Equifax Inc. (EFX)

Analysis: Margins & Ratios Industry: Consulting Services Sector: Industrials Live Price: $219.57

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	5,356,166,667	5,023,980,000	4,121,030,000	3,451,753,333	3,013,035,000	2,646,708,000	2,441,853,333	5,943,300,000	5,588,200,000	5,681,100,000	5,265,200,000	5,122,200,000	4,923,900,000	4,127,500,000	3,507,600,000	3,412,100,000	3,362,200,000	3,144,900,000	2,663,600,000	2,436,400,000	2,303,900,000	2,073,000,000	1,893,200,000	1,859,500,000	1,716,000,000	1,935,700,000	1,843,000,000	1,546,300,000	1,443,400,000	1,272,800,000	1,210,700,000	1,095,300,000	1,139,000,000	1,189,200,000	1,772,700,000	1,621,000,000	1,366,100,000	1,222,800,000	1,105,300,000
Cost of Revenue	2,343,666,667	2,149,860,000	1,692,290,000	1,385,213,333	1,213,080,000	1,067,032,000	1,011,403,333	2,599,500,000	2,485,400,000	2,518,700,000	2,335,100,000	2,177,200,000	1,980,900,000	1,737,400,000	1,521,700,000	1,440,400,000	1,210,700,000	1,113,400,000	887,400,000	844,700,000	787,300,000	759,500,000	703,900,000	759,900,000	718,800,000	792,000,000	752,000,000	626,400,000	594,200,000	533,900,000	499,700,000	416,400,000	451,000,000	513,200,000	907,100,000	840,000,000	701,900,000	629,700,000	587,600,000
Cost of Revenue Margin	43.73%	42.70%	40.38%	39.16%	39.63%	39.87%	41.86%	43.74%	44.48%	44.33%	44.35%	42.51%	40.23%	42.09%	43.38%	42.21%	36.01%	35.40%	33.32%	34.67%	34.17%	36.64%	37.18%	40.87%	41.89%	40.92%	40.80%	40.51%	41.17%	41.95%	41.27%	38.02%	39.60%	43.16%	51.17%	51.82%	51.38%	51.50%	53.16%
Gross Profit	3,012,500,000	2,874,120,000	2,428,740,000	2,066,540,000	1,799,955,000	1,579,676,000	1,430,450,000	3,343,800,000	3,102,800,000	3,162,400,000	2,930,100,000	2,945,000,000	2,943,000,000	2,390,100,000	1,985,900,000	1,971,700,000	2,151,500,000	2,031,500,000	1,776,200,000	1,591,700,000	1,516,600,000	1,313,500,000	1,189,300,000	1,099,600,000	997,200,000	1,143,700,000	1,091,000,000	919,900,000	849,200,000	738,900,000	711,000,000	678,900,000	688,000,000	676,000,000	865,600,000	781,000,000	664,200,000	593,100,000	517,700,000
Gross Profit Margin	56.27%	57.30%	59.62%	60.84%	60.37%	60.13%	58.14%	56.26%	55.52%	55.67%	55.65%	57.49%	59.77%	57.91%	56.62%	57.79%	63.99%	64.60%	66.68%	65.33%	65.83%	63.36%	62.82%	59.13%	58.11%	59.08%	59.20%	59.49%	58.83%	58.05%	58.73%	61.98%	60.40%	56.84%	48.83%	48.18%	48.62%	48.50%	46.84%
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	1,398,700,000	1,372,920,000	1,292,540,000	1,075,593,333	916,915,000	786,812,000	702,053,333	1,553,300,000	1,472,000,000	1,465,800,000	1,393,500,000	1,336,800,000	1,362,200,000	1,306,300,000	1,990,200,000	1,213,300,000	1,032,000,000	941,000,000	884,300,000	751,700,000	715,800,000	673,500,000	560,100,000	507,400,000	470,200,000	511,100,000	477,100,000	401,000,000	345,000,000	284,400,000	272,100,000	246,700,000	267,600,000	261,200,000	325,800,000	311,500,000	263,200,000	258,700,000	232,100,000
SG&A Expenses Margin	26.12%	27.54%	32.38%	31.67%	30.23%	28.70%	27.21%	26.14%	26.34%	25.80%	26.47%	26.10%	27.67%	31.65%	56.74%	35.56%	30.69%	29.92%	33.20%	30.85%	31.07%	32.49%	29.58%	27.29%	27.40%	26.40%	25.89%	25.93%	23.90%	22.34%	22.47%	22.52%	23.49%	21.96%	18.38%	19.22%	19.27%	21.16%	21.00%
Operating Expenses	2,001,933,333	1,904,860,000	1,697,780,000	1,404,033,333	1,192,910,000	1,029,844,000	919,160,000	2,244,800,000	2,103,700,000	2,120,300,000	1,996,500,000	1,889,000,000	1,805,000,000	1,713,500,000	2,321,300,000	1,523,700,000	1,319,800,000	1,206,400,000	1,082,300,000	953,500,000	905,400,000	833,500,000	720,700,000	669,600,000	615,400,000	666,500,000	604,800,000	483,800,000	427,200,000	363,100,000	396,800,000	326,400,000	434,200,000	367,400,000	451,100,000	415,300,000	340,300,000	326,200,000	295,800,000
Operating Expenses Margin	37.37%	38.06%	41.94%	40.81%	38.80%	37.45%	35.52%	37.77%	37.65%	37.32%	37.92%	36.88%	36.66%	41.51%	66.18%	44.66%	39.25%	38.36%	40.63%	39.14%	39.30%	40.21%	38.07%	36.01%	35.86%	34.43%	32.82%	31.29%	29.60%	28.53%	32.77%	29.80%	38.12%	30.89%	25.45%	25.62%	24.91%	26.68%	26.76%
Operating Income (EBIT)	1,010,566,667	969,260,000	730,960,000	662,506,667	607,045,000	549,832,000	511,290,000	1,099,000,000	999,100,000	1,042,100,000	933,600,000	1,056,000,000	1,138,000,000	676,600,000	-335,400,000	448,000,000	831,700,000	825,100,000	693,900,000	638,200,000	611,200,000	480,000,000	468,600,000	430,000,000	381,800,000	477,200,000	486,200,000	436,100,000	422,000,000	375,800,000	314,200,000	352,500,000	253,800,000	308,600,000	414,500,000	365,700,000	323,900,000	266,900,000	221,900,000
Operating Income (EBIT) Margin	18.90%	19.24%	17.68%	20.04%	21.56%	22.69%	22.62%	18.49%	17.88%	18.34%	17.73%	20.62%	23.11%	16.39%	-9.56%	13.13%	24.74%	26.24%	26.05%	26.19%	26.53%	23.15%	24.75%	23.12%	22.25%	24.65%	26.38%	28.20%	29.24%	29.53%	25.95%	32.18%	22.28%	25.95%	23.38%	22.56%	23.71%	21.83%	20.08%
Interest Income	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
Interest Income 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%
Interest Expense	217,833,333	188,140,000	140,460,000	114,000,000	94,840,000	75,872,000	63,226,667	213,900,000	233,600,000	229,100,000	241,400,000	183,000,000	145,600,000	141,600,000	111,700,000	103,500,000	92,800,000	92,100,000	63,800,000	68,600,000	70,200,000	55,400,000	55,100,000	56,100,000	57,000,000	71,300,000	58,500,000	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Margin	4.06%	3.72%	3.29%	3.16%	2.88%	2.30%	1.92%	3.60%	4.18%	4.03%	4.58%	3.57%	2.96%	3.43%	3.18%	3.03%	2.76%	2.93%	2.40%	2.82%	3.05%	2.67%	2.91%	3.02%	3.32%	3.68%	3.17%	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	-217,833,333	-188,140,000	-140,460,000	-114,000,000	-94,840,000	-75,872,000	-63,226,667	-213,900,000	-233,600,000	-229,100,000	-241,400,000	-183,000,000	-145,600,000	-141,600,000	-111,700,000	-103,500,000	-92,800,000	-92,100,000	-63,800,000	-68,600,000	-70,200,000	-55,400,000	-55,100,000	-56,100,000	-57,000,000	-71,300,000	-58,500,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-4.06%	-3.72%	-3.29%	-3.16%	-2.88%	-2.30%	-1.92%	-3.60%	-4.18%	-4.03%	-4.58%	-3.57%	-2.96%	-3.43%	-3.18%	-3.03%	-2.76%	-2.93%	-2.40%	-2.82%	-3.05%	-2.67%	-2.91%	-3.02%	-3.32%	-3.68%	-3.17%	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	409,033,333	338,900,000	255,370,000	211,340,000	179,295,000	150,088,000	128,103,333	425,300,000	464,900,000	460,700,000	457,100,000	309,300,000	334,400,000	133,000,000	190,100,000	181,100,000	177,900,000	189,000,000	121,100,000	132,600,000	151,000,000	104,100,000	117,800,000	110,900,000	107,800,000	136,400,000	120,100,000	20,200,000	31,300,000	-9,400,000	28,900,000	36,400,000	51,200,000	59,200,000	48,600,000	38,500,000	800,000	4,300,000	-1,300,000
Unusual Items Margin	7.61%	6.57%	5.94%	5.91%	5.60%	5.06%	4.39%	7.16%	8.32%	8.11%	8.68%	6.04%	6.79%	3.22%	5.42%	5.31%	5.29%	6.01%	4.55%	5.44%	6.55%	5.02%	6.22%	5.96%	6.28%	7.05%	6.52%	1.31%	2.17%	-0.74%	2.39%	3.32%	4.50%	4.98%	2.74%	2.38%	0.06%	0.35%	-0.12%
EBT Excluding Unusual Items	410,333,333	479,600,000	360,680,000	353,826,667	343,295,000	325,528,000	318,310,000	462,300,000	302,900,000	349,800,000	260,800,000	620,400,000	614,800,000	552,200,000	-603,900,000	189,300,000	568,700,000	539,200,000	515,500,000	441,600,000	379,400,000	327,200,000	288,100,000	264,300,000	223,200,000	275,700,000	304,500,000	395,700,000	359,400,000	394,600,000	256,400,000	279,700,000	151,400,000	190,200,000	317,300,000	288,700,000	322,300,000	258,300,000	224,500,000
EBT Excluding Unusual Items Margin	7.74%	9.82%	9.08%	11.38%	13.25%	14.88%	15.75%	7.78%	5.42%	6.16%	4.95%	12.11%	12.49%	13.38%	-17.22%	5.55%	16.91%	17.15%	19.35%	18.13%	16.47%	15.78%	15.22%	14.21%	13.01%	14.24%	16.52%	25.59%	24.90%	31.00%	21.18%	25.54%	13.29%	15.99%	17.90%	17.81%	23.59%	21.12%	20.31%
Pre-Tax Income	819,366,667	818,500,000	616,050,000	565,166,667	522,590,000	475,616,000	446,413,333	887,600,000	767,800,000	810,500,000	717,900,000	929,700,000	949,200,000	685,200,000	-413,800,000	370,400,000	746,600,000	728,200,000	636,600,000	574,200,000	530,400,000	431,300,000	405,900,000	375,200,000	331,000,000	412,100,000	424,600,000	415,900,000	390,700,000	385,200,000	285,300,000	316,100,000	202,600,000	249,400,000	365,900,000	327,200,000	323,100,000	262,600,000	223,200,000
Pre-Tax Income Margin	15.35%	16.39%	15.02%	17.28%	18.84%	19.93%	20.15%	14.93%	13.74%	14.27%	13.63%	18.15%	19.28%	16.60%	-11.80%	10.86%	22.21%	23.15%	23.90%	23.57%	23.02%	20.81%	21.44%	20.18%	19.29%	21.29%	23.04%	26.90%	27.07%	30.26%	23.56%	28.86%	17.79%	20.97%	20.64%	20.19%	23.65%	21.48%	20.19%
