,000	38,728,000	62,709,000	22,322,000	26,871,000	37,506,000	39,327,000	16,900,000	6,900,000	5,500,000	54,100,000	5,600,000
Unusual Items Margin	2.62%	2.47%	2.68%	2.53%	2.47%	2.81%	2.82%	1.94%	2.83%	2.64%	2.57%	2.67%	1.97%	2.52%	2.32%	3.57%	2.86%	2.63%	3.06%	3.34%	1.50%	1.53%	2.12%	2.61%	1.46%	2.05%	2.19%	2.35%	3.49%	6.08%	2.66%	3.14%	4.30%	4.65%	2.75%	1.14%	0.88%	8.39%	1.03%
EBT Excluding Unusual Items	245,426,000	209,045,000	155,291,400	181,615,267	164,489,250	133,911,440	115,829,533	293,885,000	293,159,000	361,239,000	127,931,000	247,108,000	190,073,000	118,874,000	135,600,000	54,925,000	149,940,000	154,230,000	12,994,000	179,906,000	399,740,000	312,931,000	177,294,000	101,444,000	199,924,000	166,503,000	107,278,000	66,206,000	25,645,000	-17,663,000	23,223,000	32,407,000	10,961,000	9,073,000	25,300,000	36,600,000	53,400,000	-21,100,000	32,900,000
EBT Excluding Unusual Items Margin	5.87%	5.43%	4.61%	5.74%	6.03%	5.11%	4.98%	7.16%	7.23%	8.86%	3.06%	5.69%	5.43%	4.11%	4.90%	1.99%	5.46%	6.12%	0.50%	5.76%	12.10%	10.33%	6.66%	5.14%	11.19%	8.73%	7.15%	5.17%	2.31%	-1.71%	2.77%	3.79%	1.26%	1.07%	4.12%	6.04%	8.58%	-3.27%	6.04%
Pre-Tax Income	355,550,667	303,511,000	241,267,100	259,486,667	231,238,200	194,860,000	169,586,667	373,641,000	407,994,000	468,681,000	235,033,000	362,938,000	259,139,000	191,764,000	199,858,000	153,333,000	228,464,000	220,454,000	93,007,000	284,183,000	449,417,000	359,290,000	233,757,000	152,982,000	226,084,000	205,519,000	140,169,000	96,319,000	64,373,000	45,046,000	45,545,000	59,278,000	48,467,000	48,400,000	42,200,000	43,500,000	58,900,000	33,000,000	38,500,000
Pre-Tax Income Margin	8.49%	7.90%	7.29%	8.27%	8.50%	7.92%	7.79%	9.11%	10.07%	11.50%	5.63%	8.35%	7.40%	6.62%	7.22%	5.56%	8.32%	8.74%	3.55%	9.10%	13.60%	11.86%	8.78%	7.74%	12.65%	10.78%	9.35%	7.52%	5.81%	4.37%	5.44%	6.93%	5.56%	5.72%	6.87%	7.17%	9.46%	5.12%	7.07%
Income Tax Expense	105,595,333	85,563,000	71,433,800	76,262,200	69,311,400	59,057,040	51,834,200	110,723,000	101,661,000	117,978,000	90,121,000	108,687,000	61,414,000	49,615,000	47,753,000	43,135,000	106,145,000	42,063,000	47,427,000	94,894,000	157,781,000	126,502,000	-4,590,000	55,008,000	72,894,000	70,213,000	44,020,000	30,820,000	24,348,000	16,127,000	16,534,000	21,637,000	17,900,000	18,000,000	15,800,000	15,900,000	21,400,000	11,800,000	13,700,000
Income Tax Expense Margin	2.52%	2.20%	2.17%	2.42%	2.58%	2.47%	2.49%	2.70%	2.51%	2.90%	2.16%	2.50%	1.75%	1.71%	1.73%	1.56%	3.87%	1.67%	1.81%	3.04%	4.78%	4.18%	-0.17%	2.78%	4.08%	3.68%	2.93%	2.41%	2.20%	1.56%	1.97%	2.53%	2.05%	2.13%	2.57%	2.62%	3.44%	1.83%	2.52%
Net Income	247,532,333	215,784,000	164,926,800	177,899,467	157,508,300	131,730,240	114,358,533	233,682,000	299,193,000	348,259,000	143,475,000	250,863,000	195,630,000	140,693,000	146,408,000	94,351,000	116,240,000	173,232,000	40,117,000	183,976,000	278,489,000	234,072,000	228,308,000	94,379,000	153,941,000	132,397,000	94,713,000	61,544,000	39,079,000	26,881,000	25,487,000	33,629,000	26,693,000	30,400,000	26,400,000	27,600,000	37,500,000	21,200,000	24,800,000
Net Income Margin	5.92%	5.64%	4.96%	5.66%	5.76%	5.26%	5.14%	5.70%	7.38%	8.55%	3.44%	5.77%	5.59%	4.86%	5.29%	3.42%	4.23%	6.87%	1.53%	5.89%	8.43%	7.73%	8.58%	4.78%	8.62%	6.94%	6.31%	4.80%	3.53%	2.61%	3.04%	3.93%	3.06%	3.59%	4.30%	4.55%	6.02%	3.29%	4.55%
Depreciation and Amortization	97,090,000	93,347,800	89,034,800	84,103,533	72,871,100	65,240,600	57,210,500	90,283,000	95,611,000	95,395,000	98,708,000	97,167,000	92,577,000	82,892,000	82,264,000	82,827,000	84,957,000	82,417,000	91,144,000	89,328,000	77,436,000	70,218,000	74,560,000	59,663,000	44,748,000	39,597,000	35,176,000	36,541,000	39,807,000	38,460,000	34,597,000	33,942,000	36,324,000	30,270,000	21,900,000	19,800,000	16,400,000	14,800,000	12,400,000
Depreciation and Amortization Margin	2.31%	2.49%	2.83%	2.77%	2.75%	2.98%	2.95%	2.20%	2.36%	2.34%	2.36%	2.24%	2.64%	2.86%	2.97%	3.00%	3.09%	3.27%	3.48%	2.86%	2.34%	2.32%	2.80%	3.02%	2.50%	2.08%	2.35%	2.85%	3.59%	3.73%	4.13%	3.97%	4.16%	3.58%	3.57%	3.27%	2.63%	2.30%	2.28%
EBITDA	507,785,000	447,072,400	377,215,200	386,068,333	340,054,900	292,079,680	254,716,400	507,243,000	565,499,000	622,798,000	391,968,000	508,589,000	395,272,000	316,735,000	322,275,000	280,397,000	358,066,000	347,280,000	228,772,000	410,301,000	559,355,000	461,133,000	344,492,000	243,592,000	286,592,000	263,383,000	190,802,000	146,626,000	122,670,000	108,572,000	89,220,000	104,231,000	101,345,000	97,526,000	72,100,000	67,600,000	78,400,000	67,200,000	54,200,000
EBITDA Margin	12.13%	11.72%	11.60%	12.44%	12.58%	12.33%	12.13%	12.36%	13.95%	15.28%	9.39%	11.70%	11.29%	10.94%	11.65%	10.17%	13.04%	13.77%	8.74%	13.14%	16.93%	15.22%	12.94%	12.33%	16.04%	13.81%	12.72%	11.44%	11.07%	10.53%	10.65%	12.19%	11.62%	11.53%	11.74%	11.15%	12.59%	10.43%	9.95%
NOPAT	291,934,238	252,422,824	199,413,935	211,321,764	185,735,778	156,896,145	136,139,969	294,859,454	351,495,257	392,533,904	179,762,450	303,506,361	218,819,105	167,492,298	173,450,600	152,484,658	142,993,901	198,556,221	64,539,853	238,267,961	306,984,273	247,693,844	268,480,296	114,260,732	161,259,978	150,495,739	106,751,737	74,860,177	51,521,470	45,011,076	34,793,454	44,632,887	41,007,219	42,243,438	31,404,739	30,328,276	39,473,684	33,663,030	26,925,714
NOPAT Margin	6.97%	6.59%	6.03%	6.75%	6.79%	6.37%	6.20%	7.19%	8.67%	9.63%	4.31%	6.98%	6.25%	5.78%	6.27%	5.53%	5.21%	7.87%	2.46%	7.63%	9.29%	8.18%	10.09%	5.78%	9.03%	7.89%	7.12%	5.84%	4.65%	4.36%	4.15%	5.22%	4.70%	4.99%	5.11%	5.00%	6.34%	5.22%	4.94%
Owner's Earnings	254,785,667	212,331,800	172,755,200	181,464,667	159,243,900	135,233,360	113,104,467	224,117,000	315,433,000	364,203,000	145,412,000	254,742,000	180,417,000	116,885,000	131,247,000	105,193,000	145,931,000	197,729,000	85,793,000	200,281,000	249,172,000	207,216,000	219,799,000	117,950,000	154,560,000	121,115,000	73,279,000	70,187,000	43,767,000	48,343,000	42,405,000	53,629,000	37,365,000	14,214,000	7,700,000	-11,700,000	14,800,000	-900,000	2,400,000
Owner's Earnings Margin	6.09%	5.49%	5.25%	5.83%	5.84%	5.55%	4.69%	5.46%	7.78%	8.94%	3.48%	5.86%	5.15%	4.04%	4.74%	3.82%	5.31%	7.84%	3.28%	6.41%	7.54%	6.84%	8.26%	5.97%	8.65%	6.35%	4.89%	5.48%	3.95%	4.69%	5.06%	6.27%	4.28%	1.68%	1.25%	-1.93%	2.38%	-0.14%	0.44%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-28	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	4,198,294,000	3,798,362,400	3,240,249,900	3,099,758,600	2,703,973,650	2,340,879,200	2,051,802,667	4,075,034,000	4,174,598,000	4,345,250,000	3,501,575,000	2,895,355,000	2,766,976,000	2,757,144,000	2,745,967,000	2,521,676,000	2,618,924,000	3,123,143,000	3,304,211,000	3,029,541,000	2,661,480,000	1,975,505,000	1,786,601,000	1,907,278,000	1,499,834,000	1,281,281,000	1,108,100,000	1,031,475,000	837,625,000	854,898,000	872,380,000	846,129,000	614,200,000	606,300,000	622,500,000	644,500,000	544,600,000
Cash & Cash Equivalents	184,254,000	226,144,000	303,929,900	343,234,067	280,738,350	229,821,360	193,534,467	164,315,000	203,041,000	185,406,000	177,232,000	400,726,000	353,542,000	313,210,000	492,805,000	399,948,000	349,074,000	371,579,000	613,706,000	414,129,000	362,894,000	346,904,000	180,786,000	68,567,000	106,532,000	63,504,000	46,867,000	30,210,000	33,345,000	19,514,000	24,522,000	23,176,000	14,900,000	7,600,000	11,500,000	9,500,000	17,000,000
Cash & Cash Equivalents Margin	4.39%	6.41%	10.33%	11.91%	10.43%	8.94%	7.78%	4.03%	4.86%	4.27%	5.06%	13.84%	12.78%	11.36%	17.95%	15.86%	13.33%	11.90%	18.57%	13.67%	13.64%	17.56%	10.12%	3.60%	7.10%	4.96%	4.23%	2.93%	3.98%	2.28%	2.81%	2.74%	2.43%	1.25%	1.85%	1.47%	3.12%
