AGCO Corporation (AGCO)

Analysis: Margins & Ratios Industry: Agricultural - Machinery Sector: Industrials Live Price: $111.35

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	12,908,566,667	11,802,740,000	10,059,140,000	9,782,266,667	8,975,090,000	7,842,828,000	6,969,743,333	10,049,100,000	12,575,300,000	11,661,900,000	14,412,400,000	12,651,400,000	11,138,300,000	9,149,700,000	9,041,400,000	9,352,000,000	8,306,500,000	7,410,500,000	7,467,300,000	9,723,700,000	10,786,900,000	9,962,200,000	8,773,200,000	6,896,600,000	6,630,400,000	8,424,600,000	6,828,100,000	5,435,000,000	5,449,700,000	5,273,300,000	3,495,300,000	2,922,700,000	2,541,500,000	2,336,100,000	2,413,300,000	2,941,400,000	3,224,400,000	2,317,500,000	2,125,000,000
Cost of Revenue	9,729,333,333	8,995,220,000	7,800,450,000	7,647,380,000	7,102,500,000	6,233,036,000	5,542,796,667	7,570,300,000	9,432,000,000	8,817,100,000	10,674,800,000	9,696,100,000	8,630,100,000	7,158,000,000	7,118,300,000	7,417,700,000	6,598,400,000	5,947,200,000	5,946,800,000	7,697,000,000	8,443,400,000	7,888,300,000	7,024,300,000	5,653,200,000	5,557,800,000	6,944,000,000	5,659,100,000	4,524,100,000	4,654,300,000	4,439,900,000	2,878,900,000	2,390,900,000	2,106,700,000	1,959,500,000	2,056,900,000	2,404,100,000	2,557,600,000	1,847,200,000	1,592,200,000
Cost of Revenue Margin	75.44%	76.41%	77.94%	78.54%	79.79%	80.44%	80.40%	75.33%	75.00%	75.61%	74.07%	76.64%	77.48%	78.23%	78.73%	79.32%	79.44%	80.25%	79.64%	79.16%	78.27%	79.18%	80.07%	81.97%	83.82%	82.43%	82.88%	83.24%	85.40%	84.20%	82.36%	81.80%	82.89%	83.88%	85.23%	81.73%	79.32%	79.71%	74.93%
Gross Profit	3,179,233,333	2,807,520,000	2,258,690,000	2,134,886,667	1,872,590,000	1,609,792,000	1,426,946,667	2,478,800,000	3,143,300,000	2,844,800,000	3,737,600,000	2,955,300,000	2,508,200,000	1,991,700,000	1,923,100,000	1,934,300,000	1,708,100,000	1,463,300,000	1,520,500,000	2,026,700,000	2,343,500,000	2,073,900,000	1,748,900,000	1,243,400,000	1,072,599,999	1,480,600,000	1,169,000,000	910,900,000	795,400,000	833,400,000	616,400,000	531,800,000	434,800,000	376,600,000	356,400,000	537,300,000	666,800,000	470,300,000	532,800,000
Gross Profit Margin	24.56%	23.59%	22.06%	21.46%	20.21%	19.56%	19.60%	24.67%	25.00%	24.39%	25.93%	23.36%	22.52%	21.77%	21.27%	20.68%	20.56%	19.75%	20.36%	20.84%	21.73%	20.82%	19.93%	18.03%	16.18%	17.57%	17.12%	16.76%	14.60%	15.80%	17.64%	18.20%	17.11%	16.12%	14.77%	18.27%	20.68%	20.29%	25.07%
R&D Expenses	495,333,333	446,880,000	383,440,000	355,806,667	300,315,000	240,252,000	200,210,000	459,800,000	540,800,000	493,000,000	548,800,000	444,200,000	405,800,000	342,600,000	343,400,000	355,200,000	323,100,000	296,100,000	282,200,000	337,000,000	353,400,000	317,100,000	275,600,000	219,600,000	191,900,000	194,500,000	154,900,000	127,900,000	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	3.85%	3.79%	3.82%	3.63%	3.21%	2.57%	2.14%	4.58%	4.30%	4.23%	3.81%	3.51%	3.64%	3.74%	3.80%	3.80%	3.89%	4.00%	3.78%	3.47%	3.28%	3.18%	3.14%	3.18%	2.89%	2.31%	2.27%	2.35%	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	1,339,533,333	1,224,660,000	1,090,850,000	1,039,680,000	931,715,000	820,448,000	730,430,000	1,316,200,000	1,495,800,000	1,374,600,000	1,454,500,000	1,189,500,000	1,088,700,000	1,016,000,000	1,046,099,999	1,062,000,000	956,900,000	867,900,000	852,300,000	995,400,000	1,088,700,000	1,041,200,000	869,300,000	692,100,000	630,100,000	720,900,000	625,700,000	541,700,000	520,700,000	509,800,000	403,000,000	383,700,000	306,600,000	273,800,000	274,200,000	326,800,000	329,500,000	243,300,000	227,900,000
SG&A Expenses Margin	10.43%	10.43%	10.97%	10.70%	10.36%	10.61%	10.64%	13.10%	11.89%	11.79%	10.09%	9.40%	9.77%	11.10%	11.57%	11.36%	11.52%	11.71%	11.41%	10.24%	10.09%	10.45%	9.91%	10.04%	9.50%	8.56%	9.16%	9.97%	9.55%	9.67%	11.53%	13.13%	12.06%	11.72%	11.36%	11.11%	10.22%	10.50%	10.72%
Operating Expenses	1,834,866,667	1,671,540,000	1,474,320,000	1,395,506,667	1,232,045,000	1,063,080,000	935,956,667	1,799,000,000	2,036,600,000	1,867,600,000	2,003,300,000	1,633,700,000	1,494,500,000	1,358,600,000	1,389,500,000	1,417,200,000	1,280,300,000	1,164,000,000	1,134,500,000	1,332,400,000	1,442,100,000	1,358,300,000	1,144,900,000	911,700,000	822,000,000	915,400,000	780,600,000	669,600,000	520,700,000	509,800,000	405,300,000	385,100,000	325,100,000	310,800,000	298,700,000	366,800,000	329,500,000	243,300,000	263,400,000
Operating Expenses Margin	14.28%	14.22%	14.79%	14.33%	13.57%	13.28%	13.00%	17.90%	16.20%	16.01%	13.90%	12.91%	13.42%	14.85%	15.37%	15.15%	15.41%	15.71%	15.19%	13.70%	13.37%	13.63%	13.05%	13.22%	12.40%	10.87%	11.43%	12.32%	9.55%	9.67%	11.60%	13.18%	12.79%	13.30%	12.38%	12.47%	10.22%	10.50%	12.40%
Operating Income (EBIT)	1,344,366,667	1,135,980,000	784,370,000	739,380,000	640,545,000	543,380,000	488,213,333	679,800,000	1,106,700,000	977,200,000	1,734,300,000	1,321,600,000	1,013,700,000	633,100,000	533,600,000	517,100,000	427,800,000	299,300,000	386,000,000	694,300,000	901,400,000	715,600,000	604,000,000	331,700,000	250,600,000	565,200,000	388,400,000	241,300,000	274,700,000	323,600,000	183,500,000	104,000,000	96,700,000	65,800,000	57,700,000	170,500,000	337,300,000	227,000,000	269,400,000
Operating Income (EBIT) Margin	10.29%	9.38%	7.27%	7.14%	6.63%	6.17%	6.51%	6.76%	8.80%	8.38%	12.03%	10.45%	9.10%	6.92%	5.90%	5.53%	5.15%	4.04%	5.17%	7.14%	8.36%	7.18%	6.88%	4.81%	3.78%	6.71%	5.69%	4.44%	5.04%	6.14%	5.25%	3.56%	3.80%	2.82%	2.39%	5.80%	10.46%	9.80%	12.68%
Interest Income	54,500,000	38,420,000	25,050,000	24,293,333	23,980,000	19,796,000	16,496,667	0	7,200,000	66,300,000	64,200,000	33,000,000	18,700,000	9,900,000	8,900,000	8,100,000	9,400,000	13,300,000	18,700,000	13,500,000	20,800,000	20,100,000	28,800,000	30,700,000	22,400,000	34,200,000	26,400,000	16,200,000	16,000,000	15,300,000	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.42%	0.31%	0.23%	0.24%	0.27%	0.22%	0.19%	0.00%	0.06%	0.57%	0.45%	0.26%	0.17%	0.11%	0.10%	0.09%	0.11%	0.18%	0.25%	0.14%	0.19%	0.20%	0.33%	0.45%	0.34%	0.41%	0.39%	0.30%	0.29%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	91,600,000	65,020,000	58,860,000	62,513,333	64,435,000	59,936,000	49,946,667	79,700,000	65,200,000	160,000,000	68,800,000	46,000,000	25,400,000	24,900,000	28,800,000	55,600,000	52,100,000	63,400,000	63,600,000	71,900,000	78,800,000	77,700,000	56,700,000	64,000,000	65,700,000	67,400,000	50,500,000	71,400,000	96,000,000	92,300,000	60,000,000	57,400,000	0	0	0	0	0	0	0
Interest Expense Margin	0.74%	0.54%	0.60%	0.65%	0.77%	0.83%	0.69%	0.79%	0.52%	1.37%	0.48%	0.36%	0.23%	0.27%	0.32%	0.59%	0.63%	0.86%	0.85%	0.74%	0.73%	0.78%	0.65%	0.93%	0.99%	0.80%	0.74%	1.31%	1.76%	1.75%	1.72%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-37,100,000	-26,600,000	-33,810,000	-38,220,000	-40,455,000	-40,140,000	-33,450,000	-79,700,000	-58,000,000	-93,700,000	-4,600,000	-13,000,000	-6,700,000	-15,000,000	-19,900,000	-47,500,000	-42,700,000	-50,100,000	-44,900,000	-58,400,000	-58,000,000	-57,600,000	-27,900,000	-33,300,000	-43,300,000	-33,200,000	-24,100,000	-55,200,000	-80,000,000	-77,000,000	-60,000,000	-57,400,000	0	0	0	0	0	0	0
Net Interest Income Margin	-0.31%	-0.23%	-0.37%	-0.41%	-0.50%	-0.61%	-0.51%	-0.79%	-0.46%	-0.80%	-0.03%	-0.10%	-0.06%	-0.16%	-0.22%	-0.51%	-0.51%	-0.68%	-0.60%	-0.60%	-0.54%	-0.58%	-0.32%	-0.48%	-0.65%	-0.39%	-0.35%	-1.02%	-1.47%	-1.46%	-1.72%	-1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	652,866,667	401,940,000	276,860,000	214,620,000	194,180,000	180,092,000	163,660,000	626,200,000	951,200,000	1,458,100,000	337,200,000	163,300,001	10,500,001	40,600,000	249,900,000	170,000,000	147,600,000	97,000,000	94,400,000	160,800,000	108,600,000	118,900,000	22,000,000	40,400,000	101,700,000	47,900,000	54,800,000	287,900,000	172,000,000	176,200,000	145,200,000	135,600,000	82,000,000	79,700,000	89,900,000	96,200,000	91,600,000	55,400,000	74,400,000
Unusual Items Margin	5.38%	3.33%	2.56%	2.02%	2.08%	2.42%	2.54%	6.23%	7.56%	12.50%	2.34%	1.29%	0.09%	0.44%	2.76%	1.82%	1.78%	1.31%	1.26%	1.65%	1.01%	1.19%	0.25%	0.59%	1.53%	0.57%	0.80%	5.30%	3.16%	3.34%	4.15%	4.64%	3.23%	3.41%	3.73%	3.27%	2.84%	2.39%	3.50%
EBT Excluding Unusual Items	75,733,333	358,699,999	264,460,000	348,360,000	292,640,000	223,336,000	194,343,333	-492,900,000	-737,700,000	-1,845,300,000	1,064,500,000	1,007,999,998	999,399,998	566,900,000	53,700,000	224,600,000	175,300,000	155,400,000	242,100,000	431,100,000	742,200,000	535,400,000	587,900,000	284,200,000	90,500,000	502,600,000	302,900,000	-279,300,000	10,700,000	48,200,000	-46,900,000	-109,800,000	-67,300,000	-93,600,000	-122,100,000	-21,900,000	154,100,000	116,200,000	120,600,000
EBT Excluding Unusual Items Margin	-0.16%	2.94%	2.51%	3.51%	2.97%	1.95%	1.94%	-4.90%	-5.87%	-15.82%	7.39%	7.97%	8.97%	6.20%	0.59%	2.40%	2.11%	2.10%	3.24%	4.43%	6.88%	5.37%	6.70%	4.12%	1.36%	5.97%	4.44%	-5.14%	0.20%	0.91%	-1.34%	-3.76%	-2.65%	-4.01%	-5.06%	-0.74%	4.78%	5.01%	5.68%