Income Tax Expense	199,633,333	191,720,000	155,980,000	160,260,000	154,055,000	146,064,000	142,430,000	226,300,000	199,300,000	203,200,000	166,200,000	229,500,000	200,700,000	159,000,000	-35,700,000	53,400,000	148,600,000	233,100,000	201,800,000	200,200,000	188,900,000	156,000,000	167,100,000	131,900,000	106,600,000	133,100,000	151,900,000	141,400,000	144,200,000	147,900,000	104,600,000	124,400,000	85,300,000	108,300,000	150,000,000	133,800,000	137,600,000	109,500,000	90,400,000
Income Tax Expense Margin	3.74%	3.83%	3.91%	5.26%	5.97%	6.71%	7.05%	3.81%	3.57%	3.58%	3.16%	4.48%	4.08%	3.85%	-1.02%	1.57%	4.42%	7.41%	7.58%	8.22%	8.20%	7.53%	8.83%	7.09%	6.21%	6.88%	8.24%	9.14%	9.99%	11.62%	8.64%	11.36%	7.49%	9.11%	8.46%	8.25%	10.07%	8.95%	8.18%
Net Income	615,200,000	621,980,000	454,150,000	402,160,000	366,640,000	330,436,000	305,973,333	658,600,000	562,500,000	604,100,000	545,300,000	696,200,000	744,200,000	520,100,000	-384,100,000	310,500,000	587,300,000	488,800,000	429,100,000	367,400,000	351,800,000	272,100,000	232,900,000	266,700,000	233,900,000	272,800,000	272,700,000	274,500,000	246,500,000	234,700,000	164,900,000	178,000,000	122,500,000	228,000,000	215,900,000	193,400,000	183,700,000	177,600,000	147,700,000
Net Income Margin	11.53%	12.46%	10.96%	11.98%	12.85%	13.41%	13.36%	11.08%	10.07%	10.63%	10.36%	13.59%	15.11%	12.60%	-10.95%	9.10%	17.47%	15.54%	16.11%	15.08%	15.27%	13.13%	12.30%	14.34%	13.63%	14.09%	14.80%	17.75%	17.08%	18.44%	13.62%	16.25%	10.76%	19.17%	12.18%	11.93%	13.45%	14.52%	13.36%
Depreciation and Amortization	623,000,000	551,580,000	417,070,000	337,420,000	283,410,000	245,324,000	219,016,667	712,700,000	665,700,000	680,600,000	619,800,000	568,600,000	489,600,000	399,300,000	337,300,000	315,900,000	290,900,000	268,700,000	200,000,000	204,200,000	190,300,000	163,400,000	164,900,000	167,800,000	158,800,000	155,400,000	127,700,000	82,800,000	82,200,000	78,700,000	94,100,000	79,700,000	106,200,000	106,200,000	125,300,000	103,800,000	77,100,000	67,500,000	63,700,000
Depreciation and Amortization Margin	11.62%	10.89%	9.80%	9.35%	8.78%	8.60%	8.18%	11.99%	11.91%	11.98%	11.77%	11.10%	9.94%	9.67%	9.62%	9.26%	8.65%	8.54%	7.51%	8.38%	8.26%	7.88%	8.71%	9.02%	9.25%	8.03%	6.93%	5.35%	5.69%	6.18%	7.77%	7.28%	9.32%	8.93%	7.07%	6.40%	5.64%	5.52%	5.76%
EBITDA	1,660,200,000	1,558,220,000	1,173,580,000	1,016,586,667	903,415,000	809,164,000	741,980,000	1,814,200,000	1,667,100,000	1,720,200,000	1,579,100,000	1,681,300,000	1,584,400,000	1,226,100,000	35,200,000	789,800,000	1,130,300,000	1,089,000,000	900,400,000	847,000,000	790,900,000	650,100,000	625,900,000	599,100,000	546,800,000	638,800,000	610,800,000	518,900,000	504,200,000	454,500,000	438,900,000	432,200,000	420,400,000	414,800,000	539,800,000	469,500,000	401,000,000	334,400,000	285,600,000
EBITDA Margin	31.03%	31.00%	28.12%	29.79%	30.67%	31.86%	31.29%	30.53%	29.83%	30.28%	29.99%	32.82%	32.18%	29.71%	1.00%	23.15%	33.62%	34.63%	33.80%	34.76%	34.33%	31.36%	33.06%	32.22%	31.86%	33.00%	33.14%	33.56%	34.93%	35.71%	36.25%	39.46%	36.91%	34.88%	30.45%	28.96%	29.35%	27.35%	25.84%
NOPAT	764,540,553	742,119,436	548,862,591	477,249,570	430,349,997	382,912,988	350,238,348	818,802,050	739,760,810	780,835,694	717,463,602	795,322,362	897,379,899	519,595,622	-306,463,847	383,412,527	666,162,068	560,981,887	473,936,098	415,685,824	393,523,379	306,385,347	275,687,805	278,835,288	258,839,637	323,074,011	312,262,694	287,832,291	266,247,760	231,509,190	199,004,346	213,774,913	146,943,435	174,592,863	244,576,524	216,156,418	185,959,301	155,606,969	132,026,523
NOPAT Margin	14.30%	14.74%	13.17%	14.01%	14.80%	15.11%	14.77%	13.78%	13.24%	13.74%	13.63%	15.53%	18.22%	12.59%	-8.74%	11.24%	19.81%	17.84%	17.79%	17.06%	17.08%	14.78%	14.56%	15.00%	15.08%	16.69%	16.94%	18.61%	18.45%	18.19%	16.44%	19.52%	12.90%	14.68%	13.80%	13.33%	13.61%	12.73%	11.94%
Owner's Earnings	659,100,000	648,040,000	483,170,000	453,513,333	417,055,000	384,238,720	341,825,600	902,800,000	689,900,000	773,200,000	563,800,000	640,300,000	764,800,000	498,100,000	-446,400,000	304,500,000	660,000,000	590,500,000	482,900,000	485,200,000	458,800,000	369,500,000	322,800,000	334,700,000	322,000,000	317,700,000	281,900,000	305,300,000	311,500,000	296,900,000	244,400,000	244,900,000	181,600,000	297,068,000	280,000,000	-226,200,000	226,200,000	189,100,000	179,700,000
Owner's Earnings Margin	12.27%	12.88%	11.72%	13.99%	15.08%	16.34%	15.29%	15.19%	12.35%	13.61%	10.71%	12.50%	15.53%	12.07%	-12.73%	8.92%	19.63%	18.78%	18.13%	19.91%	19.91%	17.82%	17.05%	18.00%	18.76%	16.41%	15.30%	19.74%	21.58%	23.33%	20.19%	22.36%	15.94%	24.98%	15.80%	-13.95%	16.56%	15.46%	16.26%

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	5,356,166,667	5,023,980,000	4,121,030,000	3,451,753,333	3,013,035,000	2,646,708,000	2,441,853,333	5,681,100,000	5,265,200,000	5,122,200,000	4,923,900,000	4,127,500,000	3,507,600,000	3,412,100,000	3,362,200,000	3,144,900,000	2,663,600,000	2,436,400,000	2,303,900,000	2,073,000,000	1,893,200,000	1,859,500,000	1,716,000,000	1,935,700,000	1,843,000,000	1,546,300,000	1,443,400,000	1,272,800,000	1,210,700,000	1,095,300,000	1,139,000,000	1,189,200,000	1,772,700,000	1,621,000,000	1,366,100,000	1,222,800,000	1,105,300,000
Cash & Cash Equivalents	223,966,667	516,240,000	376,510,000	301,546,667	243,570,000	204,636,520	182,380,433	169,900,000	216,800,000	285,200,000	224,700,000	1,684,600,000	401,300,000	223,600,000	336,400,000	129,300,000	93,300,000	128,300,000	235,900,000	146,800,000	127,700,000	119,400,000	103,100,000	58,200,000	81,600,000	67,800,000	37,500,000	52,100,000	39,300,000	30,500,000	33,200,000	89,413,000	136,600,000	90,600,000	52,300,000	49,900,000	26,100,000
Cash & Cash Equivalents Margin	4.23%	11.61%	9.37%	8.63%	7.49%	6.82%	6.47%	2.99%	4.12%	5.57%	4.56%	40.81%	11.44%	6.55%	10.01%	4.11%	3.50%	5.27%	10.24%	7.08%	6.75%	6.42%	6.01%	3.01%	4.43%	4.38%	2.60%	4.09%	3.25%	2.78%	2.91%	7.52%	7.71%	5.59%	3.83%	4.08%	2.36%
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	223,966,667	516,240,000	376,510,000	301,546,667	243,570,000	204,636,520	182,380,433	169,900,000	216,800,000	285,200,000	224,700,000	1,684,600,000	401,300,000	223,600,000	336,400,000	129,300,000	93,300,000	128,300,000	235,900,000	146,800,000	127,700,000	119,400,000	103,100,000	58,200,000	81,600,000	67,800,000	37,500,000	52,100,000	39,300,000	30,500,000	33,200,000	89,413,000	136,600,000	90,600,000	52,300,000	49,900,000	26,100,000
Cash & Short-Term Investments Margin	4.23%	11.61%	9.37%	8.63%	7.49%	6.82%	6.47%	2.99%	4.12%	5.57%	4.56%	40.81%	11.44%	6.55%	10.01%	4.11%	3.50%	5.27%	10.24%	7.08%	6.75%	6.42%	6.01%	3.01%	4.43%	4.38%	2.60%	4.09%	3.25%	2.78%	2.91%	7.52%	7.71%	5.59%	3.83%	4.08%	2.36%
Net Receivables	907,833,333	816,340,000	631,080,000	521,446,667	454,520,000	415,973,760	396,654,200	957,600,000	908,200,000	857,700,000	727,600,000	630,600,000	532,100,000	469,100,000	444,800,000	433,300,000	349,800,000	337,200,000	309,700,000	317,000,000	284,400,000	262,600,000	258,700,000	253,400,000	295,800,000	244,800,000	216,000,000	204,000,000	188,700,000	200,600,000	266,200,000	449,444,000	390,682,000	353,100,000	270,700,000	227,500,000	258,300,000
Net Receivables Margin	16.95%	16.18%	15.00%	14.78%	14.83%	16.31%	17.11%	16.86%	17.25%	16.74%	14.78%	15.28%	15.17%	13.75%	13.23%	13.78%	13.13%	13.84%	13.44%	15.29%	15.02%	14.12%	15.08%	13.09%	16.05%	15.83%	14.96%	16.03%	15.59%	18.31%	23.37%	37.79%	22.04%	21.78%	19.82%	18.60%	23.37%
Inventory	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
Inventory 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 Assets	93,433,333	79,900,000	94,920,000	79,853,333	64,320,000	60,786,080	64,001,733	98,200,000	88,800,000	93,300,000	60,200,000	59,000,000	187,900,000	109,600,000	122,900,000	50,100,000	79,200,000	103,900,000	68,300,000	39,700,000	15,600,000	21,100,000	27,400,000	19,300,000	21,800,000	11,100,000	9,000,000	43,500,000	57,900,000	33,600,000	32,200,000	66,052,000	82,100,000	76,700,000	77,900,000	81,400,000	82,300,000
Other Current Assets Margin	1.75%	1.58%	2.47%	2.39%	2.05%	2.42%	2.99%	1.73%	1.69%	1.82%	1.22%	1.43%	5.36%	3.21%	3.66%	1.59%	2.97%	4.26%	2.96%	1.92%	0.82%	1.13%	1.60%	1.00%	1.18%	0.72%	0.62%	3.42%	4.78%	3.07%	2.83%	5.55%	4.63%	4.73%	5.70%	6.66%	7.45%
Total Current Assets	1,362,466,667	1,537,320,000	1,203,120,000	979,726,667	825,855,000	734,044,360	689,516,967	1,360,600,000	1,356,300,000	1,370,500,000	1,120,900,000	2,478,300,000	1,209,400,000	902,300,000	998,400,000	672,900,000	561,600,000	605,100,000	648,400,000	529,700,000	452,300,000	429,200,000	416,800,000	353,800,000	425,000,000	345,200,000	280,400,000	299,600,000	285,900,000	285,600,000	358,000,000	604,909,000	609,400,000	520,400,000	400,900,000	437,000,000	366,700,000
Total Current Assets Margin	25.49%	31.85%	29.24%	27.86%	26.26%	27.23%	28.18%	23.95%	25.76%	26.76%	22.76%	60.04%	34.48%	26.44%	29.69%	21.40%	21.08%	24.84%	28.14%	25.55%	23.89%	23.08%	24.29%	18.28%	23.06%	22.32%	19.43%	23.54%	23.61%	26.08%	31.43%	50.87%	34.38%	32.10%	29.35%	35.74%	33.18%