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	184,254,000	226,144,000	303,929,900	343,234,067	280,738,350	229,821,360	193,534,467	164,315,000	203,041,000	185,406,000	177,232,000	400,726,000	353,542,000	313,210,000	492,805,000	399,948,000	349,074,000	371,579,000	613,706,000	414,129,000	362,894,000	346,904,000	180,786,000	68,567,000	106,532,000	63,504,000	46,867,000	30,210,000	33,345,000	19,514,000	24,522,000	23,176,000	14,900,000	7,600,000	11,500,000	9,500,000	17,000,000
Cash & Short-Term Investments Margin	4.39%	6.41%	10.33%	11.91%	10.43%	8.94%	7.78%	4.03%	4.86%	4.27%	5.06%	13.84%	12.78%	11.36%	17.95%	15.86%	13.33%	11.90%	18.57%	13.67%	13.64%	17.56%	10.12%	3.60%	7.10%	4.96%	4.23%	2.93%	3.98%	2.28%	2.81%	2.74%	2.43%	1.25%	1.85%	1.47%	3.12%
Net Receivables	818,247,667	762,600,600	648,605,600	600,072,067	513,447,950	440,678,440	383,815,367	841,617,000	834,406,000	778,720,000	723,051,000	635,209,000	628,269,000	601,064,000	531,334,000	445,943,000	466,443,000	536,918,000	581,137,000	515,902,000	470,502,000	410,566,000	259,521,000	327,620,000	254,472,000	230,790,000	195,475,000	188,512,000	151,765,000	132,697,000	134,632,000	140,396,000	106,800,000	115,800,000	110,500,000	82,200,000	82,200,000
Net Receivables Margin	19.52%	20.23%	20.05%	19.38%	18.75%	18.36%	18.04%	20.65%	19.99%	17.92%	20.65%	21.94%	22.71%	21.80%	19.35%	17.68%	17.81%	17.19%	17.59%	17.03%	17.68%	20.78%	14.53%	17.18%	16.97%	18.01%	17.64%	18.28%	18.12%	15.52%	15.43%	16.59%	17.39%	19.10%	17.75%	12.75%	15.09%
Inventory	659,151,000	631,045,600	502,500,700	456,727,867	397,376,900	344,459,280	301,022,733	590,263,000	658,428,000	728,762,000	728,834,000	448,941,000	374,565,000	383,566,000	420,948,000	350,028,000	340,672,000	359,522,000	380,000,000	412,384,000	393,782,000	280,223,000	210,611,000	313,411,000	219,993,000	194,278,000	158,327,000	186,988,000	116,475,000	120,837,000	108,962,000	130,682,000	85,400,000	77,700,000	79,400,000	100,300,000	76,400,000
Inventory Margin	15.68%	16.67%	15.30%	14.57%	14.55%	14.60%	14.47%	14.48%	15.77%	16.77%	20.81%	15.51%	13.54%	13.91%	15.33%	13.88%	13.01%	11.51%	11.50%	13.61%	14.80%	14.18%	11.79%	16.43%	14.67%	15.16%	14.29%	18.13%	13.91%	14.13%	12.49%	15.44%	13.90%	12.82%	12.76%	15.56%	14.03%
Other Current Assets	88,882,667	55,583,400	30,244,300	30,770,733	27,958,400	25,279,720	23,639,767	87,197,000	91,754,000	87,697,000	0	11,269,000	0	0	0	0	24,526,000	68,010,000	0	58,381,000	0	32,727,000	42,361,000	32,380,000	22,866,000	0	0	14,386,000	10,903,000	17,012,000	11,719,000	18,805,000	12,900,000	18,800,000	16,500,000	18,800,000	10,200,000
Other Current Assets Margin	2.12%	1.35%	0.77%	0.90%	0.95%	1.09%	1.33%	2.14%	2.20%	2.02%	0.00%	0.39%	0.00%	0.00%	0.00%	0.00%	0.94%	2.18%	0.00%	1.93%	0.00%	1.66%	2.37%	1.70%	1.52%	0.00%	0.00%	1.39%	1.30%	1.99%	1.34%	2.22%	2.10%	3.10%	2.65%	2.92%	1.87%
Total Current Assets	1,750,535,333	1,704,977,400	1,520,657,900	1,464,697,933	1,248,312,850	1,064,338,280	922,095,233	1,683,392,000	1,787,629,000	1,780,585,000	1,712,763,000	1,560,518,000	1,388,419,000	1,340,640,000	1,472,565,000	1,253,216,000	1,226,852,000	1,392,941,000	1,597,840,000	1,425,940,000	1,252,943,000	1,094,226,000	715,422,000	755,799,000	621,597,000	494,658,000	408,312,000	428,505,000	321,110,000	294,928,000	284,598,000	313,059,000	220,000,000	219,900,000	217,900,000	210,800,000	185,800,000
Total Current Assets Margin	41.70%	45.58%	47.69%	47.96%	45.80%	44.00%	42.46%	41.31%	42.82%	40.98%	48.91%	53.90%	50.18%	48.62%	53.63%	49.70%	46.85%	44.60%	48.36%	47.07%	47.08%	55.39%	40.04%	39.63%	41.44%	38.61%	36.85%	41.54%	38.34%	34.50%	32.62%	37.00%	35.82%	36.27%	35.00%	32.71%	34.12%
Property, Plant & Equipment	600,648,000	599,655,200	564,014,900	545,860,667	468,414,400	415,002,920	369,375,767	588,972,000	617,394,000	595,578,000	598,605,000	597,727,000	558,129,000	513,992,000	518,928,000	518,335,000	532,489,000	606,453,000	534,210,000	512,612,000	454,877,000	439,609,000	283,088,000	269,320,000	232,684,000	200,610,000	194,676,000	205,655,000	190,103,000	193,175,000	209,580,000	208,272,000	173,900,000	157,400,000	140,800,000	120,600,000	113,500,000
Property, Plant & Equipment Margin	14.32%	16.14%	17.93%	18.08%	17.49%	18.55%	19.34%	14.45%	14.79%	13.71%	17.10%	20.64%	20.17%	18.64%	18.90%	20.56%	20.33%	19.42%	16.17%	16.92%	17.09%	22.25%	15.85%	14.12%	15.51%	15.66%	17.57%	19.94%	22.70%	22.60%	24.02%	24.61%	28.31%	25.96%	22.62%	18.71%	20.84%
Goodwill	665,557,333	627,112,000	494,537,700	442,694,667	366,259,300	304,416,080	254,666,733	623,847,000	632,964,000	739,861,000	708,566,000	430,322,000	428,864,000	385,207,000	337,720,000	321,110,000	336,916,000	385,111,000	349,632,000	330,791,000	314,662,000	314,847,000	178,320,000	175,291,000	116,132,000	108,328,000	106,695,000	0	56,022,000	55,671,000	94,719,000	78,804,000	0	29,600,000	0	0	0
Goodwill Margin	15.83%	16.52%	15.00%	14.10%	12.83%	11.60%	9.83%	15.31%	15.16%	17.03%	20.24%	14.86%	15.50%	13.97%	12.30%	12.73%	12.86%	12.33%	10.58%	10.92%	11.82%	15.94%	9.98%	9.19%	7.74%	8.45%	9.63%	0.00%	6.69%	6.51%	10.86%	9.31%	0.00%	4.88%	0.00%	0.00%	0.00%
Intangible Assets	153,794,667	160,788,200	160,881,300	167,174,800	144,166,100	125,980,720	105,830,600	134,082,000	150,687,000	176,615,000	175,364,000	167,193,000	175,742,000	175,956,000	138,599,000	144,378,000	170,197,000	202,004,000	170,917,000	172,270,000	168,083,000	185,535,000	96,378,000	104,506,000	58,343,000	56,333,000	60,140,000	169,359,000	14,358,000	15,646,000	0	66,833,000	25,400,000	0	0	0	0
Intangible Assets Margin	3.65%	4.35%	5.18%	5.65%	5.47%	5.49%	4.71%	3.29%	3.61%	4.06%	5.01%	5.77%	6.35%	6.38%	5.05%	5.73%	6.50%	6.47%	5.17%	5.69%	6.32%	9.39%	5.39%	5.48%	3.89%	4.40%	5.43%	16.42%	1.71%	1.83%	0.00%	7.90%	4.14%	0.00%	0.00%	0.00%	0.00%
Long-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
Long-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%
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	284,270,000	261,610,800	204,984,800	174,391,800	137,733,350	113,184,440	95,290,367	299,679,000	288,774,000	264,357,000	251,951,000	203,293,000	212,257,000	114,479,000	134,438,000	154,692,000	125,928,000	143,159,000	123,895,000	126,938,000	115,511,000	56,526,000	28,961,000	21,372,000	23,857,000	32,381,000	32,219,000	32,589,000	23,204,000	19,151,000	0	0	0	100,000	9,400,000	10,200,000	9,400,000
Other Non-Current Assets Margin	6.79%	6.91%	6.22%	5.46%	4.59%	4.00%	3.49%	7.35%	6.92%	6.08%	7.20%	7.02%	7.67%	4.15%	4.90%	6.13%	4.81%	4.58%	3.75%	4.19%	4.34%	2.86%	1.62%	1.12%	1.59%	2.53%	2.91%	3.16%	2.77%	2.24%	0.00%	0.00%	0.00%	0.02%	1.51%	1.58%	1.73%
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	1,704,270,000	1,649,166,200	1,425,123,300	1,330,591,667	1,116,925,450	955,713,840	822,771,533	1,646,580,000	1,689,819,000	1,776,411,000	1,734,486,000	1,398,535,000	1,374,992,000	1,189,634,000	1,129,685,000	1,138,515,000	1,172,576,000	1,336,727,000	1,178,654,000	1,142,611,000	1,053,133,000	996,517,000	586,747,000	570,489,000	431,016,000	397,652,000	393,730,000	407,603,000	283,687,000	283,643,000	304,299,000	275,105,000	199,300,000	187,100,000	150,200,000	130,800,000	122,900,000
Total Non-Current Assets Margin	40.59%	43.92%	44.35%	43.31%	40.39%	39.27%	37.07%	40.41%	40.48%	40.88%	49.53%	48.30%	49.69%	43.15%	41.14%	45.15%	44.77%	42.80%	35.67%	37.72%	39.57%	50.44%	32.84%	29.91%	28.74%	31.04%	35.53%	39.52%	33.87%	33.18%	34.88%	32.51%	32.45%	30.86%	24.13%	20.29%	22.57%
Total Assets	3,454,805,333	3,354,143,600	2,945,781,200	2,795,289,600	2,365,238,300	2,020,052,120	1,744,866,767	3,329,972,000	3,477,448,000	3,556,996,000	3,447,249,000	2,959,053,000	2,763,411,000	2,530,274,000	2,602,250,000	2,391,731,000	2,399,428,000	2,729,668,000	2,776,494,000	2,568,551,000	2,306,076,000	2,090,743,000	1,302,169,000	1,326,288,000	1,052,613,000	892,310,000	802,042,000	836,108,000	604,797,000	578,571,000	588,897,000	588,164,000	419,300,000	407,000,000	368,100,000	341,600,000	308,700,000
Total Assets Margin	82.29%	89.50%	92.04%	91.27%	86.19%	83.27%	79.53%	81.72%	83.30%	81.86%	98.45%	102.20%	99.87%	91.77%	94.77%	94.85%	91.62%	87.40%	84.03%	84.78%	86.65%	105.83%	72.89%	69.54%	70.18%	69.64%	72.38%	81.06%	72.20%	67.68%	67.50%	69.51%	68.27%	67.13%	59.13%	53.00%	56.68%