Pre-Tax Income	728,600,000	760,640,000	541,320,000	562,980,000	486,820,000	403,428,000	358,003,333	133,300,000	213,500,000	-387,200,000	1,401,700,000	1,171,299,999	1,009,899,999	607,500,000	303,600,000	394,600,000	322,900,000	252,400,000	336,500,000	591,900,000	850,800,000	654,300,000	609,900,000	324,600,000	192,200,000	550,500,000	357,700,000	8,600,000	182,700,000	224,400,000	98,300,000	25,800,000	14,700,000	-13,900,000	-32,200,000	74,300,000	245,700,000	171,600,000	195,000,000
Pre-Tax Income Margin	5.22%	6.27%	5.07%	5.53%	5.06%	4.36%	4.48%	1.33%	1.70%	-3.32%	9.73%	9.26%	9.07%	6.64%	3.36%	4.22%	3.89%	3.41%	4.51%	6.09%	7.89%	6.57%	6.95%	4.71%	2.90%	6.53%	5.24%	0.16%	3.35%	4.26%	2.81%	0.88%	0.58%	-0.60%	-1.33%	2.53%	7.62%	7.40%	9.18%
Income Tax Expense	208,466,667	184,300,000	151,150,000	148,306,667	139,085,000	120,132,000	107,800,000	-178,900,000	46,500,000	98,400,000	230,400,000	296,600,000	108,400,000	187,700,000	180,800,000	110,900,000	133,600,000	92,200,000	72,500,000	187,700,000	258,500,000	137,900,000	24,600,000	104,400,000	56,500,000	164,600,000	111,400,000	73,500,000	151,100,000	86,200,000	41,300,000	99,800,000	1,900,000	-7,600,000	-10,200,000	27,500,000	87,500,000	60,000,000	65,900,000
Income Tax Expense Margin	1.60%	1.56%	1.48%	1.49%	1.54%	1.47%	1.53%	-1.78%	0.37%	0.84%	1.60%	2.34%	0.97%	2.05%	2.00%	1.19%	1.61%	1.24%	0.97%	1.93%	2.40%	1.38%	0.28%	1.51%	0.85%	1.95%	1.63%	1.35%	2.77%	1.63%	1.18%	3.41%	0.07%	-0.33%	-0.42%	0.93%	2.71%	2.59%	3.10%
Net Income	545,400,000	592,060,000	398,390,000	421,160,000	352,600,000	289,076,000	256,656,667	375,300,000	169,900,000	-424,800,000	1,171,400,000	889,600,000	897,000,000	427,100,000	125,200,000	285,500,000	186,400,000	160,100,000	266,399,999	410,400,000	597,200,000	522,100,000	583,300,000	220,500,000	135,700,000	385,900,000	246,300,000	-64,900,000	31,600,000	158,800,000	74,400,000	-84,400,000	22,600,000	3,500,000	-11,500,000	60,600,000	168,700,000	125,900,000	129,100,000
Net Income Margin	3.84%	4.85%	3.66%	4.10%	3.56%	2.98%	3.09%	3.73%	1.35%	-3.64%	8.13%	7.03%	8.05%	4.67%	1.38%	3.05%	2.24%	2.16%	3.57%	4.22%	5.54%	5.24%	6.65%	3.20%	2.05%	4.58%	3.61%	-1.19%	0.58%	3.01%	2.13%	-2.89%	0.89%	0.15%	-0.48%	2.06%	5.23%	5.43%	6.08%
Depreciation and Amortization	297,233,333	289,100,000	282,190,000	261,293,333	228,420,000	197,072,000	174,810,000	329,700,000	320,100,000	332,200,000	289,900,000	269,600,000	281,800,000	272,000,000	272,000,000	289,900,000	279,800,000	274,600,000	260,100,000	280,400,000	259,399,999	229,900,000	173,500,000	154,300,000	147,600,000	146,500,000	133,500,000	115,500,000	105,900,000	100,100,000	65,900,000	52,300,000	70,400,000	69,700,000	76,800,000	79,700,000	72,000,000	53,500,000	35,500,000
Depreciation and Amortization Margin	2.33%	2.50%	2.92%	2.73%	2.55%	2.49%	2.48%	3.28%	2.55%	2.85%	2.01%	2.13%	2.53%	2.97%	3.01%	3.10%	3.37%	3.71%	3.48%	2.88%	2.40%	2.31%	1.98%	2.24%	2.23%	1.74%	1.96%	2.13%	1.94%	1.90%	1.89%	1.79%	2.77%	2.98%	3.18%	2.71%	2.23%	2.31%	1.67%
EBITDA	1,057,866,666	1,056,800,000	831,340,000	835,886,667	733,600,000	635,268,000	576,456,667	510,600,000	543,999,999	58,599,999	1,692,200,000	1,422,800,000	1,251,500,000	858,900,000	561,900,000	705,800,000	615,700,000	542,900,000	603,100,000	891,300,000	1,140,800,000	908,400,000	791,200,000	493,200,000	367,100,000	725,600,000	511,300,000	167,700,000	362,000,000	416,800,000	277,000,000	199,000,000	181,400,000	135,500,000	141,900,000	275,400,000	409,300,000	280,500,000	304,900,000
EBITDA Margin	7.83%	8.82%	8.07%	8.38%	7.85%	7.71%	8.23%	5.08%	4.33%	0.50%	11.74%	11.25%	11.24%	9.39%	6.21%	7.55%	7.41%	7.33%	8.08%	9.17%	10.58%	9.12%	9.02%	7.15%	5.54%	8.61%	7.49%	3.09%	6.64%	7.90%	7.92%	6.81%	7.14%	5.80%	5.88%	9.36%	12.69%	12.10%	14.35%
NOPAT	1,220,569,513	1,000,818,199	633,529,380	587,092,151	393,674,878	319,797,000	289,496,887	1,592,149,737	865,662,295	1,225,538,017	1,449,229,928	986,940,596	904,892,118	437,490,337	215,830,303	371,772,098	250,797,584	189,967,750	302,835,067	474,127,488	627,526,117	564,780,437	579,637,973	225,016,451	176,932,466	396,204,687	267,438,971	-1,820,973,256	47,512,425	199,293,761	106,403,866	-298,294,574	84,201,361	29,823,022	39,422,360	107,394,347	217,178,917	147,629,371	178,356,615
NOPAT Margin	9.46%	8.25%	5.73%	5.57%	3.11%	2.53%	3.01%	15.84%	6.88%	10.51%	10.06%	7.80%	8.12%	4.78%	2.39%	3.98%	3.02%	2.56%	4.06%	4.88%	5.82%	5.67%	6.61%	3.26%	2.67%	4.70%	3.92%	-33.50%	0.87%	3.78%	3.04%	-10.21%	3.31%	1.28%	1.63%	3.65%	6.74%	6.37%	8.39%
Owner's Earnings	408,800,000	512,920,000	387,160,000	386,753,333	317,355,000	262,984,000	224,910,000	431,700,000	50,300,000	-485,900,000	941,400,000	770,900,000	909,000,000	429,200,000	123,800,000	372,100,000	262,300,000	233,700,000	315,099,999	389,300,000	464,800,000	411,500,000	456,400,000	207,700,000	68,000,000	281,100,000	243,100,000	-72,100,000	25,700,000	193,700,000	61,600,000	-87,000,000	53,700,000	5,500,000	21,100,000	18,700,000	-120,600,000	134,200,000	119,300,000
Owner's Earnings Margin	2.82%	4.26%	3.72%	3.86%	3.25%	2.79%	2.63%	4.30%	0.40%	-4.17%	6.53%	6.09%	8.16%	4.69%	1.37%	3.98%	3.16%	3.15%	4.22%	4.00%	4.31%	4.13%	5.20%	3.01%	1.03%	3.34%	3.56%	-1.33%	0.47%	3.67%	1.76%	-2.98%	2.11%	0.24%	0.87%	0.64%	-3.74%	5.79%	5.61%

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	12,908,566,667	11,802,740,000	10,059,140,000	9,782,266,667	8,975,090,000	7,842,828,000	6,969,743,333	11,661,900,000	14,412,400,000	12,651,400,000	11,138,300,000	9,149,700,000	9,041,400,000	9,352,000,000	8,306,500,000	7,410,500,000	7,467,300,000	9,723,700,000	10,786,900,000	9,962,200,000	8,773,200,000	6,896,600,000	6,630,400,000	8,424,600,000	6,828,100,000	5,435,000,000	5,449,700,000	5,273,300,000	3,495,300,000	2,922,700,000	2,541,500,000	2,336,100,000	2,413,300,000	2,941,400,000	3,224,400,000	2,317,500,000	2,125,000,000
Cash & Cash Equivalents	664,833,333	797,680,000	596,820,000	640,313,333	598,620,000	500,860,000	421,926,667	612,000,000	595,000,000	787,500,000	882,200,000	1,111,700,000	429,600,000	326,100,000	367,700,000	429,700,000	426,700,000	363,700,000	1,047,200,000	781,300,000	724,400,000	719,900,000	651,400,000	512,200,000	582,400,000	401,100,000	220,600,000	325,600,000	147,000,000	34,300,000	28,900,000	13,300,000	19,600,000	15,900,000	31,200,000	41,700,000	27,900,000
Cash & Cash Equivalents Margin	5.20%	7.13%	5.98%	6.66%	6.78%	5.96%	5.15%	5.25%	4.13%	6.22%	7.92%	12.15%	4.75%	3.49%	4.43%	5.80%	5.71%	3.74%	9.71%	7.84%	8.26%	10.44%	9.82%	6.08%	8.53%	7.38%	4.05%	6.17%	4.21%	1.17%	1.14%	0.57%	0.81%	0.54%	0.97%	1.80%	1.31%
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	664,833,333	797,680,000	596,820,000	640,313,333	598,620,000	500,860,000	421,926,667	612,000,000	595,000,000	787,500,000	882,200,000	1,111,700,000	429,600,000	326,100,000	367,700,000	429,700,000	426,700,000	363,700,000	1,047,200,000	781,300,000	724,400,000	719,900,000	651,400,000	512,200,000	582,400,000	401,100,000	220,600,000	325,600,000	147,000,000	34,300,000	28,900,000	13,300,000	19,600,000	15,900,000	31,200,000	41,700,000	27,900,000
Cash & Short-Term Investments Margin	5.20%	7.13%	5.98%	6.66%	6.78%	5.96%	5.15%	5.25%	4.13%	6.22%	7.92%	12.15%	4.75%	3.49%	4.43%	5.80%	5.71%	3.74%	9.71%	7.84%	8.26%	10.44%	9.82%	6.08%	8.53%	7.38%	4.05%	6.17%	4.21%	1.17%	1.14%	0.57%	0.81%	0.54%	0.97%	1.80%	1.31%
Net Receivables	1,364,666,667	1,188,300,000	1,036,890,000	1,005,126,667	935,845,000	866,636,000	876,076,667	1,267,400,000	1,605,300,000	1,221,300,000	991,500,000	856,000,000	800,500,000	880,300,000	1,019,400,000	890,400,000	836,800,000	963,800,000	940,600,000	924,600,000	970,500,000	908,500,000	725,200,000	815,600,000	766,400,000	677,100,000	655,700,000	823,200,000	553,600,000	497,400,000	471,900,000	602,900,000	758,200,000	1,016,300,000	997,200,000	869,500,000	975,200,000
Net Receivables Margin	10.55%	9.98%	10.37%	10.39%	10.61%	12.20%	16.18%	10.87%	11.14%	9.65%	8.90%	9.36%	8.85%	9.41%	12.27%	12.02%	11.21%	9.91%	8.72%	9.28%	11.06%	13.17%	10.94%	9.68%	11.22%	12.46%	12.03%	15.61%	15.84%	17.02%	18.57%	25.81%	31.42%	34.55%	30.93%	37.52%	45.89%
Inventory	3,120,566,667	2,785,960,000	2,272,830,000	2,066,086,667	1,839,975,000	1,618,840,000	1,438,706,667	2,731,300,000	3,440,700,000	3,189,700,000	2,593,700,000	1,974,400,000	2,078,700,000	1,908,700,000	1,872,900,000	1,514,800,000	1,423,400,000	1,750,700,000	2,016,100,000	1,703,100,000	1,559,600,000	1,233,500,000	1,156,700,000	1,389,900,000	1,134,200,000	1,064,900,000	1,062,500,000	1,069,400,000	803,600,000	708,600,000	558,800,000	531,100,000	561,100,000	671,600,000	622,700,000	473,800,000	361,000,000
Inventory Margin	24.17%	23.47%	22.28%	20.82%	20.10%	20.57%	20.57%	23.42%	23.87%	25.21%	23.29%	21.58%	22.99%	20.41%	22.55%	20.44%	19.06%	18.00%	18.69%	17.10%	17.78%	17.89%	17.45%	16.50%	16.61%	19.59%	19.50%	20.28%	22.99%	24.24%	21.99%	22.73%	23.25%	22.83%	19.31%	20.44%	16.99%
Other Current Assets	589,300,000	548,180,000	449,340,000	430,146,667	375,345,000	330,452,000	287,693,333	527,300,000	699,800,000	540,800,000	546,700,000	426,300,000	420,300,000	422,300,000	367,700,000	330,800,000	211,400,000	232,500,000	513,200,000	545,700,000	408,300,000	259,100,000	215,200,000	287,500,000	238,700,000	165,900,000	147,400,000	186,300,000	180,300,000	171,900,000	122,900,000	93,000,000	77,200,000	86,700,000	63,700,000	81,500,000	60,400,000