Property, Plant & Equipment	1,770,966,667	1,553,640,000	1,088,130,000	823,053,333	675,490,000	556,128,440	481,427,033	1,891,900,000	1,834,000,000	1,587,000,000	1,315,900,000	1,139,400,000	947,600,000	764,800,000	567,000,000	466,900,000	366,800,000	300,600,000	288,900,000	283,700,000	292,900,000	298,400,000	319,300,000	286,300,000	259,500,000	161,900,000	137,000,000	141,800,000	47,000,000	50,600,000	55,200,000	98,811,000	115,500,000	119,300,000	94,700,000	122,300,000	87,800,000
Property, Plant & Equipment Margin	33.04%	30.69%	24.84%	21.23%	19.29%	16.75%	15.25%	33.30%	34.83%	30.98%	26.72%	27.61%	27.02%	22.41%	16.86%	14.85%	13.77%	12.34%	12.54%	13.69%	15.47%	16.05%	18.61%	14.79%	14.08%	10.47%	9.49%	11.14%	3.88%	4.62%	4.85%	8.31%	6.52%	7.36%	6.93%	10.00%	7.94%
Goodwill	6,587,200,000	6,103,100,000	4,968,280,000	4,056,733,333	3,361,540,000	2,719,132,000	2,265,943,333	6,547,800,000	6,829,900,000	6,383,900,000	6,258,100,000	4,495,800,000	4,308,300,000	4,129,700,000	4,184,000,000	3,974,300,000	2,571,000,000	2,606,800,000	2,395,100,000	2,290,400,000	1,961,200,000	1,914,700,000	1,943,200,000	1,760,000,000	1,834,600,000	842,000,000	0	747,500,000	0	0	0	0	0	0	0	0	0
Goodwill Margin	123.20%	121.13%	119.68%	114.99%	104.15%	85.67%	71.39%	115.26%	129.72%	124.63%	127.10%	108.92%	122.83%	121.03%	124.44%	126.37%	96.52%	106.99%	103.96%	110.49%	103.59%	102.97%	113.24%	90.92%	99.54%	54.45%	0.00%	58.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	1,827,533,333	1,713,640,000	1,458,490,000	1,285,346,667	1,159,360,000	1,043,925,560	952,774,633	1,615,700,000	1,953,600,000	1,913,300,000	1,992,900,000	1,092,700,000	1,139,500,000	1,194,000,000	1,342,000,000	1,418,600,000	922,600,000	1,049,100,000	1,068,700,000	1,242,200,000	645,800,000	689,500,000	782,500,000	777,300,000	860,200,000	337,400,000	1,149,600,000	301,700,000	724,300,000	650,500,000	516,500,000	717,939,000	612,600,000	719,700,000	365,400,000	433,800,000	353,600,000
Intangible Assets Margin	34.30%	33.97%	35.70%	38.50%	40.57%	42.40%	41.11%	28.44%	37.10%	37.35%	40.47%	26.47%	32.49%	34.99%	39.91%	45.11%	34.64%	43.06%	46.39%	59.92%	34.11%	37.08%	45.60%	40.16%	46.67%	21.82%	79.65%	23.70%	59.82%	59.39%	45.35%	60.37%	34.56%	44.40%	26.75%	35.48%	31.99%
Long-Term Investments	54,466,667	83,760,000	41,880,000	27,920,000	20,940,000	16,752,000	13,960,000	0	88,900,000	74,500,000	127,700,000	127,700,000	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
Long-Term Investments Margin	1.05%	1.77%	0.88%	0.59%	0.44%	0.35%	0.29%	0.00%	1.69%	1.45%	2.59%	3.09%	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%	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	259,800,000	256,540,000	210,210,000	185,580,000	172,435,000	223,049,120	252,377,833	343,400,000	217,300,000	218,700,000	225,400,000	277,900,000	304,200,000	162,400,000	142,000,000	131,300,000	79,500,000	114,000,000	138,800,000	165,100,000	161,900,000	101,800,000	88,700,000	82,900,000	144,600,000	104,100,000	244,700,000	90,500,000	100,300,000	520,200,000	492,900,000	923,628,000	502,307,000	469,400,000	316,100,000	461,700,000	245,600,000
Other Non-Current Assets Margin	4.81%	5.15%	5.06%	5.55%	6.21%	12.32%	14.95%	6.04%	4.13%	4.27%	4.58%	6.73%	8.67%	4.76%	4.22%	4.18%	2.98%	4.68%	6.02%	7.96%	8.55%	5.47%	5.17%	4.28%	7.85%	6.73%	16.95%	7.11%	8.28%	47.49%	43.27%	77.67%	28.34%	28.96%	23.14%	37.76%	22.22%
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	10,499,966,667	9,710,680,000	7,767,740,000	6,378,673,333	5,390,785,000	4,563,653,120	3,965,304,267	10,398,800,000	10,923,700,000	10,177,400,000	9,920,000,000	7,133,500,000	6,699,600,000	6,250,900,000	6,235,000,000	5,991,100,000	3,947,400,000	4,069,100,000	3,891,500,000	3,981,400,000	3,056,300,000	3,004,400,000	3,133,700,000	2,906,500,000	3,098,900,000	1,445,400,000	1,551,100,000	1,257,600,000	1,267,400,000	1,221,300,000	1,064,600,000	1,464,728,000	1,230,400,000	1,308,400,000	776,200,000	865,800,000	687,000,000
Total Non-Current Assets Margin	196.40%	192.70%	186.18%	180.86%	170.73%	157.85%	142.87%	183.04%	207.47%	198.69%	201.47%	172.83%	191.00%	183.20%	185.44%	190.50%	148.20%	167.01%	168.91%	192.06%	161.44%	161.57%	182.62%	150.15%	168.14%	93.47%	107.46%	98.81%	104.68%	111.50%	93.47%	123.17%	69.41%	80.72%	56.82%	70.80%	62.16%
Total Assets	11,862,433,333	11,248,000,000	8,970,860,000	7,358,400,000	6,216,640,000	5,297,697,480	4,654,821,233	11,759,400,000	12,280,000,000	11,547,900,000	11,040,900,000	9,611,800,000	7,909,000,000	7,153,200,000	7,233,400,000	6,664,000,000	4,509,000,000	4,674,200,000	4,539,900,000	4,511,100,000	3,508,600,000	3,433,600,000	3,550,500,000	3,260,300,000	3,523,900,000	1,790,600,000	1,831,500,000	1,557,200,000	1,553,300,000	1,506,900,000	1,422,600,000	2,069,637,000	1,839,800,000	1,828,800,000	1,177,100,000	1,302,800,000	1,053,700,000
Total Assets Margin	221.89%	224.55%	215.42%	208.71%	197.00%	185.08%	171.06%	206.99%	233.23%	225.45%	224.23%	232.87%	225.48%	209.64%	215.14%	211.90%	169.28%	191.85%	197.05%	217.61%	185.33%	184.65%	206.91%	168.43%	191.20%	115.80%	126.89%	122.34%	128.30%	137.58%	124.90%	174.04%	103.79%	112.82%	86.16%	106.54%	95.33%
Accounts Payable	195,533,333	191,460,000	151,320,000	108,706,667	87,845,000	73,059,880	77,997,467	138,200,000	197,600,000	250,800,000	211,600,000	159,100,000	148,300,000	175,700,000	110,300,000	81,000,000	40,600,000	20,300,000	19,900,000	25,100,000	27,500,000	24,600,000	35,900,000	29,900,000	31,100,000	23,500,000	5,900,000	9,700,000	13,400,000	16,500,000	13,200,000	16,797,000	177,427,000	107,300,000	94,700,000	71,800,000	62,200,000
Accounts Payable Margin	3.69%	3.85%	3.60%	2.78%	2.45%	2.19%	3.00%	2.43%	3.75%	4.90%	4.30%	3.85%	4.23%	5.15%	3.28%	2.58%	1.52%	0.83%	0.86%	1.21%	1.45%	1.32%	2.09%	1.54%	1.69%	1.52%	0.41%	0.76%	1.11%	1.51%	1.16%	1.41%	10.01%	6.62%	6.93%	5.87%	5.63%
Short-Term Debt	872,766,667	908,840,000	615,220,000	478,686,667	401,990,000	352,260,360	300,923,633	687,700,000	963,400,000	967,200,000	824,800,000	1,101,100,000	3,100,000	4,900,000	965,300,000	585,400,000	49,300,000	380,400,000	296,500,000	283,300,000	47,200,000	20,700,000	183,200,000	31,900,000	222,100,000	330,000,000	92,300,000	255,700,000	160,500,000	233,900,000	62,000,000	54,609,000	79,900,000	47,400,000	13,000,000	60,500,000	20,400,000
Short-Term Debt Margin	16.43%	18.54%	14.21%	12.53%	12.00%	12.19%	10.66%	12.11%	18.30%	18.88%	16.75%	26.68%	0.09%	0.14%	28.71%	18.61%	1.85%	15.61%	12.87%	13.67%	2.49%	1.11%	10.68%	1.65%	12.05%	21.34%	6.39%	20.09%	13.26%	21.35%	5.44%	4.59%	4.51%	2.92%	0.95%	4.95%	1.85%
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	119,300,000	117,500,000	110,540,000	94,200,000	86,515,000	69,212,000	57,676,667	115,500,000	109,500,000	132,900,000	121,300,000	108,300,000	104,000,000	98,000,000	108,400,000	110,700,000	96,800,000	73,400,000	61,800,000	57,900,000	55,800,000	58,700,000	69,800,000	65,700,000	69,900,000	62,700,000	49,200,000	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	2.24%	2.36%	2.80%	2.84%	3.07%	2.45%	2.04%	2.03%	2.08%	2.59%	2.46%	2.62%	2.96%	2.87%	3.22%	3.52%	3.63%	3.01%	2.68%	2.79%	2.95%	3.16%	4.07%	3.39%	3.79%	4.05%	3.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	344,833,333	457,040,000	382,210,000	295,033,333	237,400,000	222,960,400	222,407,067	403,200,000	334,700,000	296,600,000	638,200,000	612,500,000	784,100,000	204,000,000	209,200,000	174,400,000	165,200,000	161,600,000	98,700,000	90,600,000	98,900,000	153,600,000	48,500,000	78,700,000	80,900,000	62,000,000	52,400,000	162,700,000	146,500,000	146,500,000	174,200,000	196,110,000	247,502,000	264,500,000	219,900,000	198,300,000	168,000,000
Other Current Liabilities Margin	6.41%	9.41%	9.33%	8.14%	7.05%	8.44%	9.63%	7.10%	6.36%	5.79%	12.96%	14.84%	22.35%	5.98%	6.22%	5.55%	6.20%	6.63%	4.28%	4.37%	5.22%	8.26%	2.83%	4.07%	4.39%	4.01%	3.63%	12.78%	12.10%	13.38%	15.29%	16.49%	13.96%	16.32%	16.10%	16.22%	15.20%
Total Current Liabilities	1,948,566,667	2,124,020,000	1,634,290,000	1,277,293,333	1,069,655,000	927,028,360	833,586,800	1,811,500,000	2,019,000,000	2,015,200,000	2,291,300,000	2,483,100,000	1,359,100,000	826,800,000	1,673,500,000	1,259,600,000	603,800,000	823,100,000	662,500,000	646,500,000	364,900,000	319,500,000	492,200,000	318,000,000	546,900,000	582,100,000	294,500,000	456,900,000	354,800,000	427,900,000	275,900,000	267,109,000	504,795,000	419,200,000	327,600,000	329,700,000	250,600,000
Total Current Liabilities Margin	36.53%	43.25%	39.17%	34.79%	32.74%	32.23%	31.12%	31.89%	38.35%	39.34%	46.53%	60.16%	38.75%	24.23%	49.77%	40.05%	22.67%	33.78%	28.76%	31.19%	19.27%	17.18%	28.68%	16.43%	29.67%	37.64%	20.40%	35.90%	29.31%	39.07%	24.22%	22.46%	28.48%	25.86%	23.98%	26.96%	22.67%