Accounts Payable	363,606,667	341,352,000	270,820,900	248,657,467	215,376,600	184,639,880	161,603,233	372,197,000	358,311,000	360,312,000	347,841,000	268,099,000	197,957,000	218,115,000	227,906,000	177,488,000	179,983,000	196,565,000	216,121,000	212,424,000	216,729,000	179,814,000	118,210,000	136,868,000	128,599,000	103,319,000	90,674,000	69,979,000	63,256,000	55,198,000	57,027,000	63,005,000	46,800,000	46,000,000	48,700,000	43,700,000	46,900,000
Accounts Payable Margin	8.67%	9.04%	8.25%	7.97%	7.91%	7.72%	7.71%	9.13%	8.58%	8.29%	9.93%	9.26%	7.15%	7.91%	8.30%	7.04%	6.87%	6.29%	6.54%	7.01%	8.14%	9.10%	6.62%	7.18%	8.57%	8.06%	8.18%	6.78%	7.55%	6.46%	6.54%	7.45%	7.62%	7.59%	7.82%	6.78%	8.61%
Short-Term Debt	4,441,667	13,908,600	10,831,100	11,797,933	14,851,950	16,941,160	18,234,300	2,361,000	3,924,000	7,040,000	18,323,000	37,895,000	22,534,000	11,457,000	1,127,000	1,597,000	2,053,000	15,133,000	19,226,000	13,599,000	11,638,000	9,062,000	12,131,000	20,456,000	37,515,000	31,467,000	18,501,000	12,644,000	30,509,000	13,998,000	22,381,000	46,958,000	23,200,000	31,200,000	25,900,000	31,700,000	11,500,000
Short-Term Debt Margin	0.10%	0.43%	0.36%	0.40%	0.72%	1.16%	1.64%	0.06%	0.09%	0.16%	0.52%	1.31%	0.81%	0.42%	0.04%	0.06%	0.08%	0.48%	0.58%	0.45%	0.44%	0.46%	0.68%	1.07%	2.50%	2.46%	1.67%	1.23%	3.64%	1.64%	2.57%	5.55%	3.78%	5.15%	4.16%	4.92%	2.11%
Tax Payables	8,966,000	7,368,600	6,645,900	4,430,600	3,322,950	2,658,360	2,215,300	22,509,000	725,000	3,664,000	0	9,945,000	6,947,000	4,576,000	11,492,000	6,601,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	0.22%	0.20%	0.21%	0.14%	0.10%	0.08%	0.07%	0.55%	0.02%	0.08%	0.00%	0.34%	0.25%	0.17%	0.42%	0.26%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	123,608,333	127,317,800	75,453,400	50,302,267	37,726,700	30,181,360	25,151,133	126,932,000	70,978,000	172,915,000	135,746,000	130,018,000	117,945,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	2.93%	3.43%	2.14%	1.43%	1.07%	0.86%	0.71%	3.11%	1.70%	3.98%	3.88%	4.49%	4.26%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	132,748,000	136,148,400	107,074,500	97,812,000	73,722,400	59,328,280	57,573,567	143,028,000	130,861,000	124,355,000	144,559,000	137,939,000	83,528,000	79,291,000	84,426,000	72,404,000	70,354,000	87,950,000	122,967,000	101,905,000	83,613,000	0	0	0	2,724,000	2,437,000	2,107,000	1,932,000	1,921,000	1,792,000	1,598,000	1,516,000	51,400,000	43,300,000	48,900,000	54,000,000	46,400,000
Other Current Liabilities Margin	3.17%	3.68%	3.29%	3.06%	2.33%	1.90%	2.93%	3.51%	3.13%	2.86%	4.13%	4.76%	3.02%	2.88%	3.07%	2.87%	2.69%	2.82%	3.72%	3.36%	3.14%	0.00%	0.00%	0.00%	0.18%	0.19%	0.19%	0.19%	0.23%	0.21%	0.18%	0.18%	8.37%	7.14%	7.86%	8.38%	8.52%
Total Current Liabilities	779,506,667	755,535,800	581,989,300	521,406,933	451,280,700	391,022,600	345,838,833	811,425,000	723,102,000	803,993,000	765,856,000	673,303,000	513,779,000	409,035,000	402,998,000	349,848,000	366,554,000	397,214,000	436,580,000	412,433,000	408,070,000	346,914,000	256,817,000	280,584,000	271,036,000	216,922,000	179,151,000	151,061,000	151,542,000	140,816,000	139,048,000	167,484,000	121,400,000	120,500,000	123,500,000	129,400,000	104,800,000
Total Current Liabilities Margin	18.58%	20.17%	17.68%	16.62%	16.48%	16.58%	17.11%	19.91%	17.32%	18.50%	21.87%	23.25%	18.57%	14.84%	14.68%	13.87%	14.00%	12.72%	13.21%	13.61%	15.33%	17.56%	14.37%	14.71%	18.07%	16.93%	16.17%	14.65%	18.09%	16.47%	15.94%	19.79%	19.77%	19.87%	19.84%	20.08%	19.24%
Long-Term Debt	902,920,333	876,852,800	815,663,100	720,653,067	596,472,700	516,935,360	439,649,467	729,941,000	1,107,885,000	870,935,000	947,072,000	728,431,000	764,944,000	741,822,000	753,888,000	754,795,000	756,918,000	766,654,000	470,907,000	472,593,000	474,415,000	468,596,000	160,251,000	337,128,000	200,738,000	202,784,000	218,757,000	314,813,000	134,653,000	155,542,000	186,946,000	201,976,000	104,300,000	90,500,000	20,700,000	21,900,000	28,700,000
Long-Term Debt Margin	21.50%	23.34%	25.75%	23.57%	21.45%	21.57%	19.44%	17.91%	26.54%	20.04%	27.05%	25.16%	27.65%	26.91%	27.45%	29.93%	28.90%	24.55%	14.25%	15.60%	17.83%	23.72%	8.97%	17.68%	13.38%	15.83%	19.74%	30.52%	16.08%	18.19%	21.43%	23.87%	16.98%	14.93%	3.33%	3.40%	5.27%
Capital Lease Obligations	150,915,333	136,141,400	76,652,400	51,101,600	38,326,200	30,660,960	25,550,800	134,534,000	162,743,000	155,469,000	147,759,000	80,202,000	85,817,000	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	3.59%	3.55%	2.09%	1.39%	1.04%	0.83%	0.70%	3.30%	3.90%	3.58%	4.22%	2.77%	3.10%	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%	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	22,880,000	31,635,600	36,695,100	52,092,733	49,476,350	44,145,520	38,524,600	6,344,000	21,205,000	41,091,000	47,849,000	41,689,000	58,906,000	43,489,000	34,906,000	35,803,000	35,669,000	71,797,000	78,924,000	88,300,000	85,497,000	89,922,000	49,281,000	45,124,000	35,547,000	34,985,000	43,199,000	42,639,000	22,748,000	18,240,000	15,065,000	15,419,000	11,100,000	12,000,000	9,000,000	9,500,000	10,500,000
Deferred Tax Liabilities Margin	0.54%	0.88%	1.22%	1.84%	2.08%	2.17%	2.09%	0.16%	0.51%	0.95%	1.37%	1.44%	2.13%	1.58%	1.27%	1.42%	1.36%	2.30%	2.39%	2.91%	3.21%	4.55%	2.76%	2.37%	2.37%	2.73%	3.90%	4.13%	2.72%	2.13%	1.73%	1.82%	1.81%	1.98%	1.45%	1.47%	1.93%
Other Non-Current Liabilities	47,784,000	98,033,400	167,998,900	178,160,400	139,981,950	115,700,720	97,057,267	54,115,000	45,441,000	43,796,000	125,116,000	221,699,000	194,025,000	200,405,000	258,663,000	268,699,000	268,030,000	243,598,000	245,237,000	188,215,000	140,183,000	175,184,000	27,513,000	22,476,000	24,306,000	28,049,000	24,889,000	22,833,000	22,116,000	15,371,000	15,947,000	16,612,000	4,700,000	4,200,000	3,800,000	3,300,000	3,200,000
Other Non-Current Liabilities Margin	1.14%	2.93%	5.92%	6.32%	5.18%	4.56%	3.91%	1.33%	1.09%	1.01%	3.57%	7.66%	7.01%	7.27%	9.42%	10.66%	10.23%	7.80%	7.42%	6.21%	5.27%	8.87%	1.54%	1.18%	1.62%	2.19%	2.25%	2.21%	2.64%	1.80%	1.83%	1.96%	0.77%	0.69%	0.61%	0.51%	0.59%
Total Non-Current Liabilities	1,124,499,667	1,142,663,200	1,097,009,500	1,002,007,800	824,257,200	707,442,560	600,782,133	924,934,000	1,337,274,000	1,111,291,000	1,267,796,000	1,072,021,000	1,103,692,000	985,716,000	1,047,457,000	1,059,297,000	1,060,617,000	1,082,049,000	795,068,000	749,108,000	700,095,000	733,702,000	237,045,000	404,728,000	260,591,000	265,818,000	286,845,000	380,285,000	179,517,000	189,153,000	217,958,000	234,007,000	120,100,000	106,700,000	33,500,000	34,700,000	42,400,000
Total Non-Current Liabilities Margin	26.77%	30.71%	34.98%	33.11%	29.76%	29.13%	26.13%	22.70%	32.03%	25.57%	36.21%	37.03%	39.89%	35.75%	38.15%	42.01%	40.50%	34.65%	24.06%	24.73%	26.30%	37.14%	13.27%	21.22%	17.37%	20.75%	25.89%	36.87%	21.43%	22.13%	24.98%	27.66%	19.55%	17.60%	5.38%	5.38%	7.79%
Total Liabilities	1,904,006,333	1,898,199,000	1,678,998,800	1,523,414,733	1,275,537,900	1,098,465,160	946,620,967	1,736,359,000	2,060,376,000	1,915,284,000	2,033,652,000	1,745,324,000	1,617,471,000	1,394,751,000	1,450,455,000	1,409,145,000	1,427,171,000	1,479,263,000	1,231,648,000	1,161,541,000	1,108,165,000	1,080,616,000	493,862,000	685,312,000	531,627,000	482,740,000	465,996,000	531,346,000	331,059,000	329,969,000	357,006,000	401,491,000	241,500,000	227,200,000	157,000,000	164,100,000	147,200,000
Total Liabilities Margin	45.35%	50.88%	52.66%	49.73%	46.24%	45.71%	43.24%	42.61%	49.36%	44.08%	58.08%	60.28%	58.46%	50.59%	52.82%	55.88%	54.49%	47.36%	37.28%	38.34%	41.64%	54.70%	27.64%	35.93%	35.45%	37.68%	42.05%	51.51%	39.52%	38.60%	40.92%	47.45%	39.32%	37.47%	25.22%	25.46%	27.03%
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	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	26,973,333	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	27,900,000	14,000,000	14,000,000
