Cincinnati Financial Corporation

CINF

CINFCincinnati Financial Corporation US flag

NASDAQ Global Select

165.29

USD

+4.63

- -

25.57BMarket Cap

Income Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	3,803	4,111	4,531	4,945	5,142	5,449	5,732	5,407	7,924	7,536	9,626	6,563	10,013	11,337	12,631
+ Sales & Services Revenue	3,803	4,111	4,531	4,945	5,142	5,449	5,732	5,407	7,924	7,536	9,626	6,563	10,013	11,337	12,631
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-173	-566	-714	-721	-881	-812	-730	-251	-2,472	-1,499	-3,698	694	-2,276	-2,858	-2,980
+ Interest Expense, Net	54	54	54	53	53	53	53	53	53	54	53	53	54	53	53
+ Interest Expense	54	54	54	53	53	53	53	53	53	54	53	53	54	53	53
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-227	-620	-768	-774	-934	-865	-783	-304	-2,525	-1,553	-3,751	641	-2,330	-2,911	-3,033
Pretax Income	173	566	714	721	881	812	730	251	2,472	1,499	3,698	-694	2,276	2,858	2,980
- Income Tax Expense (Benefit)	9	145	197	196	247	221	-315	-36	475	283	730	-207	433	566	587
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	164	421	517	525	634	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	164	421	517	525	634	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	164	421	517	525	634	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	164	421	517	525	634	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	-42	-44	-50	-51	-52	-48	-55	-63	-72	-109	-118	-127	-112	-130	-168
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	4.31	10.24	11.41	10.62	12.33	10.85	18.23	5.31	25.2	16.14	30.83	-7.42	18.41	20.22	18.95
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.56	1.56	1.59	1.68	2.23	1.86	2.43	2.06	2.18	2.33	2.45	2.66	2.89	3.13	3.36
Depreciation Expense	42	44	50	51	52	48	55	63	72	109	118	127	112	130	168
Basic Weighted Avg Shares	163	164	165	165	164	165	164	163	163	161	161	159	157	156	156
Basic EPS, GAAP	1	2.57	3.13	3.18	3.87	3.59	6.36	1.76	12.24	7.55	18.43	-3.07	11.74	14.65	15.32
Basic EPS from Cont Ops	1	2.57	3.13	3.18	3.87	3.59	6.36	1.76	12.24	7.55	18.43	-3.07	11.74	14.65	15.32
Diluted Weighted Avg Shares	163	164	166	165	166	166	166	164	165	162	163	159	158	158	158
Diluted EPS, GAAP	1	2.57	3.12	3.18	3.83	3.55	6.3	1.74	12.1	7.49	18.24	-3.07	11.66	14.52	15.17
Diluted EPS from Cont Ops	1	2.57	3.12	3.18	3.83	3.55	6.3	1.74	12.1	7.49	18.24	-3.07	11.66	14.52	15.17