Long-Term Debt	4,630,233,333	4,327,620,000	3,261,240,000	2,553,060,000	2,113,855,000	1,828,649,080	1,615,544,500	4,322,800,000	4,747,800,000	4,820,100,000	4,470,100,000	3,277,300,000	3,379,500,000	2,630,600,000	1,739,000,000	2,086,800,000	1,138,400,000	1,145,700,000	1,145,500,000	1,447,400,000	966,000,000	978,900,000	990,900,000	1,187,400,000	1,165,200,000	173,900,000	463,800,000	398,500,000	663,000,000	690,600,000	693,600,000	993,427,000	933,708,000	869,500,000	339,300,000	304,900,000	302,700,000
Long-Term Debt Margin	86.79%	86.11%	76.48%	69.00%	63.04%	62.17%	57.93%	76.09%	90.17%	94.10%	90.78%	79.40%	96.35%	77.10%	51.72%	66.36%	42.74%	47.02%	49.72%	69.82%	51.02%	52.64%	57.74%	61.34%	63.22%	11.25%	32.13%	31.31%	54.76%	63.05%	60.90%	83.54%	52.67%	53.64%	24.84%	24.93%	27.39%
Capital Lease Obligations	99,233,333	59,540,000	29,770,000	19,846,667	16,335,000	13,068,000	10,890,000	157,000,000	140,700,000	0	0	0	0	0	0	0	0	0	0	0	0	0	29,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	1.81%	1.09%	0.54%	0.36%	0.36%	0.29%	0.24%	2.76%	2.67%	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%	1.69%	0.00%	0.00%	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	428,933,333	395,460,000	337,750,000	305,493,333	276,050,000	232,343,920	197,726,600	351,600,000	474,900,000	460,300,000	358,200,000	332,300,000	248,000,000	316,200,000	305,100,000	325,400,000	205,500,000	241,500,000	263,700,000	227,700,000	227,800,000	244,200,000	249,300,000	215,300,000	277,100,000	70,800,000	126,100,000	38,600,000	44,300,000	25,900,000	88,600,000	90,198,000	73,100,000	50,100,000	0	0	0
Deferred Tax Liabilities Margin	8.06%	7.90%	8.30%	9.37%	9.73%	8.76%	7.54%	6.19%	9.02%	8.99%	7.27%	8.05%	7.07%	9.27%	9.07%	10.35%	7.72%	9.91%	11.45%	10.98%	12.03%	13.13%	14.53%	11.12%	15.04%	4.58%	8.74%	3.03%	3.66%	2.36%	7.78%	7.58%	4.12%	3.09%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	327,900,000	322,520,000	288,710,000	259,086,667	234,675,000	215,367,280	202,530,100	353,900,000	350,800,000	279,000,000	320,100,000	308,800,000	299,500,000	223,900,000	276,800,000	270,900,000	203,400,000	229,300,000	127,200,000	230,300,000	229,800,000	182,600,000	203,100,000	216,100,000	135,500,000	125,700,000	126,800,000	139,600,000	119,700,000	141,500,000	121,000,000	168,882,000	112,521,000	123,500,000	160,800,000	147,900,000	147,000,000
Other Non-Current Liabilities Margin	6.11%	6.46%	7.19%	7.99%	8.36%	9.03%	9.23%	6.23%	6.66%	5.45%	6.50%	7.48%	8.54%	6.56%	8.23%	8.61%	7.64%	9.41%	5.52%	11.11%	12.14%	9.82%	11.84%	11.16%	7.35%	8.13%	8.78%	10.97%	9.89%	12.92%	10.62%	14.20%	6.35%	7.62%	11.77%	12.10%	13.30%
Total Non-Current Liabilities	5,387,066,667	5,045,600,000	3,888,450,000	3,118,146,667	2,625,515,000	2,277,401,400	2,018,351,167	5,028,300,000	5,573,500,000	5,559,400,000	5,148,400,000	3,918,400,000	3,927,000,000	3,170,700,000	2,320,900,000	2,683,100,000	1,554,800,000	1,616,500,000	1,536,400,000	1,905,400,000	1,423,700,000	1,405,700,000	1,443,300,000	1,629,900,000	1,577,800,000	370,400,000	716,700,000	576,700,000	827,000,000	858,000,000	903,200,000	1,259,835,000	1,119,400,000	1,043,100,000	500,100,000	503,200,000	449,700,000
Total Non-Current Liabilities Margin	100.97%	100.48%	92.00%	86.38%	81.16%	80.02%	74.88%	88.51%	105.86%	108.54%	104.56%	94.93%	111.96%	92.93%	69.03%	85.32%	58.37%	66.35%	66.69%	91.92%	75.20%	75.60%	84.11%	84.20%	85.61%	23.95%	49.65%	45.31%	68.31%	78.33%	79.30%	105.94%	63.15%	64.35%	36.61%	41.15%	40.69%
Total Liabilities	7,335,633,333	7,169,620,000	5,522,740,000	4,395,300,000	3,695,065,000	3,210,710,360	2,858,671,967	6,839,800,000	7,592,500,000	7,574,600,000	7,439,700,000	6,401,500,000	5,286,100,000	3,997,500,000	3,994,400,000	3,942,700,000	2,158,600,000	2,439,600,000	2,198,900,000	2,551,900,000	1,786,500,000	1,725,200,000	1,935,500,000	1,947,900,000	2,124,700,000	952,500,000	1,011,200,000	1,033,600,000	1,181,800,000	1,285,900,000	1,179,100,000	1,686,059,000	1,624,200,000	1,462,300,000	827,700,000	877,900,000	700,300,000
Total Liabilities Margin	137.49%	143.73%	131.17%	121.17%	113.90%	112.78%	106.57%	120.40%	144.20%	147.88%	151.09%	155.09%	150.70%	117.16%	118.80%	125.37%	81.04%	100.13%	95.44%	123.10%	94.36%	92.78%	112.79%	100.63%	115.28%	61.60%	70.06%	81.21%	97.61%	117.40%	103.52%	141.78%	91.62%	90.21%	60.59%	71.79%	63.36%
Preferred Stock	0	0	0	0	0	11,790,120	11,368,433	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	175,000,000	119,753,000	46,300,000	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	1.02%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.36%	10.07%	2.61%	0.00%	0.00%	0.00%	0.00%
Common Stock	236,600,000	236,600,000	236,600,000	236,600,000	236,105,000	233,727,560	202,032,967	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,600,000	236,500,000	235,600,000	232,900,000	231,500,000	227,500,000	225,500,000	225,100,000	223,000,000	219,989,000	217,800,000	0	0	0	0
Common Stock Margin	4.43%	4.76%	6.09%	7.84%	9.37%	11.30%	9.83%	4.16%	4.49%	4.62%	4.81%	5.73%	6.75%	6.93%	7.04%	7.52%	8.88%	9.71%	10.27%	11.41%	12.50%	12.72%	13.79%	12.22%	12.78%	15.06%	16.04%	17.87%	18.63%	20.55%	19.58%	18.50%	12.29%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	5,627,733,333	5,164,040,000	4,725,800,000	4,186,100,000	3,645,020,000	3,114,595,000	2,674,532,500	6,018,600,000	5,608,600,000	5,256,000,000	4,751,600,000	4,185,400,000	4,131,800,000	4,717,800,000	4,600,600,000	4,153,200,000	3,834,400,000	3,554,800,000	3,309,200,000	3,064,600,000	2,879,200,000	2,725,700,000	2,494,200,000	2,281,000,000	2,030,000,000	1,778,600,000	1,525,100,000	1,298,800,000	1,079,000,000	925,400,000	758,800,000	902,475,000	726,800,000	562,900,000	415,100,000	396,300,000	270,000,000
Retained Earnings Margin	105.02%	102.60%	118.19%	127.86%	125.60%	117.20%	103.10%	105.94%	106.52%	102.61%	96.50%	101.40%	117.80%	138.27%	136.83%	132.06%	143.96%	145.90%	143.63%	147.83%	152.08%	146.58%	145.35%	117.84%	110.15%	115.02%	105.66%	102.04%	89.12%	84.49%	66.62%	75.89%	41.00%	34.73%	30.39%	32.41%	24.43%
Accumulated OCI	-542,533,333	-418,880,000	-477,800,000	-441,620,000	-400,735,000	-389,846,320	-351,758,600	-722,700,000	-431,200,000	-473,700,000	-295,400,000	-171,400,000	-631,600,000	-626,300,000	-412,000,000	-528,900,000	-484,800,000	-435,400,000	-312,600,000	-362,000,000	-391,800,000	-344,500,000	-318,700,000	-390,600,000	-228,200,000	-232,200,000	-220,700,000	-336,200,000	-370,000,000	-441,800,000	-287,000,000	-296,458,000	-217,400,000	-151,000,000	-124,700,000	-164,600,000	-148,900,000
Accumulated OCI Margin	-10.05%	-8.06%	-12.39%	-14.14%	-14.68%	-17.64%	-16.62%	-12.72%	-8.19%	-9.25%	-6.00%	-4.15%	-18.01%	-18.36%	-12.25%	-16.82%	-18.20%	-17.87%	-13.57%	-17.46%	-20.70%	-18.53%	-18.57%	-20.18%	-12.38%	-15.02%	-15.29%	-26.41%	-30.56%	-40.34%	-25.20%	-24.93%	-12.26%	-9.32%	-9.13%	-13.46%	-13.47%
Minority Interest	97,633,333	70,320,000	60,650,000	49,600,000	38,445,000	30,756,000	25,630,000	122,700,000	153,400,000	16,800,000	16,800,000	41,900,000	44,300,000	47,900,000	64,600,000	58,600,000	39,500,000	34,500,000	40,300,000	26,000,000	19,700,000	17,000,000	13,800,000	11,100,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	1.80%	1.35%	1.47%	1.40%	1.12%	0.90%	0.75%	2.16%	2.91%	0.33%	0.34%	1.02%	1.26%	1.40%	1.92%	1.86%	1.48%	1.42%	1.75%	1.25%	1.04%	0.91%	0.80%	0.57%	0.00%	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 Shareholders’ Equity	4,429,166,667	4,008,060,000	3,387,470,000	2,913,500,000	2,483,685,000	2,056,675,120	1,770,889,267	4,796,900,000	4,534,100,000	3,956,500,000	3,584,400,000	3,168,400,000	2,578,600,000	3,107,800,000	3,174,400,000	2,662,700,000	2,310,900,000	2,200,100,000	2,300,700,000	1,933,200,000	1,702,400,000	1,691,400,000	1,601,200,000	1,312,400,000	1,399,200,000	838,100,000	820,300,000	523,600,000	371,500,000	221,000,000	243,500,000	383,578,000	215,600,000	366,500,000	349,400,000	424,900,000	353,400,000
Total Shareholders’ Equity Margin	82.60%	79.47%	82.78%	86.14%	82.01%	71.43%	63.76%	84.44%	86.11%	77.24%	72.80%	76.76%	73.51%	91.08%	94.41%	84.67%	86.76%	90.30%	99.86%	93.26%	89.92%	90.96%	93.31%	67.80%	75.92%	54.20%	56.83%	41.14%	30.68%	20.18%	21.38%	32.26%	12.16%	22.61%	25.58%	34.75%	31.97%
Total Equity	4,526,800,000	4,078,380,000	3,448,120,000	2,963,100,000	2,522,130,000	2,089,722,640	1,798,433,033	4,919,600,000	4,687,500,000	3,973,300,000	3,601,200,000	3,210,300,000	2,622,900,000	3,155,700,000	3,239,000,000	2,721,300,000	2,350,400,000	2,234,600,000	2,341,000,000	1,959,200,000	1,722,100,000	1,708,400,000	1,615,000,000	1,323,500,000	1,399,200,000	838,100,000	820,300,000	523,600,000	371,500,000	221,000,000	243,500,000	440,866,000	215,625,000	366,500,000	349,400,000	425,000,000	353,400,000