Other Current Assets Margin	4.55%	4.64%	4.41%	4.34%	4.05%	4.18%	3.96%	4.52%	4.86%	4.27%	4.91%	4.66%	4.65%	4.52%	4.43%	4.46%	2.83%	2.39%	4.76%	5.48%	4.65%	3.76%	3.25%	3.41%	3.50%	3.05%	2.70%	3.53%	5.16%	5.88%	4.84%	3.98%	3.20%	2.95%	1.98%	3.52%	2.84%
Total Current Assets	5,739,366,667	5,320,120,000	4,355,880,000	4,141,673,333	3,749,785,000	3,316,788,000	3,024,403,333	5,138,000,000	6,340,800,000	5,739,300,000	5,014,100,000	4,368,400,000	3,729,100,000	3,537,400,000	3,627,700,000	3,165,700,000	2,898,300,000	3,310,700,000	4,517,100,000	3,954,700,000	3,662,800,000	3,121,000,000	2,748,500,000	3,005,200,000	2,721,700,000	2,309,000,000	2,086,200,000	2,404,500,000	1,684,500,000	1,412,200,000	1,182,500,000	1,240,300,000	1,416,100,000	1,790,500,000	1,714,800,000	1,466,500,000	1,424,500,000
Total Current Assets Margin	44.47%	45.24%	43.05%	42.21%	41.54%	42.90%	45.85%	44.06%	44.00%	45.36%	45.02%	47.74%	41.24%	37.83%	43.67%	42.72%	38.81%	34.05%	41.88%	39.70%	41.75%	45.25%	41.45%	35.67%	39.86%	42.48%	38.28%	45.60%	48.19%	48.32%	46.53%	53.09%	58.68%	60.87%	53.18%	63.28%	67.04%
Property, Plant & Equipment	1,946,566,667	1,826,440,000	1,630,260,000	1,532,586,667	1,335,060,000	1,148,220,000	1,009,216,667	1,987,500,000	2,097,100,000	1,755,100,000	1,618,900,000	1,673,600,000	1,603,600,000	1,373,100,000	1,485,300,000	1,361,300,000	1,347,100,000	1,530,400,000	1,602,300,000	1,406,100,000	1,222,600,000	924,800,000	943,000,000	811,100,000	753,000,000	643,900,000	561,400,000	593,300,000	434,200,000	343,700,000	316,900,000	316,200,000	310,800,000	417,600,000	403,700,000	292,400,000	146,500,000
Property, Plant & Equipment Margin	15.16%	15.66%	16.50%	15.80%	14.70%	14.22%	13.82%	17.04%	14.55%	13.87%	14.53%	18.29%	17.74%	14.68%	17.88%	18.37%	18.04%	15.74%	14.85%	14.11%	13.94%	13.41%	14.22%	9.63%	11.03%	11.85%	10.30%	11.25%	12.42%	11.76%	12.47%	13.54%	12.88%	14.20%	12.52%	12.62%	6.89%
Goodwill	1,488,200,000	1,410,380,000	1,387,800,000	1,284,606,667	1,122,225,000	927,004,000	772,503,333	1,820,400,000	1,333,400,000	1,310,800,000	1,280,800,000	1,306,500,000	1,298,300,000	1,495,500,000	1,541,400,000	1,376,400,000	1,114,500,000	1,192,800,000	1,178,700,000	1,192,400,000	1,194,500,000	632,700,000	634,000,000	587,000,000	665,600,000	592,100,000	696,700,000	730,600,000	0	0	0	0	0	0	0	0	0
Goodwill Margin	11.74%	12.20%	14.34%	13.42%	12.57%	10.61%	8.84%	15.61%	9.25%	10.36%	11.50%	14.28%	14.36%	15.99%	18.56%	18.57%	14.93%	12.27%	10.93%	11.97%	13.62%	9.17%	9.56%	6.97%	9.75%	10.89%	12.78%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	467,366,667	449,980,000	508,870,000	510,220,000	431,105,000	414,900,000	390,146,667	728,900,000	308,800,000	364,400,000	392,200,000	455,600,000	501,700,000	573,100,000	649,000,000	607,300,000	507,700,000	553,800,000	565,600,000	607,100,000	666,500,000	171,600,000	166,800,000	176,900,000	205,700,000	207,900,000	211,500,000	238,200,000	417,800,000	394,600,000	413,400,000	286,400,000	312,600,000	370,500,000	339,000,000	205,600,000	104,200,000
Intangible Assets Margin	3.76%	3.95%	5.43%	5.43%	4.84%	6.21%	6.83%	6.25%	2.14%	2.88%	3.52%	4.98%	5.55%	6.13%	7.81%	8.20%	6.80%	5.70%	5.24%	6.09%	7.60%	2.49%	2.52%	2.10%	3.01%	3.83%	3.88%	4.52%	11.95%	13.50%	16.27%	12.26%	12.95%	12.60%	10.51%	8.87%	4.90%
Long-Term Investments	489,733,333	465,080,000	432,240,000	419,813,333	360,540,000	288,432,000	240,360,000	519,600,000	512,700,000	436,900,000	413,500,000	442,700,000	380,200,000	400,000,000	409,000,000	414,900,000	392,900,000	424,100,000	416,100,000	390,300,000	346,300,000	398,000,000	353,900,000	275,100,000	284,600,000	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	3.82%	4.00%	4.43%	4.41%	3.95%	3.16%	2.63%	4.46%	3.56%	3.45%	3.71%	4.84%	4.21%	4.28%	4.92%	5.60%	5.26%	4.36%	3.86%	3.92%	3.95%	5.77%	5.34%	3.27%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	423,700,000	303,600,000	202,930,000	160,346,667	139,190,000	123,096,000	102,580,000	561,000,000	481,600,000	228,500,000	169,300,000	77,600,000	93,800,000	104,900,000	112,200,000	99,700,000	100,700,000	215,900,000	24,400,000	40,000,000	37,600,000	58,000,000	70,000,000	29,900,000	89,100,000	105,500,000	84,100,000	146,100,000	147,500,000	0	0	0	0	0	0	0	0
Tax Assets Margin	3.32%	2.47%	1.85%	1.51%	1.44%	1.43%	1.19%	4.81%	3.34%	1.81%	1.52%	0.85%	1.04%	1.12%	1.35%	1.35%	1.35%	2.22%	0.23%	0.40%	0.43%	0.84%	1.06%	0.35%	1.30%	1.94%	1.54%	2.77%	4.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	350,233,333	304,760,000	224,590,000	194,033,333	182,055,000	188,056,000	197,000,000	435,200,000	346,800,000	268,700,000	293,300,000	179,800,000	153,000,000	142,400,000	147,100,000	143,100,000	136,500,000	141,100,000	134,600,000	131,200,000	126,900,000	130,800,000	115,700,000	69,600,000	67,900,000	256,100,000	221,300,000	184,600,000	155,400,000	198,500,000	260,500,000	261,300,000	233,700,000	171,800,000	163,400,000	152,000,000	487,700,000
Other Non-Current Assets Margin	2.75%	2.57%	2.16%	1.93%	2.07%	3.10%	4.25%	3.73%	2.41%	2.12%	2.63%	1.97%	1.69%	1.52%	1.77%	1.93%	1.83%	1.45%	1.25%	1.32%	1.45%	1.90%	1.74%	0.83%	0.99%	4.71%	4.06%	3.50%	4.45%	6.79%	10.25%	11.19%	9.68%	5.84%	5.07%	6.56%	22.95%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	5,165,800,000	4,760,240,000	4,386,690,000	4,101,606,667	3,568,525,000	3,088,388,000	2,710,706,667	6,052,600,000	5,080,400,000	4,364,400,000	4,168,000,000	4,135,800,000	4,030,600,000	4,089,000,000	4,344,000,000	4,002,700,000	3,599,400,000	4,058,100,000	3,921,700,000	3,767,100,000	3,594,400,000	2,315,900,000	2,250,400,000	1,949,600,000	2,065,900,000	1,805,500,000	1,775,000,000	1,892,800,000	1,154,900,000	936,800,000	990,800,000	863,900,000	857,100,000	959,900,000	906,100,000	650,000,000	738,400,000
Total Non-Current Assets Margin	40.55%	40.85%	44.71%	42.50%	39.53%	38.70%	37.56%	51.90%	35.25%	34.50%	37.42%	45.20%	44.58%	43.72%	52.30%	54.01%	48.20%	41.73%	36.36%	37.81%	40.97%	33.58%	33.94%	23.14%	30.26%	33.22%	32.57%	35.89%	33.04%	32.05%	38.98%	36.98%	35.52%	32.63%	28.10%	28.05%	34.75%
Total Assets	10,905,166,667	10,080,360,000	8,742,570,000	8,243,280,000	7,318,310,000	6,405,176,000	5,735,110,000	11,190,600,000	11,421,200,000	10,103,700,000	9,182,100,000	8,504,200,000	7,759,700,000	7,626,400,000	7,971,700,000	7,168,400,000	6,497,700,000	7,368,800,000	8,438,800,000	7,721,800,000	7,257,200,000	5,436,900,000	4,998,900,000	4,954,800,000	4,787,600,000	4,114,500,000	3,861,200,000	4,297,300,000	2,839,400,000	2,349,000,000	2,173,300,000	2,104,200,000	2,273,200,000	2,750,400,000	2,620,900,000	2,116,500,000	2,162,900,000
Total Assets Margin	85.02%	86.09%	87.75%	84.71%	81.07%	81.61%	83.41%	95.96%	79.25%	79.86%	82.44%	92.95%	85.82%	81.55%	95.97%	96.73%	87.02%	75.78%	78.23%	77.51%	82.72%	78.83%	75.39%	58.81%	70.12%	75.70%	70.85%	81.49%	81.23%	80.37%	85.51%	90.07%	94.19%	93.51%	81.28%	91.33%	101.78%
Accounts Payable	1,135,200,000	1,067,800,000	938,540,000	901,586,667	864,870,000	764,844,000	689,813,333	813,000,000	1,207,300,000	1,385,300,000	1,078,300,000	855,100,000	914,800,000	865,900,000	917,500,000	722,600,000	625,600,000	670,200,000	960,300,000	888,300,000	937,000,000	682,600,000	621,600,000	1,027,100,000	827,100,000	706,900,000	590,900,000	601,900,000	393,200,000	312,000,000	272,200,000	244,400,000	244,200,000	287,000,000	350,100,000	361,500,000	330,500,000
Accounts Payable Margin	8.77%	9.06%	9.39%	9.28%	9.83%	10.05%	10.44%	6.97%	8.38%	10.95%	9.68%	9.35%	10.12%	9.26%	11.05%	9.75%	8.38%	6.89%	8.90%	8.92%	10.68%	9.90%	9.38%	12.19%	12.11%	13.01%	10.84%	11.41%	11.25%	10.68%	10.71%	10.46%	10.12%	9.76%	10.86%	15.60%	15.55%
Short-Term Debt	208,733,333	215,760,000	192,980,000	194,806,667	186,595,000	149,552,000	136,673,333	415,200,000	15,000,000	196,000,000	92,900,000	359,700,000	153,400,000	210,600,000	95,400,000	85,400,000	306,200,000	94,300,000	311,700,000	251,200,000	60,100,000	275,000,000	193,100,000	100,000	402,700,000	207,600,000	6,300,000	6,900,000	0	0	0	0	0	0	0	0	361,400,000
Short-Term Debt Margin	1.74%	2.00%	2.03%	2.09%	2.21%	1.77%	2.04%	3.56%	0.10%	1.55%	0.83%	3.93%	1.70%	2.25%	1.15%	1.15%	4.10%	0.97%	2.89%	2.52%	0.69%	3.99%	2.91%	0.00%	5.90%	3.82%	0.12%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.01%
Tax Payables	328,500,000	303,520,000	216,190,000	173,793,333	130,345,000	104,276,000	86,896,667	239,500,000	401,200,000	344,800,000	282,500,000	249,600,000	170,300,000	137,800,000	135,400,000	113,500,000	87,300,000	108,400,000	167,300,000	169,300,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	2.52%	2.57%	2.05%	1.66%	1.24%	1.00%	0.83%	2.05%	2.78%	2.73%	2.54%	2.73%	1.88%	1.47%	1.63%	1.53%	1.17%	1.11%	1.55%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	2,413,433,333	2,227,920,000	1,823,000,000	1,617,760,000	1,414,885,000	1,232,776,000	1,092,763,333	2,358,300,000	2,720,100,000	2,161,900,000	2,000,900,000	1,898,400,000	1,646,000,000	1,552,400,000	1,502,300,000	1,223,400,000	1,166,300,000	1,344,000,000	1,372,700,000	1,156,000,000	1,208,400,000	955,300,000	854,200,000	951,300,000	853,500,000	709,100,000	663,200,000	750,200,000	535,900,000	473,000,000	370,600,000	392,000,000	407,900,000	473,600,000	480,400,000	354,500,000	247,100,000
