Vulcan Materials Company (VMC)

Category: Company Returns Sector: Basic Materials Industry: Construction Materials Live Price: $305.97

Income Returns

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
Net Income	807M	735M	605M	404M	370M	340M	318M	1,123M	846M	912M	933M	576M	671M	585M	618M	516M	601M	419M	221M	205M	24M	-53M	-71M	-96M	30M	-4M	451M	468M	389M	287M	195M	170M	223M	220M	240M	256M	209M	189M	166M
Revenue	7,505M	6,585M	5,314M	4,440M	4,125M	3,811M	3,470M	7,874M	7,398M	7,418M	7,782M	7,315M	5,552M	4,857M	4,929M	4,383M	3,890M	3,593M	3,422M	2,994M	2,771M	2,567M	2,565M	2,559M	2,690M	3,651M	3,328M	3,342M	2,895M	2,454M	2,310M	2,648M	2,866M	2,492M	2,356M	1,776M	1,679M	1,569M	1,461M
Return on Revenue	10.72%	11.25%	11.42%	7.55%	7.76%	7.94%	8.63%	14.26%	11.43%	12.29%	11.99%	7.87%	12.08%	12.03%	12.53%	11.77%	15.45%	11.68%	6.46%	6.84%	0.88%	-2.05%	-2.76%	-3.77%	1.13%	-0.11%	13.55%	13.99%	13.43%	11.71%	8.44%	6.42%	7.77%	8.82%	10.17%	14.41%	12.46%	12.02%	11.38%
Cost of Revenue	5,670M	4,953M	3,978M	3,420M	3,171M	2,925M	2,627M	5,657M	5,464M	5,418M	5,833M	5,758M	4,179M	3,575M	3,673M	3,282M	2,897M	2,604M	2,565M	2,407M	2,344M	2,233M	2,281M	2,258M	2,245M	2,902M	2,377M	2,411M	2,187M	1,872M	1,754M	2,132M	2,242M	1,702M	1,585M	1,096M	1,075M	1,007M	934M
Return on Cost of Revenue	14.28%	15.05%	15.32%	10.20%	10.52%	10.71%	12.07%	19.85%	15.48%	16.83%	16.00%	10.00%	16.05%	16.35%	16.82%	15.72%	20.75%	16.11%	8.62%	8.52%	1.04%	-2.35%	-3.10%	-4.27%	1.35%	-0.14%	18.97%	19.40%	17.78%	15.35%	11.12%	7.97%	9.93%	12.92%	15.12%	23.34%	19.45%	18.73%	17.79%
Gross Profit	1,835M	1,632M	1,336M	1,019M	954M	886M	843M	2,216M	1,935M	2,000M	1,949M	1,558M	1,373M	1,282M	1,256M	1,101M	994M	989M	858M	588M	427M	334M	284M	301M	446M	750M	951M	932M	709M	583M	556M	516M	624M	790M	771M	680M	603M	562M	527M
Return on Gross Profit	43.48%	44.98%	44.97%	27.83%	28.81%	30.28%	30.85%	50.66%	43.72%	45.60%	47.89%	36.95%	48.84%	45.61%	49.18%	46.85%	60.51%	42.42%	25.79%	34.88%	5.71%	-15.75%	-24.93%	-32.09%	6.80%	-0.55%	47.42%	50.17%	54.85%	49.32%	35.08%	32.89%	35.68%	27.84%	31.09%	37.63%	34.66%	33.55%	31.54%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on R&D Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	530M	473M	400M	360M	343M	314M	293M	566M	535M	531M	543M	515M	418M	360M	371M	333M	325M	317M	287M	272M	259M	259M	290M	328M	322M	343M	290M	264M	232M	205M	179M	197M	198M	217M	206M	199M	190M	175M	160M
Return on SG&A Expenses	151.79%	155.69%	149.44%	100.33%	100.65%	102.51%	104.31%	198.32%	157.99%	171.70%	171.92%	111.75%	160.63%	162.45%	166.71%	154.72%	185.00%	132.43%	77.11%	75.26%	9.40%	-20.30%	-24.41%	-29.46%	9.43%	-1.20%	155.70%	176.91%	167.27%	140.50%	109.04%	86.27%	112.49%	101.34%	116.59%	128.59%	109.82%	107.71%	104.01%
Operating Expenses	588M	502M	423M	353M	340M	320M	321M	575M	601M	635M	521M	606M	363M	386M	378M	353M	354M	323M	308M	49M	236M	249M	220M	315M	298M	501M	236M	237M	232M	205M	179M	197M	168M	449M	413M	337M	320M	288M	271M
Return on Operating Expenses	139.20%	150.82%	143.47%	118.38%	117.04%	114.32%	106.15%	195.42%	140.76%	143.58%	179.08%	94.94%	185.00%	151.50%	163.23%	146.02%	169.60%	129.88%	71.87%	414.45%	10.31%	-21.10%	-32.11%	-30.61%	10.19%	-0.82%	190.67%	197.43%	167.58%	140.50%	109.04%	86.27%	132.59%	48.94%	58.08%	75.98%	65.43%	65.55%	61.44%
Operating Income (EBIT)	1,248M	1,130M	913M	666M	614M	574M	529M	1,642M	1,334M	1,365M	1,427M	951M	1,011M	896M	878M	748M	639M	666M	550M	538M	190M	85M	63M	-15M	148M	249M	714M	695M	477M	583M	377M	320M	456M	340M	358M	343M	284M	275M	257M
Return on Operating Income (EBIT)	64.24%	64.87%	66.10%	80.13%	71.63%	68.01%	68.30%	68.39%	63.41%	66.83%	65.38%	60.50%	66.36%	65.26%	70.39%	68.98%	94.08%	63.00%	40.23%	38.08%	12.81%	-62.03%	-111.56%	663.62%	20.42%	-1.65%	63.12%	67.26%	81.53%	49.32%	51.72%	53.16%	48.82%	64.58%	66.92%	74.56%	73.70%	68.71%	64.80%
Interest Income	13M	8M	5M	4M	3M	2M	2M	21M	0M	21M	17M	1M	2M	2M	1M	1M	4M	1M	0M	1M	1M	1M	3M	1M	2M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Income	27,322.97%	32,085.03%	43,664.82%	29,515.64%	22,196.57%	17,757.26%	14,797.71%	5,371.77%	0.00%	4,363.16%	5,655.76%	71,950.00%	41,925.00%	36,531.25%	53,477.23%	93,105.60%	13,549.36%	51,981.54%	64,109.28%	21,346.15%	2,585.58%	-4,609.38%	-2,055.11%	-11,180.76%	1,328.40%	-131.64%	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%
Interest Expense	186M	168M	176M	188M	158M	127M	106M	486M	155M	191M	196M	169M	149M	136M	130M	138M	296M	134M	221M	243M	203M	213M	221M	182M	175M	173M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Expense	431.00%	434.42%	363.69%	241.55%	181.91%	145.53%	121.27%	231.25%	545.26%	476.94%	475.88%	340.19%	449.30%	429.78%	474.39%	373.83%	203.43%	312.88%	100.27%	84.20%	12.04%	-24.68%	-32.08%	-53.13%	17.30%	-2.38%	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%
Net Interest Income	-173M	-160M	-171M	-184M	-155M	-124M	-104M	-465M	-155M	-170M	-180M	-168M	-148M	-134M	-129M	-137M	-291M	-133M	-220M	-242M	-202M	-212M	-217M	-181M	-173M	-170M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Net Interest Income	-465.62%	-457.19%	-376.18%	-249.84%	-188.14%	-150.51%	-125.42%	-241.65%	-545.26%	-535.47%	-519.60%	-341.81%	-454.16%	-434.90%	-478.81%	-375.34%	-206.53%	-314.77%	-100.42%	-84.54%	-12.09%	24.82%	32.59%	53.39%	-17.52%	2.43%	0.00%	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	352M	325M	340M	366M	310M	268M	222M	700M	320M	363M	362M	332M	285M	286M	249M	262M	569M	252M	442M	482M	396M	417M	434M	358M	341M	344M	47M	-8M	-3M	207M	66M	62M	132M	28M	7M	-32M	-17M	-11M	-2M
Return on Unusual Items	227.60%	224.52%	189.00%	125.53%	-708.17%	-500.23%	-712.50%	160.29%	263.95%	251.42%	257.86%	173.53%	235.62%	204.16%	248.21%	196.99%	105.69%	166.52%	50.02%	42.54%	6.16%	-12.61%	-16.29%	-26.92%	8.90%	-1.20%	961.12%	-5,584.50%	-11,430.67%	138.76%	297.46%	274.48%	168.64%	778.35%	3,631.82%	-809.81%	-1,244.64%	-1,699.10%	-8,747.37%
EBT Excluding Unusual Items	716M	639M	404M	119M	148M	162M	189M	706M	848M	809M	883M	456M	589M	457M	509M	361M	-207M	295M	-114M	-183M	-399M	-538M	-588M	-551M	-360M	-269M	621M	712M	484M	168M	246M	196M	192M	284M	345M	406M	317M	297M	260M
Return on EBT Excluding Unusual Items	114.81%	117.21%	50.90%	28.68%	32.10%	46.88%	49.93%	159.14%	99.73%	112.66%	105.66%	126.12%	113.87%	127.76%	121.38%	142.71%	-289.73%	142.04%	-193.49%	-112.06%	-6.10%	9.78%	12.03%	17.52%	-8.42%	1.53%	72.66%	65.68%	80.38%	170.60%	79.29%	86.77%	115.98%	77.43%	69.48%	62.97%	65.90%	63.57%	63.85%
Pre-Tax Income	1,068M	965M	744M	485M	459M	430M	411M	1,406M	1,168M	1,172M	1,245M	788M	874M	744M	758M	623M	361M	547M	328M	299M	-4M	-120M	-154M	-192M	-19M	75M	668M	703M	480M	376M	311M	258M	324M	312M	352M	375M	301M	286M	258M