Total Equity Margin	84.40%	80.82%	84.25%	87.54%	83.13%	72.52%	64.67%	86.60%	89.03%	77.57%	73.14%	77.78%	74.78%	92.49%	96.34%	86.53%	88.24%	91.72%	101.61%	94.51%	90.96%	91.87%	94.11%	68.37%	75.92%	54.20%	56.83%	41.14%	30.68%	20.18%	21.38%	37.07%	12.16%	22.61%	25.58%	34.76%	31.97%
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	54,466,667	83,760,000	41,880,000	27,920,000	20,940,000	16,752,000	13,960,000	0	88,900,000	74,500,000	127,700,000	127,700,000	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
Total Investments Margin	1.05%	1.77%	0.88%	0.59%	0.44%	0.35%	0.29%	0.00%	1.69%	1.45%	2.59%	3.09%	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%	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	5,279,033,333	4,720,220,000	3,500,700,000	2,730,700,000	2,272,650,000	1,976,578,600	1,734,378,833	4,840,600,000	5,494,400,000	5,502,100,000	5,070,200,000	2,693,800,000	2,981,300,000	2,411,900,000	2,367,900,000	2,542,900,000	1,101,900,000	1,397,800,000	1,206,100,000	1,583,900,000	885,500,000	880,200,000	1,071,000,000	1,161,100,000	1,305,700,000	436,100,000	518,600,000	602,100,000	784,200,000	894,000,000	722,400,000	958,765,000	877,000,000	826,300,000	300,000,000	316,600,000	297,000,000
Net Debt Margin	98.99%	93.04%	81.35%	72.92%	67.56%	67.56%	62.14%	85.21%	104.35%	107.42%	102.97%	65.26%	85.00%	70.69%	70.43%	80.86%	41.37%	57.37%	52.35%	76.41%	46.77%	47.34%	62.41%	59.98%	70.85%	28.20%	35.93%	47.31%	64.77%	81.62%	63.42%	80.62%	49.47%	50.97%	21.96%	25.89%	26.87%

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	5,356,166,667	5,023,980,000	4,121,030,000	3,451,753,333	3,013,035,000	2,646,708,000	2,441,853,333	5,681,100,000	5,265,200,000	5,122,200,000	4,923,900,000	4,127,500,000	3,507,600,000	3,412,100,000	3,362,200,000	3,144,900,000	2,663,600,000	2,436,400,000	2,303,900,000	2,073,000,000	1,893,200,000	1,859,500,000	1,716,000,000	1,935,700,000	1,843,000,000	1,546,300,000	1,443,400,000	1,272,800,000	1,210,700,000	1,095,300,000	1,139,000,000	1,189,200,000	1,772,700,000	1,621,000,000	1,366,100,000	1,222,800,000	1,105,300,000
Working Capital	-586,100,000	-586,700,000	-431,170,000	-297,566,667	-243,800,000	-192,984,000	-144,069,833	-450,900,000	-662,700,000	-644,700,000	-1,170,400,000	-4,800,000	-149,700,000	75,500,000	-675,100,000	-586,700,000	-42,200,000	-218,000,000	-14,100,000	-116,800,000	87,400,000	109,700,000	-75,400,000	35,800,000	-121,900,000	-236,900,000	-14,100,000	-157,300,000	-68,900,000	-142,300,000	82,100,000	337,800,000	104,605,000	101,200,000	73,300,000	107,300,000	116,100,000
Working Capital Margin	-11.04%	-11.40%	-9.94%	-6.94%	-6.48%	-5.00%	-2.94%	-7.94%	-12.59%	-12.59%	-23.77%	-0.12%	-4.27%	2.21%	-20.08%	-18.66%	-1.58%	-8.95%	-0.61%	-5.63%	4.62%	5.90%	-4.39%	1.85%	-6.61%	-15.32%	-0.98%	-12.36%	-5.69%	-12.99%	7.21%	28.41%	5.90%	6.24%	5.37%	8.77%	10.50%
Total Capital	9,932,166,667	9,244,520,000	7,264,680,000	5,945,746,667	4,999,905,000	4,237,890,240	3,687,648,533	9,807,400,000	10,245,300,000	9,743,800,000	8,879,300,000	7,546,800,000	5,961,200,000	5,743,300,000	5,878,700,000	5,334,900,000	3,506,100,000	3,726,200,000	3,742,700,000	3,663,900,000	2,715,600,000	2,691,000,000	2,775,300,000	2,531,700,000	2,786,500,000	1,342,000,000	1,376,400,000	1,177,800,000	1,195,000,000	1,145,500,000	999,100,000	1,431,756,000	1,229,200,000	1,283,400,000	701,700,000	791,400,000	676,500,000
Total Capital Margin	185.81%	184.12%	173.50%	167.69%	157.06%	145.80%	132.36%	172.63%	194.59%	190.23%	180.33%	182.84%	169.95%	168.32%	174.85%	169.64%	131.63%	152.94%	162.45%	176.74%	143.44%	144.72%	161.73%	130.79%	151.19%	86.79%	95.36%	92.54%	98.70%	104.58%	87.72%	120.40%	69.34%	79.17%	51.37%	64.72%	61.21%
Capital Employed	9,913,866,667	9,123,980,000	7,336,570,000	6,081,106,667	5,146,985,000	4,370,669,120	3,821,234,433	9,947,900,000	10,261,000,000	9,532,700,000	8,749,600,000	7,128,700,000	6,549,900,000	6,326,400,000	5,559,900,000	5,404,400,000	3,905,200,000	3,851,100,000	3,877,400,000	3,864,600,000	3,143,700,000	3,114,100,000	3,058,300,000	2,942,300,000	2,977,000,000	1,208,500,000	1,537,000,000	1,100,300,000	1,198,500,000	1,079,000,000	1,146,700,000	1,802,528,000	1,335,005,000	1,409,600,000	849,500,000	973,100,000	803,100,000
Capital Employed Margin	185.36%	181.30%	176.25%	173.92%	164.26%	152.86%	139.94%	175.11%	194.88%	186.11%	177.70%	172.71%	186.73%	185.41%	165.36%	171.85%	146.61%	158.07%	168.30%	186.43%	166.05%	167.47%	178.22%	152.00%	161.53%	78.15%	106.48%	86.45%	98.99%	98.51%	100.68%	151.57%	75.31%	86.96%	62.18%	79.58%	72.66%
Invested Capital	9,708,200,000	8,728,280,000	6,888,170,000	5,644,200,000	4,756,335,000	4,033,253,720	3,505,268,100	9,637,500,000	10,028,500,000	9,458,600,000	8,654,600,000	5,862,200,000	5,559,900,000	5,519,700,000	5,542,300,000	5,205,600,000	3,412,800,000	3,597,900,000	3,506,800,000	3,517,100,000	2,587,900,000	2,571,600,000	2,672,200,000	2,473,500,000	2,704,900,000	1,274,200,000	1,338,900,000	1,125,700,000	1,155,700,000	1,115,000,000	965,900,000	1,342,343,000	1,092,600,000	1,192,800,000	649,400,000	741,500,000	650,400,000
Invested Capital Margin	181.59%	172.51%	164.13%	159.06%	149.57%	138.99%	125.90%	169.64%	190.47%	184.66%	175.77%	142.03%	158.51%	161.77%	164.84%	165.53%	128.13%	147.67%	152.21%	169.66%	136.69%	138.30%	155.72%	127.78%	146.77%	82.40%	92.76%	88.44%	95.46%	101.80%	84.80%	112.88%	61.63%	73.58%	47.54%	60.64%	58.84%

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	5,356,166,667	5,023,980,000	4,121,030,000	3,451,753,333	3,013,035,000	2,646,708,000	2,441,853,333	5,681,100,000	5,265,200,000	5,122,200,000	4,923,900,000	4,127,500,000	3,507,600,000	3,412,100,000	3,362,200,000	3,144,900,000	2,663,600,000	2,436,400,000	2,303,900,000	2,073,000,000	1,893,200,000	1,859,500,000	1,716,000,000	1,935,700,000	1,843,000,000	1,546,300,000	1,443,400,000	1,272,800,000	1,210,700,000	1,095,300,000	1,139,000,000	1,189,200,000	1,772,700,000	1,621,000,000	1,366,100,000	1,222,800,000	1,105,300,000
Net Income	619,733,333	626,780,000	460,070,000	408,793,333	372,255,000	334,928,000	309,823,333	607,300,000	551,700,000	700,200,000	748,500,000	526,200,000	-378,100,000	317,000,000	598,000,000	495,100,000	434,800,000	374,000,000	359,900,000	280,800,000	241,700,000	274,800,000	240,500,000	279,000,000	272,700,000	274,500,000	246,500,000	234,700,000	164,900,000	178,000,000	122,500,000	228,000,000	215,900,000	193,400,000	186,900,000	177,600,000	147,700,000
Net Income Margin	11.61%	12.56%	11.12%	12.21%	13.06%	13.58%	13.51%	10.69%	10.48%	13.67%	15.20%	12.75%	-10.78%	9.29%	17.79%	15.74%	16.32%	15.35%	15.62%	13.55%	12.77%	14.78%	14.02%	14.41%	14.80%	17.75%	17.08%	18.44%	13.62%	16.25%	10.76%	19.17%	12.18%	11.93%	13.68%	14.52%	13.36%
Depreciation & Amortization	623,000,000	551,580,000	417,070,000	337,420,000	283,410,000	245,324,000	219,016,667	680,600,000	619,800,000	568,600,000	489,600,000	399,300,000	337,300,000	315,900,000	290,900,000	268,700,000	200,000,000	204,200,000	190,300,000	163,400,000	164,900,000	167,800,000	158,800,000	155,400,000	127,700,000	82,800,000	82,200,000	78,700,000	94,100,000	79,700,000	106,200,000	106,200,000	125,300,000	103,800,000	77,100,000	67,500,000	63,700,000
Depreciation & Amortization Margin	11.62%	10.89%	9.80%	9.35%	8.78%	8.60%	8.18%	11.98%	11.77%	11.10%	9.94%	9.67%	9.62%	9.26%	8.65%	8.54%	7.51%	8.38%	8.26%	7.88%	8.71%	9.02%	9.25%	8.03%	6.93%	5.35%	5.69%	6.18%	7.77%	7.28%	9.32%	8.93%	7.07%	6.40%	5.64%	5.52%	5.76%
Deferred Income Tax	-16,333,333	5,360,000	-14,040,000	-12,166,667	-7,150,000	-2,248,000	66,667	-66,900,000	-70,200,000	88,100,000	9,300,000	66,500,000	-82,700,000	1,300,000	-44,100,000	-13,000,000	-28,700,000	-9,600,000	-9,700,000	-26,500,000	3,600,000	100,000	14,700,000	7,700,000	7,900,000	-2,600,000	11,800,000	25,300,000	15,800,000	17,900,000	8,200,000	19,600,000	20,900,000	34,600,000	9,700,000	-22,200,000	15,200,000
Deferred Income Tax Margin	-0.26%	0.20%	-0.41%	-0.40%	-0.18%	0.14%	0.24%	-1.18%	-1.33%	1.72%	0.19%	1.61%	-2.36%	0.04%	-1.31%	-0.41%	-1.08%	-0.39%	-0.42%	-1.28%	0.19%	0.01%	0.86%	0.40%	0.43%	-0.17%	0.82%	1.99%	1.31%	1.63%	0.72%	1.65%	1.18%	2.13%	0.71%	-1.82%	1.38%
Stock-Based Compensation	72,000,000	65,120,000	53,160,000	45,073,333	37,940,000	30,352,000	25,293,333	81,600,000	71,800,000	62,600,000	54,900,000	54,700,000	49,700,000	42,500,000	38,300,000	37,100,000	38,400,000	38,100,000	32,200,000	28,000,000	24,400,000	21,800,000	19,600,000	19,900,000	17,600,000	17,400,000	8,200,000	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	1.34%	1.29%	1.29%	1.31%	1.22%	0.98%	0.82%	1.44%	1.36%	1.22%	1.11%	1.33%	1.42%	1.25%	1.14%	1.18%	1.44%	1.56%	1.40%	1.35%	1.29%	1.17%	1.14%	1.03%	0.95%	1.13%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-215,400,000	-124,700,000	-9,670,000	-11,686,667	-10,510,000	-17,028,000	-18,076,667	21,900,000	-42,500,000	-625,600,000	-26,300,000	49,000,000	387,600,000	-4,500,000	-67,100,000	71,000,000	139,800,000	27,200,000	12,900,000	13,600,000	-51,000,000	-81,300,000	-13,900,000	-14,700,000	24,400,000	-1,700,000	-29,000,000	-6,200,000	-31,800,000	-46,300,000	-47,300,000	-83,900,000	-30,200,000	-42,800,000	-44,500,000	82,100,000	-81,200,000
