The TJX Companies, Inc.

TJX

TJXThe TJX Companies, Inc. US flag

New York Stock Exchange

160.71

USD

+2.08

- -

177.54BMarket Cap

Income Statement (USD)

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	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	2026 Y
Sales/Revenue/Turnover	23,191	25,878	27,423	29,078	30,945	33,184	35,865	38,973	41,717	32,137	48,550	49,936	54,217	56,360	60,372
+ Sales & Services Revenue	23,191	25,878	27,423	29,078	30,945	33,184	35,865	38,973	41,717	32,137	48,550	49,936	54,217	56,360	60,372
- Cost of Revenue	16,854	18,521	19,605	20,777	22,035	23,566	25,502	27,831	29,846	24,534	34,714	36,149	37,951	39,112	41,679
+ Cost of Goods & Services	16,854	18,521	19,605	20,777	22,035	23,566	25,502	27,831	29,846	24,534	34,714	36,149	37,951	39,112	41,679
Gross Profit	6,337	7,357	7,818	8,302	8,910	9,618	10,362	11,142	11,871	7,603	13,836	13,787	16,266	17,248	18,693
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	3,890	4,250	4,467	4,695	5,206	5,768	6,375	6,924	7,455	7,021	9,081	8,927	10,469	10,946	11,515
+ Selling, General & Admin	3,890	4,250	4,467	4,695	5,206	5,768	6,375	6,924	7,455	7,021	9,081	8,927	10,469	10,946	11,515
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	2,447	3,107	3,351	3,607	3,705	3,850	3,987	4,218	4,416	582	4,755	4,860	5,797	6,302	7,178
- Non-Operating (Income) Loss	36	29	31	57	46	126	131	45	10	493	357	224	-170	-181	-121
+ Interest Expense, Net	36	29	31	40	46	44	32	9	10	181	115	6	-170	-181	-121
+ Interest Expense	47	41	46	55	60	62	64	65	59	194	119	84	79	76	74
- Interest Income	11	12	15	16	14	18	33	56	49	13	4	78	249	257	195
+ Other Non-Op (Income) Loss	- -	- -	- -	17	- -	83	99	36	- -	312	242	218	- -	- -	- -
Pretax Income	2,411	3,077	3,319	3,550	3,658	3,723	3,857	4,173	4,406	89	4,398	4,636	5,967	6,483	7,299
- Income Tax Expense (Benefit)	915	1,171	1,182	1,335	1,381	1,425	1,249	1,113	1,134	-1	1,115	1,138	1,493	1,619	1,805
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1,496	1,907	2,137	2,215	2,278	2,298	2,608	3,060	3,272	90	3,283	3,498	4,474	4,864	5,494
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1,496	1,907	2,137	2,215	2,278	2,298	2,608	3,060	3,272	90	3,283	3,498	4,474	4,864	5,494
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	1,496	1,907	2,137	2,215	2,278	2,298	2,608	3,060	3,272	90	3,283	3,498	4,474	4,864	5,494
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,496	1,907	2,137	2,215	2,278	2,298	2,608	3,060	3,272	90	3,283	3,498	4,474	4,864	5,494
EBIT	2,447	3,107	3,351	3,607	3,705	3,850	3,987	4,218	4,416	582	4,755	4,860	5,797	6,302	7,178
EBITDA	2,933	3,615	3,899	4,195	4,321	4,508	4,713	5,038	5,284	1,453	5,623	5,747	6,761	7,406	8,425
EBITDA Margin (%)	12.65	13.97	14.22	14.43	13.96	13.59	13.14	12.93	12.67	4.52	11.58	11.51	12.47	13.14	13.96
EBITA	2,447	3,107	3,351	3,607	3,705	3,850	3,987	4,218	4,416	582	4,755	4,860	5,797	6,302	7,178
Gross Margin (%)	27.33	28.43	28.51	28.55	28.79	28.98	28.89	28.59	28.46	23.66	28.5	27.61	30	30.6	30.96
Operating Margin (%)	10.55	12	12.22	12.4	11.97	11.6	11.12	10.82	10.59	1.81	9.79	9.73	10.69	11.18	11.89
Profit Margin (%)	6.45	7.37	7.79	7.62	7.36	6.93	7.27	7.85	7.84	0.28	6.76	7	8.25	8.63	9.1
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.18	0.22	0.28	0.34	0.41	0.5	0.61	0.76	0.89	0.23	1.06	1.16	1.31	1.47	1.66
Depreciation Expense	486	509	549	589	617	659	726	820	867	871	868	887	964	1,104	1,247
Basic Weighted Avg Shares	1,493	1,448	1,410	1,369	1,327	1,293	1,256	1,217	1,199	1,205	1,181	1,155	1,134	1,119	1,107
Basic EPS, GAAP	1	1.32	1.52	1.62	1.72	1.78	2.08	2.51	2.73	0.07	2.78	3.03	3.95	4.35	4.96
Basic EPS from Cont Ops	1	1.32	1.52	1.62	1.72	1.78	2.08	2.51	2.73	0.07	2.78	3.03	3.95	4.35	4.96
Diluted Weighted Avg Shares	1,548	1,495	1,453	1,407	1,367	1,329	1,292	1,259	1,227	1,215	1,216	1,178	1,159	1,142	1,128
Diluted EPS, GAAP	0.97	1.28	1.47	1.57	1.67	1.73	2.02	2.43	2.67	0.07	2.7	2.97	3.86	4.26	4.87
Diluted EPS from Cont Ops	0.97	1.28	1.47	1.57	1.67	1.73	2.02	2.43	2.67	0.07	2.7	2.97	3.86	4.26	4.87