Other Current Liabilities Margin	18.73%	18.98%	17.99%	16.38%	15.38%	15.39%	15.32%	20.22%	18.87%	17.09%	17.96%	20.75%	18.21%	16.60%	18.09%	16.51%	15.62%	13.82%	12.73%	11.60%	13.77%	13.85%	12.88%	11.29%	12.50%	13.05%	12.17%	14.23%	15.33%	16.18%	14.58%	16.78%	16.90%	16.10%	14.90%	15.30%	11.63%
Total Current Liabilities	4,085,866,667	3,815,000,000	3,170,710,000	2,887,946,667	2,596,695,000	2,251,448,000	2,006,146,667	3,826,000,000	4,343,600,000	4,088,000,000	3,454,600,000	3,362,800,000	2,884,500,000	2,766,700,000	2,650,600,000	2,144,900,000	2,185,400,000	2,216,900,000	2,812,000,000	2,464,800,000	2,205,500,000	1,912,900,000	1,668,900,000	1,978,500,000	2,083,300,000	1,623,600,000	1,260,400,000	1,359,000,000	929,100,000	785,000,000	642,800,000	636,400,000	652,100,000	760,600,000	830,500,000	716,000,000	939,000,000
Total Current Liabilities Margin	31.75%	32.61%	31.46%	29.41%	28.66%	28.20%	28.63%	32.81%	30.14%	32.31%	31.02%	36.75%	31.90%	29.58%	31.91%	28.94%	29.27%	22.80%	26.07%	24.74%	25.14%	27.74%	25.17%	23.48%	30.51%	29.87%	23.13%	25.77%	26.58%	26.86%	25.29%	27.24%	27.02%	25.86%	25.76%	30.90%	44.19%
Long-Term Debt	1,754,200,000	1,634,380,000	1,494,090,000	1,317,686,667	1,127,880,000	1,049,808,000	990,816,667	2,360,800,000	1,511,600,000	1,390,200,000	1,526,700,000	1,382,600,000	1,340,400,000	1,275,300,000	1,618,100,000	1,610,000,000	925,200,000	997,600,000	938,500,000	1,035,600,000	1,409,700,000	443,000,000	454,000,000	625,000,000	294,100,000	577,400,000	841,800,000	1,151,700,000	711,100,000	636,900,000	617,700,000	570,200,000	691,700,000	924,200,000	727,400,000	567,100,000	568,900,000
Long-Term Debt Margin	13.91%	14.11%	15.26%	13.63%	12.45%	14.47%	16.52%	20.24%	10.49%	10.99%	13.71%	15.11%	14.83%	13.64%	19.48%	21.73%	12.39%	10.26%	8.70%	10.40%	16.07%	6.42%	6.85%	7.42%	4.31%	10.62%	15.45%	21.84%	20.34%	21.79%	24.30%	24.41%	28.66%	31.42%	22.56%	24.47%	26.77%
Capital Lease Obligations	129,100,000	125,740,000	77,730,000	51,820,000	38,865,000	31,092,000	25,910,000	127,500,000	134,400,000	125,400,000	115,500,000	125,900,000	148,600,000	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	1.01%	1.09%	0.71%	0.47%	0.35%	0.28%	0.24%	1.09%	0.93%	0.99%	1.04%	1.38%	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	119,866,667	117,780,000	114,150,000	142,886,667	126,685,000	101,348,000	84,456,667	125,000,000	122,600,000	112,000,000	116,900,000	112,400,000	107,000,000	116,300,000	130,500,000	112,400,000	86,400,000	211,700,000	251,200,000	242,700,000	192,300,000	103,900,000	118,700,000	108,100,000	163,600,000	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.94%	1.02%	1.18%	1.49%	1.39%	1.11%	0.93%	1.07%	0.85%	0.89%	1.05%	1.23%	1.18%	1.24%	1.57%	1.52%	1.16%	2.18%	2.33%	2.44%	2.19%	1.51%	1.79%	1.28%	2.40%	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 Liabilities	751,133,333	704,380,000	587,580,000	529,826,667	475,000,000	423,516,000	365,596,667	835,900,000	786,600,000	630,900,000	640,100,000	628,400,000	520,800,000	474,600,000	477,200,000	463,900,000	417,400,000	445,700,000	392,300,000	497,200,000	418,500,000	317,900,000	362,900,000	223,200,000	203,600,000	419,900,000	343,000,000	364,200,000	293,100,000	209,500,000	113,400,000	107,700,000	100,300,000	83,500,000	71,400,000	58,700,000	66,100,000
Other Non-Current Liabilities Margin	5.87%	6.05%	5.87%	5.42%	5.32%	5.52%	5.09%	7.17%	5.46%	4.99%	5.75%	6.87%	5.76%	5.07%	5.74%	6.26%	5.59%	4.58%	3.64%	4.99%	4.77%	4.61%	5.47%	2.65%	2.98%	7.73%	6.29%	6.91%	8.39%	7.17%	4.46%	4.61%	4.16%	2.84%	2.21%	2.53%	3.11%
Total Non-Current Liabilities	2,625,200,000	2,456,540,000	2,195,820,000	1,990,400,000	1,729,565,000	1,574,672,000	1,440,870,000	3,321,700,000	2,420,800,000	2,133,100,000	2,283,700,000	2,123,400,000	1,968,200,000	1,866,200,000	2,225,800,000	2,186,300,000	1,429,000,000	1,655,000,000	1,582,000,000	1,775,500,000	2,020,500,000	864,800,000	935,600,000	956,300,000	661,300,000	997,300,000	1,184,800,000	1,515,900,000	1,004,200,000	846,400,000	731,100,000	677,900,000	792,000,000	1,007,700,000	798,800,000	625,800,000	635,000,000
Total Non-Current Liabilities Margin	20.71%	21.17%	22.30%	20.54%	19.17%	21.10%	22.54%	28.48%	16.80%	16.86%	20.50%	23.21%	21.77%	19.96%	26.80%	29.50%	19.14%	17.02%	14.67%	17.82%	23.03%	12.54%	14.11%	11.35%	9.68%	18.35%	21.74%	28.75%	28.73%	28.96%	28.77%	29.02%	32.82%	34.26%	24.77%	27.00%	29.88%
Total Liabilities	6,711,066,667	6,271,540,000	5,366,530,000	4,878,346,667	4,326,260,000	3,826,120,000	3,447,016,667	7,147,700,000	6,764,400,000	6,221,100,000	5,738,300,000	5,486,200,000	4,852,700,000	4,632,900,000	4,876,400,000	4,331,200,000	3,614,400,000	3,871,900,000	4,394,000,000	4,240,300,000	4,226,000,000	2,777,700,000	2,604,500,000	2,934,800,000	2,744,600,000	2,620,900,000	2,445,200,000	2,874,900,000	1,933,300,000	1,631,400,000	1,373,900,000	1,314,300,000	1,444,100,000	1,768,300,000	1,629,300,000	1,341,800,000	1,574,000,000
Total Liabilities Margin	52.47%	53.78%	53.76%	49.95%	47.83%	49.30%	51.17%	61.29%	46.93%	49.17%	51.52%	59.96%	53.67%	49.54%	58.71%	58.45%	48.40%	39.82%	40.73%	42.56%	48.17%	40.28%	39.28%	34.84%	40.20%	48.22%	44.87%	54.52%	55.31%	55.82%	54.06%	56.26%	59.84%	60.12%	50.53%	57.90%	74.07%
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	700,000	720,000	760,000	826,667	845,000	828,000	770,000	700,000	700,000	700,000	700,000	800,000	800,000	800,000	800,000	800,000	800,000	900,000	1,000,000	1,000,000	1,000,000	900,000	900,000	900,000	900,000	900,000	900,000	900,000	800,000	800,000	700,000	600,000	600,000	600,000	600,000	600,000	0
Common Stock Margin	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.00%
Retained Earnings	5,886,533,333	5,520,180,000	4,888,510,000	4,197,486,667	3,424,105,000	2,869,576,000	2,475,793,333	5,645,000,000	6,360,000,000	5,654,600,000	5,182,200,000	4,759,100,000	4,443,500,000	4,477,300,000	4,253,800,000	4,113,600,000	3,996,000,000	3,771,600,000	3,402,000,000	2,843,700,000	2,321,600,000	1,738,300,000	1,517,800,000	1,382,100,000	1,020,400,000	774,100,000	825,400,000	793,800,000	635,000,000	560,600,000	645,000,000	622,900,000	621,900,000	635,800,000	577,600,000	411,400,000	287,700,000
Retained Earnings Margin	45.74%	47.15%	49.30%	42.90%	36.36%	33.27%	30.94%	48.41%	44.13%	44.70%	46.53%	52.01%	49.15%	47.88%	51.21%	55.51%	53.51%	38.79%	31.54%	28.54%	26.46%	25.21%	22.89%	16.41%	14.94%	14.24%	15.15%	15.05%	18.17%	19.18%	25.38%	26.66%	25.77%	21.62%	17.91%	17.75%	13.54%
Accumulated OCI	-1,804,700,000	-1,799,160,000	-1,640,980,000	-1,255,940,000	-993,945,000	-861,372,000	-732,666,667	-1,902,900,000	-1,708,100,000	-1,803,100,000	-1,770,900,000	-1,810,800,000	-1,595,200,000	-1,555,400,000	-1,361,600,000	-1,441,600,000	-1,460,200,000	-906,500,000	-510,700,000	-479,400,000	-400,600,000	-132,100,000	-187,400,000	-436,100,000	79,000,000	-190,300,000	-305,000,000	-265,500,000	-320,000,000	-431,400,000	-377,800,000	-260,700,000	-221,100,000	-81,600,000	-101,600,000	2,500,000	-43,900,000
Accumulated OCI Margin	-14.14%	-15.62%	-16.78%	-12.88%	-10.45%	-10.56%	-9.37%	-16.32%	-11.85%	-14.25%	-15.90%	-19.79%	-17.64%	-16.63%	-16.39%	-19.45%	-19.55%	-9.32%	-4.73%	-4.81%	-4.57%	-1.92%	-2.83%	-5.18%	1.16%	-3.50%	-5.60%	-5.03%	-9.16%	-14.76%	-14.87%	-11.16%	-9.16%	-2.77%	-3.15%	0.11%	-2.07%
Minority Interest	100,133,333	73,260,000	65,190,000	53,666,667	40,915,000	32,732,000	27,276,667	300,100,000	100,000	200,000	27,900,000	38,000,000	53,200,000	60,600,000	65,700,000	61,100,000	45,000,000	48,400,000	34,600,000	33,300,000	36,000,000	800,000	7,600,000	5,700,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.86%	0.65%	0.67%	0.55%	0.42%	0.34%	0.28%	2.57%	0.00%	0.00%	0.25%	0.42%	0.59%	0.65%	0.79%	0.82%	0.60%	0.50%	0.32%	0.33%	0.41%	0.01%	0.11%	0.07%	0.00%	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	4,093,966,667	3,735,560,000	3,310,850,000	3,311,880,000	2,951,915,000	2,546,948,000	2,261,336,667	3,742,800,000	4,656,700,000	3,882,400,000	3,415,900,000	2,980,000,000	2,853,800,000	2,932,900,000	3,029,600,000	2,776,100,000	2,838,300,000	3,448,500,000	4,010,200,000	3,457,400,000	2,995,200,000	2,658,400,000	2,393,200,000	2,014,300,000	2,043,000,000	1,493,600,000	1,416,000,000	1,422,400,000	906,100,000	717,600,000	799,400,000	789,900,000	829,100,000	982,100,000	991,600,000	774,700,000	588,900,000
Total Shareholders’ Equity Margin	31.70%	31.67%	33.32%	34.22%	32.83%	31.97%	31.97%	32.09%	32.31%	30.69%	30.67%	32.57%	31.56%	31.36%	36.47%	37.46%	38.01%	35.46%	37.18%	34.71%	34.14%	38.55%	36.09%	23.91%	29.92%	27.48%	25.98%	26.97%	25.92%	24.55%	31.45%	33.81%	34.36%	33.39%	30.75%	33.43%	27.71%
Total Equity	4,194,100,000	3,808,820,000	3,376,040,000	3,365,546,667	2,992,830,000	2,579,680,000	2,288,613,333	4,042,900,000	4,656,800,000	3,882,600,000	3,443,800,000	3,018,000,000	2,907,000,000	2,993,500,000	3,095,300,000	2,837,200,000	2,883,300,000	3,496,900,000	4,044,800,000	3,490,700,000	3,031,200,000	2,659,200,000	2,400,800,000	2,020,000,000	2,043,000,000	1,493,600,000	1,416,000,000	1,422,400,000	906,100,000	717,600,000	799,400,000	789,900,000	829,100,000	982,100,000	991,600,000	774,700,000	588,900,000