Change in Working Capital Margin	-4.21%	-2.40%	0.44%	-0.02%	-0.13%	-0.85%	-0.98%	0.39%	-0.81%	-12.21%	-0.53%	1.19%	11.05%	-0.13%	-2.00%	2.26%	5.25%	1.12%	0.56%	0.66%	-2.69%	-4.37%	-0.81%	-0.76%	1.32%	-0.11%	-2.01%	-0.49%	-2.63%	-4.23%	-4.15%	-7.06%	-1.70%	-2.64%	-3.26%	6.71%	-7.35%
Accounts Receivable	-76,066,667	-77,620,000	-57,070,000	-43,220,000	-32,500,000	-25,976,000	-21,646,667	-66,300,000	-23,300,000	-138,600,000	-66,200,000	-93,700,000	-61,300,000	-37,400,000	-1,300,000	-55,700,000	-26,900,000	-27,800,000	-2,400,000	-17,200,000	-26,600,000	-3,600,000	12,800,000	24,200,000	-1,600,000	-22,800,000	-14,300,000	-17,200,000	17,800,000	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-1.44%	-1.59%	-1.36%	-1.15%	-0.89%	-0.71%	-0.59%	-1.17%	-0.44%	-2.71%	-1.34%	-2.27%	-1.75%	-1.10%	-0.04%	-1.77%	-1.01%	-1.14%	-0.10%	-0.83%	-1.41%	-0.19%	0.75%	1.25%	-0.09%	-1.47%	-0.99%	-1.35%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	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
Inventory 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%
Accounts Payable	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
Accounts Payable 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 Working Capital	-139,333,333	-47,080,000	42,760,000	28,260,000	19,630,000	5,575,480	189,567	88,200,000	-19,200,000	-487,000,000	39,900,000	142,700,000	448,900,000	47,200,000	-65,800,000	93,000,000	139,700,000	55,000,000	12,600,000	30,800,000	-24,400,000	-77,700,000	-27,600,000	-36,100,000	26,000,000	21,100,000	-14,700,000	11,000,000	-52,400,000	-47,500,000	-47,300,000	-117,013,000	-30,200,000	-42,800,000	-44,500,000	75,000,000	-91,200,000
Other Working Capital Margin	-2.77%	-0.81%	1.64%	1.01%	0.67%	-0.33%	-0.60%	1.55%	-0.36%	-9.51%	0.81%	3.46%	12.80%	1.38%	-1.96%	2.96%	5.24%	2.26%	0.55%	1.49%	-1.29%	-4.18%	-1.61%	-1.86%	1.41%	1.36%	-1.02%	0.86%	-4.33%	-4.34%	-4.15%	-9.84%	-1.70%	-2.64%	-3.26%	6.13%	-8.25%
Other Non-Cash Items	-16,866,667	-28,260,000	-19,240,000	-13,013,333	-7,535,000	2,284,000	563,333	0	-13,800,000	-36,800,000	58,800,000	-149,500,000	0	0	0	-35,900,000	-15,200,000	-17,700,000	-16,600,000	37,000,000	25,100,000	-30,600,000	-1,300,000	800,000	-400,000	19,100,000	26,300,000	-21,800,000	51,500,000	17,900,000	221,600,000	-61,400,000	-7,200,000	100,000	63,600,000	-100,900,000	4,200,000
Other Non-Cash Items Margin	-0.33%	-0.68%	-0.51%	-0.34%	-0.11%	0.65%	0.43%	0.00%	-0.26%	-0.72%	1.19%	-3.62%	0.00%	0.00%	0.00%	-1.14%	-0.57%	-0.73%	-0.72%	1.78%	1.33%	-1.65%	-0.08%	0.04%	-0.02%	1.24%	1.82%	-1.71%	4.25%	1.63%	19.46%	-5.16%	-0.41%	0.01%	4.66%	-8.25%	0.38%
Net Cash from Operating Activities	1,066,133,333	1,095,880,000	880,800,000	749,873,333	663,660,000	586,618,600	534,692,167	1,324,500,000	1,116,800,000	757,100,000	1,334,800,000	946,200,000	313,800,000	672,200,000	816,000,000	784,500,000	742,100,000	616,200,000	566,300,000	496,300,000	408,700,000	352,600,000	418,400,000	444,700,000	449,900,000	374,300,000	337,800,000	310,700,000	293,800,000	248,500,000	255,100,000	284,165,000	324,700,000	289,100,000	292,800,000	308,800,000	159,900,000
Net Cash from Operating Activities Margin	19.77%	21.87%	21.51%	21.96%	22.44%	22.66%	22.13%	23.31%	21.21%	14.78%	27.11%	22.92%	8.95%	19.70%	24.27%	24.95%	27.86%	25.29%	24.58%	23.94%	21.59%	18.96%	24.38%	22.97%	24.41%	24.21%	23.40%	24.41%	24.27%	22.69%	22.40%	23.90%	18.32%	17.83%	21.43%	25.25%	14.47%
Capital Expenditures (PPE)	-579,100,000	-525,520,000	-388,050,000	-286,066,667	-232,995,000	-191,521,280	-183,164,400	-511,500,000	-601,300,000	-624,500,000	-469,000,000	-421,300,000	-399,600,000	-321,900,000	-218,200,000	-167,000,000	-146,200,000	-86,400,000	-83,300,000	-66,000,000	-75,000,000	-99,800,000	-70,700,000	-110,500,000	-118,500,000	-52,000,000	-17,200,000	-16,500,000	-14,600,000	-12,800,000	-47,100,000	-37,132,000	-61,200,000	-523,400,000	-34,600,000	-56,000,000	-31,700,000
Capital Expenditures (PPE) Margin	-10.87%	-10.47%	-9.05%	-7.34%	-6.55%	-5.68%	-6.25%	-9.00%	-11.42%	-12.19%	-9.52%	-10.21%	-11.39%	-9.43%	-6.49%	-5.31%	-5.49%	-3.55%	-3.62%	-3.18%	-3.96%	-5.37%	-4.12%	-5.71%	-6.43%	-3.36%	-1.19%	-1.30%	-1.21%	-1.17%	-4.14%	-3.12%	-3.45%	-32.29%	-2.53%	-4.58%	-2.87%
Acquisitions (Net)	-203,966,667	-723,480,000	-599,360,000	-507,740,000	-415,140,000	-364,337,240	-303,614,367	0	-276,900,000	-335,000,000	-2,934,100,000	-71,400,000	-297,900,000	-145,200,000	-139,900,000	-1,791,600,000	-1,600,000	-342,900,000	-50,300,000	-1,017,600,000	-129,100,000	-82,600,000	-199,400,000	-31,100,000	-300,000,000	-34,400,000	-121,800,000	-17,400,000	-40,700,000	-321,200,000	-43,500,000	-382,831,000	0	0	0	0	0
Acquisitions (Net) Margin	-3.93%	-14.62%	-14.71%	-14.91%	-13.19%	-13.36%	-11.13%	0.00%	-5.26%	-6.54%	-59.59%	-1.73%	-8.49%	-4.26%	-4.16%	-56.97%	-0.06%	-14.07%	-2.18%	-49.09%	-6.82%	-4.44%	-11.62%	-1.61%	-16.28%	-2.22%	-8.44%	-1.37%	-3.36%	-29.33%	-3.82%	-32.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0	0	-1,080,000	-720,000	-540,000	-432,000	-360,000	0	0	0	0	0	0	0	0	-10,800,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	0.00%	-0.03%	-0.02%	-0.02%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	0	0	0	505,000	2,780,000	2,316,667	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,100,000	59,400,000	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.03%	0.21%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.70%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	0	980,000	1,910,000	1,273,333	935,000	660,000	-10,320,000	0	0	0	4,900,000	0	0	5,600,000	8,600,000	0	0	0	0	0	0	0	0	0	0	-400,000	0	-1,000,000	-43,900,000	-6,900,000	-50,000,000	99,600,000	-56,600,000	-84,300,000	-85,900,000	-55,900,000	-43,400,000
Other Investing Activities Margin	0.00%	0.02%	0.05%	0.03%	0.02%	0.01%	-0.77%	0.00%	0.00%	0.00%	0.10%	0.00%	0.00%	0.16%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.03%	0.00%	-0.08%	-3.63%	-0.63%	-4.39%	8.38%	-3.19%	-5.20%	-6.29%	-4.57%	-3.93%
Net Cash from Investing Activities	-783,066,667	-1,248,020,000	-986,580,000	-781,026,667	-639,705,000	-547,489,640	-493,348,033	-511,500,000	-878,200,000	-959,500,000	-3,398,200,000	-492,700,000	-697,500,000	-461,500,000	-349,500,000	-1,969,400,000	-147,800,000	-429,300,000	-133,600,000	-1,083,600,000	-204,100,000	1,000,000	-270,100,000	-141,600,000	-422,300,000	-86,800,000	-157,900,000	-6,500,000	-99,700,000	-341,000,000	-106,500,000	-339,441,000	-117,800,000	-607,700,000	-120,500,000	-185,500,000	-81,700,000
Net Cash from Investing Activities Margin	-14.81%	-25.07%	-23.73%	-21.58%	-19.31%	-18.56%	-17.99%	-9.00%	-16.68%	-18.73%	-69.01%	-11.94%	-19.89%	-13.53%	-10.39%	-62.62%	-5.55%	-17.62%	-5.80%	-52.27%	-10.78%	0.05%	-15.74%	-7.32%	-22.91%	-5.61%	-10.94%	-0.51%	-8.23%	-31.13%	-9.35%	-28.54%	-6.65%	-37.49%	-8.82%	-15.17%	-7.39%
Net Debt Issuance	-96,900,000	325,440,000	330,560,000	245,280,000	199,850,000	145,540,000	144,260,000	-704,600,000	-77,600,000	491,500,000	920,300,000	997,600,000	746,500,000	-64,700,000	29,900,000	1,297,700,000	-331,000,000	89,900,000	-282,300,000	718,100,000	7,700,000	-159,800,000	-70,800,000	-155,300,000	688,800,000	-52,200,000	-92,700,000	-161,100,000	-105,200,000	148,700,000	-289,600,000	48,700,000	97,100,000	549,400,000	-16,800,000	32,900,000	26,700,000
Net Debt Issuance Margin	-1.43%	7.72%	8.77%	7.04%	6.05%	3.68%	4.51%	-12.40%	-1.47%	9.60%	18.69%	24.17%	21.28%	-1.90%	0.89%	41.26%	-12.43%	3.69%	-12.25%	34.64%	0.41%	-8.59%	-4.13%	-8.02%	37.37%	-3.38%	-6.42%	-12.66%	-8.69%	13.58%	-25.43%	4.10%	5.48%	33.89%	-1.23%	2.69%	2.42%
