Consumers Energy Company

CMS-PB

CMS-PBConsumers Energy Company US flag

New York Stock Exchange

77.11

USD

-0.07

- -

6.49BMarket Cap

Income Statement (USD)

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	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	6,253	6,013	6,321	6,800	6,165	6,064	6,222	6,464	6,376	6,189	7,021	8,151	7,166	7,200	8,132
+ Sales & Services Revenue	6,253	6,013	6,321	6,800	6,165	6,064	6,222	6,464	6,376	6,189	7,021	8,151	7,166	7,200	8,132
- Cost of Revenue	4,520	4,214	4,352	4,741	4,027	3,787	3,822	4,183	3,949	3,596	4,396	5,430	4,324	4,024	4,610
+ Cost of Goods & Services	4,520	4,214	4,352	4,741	4,027	3,787	3,822	4,183	3,949	3,596	4,396	5,430	4,324	4,024	4,610
Gross Profit	1,733	1,799	1,969	2,059	2,138	2,277	2,400	2,281	2,427	2,593	2,625	2,721	2,842	3,176	3,522
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	748	815	851	924	999	1,080	1,148	1,216	1,297	1,372	1,450	1,488	1,574	1,661	1,753
+ Selling, General & Admin	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-155	-195	-171	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	748	815	851	924	999	1,080	1,148	1,216	1,297	1,372	1,605	1,683	1,745	1,661	1,753
Operating Income (Loss)	985	984	1,118	1,135	1,139	1,197	1,252	1,065	1,130	1,221	1,175	1,233	1,268	1,515	1,769
- Non-Operating (Income) Loss	251	248	238	262	243	261	281	218	202	232	151	148	240	306	352
+ Interest Expense, Net	256	239	242	245	238	263	266	279	287	312	304	335	411	468	513
+ Interest Expense	265	244	245	250	250	268	276	289	297	320	311	335	448	518	560
- Interest Income	9	5	3	5	12	5	10	10	10	8	7	- -	37	50	47
+ Other Non-Op (Income) Loss	-5	9	-4	17	5	-2	15	-61	-85	-80	-153	-187	-171	-162	-161
Pretax Income	734	736	880	873	896	936	971	847	928	989	1,024	1,085	1,028	1,209	1,417
- Income Tax Expense (Benefit)	267	297	346	306	302	320	339	142	185	173	156	140	161	200	288
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	467	439	534	567	594	616	632	705	743	816	868	945	867	1,009	1,129
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	2	2	2	-3	-23	-24	-79	-56	-69
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	58	602	4	1	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	2	2	2	-61	-625	-28	-80	-56	-69
Income (Loss) Incl. MI	467	439	534	567	594	616	630	703	741	819	891	969	946	1,065	1,198
- Minority Interest	- -	- -	- -	- -	- -	- -	-2	-2	-2	3	23	24	79	56	69
Net Income, GAAP	467	439	534	567	594	616	632	705	743	816	868	945	867	1,009	1,129
- Preferred Dividends	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	465	437	532	565	592	614	630	703	741	814	866	943	865	1,007	1,127
EBIT	985	984	1,118	1,135	1,139	1,197	1,252	1,065	1,130	1,221	1,175	1,233	1,268	1,515	1,769
EBITDA	1,527	1,576	1,740	1,813	1,883	2,000	2,133	1,998	2,119	2,264	2,252	2,321	2,405	2,706	3,023
EBITDA Margin (%)	24.42	26.21	27.53	26.66	30.54	32.98	34.28	30.91	33.23	36.58	32.08	28.48	33.56	37.58	37.17
EBITA	985	984	1,118	1,135	1,139	1,197	1,252	1,065	1,130	1,221	1,175	1,233	1,268	1,515	1,769
Gross Margin (%)	27.71	29.92	31.15	30.28	34.68	37.55	38.57	35.29	38.06	41.9	37.39	33.38	39.66	44.11	43.31
Operating Margin (%)	15.75	16.36	17.69	16.69	18.48	19.74	20.12	16.48	17.72	19.73	16.74	15.13	17.69	21.04	21.75
Profit Margin (%)	7.47	7.3	8.45	8.34	9.64	10.16	10.16	10.91	11.65	13.18	12.36	11.59	12.1	14.01	13.88
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	542	592	622	678	744	803	881	933	989	1,043	1,077	1,088	1,137	1,191	1,254
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Balance Sheet (USD)