Balance Sheet (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	9,217	9,580	9,554	10,051	10,194	10,862	11,356	11,473	12,465	13,238	14,161	13,396	14,698	17,463	19,702
+ Cash & Cash Equivalents	438	487	433	591	544	777	657	784	767	900	1,139	1,264	907	983	1,431
+ ST Investments	8,779	9,093	9,121	9,460	9,650	10,085	10,699	10,689	11,698	12,338	13,022	12,132	13,791	16,480	18,271
+ Accounts & Notes Receiv	1,904	2,019	2,099	2,148	2,164	2,263	2,216	2,331	2,597	2,627	2,865	3,239	3,543	3,834	4,178
+ Accounts Receivable, Net	1,709	1,829	1,893	1,950	1,973	2,078	2,021	2,128	2,387	2,396	2,623	2,987	3,243	3,492	3,797
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	195	190	206	198	191	185	195	203	210	231	242	252	300	342	381
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-11,121	-11,599	-11,653	-12,199	-12,358	-13,125	-13,572	-13,804	-15,062	-15,865	-17,026	-16,635	-18,241	-21,297	-23,880
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	11,735	12,466	13,496	14,318	14,356	15,419	16,948	16,609	19,450	21,194	24,337	21,973	24,780	27,665	30,965
+ LT Investments	11,735	12,466	13,496	14,318	14,356	15,419	16,948	16,609	19,450	21,194	24,337	21,973	24,780	27,665	30,965
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-11,735	-12,466	-13,496	-14,318	-14,356	-15,419	-16,948	-16,609	-19,450	-21,194	-24,337	-21,973	-24,780	-27,665	-30,965
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-11,735	-12,466	-13,496	-14,318	-14,356	-15,419	-16,948	-16,609	-19,450	-21,194	-24,337	-21,973	-24,780	-27,665	-30,965
Total Assets	15,635	16,548	17,662	18,748	18,888	20,386	21,843	21,935	25,408	27,542	31,387	29,732	32,769	36,501	41,002
+ Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	104	104	104	49	35	20	24	32	39	54	54	50	25	25	25
+ ST Borrowings	104	104	104	49	35	20	24	32	39	54	54	50	25	25	25
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-104	-104	-104	-49	-35	-20	-24	-32	-39	-54	-54	-50	-25	-25	-25
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-104	-104	-104	-49	-35	-20	-24	-32	-39	-54	-54	-50	-25	-25	-25
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	821	827	835	822	821	826	827	834	845	845	843	841	849	850	861
+ LT Borrowings	821	827	790	786	786	787	787	788	788	788	789	789	790	790	790
+ LT Finance Leases	31	37	45	36	35	39	40	46	57	57	54	52	59	60	71
+ Other LT Liabilities	-821	-827	-835	-822	-821	-826	-827	-834	-845	-845	-843	-841	-849	-850	-861
+ Accrued Liabilities	303	453	673	840	638	865	745	627	1,079	1,299	1,744	1,054	1,324	1,476	1,833
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-1,124	-1,280	-1,508	-1,662	-1,459	-1,691	-1,572	-1,461	-1,924	-2,144	-2,587	-1,895	-2,173	-2,326	-2,694
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	10,602	11,095	11,592	12,175	12,461	13,326	13,600	14,102	15,544	16,753	18,282	19,170	20,671	22,566	25,091
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,489	1,528	1,588	1,611	1,629	1,649	1,662	1,678	1,703	1,725	1,753	1,789	1,834	1,899	1,958
+ Common Stock	393	394	397	397	397	397	397	397	397	397	397	397	397	397	397
+ Additional Paid in Capital	1,096	1,134	1,191	1,214	1,232	1,252	1,265	1,281	1,306	1,328	1,356	1,392	1,437	1,502	1,561
- Treasury Stock	1,220	1,225	1,290	1,287	1,308	1,319	1,387	1,492	1,544	1,790	1,921	2,324	2,385	2,524	2,732
+ Retained Earnings	3,863	4,021	4,268	4,505	4,762	5,037	5,180	7,625	9,257	10,085	12,625	11,711	13,084	14,869	16,719
+ Other Equity	901	1,129	1,504	1,744	1,344	1,693	2,788	22	448	769	648	-614	-435	-309	-34
Equity Before Minority Interest	5,033	5,453	6,070	6,573	6,427	7,060	8,243	7,833	9,864	10,789	13,105	10,562	12,098	13,935	15,911
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	5,033	5,453	6,070	6,573	6,427	7,060	8,243	7,833	9,864	10,789	13,105	10,562	12,098	13,935	15,911
Total Liabilities & Equity	15,635	16,548	17,662	18,748	18,888	20,386	21,843	21,935	25,408	27,542	31,387	29,732	32,769	36,501	41,002