Long-Term Debt Issuance	-84,300,000	268,460,000	398,730,000	274,920,000	226,490,000	181,192,000	150,993,333	-795,800,000	293,600,000	249,300,000	596,900,000	998,300,000	748,300,000	894,500,000	-222,500,000	1,224,700,000	0	-290,000,000	-15,000,000	484,000,000	-16,700,000	-25,800,000	-172,600,000	29,500,000	549,100,000	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Issuance Margin	-1.19%	6.55%	11.26%	8.08%	7.12%	5.70%	4.75%	-14.01%	5.58%	4.87%	12.12%	24.19%	21.33%	26.22%	-6.62%	38.94%	0.00%	-11.90%	-0.65%	23.35%	-0.88%	-1.39%	-10.06%	1.52%	29.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	-12,600,000	56,980,000	-68,170,000	-29,640,000	-15,390,000	-18,132,000	-15,110,000	91,200,000	-371,200,000	242,200,000	323,400,000	-700,000	-1,800,000	-959,200,000	252,400,000	73,000,000	-331,000,000	379,900,000	-267,300,000	234,100,000	24,400,000	-134,000,000	101,800,000	-184,800,000	139,700,000	-12,200,000	92,300,000	-145,500,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-0.24%	1.17%	-2.49%	-1.04%	-0.30%	-0.70%	-0.58%	1.61%	-7.05%	4.73%	6.57%	-0.02%	-0.05%	-28.11%	7.51%	2.32%	-12.43%	15.59%	-11.60%	11.29%	1.29%	-7.21%	5.93%	-9.55%	7.58%	-0.79%	6.39%	-11.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	42,466,666	19,840,000	-17,420,000	-58,840,000	-102,555,000	-90,848,000	-97,686,667	78,200,000	32,299,999	16,900,000	-69,900,000	41,700,000	0	0	-77,100,000	0	-196,300,000	-301,600,000	-11,900,000	-85,100,000	-142,300,000	-167,500,000	-23,800,000	-155,700,000	-718,700,000	-189,100,000	-81,200,000	-109,900,000	-75,400,000	-45,600,000	-5,900,000	16,700,000	-203,200,000	-149,600,000	-110,800,000	-79,700,000	-116,100,000
Net Stock Issuance Margin	0.77%	0.38%	-0.78%	-2.75%	-5.38%	-5.03%	-5.72%	1.38%	0.61%	0.33%	-1.42%	1.01%	0.00%	0.00%	-2.29%	0.00%	-7.37%	-12.38%	-0.52%	-4.11%	-7.52%	-9.01%	-1.39%	-8.04%	-39.00%	-12.23%	-5.63%	-8.63%	-6.23%	-4.16%	-0.52%	1.40%	-11.46%	-9.23%	-8.11%	-6.52%	-10.50%
Common Stock Issuance	42,466,666	33,820,000	16,910,000	11,273,333	14,480,000	17,240,000	17,033,333	78,200,000	32,299,999	16,900,000	0	41,700,000	0	0	0	0	0	0	0	0	0	0	0	0	31,600,000	26,100,000	62,800,000	28,100,000	19,500,000	34,200,000	36,400,000	23,200,000	7,000,000	12,200,000	18,300,000	25,900,000	16,600,000
Common Stock Issuance Margin	0.77%	0.67%	0.33%	0.22%	0.55%	0.93%	0.98%	1.38%	0.61%	0.33%	0.00%	1.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.71%	1.69%	4.35%	2.21%	1.61%	3.12%	3.20%	1.95%	0.39%	0.75%	1.34%	2.12%	1.50%
Common Stock Repurchased	0	-13,980,000	-34,330,000	-70,113,333	-115,455,000	-106,824,000	-113,666,667	0	0	0	-69,900,000	0	0	0	-77,100,000	0	-196,300,000	-301,600,000	-11,900,000	-85,100,000	-142,300,000	-167,500,000	-23,800,000	-155,700,000	-718,700,000	-215,200,000	-144,000,000	-138,000,000	-94,900,000	-79,800,000	-42,300,000	-6,500,000	-210,200,000	-161,800,000	-129,100,000	-105,600,000	-132,700,000
Common Stock Repurchased Margin	0.00%	-0.28%	-1.11%	-2.97%	-5.85%	-5.89%	-6.64%	0.00%	0.00%	0.00%	-1.42%	0.00%	0.00%	0.00%	-2.29%	0.00%	-7.37%	-12.38%	-0.52%	-4.11%	-7.52%	-9.01%	-1.39%	-8.04%	-39.00%	-13.92%	-9.98%	-10.84%	-7.84%	-7.29%	-3.71%	-0.55%	-11.86%	-9.98%	-9.45%	-8.64%	-12.01%
Preferred Stock Issuance	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 Issuance 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 Dividends Paid	-192,033,333	-191,120,000	-181,500,000	-150,193,333	-117,940,000	-99,246,960	-91,242,467	-193,200,000	-191,800,000	-191,100,000	-190,000,000	-189,500,000	-188,700,000	-187,900,000	-187,400,000	-157,600,000	-137,800,000	-121,200,000	-106,700,000	-86,000,000	-83,700,000	-40,300,000	-24,200,000	-20,500,000	-20,700,000	-20,300,000	-20,200,000	-15,000,000	-11,300,000	-11,400,000	-32,300,000	-52,374,000	-52,000,000	-52,100,000	-52,000,000	-49,800,000	-50,200,000
Net Dividends Paid Margin	-3.59%	-3.84%	-4.59%	-4.41%	-3.63%	-3.32%	-3.38%	-3.40%	-3.64%	-3.73%	-3.86%	-4.59%	-5.38%	-5.51%	-5.57%	-5.01%	-5.17%	-4.97%	-4.63%	-4.15%	-4.42%	-2.17%	-1.41%	-1.06%	-1.12%	-1.31%	-1.40%	-1.18%	-0.93%	-1.04%	-2.84%	-4.40%	-2.93%	-3.21%	-3.81%	-4.07%	-4.54%
Common Dividends Paid	-192,033,333	-191,120,000	-181,500,000	-149,480,000	-117,205,000	-98,656,000	-90,746,667	-193,200,000	-191,800,000	-191,100,000	-190,000,000	-189,500,000	-188,700,000	-187,900,000	-187,400,000	-157,600,000	-137,800,000	-121,200,000	-106,700,000	-86,000,000	-78,100,000	-35,200,000	-20,200,000	-20,500,000	-20,700,000	-20,300,000	-20,200,000	-15,000,000	-11,300,000	-11,400,000	-32,300,000	-52,300,000	-52,000,000	-52,100,000	-52,000,000	-49,700,000	-50,200,000
Common Dividends Paid Margin	-3.59%	-3.84%	-4.59%	-4.38%	-3.59%	-3.28%	-3.36%	-3.40%	-3.64%	-3.73%	-3.86%	-4.59%	-5.38%	-5.51%	-5.57%	-5.01%	-5.17%	-4.97%	-4.63%	-4.15%	-4.13%	-1.89%	-1.18%	-1.06%	-1.12%	-1.31%	-1.40%	-1.18%	-0.93%	-1.04%	-2.84%	-4.40%	-2.93%	-3.21%	-3.81%	-4.06%	-4.54%
Preferred Dividends Paid	0	0	0	0	-200,000	-160,000	-133,333	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-4,000,000	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%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-46,500,000	-44,240,000	-26,230,000	-2,780,000	1,240,000	996,000	2,333,333	-26,800,000	-69,099,999	-43,600,000	-42,700,000	-39,000,000	100,000	-58,400,000	-29,100,000	20,200,000	26,100,000	49,500,000	67,800,000	59,300,000	16,800,000	27,200,000	10,500,000	15,800,000	33,000,000	6,600,000	600,000	-3,000,000	-3,400,000	900,000	2,300,000	3,300,000	5,100,000	11,800,000	11,200,000	10,000,000	7,000,000
Other Financing Activities Margin	-0.88%	-0.89%	-0.54%	0.32%	0.42%	0.34%	0.39%	-0.47%	-1.31%	-0.85%	-0.87%	-0.94%	0.00%	-1.71%	-0.87%	0.64%	0.98%	2.03%	2.94%	2.86%	0.89%	1.46%	0.61%	0.82%	1.79%	0.43%	0.04%	-0.24%	-0.28%	0.08%	0.20%	0.28%	0.29%	0.73%	0.82%	0.82%	0.63%
Net Cash from Financing Activities	-292,966,667	109,920,000	105,410,000	34,180,000	-19,040,000	-43,264,000	-42,086,667	-846,400,000	-306,200,000	273,700,000	617,700,000	810,800,000	557,900,000	-311,000,000	-263,700,000	1,160,300,000	-639,000,000	-283,400,000	-333,100,000	606,300,000	-195,900,000	-335,300,000	-108,300,000	-319,100,000	-17,600,000	-255,000,000	-193,500,000	-289,000,000	-195,300,000	92,600,000	-325,500,000	16,400,000	-153,000,000	359,500,000	-168,400,000	-86,500,000	-132,600,000
Net Cash from Financing Activities Margin	-5.12%	3.36%	2.87%	0.23%	-2.51%	-4.31%	-4.19%	-14.90%	-5.82%	5.34%	12.54%	19.64%	15.91%	-9.11%	-7.84%	36.89%	-23.99%	-11.63%	-14.46%	29.25%	-10.35%	-18.03%	-6.31%	-16.48%	-0.95%	-16.49%	-13.41%	-22.71%	-16.13%	8.45%	-28.58%	1.38%	-8.63%	22.18%	-12.33%	-7.07%	-12.00%
Effect of FX on Cash	-8,366,667	-4,060,000	-890,000	-2,186,667	-1,795,000	-1,803,200	-1,839,333	-13,500,000	-800,000	-10,800,000	-14,200,000	19,000,000	3,500,000	-12,500,000	4,300,000	33,400,000	-17,300,000	-11,100,000	-10,500,000	100,000	-400,000	-2,000,000	4,900,000	-10,800,000	3,800,000	0	-1,000,000	-1,200,000	8,300,000	-2,800,000	-5,600,000	-7,880,000	-7,900,000	-2,500,000	200,000	-1,000,000	1,100,000
Effect of FX on Cash Margin	-0.15%	-0.06%	0.00%	-0.07%	-0.06%	-0.08%	-0.09%	-0.24%	-0.02%	-0.21%	-0.29%	0.46%	0.10%	-0.37%	0.13%	1.06%	-0.65%	-0.46%	-0.46%	0.00%	-0.02%	-0.11%	0.29%	-0.56%	0.21%	0.00%	-0.07%	-0.09%	0.69%	-0.26%	-0.49%	-0.66%	-0.45%	-0.15%	0.01%	-0.08%	0.10%
Net Change in Cash	-18,266,667	-46,280,000	4,160,000	4,453,333	5,890,000	2,572,680	4,107,233	-46,900,000	-68,400,000	60,500,000	-1,459,900,000	1,283,300,000	177,700,000	-112,800,000	207,100,000	36,000,000	-35,000,000	-107,600,000	89,100,000	19,100,000	8,300,000	16,300,000	44,900,000	-23,400,000	13,800,000	30,300,000	-14,600,000	14,000,000	8,800,000	-2,700,000	-26,400,000	-47,183,000	46,000,000	38,400,000	4,100,000	23,700,000	-53,300,000
Net Change in Cash Margin	-0.31%	0.10%	0.82%	0.66%	0.65%	0.33%	0.36%	-0.83%	-1.30%	1.18%	-29.65%	31.09%	5.07%	-3.31%	6.16%	1.14%	-1.31%	-4.42%	3.87%	0.92%	0.44%	0.88%	2.62%	-1.21%	0.75%	1.96%	-1.01%	1.10%	0.73%	-0.25%	-2.32%	-3.97%	2.59%	2.37%	0.30%	1.94%	-4.82%
Cash at Beginning of Period	242,233,333	562,520,000	372,350,000	297,093,333	237,680,000	202,063,840	178,273,200	216,800,000	285,200,000	224,700,000	1,684,600,000	401,300,000	223,600,000	336,400,000	129,300,000	93,300,000	128,300,000	235,900,000	146,800,000	127,700,000	119,400,000	103,100,000	58,200,000	81,600,000	67,800,000	37,500,000	52,100,000	38,100,000	30,500,000	33,200,000	59,600,000	136,596,000	90,600,000	52,300,000	48,200,000	26,100,000	79,400,000
Cash at Beginning of Period Margin	4.54%	11.51%	8.54%	7.97%	6.84%	6.48%	6.11%	3.82%	5.42%	4.39%	34.21%	9.72%	6.37%	9.86%	3.85%	2.97%	4.82%	9.68%	6.37%	6.16%	6.31%	5.54%	3.39%	4.22%	3.68%	2.43%	3.61%	2.99%	2.52%	3.03%	5.23%	11.49%	5.11%	3.23%	3.53%	2.13%	7.18%
Cash at End of Period	223,966,667	516,240,000	376,510,000	301,546,667	243,570,000	204,636,520	182,380,433	169,900,000	216,800,000	285,200,000	224,700,000	1,684,600,000	401,300,000	223,600,000	336,400,000	129,300,000	93,300,000	128,300,000	235,900,000	146,800,000	127,700,000	119,400,000	103,100,000	58,200,000	81,600,000	67,800,000	37,500,000	52,100,000	39,300,000	30,500,000	33,200,000	89,413,000	136,600,000	90,700,000	52,300,000	49,800,000	26,100,000
Cash at End of Period Margin	4.23%	11.61%	9.37%	8.63%	7.49%	6.82%	6.47%	2.99%	4.12%	5.57%	4.56%	40.81%	11.44%	6.55%	10.01%	4.11%	3.50%	5.27%	10.24%	7.08%	6.75%	6.42%	6.01%	3.01%	4.43%	4.38%	2.60%	4.09%	3.25%	2.78%	2.91%	7.52%	7.71%	5.60%	3.83%	4.07%	2.36%