Balance Sheet (USD)

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	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	2026 Y
Total Current Assets	5,133	5,712	6,068	6,577	6,773	7,751	8,486	8,469	8,891	15,739	13,259	12,456	12,664	12,991	15,202
+ Cash, Cash Equivalents & STI	1,602	2,048	2,444	2,776	2,448	3,473	3,265	3,030	3,217	10,470	6,227	5,477	5,600	5,335	6,230
+ Cash & Cash Equivalents	1,507	1,812	2,150	2,494	2,095	2,930	2,758	3,030	3,217	10,470	6,227	5,477	5,600	5,335	6,230
+ ST Investments	95	236	295	283	352	543	506	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	204	223	210	226	238	259	327	346	433	497	633	682	588	618	610
+ Accounts Receivable, Net	204	223	210	214	238	259	327	346	386	461	518	563	529	549	602
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	12	- -	- -	- -	- -	47	36	115	119	59	69	8
+ Inventories	2,951	3,014	2,966	3,218	3,695	3,645	4,187	4,579	4,873	4,337	5,962	5,819	5,965	6,421	7,297
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	2,951	3,014	2,966	3,218	3,695	3,645	4,187	4,579	4,873	4,337	5,962	5,819	5,965	6,421	7,297
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	376	427	447	357	392	374	707	514	368	435	437	478	511	617	1,065
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	3,149	3,800	4,133	4,411	4,718	5,133	5,572	5,857	15,254	15,074	15,202	15,893	17,083	18,758	20,565
+ Property, Plant & Equip, Net	2,715	3,223	3,595	3,868	4,138	4,533	5,006	5,255	14,385	14,026	14,125	14,869	15,967	16,987	18,550
+ Property, Plant & Equip	6,121	6,895	7,698	8,341	8,244	9,003	9,968	10,729	20,433	20,753	21,290	22,403	24,015	25,623	28,137
- Accumulated Depreciation	3,406	3,672	4,104	4,472	4,106	4,471	4,962	5,474	6,047	6,727	7,165	7,534	8,048	8,636	9,587
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	434	577	539	543	580	600	566	602	869	1,048	1,077	1,024	1,116	1,771	2,015
+ Total Intangible Assets	180	316	313	310	194	196	100	98	96	99	97	97	95	94	96
+ Goodwill	180	- -	- -	- -	194	196	100	98	96	99	97	97	95	94	96
+ Other Intangible Assets	- -	316	313	310	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	254	261	226	233	386	404	466	504	773	949	980	927	1,021	1,677	1,919
Total Assets	8,282	9,512	10,201	10,989	11,490	12,884	14,058	14,326	24,145	30,814	28,461	28,349	29,747	31,749	35,767
+ Payables & Accruals	2,191	2,632	2,399	2,992	3,317	3,580	3,726	4,023	4,084	6,316	6,496	5,877	6,033	6,444	7,076
+ Accounts Payable	1,645	1,931	1,771	2,008	2,203	2,231	2,488	2,644	2,673	4,823	4,465	3,794	3,862	4,257	4,575
+ Accrued Taxes	170	274	167	245	264	406	314	324	220	197	449	439	390	297	400
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	376	428	461	739	850	943	923	1,055	1,191	1,296	1,582	1,644	1,781	1,890	2,101
+ ST Debt	3	- -	- -	- -	- -	- -	- -	- -	1,411	2,427	1,577	2,110	1,620	1,636	2,725
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	750	- -	500	- -	- -	999
+ ST Finance Leases	3	- -	- -	- -	- -	- -	- -	- -	1,411	1,678	1,577	1,610	1,620	1,636	1,726