Total Equity Margin	32.56%	32.31%	33.99%	34.77%	33.25%	32.31%	32.25%	34.67%	32.31%	30.69%	30.92%	32.98%	32.15%	32.01%	37.26%	38.29%	38.61%	35.96%	37.50%	35.04%	34.55%	38.56%	36.21%	23.98%	29.92%	27.48%	25.98%	26.97%	25.92%	24.55%	31.45%	33.81%	34.36%	33.39%	30.75%	33.43%	27.71%
Total Liabilities & Equity	10,905,166,667	10,080,360,000	8,742,570,000	8,243,280,000	7,318,310,000	6,405,176,000	5,735,110,000	11,190,600,000	11,421,200,000	10,103,700,000	9,182,100,000	8,504,200,000	7,759,700,000	7,626,400,000	7,971,700,000	7,168,400,000	6,497,700,000	7,368,800,000	8,438,800,000	7,721,800,000	7,257,200,000	5,436,900,000	4,998,900,000	4,954,800,000	4,787,600,000	4,114,500,000	3,861,200,000	4,297,300,000	2,839,400,000	2,349,000,000	2,173,300,000	2,104,200,000	2,273,200,000	2,750,400,000	2,620,900,000	2,116,500,000	2,162,900,000
Total Liabilities & Equity Margin	85.02%	86.09%	87.75%	84.71%	81.07%	81.61%	83.41%	95.96%	79.25%	79.86%	82.44%	92.95%	85.82%	81.55%	95.97%	96.73%	87.02%	75.78%	78.23%	77.51%	82.72%	78.83%	75.39%	58.81%	70.12%	75.70%	70.85%	81.49%	81.23%	80.37%	85.51%	90.07%	94.19%	93.51%	81.28%	91.33%	101.78%
Total Investments	489,733,333	465,080,000	432,240,000	419,813,333	360,540,000	288,432,000	240,360,000	519,600,000	512,700,000	436,900,000	413,500,000	442,700,000	380,200,000	400,000,000	409,000,000	414,900,000	392,900,000	424,100,000	416,100,000	390,300,000	346,300,000	398,000,000	353,900,000	275,100,000	284,600,000	0	0	0	0	0	0	0	0	0	0	0	0
Total Investments Margin	3.82%	4.00%	4.43%	4.41%	3.95%	3.16%	2.63%	4.46%	3.56%	3.45%	3.71%	4.84%	4.21%	4.28%	4.92%	5.60%	5.26%	4.36%	3.86%	3.92%	3.95%	5.77%	5.34%	3.27%	4.17%	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 Debt	1,298,100,000	1,052,460,000	1,090,250,000	872,180,000	715,855,000	698,500,000	705,563,333	2,164,000,000	931,600,000	798,700,000	737,400,000	630,600,000	1,064,200,000	1,159,800,000	1,345,800,000	1,265,700,000	804,700,000	728,200,000	203,000,000	505,500,000	745,400,000	-1,900,000	-4,300,000	112,900,000	114,400,000	383,900,000	627,500,000	833,000,000	564,100,000	602,600,000	588,800,000	556,900,000	672,100,000	908,300,000	696,200,000	525,400,000	902,400,000
Net Debt Margin	10.44%	8.97%	11.31%	9.07%	7.88%	10.28%	13.42%	18.56%	6.46%	6.31%	6.62%	6.89%	11.77%	12.40%	16.20%	17.08%	10.78%	7.49%	1.88%	5.07%	8.50%	-0.03%	-0.06%	1.34%	1.68%	7.06%	11.51%	15.80%	16.14%	20.62%	23.17%	23.84%	27.85%	30.88%	21.59%	22.67%	42.47%

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	12,908,566,667	11,802,740,000	10,059,140,000	9,782,266,667	8,975,090,000	7,842,828,000	6,969,743,333	11,661,900,000	14,412,400,000	12,651,400,000	11,138,300,000	9,149,700,000	9,041,400,000	9,352,000,000	8,306,500,000	7,410,500,000	7,467,300,000	9,723,700,000	10,786,900,000	9,962,200,000	8,773,200,000	6,896,600,000	6,630,400,000	8,424,600,000	6,828,100,000	5,435,000,000	5,449,700,000	5,273,300,000	3,495,300,000	2,922,700,000	2,541,500,000	2,336,100,000	2,413,300,000	2,941,400,000	3,224,400,000	2,317,500,000	2,125,000,000
Working Capital	1,653,500,000	1,505,120,000	1,185,170,000	1,253,726,667	1,153,090,000	1,065,340,000	1,018,256,667	1,312,000,000	1,997,200,000	1,651,300,000	1,559,500,000	1,005,600,000	844,600,000	770,700,000	977,100,000	1,020,800,000	712,900,000	1,093,800,000	1,705,100,000	1,489,900,000	1,457,300,000	1,208,100,000	1,079,600,000	1,026,700,000	638,400,000	685,400,000	825,800,000	1,045,500,000	755,400,000	627,200,000	539,700,000	603,900,000	764,000,000	1,029,900,000	884,300,000	750,500,000	485,500,000
Working Capital Margin	12.72%	12.63%	11.58%	12.80%	12.88%	14.70%	17.23%	11.25%	13.86%	13.05%	14.00%	10.99%	9.34%	8.24%	11.76%	13.78%	9.55%	11.25%	15.81%	14.96%	16.61%	17.52%	16.28%	12.19%	9.35%	12.61%	15.15%	19.83%	21.61%	21.46%	21.24%	25.85%	31.66%	35.01%	27.43%	32.38%	22.85%
Total Capital	6,056,900,000	5,585,700,000	4,997,920,000	4,824,373,333	4,266,390,000	3,746,308,000	3,388,826,667	6,518,800,000	6,183,300,000	5,468,600,000	5,035,500,000	4,722,300,000	4,347,600,000	4,418,800,000	4,743,100,000	4,471,500,000	4,069,700,000	4,540,400,000	5,260,400,000	4,744,200,000	4,465,000,000	3,376,400,000	3,040,300,000	2,639,400,000	2,739,800,000	2,278,600,000	2,264,100,000	2,581,000,000	1,617,200,000	1,354,500,000	1,417,100,000	1,360,100,000	1,520,800,000	1,906,300,000	1,719,000,000	1,341,800,000	1,519,200,000
Total Capital Margin	47.34%	47.77%	50.61%	49.94%	47.49%	48.21%	50.53%	55.90%	42.90%	43.23%	45.21%	51.61%	48.09%	47.25%	57.10%	60.34%	54.50%	46.69%	48.77%	47.62%	50.89%	48.96%	45.85%	31.33%	40.13%	41.92%	41.55%	48.94%	46.27%	46.34%	55.76%	58.22%	63.02%	64.81%	53.31%	57.90%	71.49%
Capital Employed	6,819,300,000	6,265,360,000	5,571,860,000	5,355,333,333	4,721,615,000	4,153,728,000	3,728,963,333	7,364,600,000	7,077,600,000	6,015,700,000	5,727,500,000	5,141,400,000	4,875,200,000	4,859,700,000	5,321,100,000	5,023,500,000	4,312,300,000	5,151,900,000	5,626,800,000	5,257,000,000	5,051,700,000	3,524,000,000	3,330,000,000	2,976,300,000	2,704,300,000	2,490,900,000	2,600,800,000	2,938,300,000	1,910,300,000	1,564,000,000	1,530,500,000	1,467,800,000	1,621,100,000	1,989,800,000	1,790,400,000	1,400,500,000	1,223,900,000
Capital Employed Margin	53.27%	53.48%	56.29%	55.30%	52.41%	53.41%	54.78%	63.15%	49.11%	47.55%	51.42%	56.19%	53.92%	51.96%	64.06%	67.79%	57.75%	52.98%	52.16%	52.77%	57.58%	51.10%	50.22%	35.33%	39.61%	45.83%	47.72%	55.72%	54.65%	53.51%	60.22%	62.83%	67.17%	67.65%	55.53%	60.43%	57.60%
Invested Capital	5,392,066,667	4,788,020,000	4,401,100,000	4,184,060,000	3,667,770,000	3,245,448,000	2,966,900,000	5,906,800,000	5,588,300,000	4,681,100,000	4,153,300,000	3,610,600,000	3,918,000,000	4,092,700,000	4,375,400,000	4,041,800,000	3,643,000,000	4,176,700,000	4,213,200,000	3,962,900,000	3,740,600,000	2,656,500,000	2,388,900,000	2,127,200,000	2,157,400,000	1,877,500,000	2,043,500,000	2,255,400,000	1,470,200,000	1,320,200,000	1,388,200,000	1,346,800,000	1,501,200,000	1,890,400,000	1,687,800,000	1,300,100,000	1,491,300,000
Invested Capital Margin	42.14%	40.64%	44.63%	43.28%	40.71%	42.26%	45.38%	50.65%	38.77%	37.00%	37.29%	39.46%	43.33%	43.76%	52.67%	54.54%	48.79%	42.95%	39.06%	39.78%	42.64%	38.52%	36.03%	25.25%	31.60%	34.54%	37.50%	42.77%	42.06%	45.17%	54.62%	57.65%	62.21%	64.27%	52.34%	56.10%	70.18%

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	12,908,566,667	11,802,740,000	10,059,140,000	9,782,266,667	8,975,090,000	7,842,828,000	6,969,743,333	11,661,900,000	14,412,400,000	12,651,400,000	11,138,300,000	9,149,700,000	9,041,400,000	9,352,000,000	8,306,500,000	7,410,500,000	7,467,300,000	9,723,700,000	10,786,900,000	9,962,200,000	8,773,200,000	6,896,600,000	6,630,400,000	8,424,600,000	6,828,100,000	5,435,000,000	5,449,700,000	5,273,300,000	3,495,300,000	2,922,700,000	2,541,500,000	2,336,100,000	2,413,300,000	2,941,400,000	3,224,400,000	2,317,500,000	2,125,000,000
Net Income	520,166,667	576,360,000	390,180,000	414,680,000	348,445,000	285,752,000	254,073,333	-485,600,000	1,171,400,000	874,700,000	901,500,000	419,800,000	122,800,000	283,700,000	189,300,000	160,200,000	264,000,000	404,200,000	592,300,000	516,400,000	585,300,000	220,200,000	135,700,000	400,000,000	246,300,000	-64,900,000	31,600,000	158,800,000	74,400,000	-84,400,000	22,600,000	3,500,000	-11,500,000	60,600,000	170,800,000	129,400,000	129,100,000
Net Income Margin	3.63%	4.71%	3.59%	4.04%	3.52%	2.95%	3.07%	-4.16%	8.13%	6.91%	8.09%	4.59%	1.36%	3.03%	2.28%	2.16%	3.54%	4.16%	5.49%	5.18%	6.67%	3.19%	2.05%	4.75%	3.61%	-1.19%	0.58%	3.01%	2.13%	-2.89%	0.89%	0.15%	-0.48%	2.06%	5.30%	5.58%	6.08%
Depreciation & Amortization	296,633,333	288,740,000	282,010,000	261,173,333	228,885,000	197,972,000	175,560,000	332,200,000	288,100,000	269,600,000	281,800,000	272,000,000	272,000,000	289,900,000	279,800,000	274,600,000	260,100,000	280,400,000	259,400,000	229,900,000	173,500,000	154,300,000	147,600,000	146,500,000	138,200,000	121,900,000	105,900,000	113,300,000	65,900,000	52,300,000	70,400,000	69,700,000	76,800,000	79,700,000	72,000,000	53,500,000	35,500,000
Depreciation & Amortization Margin	2.33%	2.50%	2.91%	2.73%	2.56%	2.51%	2.49%	2.85%	2.00%	2.13%	2.53%	2.97%	3.01%	3.10%	3.37%	3.71%	3.48%	2.88%	2.40%	2.31%	1.98%	2.24%	2.23%	1.74%	2.02%	2.24%	1.94%	2.15%	1.89%	1.79%	2.77%	2.98%	3.18%	2.71%	2.23%	2.31%	1.67%
Deferred Income Tax	-141,700,000	-107,920,000	-57,800,000	-47,586,667	-30,370,000	-25,088,000	-19,680,000	-102,700,000	-264,400,000	-58,000,000	-117,900,000	3,400,000	15,100,000	-14,700,000	-14,100,000	2,100,000	-26,800,000	3,600,000	21,700,000	-36,400,000	-127,600,000	2,900,000	-21,900,000	7,300,000	2,500,000	10,600,000	107,900,000	14,500,000	-12,300,000	48,400,000	-32,800,000	-37,600,000	-47,200,000	-22,400,000	53,400,000	20,100,000	32,900,000
Deferred Income Tax Margin	-1.06%	-0.84%	-0.47%	-0.42%	-0.21%	-0.22%	-0.14%	-0.88%	-1.83%	-0.46%	-1.06%	0.04%	0.17%	-0.16%	-0.17%	0.03%	-0.36%	0.04%	0.20%	-0.37%	-1.45%	0.04%	-0.33%	0.09%	0.04%	0.20%	1.98%	0.27%	-0.35%	1.66%	-1.29%	-1.61%	-1.96%	-0.76%	1.66%	0.87%	1.55%