Common Stock Margin	0.67%	0.75%	0.90%	0.94%	1.18%	1.58%	1.93%	0.68%	0.67%	0.64%	0.80%	0.96%	1.01%	1.01%	1.02%	1.11%	1.07%	0.89%	0.84%	0.92%	1.05%	1.41%	1.56%	1.46%	1.86%	2.18%	2.52%	2.70%	3.33%	3.26%	3.20%	3.30%	4.54%	4.60%	4.48%	2.17%	2.57%
Retained Earnings	2,725,827,667	2,563,365,000	2,257,696,800	1,939,253,067	1,586,971,400	1,326,796,520	1,135,343,767	2,940,838,000	2,643,606,000	2,593,039,000	2,394,307,000	2,245,035,000	2,173,802,000	2,027,596,000	1,954,344,000	1,874,722,000	1,729,679,000	1,718,662,000	1,562,670,000	1,300,529,000	1,079,698,000	850,269,000	767,398,000	624,254,000	496,388,000	405,567,000	357,025,000	324,748,000	306,920,000	289,105,000	264,854,000	244,858,000	220,500,000	200,400,000	179,400,000	153,100,000	137,000,000
Retained Earnings Margin	65.06%	68.22%	70.47%	62.24%	55.31%	50.70%	47.14%	72.17%	63.33%	59.68%	68.38%	77.54%	78.56%	73.54%	71.17%	74.34%	66.05%	55.03%	47.29%	42.93%	40.57%	43.04%	42.95%	32.73%	33.10%	31.65%	32.22%	31.48%	36.64%	33.82%	30.36%	28.94%	35.90%	33.05%	28.82%	23.75%	25.16%
Accumulated OCI	-293,640,000	-290,766,600	-296,303,900	-198,234,800	-147,133,150	-118,902,800	-99,062,333	-332,775,000	-273,236,000	-274,909,000	-263,127,000	-309,786,000	-313,422,000	-303,185,000	-279,022,000	-346,359,000	-267,218,000	-134,433,000	-47,685,000	43,938,000	64,052,000	63,645,000	16,953,000	-533,000	16,996,000	3,626,000	-6,183,000	1,207,000	-2,147,000	-10,049,000	-11,957,000	-6,961,000	-5,100,000	-2,800,000	-2,000,000	3,400,000	7,200,000
Accumulated OCI Margin	-7.01%	-7.85%	-9.57%	-6.29%	-4.63%	-3.84%	-3.19%	-8.17%	-6.55%	-6.33%	-7.51%	-10.70%	-11.33%	-11.00%	-10.16%	-13.74%	-10.20%	-4.30%	-1.44%	1.45%	2.41%	3.22%	0.95%	-0.03%	1.13%	0.28%	-0.56%	0.12%	-0.26%	-1.18%	-1.37%	-0.82%	-0.83%	-0.46%	-0.32%	0.53%	1.32%
Minority Interest	58,392,000	45,540,000	47,370,100	49,825,067	40,615,000	34,001,840	28,991,533	51,519,000	62,792,000	60,865,000	26,750,000	25,774,000	45,407,000	75,761,000	38,959,000	39,104,000	46,770,000	48,572,000	22,821,000	57,098,000	50,949,000	94,235,000	22,046,000	16,845,000	10,373,000	8,289,000	7,371,000	10,107,000	8,244,000	6,582,000	6,080,000	6,733,000	7,300,000	3,900,000	4,000,000	2,300,000	2,200,000
Minority Interest Margin	1.39%	1.16%	1.50%	1.72%	1.50%	1.37%	1.25%	1.26%	1.50%	1.40%	0.76%	0.89%	1.64%	2.75%	1.42%	1.55%	1.79%	1.56%	0.69%	1.88%	1.91%	4.77%	1.23%	0.88%	0.69%	0.65%	0.67%	0.98%	0.98%	0.77%	0.70%	0.80%	1.19%	0.64%	0.64%	0.36%	0.40%
Total Shareholders’ Equity	1,492,407,000	1,409,226,000	1,222,498,900	1,224,107,533	1,050,628,700	889,298,600	770,682,167	1,542,094,000	1,354,280,000	1,580,847,000	1,386,847,000	1,182,062,000	1,144,338,000	1,059,762,000	1,112,836,000	943,482,000	918,441,000	1,201,833,000	1,522,025,000	1,349,912,000	1,146,962,000	915,892,000	786,261,000	624,131,000	510,613,000	401,281,000	328,675,000	294,655,000	265,494,000	242,020,000	225,811,000	191,911,000	170,500,000	175,900,000	207,100,000	175,200,000	159,300,000
Total Shareholders’ Equity Margin	35.55%	37.42%	37.99%	39.90%	38.51%	36.29%	35.13%	37.84%	32.44%	36.38%	39.61%	40.83%	41.36%	38.44%	40.53%	37.41%	35.07%	38.48%	46.06%	44.56%	43.09%	46.36%	44.01%	32.72%	34.04%	31.32%	29.66%	28.57%	31.70%	28.31%	25.88%	22.68%	27.76%	29.01%	33.27%	27.18%	29.25%
Total Equity	1,550,799,000	1,454,766,000	1,269,869,000	1,273,932,600	1,091,243,700	923,300,440	799,673,700	1,593,613,000	1,417,072,000	1,641,712,000	1,413,597,000	1,207,836,000	1,189,745,000	1,135,523,000	1,151,795,000	982,586,000	965,211,000	1,250,405,000	1,544,846,000	1,407,010,000	1,197,911,000	1,010,127,000	808,307,000	640,976,000	520,986,000	409,570,000	336,046,000	304,762,000	273,738,000	248,602,000	231,891,000	198,644,000	177,800,000	179,800,000	211,100,000	177,500,000	161,500,000
Total Equity Margin	36.94%	38.58%	39.49%	41.62%	40.01%	37.66%	36.37%	39.11%	33.95%	37.78%	40.37%	41.72%	43.00%	41.18%	41.94%	38.97%	36.86%	40.04%	46.75%	46.44%	45.01%	51.13%	45.24%	33.61%	34.74%	31.97%	30.33%	29.55%	32.68%	29.08%	26.58%	23.48%	28.95%	29.66%	33.91%	27.54%	29.65%
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	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 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%
Net Debt	874,023,333	800,758,800	599,216,700	440,318,533	368,912,500	334,716,120	289,900,100	702,521,000	1,071,511,000	848,038,000	935,922,000	445,802,000	519,753,000	440,069,000	262,210,000	356,444,000	409,897,000	410,208,000	-123,573,000	72,063,000	123,159,000	130,754,000	-8,404,000	289,017,000	131,721,000	170,747,000	190,391,000	297,247,000	131,817,000	150,026,000	184,805,000	225,758,000	112,600,000	114,100,000	35,100,000	44,100,000	23,200,000
Net Debt Margin	20.81%	20.91%	17.86%	13.44%	12.78%	14.62%	13.98%	17.24%	25.67%	19.52%	26.73%	15.40%	18.78%	15.96%	9.55%	14.14%	15.65%	13.13%	-3.74%	2.38%	4.63%	6.62%	-0.47%	15.15%	8.78%	13.33%	17.18%	28.82%	15.74%	17.55%	21.18%	26.68%	18.33%	18.82%	5.64%	6.84%	4.26%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-28	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	4,198,294,000	3,798,362,400	3,240,249,900	3,099,758,600	2,703,973,650	2,340,879,200	2,051,802,667	4,075,034,000	4,174,598,000	4,345,250,000	3,501,575,000	2,895,355,000	2,766,976,000	2,757,144,000	2,745,967,000	2,521,676,000	2,618,924,000	3,123,143,000	3,304,211,000	3,029,541,000	2,661,480,000	1,975,505,000	1,786,601,000	1,907,278,000	1,499,834,000	1,281,281,000	1,108,100,000	1,031,475,000	837,625,000	854,898,000	872,380,000	846,129,000	614,200,000	606,300,000	622,500,000	644,500,000	544,600,000
Working Capital	971,028,667	949,441,600	938,668,600	943,291,000	797,032,150	673,315,680	576,256,400	871,967,000	1,064,527,000	976,592,000	946,907,000	887,215,000	874,640,000	931,605,000	1,069,567,000	903,368,000	860,298,000	995,727,000	1,161,260,000	1,013,507,000	844,873,000	747,312,000	458,605,000	475,215,000	350,561,000	277,736,000	229,161,000	277,444,000	169,568,000	154,112,000	145,550,000	145,575,000	98,600,000	99,400,000	94,400,000	81,400,000	81,000,000
Working Capital Margin	23.12%	25.41%	30.01%	31.34%	29.32%	27.42%	25.35%	21.40%	25.50%	22.47%	27.04%	30.64%	31.61%	33.79%	38.95%	35.82%	32.85%	31.88%	35.14%	33.45%	31.74%	37.83%	25.67%	24.92%	23.37%	21.68%	20.68%	26.90%	20.24%	18.03%	16.68%	17.20%	16.05%	16.39%	15.16%	12.63%	14.87%
Total Capital	2,550,684,333	2,436,128,800	2,125,645,500	2,007,660,133	1,700,279,550	1,453,836,080	1,254,116,733	2,408,930,000	2,628,832,000	2,614,291,000	2,500,001,000	2,028,590,000	2,017,633,000	1,813,041,000	1,867,851,000	1,699,874,000	1,677,412,000	1,983,620,000	2,012,158,000	1,836,104,000	1,633,015,000	1,393,550,000	958,643,000	981,715,000	748,866,000	635,532,000	565,933,000	622,112,000	430,656,000	411,560,000	435,138,000	440,845,000	298,000,000	297,600,000	253,700,000	228,800,000	199,500,000
Total Capital Margin	60.75%	64.74%	66.19%	65.25%	61.73%	59.85%	56.90%	59.11%	62.97%	60.16%	71.40%	70.06%	72.92%	65.76%	68.02%	67.41%	64.05%	63.51%	60.90%	60.61%	61.36%	70.54%	53.66%	51.47%	49.93%	49.60%	51.07%	60.31%	51.41%	48.14%	49.88%	52.10%	48.52%	49.08%	40.76%	35.50%	36.63%
Capital Employed	2,675,298,667	2,598,607,800	2,363,791,900	2,273,882,667	1,913,957,600	1,629,029,520	1,399,027,933	2,518,547,000	2,754,346,000	2,753,003,000	2,681,393,000	2,285,750,000	2,249,632,000	2,121,239,000	2,199,252,000	2,041,883,000	2,032,874,000	2,332,454,000	2,339,914,000	2,156,118,000	1,898,006,000	1,743,829,000	1,045,352,000	1,045,704,000	781,577,000	675,388,000	622,891,000	685,047,000	453,255,000	437,755,000	449,849,000	420,680,000	297,900,000	286,500,000	244,600,000	212,200,000	203,900,000
Capital Employed Margin	63.71%	69.33%	74.36%	74.66%	69.71%	66.69%	62.42%	61.80%	65.98%	63.36%	76.58%	78.95%	81.30%	76.94%	80.09%	80.97%	77.62%	74.68%	70.82%	71.17%	71.31%	88.27%	58.51%	54.83%	52.11%	52.71%	56.21%	66.41%	54.11%	51.21%	51.57%	49.72%	48.50%	47.25%	39.29%	32.92%	37.44%