+ Other ST Liabilities	869	1,129	1,119	938	1,085	1,178	1,400	1,508	1,655	2,060	2,395	2,318	2,798	2,928	3,560
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	869	1,129	1,119	938	1,085	1,178	1,400	1,508	1,655	2,060	2,395	2,318	2,798	2,928	3,560
Total Current Liabilities	3,063	3,761	3,518	3,930	4,402	4,758	5,126	5,531	7,150	10,804	10,468	10,305	10,451	11,008	13,361
+ LT Debt	785	775	1,274	1,685	1,700	2,404	2,453	2,477	10,053	13,076	10,931	10,634	10,922	11,142	10,764
+ LT Borrowings	774	775	1,274	1,624	1,615	2,228	2,231	2,234	2,237	5,333	3,355	2,859	2,862	2,866	1,870
+ LT Finance Leases	10	- -	- -	61	85	176	222	243	7,817	7,743	7,576	7,775	8,060	8,276	8,894
+ Other LT Liabilities	1,224	1,311	1,179	1,110	1,081	1,212	1,332	1,269	993	1,101	1,059	1,046	1,072	1,206	1,452
+ Accrued Liabilities	612	607	496	311	319	351	278	394	398	301	321	362	350	377	497
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	612	704	683	799	762	861	1,054	876	596	800	738	684	722	829	955
Total Noncurrent Liabilities	2,009	2,085	2,453	2,795	2,781	3,616	3,784	3,746	11,047	14,177	11,990	11,680	11,994	12,348	12,216
Total Liabilities	5,072	5,846	5,971	6,725	7,183	8,373	8,910	9,277	18,197	24,981	22,458	21,985	22,445	23,356	25,577
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	747	724	705	685	663	646	1,256	1,217	1,199	1,465	1,181	1,155	1,134	1,119	1,107
+ Common Stock	747	724	705	685	663	646	1,256	1,217	1,199	1,205	1,181	1,155	1,134	1,119	1,107
+ Additional Paid in Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	261	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	2,655	3,155	3,724	4,134	4,311	4,559	4,334	4,462	5,422	4,974	5,509	5,815	6,700	7,883	9,434
+ Other Equity	-193	-213	-200	-554	-667	-694	-442	-630	-673	-606	-687	-606	-532	-609	-351
Equity Before Minority Interest	3,209	3,666	4,230	4,264	4,307	4,511	5,148	5,049	5,948	5,833	6,003	6,364	7,302	8,393	10,190
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	3,209	3,666	4,230	4,264	4,307	4,511	5,148	5,049	5,948	5,833	6,003	6,364	7,302	8,393	10,190
Total Liabilities & Equity	8,282	9,512	10,201	10,989	11,490	12,884	14,058	14,326	24,145	30,814	28,461	28,349	29,747	31,749	35,767
Shares Outstanding	1,493	1,448	1,410	1,369	1,327	1,293	1,256	1,217	1,199	1,205	1,181	1,155	1,134	1,119	1,107
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	13	- -	- -	61	85	176	222	243	9,228	9,421	9,153	9,385	9,680	9,912	10,620
Net Debt	-733	-1,037	-876	-870	-480	-702	-528	-797	-980	-4,387	-2,872	-2,118	-2,738	-2,469	-3,361
Net Debt to Equity	-22.83	-28.3	-20.7	-20.4	-11.16	-15.57	-10.25	-15.78	-16.48	-75.21	-47.84	-33.28	-37.5	-29.42	-32.98
Tangible Common Equity Ratio	37.39	36.43	39.61	37.03	36.41	34.01	36.17	34.8	24.34	18.67	20.82	22.18	24.31	26.22	28.3
Current Ratio	1.68	1.52	1.72	1.67	1.54	1.63	1.66	1.53	1.24	1.46	1.27	1.21	1.21	1.18	1.14
Cash Conversion Cycle	29.42	26.67	24.01	24.19	25.79	25.17	25.96	27.45	28.81	16.32	11.18	21.57	23.67	23.84	25.67