Stock-Based Compensation	32,933,333	32,760,000	31,990,000	27,886,667	24,450,000	20,568,000	17,140,000	18,400,000	46,400,000	34,000,000	27,400,000	37,600,000	41,300,000	46,300,000	38,200,000	18,100,000	12,200,000	-10,800,000	34,600,000	36,800,000	24,400,000	13,400,000	8,000,000	33,300,000	25,700,000	3,500,000	200,000	300,000	500,000	24,400,000	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.25%	0.28%	0.32%	0.29%	0.26%	0.24%	0.20%	0.16%	0.32%	0.27%	0.25%	0.41%	0.46%	0.50%	0.46%	0.24%	0.16%	-0.11%	0.32%	0.37%	0.28%	0.19%	0.12%	0.40%	0.38%	0.06%	0.00%	0.01%	0.01%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-125,566,667	-126,620,000	-62,170,000	-60,760,000	-34,035,000	-17,560,000	-21,253,333	29,500,000	-112,700,000	-293,500,000	-451,200,000	194,800,000	61,200,000	-33,200,000	40,200,000	-93,700,000	36,900,000	-218,800,000	-105,000,000	-89,800,000	79,500,000	44,400,000	83,800,000	-170,800,000	98,000,000	209,000,000	10,700,000	-15,700,000	-41,300,000	-500,000	161,600,000	137,600,000	198,300,000	-103,400,000	-183,600,000	26,200,000	-136,100,000
Change in Working Capital Margin	-0.95%	-0.95%	-0.47%	-0.49%	-0.13%	0.33%	0.06%	0.25%	-0.78%	-2.32%	-4.05%	2.13%	0.68%	-0.36%	0.48%	-1.26%	0.49%	-2.25%	-0.97%	-0.90%	0.91%	0.64%	1.26%	-2.03%	1.44%	3.85%	0.20%	-0.30%	-1.18%	-0.02%	6.36%	5.89%	8.22%	-3.52%	-5.69%	1.13%	-6.40%
Accounts Receivable	-230,266,667	-197,800,000	-432,900,000	-642,686,667	-613,455,000	-585,140,000	-487,616,667	59,100,000	-443,800,000	-306,100,000	-207,700,000	-90,500,000	63,800,000	-565,300,000	-864,400,000	-1,144,200,000	-829,900,000	-1,421,800,000	-1,507,900,000	-1,357,100,000	149,200,000	-1,173,700,000	-868,500,000	-1,107,700,000	83,400,000	76,800,000	-812,800,000	-1,049,300,000	-794,000,000	-516,100,000	0	0	0	0	0	0	0
Accounts Receivable Margin	-1.66%	-1.57%	-5.01%	-7.18%	-7.31%	-8.26%	-6.88%	0.51%	-3.08%	-2.42%	-1.86%	-0.99%	0.71%	-6.04%	-10.41%	-15.44%	-11.11%	-14.62%	-13.98%	-13.62%	1.70%	-17.02%	-13.10%	-13.15%	1.22%	1.41%	-14.91%	-19.90%	-22.72%	-17.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-174,633,333	-233,360,000	-170,890,000	-159,793,333	-122,175,000	-102,020,000	-88,366,667	308,800,000	-164,400,000	-668,300,000	-762,600,000	119,700,000	-216,300,000	-214,300,000	-196,000,000	-33,100,000	117,600,000	111,400,000	-356,900,000	-160,900,000	-221,000,000	-60,600,000	292,800,000	-374,200,000	10,700,000	66,200,000	-42,100,000	-65,100,000	13,800,000	-119,000,000	39,600,000	23,700,000	72,100,000	-17,300,000	-100,400,000	-22,600,000	-32,300,000
Inventory Margin	-1.26%	-1.86%	-1.52%	-1.49%	-1.09%	-0.97%	-0.91%	2.65%	-1.14%	-5.28%	-6.85%	1.31%	-2.39%	-2.29%	-2.36%	-0.45%	1.57%	1.15%	-3.31%	-1.62%	-2.52%	-0.88%	4.42%	-4.44%	0.16%	1.22%	-0.77%	-1.23%	0.39%	-4.07%	1.56%	1.01%	2.99%	-0.59%	-3.11%	-0.98%	-1.52%
Accounts Payable	-31,466,667	27,740,000	37,270,000	25,280,000	20,065,000	17,816,000	14,846,667	-224,900,000	-191,600,000	322,100,000	292,200,000	-59,100,000	35,700,000	-24,300,000	123,500,000	62,800,000	36,300,000	-219,400,000	54,700,000	-61,700,000	162,300,000	70,600,000	-411,300,000	284,400,000	54,100,000	55,100,000	39,800,000	53,200,000	-16,500,000	7,400,000	0	0	0	0	0	0	0
Accounts Payable Margin	-0.24%	0.25%	0.42%	0.32%	0.22%	0.21%	0.17%	-1.93%	-1.33%	2.55%	2.62%	-0.65%	0.39%	-0.26%	1.49%	0.85%	0.49%	-2.26%	0.51%	-0.62%	1.85%	1.02%	-6.20%	3.38%	0.79%	1.01%	0.73%	1.01%	-0.47%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	310,800,000	276,800,000	504,350,000	716,440,000	681,530,000	651,784,000	539,883,333	-113,500,000	687,100,000	358,800,000	226,900,000	224,700,000	178,000,000	770,700,000	977,100,000	1,020,800,000	712,900,000	1,311,000,000	1,705,100,000	1,489,900,000	-11,000,000	1,208,100,000	1,070,800,000	1,026,700,000	-50,200,000	10,900,000	825,800,000	1,045,500,000	755,400,000	627,200,000	122,000,000	113,900,000	126,200,000	-86,100,000	-83,200,000	48,800,000	-103,800,000
Other Working Capital Margin	2.21%	2.22%	5.64%	7.87%	8.05%	9.34%	7.68%	-0.97%	4.77%	2.84%	2.04%	2.46%	1.97%	8.24%	11.76%	13.78%	9.55%	13.48%	15.81%	14.96%	-0.13%	17.52%	16.15%	12.19%	-0.74%	0.20%	15.15%	19.83%	21.61%	21.46%	4.80%	4.88%	5.23%	-2.93%	-2.58%	2.11%	-4.88%
Other Non-Cash Items	294,600,000	178,800,000	113,160,000	73,946,667	56,420,000	46,468,000	38,403,333	898,100,000	-25,700,000	11,400,000	41,300,000	-31,100,000	183,500,000	23,900,000	44,200,000	8,200,000	-22,200,000	-20,200,000	-6,000,000	9,500,000	-9,200,000	3,500,000	-1,500,000	-125,000,000	-6,400,000	162,100,000	-10,000,000	-5,300,000	800,000	33,000,000	3,600,000	1,200,000	17,300,000	-3,300,000	-10,500,000	-19,000,000	5,900,000
Other Non-Cash Items Margin	2.54%	1.53%	1.03%	0.67%	0.56%	0.50%	0.41%	7.70%	-0.18%	0.09%	0.37%	-0.34%	2.03%	0.26%	0.53%	0.11%	-0.30%	-0.21%	-0.06%	0.10%	-0.10%	0.05%	-0.02%	-1.48%	-0.09%	2.98%	-0.18%	-0.10%	0.02%	1.13%	0.14%	0.05%	0.72%	-0.11%	-0.33%	-0.82%	0.28%
Net Cash from Operating Activities	877,066,667	842,120,000	697,370,000	669,340,000	593,795,000	508,112,000	444,050,000	689,900,000	1,103,100,000	838,200,000	682,900,000	896,500,000	695,900,000	595,900,000	577,600,000	369,500,000	524,200,000	438,400,000	797,000,000	666,400,000	725,900,000	438,700,000	351,700,000	291,300,000	504,300,000	442,200,000	246,300,000	265,900,000	88,000,000	73,200,000	225,400,000	174,400,000	233,700,000	11,200,000	100,000,000	206,700,000	67,100,000
Net Cash from Operating Activities Margin	6.73%	7.22%	6.92%	6.82%	6.56%	6.30%	6.09%	5.92%	7.65%	6.63%	6.13%	9.80%	7.70%	6.37%	6.95%	4.99%	7.02%	4.51%	7.39%	6.69%	8.27%	6.36%	5.30%	3.46%	7.39%	8.14%	4.52%	5.04%	2.52%	2.50%	8.87%	7.47%	9.68%	0.38%	3.10%	8.92%	3.16%
Capital Expenditures (PPE)	-433,233,333	-367,880,000	-293,240,000	-295,580,000	-264,130,000	-224,064,000	-207,306,667	-393,300,000	-518,100,000	-388,300,000	-269,800,000	-269,900,000	-273,400,000	-203,300,000	-203,900,000	-201,000,000	-211,400,000	-301,500,000	-391,800,000	-340,500,000	-300,400,000	-167,100,000	-215,300,000	-251,300,000	-141,400,000	-129,100,000	-111,800,000	-78,400,000	-78,700,000	-54,900,000	-39,300,000	-67,700,000	-44,200,000	-121,600,000	-361,300,000	-45,200,000	-45,300,000
Capital Expenditures (PPE) Margin	-3.35%	-3.08%	-2.86%	-2.97%	-2.87%	-2.70%	-2.95%	-3.37%	-3.59%	-3.07%	-2.42%	-2.95%	-3.02%	-2.17%	-2.45%	-2.71%	-2.83%	-3.10%	-3.63%	-3.42%	-3.42%	-2.42%	-3.25%	-2.98%	-2.07%	-2.38%	-2.05%	-1.49%	-2.25%	-1.88%	-1.55%	-2.90%	-1.83%	-4.13%	-11.21%	-1.95%	-2.13%
Acquisitions (Net)	-459,966,667	-277,160,000	-211,790,000	-223,586,667	-169,320,000	-174,412,000	-145,343,333	-1,262,800,000	-9,800,000	-107,300,000	-32,200,000	26,300,000	-3,100,000	-5,800,000	-293,900,000	-400,100,000	-29,200,000	-134,200,000	-19,500,000	-38,800,000	-1,018,000,000	-25,400,000	-17,100,000	-600,000	-17,800,000	2,900,000	0	-765,700,000	0	-60,700,000	-147,500,000	0	0	0	0	0	0
Acquisitions (Net) Margin	-3.91%	-2.35%	-2.12%	-2.34%	-1.78%	-2.32%	-1.93%	-10.83%	-0.07%	-0.85%	-0.29%	0.29%	-0.03%	-0.06%	-3.54%	-5.40%	-0.39%	-1.38%	-0.18%	-0.39%	-11.60%	-0.37%	-0.26%	-0.01%	-0.26%	0.05%	0.00%	-14.52%	0.00%	-2.08%	-5.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0	-8,440,000	-6,020,000	-6,220,000	-9,935,000	-7,444,000	-6,203,333	0	0	0	-13,100,000	-29,100,000	-3,100,000	-5,800,000	-800,000	-4,500,000	-3,800,000	0	10,000,000	0	-43,100,000	0	-34,500,000	0	-68,000,000	-2,900,000	0	0	0	12,600,000	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	-0.09%	-0.07%	-0.07%	-0.13%	-0.09%	-0.07%	0.00%	0.00%	0.00%	-0.12%	-0.32%	-0.03%	-0.06%	-0.01%	-0.06%	-0.05%	0.00%	0.09%	0.00%	-0.49%	0.00%	-0.52%	0.00%	-1.00%	-0.05%	0.00%	0.00%	0.00%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	-5,300,000	5,260,000	2,940,000	1,393,333	1,885,000	1,556,000	1,296,667	-7,400,000	-21,600,000	13,100,000	13,100,000	29,100,000	3,100,000	0	0	0	0	0	-10,000,000	0	1,500,000	0	37,100,000	0	6,000,000	-2,900,000	-23,400,000	0	0	1,200,000	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	-0.04%	0.07%	0.04%	0.02%	0.02%	0.02%	0.02%	-0.06%	-0.15%	0.10%	0.12%	0.32%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.09%	0.00%	0.02%	0.00%	0.56%	0.00%	0.09%	-0.05%	-0.43%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	866,667	-920,000	1,060,000	-4,246,667	-935,000	2,176,000	-11,906,667	13,100,000	3,800,000	-14,300,000	-9,100,000	1,900,000	4,900,000	3,600,000	4,100,000	2,800,000	-200,000	2,800,000	2,600,000	4,600,000	-3,700,000	-80,600,000	37,100,000	-27,600,000	-2,700,000	3,900,000	34,300,000	47,000,000	20,900,000	1,200,000	6,000,000	-2,000,000	23,600,000	0	0	-301,800,000	-133,400,000
Other Investing Activities Margin	0.01%	-0.01%	0.01%	-0.06%	0.00%	0.06%	-0.56%	0.11%	0.03%	-0.11%	-0.08%	0.02%	0.05%	0.04%	0.05%	0.04%	0.00%	0.03%	0.02%	0.05%	-0.04%	-1.17%	0.56%	-0.33%	-0.04%	0.07%	0.63%	0.89%	0.60%	0.04%	0.24%	-0.09%	0.98%	0.00%	0.00%	-13.02%	-6.28%
Net Cash from Investing Activities	-897,633,333	-649,140,000	-505,560,000	-527,246,667	-441,690,000	-401,592,000	-368,966,667	-1,650,400,000	-545,700,000	-496,800,000	-311,100,000	-241,700,000	-271,600,000	-205,500,000	-493,700,000	-598,300,000	-240,800,000	-432,900,000	-408,700,000	-374,700,000	-1,363,700,000	-273,100,000	-192,700,000	-279,500,000	-223,900,000	-128,100,000	-100,900,000	-797,100,000	-57,800,000	-100,600,000	-180,800,000	-69,700,000	-20,600,000	-121,600,000	-361,300,000	-347,000,000	-178,700,000
