The Progressive Corporation

PGR

PGRThe Progressive Corporation US flag

New York Stock Exchange

194.91

USD

+1.45

- -

113.89BMarket 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	15,761	17,070	18,156	19,377	20,832	23,417	26,816	31,955	38,998	42,638	47,676	49,587	62,083	75,343	87,637
+ Sales & Services Revenue	15,761	17,070	18,156	19,377	20,832	23,417	26,816	31,955	38,998	42,638	47,676	49,587	62,083	75,343	87,637
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	19	36	39	51	78	92	110	134	179	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-19	-36	-39	-51	-78	-92	-110	-134	-179	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-1,487	-1,318	-1,720	-1,907	-1,912	-1,471	-2,139	-3,164	-5,160	-7,173	-4,210	-922	-4,904	-10,713	-14,223
+ Interest Expense, Net	133	124	118	117	136	141	153	166	190	217	219	244	268	279	278
+ Interest Expense	133	124	118	117	136	141	153	166	190	217	219	244	268	279	278
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-1,620	-1,442	-1,838	-2,024	-2,048	-1,612	-2,292	-3,330	-5,350	-7,390	-4,429	-1,166	-5,172	-10,992	-14,501
Pretax Income	1,487	1,318	1,720	1,907	1,912	1,471	2,139	3,164	5,160	7,173	4,210	922	4,904	10,713	14,223
- Income Tax Expense (Benefit)	472	415	555	626	611	414	541	543	1,180	1,469	859	200	1,001	2,233	2,915
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1,016	902	1,165	1,281	1,300	1,057	1,598	2,621	3,980	5,705	3,351	722	3,903	8,480	11,308
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	66	52	12	11	19	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	66	52	12	11	19	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1,016	902	1,165	1,281	1,235	1,005	1,586	2,610	3,961	5,705	3,351	722	3,903	8,480	11,308
- Minority Interest	- -	- -	- -	- -	-33	-26	-6	-6	-10	- -	- -	- -	- -	- -	- -
Net Income, GAAP	1,016	902	1,165	1,281	1,268	1,031	1,592	2,615	3,970	5,705	3,351	722	3,903	8,480	11,308
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	21	27	27	27	27	38	17	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,016	902	1,165	1,281	1,268	1,031	1,592	2,594	3,943	5,678	3,324	695	3,865	8,463	11,308
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	-88	-94	-101	-97	-150	-200	-236	-262	-306	-332	-337	-306	-285	-284	-313
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	6.44	5.29	6.42	6.61	6.08	4.4	5.94	8.18	10.18	13.38	7.03	1.46	6.29	11.26	12.9
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.42	1.42	0.29	1.51	0.69	0.89	0.68	1.15	2.86	2.7	6.46	0.45	0.47	1.16	4.9
Depreciation Expense	88	94	101	97	150	200	236	262	306	332	337	306	285	284	313
Basic Weighted Avg Shares	632	603	599	591	586	582	581	582	584	585	584	584	585	586	586
Basic EPS, GAAP	1.61	1.5	1.95	2.17	2.16	1.77	2.74	4.45	6.75	9.71	5.69	1.19	6.61	14.45	19.29
Basic EPS from Cont Ops	1.61	1.5	1.95	2.17	2.22	1.82	2.75	4.5	6.82	9.75	5.73	1.24	6.67	14.48	19.29
Diluted Weighted Avg Shares	637	608	604	595	589	585	586	587	587	588	587	587	588	588	588
Diluted EPS, GAAP	1.59	1.48	1.93	2.15	2.15	1.76	2.72	4.42	6.72	9.66	5.66	1.18	6.58	14.4	19.23
Diluted EPS from Cont Ops	1.59	1.48	1.93	2.15	2.21	1.81	2.73	4.47	6.78	9.71	5.71	1.23	6.64	14.43	19.23