Cash Flow Statement (USD)

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	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	2026 Y
+ Net Income	1,496	1,907	2,137	2,215	2,278	2,298	2,608	3,060	3,272	90	3,283	3,498	4,474	4,864	5,494
+ Depreciation & Amortization	486	509	549	589	617	659	726	820	867	871	868	887	964	1,104	1,247
+ Non-Cash Items	172	28	41	103	67	106	77	53	41	180	378	520	172	121	260
+ Stock-Based Compensation	64	64	76	88	94	102	101	104	125	59	189	122	160	183	214
+ Deferred Income Taxes	145	13	52	102	31	-6	-137	-89	-6	-231	-44	64	-7	28	112
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	99	- -	- -	- -	- -	218	- -	- -	- -
+ Other Non-Cash Adj	-37	-49	-87	-87	-58	10	14	38	-77	352	233	116	19	-90	-66
+ Chg in Non-Cash Work Cap	-238	612	-127	101	-5	563	-385	156	-114	3,421	-1,472	-821	447	27	-127
+ (Inc) Dec in Accts Receiv	-4	-18	12	-9	-27	-23	-62	-8	-77	-60	-139	-56	97	-36	20
+ (Inc) Dec in Inventories	-187	27	35	-332	-507	12	-450	-465	-297	589	-1,658	58	-145	-539	-724
+ (Inc) Dec in Prepaid Assets	-21	-54	-3	-9	-40	-10	-318	221	-17	-57	33	-73	-40	-31	-468
+ Inc (Dec) in Accts Payable	-26	657	-171	451	569	584	445	409	247	2,749	421	-749	553	645	1,041
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	- -	- -	- -	30	200	-129	-1	-18	-12	4
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,916	3,056	2,600	3,008	2,957	3,627	3,026	4,088	4,067	4,562	3,057	4,084	6,057	6,116	6,874
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-803	-978	-947	-912	-889	-1,025	-1,058	-1,125	-1,223	-568	-1,045	-1,457	-1,722	-1,918	-1,957
+ Acq of Fixed Prod Assets	-803	-978	-947	-912	-889	-1,025	-1,058	-1,125	-1,223	-568	-1,045	-1,457	-1,722	-1,918	-1,957
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-1,102	-1,211	-1,325	-1,508	-1,696	-1,536	-1,511	-2,152	-1,320	9	-1,947	-1,934	-2,199	-2,147	-2,211
+ Increase in Capital Stock	219	134	146	143	132	164	134	255	232	211	229	321	285	366	311
+ Decrease in Capital Stock	-1,321	-1,345	-1,471	-1,651	-1,828	-1,700	-1,645	-2,407	-1,552	-202	-2,176	-2,255	-2,484	-2,513	-2,522
+ Net Change in LT Investment	-19	-153	-102	-43	-117	-188	45	475	-16	-11	-1	-13	5	-8	-12
+ Dec in LT Investment	133	219	395	388	681	529	906	637	13	18	21	18	33	27	26
+ Inc in LT Investment	-152	-372	-497	-431	-798	-717	-861	-162	-29	-29	-22	-31	-28	-35	-38
