Operating ActivitiesJun '25Dec '24Jun '24Dec '23Jun '23Dec '22Jun '22Dec '21Jun '21Dec '20Jun '20Dec '19Jun '19Dec '18

Net Income

1,877

2,336

2,243

2,285

1,990

2,002

Depreciation & Amortization

1,273

1,288

1,231

1,188

1,124

1,082

Stock Based Compensation

168

143

173

133

160

153

Other Adjustments

-187

499

-17

3

3

-186

Changes in Trade Receivables

-480

519

-755

-45

-614

-841

Changes in Inventories

-288

48

-149

114

-368

-85

Changes in Accounts Payable

-557

-52

-942

994

-270

761

Changes in Income Taxes Payable

-162

116

-167

129

-191

144

Changes in Other Operating Activities

158

-58

146

-102

104

151

Cash from Operating Activities

1,802

4,839

1,763

4,699

1,938

3,181

Investing ActivitiesJun '25Dec '24Jun '24Dec '23Jun '23Dec '22Jun '22Dec '21Jun '21Dec '20Jun '20Dec '19Jun '19Dec '18

Capital Expenditure

-994

-1,296

-1,118

-1,312

-1,134

-1,230

Proceeds from Sale of Property, Plant & Equipment

—

—

—

—

—

—

Purchases of Intangible Assets

-83

-107

-91

-70

-83

-33

Purchases of Investments

-123

-131

-76

-185

—

-259

Proceeds from Sale of Investments

734

22

98

238

113

234

Payments for Business Acquisitions

-47

-48

-505

20

-262

-50

Proceeds from Business Divestments

316

—

—

—

—

—

Other Investing Activities

11

59

48

56

-164

-17

Cash from Investing Activities

-186

-1,501

-1,644

-1,253

-1,530

-1,355

Financing ActivitiesJun '25Dec '24Jun '24Dec '23Jun '23Dec '22Jun '22Dec '21Jun '21Dec '20Jun '20Dec '19Jun '19Dec '18

Issuance of Long-Term Debt

1,081

-374

1,849

2

992

—

Repayments of Long-Term Debt

—

-529

-426

-1,578

—

-1,650

Net Issuance / (Repayments) of Long-Term Debt

1,081

-903

1,423

-1,576

992

-1,650

Issuance of Common Shares

113

128

120

157

124

130

Repurchases of Common Shares

-2,355

-1,014

-813

-276

-587

-8

Net Issuance / (Repurchases) of Common Shares

-2,242

-886

-693

-119

-463

122

Common Share Dividends Paid

-773

-782

-751

-712

-605

-496

Other Financing Activities

-55

-155

-25

16

-45

—

Cash from Financing Activities

-1,989

-2,726

-46

-2,391

-121

-2,024

Free Cash FlowJun '25Dec '24Jun '24Dec '23Jun '23Dec '22Jun '22Dec '21Jun '21Dec '20Jun '20Dec '19Jun '19Dec '18

Free Cash Flow

808

3,543

645

3,387

804

1,951

NOPAT

1,844.2

2,381.2

2,304.4

2,358.5

2,046.8

1,997.2

Levered Free Cash Flow

2,322

1,424

2,604

1,671

2,224

1,145

Unlevered Free Cash Flow

1,274.2

2,427.2

1,305.4

3,369.5

1,311.8

2,820.2

Net Change in Cash

-373

612

73

1,055

287

-198