Shares Outstanding	162	163	163	164	164	164	164	163	163	161	160	157	157	156	155
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	31	37	45	36	35	39	40	46	57	57	54	52	59	60	71
Net Debt	487	444	461	244	277	30	154	36	60	-58	-296	-425	-92	-168	-616
Net Debt to Equity	9.68	8.14	7.59	3.71	4.31	0.42	1.87	0.46	0.61	-0.54	-2.26	-4.02	-0.76	-1.21	-3.87
Tangible Common Equity Ratio	32.19	32.95	34.37	35.06	34.03	34.63	37.74	35.71	38.82	39.17	41.75	35.52	36.92	38.18	38.81
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	164	421	517	525	634	591	1,045	287	1,997	1,216	2,968	-487	1,843	2,292	2,393
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	18	88	48	21	62	33	-463	499	-1,151	-563	-1,707	1,308	-728	-1,076	-910
+ Stock-Based Compensation	13	16	18	19	20	23	26	28	30	31	33	- -	- -	- -	- -
+ Deferred Income Taxes	-18	26	19	37	16	38	-444	-47	343	136	483	-355	223	117	283
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	23	46	11	-35	26	-28	-45	518	-1,524	-730	-2,223	1,663	-951	-1,193	-1,193
+ Chg in Non-Cash Work Cap	65	129	231	327	379	491	470	395	362	838	720	1,231	937	1,433	1,629
+ (Inc) Dec in Accts Receiv	-128	-118	-70	-62	-54	-118	77	-107	-175	-23	-240	-340	-264	-266	-306
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	193	247	301	389	433	609	393	502	537	861	960	1,571	1,201	1,699	1,935
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	247	638	796	873	1,075	1,115	1,052	1,181	1,208	1,491	1,981	2,052	2,052	2,649	3,112
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-7	-6	-7	-9	-10	-13	-16	-20	-24	-20	-15	-15	-18	-22	-20
+ Acq of Fixed Prod Assets	-7	-6	-7	-9	-10	-13	-16	-20	-24	-20	-15	-15	-18	-22	-20
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-32	- -	-52	-21	-53	-39	-92	-125	-67	-261	-144	-410	-67	-126	-205
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-32	- -	-52	-21	-53	-39	-92	-125	-67	-261	-144	-410	-67	-126	-205
+ Net Change in LT Investment	1	-299	-493	-315	-630	-456	-533	-423	-650	-525	-1,040	-925	-1,575	-1,659	-1,641
+ Dec in LT Investment	1,425	1,292	1,153	1,389	1,585	1,991	1,718	1,566	1,546	1,606	1,661	1,543	1,342	4,801	4,268
+ Inc in LT Investment	-1,424	-1,591	-1,646	-1,704	-2,215	-2,447	-2,251	-1,989	-2,196	-2,131	-2,701	-2,468	-2,917	-6,460	-5,909
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-2	1	-9	13	16	13	-9	-8	-5	-15	-2	7	-15	-15	-30
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-8	-304	-509	-311	-624	-456	-558	-451	-679	-560	-1,057	-933	-1,608	-1,696	-1,691
+ Dividends Paid	-255	-256	-263	-278	-366	-306	-400	-336	-355	-375	-395	-423	-454	-490	-525
+ Net Cash From Debt	55	- -	- -	-55	-14	-15	4	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	55	- -	- -	- -	- -	- -	4	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	-55	-14	-15	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	46	-29	-26	-50	-65	-66	-126	-142	-124	-162	-146	-161	-280	-261	-243
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-186	-285	-341	-404	-498	-426	-614	-603	-546	-798	-685	-994	-801	-877	-973
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	53	49	-54	158	-47	233	-120	127	-17	133	239	125	-357	76	448
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	240	632	789	864	1,065	1,102	1,036	1,161	1,184	1,471	1,966	2,037	2,034	2,627	3,092
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	291	672	828	903	1,103	1,141	- -	- -	1,227	1,515	2,009	- -	2,078	2,670	3,135
Free Cash Flow to Equity	295	632	789	809	1,051	1,087	1,040	1,161	1,184	1,471	1,966	2,037	2,034	2,627	3,092
Free Cash Flow per Basic Share	1.47	3.86	4.77	5.23	6.5	6.69	6.31	7.12	7.26	9.13	12.21	12.83	12.96	16.79	19.8
Price/Free Cash Flow	19.58	9.96	10.81	9.7	9.03	11.18	11.65	10.6	14.09	9.39	9.29	7.87	7.9	8.49	8.22
Cash Flow to Net Income	1.51	1.52	1.54	1.66	1.7	1.89	1.01	4.11	0.6	1.23	0.67	-4.21	1.11	1.16	1.3
Capital Expenditures	-7	-6	-7	-9	-10	-13	-16	-20	-24	-20	-15	-15	-18	-22	-20