+ Net Cash From Acq & Div	- -	-190	3	- -	-57	-2	- -	- -	-230	- -	- -	- -	- -	-551	-12
+ Cash from Divestitures	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-190	- -	- -	-57	-2	- -	- -	-230	- -	- -	- -	- -	-551	-12
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	12	34	- -	- -	- -	- -	- -	27	7	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-811	-1,287	-1,046	-955	-1,063	-1,215	-1,013	-624	-1,462	-579	-1,046	-1,470	-1,717	-2,477	-1,981
+ Dividends Paid	-275	-324	-394	-466	-544	-651	-764	-923	-1,072	-278	-1,252	-1,339	-1,484	-1,648	-1,842
+ Net Cash From Debt	-3	-1	500	333	- -	567	-3	- -	- -	3,569	-2,976	- -	-500	- -	- -
+ Cash From Debt	- -	- -	500	749	- -	993	- -	- -	- -	5,987	- -	- -	- -	- -	- -
+ Repayments of Debt	-3	-1	- -	-416	- -	-426	-3	- -	- -	-2,418	-2,976	- -	-500	- -	- -
+ Other Financing Activities	44	61	75	81	45	33	-19	-23	-23	-72	-25	-33	-32	-43	-65
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,336	-1,476	-1,144	-1,560	-2,195	-1,587	-2,297	-3,097	-2,415	3,228	-6,200	-3,306	-4,215	-3,838	-4,118
Effect of Foreign Exchange Rates	-4	12	-73	-150	-97	9	113	-96	-3	42	-54	-58	-2	-66	120
Net Changes in Cash	-231	293	411	494	-302	825	-284	367	190	7,211	-4,189	-692	125	-199	775
EBITDA	2,933	3,615	3,899	4,195	4,321	4,508	4,713	5,038	5,284	1,453	5,623	5,747	6,761	7,406	8,425
EBITDA Margin (%)	12.65	13.97	14.22	14.43	13.96	13.59	13.14	12.93	12.67	4.52	11.58	11.51	12.47	13.14	13.96
Free Cash Flow	1,113	2,077	1,654	2,097	2,068	2,602	1,968	2,963	2,843	3,994	2,012	2,627	4,335	4,198	4,917
Net Cash Paid for Acquisitions	- -	190	-3	- -	57	2	- -	- -	230	- -	- -	- -	- -	551	12
Free Cash Flow to Firm	1,142	2,103	1,683	2,131	2,105	2,640	2,011	3,011	2,887	- -	2,101	2,690	4,394	4,255	4,973
Free Cash Flow to Equity	1,110	2,076	2,153	2,430	2,068	3,169	1,965	2,963	2,843	7,563	-964	2,627	3,835	4,198	4,917
Free Cash Flow per Basic Share	0.75	1.43	1.17	1.53	1.56	2.01	1.57	2.43	2.37	3.32	1.7	2.27	3.82	3.75	4.44
Price/Free Cash Flow	9.7	8.37	11.75	11.83	12.65	10.7	12.71	12.01	13.69	15.16	21.33	17.4	14.14	17.74	19.14
Cash Flow to Net Income	1.28	1.6	1.22	1.36	1.3	1.58	1.16	1.34	1.24	50.69	0.93	1.17	1.35	1.26	1.25
Capital Expenditures	-803	-978	-947	-912	-889	-1,025	-1,058	-1,125	-1,223	-568	-1,045	-1,457	-1,722	-1,918	-1,957