Operating Cash Flow	1,066,133,333	1,095,880,000	880,800,000	749,873,333	663,660,000	586,618,600	534,692,167	1,324,500,000	1,116,800,000	757,100,000	1,334,800,000	946,200,000	313,800,000	672,200,000	816,000,000	784,500,000	742,100,000	616,200,000	566,300,000	496,300,000	408,700,000	352,600,000	418,400,000	444,700,000	449,900,000	374,300,000	337,800,000	310,700,000	293,800,000	248,500,000	255,100,000	284,165,000	324,700,000	289,100,000	292,800,000	308,800,000	159,900,000
Operating Cash Flow Margin	19.77%	21.87%	21.51%	21.96%	22.44%	22.66%	22.13%	23.31%	21.21%	14.78%	27.11%	22.92%	8.95%	19.70%	24.27%	24.95%	27.86%	25.29%	24.58%	23.94%	21.59%	18.96%	24.38%	22.97%	24.41%	24.21%	23.40%	24.41%	24.27%	22.69%	22.40%	23.90%	18.32%	17.83%	21.43%	25.25%	14.47%
Capital Expenditure	-579,100,000	-525,520,000	-388,050,000	-286,066,667	-232,995,000	-191,521,280	-183,164,400	-511,500,000	-601,300,000	-624,500,000	-469,000,000	-421,300,000	-399,600,000	-321,900,000	-218,200,000	-167,000,000	-146,200,000	-86,400,000	-83,300,000	-66,000,000	-75,000,000	-99,800,000	-70,700,000	-110,500,000	-118,500,000	-52,000,000	-17,200,000	-16,500,000	-14,600,000	-12,800,000	-47,100,000	-37,132,000	-61,200,000	-523,400,000	-34,600,000	-56,000,000	-31,700,000
Capital Expenditure Margin	-10.87%	-10.47%	-9.05%	-7.34%	-6.55%	-5.68%	-6.25%	-9.00%	-11.42%	-12.19%	-9.52%	-10.21%	-11.39%	-9.43%	-6.49%	-5.31%	-5.49%	-3.55%	-3.62%	-3.18%	-3.96%	-5.37%	-4.12%	-5.71%	-6.43%	-3.36%	-1.19%	-1.30%	-1.21%	-1.17%	-4.14%	-3.12%	-3.45%	-32.29%	-2.53%	-4.58%	-2.87%
Free Cash Flow	487,033,333	570,360,000	492,750,000	463,806,667	430,665,000	395,097,320	351,527,767	813,000,000	515,500,000	132,600,000	865,800,000	524,900,000	-85,800,000	350,300,000	597,800,000	617,500,000	595,900,000	529,800,000	483,000,000	430,300,000	333,700,000	252,800,000	347,700,000	334,200,000	331,400,000	322,300,000	320,600,000	294,200,000	279,200,000	235,700,000	208,000,000	247,033,000	263,500,000	-234,300,000	258,200,000	252,800,000	128,200,000
Free Cash Flow Margin	8.90%	11.40%	12.46%	14.62%	15.89%	16.98%	15.87%	14.31%	9.79%	2.59%	17.58%	12.72%	-2.45%	10.27%	17.78%	19.63%	22.37%	21.75%	20.96%	20.76%	17.63%	13.60%	20.26%	17.27%	17.98%	20.84%	22.21%	23.11%	23.06%	21.52%	18.26%	20.77%	14.86%	-14.45%	18.90%	20.67%	11.60%

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	5,356,166,667	5,023,980,000	4,121,030,000	3,451,753,333	3,013,035,000	2,646,708,000	2,441,853,333	5,681,100,000	5,265,200,000	5,122,200,000	4,923,900,000	4,127,500,000	3,507,600,000	3,412,100,000	3,362,200,000	3,144,900,000	2,663,600,000	2,436,400,000	2,303,900,000	2,073,000,000	1,893,200,000	1,859,500,000	1,716,000,000	1,935,700,000	1,843,000,000	1,546,300,000	1,443,400,000	1,272,800,000	1,210,700,000	1,095,300,000	1,139,000,000	1,189,200,000	1,772,700,000	1,621,000,000	1,366,100,000	1,222,800,000	1,105,300,000
EBITDA	1,660,200,000	1,558,220,000	1,173,580,000	1,016,586,667	903,415,000	809,164,000	741,980,000	1,720,200,000	1,579,100,000	1,681,300,000	1,584,400,000	1,226,100,000	35,200,000	789,800,000	1,130,300,000	1,089,000,000	900,400,000	847,000,000	790,900,000	650,100,000	625,900,000	599,100,000	546,800,000	638,800,000	610,800,000	518,900,000	504,200,000	454,500,000	438,900,000	432,200,000	420,400,000	414,800,000	539,800,000	469,500,000	401,000,000	334,400,000	285,600,000
EBITDA Margin	31.03%	31.00%	28.12%	29.79%	30.67%	31.86%	31.29%	30.28%	29.99%	32.82%	32.18%	29.71%	1.00%	23.15%	33.62%	34.63%	33.80%	34.76%	34.33%	31.36%	33.06%	32.22%	31.86%	33.00%	33.14%	33.56%	34.93%	35.71%	36.25%	39.46%	36.91%	34.88%	30.45%	28.96%	29.35%	27.35%	25.84%
(-) Tax Adjustment	403,960,296	366,280,734	280,121,841	272,108,551	252,253,456	236,308,236	224,895,799	431,270,376	365,575,178	415,035,334	335,007,459	284,515,324	-3,036,829	113,864,255	224,969,971	348,593,656	285,423,688	295,314,176	281,676,112	235,139,346	257,669,106	210,611,114	176,099,335	206,319,534	218,512,765	176,418,514	186,090,709	174,508,178	160,914,616	170,090,731	176,999,605	180,123,657	221,289,970	191,989,914	170,775,611	139,439,452	115,673,118
(-) Tax Adjustment Margin	7.55%	7.27%	6.81%	8.58%	9.29%	10.36%	10.59%	7.59%	6.94%	8.10%	6.80%	6.89%	-0.09%	3.34%	6.69%	11.08%	10.72%	12.12%	12.23%	11.34%	13.61%	11.33%	10.26%	10.66%	11.86%	11.41%	12.89%	13.71%	13.29%	15.53%	15.54%	15.15%	12.48%	11.84%	12.50%	11.40%	10.47%
(-) Change In Working Capital	-215,400,000	-124,700,000	-9,670,000	-11,686,667	-10,510,000	-17,028,000	-18,076,667	21,900,000	-42,500,000	-625,600,000	-26,300,000	49,000,000	387,600,000	-4,500,000	-67,100,000	71,000,000	139,800,000	27,200,000	12,900,000	13,600,000	-51,000,000	-81,300,000	-13,900,000	-14,700,000	24,400,000	-1,700,000	-29,000,000	-6,200,000	-31,800,000	-46,300,000	-47,300,000	-83,900,000	-30,200,000	-42,800,000	-44,500,000	82,100,000	-81,200,000
(-) Change In Working Capital Margin	-4.21%	-2.40%	0.44%	-0.02%	-0.13%	-0.85%	-0.98%	0.39%	-0.81%	-12.21%	-0.53%	1.19%	11.05%	-0.13%	-2.00%	2.26%	5.25%	1.12%	0.56%	0.66%	-2.69%	-4.37%	-0.81%	-0.76%	1.32%	-0.11%	-2.01%	-0.49%	-2.63%	-4.23%	-4.15%	-7.06%	-1.70%	-2.64%	-3.26%	6.71%	-7.35%
(-) Capital Expenditure	-579,100,000	-525,520,000	-388,050,000	-286,066,667	-232,995,000	-191,521,280	-183,164,400	-511,500,000	-601,300,000	-624,500,000	-469,000,000	-421,300,000	-399,600,000	-321,900,000	-218,200,000	-167,000,000	-146,200,000	-86,400,000	-83,300,000	-66,000,000	-75,000,000	-99,800,000	-70,700,000	-110,500,000	-118,500,000	-52,000,000	-17,200,000	-16,500,000	-14,600,000	-12,800,000	-47,100,000	-37,132,000	-61,200,000	-523,400,000	-34,600,000	-56,000,000	-31,700,000
(-) Capital Expenditure Margin	-10.87%	-10.47%	-9.05%	-7.34%	-6.55%	-5.68%	-6.25%	-9.00%	-11.42%	-12.19%	-9.52%	-10.21%	-11.39%	-9.43%	-6.49%	-5.31%	-5.49%	-3.55%	-3.62%	-3.18%	-3.96%	-5.37%	-4.12%	-5.71%	-6.43%	-3.36%	-1.19%	-1.30%	-1.21%	-1.17%	-4.14%	-3.12%	-3.45%	-32.29%	-2.53%	-4.58%	-2.87%
Unlevered Free Cash Flow	892,539,704	791,119,266	515,078,159	470,098,116	428,676,544	398,362,484	351,996,468	755,529,624	654,724,822	1,267,364,666	806,692,541	471,284,676	-748,963,171	358,535,745	754,230,029	502,406,344	328,976,312	438,085,824	413,023,888	335,360,654	344,230,894	369,988,886	313,900,665	336,680,466	249,387,235	292,181,486	329,909,291	269,691,822	295,185,384	295,609,269	243,600,395	281,444,343	287,510,030	-203,089,914	240,124,389	56,860,548	219,426,882
Unlevered Free Cash Flow Margin	16.83%	15.66%	11.82%	13.89%	14.97%	16.68%	15.42%	13.30%	12.43%	24.74%	16.38%	11.42%	-21.35%	10.51%	22.43%	15.98%	12.35%	17.98%	17.93%	16.18%	18.18%	19.90%	18.29%	17.39%	13.53%	18.90%	22.86%	21.19%	24.38%	26.99%	21.39%	23.67%	16.22%	-12.53%	17.58%	4.65%	19.85%
(-) Net Interest Income After Taxes	-165,000,683	-143,711,613	-110,899,689	-86,868,948	-71,376,019	-57,100,815	-47,584,012	-171,662,468	-185,513,832	-137,825,750	-114,814,159	-108,741,856	-121,336,757	-88,578,564	-74,329,494	-62,618,388	-43,575,620	-44,681,992	-45,198,529	-35,361,975	-32,416,556	-36,378,278	-38,642,900	-48,271,536	-37,571,715	0	0	0	0	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	-3.08%	-2.84%	-2.61%	-2.35%	-2.10%	-1.68%	-1.40%	-3.02%	-3.52%	-2.69%	-2.33%	-2.63%	-3.46%	-2.60%	-2.21%	-1.99%	-1.64%	-1.83%	-1.96%	-1.71%	-1.71%	-1.96%	-2.25%	-2.49%	-2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-96,900,000	325,440,000	330,560,000	245,280,000	199,850,000	145,540,000	144,260,000	-704,600,000	-77,600,000	491,500,000	920,300,000	997,600,000	746,500,000	-64,700,000	29,900,000	1,297,700,000	-331,000,000	89,900,000	-282,300,000	718,100,000	7,700,000	-159,800,000	-70,800,000	-155,300,000	688,800,000	-52,200,000	-92,700,000	-161,100,000	-105,200,000	148,700,000	-289,600,000	48,700,000	97,100,000	549,400,000	-16,800,000	32,900,000	26,700,000
Net Debt Issuance Margin	-1.43%	7.72%	8.77%	7.04%	6.05%	3.68%	4.51%	-12.40%	-1.47%	9.60%	18.69%	24.17%	21.28%	-1.90%	0.89%	41.26%	-12.43%	3.69%	-12.25%	34.64%	0.41%	-8.59%	-4.13%	-8.02%	37.37%	-3.38%	-6.42%	-12.66%	-8.69%	13.58%	-25.43%	4.10%	5.48%	33.89%	-1.23%	2.69%	2.42%
Levered Free Cash Flow	960,640,387	1,260,270,879	956,537,848	802,247,064	699,902,562	601,003,298	543,840,480	222,592,091	762,638,654	1,896,690,416	1,841,806,700	1,577,626,532	118,873,586	382,414,309	858,459,523	1,862,724,732	41,551,932	572,667,816	175,922,417	1,088,822,629	384,347,450	246,567,164	281,743,565	229,652,002	975,758,950	239,981,486	237,209,291	108,591,822	189,985,384	444,309,269	-45,999,605	330,144,343	384,610,030	346,310,086	223,324,389	89,760,548	246,126,882
Levered Free Cash Flow Margin	18.48%	26.21%	23.20%	23.28%	23.12%	22.04%	21.33%	3.92%	14.48%	37.03%	37.41%	38.22%	3.39%	11.21%	25.53%	59.23%	1.56%	23.50%	7.64%	52.52%	20.30%	13.26%	16.42%	11.86%	52.94%	15.52%	16.43%	8.53%	15.69%	40.57%	-4.04%	27.76%	21.70%	21.36%	16.35%	7.34%	22.27%