Net Cash from Investing Activities Margin	-7.29%	-5.46%	-4.97%	-5.42%	-4.75%	-5.01%	-5.49%	-14.15%	-3.79%	-3.93%	-2.79%	-2.64%	-3.00%	-2.20%	-5.94%	-8.07%	-3.22%	-4.45%	-3.79%	-3.76%	-15.54%	-3.96%	-2.91%	-3.32%	-3.28%	-2.36%	-1.85%	-15.12%	-1.65%	-3.44%	-7.11%	-2.98%	-0.85%	-4.13%	-11.21%	-14.97%	-8.41%
Net Debt Issuance	422,166,667	282,540,000	168,030,000	126,000,000	67,185,000	69,464,000	70,840,000	1,362,300,000	-128,800,000	33,000,000	-3,800,000	150,000,000	-108,400,000	-176,100,000	-125,800,000	495,500,000	182,400,000	-100,600,000	-58,100,000	-222,500,000	689,500,000	-98,600,000	-61,400,000	37,000,000	-121,000,000	-170,000,000	-230,900,000	413,600,000	84,300,000	22,200,000	-19,700,000	-107,500,000	-204,700,000	185,500,000	118,400,000	174,500,000	114,900,000
Net Debt Issuance Margin	3.68%	2.53%	1.72%	1.32%	0.51%	0.63%	1.01%	11.68%	-0.89%	0.26%	-0.03%	1.64%	-1.20%	-1.88%	-1.51%	6.69%	2.44%	-1.03%	-0.54%	-2.23%	7.86%	-1.43%	-0.93%	0.44%	-1.77%	-3.13%	-4.24%	7.84%	2.41%	0.76%	-0.78%	-4.60%	-8.48%	6.31%	3.67%	7.53%	5.41%
Long-Term Debt Issuance	422,166,667	282,540,000	168,030,000	126,000,000	67,205,000	69,480,000	70,853,333	1,362,300,000	-128,800,000	33,000,000	-3,800,000	150,000,000	-108,400,000	-176,100,000	-125,800,000	495,500,000	182,400,000	-100,600,000	-58,100,000	-222,500,000	689,500,000	-98,600,000	-61,000,000	37,000,000	-121,000,000	-170,000,000	-230,900,000	413,600,000	84,300,000	22,200,000	-19,700,000	-107,500,000	-204,700,000	185,500,000	118,400,000	174,500,000	114,900,000
Long-Term Debt Issuance Margin	3.68%	2.53%	1.72%	1.32%	0.51%	0.63%	1.01%	11.68%	-0.89%	0.26%	-0.03%	1.64%	-1.20%	-1.88%	-1.51%	6.69%	2.44%	-1.03%	-0.54%	-2.23%	7.86%	-1.43%	-0.92%	0.44%	-1.77%	-3.13%	-4.24%	7.84%	2.41%	0.76%	-0.78%	-4.60%	-8.48%	6.31%	3.67%	7.53%	5.41%
Short-Term Debt Issuance	0	0	0	0	-20,000	-16,000	-13,333	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-400,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt 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%	-0.01%	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%
Net Stock Issuance	-31,866,667	-57,120,000	-110,680,000	-108,286,667	-80,180,000	-51,244,000	-40,896,667	-22,000,000	-53,000,000	-20,600,000	-135,000,000	-55,000,000	-130,000,000	-184,300,000	-6,900,000	-212,500,000	-287,500,000	-499,700,000	-1,000,000	-17,600,000	300,000	500,000	0	300,000	8,200,000	10,800,000	1,400,000	303,000,000	2,500,000	10,300,000	6,400,000	300,000	0	-87,700,000	142,200,000	1,700,000	-2,000,000
Net Stock Issuance Margin	-0.24%	-0.51%	-1.27%	-1.20%	-0.89%	-0.45%	-0.33%	-0.19%	-0.37%	-0.16%	-1.21%	-0.60%	-1.44%	-1.97%	-0.08%	-2.87%	-3.85%	-5.14%	-0.01%	-0.18%	0.00%	0.01%	0.00%	0.00%	0.12%	0.20%	0.03%	5.75%	0.07%	0.35%	0.25%	0.01%	0.00%	-2.98%	4.41%	0.07%	-0.09%
Common Stock Issuance	0	0	0	53,333	1,075,000	13,760,000	16,320,000	0	0	0	0	0	0	0	0	0	0	0	0	0	300,000	500,000	0	300,000	8,200,000	10,800,000	1,400,000	303,000,000	2,500,000	10,300,000	6,400,000	300,000	0	400,000	142,200,000	1,700,000	1,300,000
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.02%	0.27%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.12%	0.20%	0.03%	5.75%	0.07%	0.35%	0.25%	0.01%	0.00%	0.01%	4.41%	0.07%	0.06%
Common Stock Repurchased	-31,866,667	-57,120,000	-110,680,000	-108,340,000	-81,255,000	-65,528,000	-57,653,333	-22,000,000	-53,000,000	-20,600,000	-135,000,000	-55,000,000	-130,000,000	-184,300,000	-6,900,000	-212,500,000	-287,500,000	-499,700,000	-1,000,000	-17,600,000	0	0	0	0	0	0	0	0	0	0	-13,100,000	0	0	-88,100,000	0	0	-3,300,000
Common Stock Repurchased Margin	-0.24%	-0.51%	-1.27%	-1.20%	-0.90%	-0.74%	-0.72%	-0.19%	-0.37%	-0.16%	-1.21%	-0.60%	-1.44%	-1.97%	-0.08%	-2.87%	-3.85%	-5.14%	-0.01%	-0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.52%	0.00%	0.00%	-3.00%	0.00%	0.00%	-0.16%
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	-378,266,667	-308,260,000	-176,540,000	-123,006,667	-92,255,000	-73,924,000	-61,920,000	-273,100,000	-457,400,000	-404,300,000	-358,500,000	-48,000,000	-48,000,000	-47,100,000	-44,500,000	-42,500,000	-42,000,000	-40,800,000	-38,900,000	0	0	0	0	0	0	0	0	0	0	0	-500,000	-2,500,000	-2,400,000	-2,400,000	-2,500,000	-2,200,000	0
Net Dividends Paid Margin	-2.90%	-2.49%	-1.52%	-1.06%	-0.80%	-0.64%	-0.55%	-2.34%	-3.17%	-3.20%	-3.22%	-0.52%	-0.53%	-0.50%	-0.54%	-0.57%	-0.56%	-0.42%	-0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.02%	-0.11%	-0.10%	-0.08%	-0.08%	-0.09%	0.00%
Common Dividends Paid	-378,266,667	-308,260,000	-176,540,000	-123,006,667	-92,255,000	-73,924,000	-61,920,000	-273,100,000	-457,400,000	-404,300,000	-358,500,000	-48,000,000	-48,000,000	-47,100,000	-44,500,000	-42,500,000	-42,000,000	-40,800,000	-38,900,000	0	0	0	0	0	0	0	0	0	0	0	-500,000	-2,500,000	-2,400,000	-2,400,000	-2,500,000	-2,200,000	0
Common Dividends Paid Margin	-2.90%	-2.49%	-1.52%	-1.06%	-0.80%	-0.64%	-0.55%	-2.34%	-3.17%	-3.20%	-3.22%	-0.52%	-0.53%	-0.50%	-0.54%	-0.57%	-0.56%	-0.42%	-0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.02%	-0.11%	-0.10%	-0.08%	-0.08%	-0.09%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-23,100,000	-27,160,000	-17,850,000	-15,986,667	-12,590,000	-11,832,000	-10,390,000	-21,700,000	-32,500,000	-15,100,000	-42,200,000	-24,300,000	-27,000,000	-5,800,000	500,000	-4,100,000	-6,300,000	-20,900,000	-8,800,000	-1,500,000	-18,800,000	-11,300,000	-3,900,000	-3,200,000	0	-4,900,000	0	-21,100,000	-9,800,000	0	-13,100,000	0	0	0	-3,500,000	-12,400,000	0
Other Financing Activities Margin	-0.18%	-0.24%	-0.17%	-0.16%	-0.13%	-0.15%	-0.15%	-0.19%	-0.23%	-0.12%	-0.38%	-0.27%	-0.30%	-0.06%	0.01%	-0.06%	-0.08%	-0.21%	-0.08%	-0.02%	-0.21%	-0.16%	-0.06%	-0.04%	0.00%	-0.09%	0.00%	-0.40%	-0.28%	0.00%	-0.52%	0.00%	0.00%	0.00%	-0.11%	-0.54%	0.00%
Net Cash from Financing Activities	-11,066,667	-110,000,000	-137,040,000	-121,280,000	-117,840,000	-67,536,000	-42,366,667	1,045,500,000	-671,700,000	-407,000,000	-539,500,000	22,700,000	-313,400,000	-413,300,000	-176,700,000	236,400,000	-153,400,000	-662,000,000	-106,800,000	-241,600,000	671,000,000	-109,400,000	-65,300,000	34,100,000	-112,800,000	-164,100,000	-229,500,000	695,500,000	77,000,000	32,500,000	-26,900,000	-109,700,000	-207,100,000	95,400,000	254,600,000	161,600,000	112,900,000
Net Cash from Financing Activities Margin	0.36%	-0.70%	-1.24%	-1.10%	-1.30%	-0.61%	-0.01%	8.97%	-4.66%	-3.22%	-4.84%	0.25%	-3.47%	-4.42%	-2.13%	3.19%	-2.05%	-6.81%	-0.99%	-2.43%	7.65%	-1.59%	-0.98%	0.40%	-1.65%	-3.02%	-4.21%	13.19%	2.20%	1.11%	-1.06%	-4.70%	-8.58%	3.24%	7.90%	6.97%	5.31%
Effect of FX on Cash	-60,500,000	-47,000,000	-29,870,000	-23,393,333	-19,845,000	-15,208,000	-12,846,667	-67,800,000	-79,700,000	-34,000,000	-62,300,000	8,800,000	-4,200,000	-18,700,000	30,800,000	-4,600,000	-67,000,000	-27,000,000	-15,600,000	6,800,000	-28,700,000	12,300,000	46,800,000	-116,100,000	13,700,000	30,500,000	-20,900,000	14,300,000	5,500,000	300,000	-2,100,000	-1,300,000	-2,300,000	-300,000	-3,800,000	400,000	800,000
Effect of FX on Cash Margin	-0.47%	-0.37%	-0.27%	-0.21%	-0.17%	-0.13%	-0.11%	-0.58%	-0.55%	-0.27%	-0.56%	0.10%	-0.05%	-0.20%	0.37%	-0.06%	-0.90%	-0.28%	-0.14%	0.07%	-0.33%	0.18%	0.71%	-1.38%	0.20%	0.56%	-0.38%	0.27%	0.16%	0.01%	-0.08%	-0.06%	-0.10%	-0.01%	-0.12%	0.02%	0.04%
Net Change in Cash	-92,133,333	35,980,000	24,900,000	-2,580,000	14,420,000	23,776,000	19,870,000	17,200,000	-194,000,000	-99,600,000	-230,000,000	686,300,000	106,700,000	-41,600,000	-62,000,000	3,000,000	63,000,000	-683,500,000	265,900,000	56,900,000	4,500,000	68,500,000	140,500,000	-70,200,000	181,300,000	180,500,000	-105,000,000	178,600,000	112,700,000	5,400,000	15,600,000	-6,300,000	3,700,000	-15,300,000	-10,500,000	21,700,000	2,100,000
Net Change in Cash Margin	-0.66%	0.69%	0.43%	0.09%	0.34%	0.55%	0.47%	0.15%	-1.35%	-0.79%	-2.06%	7.50%	1.18%	-0.44%	-0.75%	0.04%	0.84%	-7.03%	2.47%	0.57%	0.05%	0.99%	2.12%	-0.83%	2.66%	3.32%	-1.93%	3.39%	3.22%	0.18%	0.61%	-0.27%	0.15%	-0.52%	-0.33%	0.94%	0.10%
Cash at Beginning of Period	758,033,333	765,200,000	573,990,000	644,273,333	585,300,000	477,964,000	402,790,000	595,500,000	789,500,000	889,100,000	1,119,100,000	432,800,000	326,100,000	367,700,000	429,700,000	426,700,000	363,700,000	1,047,200,000	781,300,000	724,400,000	719,900,000	651,400,000	512,200,000	582,400,000	401,100,000	220,600,000	325,600,000	147,000,000	34,300,000	28,900,000	13,300,000	19,600,000	15,900,000	31,200,000	41,700,000	20,000,000	25,800,000
Cash at Beginning of Period Margin	5.87%	6.48%	5.57%	6.58%	6.46%	5.41%	4.68%	5.11%	5.48%	7.03%	10.05%	4.73%	3.61%	3.93%	5.17%	5.76%	4.87%	10.77%	7.24%	7.27%	8.21%	9.45%	7.73%	6.91%	5.87%	4.06%	5.97%	2.79%	0.98%	0.99%	0.52%	0.84%	0.66%	1.06%	1.29%	0.86%	1.21%
Cash at End of Period	665,900,000	801,180,000	598,890,000	641,693,333	599,720,000	501,740,000	422,660,000	612,700,000	595,500,000	789,500,000	889,100,000	1,119,100,000	432,800,000	326,100,000	367,700,000	429,700,000	426,700,000	363,700,000	1,047,200,000	781,300,000	724,400,000	719,900,000	652,700,000	512,200,000	582,400,000	401,100,000	220,600,000	325,600,000	147,000,000	34,300,000	28,900,000	13,300,000	19,600,000	15,900,000	31,200,000	41,700,000	27,900,000
Cash at End of Period Margin	5.21%	7.17%	6.01%	6.67%	6.80%	5.97%	5.15%	5.25%	4.13%	6.24%	7.98%	12.23%	4.79%	3.49%	4.43%	5.80%	5.71%	3.74%	9.71%	7.84%	8.26%	10.44%	9.84%	6.08%	8.53%	7.38%	4.05%	6.17%	4.21%	1.17%	1.14%	0.57%	0.81%	0.54%	0.97%	1.80%	1.31%
Operating Cash Flow	877,066,667	842,120,000	697,370,000	669,340,000	593,795,000	508,112,000	444,050,000	689,900,000	1,103,100,000	838,200,000	682,900,000	896,500,000	695,900,000	595,900,000	577,600,000	369,500,000	524,200,000	438,400,000	797,000,000	666,400,000	725,900,000	438,700,000	351,700,000	291,300,000	504,300,000	442,200,000	246,300,000	265,900,000	88,000,000	73,200,000	225,400,000	174,400,000	233,700,000	11,200,000	100,000,000	206,700,000	67,100,000
Operating Cash Flow Margin	6.73%	7.22%	6.92%	6.82%	6.56%	6.30%	6.09%	5.92%	7.65%	6.63%	6.13%	9.80%	7.70%	6.37%	6.95%	4.99%	7.02%	4.51%	7.39%	6.69%	8.27%	6.36%	5.30%	3.46%	7.39%	8.14%	4.52%	5.04%	2.52%	2.50%	8.87%	7.47%	9.68%	0.38%	3.10%	8.92%	3.16%
Capital Expenditure	-433,233,333	-367,880,000	-293,240,000	-295,580,000	-264,130,000	-224,064,000	-207,306,667	-393,300,000	-518,100,000	-388,300,000	-269,800,000	-269,900,000	-273,400,000	-203,300,000	-203,900,000	-201,000,000	-211,400,000	-301,500,000	-391,800,000	-340,500,000	-300,400,000	-167,100,000	-215,300,000	-251,300,000	-141,400,000	-129,100,000	-111,800,000	-78,400,000	-78,700,000	-54,900,000	-39,300,000	-67,700,000	-44,200,000	-121,600,000	-361,300,000	-45,200,000	-45,300,000
Capital Expenditure Margin	-3.35%	-3.08%	-2.86%	-2.97%	-2.87%	-2.70%	-2.95%	-3.37%	-3.59%	-3.07%	-2.42%	-2.95%	-3.02%	-2.17%	-2.45%	-2.71%	-2.83%	-3.10%	-3.63%	-3.42%	-3.42%	-2.42%	-3.25%	-2.98%	-2.07%	-2.38%	-2.05%	-1.49%	-2.25%	-1.88%	-1.55%	-2.90%	-1.83%	-4.13%	-11.21%	-1.95%	-2.13%
Free Cash Flow	443,833,333	474,240,000	404,130,000	373,760,000	329,665,000	284,048,000	236,743,333	296,600,000	585,000,000	449,900,000	413,100,000	626,600,000	422,500,000	392,600,000	373,700,000	168,500,000	312,800,000	136,900,000	405,200,000	325,900,000	425,500,000	271,600,000	136,400,000	40,000,000	362,900,000	313,100,000	134,500,000	187,500,000	9,300,000	18,300,000	186,100,000	106,700,000	189,500,000	-110,400,000	-261,300,000	161,500,000	21,800,000
Free Cash Flow Margin	3.39%	4.14%	4.05%	3.85%	3.69%	3.61%	3.14%	2.54%	4.06%	3.56%	3.71%	6.85%	4.67%	4.20%	4.50%	2.27%	4.19%	1.41%	3.76%	3.27%	4.85%	3.94%	2.06%	0.47%	5.31%	5.76%	2.47%	3.56%	0.27%	0.63%	7.32%	4.57%	7.85%	-3.75%	-8.10%	6.97%	1.03%

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	12,908,566,667	11,802,740,000	10,059,140,000	9,782,266,667	8,975,090,000	7,842,828,000	6,969,743,333	11,661,900,000	14,412,400,000	12,651,400,000	11,138,300,000	9,149,700,000	9,041,400,000	9,352,000,000	8,306,500,000	7,410,500,000	7,467,300,000	9,723,700,000	10,786,900,000	9,962,200,000	8,773,200,000	6,896,600,000	6,630,400,000	8,424,600,000	6,828,100,000	5,435,000,000	5,449,700,000	5,273,300,000	3,495,300,000	2,922,700,000	2,541,500,000	2,336,100,000	2,413,300,000	2,941,400,000	3,224,400,000	2,317,500,000	2,125,000,000
EBITDA	1,057,866,666	1,056,800,000	831,340,000	835,886,667	733,600,000	635,268,000	576,456,667	58,599,999	1,692,200,000	1,422,800,000	1,251,500,000	858,900,000	561,900,000	705,800,000	615,700,000	542,900,000	603,100,000	891,300,000	1,140,800,000	908,400,000	791,200,000	493,200,000	367,100,000	725,600,000	511,300,000	167,700,000	362,000,000	416,800,000	277,000,000	199,000,000	181,400,000	135,500,000	141,900,000	275,400,000	409,300,000	280,500,000	304,900,000
EBITDA Margin	7.83%	8.82%	8.07%	8.38%	7.85%	7.71%	8.23%	0.50%	11.74%	11.25%	11.24%	9.39%	6.21%	7.55%	7.41%	7.33%	8.08%	9.17%	10.58%	9.12%	9.02%	7.15%	5.54%	8.61%	7.49%	3.09%	6.64%	7.90%	7.92%	6.81%	7.14%	5.80%	5.88%	9.36%	12.69%	12.10%	14.35%
(-) Tax Adjustment	217,775,910	210,607,159	216,902,325	212,018,092	214,958,260	196,920,490	177,562,451	14,892,149	278,150,018	360,285,563	134,332,706	265,375,358	334,622,925	198,360,922	254,746,113	198,317,670	129,939,822	282,644,045	346,611,189	191,454,012	31,912,641	158,626,248	107,914,412	216,955,059	159,236,287	335,400,000	299,388,068	160,107,665	116,379,451	398,000,000	23,446,259	-74,086,331	-44,949,689	101,931,359	145,762,108	98,076,923	103,040,564
(-) Tax Adjustment Margin	1.64%	1.80%	2.23%	2.20%	2.56%	2.76%	2.81%	0.13%	1.93%	2.85%	1.21%	2.90%	3.70%	2.12%	3.07%	2.68%	1.74%	2.91%	3.21%	1.92%	0.36%	2.30%	1.63%	2.58%	2.33%	6.17%	5.49%	3.04%	3.33%	13.62%	0.92%	-3.17%	-1.86%	3.47%	4.52%	4.23%	4.85%
(-) Change In Working Capital	-125,566,667	-126,620,000	-62,170,000	-60,760,000	-34,035,000	-17,560,000	-21,253,333	29,500,000	-112,700,000	-293,500,000	-451,200,000	194,800,000	61,200,000	-33,200,000	40,200,000	-93,700,000	36,900,000	-218,800,000	-105,000,000	-89,800,000	79,500,000	44,400,000	83,800,000	-170,800,000	98,000,000	209,000,000	10,700,000	-15,700,000	-41,300,000	-500,000	161,600,000	137,600,000	198,300,000	-103,400,000	-183,600,000	26,200,000	-136,100,000
(-) Change In Working Capital Margin	-0.95%	-0.95%	-0.47%	-0.49%	-0.13%	0.33%	0.06%	0.25%	-0.78%	-2.32%	-4.05%	2.13%	0.68%	-0.36%	0.48%	-1.26%	0.49%	-2.25%	-0.97%	-0.90%	0.91%	0.64%	1.26%	-2.03%	1.44%	3.85%	0.20%	-0.30%	-1.18%	-0.02%	6.36%	5.89%	8.22%	-3.52%	-5.69%	1.13%	-6.40%
(-) Capital Expenditure	-433,233,333	-367,880,000	-293,240,000	-295,580,000	-264,130,000	-224,064,000	-207,306,667	-393,300,000	-518,100,000	-388,300,000	-269,800,000	-269,900,000	-273,400,000	-203,300,000	-203,900,000	-201,000,000	-211,400,000	-301,500,000	-391,800,000	-340,500,000	-300,400,000	-167,100,000	-215,300,000	-251,300,000	-141,400,000	-129,100,000	-111,800,000	-78,400,000	-78,700,000	-54,900,000	-39,300,000	-67,700,000	-44,200,000	-121,600,000	-361,300,000	-45,200,000	-45,300,000
(-) Capital Expenditure Margin	-3.35%	-3.08%	-2.86%	-2.97%	-2.87%	-2.70%	-2.95%	-3.37%	-3.59%	-3.07%	-2.42%	-2.95%	-3.02%	-2.17%	-2.45%	-2.71%	-2.83%	-3.10%	-3.63%	-3.42%	-3.42%	-2.42%	-3.25%	-2.98%	-2.07%	-2.38%	-2.05%	-1.49%	-2.25%	-1.88%	-1.55%	-2.90%	-1.83%	-4.13%	-11.21%	-1.95%	-2.13%
Unlevered Free Cash Flow	532,424,090	604,932,841	383,367,675	389,048,574	288,546,740	231,843,510	212,840,883	-379,092,150	1,008,649,982	967,714,437	1,298,567,294	128,824,642	-107,322,925	337,339,078	116,853,887	237,282,330	224,860,178	525,955,955	507,388,811	466,245,988	379,387,359	123,073,752	-39,914,412	428,144,941	112,663,713	-505,800,000	-59,888,068	193,992,335	123,220,549	-253,400,000	-42,946,259	4,286,331	-55,650,311	155,268,641	85,837,892	111,023,077	292,659,436
Unlevered Free Cash Flow Margin	3.80%	4.89%	3.45%	3.69%	2.56%	1.93%	2.41%	-3.25%	7.00%	7.65%	11.66%	1.41%	-1.19%	3.61%	1.41%	3.20%	3.01%	5.41%	4.70%	4.68%	4.32%	1.78%	-0.60%	5.08%	1.65%	-9.31%	-1.10%	3.68%	3.53%	-8.67%	-1.69%	0.18%	-2.31%	5.28%	2.66%	4.79%	13.77%
(-) Net Interest Income After Taxes	-27,813,267	-19,957,215	-23,404,344	-27,275,098	-21,910,115	-18,520,613	-15,433,844	-69,887,810	-3,843,890	-9,708,102	-5,980,840	-10,365,432	-8,049,144	-34,150,405	-25,032,858	-31,798,811	-35,226,152	-39,880,520	-40,377,762	-45,460,248	-26,774,668	-22,589,834	-30,571,332	-23,273,170	-16,594,437	55,200,000	-13,836,891	-47,421,569	-34,791,455	57,400,000	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	-0.23%	-0.17%	-0.25%	-0.29%	-0.23%	-0.18%	-0.15%	-0.60%	-0.03%	-0.08%	-0.05%	-0.11%	-0.09%	-0.37%	-0.30%	-0.43%	-0.47%	-0.41%	-0.37%	-0.46%	-0.31%	-0.33%	-0.46%	-0.28%	-0.24%	1.02%	-0.25%	-0.90%	-1.00%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	422,166,667	282,540,000	168,030,000	126,000,000	67,185,000	69,464,000	70,840,000	1,362,300,000	-128,800,000	33,000,000	-3,800,000	150,000,000	-108,400,000	-176,100,000	-125,800,000	495,500,000	182,400,000	-100,600,000	-58,100,000	-222,500,000	689,500,000	-98,600,000	-61,400,000	37,000,000	-121,000,000	-170,000,000	-230,900,000	413,600,000	84,300,000	22,200,000	-19,700,000	-107,500,000	-204,700,000	185,500,000	118,400,000	174,500,000	114,900,000
Net Debt Issuance Margin	3.68%	2.53%	1.72%	1.32%	0.51%	0.63%	1.01%	11.68%	-0.89%	0.26%	-0.03%	1.64%	-1.20%	-1.88%	-1.51%	6.69%	2.44%	-1.03%	-0.54%	-2.23%	7.86%	-1.43%	-0.93%	0.44%	-1.77%	-3.13%	-4.24%	7.84%	2.41%	0.76%	-0.78%	-4.60%	-8.48%	6.31%	3.67%	7.53%	5.41%
Levered Free Cash Flow	982,404,024	907,430,056	574,802,020	542,323,673	377,641,855	319,828,123	299,114,727	1,053,095,660	883,693,872	1,010,422,539	1,300,748,133	289,190,074	-207,673,781	195,389,483	16,086,745	764,581,141	442,486,330	465,236,476	489,666,573	289,206,236	1,095,662,027	47,063,586	-70,743,080	488,418,111	8,258,149	-731,000,000	-276,951,177	655,013,904	242,312,004	-288,600,000	-62,646,259	-103,213,669	-260,350,311	340,768,641	204,237,892	285,523,077	407,559,436
Levered Free Cash Flow Margin	7.72%	7.60%	5.42%	5.31%	3.30%	2.74%	3.57%	9.03%	6.13%	7.99%	11.68%	3.16%	-2.30%	2.09%	0.19%	10.32%	5.93%	4.78%	4.54%	2.90%	12.49%	0.68%	-1.07%	5.80%	0.12%	-13.45%	-5.08%	12.42%	6.93%	-9.87%	-2.46%	-4.42%	-10.79%	11.59%	6.33%	12.32%	19.18%