Invested Capital	2,366,430,333	2,209,984,800	1,821,715,600	1,664,426,067	1,419,541,200	1,224,014,720	1,060,582,267	2,244,615,000	2,425,791,000	2,428,885,000	2,322,769,000	1,627,864,000	1,664,091,000	1,499,831,000	1,375,046,000	1,299,926,000	1,328,338,000	1,612,041,000	1,398,452,000	1,421,975,000	1,270,121,000	1,046,646,000	777,857,000	913,148,000	642,334,000	572,028,000	519,066,000	591,902,000	397,311,000	392,046,000	410,616,000	417,669,000	283,100,000	290,000,000	242,200,000	219,300,000	182,500,000
Invested Capital Margin	56.36%	58.33%	55.85%	53.34%	51.29%	50.92%	49.11%	55.08%	58.11%	55.90%	66.33%	56.22%	60.14%	54.40%	50.08%	51.55%	50.72%	51.62%	42.32%	46.94%	47.72%	52.98%	43.54%	47.88%	42.83%	44.65%	46.84%	57.38%	47.43%	45.86%	47.07%	49.36%	46.09%	47.83%	38.91%	34.03%	33.51%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-28	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	4,198,294,000	3,798,362,400	3,240,249,900	3,099,758,600	2,703,973,650	2,340,879,200	2,051,802,667	4,075,034,000	4,174,598,000	4,345,250,000	3,501,575,000	2,895,355,000	2,766,976,000	2,757,144,000	2,745,967,000	2,521,676,000	2,618,924,000	3,123,143,000	3,304,211,000	3,029,541,000	2,661,480,000	1,975,505,000	1,786,601,000	1,907,278,000	1,499,834,000	1,281,281,000	1,108,100,000	1,031,475,000	837,625,000	854,898,000	872,380,000	846,129,000	614,200,000	606,300,000	622,500,000	644,500,000	544,600,000
Net Income	249,929,000	217,932,200	169,547,600	182,787,267	161,174,150	134,662,920	116,802,433	350,624,000	144,912,000	254,251,000	197,725,000	142,149,000	159,466,000	100,306,000	122,319,000	178,391,000	45,333,000	189,318,000	280,460,000	238,916,000	237,226,000	100,413,000	153,941,000	132,397,000	94,713,000	61,544,000	39,079,000	26,881,000	25,487,000	33,629,000	26,693,000	30,400,000	26,400,000	27,600,000	37,500,000	21,200,000	24,800,000
Net Income Margin	5.98%	5.70%	5.11%	5.84%	5.89%	5.36%	5.22%	8.60%	3.47%	5.85%	5.65%	4.91%	5.76%	3.64%	4.45%	7.07%	1.73%	6.06%	8.49%	7.89%	8.91%	5.08%	8.62%	6.94%	6.31%	4.80%	3.53%	2.61%	3.04%	3.93%	3.06%	3.59%	4.30%	4.55%	6.02%	3.29%	4.55%
Depreciation & Amortization	97,090,000	93,347,800	89,034,800	84,103,533	72,871,100	65,247,960	57,216,633	95,395,000	98,708,000	97,167,000	92,577,000	82,892,000	82,264,000	82,827,000	84,957,000	82,417,000	91,144,000	89,328,000	77,436,000	70,218,000	74,560,000	59,663,000	44,748,000	39,597,000	35,176,000	36,541,000	39,807,000	38,644,000	34,597,000	33,942,000	36,324,000	30,270,000	21,900,000	19,800,000	16,400,000	14,800,000	12,400,000
Depreciation & Amortization Margin	2.31%	2.49%	2.83%	2.77%	2.75%	2.98%	2.95%	2.34%	2.36%	2.24%	2.64%	2.86%	2.97%	3.00%	3.09%	3.27%	3.48%	2.86%	2.34%	2.32%	2.80%	3.02%	2.50%	2.08%	2.35%	2.85%	3.59%	3.75%	4.13%	3.97%	4.16%	3.58%	3.57%	3.27%	2.63%	2.30%	2.28%
Deferred Income Tax	-14,843,000	-9,171,000	-2,264,600	-6,917,400	-5,774,050	-4,807,280	-4,006,067	-24,655,000	-18,649,000	-1,225,000	71,000	-1,397,000	3,940,000	-1,659,000	39,755,000	-23,685,000	4,858,000	5,251,000	-10,141,000	3,720,000	-84,962,000	5,017,000	7,375,000	-4,502,000	-1,620,000	-11,027,000	-1,946,000	-4,701,000	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	-0.36%	-0.23%	-0.03%	-0.22%	-0.21%	-0.19%	-0.16%	-0.61%	-0.45%	-0.03%	0.00%	-0.05%	0.14%	-0.06%	1.45%	-0.94%	0.19%	0.17%	-0.31%	0.12%	-3.19%	0.25%	0.41%	-0.24%	-0.11%	-0.86%	-0.18%	-0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	36,979,333	30,906,400	20,439,200	15,769,933	12,393,550	9,914,840	8,262,367	29,869,000	39,219,000	41,850,000	28,720,000	14,874,000	11,587,000	10,392,000	10,706,000	9,931,000	7,244,000	6,730,000	6,513,000	5,829,000	5,931,000	7,154,000	6,586,000	4,736,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.88%	0.79%	0.58%	0.47%	0.38%	0.31%	0.25%	0.73%	0.94%	0.96%	0.82%	0.51%	0.42%	0.38%	0.39%	0.39%	0.28%	0.22%	0.20%	0.19%	0.22%	0.36%	0.37%	0.25%	0.00%	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	-2,807,000	-48,175,600	-20,720,400	-31,694,867	-23,060,900	-21,783,400	-19,646,167	128,232,000	-80,561,000	-56,092,000	-284,739,000	52,282,000	80,234,000	-54,564,000	-74,077,000	10,190,000	71,891,000	-98,376,000	34,205,000	-108,469,000	-69,307,000	-26,272,000	136,944,000	-125,126,000	-16,278,000	-34,213,000	52,878,000	-59,760,000	-10,360,000	-2,881,000	43,318,000	-53,684,000	17,300,000	-5,000,000	-32,000,000	-16,800,000	-8,300,000
Change in Working Capital Margin	-0.02%	-1.28%	-0.50%	-0.98%	-0.63%	-0.85%	-0.95%	3.15%	-1.93%	-1.29%	-8.13%	1.81%	2.90%	-1.98%	-2.70%	0.40%	2.75%	-3.15%	1.04%	-3.58%	-2.60%	-1.33%	7.67%	-6.56%	-1.09%	-2.67%	4.77%	-5.79%	-1.24%	-0.34%	4.97%	-6.34%	2.82%	-0.82%	-5.14%	-2.61%	-1.52%
Accounts Receivable	-53,929,667	-51,093,400	-21,171,100	-24,343,467	-18,219,950	-14,575,960	-12,146,633	-41,318,000	-46,308,000	-74,163,000	-69,275,000	-24,403,000	5,408,000	12,571,000	-49,112,000	24,622,000	50,267,000	907,000	-12,708,000	-84,890,000	-9,627,000	-47,123,000	50,117,000	-49,364,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-1.28%	-1.33%	-0.49%	-0.72%	-0.53%	-0.42%	-0.35%	-1.01%	-1.11%	-1.71%	-1.98%	-0.84%	0.20%	0.46%	-1.79%	0.98%	1.92%	0.03%	-0.38%	-2.80%	-0.36%	-2.39%	2.81%	-2.59%	0.00%	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	43,549,000	-36,236,600	-24,825,100	-21,568,000	-15,852,800	-14,891,920	-13,679,933	45,643,000	88,433,000	-3,429,000	-289,942,000	-21,888,000	12,313,000	-13,774,000	-57,442,000	-11,461,000	3,296,000	21,458,000	13,431,000	-13,613,000	-118,866,000	22,321,000	107,245,000	-83,408,000	-13,644,000	-28,621,000	24,892,000	-48,889,000	8,999,000	-10,172,000	35,714,000	-40,894,000	-8,500,000	4,100,000	-7,700,000	-16,300,000	-9,700,000
Inventory Margin	1.05%	-1.18%	-0.84%	-0.74%	-0.52%	-0.64%	-0.74%	1.12%	2.12%	-0.08%	-8.28%	-0.76%	0.44%	-0.50%	-2.09%	-0.45%	0.13%	0.69%	0.41%	-0.45%	-4.47%	1.13%	6.00%	-4.37%	-0.91%	-2.23%	2.25%	-4.74%	1.07%	-1.19%	4.09%	-4.83%	-1.38%	0.68%	-1.24%	-2.53%	-1.78%
Accounts Payable	17,087,333	34,744,800	18,353,200	13,145,000	9,372,300	7,497,840	6,248,200	24,801,000	-10,529,000	36,990,000	89,418,000	33,044,000	-21,410,000	-1,486,000	39,405,000	104,000	-6,805,000	-34,321,000	12,448,000	-6,249,000	42,637,000	-872,000	-19,718,000	9,989,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.40%	0.98%	0.53%	0.39%	0.27%	0.21%	0.18%	0.61%	-0.25%	0.85%	2.55%	1.14%	-0.77%	-0.05%	1.44%	0.00%	-0.26%	-1.10%	0.38%	-0.21%	1.60%	-0.04%	-1.10%	0.52%	0.00%	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	-9,513,667	4,409,600	6,922,600	1,071,600	1,639,550	186,640	-67,800	99,106,000	-112,157,000	-15,490,000	-14,940,000	65,529,000	83,923,000	-51,875,000	-6,928,000	-3,075,000	25,133,000	-86,420,000	21,034,000	-3,717,000	16,549,000	-598,000	-700,000	-2,343,000	-2,634,000	-5,592,000	27,986,000	-10,871,000	-19,359,000	7,291,000	7,604,000	-12,790,000	25,800,000	-9,100,000	-24,300,000	-500,000	1,400,000
Other Working Capital Margin	-0.20%	0.25%	0.30%	0.09%	0.15%	0.00%	-0.04%	2.43%	-2.69%	-0.36%	-0.43%	2.26%	3.03%	-1.88%	-0.25%	-0.12%	0.96%	-2.77%	0.64%	-0.12%	0.62%	-0.03%	-0.04%	-0.12%	-0.18%	-0.44%	2.53%	-1.05%	-2.31%	0.85%	0.87%	-1.51%	4.20%	-1.50%	-3.90%	-0.08%	0.26%
Other Non-Cash Items	35,557,667	32,750,200	12,535,700	6,301,467	5,060,250	5,144,400	4,273,667	-6,787,000	123,146,000	-9,686,000	31,584,000	25,494,000	-29,877,000	15,706,000	-37,944,000	-38,076,000	51,797,000	-18,155,000	7,969,000	-13,117,000	-13,777,000	6,245,000	-74,000	5,473,000	-5,273,000	2,598,000	3,959,000	5,083,000	10,057,000	4,763,000	3,504,000	3,998,000	-1,700,000	-400,000	1,400,000	600,000	-300,000
Other Non-Cash Items Margin	0.85%	0.87%	0.29%	0.13%	0.12%	0.22%	0.18%	-0.17%	2.95%	-0.22%	0.90%	0.88%	-1.08%	0.57%	-1.38%	-1.51%	1.98%	-0.58%	0.24%	-0.43%	-0.52%	0.32%	0.00%	0.29%	-0.35%	0.20%	0.36%	0.49%	1.20%	0.56%	0.40%	0.47%	-0.28%	-0.07%	0.22%	0.09%	-0.06%