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	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	2,407	2,255	2,157	2,273	1,929	1,942	1,975	1,980	1,872	1,892	2,121	3,236	2,594	2,674	2,825
+ Cash, Cash Equivalents & STI	85	5	18	71	50	131	44	39	11	20	22	43	35	44	25
+ Cash & Cash Equivalents	85	5	18	71	50	131	44	39	11	20	22	43	35	44	25
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	884	877	920	891	775	838	904	886	836	846	914	1,534	920	1,036	1,225
+ Accounts Receivable, Net	861	845	906	864	775	809	887	870	836	846	914	1,534	920	1,036	1,225
+ Notes Receivable, Net	23	- -	14	- -	- -	29	17	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	32	- -	27	- -	- -	- -	16	- -	- -	- -	- -	- -	- -	- -
+ Inventories	1,181	1,075	869	906	768	617	662	639	597	569	658	1,105	924	756	774
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	1,181	1,075	869	906	768	617	662	639	597	569	658	1,105	924	756	774
+ Other ST Assets	257	298	350	405	336	356	365	416	428	457	527	554	715	838	801
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	13,255	14,020	14,022	15,574	16,706	18,004	19,124	20,045	21,827	23,507	25,019	26,680	29,258	31,414	34,266
+ Property, Plant & Equip, Net	10,557	11,475	12,169	13,337	14,588	15,603	16,630	17,761	18,570	19,971	21,315	21,545	23,772	25,890	28,632
+ Property, Plant & Equip	15,403	16,536	17,191	18,683	20,264	21,597	23,071	24,719	25,842	27,815	29,686	30,336	32,568	35,200	38,474
- Accumulated Depreciation	4,846	5,061	5,022	5,346	5,676	5,994	6,441	6,958	7,272	7,844	8,371	8,791	8,796	9,310	9,842
+ LT Investments & Receivables	35	32	29	38	29	33	21	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	35	32	29	38	29	33	21	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2,663	2,513	1,824	2,199	2,089	2,368	2,473	2,284	3,257	3,536	3,704	5,135	5,486	5,524	5,634
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2,663	2,513	1,824	2,199	2,089	2,368	2,473	2,284	3,257	3,536	3,704	5,135	5,486	5,524	5,634
Total Assets	15,662	16,275	16,179	17,847	18,635	19,946	21,099	22,025	23,699	25,399	27,140	29,916	31,852	34,088	37,091
+ Payables & Accruals	962	959	1,012	899	1,071	1,040	1,362	1,198	1,196	1,193	1,467	1,525	1,555	1,775	2,167
+ Accounts Payable	572	512	584	674	628	598	720	699	613	643	851	879	777	929	1,243
+ Accrued Taxes	287	376	353	149	352	354	542	436	481	458	529	556	614	678	747
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	103	71	75	76	91	88	100	63	102	92	87	90	164	168	177
+ ST Debt	363	173	234	205	469	795	535	145	311	691	766	1,095	824	521	919
+ ST Borrowings	363	173	234	205	469	795	535	145	311	691	766	1,095	824	521	919
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	317	278	234	202	191	259	239	275	205	255	255	251	184	296	248
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	73	144	55	80	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	244	134	179	122	191	259	239	275	205	255	255	251	184	296	248
