Union Pacific Corporation

UNP

UNPUnion Pacific Corporation US flag

New York Stock Exchange

262.13

USD

-2.55

- -

155.63BMarket 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	19,557	20,926	21,963	23,988	21,813	19,941	21,240	22,832	21,708	19,533	21,804	24,875	24,119	24,250	24,510
+ Sales & Services Revenue	19,557	20,926	21,963	23,988	21,813	19,941	21,240	22,832	21,708	19,533	21,804	24,875	24,119	24,250	24,510
- Cost of Revenue	13,051	13,393	13,668	14,311	12,837	11,701	12,186	13,293	12,094	10,354	11,290	13,670	13,590	13,211	13,290
+ Cost of Goods & Services	13,051	13,393	13,668	14,311	12,837	11,701	12,186	13,293	12,094	10,354	11,290	13,670	13,590	13,211	13,290
Gross Profit	6,506	7,533	8,295	9,677	8,976	8,240	9,054	9,539	9,614	9,179	10,514	11,205	10,529	11,039	11,220
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	782	788	849	924	924	997	948	1,022	1,060	1,345	1,176	1,288	1,447	1,326	1,374
+ Selling, General & Admin	4,681	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-3,899	788	849	924	924	997	948	1,022	1,060	1,345	1,176	1,288	1,447	1,326	1,374
Operating Income (Loss)	5,724	6,745	7,446	8,753	8,052	7,243	8,106	8,517	8,554	7,834	9,338	9,917	9,082	9,713	9,846
- Non-Operating (Income) Loss	460	427	398	410	396	477	474	776	807	854	860	845	849	919	680
+ Interest Expense, Net	569	532	522	557	617	687	703	840	987	1,129	1,153	1,248	1,288	1,193	1,253
+ Interest Expense	572	535	526	561	622	698	719	870	1,050	1,141	1,157	1,271	1,340	1,269	1,309
- Interest Income	3	3	4	4	5	11	16	30	63	12	4	23	52	76	56
+ Other Non-Op (Income) Loss	-109	-105	-124	-147	-221	-210	-229	-64	-180	-275	-293	-403	-439	-274	-573
Pretax Income	5,264	6,318	7,048	8,343	7,656	6,766	7,632	7,741	7,747	6,980	8,478	9,072	8,233	8,794	9,166
- Income Tax Expense (Benefit)	1,972	2,375	2,660	3,163	2,884	2,533	-3,080	1,775	1,828	1,631	1,955	2,074	1,854	2,047	2,028
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	3,292	3,943	4,388	5,180	4,772	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	3,292	3,943	4,388	5,180	4,772	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	3,292	3,943	4,388	5,180	4,772	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	3,292	3,943	4,388	5,180	4,772	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
EBIT	5,724	6,745	7,446	8,753	8,052	7,243	8,106	8,517	8,554	7,834	9,338	9,917	9,082	9,713	9,846
EBITDA	7,341	8,505	9,223	10,657	10,064	9,281	10,211	10,708	10,770	10,044	11,546	12,163	11,400	12,111	12,311
EBITDA Margin (%)	37.54	40.64	41.99	44.43	46.14	46.54	48.07	46.9	49.61	51.42	52.95	48.9	47.27	49.94	50.23
EBITA	5,724	6,745	7,446	8,753	8,052	7,243	8,106	8,517	8,554	7,834	9,338	9,917	9,082	9,713	9,846
Gross Margin (%)	33.27	36	37.77	40.34	41.15	41.32	42.63	41.78	44.29	46.99	48.22	45.05	43.65	45.52	45.78
Operating Margin (%)	29.27	32.23	33.9	36.49	36.91	36.32	38.16	37.3	39.4	40.11	42.83	39.87	37.65	40.05	40.17
Profit Margin (%)	16.83	18.84	19.98	21.59	21.88	21.23	50.43	26.13	27.27	27.38	29.92	28.13	26.45	27.82	29.12
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.86	1.21	1.44	1.82	2.71	2.26	2.48	3.06	3.69	3.88	4.28	5.07	5.21	5.29	5.44
Depreciation Expense	1,617	1,760	1,777	1,904	2,012	2,038	2,105	2,191	2,216	2,210	2,208	2,246	2,318	2,398	2,465
Basic Weighted Avg Shares	971	946	927	897	866	832	798	751	704	677	654	623	609	608	595
Basic EPS, GAAP	3.39	4.17	4.74	5.77	5.51	5.09	13.42	7.95	8.41	7.9	9.98	11.24	10.47	11.1	12
Basic EPS from Cont Ops	3.39	4.17	4.74	5.77	5.51	5.09	13.42	7.95	8.41	7.9	9.98	11.24	10.47	11.1	12
Diluted Weighted Avg Shares	980	953	932	901	869	835	802	754	706	679	655	624	610	609	596
Diluted EPS, GAAP	3.36	4.14	4.71	5.75	5.49	5.07	13.36	7.91	8.38	7.88	9.95	11.21	10.45	11.09	11.98
Diluted EPS from Cont Ops	3.36	4.14	4.71	5.75	5.49	5.07	13.36	7.91	8.38	7.88	9.95	11.21	10.45	11.09	11.98