Net Cash from Operating Activities	401,906,000	317,590,000	268,572,300	250,349,933	223,025,000	188,668,160	163,143,467	572,678,000	306,775,000	326,265,000	65,938,000	316,294,000	307,614,000	153,008,000	145,716,000	219,168,000	272,267,000	174,096,000	396,442,000	197,097,000	149,671,000	152,220,000	349,520,000	52,575,000	110,249,000	59,130,000	133,777,000	6,147,000	59,781,000	69,453,000	109,839,000	10,984,000	63,900,000	42,000,000	23,300,000	19,800,000	28,600,000
Net Cash from Operating Activities Margin	9.64%	8.34%	8.28%	8.01%	8.33%	7.85%	7.52%	14.05%	7.35%	7.51%	1.88%	10.92%	11.12%	5.55%	5.31%	8.69%	10.40%	5.57%	12.00%	6.51%	5.62%	7.71%	19.56%	2.76%	7.35%	4.61%	12.07%	0.60%	7.14%	8.12%	12.59%	1.30%	10.40%	6.93%	3.74%	3.07%	5.25%
Capital Expenditures (PPE)	-89,836,667	-96,800,000	-81,206,400	-80,538,333	-71,135,500	-61,744,840	-58,470,700	-79,451,000	-96,771,000	-93,288,000	-107,790,000	-106,700,000	-97,425,000	-71,985,000	-55,266,000	-57,920,000	-45,468,000	-73,023,000	-106,753,000	-97,074,000	-83,069,000	-36,092,000	-44,129,000	-50,879,000	-56,610,000	-27,898,000	-35,119,000	-17,182,000	-17,679,000	-13,942,000	-25,652,000	-46,456,000	-40,600,000	-59,100,000	-39,100,000	-36,900,000	-34,800,000
Capital Expenditures (PPE) Margin	-2.14%	-2.64%	-2.54%	-2.61%	-2.67%	-2.69%	-3.40%	-1.95%	-2.32%	-2.15%	-3.08%	-3.69%	-3.52%	-2.61%	-2.01%	-2.30%	-1.74%	-2.34%	-3.23%	-3.20%	-3.12%	-1.83%	-2.47%	-2.67%	-3.77%	-2.18%	-3.17%	-1.67%	-2.11%	-1.63%	-2.94%	-5.49%	-6.61%	-9.75%	-6.28%	-5.73%	-6.39%
Acquisitions (Net)	-21,864,667	-78,791,200	-64,284,000	-78,192,800	-67,113,700	-62,598,880	-52,165,733	0	-26,307,000	-39,287,000	-312,500,000	-15,862,000	-81,841,000	-143,020,000	-5,362,000	-5,883,000	-12,778,000	-185,710,000	-63,152,000	-45,687,000	2,167,000	-237,670,000	0	-142,884,000	-22,637,000	-3,861,000	0	-125,446,000	0	0	-34,079,000	-63,173,000	0	0	0	0	0
Acquisitions (Net) Margin	-0.51%	-2.20%	-2.01%	-2.76%	-2.53%	-2.97%	-2.47%	0.00%	-0.63%	-0.90%	-8.92%	-0.55%	-2.96%	-5.19%	-0.20%	-0.23%	-0.49%	-5.95%	-1.91%	-1.51%	0.08%	-12.03%	0.00%	-7.49%	-1.51%	-0.30%	0.00%	-12.16%	0.00%	0.00%	-3.91%	-7.47%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0	-256,600	-745,200	-496,800	-613,800	-466,360	-388,633	0	0	0	0	-1,283,000	-6,169,000	0	0	0	0	0	0	0	0	0	0	0	0	-4,824,000	0	0	0	0	341,000	276,000	0	0	0	0	0
Purchases of Investments Margin	0.00%	-0.01%	-0.03%	-0.02%	-0.03%	-0.02%	-0.02%	0.00%	0.00%	0.00%	0.00%	-0.04%	-0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.38%	0.00%	0.00%	0.00%	0.00%	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	2,396,600	1,815,200	1,210,133	1,080,050	882,360	1,068,633	0	0	0	0	11,983,000	6,169,000	0	0	0	0	0	0	0	0	0	0	0	0	3,449,000	0	0	76,000	0	63,000	319,000	8,300,000	0	0	0	1,700,000
Sales / Maturities of Investments Margin	0.00%	0.08%	0.06%	0.04%	0.05%	0.04%	0.09%	0.00%	0.00%	0.00%	0.00%	0.41%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.00%	0.00%	0.01%	0.00%	0.01%	0.04%	1.35%	0.00%	0.00%	0.00%	0.31%
Other Investing Activities	2,955,000	3,936,000	11,631,500	11,355,067	8,968,950	6,595,400	6,602,833	573,000	7,797,000	495,000	2,982,000	7,833,000	11,116,000	59,560,000	11,013,000	4,871,000	10,075,000	1,870,000	38,184,000	6,069,000	-3,161,000	11,049,000	534,000	-852,000	8,207,000	-3,601,000	4,765,000	-8,045,000	-3,513,000	216,000	-2,393,000	-759,000	200,000	2,300,000	29,100,000	-500,000	2,100,000
Other Investing Activities Margin	0.07%	0.11%	0.41%	0.40%	0.33%	0.20%	0.35%	0.01%	0.19%	0.01%	0.09%	0.27%	0.40%	2.16%	0.40%	0.19%	0.38%	0.06%	1.16%	0.20%	-0.12%	0.56%	0.03%	-0.04%	0.55%	-0.28%	0.43%	-0.78%	-0.42%	0.03%	-0.27%	-0.09%	0.03%	0.38%	4.67%	-0.08%	0.39%
Net Cash from Investing Activities	-108,746,333	-169,515,200	-132,200,600	-146,270,533	-128,519,850	-117,097,000	-103,157,500	-78,878,000	-115,281,000	-132,080,000	-417,308,000	-104,029,000	-168,150,000	-155,445,000	-49,615,000	-53,049,000	-48,171,000	-256,863,000	-131,721,000	-136,692,000	-84,063,000	-262,713,000	-43,595,000	-194,615,000	-71,040,000	-36,735,000	-30,354,000	-150,673,000	-21,116,000	-13,726,000	-61,720,000	-109,793,000	-32,100,000	-56,800,000	-10,000,000	-37,400,000	-31,000,000
Net Cash from Investing Activities Margin	-2.58%	-4.65%	-4.07%	-4.93%	-4.84%	-5.43%	-5.45%	-1.94%	-2.76%	-3.04%	-11.92%	-3.59%	-6.08%	-5.64%	-1.81%	-2.10%	-1.84%	-8.22%	-3.99%	-4.51%	-3.16%	-13.30%	-2.44%	-10.20%	-4.74%	-2.87%	-2.74%	-14.61%	-2.52%	-1.61%	-7.07%	-12.98%	-5.23%	-9.37%	-1.61%	-5.80%	-5.69%
Net Debt Issuance	-79,190,333	-13,886,600	-4,496,500	37,740,267	19,889,950	22,692,240	21,536,867	-379,556,000	231,966,000	-89,981,000	200,931,000	-32,793,000	31,559,000	-2,315,000	-1,472,000	-2,206,000	-1,098,000	289,881,000	5,193,000	1,390,000	9,285,000	305,320,000	-185,620,000	115,131,000	2,167,000	-10,007,000	-89,976,000	149,311,000	-16,254,000	-39,992,000	-38,918,000	115,360,000	4,900,000	70,400,000	-5,200,000	14,400,000	-5,700,000
Net Debt Issuance Margin	-1.94%	-0.24%	-0.03%	1.66%	0.59%	1.15%	1.39%	-9.31%	5.56%	-2.07%	5.74%	-1.13%	1.14%	-0.08%	-0.05%	-0.09%	-0.04%	9.28%	0.16%	0.05%	0.35%	15.46%	-10.39%	6.04%	0.14%	-0.78%	-8.12%	14.48%	-1.94%	-4.68%	-4.46%	13.63%	0.80%	11.61%	-0.84%	2.23%	-1.05%
Long-Term Debt Issuance	-75,070,333	-7,366,400	-3,344,900	38,342,067	20,469,050	24,055,320	22,672,767	-378,071,000	235,264,000	-82,404,000	221,172,000	-32,793,000	20,232,000	-12,858,000	-887,000	-2,006,000	-1,098,000	294,353,000	-317,000	-438,000	6,587,000	308,395,000	-177,968,000	113,419,000	428,000	-11,203,000	-90,426,000	171,806,000	-16,254,000	-39,992,000	-38,918,000	115,360,000	4,900,000	70,400,000	-5,200,000	14,400,000	-5,700,000
Long-Term Debt Issuance Margin	-1.85%	-0.07%	-0.02%	1.67%	0.60%	1.25%	1.47%	-9.28%	5.64%	-1.90%	6.32%	-1.13%	0.73%	-0.47%	-0.03%	-0.08%	-0.04%	9.42%	-0.01%	-0.01%	0.25%	15.61%	-9.96%	5.95%	0.03%	-0.87%	-8.16%	16.66%	-1.94%	-4.68%	-4.46%	13.63%	0.80%	11.61%	-0.84%	2.23%	-1.05%
Short-Term Debt Issuance	-4,120,000	-6,520,200	-2,436,900	-1,458,667	-1,221,750	-1,877,200	-1,564,333	-1,485,000	-3,298,000	-7,577,000	-20,241,000	0	11,327,000	10,543,000	-585,000	-200,000	-12,853,000	-4,472,000	5,510,000	1,828,000	2,698,000	-3,075,000	-7,652,000	1,712,000	1,739,000	1,196,000	450,000	-22,495,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-0.10%	-0.17%	-0.06%	-0.04%	-0.03%	-0.11%	-0.09%	-0.04%	-0.08%	-0.17%	-0.58%	0.00%	0.41%	0.38%	-0.02%	-0.01%	-0.49%	-0.14%	0.17%	0.06%	0.10%	-0.16%	-0.43%	0.09%	0.12%	0.09%	0.04%	-2.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-157,929,333	-118,483,000	-99,600,200	-93,695,667	-70,361,050	-56,825,880	-49,831,567	-70,069,000	-345,279,000	-58,440,000	-47,647,000	-70,980,000	-62,915,000	-114,805,000	0	-56,105,000	-169,762,000	-395,876,000	-9,083,000	0	-4,802,000	328,000	206,000	-985,000	159,000	-5,353,000	4,187,000	3,604,000	-2,774,000	-12,557,000	-303,000	-1,396,000	-22,200,000	-53,000,000	-200,000	400,000	700,000
Net Stock Issuance Margin	-3.78%	-3.03%	-3.03%	-2.89%	-2.17%	-1.81%	-1.91%	-1.72%	-8.27%	-1.34%	-1.36%	-2.45%	-2.27%	-4.16%	0.00%	-2.22%	-6.48%	-12.68%	-0.27%	0.00%	-0.18%	0.02%	0.01%	-0.05%	0.01%	-0.42%	0.38%	0.35%	-0.33%	-1.47%	-0.03%	-0.16%	-3.61%	-8.74%	-0.03%	0.06%	0.13%
Common Stock Issuance	0	0	0	1,631,467	4,515,400	4,409,000	4,017,500	0	0	0	0	0	0	0	0	0	0	0	0	0	20,008,000	4,464,000	4,942,000	7,519,000	10,046,000	29,230,000	14,099,000	6,305,000	1,192,000	8,591,000	1,256,000	2,573,000	600,000	3,300,000	3,100,000	2,100,000	1,200,000
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.07%	0.29%	0.32%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	0.23%	0.28%	0.39%	0.67%	2.28%	1.27%	0.61%	0.14%	1.00%	0.14%	0.30%	0.10%	0.54%	0.50%	0.33%	0.22%