Return on Pre-Tax Income	75.26%	76.23%	85.59%	27.06%	22.89%	32.08%	37.94%	79.86%	72.38%	77.80%	74.95%	73.04%	76.77%	78.58%	81.52%	82.76%	166.39%	76.65%	67.46%	68.57%	-658.44%	43.68%	46.04%	50.20%	-157.71%	-5.48%	67.55%	66.46%	80.95%	76.52%	62.60%	65.93%	68.72%	70.42%	68.17%	68.28%	69.58%	66.04%	64.32%
Income Tax Expense	248M	220M	133M	77M	88M	89M	91M	280M	314M	251M	299M	193M	200M	156M	135M	105M	-232M	125M	95M	92M	-24M	-66M	-78M	-90M	-38M	77M	204M	226M	136M	114M	88M	67M	101M	92M	112M	119M	91M	97M	92M
Return on Income Tax Expense	324.22%	336.61%	293.90%	222.64%	198.34%	206.00%	206.10%	400.39%	269.76%	362.73%	311.69%	298.24%	335.23%	375.15%	456.86%	489.15%	-259.05%	335.99%	232.96%	223.49%	-99.69%	79.10%	90.18%	107.61%	-80.05%	-5.36%	220.58%	206.91%	285.01%	251.31%	221.61%	252.61%	219.66%	238.12%	214.21%	215.22%	228.77%	194.43%	180.26%
Depreciation and Amortization	598M	528M	422M	389M	367M	345M	311M	712M	607M	618M	603M	573M	450M	397M	375M	346M	306M	285M	263M	268M	296M	324M	354M	373M	395M	389M	271M	226M	223M	245M	277M	268M	278M	232M	207M	138M	129M	113M	111M
Return on Depreciation and Amortization	134.26%	139.84%	144.07%	97.56%	100.85%	97.71%	107.46%	157.62%	139.30%	147.68%	154.73%	100.38%	149.10%	147.30%	164.89%	148.97%	196.49%	147.22%	83.99%	76.49%	8.23%	-16.23%	-20.02%	-25.84%	7.68%	-1.06%	166.10%	206.54%	174.43%	117.28%	70.36%	63.46%	80.04%	94.63%	115.74%	185.70%	161.84%	167.50%	150.14%
EBITDA	1,852M	1,661M	1,342M	1,061M	986M	914M	836M	2,604M	1,947M	1,981M	2,044M	1,531M	1,473M	1,277M	1,263M	1,108M	963M	966M	812M	810M	495M	417M	420M	363M	551M	637M	986M	921M	700M	623M	654M	587M	704M	573M	565M	481M	413M	387M	367M
Return on EBITDA	43.10%	44.12%	44.92%	28.23%	29.01%	30.21%	33.18%	43.12%	43.43%	46.04%	45.65%	37.60%	45.54%	45.79%	48.92%	46.57%	62.44%	43.41%	27.25%	25.30%	4.92%	-12.62%	-16.84%	-26.59%	5.51%	-0.65%	45.74%	50.74%	55.56%	46.12%	29.81%	28.93%	31.62%	38.39%	42.40%	53.20%	50.64%	48.72%	45.26%
NOPAT	958M	872M	766M	468M	409M	386M	356M	1,314M	976M	1,072M	1,084M	718M	779M	708M	721M	621M	1,050M	514M	391M	373M	-1,067M	38M	31M	-8M	-144M	-6M	496M	472M	341M	405M	270M	236M	313M	240M	244M	234M	197M	181M	165M
Return on NOPAT	83.76%	83.98%	78.41%	114.28%	103.58%	97.97%	98.91%	85.42%	86.66%	85.08%	86.08%	80.12%	86.07%	82.55%	85.68%	83.03%	57.28%	81.62%	56.63%	54.94%	-2.28%	-138.52%	-227.90%	1,243.88%	-21.05%	74.42%	90.98%	99.09%	113.87%	70.91%	72.08%	71.94%	71.05%	91.70%	98.16%	109.21%	105.92%	104.04%	100.74%
Owner's Earnings	723M	684M	530M	403M	361M	323M	270M	1,194M	819M	941M	678M	551M	638M	615M	584M	378M	417M	325M	177M	231M	32M	167M	199M	106M	258M	32M	239M	257M	394M	329M	278M	189M	214M	-153M	-648M	190M	156M	150M	168M
Return on Owner's Earnings	113.08%	107.87%	117.95%	79.02%	82.67%	74.46%	77.26%	94.00%	103.22%	96.95%	137.72%	104.56%	105.11%	95.02%	105.69%	136.45%	144.23%	128.91%	124.90%	88.62%	75.26%	-31.41%	-35.55%	-91.13%	11.77%	-12.96%	188.62%	181.90%	98.65%	87.45%	70.10%	89.99%	104.04%	-143.50%	-36.97%	134.40%	133.70%	126.15%	99.11%

Balance Sheet Returns

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
Net Income	807M	735M	605M	404M	370M	340M	318M	912M	933M	576M	671M	585M	618M	516M	601M	419M	221M	205M	24M	-53M	-71M	-96M	30M	-4M	451M	468M	389M	287M	195M	170M	223M	220M	240M	256M	209M	189M	166M
Cash & Cash Equivalents	551M	617M	408M	326M	265M	252M	225M	560M	931M	161M	235M	1,197M	272M	40M	142M	259M	284M	141M	194M	275M	156M	48M	22M	10M	35M	55M	275M	271M	417M	171M	101M	55M	53M	181M	129M	51M	22M
Return on Cash & Cash Equivalents	206.59%	190.81%	313.41%	201.62%	270.01%	250.85%	271.99%	162.93%	100.23%	356.63%	285.45%	48.83%	227.43%	1,288.32%	424.43%	161.97%	77.86%	145.05%	12.59%	-19.09%	-45.42%	-202.96%	136.15%	-40.37%	1,292.45%	846.52%	141.30%	105.87%	46.79%	99.50%	220.91%	397.81%	453.98%	141.69%	162.60%	371.26%	758.90%
Short-Term Investments	0M	0M	0M	0M	11M	16M	13M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	4M	37M	0M	0M	175M	179M	5M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Investments	0.00%	0.00%	0.00%	0.00%	47.41%	201.12%	167.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	737.39%	-11.20%	0.00%	0.00%	221.97%	160.36%	3,919.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	551M	617M	408M	326M	275M	268M	238M	560M	931M	161M	235M	1,197M	272M	40M	142M	259M	284M	141M	194M	275M	156M	48M	26M	47M	35M	55M	450M	451M	422M	171M	101M	55M	53M	181M	129M	51M	22M
Return on Cash & Short-Term Investments	206.59%	190.81%	313.41%	201.62%	267.79%	247.36%	269.08%	162.93%	100.23%	356.63%	285.45%	48.83%	227.43%	1,288.32%	424.43%	161.97%	77.86%	145.05%	12.59%	-19.09%	-45.42%	-202.96%	114.93%	-8.77%	1,292.45%	846.52%	86.34%	63.77%	46.23%	99.50%	220.91%	397.81%	453.98%	141.69%	162.60%	371.26%	758.90%
Net Receivables	942M	844M	683M	565M	519M	483M	440M	892M	890M	1,045M	839M	556M	570M	541M	588M	492M	418M	374M	340M	297M	315M	318M	268M	357M	422M	391M	476M	282M	360M	332M	340M	382M	330M	221M	200M	186M	181M
Return on Net Receivables	87.38%	89.44%	89.13%	58.85%	60.04%	61.25%	67.26%	102.20%	104.89%	55.07%	79.98%	105.07%	108.34%	95.38%	102.18%	85.29%	52.91%	54.82%	7.18%	-17.71%	-22.48%	-30.36%	11.31%	-1.15%	106.89%	119.43%	81.61%	102.05%	54.16%	51.15%	65.48%	57.58%	72.70%	115.63%	104.65%	101.67%	91.77%
Inventory	626M	569M	481M	431M	397M	360M	324M	682M	616M	579M	521M	449M	458M	429M	384M	346M	347M	322M	345M	335M	328M	320M	325M	364M	356M	244M	198M	177M	219M	240M	228M	199M	179M	144M	132M	129M	127M
Return on Inventory	128.23%	128.74%	124.01%	82.89%	88.34%	91.87%	101.48%	133.75%	151.59%	99.36%	128.68%	130.30%	134.77%	120.14%	156.42%	121.37%	63.73%	63.68%	7.08%	-15.70%	-21.60%	-30.17%	9.33%	-1.13%	126.55%	191.98%	196.59%	162.20%	88.87%	70.90%	97.49%	110.47%	134.14%	178.08%	157.93%	146.66%	131.07%
Other Current Assets	112M	103M	68M	63M	72M	85M	77M	132M	89M	116M	102M	75M	79M	69M	5M	9M	1M	55M	51M	56M	43M	68M	71M	71M	304M	26M	23M	493M	34M	38M	53M	58M	64M	31M	26M	29M	32M
Return on Other Current Assets	747.34%	735.90%	4,110.63%	2,741.86%	2,240.89%	1,867.64%	1,661.90%	691.36%	1,054.46%	496.21%	660.24%	777.26%	778.77%	747.54%	12,023.70%	4,643.98%	19,232.78%	373.20%	47.82%	-94.29%	-164.17%	-140.95%	42.64%	-5.78%	148.33%	1,827.80%	1,676.83%	58.33%	567.41%	450.62%	419.83%	377.07%	377.48%	830.84%	795.06%	648.11%	514.55%
Total Current Assets	2,231M	2,132M	1,650M	1,400M	1,285M	1,215M	1,094M	2,266M	2,525M	1,902M	1,691M	2,277M	1,379M	1,079M	1,180M	1,120M	1,085M	920M	956M	985M	863M	772M	744M	894M	1,157M	731M	1,165M	1,418M	1,050M	790M	730M	695M	625M	576M	487M	394M	362M
Return on Total Current Assets	35.82%	34.56%	37.42%	24.86%	25.64%	25.41%	28.49%	40.25%	36.96%	30.26%	39.67%	25.67%	44.78%	47.80%	50.94%	37.46%	20.39%	22.26%	2.55%	-5.34%	-8.20%	-12.50%	4.07%	-0.46%	38.96%	63.92%	33.38%	20.27%	18.56%	21.51%	30.51%	31.66%	38.37%	44.40%	42.93%	47.87%	45.90%
Property, Plant & Equipment	7,447M	6,686M	5,273M	4,621M	4,222M	3,748M	3,283M	8,988M	6,729M	6,624M	6,238M	4,849M	4,724M	4,237M	3,919M	3,261M	3,156M	3,072M	3,312M	3,159M	3,418M	3,633M	3,875M	4,156M	3,620M	1,869M	1,604M	1,536M	1,893M	1,976M	2,000M	1,849M	1,640M	896M	808M	765M	698M
Return on Property, Plant & Equipment	10.90%	11.10%	11.60%	7.80%	8.97%	9.60%	11.92%	10.15%	13.87%	8.69%	10.75%	12.05%	13.07%	12.17%	15.34%	12.86%	7.01%	6.67%	0.74%	-1.66%	-2.07%	-2.66%	0.78%	-0.10%	12.46%	25.01%	24.24%	18.70%	10.30%	8.60%	11.13%	11.89%	14.62%	28.57%	25.87%	24.67%	23.81%
Goodwill	3,670M	3,576M	3,352M	3,265M	2,978M	2,382M	1,985M	3,788M	3,532M	3,690M	3,697M	3,172M	3,167M	3,165M	3,122M	3,095M	3,095M	3,095M	3,082M	3,087M	3,087M	3,097M	3,094M	3,083M	3,789M	620M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Goodwill	22.03%	20.53%	17.84%	11.91%	13.34%	10.67%	8.90%	24.07%	26.42%	15.60%	18.15%	18.43%	19.50%	16.30%	19.25%	13.55%	7.15%	6.62%	0.79%	-1.70%	-2.29%	-3.12%	0.98%	-0.13%	11.90%	75.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	1,626M	1,550M	1,254M	1,072M	902M	838M	717M	1,715M	1,461M	1,702M	1,749M	1,124M	1,091M	1,095M	1,064M	769M	767M	758M	698M	693M	698M	692M	683M	674M	0M	0M	617M	600M	580M	576M	589M	562M	455M	94M	0M	0M	0M
Return on Intangible Assets	50.30%	48.25%	48.49%	32.25%	27.53%	29.54%	35.45%	53.18%	63.89%	33.82%	38.35%	52.02%	56.59%	47.09%	56.52%	54.55%	28.85%	27.03%	3.50%	-7.59%	-10.15%	-13.95%	4.44%	-0.61%	0.00%	0.00%	63.00%	47.88%	33.62%	29.50%	37.83%	39.12%	52.70%	272.23%	0.00%	0.00%	0.00%
Long-Term Investments	31M	33M	38M	38M	32M	25M	21M	31M	31M	32M	34M	34M	61M	45M	35M	39M	41M	42M	42M	42M	29M	37M	33M	28M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Long-Term Investments	2,568.32%	2,275.23%	1,687.65%	1,119.93%	843.76%	675.01%	562.51%	2,913.42%	2,981.47%	1,810.06%	1,967.16%	1,704.03%	1,017.41%	1,156.12%	1,712.05%	1,069.42%	545.34%	492.01%	57.52%	-124.98%	-244.03%	-258.09%	91.08%	-14.70%	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%
Tax Assets	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Tax Assets	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	290M	274M	232M	203M	201M	183M	175M	317M	268M	285M	268M	231M	226M	210M	185M	170M	159M	154M	174M	161M	135M	107M	105M	80M	370M	207M	203M	111M	114M	107M	95M	123M	120M	92M	154M	162M	156M
Return on Other Non-Current Assets	279.33%	268.33%	257.20%	169.55%	155.29%	164.37%	164.82%	287.57%	348.60%	201.82%	250.30%	253.36%	273.31%	245.28%	325.33%	247.12%	139.29%	132.82%	14.00%	-32.64%	-52.50%	-90.37%	28.85%	-5.17%	121.88%	225.49%	191.40%	260.08%	170.78%	159.23%	235.11%	178.21%	199.25%	276.95%	136.04%	116.35%	106.74%
Other Assets	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Other Assets	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	13,064M	12,119M	10,149M	9,201M	8,336M	7,177M	6,182M	14,839M	12,021M	12,333M	11,992M	9,410M	9,269M	8,753M	8,325M	7,334M	7,217M	7,141M	7,308M	7,142M	7,366M	7,566M	7,790M	8,020M	7,779M	2,693M	2,424M	2,247M	2,587M	2,659M	2,668M	2,534M	2,215M	1,082M	962M	927M	854M
Return on Total Non-Current Assets	6.19%	6.08%	5.89%	3.94%	4.94%	5.70%	7.95%	6.15%	7.76%	4.67%	5.59%	6.21%	6.66%	5.89%	7.22%	5.72%	3.06%	2.87%	0.33%	-0.74%	-0.96%	-1.28%	0.39%	-0.05%	5.80%	17.36%	16.04%	12.79%	7.54%	6.39%	8.35%	8.68%	10.82%	23.65%	21.73%	20.35%	19.47%
Total Assets	15,295M	14,251M	11,800M	10,601M	9,621M	8,392M	7,276M	17,105M	14,546M	14,235M	13,683M	11,687M	10,649M	9,832M	9,505M	8,454M	8,302M	8,062M	8,264M	8,127M	8,229M	8,338M	8,534M	8,914M	8,936M	3,424M	3,589M	3,665M	3,637M	3,448M	3,398M	3,229M	2,840M	1,659M	1,449M	1,321M	1,216M
Return on Total Assets	5.26%	5.14%	5.07%	3.39%	4.04%	4.49%	5.95%	5.33%	6.42%	4.04%	4.90%	5.00%	5.80%	5.25%	6.33%	4.96%	2.66%	2.54%	0.30%	-0.65%	-0.86%	-1.16%	0.36%	-0.05%	5.05%	13.65%	10.83%	7.84%	5.36%	4.93%	6.55%	6.81%	8.44%	15.43%	14.43%	14.28%	13.67%
Accounts Payable	417M	378M	289M	233M	214M	198M	184M	407M	390M	455M	366M	273M	265M	216M	197M	145M	176M	145M	139M	113M	104M	102M	121M	147M	220M	154M	142M	95M	129M	122M	154M	181M	136M	107M	113M	99M	98M
Return on Accounts Payable	196.58%	197.46%	217.82%	141.87%	146.61%	151.59%	158.35%	224.05%	239.04%	126.64%	183.53%	214.02%	232.94%	238.28%	304.65%	289.22%	125.86%	141.18%	17.50%	-46.40%	-68.10%	-94.31%	24.99%	-2.80%	205.38%	303.17%	273.35%	301.52%	150.70%	139.18%	144.96%	121.28%	176.12%	238.27%	185.87%	191.47%	169.07%
Short-Term Debt	167M	204M	120M	128M	327M	289M	246M	401M	1M	101M	5M	515M	0M	133M	41M	0M	0M	150M	0M	151M	135M	291M	622M	1,394M	2,127M	200M	272M	3M	279M	79M	61M	277M	108M	8M	9M	8M	11M
Return on Short-Term Debt	62,480.14%	40,090.77%	314,705.75%	210,761.05%	158,090.93%	126,858.23%	106,036.56%	227.69%	186,640.00%	572.74%	12,900.00%	113.41%	2,470,648.00%	387.76%	1,452.73%	303,978.99%	170,136.15%	136.49%	14,342.35%	-34.92%	-52.52%	-33.19%	4.87%	-0.30%	21.20%	234.32%	142.89%	8,908.40%	69.95%	215.20%	364.20%	79.36%	222.15%	3,280.77%	2,297.80%	2,272.29%	1,567.92%
Tax Payables	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Tax Payables	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Deferred Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	261M	238M	179M	123M	97M	91M	92M	276M	238M	269M	259M	148M	154M	141M	105M	126M	76M	1M	0M	1M	0M	49M	39M	0M	8M	6M	38M	229M	0M	0M	0M	114M	143M	96M	86M	88M	69M
Return on Other Current Liabilities	312.05%	318.22%	355.06%	2,413.06%	2,560.60%	2,061.22%	1,755.48%	330.16%	391.94%	214.06%	259.50%	395.47%	401.12%	364.62%	571.02%	333.30%	289.39%	39,408.27%	0.00%	-6,565.92%	0.00%	-197.09%	78.70%	0.00%	5,851.41%	8,059.54%	1,026.56%	125.35%	0.00%	0.00%	0.00%	193.18%	168.09%	265.73%	242.86%	214.56%	242.63%
Total Current Liabilities	998M	962M	712M	620M	770M	704M	626M	1,239M	798M	957M	769M	1,048M	536M	603M	443M	372M	353M	452M	299M	436M	406M	582M	857M	1,663M	2,528M	488M	579M	427M	543M	298M	344M	572M	387M	212M	208M	195M	177M
Return on Total Current Liabilities	83.59%	78.75%	90.57%	60.88%	54.87%	54.43%	61.16%	73.59%	117.00%	60.17%	87.20%	55.78%	115.33%	85.60%	135.75%	112.69%	62.57%	45.35%	8.15%	-12.05%	-17.42%	-16.57%	3.54%	-0.25%	17.84%	95.90%	67.14%	67.35%	35.91%	57.06%	64.64%	38.43%	62.00%	120.99%	100.67%	96.87%	93.69%
Long-Term Debt	4,220M	3,861M	3,165M	2,909M	2,504M	2,150M	1,826M	4,907M	3,877M	3,875M	3,875M	2,772M	2,784M	2,779M	2,813M	1,983M	1,980M	1,835M	2,522M	2,526M	2,681M	2,428M	2,116M	2,154M	1,530M	322M	323M	605M	608M	858M	906M	685M	699M	77M	82M	86M	90M
Return on Long-Term Debt	19.17%	19.18%	19.03%	12.92%	24.49%	25.84%	55.82%	18.58%	24.07%	14.85%	17.31%	21.08%	22.18%	18.56%	21.37%	21.16%	11.17%	11.17%	0.97%	-2.08%	-2.64%	-3.97%	1.43%	-0.19%	29.47%	145.17%	120.21%	47.54%	32.08%	19.80%	24.57%	32.08%	34.30%	334.51%	255.31%	220.58%	184.05%
Capital Lease Obligations	526M	524M	301M	200M	150M	120M	100M	521M	507M	548M	643M	400M	388M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	154.59%	142.89%	87.36%	58.24%	43.68%	34.95%	29.12%	174.89%	183.92%	104.96%	104.40%	146.28%	159.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	1,146M	1,030M	820M	788M	744M	660M	570M	1,337M	1,029M	1,073M	1,006M	706M	633M	567M	464M	703M	681M	691M	701M	657M	733M	844M	894M	920M	672M	288M	275M	349M	339M	345M	319M	269M	251M	99M	89M	87M	86M
Return on Deferred Tax Liabilities	70.86%	72.41%	77.22%	51.75%	57.50%	59.64%	83.08%	68.23%	90.70%	53.65%	66.69%	82.78%	97.57%	90.93%	129.54%	59.68%	32.47%	29.65%	3.48%	-8.00%	-9.66%	-11.44%	3.39%	-0.45%	67.15%	162.39%	141.33%	82.44%	57.52%	49.21%	69.91%	81.81%	95.57%	259.80%	235.74%	216.78%	193.48%
Other Non-Current Liabilities	724M	677M	628M	623M	582M	504M	437M	821M	681M	670M	655M	560M	506M	494M	624M	643M	625M	673M	579M	672M	618M	530M	621M	626M	447M	319M	285M	271M	253M	158M	144M	127M	180M	118M	79M	70M	66M
Return on Other Non-Current Liabilities	111.35%	108.17%	96.44%	64.10%	67.48%	78.69%	103.48%	111.13%	136.97%	85.96%	102.37%	104.41%	122.04%	104.49%	96.33%	65.26%	35.40%	30.46%	4.21%	-7.83%	-11.45%	-18.20%	4.88%	-0.66%	100.91%	146.35%	136.47%	105.92%	77.20%	107.56%	154.10%	173.06%	133.54%	216.13%	263.35%	270.59%	253.35%
Total Non-Current Liabilities	6,763M	6,249M	5,088M	4,672M	4,093M	3,524M	3,009M	7,723M	6,240M	6,326M	6,346M	4,612M	4,491M	4,027M	4,093M	3,527M	3,494M	3,413M	4,022M	3,929M	4,031M	3,801M	3,631M	3,700M	2,648M	929M	883M	1,224M	1,199M	1,361M	1,369M	1,081M	1,129M	293M	250M	242M	242M
Return on Total Non-Current Liabilities	11.95%	11.82%	11.86%	7.97%	11.58%	12.82%	21.97%	11.81%	14.95%	9.10%	10.57%	12.67%	13.75%	12.81%	14.69%	11.89%	6.33%	6.01%	0.61%	-1.34%	-1.76%	-2.54%	0.83%	-0.11%	17.03%	50.30%	44.01%	23.47%	16.26%	12.48%	16.26%	20.34%	21.23%	87.22%	83.64%	77.87%	68.73%
Total Liabilities	7,761M	7,211M	5,800M	5,291M	4,864M	4,228M	3,634M	8,962M	7,038M	7,282M	7,115M	5,660M	5,027M	4,629M	4,536M	3,899M	3,847M	3,864M	4,321M	4,366M	4,438M	4,384M	4,488M	5,363M	5,176M	1,417M	1,462M	1,651M	1,742M	1,659M	1,714M	1,653M	1,516M	505M	458M	437M	419M
Return on Total Liabilities	10.45%	10.22%	10.43%	7.01%	8.70%	9.57%	14.47%	10.17%	13.26%	7.90%	9.43%	10.33%	12.29%	11.14%	13.25%	10.76%	5.75%	5.30%	0.56%	-1.20%	-1.59%	-2.20%	0.68%	-0.08%	8.71%	33.00%	26.58%	17.41%	11.19%	10.24%	12.99%	13.30%	15.81%	50.68%	45.68%	43.17%	39.65%
Preferred Stock	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	132M	132M	132M	132M	130M	132M	119M	132M	132M	133M	133M	133M	132M	132M	132M	132M	133M	132M	130M	130M	129M	129M	126M	110M	108M	140M	140M	140M	140M	140M	140M	140M	140M	140M	0M	0M	0M
Return on Common Stock	609.95%	555.30%	457.20%	305.05%	281.28%	256.37%	225.47%	690.31%	706.43%	433.11%	505.50%	441.13%	466.61%	391.47%	454.33%	316.98%	166.08%	155.35%	18.73%	-40.54%	-54.76%	-75.05%	24.08%	-3.73%	416.61%	334.66%	278.27%	205.71%	139.55%	121.60%	159.39%	157.40%	171.58%	183.18%	0.00%	0.00%	0.00%
Retained Earnings	4,647M	4,193M	3,187M	2,584M	2,504M	2,425M	2,263M	5,214M	4,615M	4,111M	3,749M	3,274M	2,896M	2,445M	2,180M	1,772M	1,619M	1,472M	1,296M	1,277M	1,334M	1,513M	1,752M	1,863M	2,084M	2,973M	2,637M	2,367M	2,186M	2,090M	2,016M	1,884M	1,749M	1,588M	1,450M	1,304M	1,174M
Return on Retained Earnings	17.24%	17.49%	19.48%	12.99%	12.42%	12.01%	12.44%	17.49%	20.22%	14.00%	17.90%	17.85%	21.33%	21.10%	27.57%	23.68%	13.67%	13.92%	1.88%	-4.12%	-5.30%	-6.38%	1.73%	-0.22%	21.64%	15.73%	14.74%	12.14%	8.92%	8.13%	11.05%	11.67%	13.70%	16.11%	14.42%	14.46%	14.15%
Accumulated OCI	-142M	-152M	-154M	-161M	-142M	-114M	-95M	-127M	-144M	-155M	-153M	-181M	-198M	-172M	-149M	-139M	-120M	-162M	-100M	-226M	-217M	-177M	-194M	-185M	-40M	-5M	-2M	-1M	3M	2M	-8M	0M	0M	0M	0M	0M	0M
Return on Accumulated OCI	-578.94%	-499.70%	-399.78%	-269.24%	-1,608.98%	-1,702.47%	-1,418.72%	-715.78%	-648.96%	-372.07%	-439.29%	-322.39%	-312.36%	-299.51%	-402.22%	-300.98%	-184.21%	-126.72%	-24.47%	23.32%	32.64%	54.41%	-15.60%	2.22%	-1,121.19%	-9,439.41%	-17,566.97%	-21,954.55%	7,359.46%	6,967.84%	-2,754.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	24M	19M	9M	6M	5M	19M	16M	24M	25M	24M	23M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	92M	93M	95M	104M	0M	0M	0M	0M	0M
Return on Minority Interest	3,354.48%	2,603.70%	1,301.85%	867.90%	6,099.52%	4,913.28%	4,094.40%	3,815.48%	3,808.98%	2,438.98%	2,955.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,006.11%	109,978.05%	0.00%	0.00%	0.00%	211.93%	183.34%	234.05%	212.20%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	7,510M	7,021M	5,992M	5,304M	4,751M	4,144M	3,625M	8,119M	7,483M	6,929M	6,545M	6,027M	5,622M	5,203M	4,969M	4,572M	4,454M	4,177M	3,938M	3,761M	3,792M	3,965M	4,052M	3,523M	3,760M	2,001M	2,127M	2,014M	1,803M	1,697M	1,604M	1,471M	1,324M	1,154M	992M	884M	797M
Return on Total Shareholders’ Equity	10.67%	10.39%	9.91%	6.59%	7.66%	8.68%	10.69%	11.23%	12.47%	8.31%	10.25%	9.70%	10.99%	9.91%	12.10%	9.17%	4.97%	4.91%	0.62%	-1.40%	-1.87%	-2.43%	0.75%	-0.12%	11.99%	23.36%	18.28%	14.27%	10.81%	10.01%	13.88%	14.94%	18.11%	22.18%	21.09%	21.34%	20.86%
Total Equity	7,534M	7,040M	6,002M	5,310M	4,756M	4,163M	3,641M	8,143M	7,508M	6,952M	6,568M	6,027M	5,622M	5,203M	4,969M	4,572M	4,454M	4,177M	3,938M	3,761M	3,792M	3,965M	4,052M	3,523M	3,760M	2,001M	2,127M	2,014M	1,895M	1,790M	1,699M	1,575M	1,324M	1,154M	992M	884M	797M
Return on Total Equity	10.64%	10.36%	9.90%	6.59%	7.65%	8.57%	10.59%	11.20%	12.43%	8.28%	10.21%	9.70%	10.99%	9.91%	12.10%	9.17%	4.97%	4.91%	0.62%	-1.40%	-1.87%	-2.43%	0.75%	-0.12%	11.99%	23.36%	18.28%	14.27%	10.29%	9.49%	13.10%	13.96%	18.11%	22.18%	21.09%	21.34%	20.86%
Total Liabilities & Equity	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Liabilities & Equity	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	31M	33M	38M	38M	43M	41M	35M	31M	31M	32M	34M	34M	61M	45M	35M	39M	41M	42M	42M	42M	29M	37M	37M	65M	0M	0M	175M	179M	5M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Investments	2,568.32%	2,275.24%	1,687.65%	1,119.93%	854.78%	847.02%	705.85%	2,913.42%	2,981.47%	1,810.06%	1,967.16%	1,704.08%	1,017.41%	1,156.12%	1,712.05%	1,069.42%	545.34%	492.01%	57.52%	-124.98%	-244.03%	-258.09%	81.07%	-6.36%	0.00%	0.00%	221.97%	160.36%	3,919.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	4,362M	3,973M	3,177M	2,912M	2,717M	2,307M	1,947M	5,269M	3,454M	4,363M	4,288M	2,490M	2,901M	2,872M	2,713M	1,724M	1,696M	1,844M	2,329M	2,402M	2,660M	2,671M	2,716M	3,538M	3,622M	466M	320M	336M	470M	766M	867M	907M	754M	-96M	-38M	43M	79M
Return on Net Debt	19.17%	19.33%	19.54%	13.27%	21.71%	25.33%	16.41%	17.31%	27.02%	13.19%	15.65%	23.47%	21.29%	17.96%	22.16%	24.33%	13.04%	11.12%	1.05%	-2.19%	-2.66%	-3.61%	1.12%	-0.12%	12.45%	100.25%	121.36%	85.46%	41.51%	22.18%	25.69%	24.24%	31.79%	-265.73%	-556.12%	438.60%	210.38%

Capital Returns

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
Net Income	807M	735M	605M	404M	370M	340M	318M	912M	933M	576M	671M	585M	618M	516M	601M	419M	221M	205M	24M	-53M	-71M	-96M	30M	-4M	451M	468M	389M	287M	195M	170M	223M	220M	240M	256M	209M	189M	166M
Working Capital	1,233M	1,170M	939M	780M	514M	511M	468M	1,027M	1,727M	945M	922M	1,229M	844M	477M	737M	748M	731M	469M	657M	549M	457M	190M	-112M	-769M	-1,371M	244M	586M	991M	507M	492M	385M	122M	238M	365M	279M	199M	185M
Return on Working Capital	67.91%	64.81%	67.34%	42.99%	42.18%	47.33%	53.78%	88.83%	54.03%	60.88%	72.77%	47.55%	73.20%	108.23%	81.55%	56.11%	30.25%	43.73%	3.71%	-9.59%	-15.49%	-50.85%	-26.97%	0.53%	-32.89%	191.71%	66.37%	28.99%	38.43%	34.53%	57.77%	179.84%	100.67%	70.13%	74.84%	94.63%	89.98%
Total Capital	12,423M	11,610M	9,577M	8,542M	7,732M	6,704M	5,797M	13,947M	11,869M	11,453M	11,068M	9,715M	8,794M	8,115M	7,824M	6,555M	6,435M	6,161M	6,461M	6,438M	6,607M	6,683M	6,790M	7,071M	7,416M	2,523M	2,722M	2,622M	2,689M	2,634M	2,572M	2,434M	2,131M	1,238M	1,083M	978M	898M
Return on Total Capital	6.48%	6.30%	6.24%	4.19%	5.10%	5.78%	7.78%	6.54%	7.86%	5.03%	6.06%	6.02%	7.02%	6.36%	7.68%	6.40%	3.44%	3.33%	0.38%	-0.82%	-1.07%	-1.44%	0.45%	-0.06%	6.08%	18.53%	14.28%	10.96%	7.25%	6.45%	8.66%	9.03%	11.25%	20.67%	19.32%	19.29%	18.52%
Capital Employed	14,297M	13,289M	11,088M	9,981M	8,850M	7,688M	6,650M	15,866M	13,748M	13,278M	12,913M	10,639M	10,113M	9,230M	9,062M	8,082M	7,948M	7,610M	7,964M	7,690M	7,823M	7,756M	7,677M	7,251M	6,408M	2,937M	3,010M	3,238M	3,094M	3,151M	3,054M	2,656M	2,453M	1,447M	1,242M	1,126M	1,038M
Return on Capital Employed	5.62%	5.51%	5.39%	3.60%	4.51%	5.06%	6.78%	5.75%	6.79%	4.33%	5.19%	5.49%	6.11%	5.59%	6.63%	5.19%	2.78%	2.69%	0.31%	-0.68%	-0.90%	-1.24%	0.39%	-0.06%	7.04%	15.92%	12.92%	8.87%	6.30%	5.39%	7.29%	8.28%	9.77%	17.68%	16.84%	16.75%	16.01%
Invested Capital	11,872M	10,993M	9,169M	8,215M	7,468M	6,452M	5,573M	13,388M	10,938M	11,291M	10,833M	8,517M	8,523M	8,075M	7,682M	6,296M	6,151M	6,020M	6,267M	6,163M	6,451M	6,636M	6,768M	7,060M	7,381M	2,467M	2,447M	2,350M	2,273M	2,463M	2,471M	2,379M	2,078M	1,057M	954M	927M	876M
Return on Invested Capital	6.81%	6.70%	6.52%	4.37%	5.35%	6.12%	8.33%	6.81%	8.53%	5.10%	6.19%	6.86%	7.25%	6.39%	7.83%	6.66%	3.60%	3.40%	0.39%	-0.85%	-1.10%	-1.45%	0.45%	-0.06%	6.11%	18.95%	15.89%	12.23%	8.58%	6.90%	9.01%	9.24%	11.54%	24.20%	21.92%	20.35%	18.98%

Cash Flow Returns

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
Net Income	807M	735M	605M	404M	370M	340M	318M	1,123M	846M	912M	933M	576M	671M	585M	618M	516M	601M	419M	221M	205M	24M	-53M	-71M	-96M	30M	-4M	451M	468M	389M	287M	195M	170M	223M	220M	240M	256M	209M	189M	166M
Depreciation & Amortization	612M	530M	411M	374M	353M	334M	301M	727M	621M	632M	617M	588M	419M	393M	351M	331M	275M	256M	245M	251M	283M	313M	369M	289M	337M	389M	271M	225M	221M	245M	277M	268M	278M	232M	207M	138M	121M	113M	111M
Return on Depreciation & Amortization	131.15%	140.49%	150.67%	101.83%	104.28%	100.45%	110.13%	154.43%	136.21%	144.24%	151.25%	97.97%	160.21%	148.80%	176.05%	155.69%	218.45%	163.82%	90.21%	81.59%	8.60%	-16.78%	-19.19%	-33.42%	9.00%	-1.06%	166.10%	208.07%	175.94%	117.28%	70.36%	63.46%	80.04%	94.63%	115.74%	185.70%	173.38%	167.50%	150.14%
Deferred Income Tax	2M	27M	8M	-10M	-12M	-5M	-5M	21M	-37M	-9M	-43M	58M	67M	62M	76M	65M	-236M	34M	3M	18M	-35M	-70M	-94M	-52M	-44M	-22M	-8M	0M	0M	0M	9M	45M	35M	8M	-28M	6M	4M	4M	6M
Return on Deferred Income Tax	-3,619.56%	-1,782.41%	89.91%	152.14%	-154.02%	111.75%	625.94%	5,371.77%	-2,267.29%	-9,701.06%	-2,155.20%	997.57%	1,004.19%	942.47%	812.60%	797.98%	-255.07%	1,248.82%	7,206.81%	1,115.05%	-69.54%	75.32%	75.51%	186.69%	-69.25%	18.38%	-5,311.70%	0.00%	0.00%	0.00%	2,201.11%	377.59%	637.89%	2,657.64%	-856.07%	4,061.90%	5,361.54%	4,600.00%	2,816.95%
Stock-Based Compensation	53M	45M	35M	30M	24M	19M	16M	63M	60M	53M	63M	41M	35M	33M	32M	25M	27M	21M	18M	24M	22M	17M	18M	21M	23M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Stock-Based Compensation	1,528.25%	1,657.82%	1,777.31%	1,172.62%	886.02%	708.82%	590.68%	1,770.82%	1,418.96%	1,707.68%	1,476.58%	1,400.49%	1,933.14%	1,771.21%	1,939.71%	2,045.63%	2,257.12%	2,029.47%	1,212.06%	857.99%	110.36%	-300.98%	-383.54%	-467.56%	131.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-178M	-142M	-115M	-85M	-73M	-62M	-54M	239M	-82M	-277M	-33M	-224M	-144M	-33M	-147M	-7M	-169M	-93M	-23M	-93M	-54M	20M	-12M	20M	90M	-102M	16M	-95M	-109M	15M	12M	-55M	-20M	-42M	-13M	-44M	-10M	24M	-3M
Return on Change in Working Capital	-1,126.45%	-1,126.60%	-1,521.24%	-1,041.65%	-683.75%	-479.69%	-697.73%	469.75%	-1,036.40%	-328.73%	-2,794.01%	-256.62%	-466.16%	-1,787.46%	-419.56%	-7,396.11%	-354.99%	-452.10%	-956.65%	-219.59%	-45.20%	-258.09%	594.47%	-483.95%	33.58%	4.04%	2,758.70%	-490.07%	-356.59%	1,918.46%	1,688.33%	-311.57%	-1,093.61%	-518.92%	-1,843.85%	-578.96%	-2,112.12%	789.12%	-5,193.75%
Accounts Receivable	13M	2M	-15M	-14M	-10M	-8M	-7M	0M	28M	63M	28M	-53M	-42M	13M	-30M	63M	-82M	-73M	-42M	-25M	-42M	17M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Receivable	1,224.06%	1,287.39%	333.73%	144.11%	108.08%	86.47%	72.06%	0.00%	2,998.94%	1,442.88%	3,309.22%	-1,079.92%	-1,597.14%	4,361.94%	-2,077.29%	815.76%	-737.10%	-576.52%	-524.56%	-815.84%	-57.70%	-302.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-26M	-12M	-16M	-12M	-11M	-9M	-8M	0M	-55M	-27M	0M	-50M	8M	10M	-28M	-35M	-14M	2M	-21M	-6M	-8M	-9M	-7M	7M	39M	-8M	-30M	-29M	-6M	6M	21M	-8M	-16M	-8M	-12M	-9M	-4M	4M	-12M
Return on Inventory	-1,496.98%	1,910.93%	2,639.57%	1,505.49%	664.39%	515.86%	194.69%	0.00%	-1,548.90%	-3,328.10%	0.00%	-1,162.83%	8,081.93%	5,963.68%	-2,184.64%	-1,474.74%	-4,257.38%	25,814.83%	-1,057.00%	-3,662.61%	-316.65%	582.55%	1,021.77%	-1,438.43%	77.16%	53.93%	-1,528.09%	-1,637.48%	-6,260.18%	4,942.13%	945.96%	-2,251.50%	-1,424.88%	-2,602.90%	-2,084.35%	-2,907.95%	-5,502.63%	4,835.90%	-1,396.64%
Accounts Payable	-79M	-52M	-13M	-6M	-4M	-3M	-3M	0M	26M	-193M	-25M	-17M	-23M	0M	22M	40M	10M	30M	26M	4M	15M	27M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Payable	-2,499.49%	-2,075.49%	207.83%	459.15%	344.36%	275.49%	229.58%	0.00%	3,203.41%	-472.49%	-3,717.93%	-3,308.05%	-2,878.97%	0.00%	2,834.87%	1,283.70%	6,120.18%	1,382.04%	834.91%	4,845.66%	157.46%	-194.13%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-87M	-81M	-103M	-80M	-74M	-59M	-49M	239M	-82M	-120M	-37M	-104M	-87M	-56M	-111M	-110M	-179M	-151M	-76M	-98M	-76M	-24M	16M	13M	-29M	-85M	0M	-70M	-103M	65M	42M	-55M	-5M	-34M	-2M	-35M	3M	20M	9M
Return on Other Working Capital	-1,289.43%	-1,137.17%	-761.28%	-587.31%	-497.76%	-588.34%	-683.86%	469.75%	-1,036.40%	-758.65%	-2,556.71%	-552.93%	-771.92%	-1,045.62%	-556.46%	-467.28%	-335.53%	-277.02%	-290.63%	-210.07%	-32.13%	218.00%	-443.33%	-729.33%	-104.73%	4.83%	0.00%	-667.63%	-378.12%	442.96%	462.32%	-306.62%	-4,703.84%	-648.14%	-15,980.00%	-722.88%	8,042.31%	943.00%	1,910.34%
Other Non-Cash Items	75M	44M	32M	14M	14M	11M	10M	-459M	42M	98M	19M	110M	-35M	31M	50M	-112M	116M	5M	36M	-173M	122M	10M	-15M	-53M	16M	112M	-6M	-16M	-29M	-23M	-25M	38M	-3M	0M	-3M	17M	-1M	16M	-13M
Return on Other Non-Cash Items	2,149.48%	1,284.31%	1,617.76%	1,078.59%	213.81%	-158.31%	-1,144.06%	-244.60%	2,023.21%	933.37%	4,990.37%	524.70%	-1,927.59%	1,900.69%	1,230.57%	-459.91%	518.52%	7,846.82%	620.03%	-118.43%	19.97%	-545.01%	462.09%	182.71%	188.39%	-3.67%	-7,839.19%	-2,926.84%	-1,321.45%	-1,276.47%	-791.49%	441.82%	-6,607.72%	0.00%	-8,560.71%	1,541.57%	-23,233.33%	1,157.06%	-1,268.70%
Net Cash from Operating Activities	1,365M	1,235M	979M	734M	683M	646M	596M	1,710M	1,451M	1,410M	1,537M	1,148M	1,012M	1,070M	984M	833M	645M	645M	503M	260M	356M	238M	169M	203M	453M	435M	708M	579M	473M	581M	519M	458M	512M	418M	403M	363M	340M	346M	267M
Return on Net Cash from Operating Activities	58.52%	59.29%	62.34%	39.83%	41.49%	42.00%	45.28%	65.65%	58.28%	64.69%	60.72%	50.13%	66.29%	54.61%	62.76%	61.94%	93.25%	65.08%	43.94%	78.71%	6.84%	-22.05%	-41.87%	-47.60%	6.69%	-0.95%	63.67%	80.70%	82.16%	49.50%	37.56%	37.09%	43.49%	52.59%	59.48%	70.57%	61.48%	54.59%	62.36%
Capital Expenditures (PPE)	-696M	-580M	-485M	-376M	-362M	-351M	-350M	-655M	-647M	-604M	-873M	-613M	-451M	-362M	-384M	-469M	-460M	-350M	-289M	-225M	-275M	-93M	-99M	-86M	-110M	-353M	-483M	-435M	-216M	-204M	-194M	-249M	-287M	-605M	-1,095M	-203M	-173M	-152M	-109M
Return on Capital Expenditures (PPE)	-117.34%	-132.40%	-125.99%	-74.68%	-76.38%	-78.06%	-83.21%	-171.30%	-130.65%	-151.10%	-106.94%	-93.96%	-148.64%	-161.38%	-160.81%	-109.96%	-130.82%	-119.80%	-76.46%	-91.14%	-8.85%	56.34%	71.56%	111.78%	-27.63%	1.17%	-93.29%	-107.43%	-180.28%	-141.01%	-100.53%	-68.28%	-77.63%	-36.32%	-21.89%	-125.87%	-120.66%	-124.32%	-152.20%
Acquisitions (Net)	-710M	-763M	-495M	-299M	-380M	-313M	-261M	-2,068M	348M	-2,266M	615M	-479M	-1,639M	-42M	-42M	-210M	-822M	-33M	-27M	437M	-38M	21M	64M	-20M	-21M	142M	-3,267M	121M	-94M	-35M	-4M	-43M	-139M	0M	0M	0M	0M	0M	0M
Return on Acquisitions (Net)	-2.83%	-286.54%	-531.02%	-346.19%	-269.15%	-490.75%	-408.96%	-54.28%	243.02%	-40.24%	151.86%	-120.12%	-40.92%	-1,383.27%	-1,456.51%	-245.43%	-73.10%	-1,289.27%	-813.21%	46.88%	-63.58%	-248.48%	-110.23%	492.80%	-145.01%	-2.90%	-13.80%	385.17%	-413.73%	-831.67%	-5,502.46%	-391.01%	-160.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0M	0M	0M	1M	-8M	-22M	-18M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	14M	18M	-1M	89M	33M	-313M	-378M	-10M	0M	0M	0M	0M	0M	0M	-1M	-2M
Return on Purchases of Investments	0.00%	0.00%	0.00%	-47.29%	80.69%	-14.78%	2,696.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-709.38%	170.78%	342.63%	506.99%	1,426.84%	-124.01%	-75.93%	-1,907.37%	0.00%	0.00%	0.00%	0.00%	0.00%	104,550.00%	-15,716.67%	-7,554.55%
Sales / Maturities of Investments	0M	0M	0M	0M	28M	41M	34M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	4M	33M	26M	5M	175M	318M	474M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Sales / Maturities of Investments	0.00%	0.00%	0.00%	-176.09%	339.71%	274.20%	228.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,641.39%	91.08%	-16.11%	8,971.55%	266.95%	122.19%	60.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	63M	86M	48M	42M	39M	42M	38M	100M	3M	55M	95M	39M	217M	23M	11M	9M	13M	18M	7M	26M	18M	83M	15M	0M	0M	-2M	2M	1M	156M	48M	82M	26M	39M	76M	119M	3M	16M	-53M	5M
Return on Other Investing Activities	1,378.01%	1,398.45%	2,877.61%	-411.43%	2,851.24%	2,375.03%	2,468.51%	1,126.08%	26,428.13%	1,664.05%	986.47%	1,483.51%	309.70%	2,548.51%	5,792.03%	5,510.74%	4,806.40%	2,382.39%	3,292.30%	786.32%	139.03%	-63.68%	-464.88%	-35,344.32%	-7,578.50%	215.33%	18,819.28%	51,490.53%	249.57%	594.05%	238.62%	656.20%	571.12%	290.96%	201.09%	10,236.00%	1,275.00%	-356.52%	3,324.00%
Net Cash from Investing Activities	-1,344M	-1,257M	-932M	-631M	-682M	-602M	-557M	-2,624M	-296M	-2,815M	-164M	-1,053M	-1,874M	-382M	-416M	-670M	-1,269M	-365M	-310M	238M	-296M	10M	-19M	-88M	-80M	-189M	-3,654M	-105M	-149M	-95M	-126M	-266M	-387M	-530M	-976M	-201M	-157M	-206M	-106M
Return on Net Cash from Investing Activities	-219.27%	-169.36%	-130.60%	-84.10%	-100.77%	-105.48%	-105.68%	-42.79%	-285.61%	-32.40%	-570.76%	-54.66%	-35.79%	-153.21%	-148.53%	-77.00%	-47.36%	-114.90%	-71.41%	85.98%	-8.23%	-505.75%	363.36%	109.18%	-37.89%	2.18%	-12.34%	-445.24%	-260.61%	-304.10%	-154.74%	-63.78%	-57.59%	-41.50%	-24.56%	-127.44%	-133.44%	-91.64%	-156.20%
Net Debt Issuance	474M	408M	262M	119M	194M	148M	137M	-956M	-570M	1,437M	-104M	90M	122M	498M	-133M	45M	737M	0M	-67M	-580M	-151M	-135M	52M	-20M	-812M	-109M	3,105M	-74M	-12M	-279M	-50M	-31M	5M	155M	491M	-7M	-5M	-7M	-44M
Return on Net Debt Issuance	-63.85%	95.56%	-32,178.29%	-21,430.24%	-16,271.22%	-12,886.04%	-11,115.51%	-117.39%	-148.26%	63.48%	-898.17%	643.13%	552.10%	117.28%	-464.33%	1,135.33%	81.61%	-322,685.38%	-327.95%	-35.34%	-16.19%	39.02%	-135.40%	477.30%	-3.73%	3.79%	14.52%	-634.96%	-3,350.49%	-103.01%	-388.85%	-543.20%	4,166.14%	142.27%	48.85%	-3,819.40%	-4,545.65%	-2,619.44%	-378.59%
Long-Term Debt Issuance	658M	569M	347M	207M	262M	213M	192M	-406M	-570M	1,987M	-4M	-11M	122M	748M	0M	-42M	737M	0M	-67M	-580M	-151M	-135M	52M	450M	36M	900M	1,214M	0M	-8M	0M	-50M	-31M	5M	155M	491M	-7M	-5M	-7M	-44M
Return on Long-Term Debt Issuance	-9,788.07%	-5,746.80%	-303,837.92%	-202,569.90%	-152,156.90%	-127,485.54%	-106,615.09%	-276.25%	-148.26%	45.89%	-23,928.21%	-5,481.90%	552.10%	78.10%	-2,685,486.96%	-1,226.50%	81.61%	-322,685.38%	-327.95%	-35.34%	-16.19%	39.02%	-135.40%	-21.44%	84.36%	-0.46%	37.13%	0.00%	-4,710.49%	-147,376.92%	-388.85%	-543.20%	4,166.14%	142.27%	48.85%	-3,819.40%	-4,545.65%	-2,619.44%	-378.59%
Short-Term Debt Issuance	-184M	-160M	-80M	-85M	-66M	-64M	-53M	-550M	0M	-551M	-100M	100M	0M	-250M	-133M	133M	0M	0M	0M	0M	0M	0M	0M	-470M	-848M	-1,009M	1,891M	-74M	-3M	-279M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	-174.42%	-151.41%	-83.36%	-54.21%	-651.60%	-525.41%	-437.84%	-204.13%	0.00%	-165.65%	-933.20%	575.60%	0.00%	-233.80%	-464.41%	387.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.52%	-3.57%	0.41%	23.85%	-634.96%	-11,604.69%	-103.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-96M	-67M	-68M	-37M	-27M	-20M	-24M	-47M	-219M	-69M	-200M	-19M	-19M	-26M	-41M	-134M	-60M	-161M	51M	31M	4M	10M	9M	62M	607M	80M	30M	-494M	-191M	22M	5M	4M	6M	0M	-13M	-65M	-43M	-45M	-50M
Return on Net Stock Issuance	-1,634.46%	-2,130.43%	-1,336.72%	-903.02%	-617.74%	25.11%	-97.26%	-2,409.23%	-385.99%	-1,325.44%	-466.60%	-3,111.35%	-3,512.04%	-2,236.72%	-1,502.83%	-384.98%	-996.94%	-259.81%	429.50%	669.25%	638.11%	-502.71%	-827.72%	-155.04%	5.00%	-5.16%	1,489.43%	-94.66%	-204.03%	1,336.18%	3,810.63%	3,823.45%	4,012.25%	0.00%	-1,917.60%	-393.69%	-485.15%	-417.26%	-331.74%
Common Stock Issuance	0M	0M	0M	5M	42M	35M	29M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	31M	4M	0M	5M	42M	607M	55M	35M	29M	38M	22M	5M	4M	6M	0M	0M	0M	0M	0M	0M
Return on Common Stock Issuance	0.00%	0.00%	0.00%	-23.85%	178.42%	662.04%	551.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	669.25%	638.11%	0.00%	-1,433.91%	-231.20%	5.00%	-7.47%	1,285.60%	1,618.38%	1,024.66%	1,336.18%	3,810.63%	3,823.45%	4,012.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-96M	-67M	-71M	-47M	-73M	-59M	-56M	-47M	-219M	-69M	-200M	-19M	-19M	-26M	-3M	-134M	-60M	-161M	-21M	0M	0M	0M	0M	0M	0M	0M	-5M	-523M	-228M	0M	0M	0M	0M	0M	-13M	-65M	-43M	-45M	-50M
Return on Common Stock Repurchased	-1,634.46%	-2,130.43%	-3,708.00%	-2,472.00%	-2,336.68%	-1,869.34%	-1,675.97%	-2,409.23%	-385.99%	-1,325.44%	-466.60%	-3,111.35%	-3,512.04%	-2,236.72%	-23,756.23%	-384.98%	-996.94%	-259.81%	-1,029.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9,393.96%	-89.43%	-170.15%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,917.60%	-393.69%	-485.15%	-417.26%	-331.74%
Preferred Stock Issuance	0M	0M	3M	4M	4M	3M	3M	0M	0M	0M	0M	0M	0M	0M	-39M	0M	0M	0M	73M	0M	0M	0M	4M	21M	0M	25M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	-365,312.50%	-182,786.37%	-122,019.48%	-91,515.45%	-73,212.36%	-61,010.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,826,562.50%	-1,604.32%	0.00%	0.00%	0.00%	303.10%	0.00%	0.00%	0.00%	-1,957.90%	-470.64%	0.00%	-16.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-228M	-212M	-167M	-129M	-138M	-130M	-119M	-256M	-240M	-244M	-228M	-213M	-196M	-180M	-164M	-148M	-132M	-106M	-53M	-29M	-5M	-5M	-98M	-128M	-171M	-215M	-181M	-144M	-118M	-106M	-100M	-95M	-91M	-85M	-79M	-70M	-64M	-58M	-52M
Return on Net Dividends Paid	-350.81%	-343.66%	-370.77%	-248.30%	-232.12%	-231.61%	-247.77%	-438.21%	-351.79%	-373.12%	-408.58%	-270.74%	-341.55%	-324.33%	-376.69%	-348.26%	-454.29%	-394.51%	-415.64%	-709.47%	-469.70%	1,014.72%	72.10%	75.51%	-17.68%	1.92%	-248.69%	-324.49%	-328.82%	-270.27%	-195.77%	-178.10%	-244.49%	-259.41%	-304.57%	-365.57%	-328.77%	-322.95%	-320.85%
Common Dividends Paid	-228M	-212M	-167M	-129M	-138M	-130M	-119M	-256M	-240M	-244M	-228M	-213M	-196M	-180M	-164M	-148M	-132M	-106M	-53M	-29M	-5M	-5M	-98M	-128M	-171M	-215M	-181M	-144M	-118M	-106M	-100M	-95M	-91M	-85M	-79M	-70M	-64M	-58M	-52M
Return on Common Dividends Paid	-350.81%	-343.66%	-370.77%	-248.30%	-232.12%	-231.61%	-247.77%	-438.21%	-351.79%	-373.12%	-408.58%	-270.74%	-341.55%	-324.33%	-376.69%	-348.26%	-454.29%	-394.51%	-415.64%	-709.47%	-469.70%	1,014.72%	72.10%	75.51%	-17.68%	1.92%	-248.69%	-324.49%	-328.82%	-270.27%	-195.77%	-178.10%	-244.49%	-259.41%	-304.57%	-365.57%	-328.77%	-322.95%	-320.85%
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Dividends Paid	0.00%	0.00%	-228,763.70%	-152,509.14%	-114,381.85%	-91,505.48%	-76,254.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,287,637.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-51M	-42M	-30M	-18M	-15M	-10M	-6M	1,934M	-36M	-66M	-53M	-34M	0M	-57M	0M	-28M	-41M	-37M	18M	27M	10M	0M	-4M	-3M	16M	-27M	-28M	17M	0M	1M	-2M	3M	0M	44M	46M	32M	0M	0M	0M
Return on Other Financing Activities	-1,612.43%	-45,891.15%	-94,264.06%	-63,777.31%	-6,411.38%	-30,557.82%	-30,960.62%	58.05%	-2,362.29%	-1,373.34%	-1,750.84%	-1,713.10%	-223,600.00%	-1,018.47%	-709,956.32%	-1,811.88%	-1,480.24%	-1,144.31%	1,207.89%	760.07%	245.71%	-19,771.80%	1,806.94%	2,939.98%	189.62%	15.23%	-1,605.98%	2,690.69%	827,142.55%	20,779.83%	-7,804.32%	5,752.66%	-654,941.18%	495.21%	524.51%	802.19%	0.00%	0.00%	-166,200.00%
Net Cash from Financing Activities	99M	87M	-2M	-65M	15M	-12M	-11M	675M	-1,066M	1,057M	-586M	-175M	-94M	235M	-338M	-265M	503M	-305M	-51M	-551M	-142M	-129M	-41M	-89M	-361M	-271M	2,926M	-694M	-320M	-362M	-147M	-125M	-78M	114M	445M	-110M	-111M	-111M	-146M
Return on Net Cash from Financing Activities	-133.87%	-172.78%	-169.44%	-95.21%	-80.42%	-81.94%	-89.99%	166.38%	-79.36%	86.28%	-159.36%	-328.54%	-711.35%	249.08%	-182.64%	-194.55%	119.42%	-137.73%	-434.97%	-37.18%	-17.16%	40.70%	171.52%	108.35%	-8.40%	1.52%	15.41%	-67.34%	-121.36%	-79.29%	-132.53%	-135.64%	-285.20%	192.55%	53.84%	-233.06%	-187.87%	-170.22%	-113.91%
Effect of FX on Cash	0M	0M	0M	0M	0M	0M	-22M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-162M	-189M	-140M	-160M
Return on Effect of FX on Cash	0.00%	0.00%	0.00%	-36.42%	-27.32%	-21.85%	-8,025.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-546.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-239,700.00%	-158.16%	-110.58%	-135.00%	-103.81%
Net Change in Cash	120M	65M	45M	38M	16M	32M	7M	-239M	89M	-348M	788M	-80M	-957M	924M	230M	-102M	-121M	-25M	143M	-52M	-77M	120M	108M	25M	12M	-25M	-20M	-220M	4M	124M	246M	70M	46M	2M	-128M	-110M	-111M	-111M	-146M
Return on Net Change in Cash	-287.59%	-173.92%	-311.91%	-268.82%	217.37%	575.83%	450.10%	-469.55%	947.03%	-261.74%	118.47%	-719.50%	-70.13%	63.29%	268.43%	-504.49%	-495.32%	-1,673.01%	154.90%	-390.59%	-31.55%	-43.96%	-65.35%	-381.75%	251.13%	16.66%	-2,216.65%	-212.60%	10,541.13%	232.36%	79.26%	242.94%	489.13%	9,004.63%	-187.56%	-233.06%	-187.87%	-170.22%	-113.91%
Cash at Beginning of Period	451M	565M	371M	294M	253M	223M	199M	1,579M	1,706M	949M	162M	242M	1,198M	275M	44M	147M	268M	284M	141M	194M	275M	156M	48M	22M	10M	35M	55M	275M	271M	148M	171M	101M	55M	53M	181M	129M	51M	22M	8M
Return on Cash at Beginning of Period	304.08%	236.23%	345.25%	196.74%	218.31%	226.50%	314.18%	71.10%	49.58%	96.07%	577.83%	238.34%	55.99%	212.93%	1,391.01%	351.73%	224.31%	147.68%	156.56%	105.77%	8.85%	-33.75%	-148.88%	-433.37%	297.37%	-11.79%	816.42%	169.93%	143.21%	194.48%	114.19%	168.52%	402.85%	416.20%	132.72%	198.99%	411.61%	861.19%	2,158.44%
Cash at End of Period	571M	630M	416M	332M	269M	256M	206M	1,340M	1,795M	601M	949M	162M	242M	1,198M	275M	44M	147M	259M	284M	141M	198M	275M	156M	48M	22M	10M	35M	55M	275M	271M	417M	171M	101M	55M	53M	19M	-61M	-89M	-138M
Return on Cash at End of Period	202.17%	186.61%	296.95%	190.62%	261.77%	244.25%	241.45%	83.79%	47.11%	151.78%	98.31%	356.41%	277.76%	48.79%	225.01%	1,161.62%	409.96%	161.97%	77.86%	145.05%	12.30%	-19.09%	-45.42%	-202.96%	136.15%	-40.37%	1,292.45%	846.52%	141.30%	105.87%	46.79%	99.50%	220.91%	397.81%	453.98%	1,361.17%	-345.62%	-212.15%	-120.26%
Operating Cash Flow	1,365M	1,235M	979M	735M	683M	646M	596M	1,710M	1,451M	1,410M	1,537M	1,148M	1,012M	1,070M	984M	833M	645M	645M	503M	260M	361M	238M	169M	203M	453M	435M	708M	579M	473M	581M	519M	462M	510M	418M	403M	363M	346M	346M	267M
Return on Operating Cash Flow	58.52%	59.29%	62.34%	39.82%	41.48%	41.99%	45.24%	65.65%	58.28%	64.69%	60.72%	50.13%	66.29%	54.61%	62.76%	61.94%	93.25%	65.08%	43.94%	78.71%	6.75%	-22.05%	-41.87%	-47.60%	6.69%	-0.95%	63.67%	80.70%	82.16%	49.50%	37.56%	36.81%	43.64%	52.59%	59.48%	70.57%	60.47%	54.59%	62.36%
Capital Expenditure	-696M	-580M	-485M	-376M	-362M	-351M	-350M	-655M	-647M	-604M	-873M	-613M	-451M	-362M	-384M	-469M	-460M	-350M	-289M	-225M	-275M	-93M	-99M	-86M	-110M	-353M	-483M	-435M	-216M	-204M	-194M	-249M	-287M	-605M	-1,095M	-203M	-173M	-152M	-109M
Return on Capital Expenditure	-117.34%	-132.40%	-125.99%	-74.68%	-76.38%	-78.06%	-83.21%	-171.30%	-130.65%	-151.10%	-106.94%	-93.96%	-148.64%	-161.38%	-160.81%	-109.96%	-130.82%	-119.80%	-76.46%	-91.14%	-8.85%	56.34%	71.56%	111.78%	-27.63%	1.17%	-93.29%	-107.43%	-180.28%	-141.01%	-100.53%	-68.28%	-77.63%	-36.32%	-21.89%	-125.87%	-120.66%	-124.32%	-152.20%
Free Cash Flow	669M	655M	493M	359M	322M	295M	246M	1,055M	804M	806M	664M	536M	561M	708M	600M	364M	185M	294M	214M	35M	86M	145M	70M	116M	343M	82M	225M	144M	258M	377M	325M	213M	223M	-187M	-692M	159M	173M	194M	157M
Return on Free Cash Flow	120.36%	112.66%	137.86%	117.63%	122.21%	105.70%	103.09%	106.45%	105.21%	113.12%	140.50%	107.47%	119.66%	82.54%	102.94%	141.83%	324.77%	142.47%	103.30%	577.51%	28.49%	-36.24%	-100.92%	-82.91%	8.83%	-5.02%	200.56%	324.36%	150.95%	76.27%	59.96%	79.86%	99.67%	-117.38%	-34.63%	160.64%	121.22%	97.32%	105.66%

Free Cash Flow Returns

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
Net Income	801M	732M	603M	403M	369M	339M	318M	1,119M	848M	913M	915M	577M	670M	584M	618M	516M	601M	419M	221M	205M	24M	-53M	-71M	-96M	30M	-4M	451M	468M	389M	287M	195M	170M	223M	220M	240M	256M	209M	189M	166M
EBITDA	1,852M	1,661M	1,342M	1,061M	986M	914M	836M	2,604M	1,947M	1,981M	2,044M	1,531M	1,473M	1,277M	1,263M	1,108M	963M	966M	812M	810M	495M	417M	420M	363M	551M	637M	986M	921M	700M	623M	654M	587M	704M	573M	565M	481M	413M	387M	367M
Return on EBITDA	42.83%	43.96%	44.84%	28.17%	28.97%	30.17%	33.15%	42.97%	43.54%	46.10%	44.74%	37.66%	45.51%	45.78%	48.92%	46.57%	62.44%	43.41%	27.25%	25.30%	4.92%	-12.62%	-16.84%	-26.59%	5.51%	-0.65%	45.74%	50.74%	55.56%	46.12%	29.81%	28.93%	31.62%	38.39%	42.40%	53.20%	50.64%	48.72%	45.26%
(-) Tax Adjustment	430M	379M	215M	53M	58M	83M	93M	519M	522M	425M	492M	375M	337M	267M	225M	187M	-618M	220M	235M	249M	-991M	-230M	-215M	-169M	-1,085M	651M	302M	296M	199M	190M	185M	153M	220M	169M	180M	153M	126M	131M	131M
Return on (-) Tax Adjustment	184.92%	194.42%	170.87%	126.77%	120.05%	119.99%	124.58%	215.45%	162.26%	214.92%	186.05%	153.79%	198.74%	218.57%	274.19%	275.29%	-97.21%	190.29%	94.08%	82.44%	-2.46%	22.86%	32.98%	57.00%	-2.79%	-0.63%	149.35%	157.96%	195.61%	151.46%	105.52%	110.84%	101.07%	129.79%	133.23%	167.70%	166.50%	143.45%	126.85%
(-) Change In Working Capital	-178M	-142M	-115M	-85M	-73M	-62M	-54M	239M	-82M	-277M	-33M	-224M	-144M	-33M	-147M	-7M	-169M	-93M	-23M	-93M	-54M	20M	-12M	20M	90M	-102M	16M	-95M	-109M	15M	12M	-55M	-20M	-42M	-13M	-44M	-10M	24M	-3M
Return on (-) Change In Working Capital	-1,108.17%	-1,115.56%	-1,515.72%	-1,037.97%	-680.99%	-477.49%	-695.89%	468.12%	-1,038.85%	-329.16%	-2,738.32%	-257.02%	-465.88%	-1,787.40%	-419.56%	-7,396.11%	-354.99%	-452.10%	-956.65%	-219.59%	-45.20%	-258.09%	594.47%	-483.95%	33.58%	4.04%	2,758.70%	-490.07%	-356.59%	1,918.46%	1,688.33%	-311.57%	-1,093.61%	-518.92%	-1,843.85%	-578.96%	-2,112.12%	789.12%	-5,193.75%
(-) Capital Expenditure	-696M	-580M	-485M	-376M	-362M	-351M	-350M	-655M	-647M	-604M	-873M	-613M	-451M	-362M	-384M	-469M	-460M	-350M	-289M	-225M	-275M	-93M	-99M	-86M	-110M	-353M	-483M	-435M	-216M	-204M	-194M	-249M	-287M	-605M	-1,095M	-203M	-173M	-152M	-109M
Return on (-) Capital Expenditure	-116.74%	-132.03%	-125.80%	-74.55%	-76.29%	-77.98%	-83.15%	-170.70%	-130.96%	-151.30%	-104.81%	-94.11%	-148.55%	-161.37%	-160.81%	-109.96%	-130.82%	-119.80%	-76.46%	-91.14%	-8.85%	56.34%	71.56%	111.78%	-27.63%	1.17%	-93.29%	-107.43%	-180.28%	-141.01%	-100.53%	-68.28%	-77.63%	-36.32%	-21.89%	-125.87%	-120.66%	-124.32%	-152.20%
Unlevered Free Cash Flow	904M	844M	757M	718M	640M	543M	446M	1,190M	859M	1,230M	714M	768M	828M	680M	800M	458M	1,291M	488M	311M	430M	1,264M	533M	548M	426M	1,436M	-266M	184M	286M	394M	215M	264M	240M	217M	-160M	-697M	169M	124M	80M	130M
Return on Unlevered Free Cash Flow	92.51%	88.89%	83.79%	56.14%	67.63%	63.84%	74.83%	94.02%	98.69%	74.25%	128.18%	75.11%	80.94%	85.99%	77.17%	112.61%	46.57%	85.88%	71.22%	47.66%	1.93%	-9.87%	-12.92%	-22.66%	2.11%	1.55%	244.65%	163.66%	98.58%	133.88%	73.89%	70.87%	102.39%	-137.71%	-34.40%	151.14%	168.75%	235.67%	127.67%
(-) Net Interest Income After Taxes	-132M	-123M	-158M	-218M	-189M	-151M	-126M	-372M	-113M	-134M	-136M	-127M	-114M	-106M	-106M	-114M	-478M	-103M	-156M	-168M	-605M	-329M	-328M	-265M	-514M	4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on (-) Net Interest Income After Taxes	-602.13%	-589.04%	-465.45%	-313.77%	-241.08%	-192.87%	-160.72%	-300.80%	-746.98%	-682.57%	-670.46%	-453.37%	-588.71%	-550.11%	-582.59%	-451.77%	-125.76%	-407.81%	-141.36%	-121.96%	-4.03%	15.99%	21.57%	36.40%	-5.90%	-109.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	474M	408M	262M	119M	194M	148M	137M	-956M	-570M	1,437M	-104M	90M	122M	498M	-133M	45M	737M	0M	-67M	-580M	-151M	-135M	52M	-20M	-812M	-109M	3,105M	-74M	-12M	-279M	-50M	-31M	5M	155M	491M	-7M	-5M	-7M	-44M
Return on Net Debt Issuance	-57.52%	99.29%	-32,176.43%	-21,428.99%	-16,270.29%	-12,885.30%	-11,114.89%	-116.98%	-148.62%	63.56%	-880.27%	644.13%	551.77%	117.27%	-464.33%	1,135.33%	81.61%	-322,685.38%	-327.95%	-35.34%	-16.19%	39.02%	-135.40%	477.30%	-3.73%	3.79%	14.52%	-634.96%	-3,350.49%	-103.01%	-388.85%	-543.20%	4,166.14%	142.27%	48.85%	-3,819.40%	-4,545.65%	-2,619.44%	-378.59%
Levered Free Cash Flow	1,510M	1,376M	1,177M	1,055M	1,024M	842M	709M	606M	402M	2,800M	746M	984M	1,064M	1,284M	773M	618M	2,506M	591M	400M	18M	1,719M	727M	928M	671M	1,137M	-378M	3,289M	212M	383M	-64M	214M	208M	223M	-5M	-206M	163M	119M	73M	86M
Return on Levered Free Cash Flow	71.26%	64.46%	63.60%	115.58%	103.66%	-95.70%	-57.49%	184.76%	210.85%	32.61%	122.59%	58.58%	63.03%	45.51%	79.87%	83.51%	23.99%	70.96%	55.35%	1,125.48%	1.42%	-7.23%	-7.62%	-14.39%	2.67%	1.09%	13.71%	220.50%	101.57%	-446.70%	91.23%	81.50%	99.93%	-4,291.69%	-116.35%	157.37%	175.25%	258.97%	192.63%