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	3,727	3,614	3,990	4,401	4,130	3,596	4,006	4,163	3,459	4,214	3,551	3,952	4,148	4,021	4,555
+ Cash, Cash Equivalents & STI	1,217	1,063	1,432	1,586	1,391	1,337	1,365	1,333	891	1,859	1,006	1,019	1,071	1,036	1,516
+ Cash & Cash Equivalents	1,217	1,063	1,432	1,586	1,391	1,277	1,275	1,273	831	1,799	960	973	1,055	1,016	1,266
+ ST Investments	- -	- -	- -	- -	- -	60	90	60	60	60	46	46	16	20	250
+ Accounts & Notes Receiv	1,401	1,331	1,414	1,611	1,356	1,258	1,493	1,755	1,595	1,505	1,722	1,891	2,073	1,894	1,860
+ Accounts Receivable, Net	1,401	1,331	1,414	1,611	1,356	1,258	1,493	1,755	1,595	1,505	1,722	1,891	2,073	1,894	1,860
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	614	660	653	712	736	717	749	742	751	638	621	741	743	769	787
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	614	660	653	712	736	717	749	742	751	638	621	741	743	769	787
+ Other ST Assets	495	560	491	492	647	284	399	333	222	212	202	301	261	322	392
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	41,369	43,539	45,741	47,971	50,470	52,122	53,800	54,984	58,214	58,184	59,974	61,497	62,984	63,694	65,143
+ Property, Plant & Equip, Net	39,934	41,997	43,749	46,272	48,866	50,389	51,605	52,679	55,728	55,771	55,972	57,710	59,041	59,640	60,681
+ Property, Plant & Equip	54,444	57,279	59,812	63,214	66,564	69,058	70,813	72,805	76,058	77,030	77,853	80,927	83,376	85,137	87,440
- Accumulated Depreciation	14,510	15,282	16,063	16,942	17,698	18,669	19,208	20,126	20,330	21,259	21,881	23,217	24,335	25,497	26,759
+ LT Investments & Receivables	1,175	1,259	1,321	1,390	1,410	1,457	1,809	1,912	2,050	2,164	2,241	2,375	2,605	2,664	2,885
+ LT Investments	1,175	1,259	1,321	1,390	1,410	1,457	1,809	1,912	2,050	2,164	2,241	2,375	2,605	2,664	2,885
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	260	283	671	309	194	276	386	393	436	249	1,761	1,412	1,338	1,390	1,577
+ Total Intangible Assets	351	360	425	552	561	562	645	624	633	679	686	729	814	791	745
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	351	360	425	552	561	562	645	624	633	679	686	729	814	791	745
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-91	-77	246	-243	-367	-286	-259	-231	-197	-430	1,075	683	524	599	832
Total Assets	45,096	47,153	49,731	52,372	54,600	55,718	57,806	59,147	61,673	62,398	63,525	65,449	67,132	67,715	69,698
+ Payables & Accruals	2,484	2,367	2,507	2,663	2,062	2,312	2,468	2,585	2,194	2,191	2,190	2,142	2,335	2,252	2,050
+ Accounts Payable	819	825	803	877	743	955	1,013	872	749	612	752	784	856	847	804
+ Accrued Taxes	482	368	491	412	434	472	547	694	496	635	823	628	685	605	491
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1,183	1,174	1,213	1,374	885	885	908	1,019	949	944	615	730	794	800	755
+ ST Debt	209	196	705	461	594	758	800	1,466	1,619	1,390	2,496	2,009	1,778	1,771	1,790
+ ST Borrowings	209	196	705	461	594	758	800	1,466	1,257	960	2,166	1,678	1,423	1,425	1,520
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	362	430	330	331	355	346	270
+ Other ST Liabilities	624	556	579	640	550	570	671	575	538	592	1,058	1,369	993	1,231	1,174