Total Current Liabilities	1,642	1,410	1,480	1,306	1,731	2,094	2,136	1,618	1,712	2,139	2,488	2,871	2,563	2,592	3,334
+ LT Debt	4,154	4,450	4,717	5,277	5,301	5,363	5,652	6,848	7,124	7,798	8,096	9,237	10,500	11,710	12,610
+ LT Borrowings	3,987	4,297	4,579	5,154	5,183	5,253	5,561	6,779	7,048	7,742	8,050	9,192	10,461	11,641	12,529
+ LT Finance Leases	167	153	138	123	118	110	91	69	76	56	46	45	39	69	81
+ Other LT Liabilities	5,472	5,833	5,125	5,987	6,057	6,550	6,823	6,639	7,126	6,906	7,277	7,653	7,989	8,355	8,569
+ Accrued Liabilities	1,863	1,784	2,155	2,523	2,766	3,115	1,727	1,908	1,984	2,209	2,452	2,714	2,915	3,175	3,319
+ Pension Liabilities	1,225	1,385	179	793	529	730	711	392	622	112	104	79	77	70	70
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2,384	2,664	2,791	2,671	2,762	2,705	4,385	4,339	4,520	4,585	4,721	4,860	4,997	5,110	5,180
Total Noncurrent Liabilities	9,626	10,283	9,842	11,264	11,358	11,913	12,475	13,487	14,250	14,704	15,373	16,890	18,489	20,065	21,179
Total Liabilities	11,268	11,693	11,322	12,570	13,089	14,007	14,611	15,105	15,962	16,843	17,861	19,761	21,052	22,657	24,513
+ Preferred Equity and Hybrid Capital	44	44	37	37	37	37	37	37	37	37	37	37	37	37	37
+ Share Capital & APIC	3,798	3,948	4,098	4,415	4,565	4,840	5,290	5,540	6,215	6,865	7,440	8,125	8,600	9,015	9,935
+ Common Stock	841	841	841	841	841	841	841	841	841	841	841	841	841	841	841
+ Additional Paid in Capital	2,957	3,107	3,257	3,574	3,724	3,999	4,449	4,699	5,374	6,024	6,599	7,284	7,759	8,174	9,094
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	554	598	724	832	950	1,065	1,173	1,364	1,513	1,690	1,834	2,008	2,178	2,390	2,619
+ Other Equity	-2	-8	-2	-7	-6	-3	-12	-21	-28	-36	-32	-15	-15	-11	-13
Equity Before Minority Interest	4,394	4,582	4,857	5,277	5,546	5,939	6,488	6,920	7,737	8,556	9,279	10,155	10,800	11,431	12,578
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	4,394	4,582	4,857	5,277	5,546	5,939	6,488	6,920	7,737	8,556	9,279	10,155	10,800	11,431	12,578
Total Liabilities & Equity	15,662	16,275	16,179	17,847	18,635	19,946	21,099	22,025	23,699	25,399	27,140	29,916	31,852	34,088	37,091
Shares Outstanding	84	84	84	84	84	84	84	84	84	84	84	84	84	84	84
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	167	153	138	123	118	110	91	69	76	56	46	45	39	69	81
Net Debt	4,265	4,465	4,795	5,288	5,602	5,917	6,052	6,885	7,348	8,413	8,794	10,244	11,250	12,118	13,423
Net Debt to Equity	97.06	97.45	98.72	100.21	101.01	99.63	93.28	99.49	94.97	98.33	94.77	100.88	104.17	106.01	106.72
Tangible Common Equity Ratio	27.77	27.88	29.79	29.36	29.56	29.59	30.57	31.25	32.49	33.54	34.05	33.82	33.79	33.43	33.81
Current Ratio	1.47	1.6	1.46	1.74	1.11	0.93	0.92	1.22	1.09	0.88	0.85	1.13	1.01	1.03	0.85
Cash Conversion Cycle	105.58	101.32	83.83	67.78	63.28	52.88	48.62	44.12	44.67	44.53	35.89	60.34	75.19	45.03	25.66

Cash Flow Statement (USD)

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	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	467	439	534	567	594	616	462	659	682	752	868	945	867	1,009	1,129
+ Depreciation & Amortization	542	592	622	678	744	803	881	933	989	1,043	1,077	1,088	1,137	1,191	1,254
+ Non-Cash Items	90	333	228	340	109	247	536	6	115	-527	214	88	58	2	-87
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	161	150	164	263	204	289	417	182	150	170	154	134	156	115	48
+ Asset Impairment Charge	70	53	63	72	50	31	49	54	30	30	22	50	34	33	40
+ Other Non-Cash Adj	-141	130	1	5	-145	-73	70	-230	-65	-727	38	-96	-132	-146	-175
+ Chg in Non-Cash Work Cap	224	-11	-33	-231	347	15	-174	105	-35	-25	-66	-1,127	368	244	-58
+ (Inc) Dec in Accts Receiv	112	-145	-116	-16	104	-138	-66	15	48	-5	-103	-660	219	-153	-235
+ (Inc) Dec in Inventories	-17	107	205	-36	144	145	-46	14	44	28	-90	-447	186	164	-24
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	117	-23	12	47	-22	57	49	22	-71	56	140	-9	-127	19	187
+ Inc (Dec) in Other	12	50	-134	-226	121	-49	-111	54	-56	-104	-13	-11	90	214	14
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	39	33	-111	- -	- -	- -	- -
Cash from Operating Activities	1,323	1,353	1,351	1,354	1,794	1,681	1,705	1,703	1,790	1,276	1,982	994	2,430	2,446	2,238
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	97	58	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	97	58	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-56	-49	-56	-70	-110	-112	-115	-146	-127	-129	-133	-105	-953	-154	-221
+ Acq of Fixed Prod Assets	-56	-49	-56	-70	-110	-112	-115	-146	-127	-129	-133	-105	-953	-154	-221
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	125	150	150	495	150	275	83	41	12	253	26	69	- -	- -	- -
+ Increase in Capital Stock	125	150	150	495	150	275	83	41	12	253	26	69	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	40	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	146	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	-106	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	-154	- -	- -	- -	- -	- -	898	- -	- -	124	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	898	- -	- -	124	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	-154	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-895	-1,230	-1,331	-1,573	-1,537	-1,656	-1,753	-2,500	-2,786	-2,796	-2,950	-2,239	-2,248	-2,842	-3,314
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	-689	-485	78	- -	- -	- -	- -
Cash from Investing Activities	-951	-1,279	-1,387	-1,643	-1,801	-1,768	-1,868	-2,606	-2,816	-2,867	-2,185	-2,344	-3,201	-2,872	-3,535
+ Dividends Paid	-376	-395	-408	-459	-476	-501	-377	-407	-436	-467	-724	-771	-697	-797	-900
+ Net Cash From Debt	-107	91	307	620	103	394	197	751	852	989	393	1,474	1,010	880	1,283
+ Cash From Debt	- -	1,185	810	878	250	595	1,633	2,767	2,151	3,179	420	1,819	2,739	1,297	1,463
+ Repayments of Debt	-107	-1,094	-503	-258	-147	-201	-1,436	-2,016	-1,299	-2,190	-27	-345	-1,729	-417	-180
+ Other Financing Activities	- -	- -	- -	-304	189	- -	207	489	580	844	517	594	454	406	906
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-358	-154	49	352	-34	168	110	874	1,008	1,619	212	1,366	767	489	1,289
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	14	-80	13	63	-41	81	-53	-29	-18	28	9	16	-4	63	-8
EBITDA	1,527	1,576	1,740	1,813	1,883	2,000	2,133	1,998	2,119	2,264	2,252	2,321	2,405	2,706	3,023
EBITDA Margin (%)	24.42	26.21	27.53	26.66	30.54	32.98	34.28	30.91	33.23	36.58	32.08	28.48	33.56	37.58	37.17
Free Cash Flow	1,267	1,304	1,295	1,284	1,684	1,569	1,590	1,557	1,663	1,147	1,849	889	1,477	2,292	2,017
Net Cash Paid for Acquisitions	- -	- -	- -	- -	154	- -	- -	- -	- -	- -	-898	- -	- -	-124	- -
Free Cash Flow to Firm	1,436	1,450	1,444	1,446	1,850	1,745	1,770	1,798	1,901	1,411	2,113	1,181	1,855	2,724	2,463
Free Cash Flow to Equity	1,158	1,393	1,593	1,902	1,785	1,961	1,785	2,306	2,610	2,192	2,240	2,361	2,485	3,170	3,298
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow to Net Income	2.83	3.08	2.53	2.39	3.02	2.73	2.7	2.42	2.41	1.56	2.28	1.05	2.8	2.42	1.98
Capital Expenditures	-56	-49	-56	-70	-110	-112	-115	-146	-127	-129	-133	-105	-953	-154	-221