Common Stock Repurchased	-151,940,667	-107,682,600	-93,891,600	-89,607,067	-70,586,400	-57,802,840	-50,989,033	-70,069,000	-345,279,000	-40,474,000	-26,100,000	-56,491,000	-62,915,000	-114,805,000	0	-53,800,000	-168,983,000	-395,045,000	0	0	-4,802,000	-5,343,000	-4,736,000	-8,504,000	-9,887,000	-34,583,000	-9,912,000	-2,701,000	-3,966,000	-21,148,000	-1,559,000	-3,969,000	-22,800,000	-56,300,000	-3,300,000	-1,700,000	-500,000
Common Stock Repurchased Margin	-3.64%	-2.72%	-2.86%	-2.78%	-2.34%	-2.02%	-2.15%	-1.72%	-8.27%	-0.93%	-0.75%	-1.95%	-2.27%	-4.16%	0.00%	-2.13%	-6.45%	-12.65%	0.00%	0.00%	-0.18%	-0.27%	-0.27%	-0.45%	-0.66%	-2.70%	-0.89%	-0.26%	-0.47%	-2.47%	-0.18%	-0.47%	-3.71%	-9.29%	-0.53%	-0.26%	-0.09%
Preferred Stock Issuance	-5,988,667	-10,800,400	-5,708,600	-3,690,667	-2,768,000	-2,214,400	-1,845,333	0	0	-17,966,000	-21,547,000	-14,489,000	0	0	0	-2,305,000	-779,000	-831,000	7,024,000	0	0	-4,467,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	-0.14%	-0.31%	-0.17%	-0.11%	-0.08%	-0.07%	-0.06%	0.00%	0.00%	-0.41%	-0.62%	-0.50%	0.00%	0.00%	0.00%	-0.09%	-0.03%	-0.03%	0.21%	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%	0.00%	0.00%	0.00%
Net Dividends Paid	-47,895,333	-44,405,600	-39,166,800	-34,925,933	-28,913,400	-24,498,320	-21,318,600	-48,358,000	-49,515,000	-45,813,000	-41,412,000	-36,930,000	-32,642,000	-33,726,000	-33,862,000	-34,053,000	-35,357,000	-32,443,000	-25,414,000	-21,520,000	-23,185,000	-29,659,000	-14,695,000	-12,251,000	-10,305,000	-9,088,000	-8,040,000	-7,654,000	-7,414,000	-6,758,000	-6,308,000	-6,056,000	-6,300,000	-6,600,000	-5,800,000	-4,800,000	-3,600,000
Net Dividends Paid Margin	-1.14%	-1.18%	-1.22%	-1.14%	-1.03%	-0.98%	-0.97%	-1.19%	-1.19%	-1.05%	-1.18%	-1.28%	-1.18%	-1.22%	-1.23%	-1.35%	-1.35%	-1.04%	-0.77%	-0.71%	-0.87%	-1.50%	-0.82%	-0.64%	-0.69%	-0.71%	-0.73%	-0.74%	-0.89%	-0.79%	-0.72%	-0.72%	-1.03%	-1.09%	-0.93%	-0.74%	-0.66%
Common Dividends Paid	-47,895,333	-44,405,600	-39,166,800	-33,724,000	-28,011,950	-23,777,160	-20,717,633	-48,358,000	-49,515,000	-45,813,000	-41,412,000	-36,930,000	-32,642,000	-33,726,000	-33,862,000	-34,053,000	-35,357,000	-32,443,000	-25,414,000	-21,520,000	-18,227,000	-16,588,000	-14,695,000	-12,251,000	-10,305,000	-9,088,000	-8,040,000	-7,654,000	-7,414,000	-6,758,000	-6,308,000	-6,056,000	-6,300,000	-6,600,000	-5,800,000	-4,800,000	-3,600,000
Common Dividends Paid Margin	-1.14%	-1.18%	-1.22%	-1.08%	-0.99%	-0.95%	-0.94%	-1.19%	-1.19%	-1.05%	-1.18%	-1.28%	-1.18%	-1.22%	-1.23%	-1.35%	-1.35%	-1.04%	-0.77%	-0.71%	-0.68%	-0.84%	-0.82%	-0.64%	-0.69%	-0.71%	-0.73%	-0.74%	-0.89%	-0.79%	-0.72%	-0.72%	-1.03%	-1.09%	-0.93%	-0.74%	-0.66%
Preferred Dividends Paid	0	0	0	0	-47,800	-38,240	-31,867	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-956,000	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%	-0.05%	0.00%	0.00%	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	-8,608,333	-7,450,000	-9,672,400	-10,259,000	-5,927,650	-4,962,920	-4,212,433	-24,577,000	-13,577,000	12,329,000	21,628,000	-33,053,000	-34,952,000	-11,264,000	3,324,000	-2,794,000	-13,788,000	-1,318,000	-8,076,000	3,775,000	-32,167,000	-19,375,000	2,665,000	7,396,000	7,769,000	17,502,000	0	-5,520,000	0	0	0	0	0	0	-100,000	0	-2,200,000
Other Financing Activities Margin	-0.21%	-0.23%	-0.34%	-0.38%	-0.16%	-0.15%	-0.14%	-0.60%	-0.33%	0.28%	0.62%	-1.14%	-1.26%	-0.41%	0.12%	-0.11%	-0.53%	-0.04%	-0.24%	0.12%	-1.21%	-0.98%	0.15%	0.39%	0.52%	1.37%	0.00%	-0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.02%	0.00%	-0.40%
Net Cash from Financing Activities	-293,623,333	-184,225,200	-152,935,900	-99,938,400	-84,458,500	-62,911,960	-53,256,633	-522,560,000	-176,405,000	-181,905,000	133,500,000	-173,756,000	-98,950,000	-162,110,000	-32,010,000	-95,158,000	-220,005,000	-139,756,000	-37,380,000	-16,355,000	-45,911,000	269,685,000	-198,400,000	109,291,000	-210,000	-6,946,000	-93,829,000	139,741,000	-26,442,000	-59,307,000	-45,529,000	107,908,000	-23,600,000	10,800,000	-11,300,000	10,000,000	-10,800,000
Net Cash from Financing Activities Margin	-7.08%	-4.68%	-4.62%	-2.70%	-2.74%	-1.75%	-1.61%	-12.82%	-4.23%	-4.19%	3.81%	-6.00%	-3.58%	-5.88%	-1.17%	-3.77%	-8.40%	-4.47%	-1.13%	-0.54%	-1.73%	13.65%	-11.10%	5.73%	-0.01%	-0.54%	-8.47%	13.55%	-3.16%	-6.94%	-5.22%	12.75%	-3.84%	1.78%	-1.82%	1.55%	-1.98%
Effect of FX on Cash	-3,842,000	-1,695,000	-4,162,200	-5,239,067	-3,703,550	-2,973,760	-2,504,800	-9,966,000	2,546,000	-4,106,000	-5,624,000	8,675,000	-182,000	-15,048,000	28,766,000	-20,087,000	-26,596,000	-19,604,000	-27,764,000	7,185,000	-3,707,000	6,926,000	4,694,000	-5,216,000	4,029,000	1,188,000	-180,000	1,650,000	1,608,000	-1,428,000	-1,244,000	-859,000	-800,000	0	0	0	0
Effect of FX on Cash Margin	-0.09%	-0.03%	-0.15%	-0.17%	-0.11%	-0.09%	-0.08%	-0.24%	0.06%	-0.09%	-0.16%	0.30%	-0.01%	-0.55%	1.05%	-0.80%	-1.02%	-0.63%	-0.84%	0.24%	-0.14%	0.35%	0.26%	-0.27%	0.27%	0.09%	-0.02%	0.16%	0.19%	-0.17%	-0.14%	-0.10%	-0.13%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	-4,305,667	-37,845,400	-20,726,400	-1,098,067	6,343,100	5,685,440	4,221,200	-38,726,000	17,635,000	8,174,000	-223,494,000	47,184,000	40,332,000	-179,595,000	92,857,000	50,874,000	-22,505,000	-242,127,000	199,577,000	51,235,000	15,990,000	166,118,000	112,219,000	-37,965,000	43,028,000	16,637,000	9,414,000	-3,135,000	13,831,000	-5,008,000	1,346,000	8,240,000	7,300,000	-4,000,000	2,000,000	-7,600,000	-13,200,000
Net Change in Cash Margin	-0.11%	-1.02%	-0.56%	0.23%	0.63%	0.58%	0.39%	-0.95%	0.42%	0.19%	-6.38%	1.63%	1.46%	-6.51%	3.38%	2.02%	-0.86%	-7.75%	6.04%	1.69%	0.60%	8.41%	6.28%	-1.99%	2.87%	1.30%	0.85%	-0.30%	1.65%	-0.59%	0.15%	0.97%	1.19%	-0.66%	0.32%	-1.18%	-2.42%
Cash at Beginning of Period	188,559,667	263,989,400	324,656,300	344,332,133	274,395,250	224,135,920	189,303,267	203,041,000	185,406,000	177,232,000	400,726,000	353,542,000	313,210,000	492,805,000	399,948,000	349,074,000	371,579,000	613,706,000	414,129,000	362,894,000	346,904,000	180,786,000	68,567,000	106,532,000	63,504,000	46,867,000	37,453,000	33,345,000	19,514,000	24,522,000	23,176,000	14,936,000	7,600,000	11,500,000	9,500,000	17,000,000	30,100,000
Cash at Beginning of Period Margin	4.50%	7.43%	10.89%	11.69%	9.80%	8.35%	7.39%	4.98%	4.44%	4.08%	11.44%	12.21%	11.32%	17.87%	14.56%	13.84%	14.19%	19.65%	12.53%	11.98%	13.03%	9.15%	3.84%	5.59%	4.23%	3.66%	3.38%	3.23%	2.33%	2.87%	2.66%	1.77%	1.24%	1.90%	1.53%	2.64%	5.53%
Cash at End of Period	184,254,000	226,144,000	303,929,900	343,234,067	280,738,350	229,821,360	193,524,467	164,315,000	203,041,000	185,406,000	177,232,000	400,726,000	353,542,000	313,210,000	492,805,000	399,948,000	349,074,000	371,579,000	613,706,000	414,129,000	362,894,000	346,904,000	180,786,000	68,567,000	106,532,000	63,504,000	46,867,000	30,210,000	33,345,000	19,514,000	24,522,000	23,176,000	14,900,000	7,500,000	11,500,000	9,400,000	16,900,000
Cash at End of Period Margin	4.39%	6.41%	10.33%	11.91%	10.43%	8.94%	7.78%	4.03%	4.86%	4.27%	5.06%	13.84%	12.78%	11.36%	17.95%	15.86%	13.33%	11.90%	18.57%	13.67%	13.64%	17.56%	10.12%	3.60%	7.10%	4.96%	4.23%	2.93%	3.98%	2.28%	2.81%	2.74%	2.43%	1.24%	1.85%	1.46%	3.10%
Operating Cash Flow	401,906,000	317,590,000	268,572,300	250,349,933	223,025,000	188,668,160	163,143,467	572,678,000	306,775,000	326,265,000	65,938,000	316,294,000	307,614,000	153,008,000	145,716,000	219,168,000	272,267,000	174,096,000	396,442,000	197,097,000	149,671,000	152,220,000	349,520,000	52,575,000	110,249,000	59,130,000	133,777,000	6,147,000	59,781,000	69,453,000	109,839,000	10,984,000	63,900,000	42,000,000	23,300,000	19,800,000	28,600,000
Operating Cash Flow Margin	9.64%	8.34%	8.28%	8.01%	8.33%	7.85%	7.52%	14.05%	7.35%	7.51%	1.88%	10.92%	11.12%	5.55%	5.31%	8.69%	10.40%	5.57%	12.00%	6.51%	5.62%	7.71%	19.56%	2.76%	7.35%	4.61%	12.07%	0.60%	7.14%	8.12%	12.59%	1.30%	10.40%	6.93%	3.74%	3.07%	5.25%
Capital Expenditure	-89,836,667	-96,800,000	-81,206,400	-80,538,333	-71,135,500	-61,744,840	-58,470,700	-79,451,000	-96,771,000	-93,288,000	-107,790,000	-106,700,000	-97,425,000	-71,985,000	-55,266,000	-57,920,000	-45,468,000	-73,023,000	-106,753,000	-97,074,000	-83,069,000	-36,092,000	-44,129,000	-50,879,000	-56,610,000	-27,898,000	-35,119,000	-17,182,000	-17,679,000	-13,942,000	-25,652,000	-46,456,000	-40,600,000	-59,100,000	-39,100,000	-36,900,000	-34,800,000
Capital Expenditure Margin	-2.14%	-2.64%	-2.54%	-2.61%	-2.67%	-2.69%	-3.40%	-1.95%	-2.32%	-2.15%	-3.08%	-3.69%	-3.52%	-2.61%	-2.01%	-2.30%	-1.74%	-2.34%	-3.23%	-3.20%	-3.12%	-1.83%	-2.47%	-2.67%	-3.77%	-2.18%	-3.17%	-1.67%	-2.11%	-1.63%	-2.94%	-5.49%	-6.61%	-9.75%	-6.28%	-5.73%	-6.39%
Free Cash Flow	312,069,333	220,790,000	187,365,900	169,811,600	151,889,500	126,923,320	104,672,767	493,227,000	210,004,000	232,977,000	-41,852,000	209,594,000	210,189,000	81,023,000	90,450,000	161,248,000	226,799,000	101,073,000	289,689,000	100,023,000	66,602,000	116,128,000	305,391,000	1,696,000	53,639,000	31,232,000	98,658,000	-11,035,000	42,102,000	55,511,000	84,187,000	-35,472,000	23,300,000	-17,100,000	-15,800,000	-17,100,000	-6,200,000
Free Cash Flow Margin	7.50%	5.71%	5.74%	5.41%	5.66%	5.16%	4.13%	12.10%	5.03%	5.36%	-1.20%	7.24%	7.60%	2.94%	3.29%	6.39%	8.66%	3.24%	8.77%	3.30%	2.50%	5.88%	17.09%	0.09%	3.58%	2.44%	8.90%	-1.07%	5.03%	6.49%	9.65%	-4.19%	3.79%	-2.82%	-2.54%	-2.65%	-1.14%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-28	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	4,198,294,000	3,798,362,400	3,240,249,900	3,099,758,600	2,703,973,650	2,340,879,200	2,051,802,667	4,075,034,000	4,174,598,000	4,345,250,000	3,501,575,000	2,895,355,000	2,766,976,000	2,757,144,000	2,745,967,000	2,521,676,000	2,618,924,000	3,123,143,000	3,304,211,000	3,029,541,000	2,661,480,000	1,975,505,000	1,786,601,000	1,907,278,000	1,499,834,000	1,281,281,000	1,108,100,000	1,031,475,000	837,625,000	854,898,000	872,380,000	846,129,000	614,200,000	606,300,000	622,500,000	644,500,000	544,600,000
EBITDA	507,785,000	447,072,400	377,215,200	386,068,333	340,054,900	292,079,680	254,716,400	622,798,000	391,968,000	508,589,000	395,272,000	316,735,000	322,275,000	280,397,000	358,066,000	347,280,000	228,772,000	410,301,000	559,355,000	461,133,000	344,492,000	243,592,000	286,592,000	263,383,000	190,802,000	146,626,000	122,670,000	108,572,000	89,220,000	104,231,000	101,345,000	97,526,000	72,100,000	67,600,000	78,400,000	67,200,000	54,200,000
EBITDA Margin	12.13%	11.72%	11.60%	12.44%	12.58%	12.33%	12.13%	15.28%	9.39%	11.70%	11.29%	10.94%	11.65%	10.17%	13.04%	13.77%	8.74%	13.14%	16.93%	15.22%	12.94%	12.33%	16.04%	13.81%	12.72%	11.44%	11.07%	10.53%	10.65%	12.19%	11.62%	11.53%	11.74%	11.15%	12.59%	10.43%	9.95%
(-) Tax Adjustment	153,124,423	126,999,690	114,015,885	114,448,544	102,617,447	89,414,099	78,628,565	156,772,864	150,296,121	152,304,285	93,676,500	81,948,682	77,002,662	78,880,114	166,358,444	66,261,618	116,657,560	137,007,151	196,377,955	162,359,784	-6,764,368	87,588,793	92,402,988	89,981,513	59,921,267	46,917,154	46,397,856	38,870,058	32,389,142	38,045,247	37,429,086	36,270,000	26,994,787	24,708,966	28,484,890	24,029,091	19,286,753
(-) Tax Adjustment Margin	3.65%	3.29%	3.52%	3.67%	3.84%	3.90%	3.93%	3.85%	3.60%	3.51%	2.68%	2.83%	2.78%	2.86%	6.06%	2.63%	4.45%	4.39%	5.94%	5.36%	-0.25%	4.43%	5.17%	4.72%	4.00%	3.66%	4.19%	3.77%	3.87%	4.45%	4.29%	4.29%	4.40%	4.08%	4.58%	3.73%	3.54%
(-) Change In Working Capital	-2,807,000	-48,175,600	-20,720,400	-31,694,867	-23,060,900	-21,783,400	-19,646,167	128,232,000	-80,561,000	-56,092,000	-284,739,000	52,282,000	80,234,000	-54,564,000	-74,077,000	10,190,000	71,891,000	-98,376,000	34,205,000	-108,469,000	-69,307,000	-26,272,000	136,944,000	-125,126,000	-16,278,000	-34,213,000	52,878,000	-59,760,000	-10,360,000	-2,881,000	43,318,000	-53,684,000	17,300,000	-5,000,000	-32,000,000	-16,800,000	-8,300,000
(-) Change In Working Capital Margin	-0.02%	-1.28%	-0.50%	-0.98%	-0.63%	-0.85%	-0.95%	3.15%	-1.93%	-1.29%	-8.13%	1.81%	2.90%	-1.98%	-2.70%	0.40%	2.75%	-3.15%	1.04%	-3.58%	-2.60%	-1.33%	7.67%	-6.56%	-1.09%	-2.67%	4.77%	-5.79%	-1.24%	-0.34%	4.97%	-6.34%	2.82%	-0.82%	-5.14%	-2.61%	-1.52%
(-) Capital Expenditure	-89,836,667	-96,800,000	-81,206,400	-80,538,333	-71,135,500	-61,744,840	-58,470,700	-79,451,000	-96,771,000	-93,288,000	-107,790,000	-106,700,000	-97,425,000	-71,985,000	-55,266,000	-57,920,000	-45,468,000	-73,023,000	-106,753,000	-97,074,000	-83,069,000	-36,092,000	-44,129,000	-50,879,000	-56,610,000	-27,898,000	-35,119,000	-17,182,000	-17,679,000	-13,942,000	-25,652,000	-46,456,000	-40,600,000	-59,100,000	-39,100,000	-36,900,000	-34,800,000
(-) Capital Expenditure Margin	-2.14%	-2.64%	-2.54%	-2.61%	-2.67%	-2.69%	-3.40%	-1.95%	-2.32%	-2.15%	-3.08%	-3.69%	-3.52%	-2.61%	-2.01%	-2.30%	-1.74%	-2.34%	-3.23%	-3.20%	-3.12%	-1.83%	-2.47%	-2.67%	-3.77%	-2.18%	-3.17%	-1.67%	-2.11%	-1.63%	-2.94%	-5.49%	-6.61%	-9.75%	-6.28%	-5.73%	-6.39%
Unlevered Free Cash Flow	267,630,910	271,448,310	202,713,315	222,776,322	189,362,853	162,704,141	137,263,301	258,342,136	225,461,879	319,088,715	478,544,500	75,804,318	67,613,338	184,095,886	210,518,556	212,908,382	-5,244,560	298,646,849	222,019,045	310,168,216	337,494,368	146,183,207	13,116,012	247,648,487	90,548,733	106,023,846	-11,724,856	112,279,942	49,511,858	55,124,753	-5,054,086	68,484,000	-12,794,787	-11,208,966	42,815,110	23,070,909	8,413,247
Unlevered Free Cash Flow Margin	6.36%	7.07%	6.04%	7.13%	6.70%	6.59%	5.76%	6.34%	5.40%	7.34%	13.67%	2.62%	2.44%	6.68%	7.67%	8.44%	-0.20%	9.56%	6.72%	10.24%	12.68%	7.40%	0.73%	12.98%	6.04%	8.27%	-1.06%	10.89%	5.91%	6.45%	-0.58%	8.09%	-2.08%	-1.85%	6.88%	3.58%	1.54%
(-) Net Interest Income After Taxes	-33,879,163	-32,385,834	-29,296,765	-25,974,836	-22,271,674	-20,567,146	-18,223,259	-38,565,425	-31,184,383	-31,887,681	-31,603,771	-28,687,910	-27,558,938	-28,437,614	-21,366,634	-33,423,126	-20,252,169	-20,478,005	-16,888,162	-15,130,669	-27,438,399	-16,719,661	-9,655,515	-10,496,931	-11,958,862	-11,116,313	-12,583,318	-24,166,361	-8,436,089	-10,070,958	-13,213,935	-12,857,818	-5,567,773	-1,649,655	-1,528,014	-22,292,121	-1,481,558
(-) Net Interest Income After Taxes Margin	-0.81%	-0.86%	-0.92%	-0.85%	-0.83%	-0.97%	-0.98%	-0.95%	-0.75%	-0.73%	-0.90%	-0.99%	-1.00%	-1.03%	-0.78%	-1.33%	-0.77%	-0.66%	-0.51%	-0.50%	-1.03%	-0.85%	-0.54%	-0.55%	-0.80%	-0.87%	-1.14%	-2.34%	-1.01%	-1.18%	-1.51%	-1.52%	-0.91%	-0.27%	-0.25%	-3.46%	-0.27%
Net Debt Issuance	-79,190,333	-13,886,600	-4,496,500	37,740,267	19,889,950	22,692,240	21,536,867	-379,556,000	231,966,000	-89,981,000	200,931,000	-32,793,000	31,559,000	-2,315,000	-1,472,000	-2,206,000	-1,098,000	289,881,000	5,193,000	1,390,000	9,285,000	305,320,000	-185,620,000	115,131,000	2,167,000	-10,007,000	-89,976,000	149,311,000	-16,254,000	-39,992,000	-38,918,000	115,360,000	4,900,000	70,400,000	-5,200,000	14,400,000	-5,700,000
Net Debt Issuance Margin	-1.94%	-0.24%	-0.03%	1.66%	0.59%	1.15%	1.39%	-9.31%	5.56%	-2.07%	5.74%	-1.13%	1.14%	-0.08%	-0.05%	-0.09%	-0.04%	9.28%	0.16%	0.05%	0.35%	15.46%	-10.39%	6.04%	0.14%	-0.78%	-8.12%	14.48%	-1.94%	-4.68%	-4.46%	13.63%	0.80%	11.61%	-0.84%	2.23%	-1.05%
Levered Free Cash Flow	222,319,740	289,947,544	227,513,580	286,491,426	231,524,477	205,963,527	177,023,427	-82,648,439	488,612,263	260,995,396	711,079,270	71,699,229	126,731,275	210,218,499	230,413,190	244,125,509	13,909,610	609,005,855	244,100,207	326,688,885	374,217,766	468,222,868	-162,848,473	373,276,418	104,674,595	107,133,159	-89,117,537	285,757,303	41,693,947	25,203,711	-30,758,151	196,701,818	-2,327,014	60,840,690	39,143,124	59,763,030	4,194,805
Levered Free Cash Flow Margin	5.23%	7.69%	6.93%	9.65%	8.12%	8.71%	8.13%	-2.03%	11.70%	6.01%	20.31%	2.48%	4.58%	7.62%	8.39%	9.68%	0.53%	19.50%	7.39%	10.78%	14.06%	23.70%	-9.11%	19.57%	6.98%	8.36%	-8.04%	27.70%	4.98%	2.95%	-3.53%	23.25%	-0.38%	10.03%	6.29%	9.27%	0.77%