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	624	556	579	640	550	570	671	575	538	592	1,058	1,369	993	1,231	1,174
Total Current Liabilities	3,317	3,119	3,791	3,764	3,206	3,640	3,939	4,626	4,351	4,173	5,744	5,520	5,106	5,254	5,014
+ LT Debt	8,697	8,801	8,872	10,952	13,607	14,249	16,144	20,925	25,414	26,943	28,992	32,948	32,401	30,692	31,032
+ LT Borrowings	8,697	8,801	8,872	10,952	13,607	14,249	16,144	20,925	23,943	25,320	27,563	31,648	31,156	29,767	30,294
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	1,471	1,623	1,429	1,300	1,245	925	738
+ Other LT Liabilities	14,504	15,356	15,843	16,467	17,085	17,897	12,867	13,173	13,780	14,324	14,628	14,818	14,837	14,879	15,185
+ Accrued Liabilities	12,368	13,108	14,163	14,403	15,241	15,996	10,936	11,302	11,992	12,247	12,675	13,033	13,123	13,151	13,421
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2,136	2,248	1,680	2,064	1,844	1,901	1,931	1,871	1,788	2,077	1,953	1,785	1,714	1,728	1,764
Total Noncurrent Liabilities	23,201	24,157	24,715	27,419	30,692	32,146	29,011	34,098	39,194	41,267	43,620	47,766	47,238	45,571	46,217
Total Liabilities	26,518	27,276	28,506	31,183	33,898	35,786	32,950	38,724	43,545	45,440	49,364	53,286	52,344	50,825	51,231
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	5,417	5,499	6,984	7,096	7,193	7,198	7,254	7,228	7,303	7,645	7,760	7,862	7,975	8,117	8,372
+ Common Stock	1,386	1,386	2,774	2,775	2,776	2,777	2,778	2,779	2,780	2,781	2,781	2,782	2,782	2,783	2,783
+ Additional Paid in Capital	4,031	4,113	4,210	4,321	4,417	4,421	4,476	4,449	4,523	4,864	4,979	5,080	5,193	5,334	5,589
- Treasury Stock	5,293	6,707	8,910	12,064	15,529	18,581	22,574	30,674	36,424	40,420	47,734	54,004	54,666	56,132	58,843
+ Retained Earnings	19,508	22,271	23,901	27,367	30,233	32,587	41,317	45,284	48,605	51,326	55,049	58,887	62,093	65,628	69,529
+ Other Equity	-1,054	-1,186	-750	-1,210	-1,195	-1,272	-1,141	-1,415	-1,356	-1,593	-914	-582	-614	-723	-591
Equity Before Minority Interest	18,578	19,877	21,225	21,189	20,702	19,932	24,856	20,423	18,128	16,958	14,161	12,163	14,788	16,890	18,467
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	18,578	19,877	21,225	21,189	20,702	19,932	24,856	20,423	18,128	16,958	14,161	12,163	14,788	16,890	18,467
Total Liabilities & Equity	45,096	47,153	49,731	52,372	54,600	55,718	57,806	59,147	61,673	62,398	63,525	65,449	67,132	67,715	69,698
Shares Outstanding	960	939	912	883	849	815	781	725	692	671	639	612	610	604	593
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	1,833	2,053	1,759	1,631	1,600	1,271	1,008
Net Debt	7,689	7,934	8,145	9,827	12,810	13,730	15,669	21,118	24,369	24,481	28,769	32,353	31,524	30,176	30,548
Net Debt to Equity	41.39	39.92	38.37	46.38	61.88	68.88	63.04	103.4	134.43	144.36	203.16	266	213.17	178.66	165.42
Tangible Common Equity Ratio	40.74	41.71	42.19	39.82	37.27	35.12	42.36	33.83	28.66	26.38	21.44	17.67	21.07	24.06	25.7
Current Ratio	1.12	1.16	1.05	1.17	1.29	0.99	1.02	0.9	0.79	1.01	0.62	0.72	0.81	0.77	0.91
Cash Conversion Cycle	19.38	18.86	18.59	19.09	22.42	20.06	16.2	20.54	26.25	29.19	25.28	24.36	27.9	27.26	26.68