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	13,467	13,943	14,888	15,807	17,728	20,028	23,336	29,977	35,135	42,106	45,003	49,717	62,253	76,090	19,836
+ Cash & Cash Equivalents	156	179	75	108	224	212	265	70	226	76	187	204	85	143	125
+ ST Investments	13,311	13,764	14,813	15,698	17,504	19,817	23,071	29,907	34,909	42,029	44,816	49,514	62,168	75,947	19,711
+ Accounts & Notes Receiv	2,930	3,184	3,311	3,538	3,988	4,509	5,422	6,497	10,886	12,180	14,380	16,249	17,052	19,134	19,445
+ Accounts Receivable, Net	2,930	3,184	3,311	3,538	3,988	4,509	5,422	6,497	10,886	12,180	14,380	16,249	17,052	19,134	19,445
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-16,397	-17,127	-18,199	-19,344	-21,716	-24,537	-28,759	-36,474	-46,022	-54,285	-59,383	-65,966	-79,305	-95,224	-39,281
+ 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	15,963	16,476	18,055	19,018	20,937	23,483	27,275	33,567	39,254	47,530	51,514	53,548	65,999	80,250	97,373
+ LT Investments	15,963	16,476	18,055	19,018	20,937	23,483	27,275	33,567	39,254	47,530	51,514	53,548	65,999	80,250	97,373
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-15,963	-16,476	-18,055	-19,018	-20,937	-23,483	-27,275	-33,567	-39,254	-47,530	-51,514	-53,548	-65,999	-80,250	-97,373
+ Total Intangible Assets	- -	- -	- -	13	942	882	819	747	681	624	570	314	- -	- -	- -
+ Goodwill	- -	- -	- -	2	448	449	453	453	453	453	453	228	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	11	495	433	367	295	228	171	117	86	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-15,963	-16,476	-18,055	-19,031	-21,880	-24,365	-28,094	-34,315	-39,935	-48,154	-52,084	-53,862	-65,999	-80,250	-97,373
Total Assets	21,845	22,695	24,408	25,788	29,819	33,428	38,701	46,575	54,910	64,098	71,132	75,465	88,691	105,745	123,039
+ Payables & Accruals	1,771	172	890	404	519	395	3,481	5,046	1,375	2,694	6,069	5,533	- -	2,695	7,972
+ Accounts Payable	1,771	1,684	1,785	1,894	2,068	2,496	3,481	5,046	4,617	4,956	6,069	5,533	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	-1,512	-895	-1,490	-1,549	-2,100	- -	- -	-3,242	-2,261	- -	- -	- -	2,695	7,972
+ ST Debt	500	150	- -	- -	- -	- -	3,269	499	499	- -	- -	- -	- -	- -	- -
+ ST Borrowings	500	150	- -	- -	- -	- -	3,269	499	499	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-2,270	-322	-890	-404	-519	-395	-6,750	-5,546	-1,875	-2,694	-6,069	-5,533	- -	-2,695	-7,972
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-2,270	-322	-890	-404	-519	-395	-6,750	-5,546	-1,875	-2,694	-6,069	-5,533	- -	-2,695	-7,972
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	1,942	1,913	1,861	2,165	2,708	3,148	37	3,906	4,407	5,396	4,899	6,388	6,889	6,893	6,897
+ LT Borrowings	1,942	1,913	1,861	2,165	2,708	3,148	37	3,906	4,407	5,396	4,899	6,388	6,889	6,893	6,897
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-1,942	-1,913	-1,861	-2,165	-2,708	-3,148	-37	-3,906	-4,407	-5,396	-4,899	-6,388	-6,889	-6,893	-6,897
+ Accrued Liabilities	- -	- -	28	99	109	111	135	- -	118	310	153	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-1,942	-1,913	-1,889	-2,264	-2,817	-3,260	-172	-3,906	-4,525	-5,706	-5,052	-6,388	-6,889	-6,893	-6,897
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	16,038	16,688	18,219	18,859	22,530	25,470	29,416	35,753	41,237	47,060	52,901	59,574	68,414	80,154	92,716
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	494	494	494	494	494	494	- -	- -
+ Share Capital & APIC	1,619	1,682	1,738	1,772	1,802	1,883	1,971	2,062	2,158	2,258	2,357	2,478	2,598	2,731	2,893
+ Common Stock	613	605	596	588	584	580	582	583	585	585	584	585	585	586	586
+ Additional Paid in Capital	1,006	1,077	1,142	1,184	1,219	1,303	1,389	1,479	1,573	1,673	1,773	1,893	2,013	2,145	2,307
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	3,495	3,454	3,500	4,133	4,687	5,140	6,032	8,387	10,680	13,355	15,340	15,721	18,801	24,283	27,327
+ Other Equity	692	871	952	1,023	800	933	1,282	-121	342	932	41	-2,802	-1,616	-1,423	103
Equity Before Minority Interest	5,807	6,007	6,190	6,929	7,289	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591	30,323
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	5,807	6,007	6,190	6,929	7,289	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591	30,323
Total Liabilities & Equity	21,845	22,695	24,408	25,788	29,819	33,428	38,701	46,575	54,910	64,098	71,132	75,465	88,691	105,745	123,039
Shares Outstanding	613	605	596	588	584	580	582	583	585	585	584	585	585	586	586
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	2,286	1,884	1,786	2,056	2,484	2,937	3,041	4,335	4,680	5,320	4,712	6,185	6,804	6,750	6,772
Net Debt to Equity	39.38	31.36	28.85	29.68	34.07	36.91	32.76	40.06	34.23	31.22	25.84	38.92	33.56	26.38	22.33
Tangible Common Equity Ratio	26.58	26.47	25.36	26.83	21.98	21.74	22.35	20.91	23.05	25.08	24.33	20.07	22.31	24.2	24.65
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	1,016	902	1,165	1,281	1,300	1,057	1,598	2,621	3,980	5,705	3,351	722	3,903	8,480	11,308
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	278	47	-8	13	205	320	376	812	-589	-1,095	-944	2,540	130	125	-390
+ Stock-Based Compensation	50	63	65	51	66	85	95	77	90	89	101	123	121	122	132
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	225	- -	- -	- -
+ Other Non-Cash Adj	228	-17	-73	-39	139	235	281	734	-679	-1,185	-1,045	2,192	9	3	-522
+ Chg in Non-Cash Work Cap	204	742	743	432	787	1,355	1,782	2,852	2,870	2,296	5,355	3,587	6,610	6,514	6,630
+ (Inc) Dec in Accts Receiv	-268	-337	-317	-369	-624	-907	-1,302	-1,497	-1,693	-1,293	-1,656	-1,869	-803	-2,082	-311
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	18	4	-9	-10	32	49	-33	-106	-317	258	-75	162	46	-99	152
+ Inc (Dec) in Accts Payable	36	124	165	92	38	309	400	747	612	329	400	199	700	1,236	1,556
+ Inc (Dec) in Other	418	952	903	719	1,340	1,904	2,717	3,709	4,268	3,002	6,686	5,095	6,667	7,459	5,233
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,498	1,691	1,900	1,726	2,293	2,733	3,757	6,285	6,262	6,906	7,762	6,849	10,643	15,119	17,548
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	3	4	4	6	11	6	15	9	53	22	66	35	47	77	80
+ Disp of Fixed Prod Assets	3	4	4	6	11	6	15	9	53	22	66	35	47	77	80
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285	-348
+ Acq of Fixed Prod Assets	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285	-348
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-998	-174	-273	-271	-208	-192	-62	-79	-91	-112	-223	-99	-141	-134	-166
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-998	-174	-273	-271	-208	-192	-62	-79	-91	-112	-223	-99	-141	-134	-166
+ Net Change in LT Investment	-668	-97	-1,372	-705	-1,030	-2,315	-3,215	-6,790	-4,034	-6,000	-2,677	-7,521	-10,626	-13,712	-14,334
+ Dec in LT Investment	6,407	6,004	6,051	8,508	8,928	9,730	11,629	14,902	25,111	30,382	31,338	21,015	15,237	34,234	44,760
+ Inc in LT Investment	-7,075	-6,100	-7,423	-9,213	-9,958	-12,045	-14,843	-21,692	-29,145	-36,382	-34,016	-28,536	-25,863	-47,946	-59,094
+ Net Cash From Acq & Div	- -	- -	- -	- -	-765	- -	-18	-297	- -	- -	-313	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	-765	- -	-18	-297	- -	- -	-313	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-1	-44	152	-30	-8	43	-34	309	6	84	48	-178	-11	171	75
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-745	-265	-1,356	-837	-1,924	-2,481	-3,407	-7,035	-4,338	-6,118	-3,120	-7,956	-10,842	-13,749	-14,527
+ Dividends Paid	-264	-854	-176	-893	-404	-519	-395	-668	-1,670	-1,578	-3,773	-261	-277	-682	-2,871
+ Net Cash From Debt	477	-382	-208	296	342	452	156	1,097	- -	986	-520	1,486	496	- -	- -
+ Cash From Debt	492	- -	- -	345	382	496	841	1,134	- -	986	- -	1,486	496	- -	- -
+ Repayments of Debt	-15	-382	-208	-49	-40	-44	-685	-37	- -	- -	-520	- -	- -	- -	- -
+ Other Financing Activities	29	6	10	13	17	9	- -	200	-10	-236	- -	- -	- -	-500	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-756	-1,404	-647	-855	-253	-250	-301	550	-1,771	-939	-4,516	1,126	78	-1,316	-3,037
Effect of Foreign Exchange Rates	- -	1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-3	22	-103	33	116	2	49	-200	152	-151	126	19	-121	54	-16
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	1,419	1,564	1,760	1,618	2,162	2,518	3,601	6,019	5,898	6,682	7,518	6,557	10,391	14,834	17,200
Net Cash Paid for Acquisitions	- -	- -	- -	- -	765	- -	18	297	- -	- -	313	- -	- -	- -	- -
Free Cash Flow to Firm	1,510	1,648	1,840	1,696	2,255	2,619	3,715	6,157	6,044	6,855	7,692	6,748	10,604	15,055	17,421
Free Cash Flow to Equity	1,899	1,185	1,555	1,919	2,515	2,976	3,773	7,598	5,924	7,663	7,038	8,051	10,896	14,400	17,280
Free Cash Flow per Basic Share	2.24	2.59	2.94	2.74	3.69	4.33	6.2	10.33	10.1	11.42	12.86	11.22	17.77	25.34	29.34
Price/Free Cash Flow	5.23	5	5.79	6.69	6.07	5.69	6.93	4.54	5.62	7.39	7.29	10.37	8.37	8.97	7.48
Cash Flow to Net Income	1.48	1.87	1.63	1.35	1.81	2.65	2.36	2.4	1.58	1.21	2.32	9.49	2.73	1.78	1.55
Capital Expenditures	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285	-348