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	3,292	3,943	4,388	5,180	4,772	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
+ Depreciation & Amortization	1,617	1,760	1,777	1,904	2,012	2,038	2,105	2,191	2,216	2,210	2,208	2,246	2,318	2,398	2,465
+ Non-Cash Items	688	727	497	610	737	509	-5,460	655	644	715	98	110	-15	15	48
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	986	887	723	895	765	831	-5,067	338	566	340	154	262	117	28	241
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-298	-160	-226	-285	-28	-322	-393	317	78	375	-56	-152	-132	-13	-193
+ Chg in Non-Cash Work Cap	276	-269	161	-309	-177	745	-127	-126	-170	266	203	8	-303	186	-361
+ (Inc) Dec in Accts Receiv	-217	70	-83	-197	255	98	-235	-262	160	90	-217	-169	-177	179	34
+ (Inc) Dec in Inventories	-80	-46	7	-59	-24	19	-32	7	-9	113	17	-120	-2	-26	-18
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	395	-185	40	295	-276	232	182	-125	-179	-73	184	565	-215	189	-196
+ Inc (Dec) in Other	178	-108	197	-348	-132	396	-42	254	-142	136	219	-268	91	-156	-181
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	5,873	6,161	6,823	7,385	7,344	7,525	7,230	8,686	8,609	8,540	9,032	9,362	8,379	9,346	9,290
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-1,418	-1,474	-2,218	-3,225	-3,465	-3,105	-4,013	-8,225	-5,804	-3,705	-7,291	-6,282	-705	-1,505	-2,679
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-1,418	-1,474	-2,218	-3,225	-3,465	-3,105	-4,013	-8,225	-5,804	-3,705	-7,291	-6,282	-705	-1,505	-2,679
+ Net Change in LT Investment	- -	- -	- -	- -	- -	-60	-30	- -	15	5	24	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	520	90	90	130	141	94	46	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	-580	-120	-90	-115	-136	-70	-46	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-3,034	-3,633	-3,405	-4,249	-4,476	-3,333	-3,056	-3,411	-3,450	-2,681	-2,733	-3,471	-3,667	-3,325	-3,762
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-3,119	-3,633	-3,405	-4,249	-4,476	-3,393	-3,086	-3,411	-3,435	-2,676	-2,709	-3,471	-3,667	-3,325	-3,762
+ Dividends Paid	-837	-1,146	-1,333	-1,632	-2,344	-1,879	-1,982	-2,299	-2,598	-2,626	-2,800	-3,159	-3,173	-3,213	-3,236
+ Net Cash From Debt	-476	-63	514	1,878	2,772	779	1,895	5,350	2,782	1,623	2,902	3,789	-591	-1,426	567
+ Cash From Debt	486	695	1,443	2,588	3,328	1,983	2,735	7,086	3,986	4,004	4,201	6,080	1,599	800	1,995
+ Repayments of Debt	-962	-758	-929	-710	-556	-1,204	-840	-1,736	-1,204	-2,381	-1,299	-2,291	-2,190	-2,226	-1,428
+ Other Financing Activities	108	1	-12	-3	-26	-41	-46	-48	-26	-194	31	-235	-156	77	72
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-2,623	-2,682	-3,049	-2,982	-3,063	-4,246	-4,146	-5,222	-5,646	-4,902	-7,158	-5,887	-4,625	-6,067	-5,276
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	131	-154	369	154	-195	-114	-2	53	-472	962	-835	4	87	-46	252
EBITDA	7,341	8,505	9,223	10,657	10,064	9,281	10,211	10,708	10,770	10,044	11,546	12,163	11,400	12,111	12,311
EBITDA Margin (%)	37.54	40.64	41.99	44.43	46.14	46.54	48.07	46.9	49.61	51.42	52.95	48.9	47.27	49.94	50.23
Free Cash Flow	5,788	6,161	6,823	7,385	7,344	7,525	7,230	8,686	8,609	8,540	9,032	9,362	8,379	9,346	9,290
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	6,146	6,495	7,150	7,733	7,732	7,962	- -	9,357	9,411	9,414	9,922	10,342	9,417	10,320	10,309
Free Cash Flow to Equity	5,312	6,098	7,337	9,263	10,116	8,304	9,125	14,036	11,391	10,163	11,934	13,151	7,788	7,920	9,857
Free Cash Flow per Basic Share	5.96	6.51	7.36	8.23	8.48	9.04	9.06	11.57	12.24	12.61	13.81	15.03	13.75	15.38	15.61
Price/Free Cash Flow	8.71	9.72	11.47	14.54	9.26	11.51	14.87	12	14.83	16.56	18.28	13.8	17.89	14.85	14.84
Cash Flow to Net Income	1.78	1.56	1.55	1.43	1.54	1.78	0.67	1.46	1.45	1.6	1.38	1.34	1.31	1.39	1.3
Capital Expenditures	-85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -