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

Net Income

523.3

571.7

614.3

662.1

577.4

701.3

Depreciation & Amortization

179.8

175.5

169.1

168.7

155.7

140.4

Share-Based Compensation Expense

—

11.3

—

11.1

—

15.9

Other Adjustments

18.4

16.8

16.3

41

8.4

61.7

Changes in Trade Receivables

—

74.1

—

-3.9

—

-13

Changes in Accounts Payable

—

-21

—

6.5

—

23.8

Changes in Accrued Expenses

—

19.2

—

-3.7

—

-5.7

Changes in Income Taxes Payable

—

14.6

—

-5.8

—

6.5

Changes in Other Operating Activities

-99.1

-14.8

12

-10.1

-38.4

-55.2

Cash from Operating Activities

622.4

847.5

811.7

865.9

703.2

875.5

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

Capital Expenditure

-275.3

-413.7

-357.6

-277.9

-479.4

-452.1

Proceeds from Sale of Property, Plant & Equipment

7.1

15.3

4.8

31

17.6

3.2

Purchases of Investments

—

—

-30

—

—

-63.7

Proceeds from Sale of Investments

—

30

—

—

48.9

239.4

Other Investing Activities

0.1

—

—

—

—

—

Cash from Investing Activities

-268.2

-368.4

-382.8

-246.9

-412.9

-273.2

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

Issuance of Short-Term Debt

130

—

—

—

—

—

Net Issuance / (Repayments) of Short-Term Debt

130

—

—

—

—

—

Issuance of Long-Term Debt

—

—

—

—

—

—

Repayments of Long-Term Debt

-20

—

-20

—

-20

—

Net Issuance / (Repayments) of Long-Term Debt

-20

—

-20

—

-20

—

Repurchases of Common Shares

-424.6

-330.2

-637.1

-151.4

-302.2

-545.3

Net Issuance / (Repurchases) of Common Shares

-424.6

-330.2

-637.1

-151.4

-302.2

-545.3

Common Share Dividends Paid

-118.5

-111

-112.6

-87.3

-87.8

-66.4

Other Financing Activities

-5.7

-3.6

-18.7

-1.7

-11.4

-0.3

Cash from Financing Activities

-438.8

-444.8

-788.4

-240.4

-421.4

-612.1

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

Free Cash Flow

347.1

433.9

454.1

588

223.8

423.4

NOPAT

523.4

569.9

605.9

657.8

576.3

700

Levered Free Cash Flow

438.7

331.6

417.8

539.8

195.4

358.9

Unlevered Free Cash Flow

328.8

329.8

429.4

535.5

214.3

357.6

Net Change in Cash

-84.6

34.4

-359.5

378.7

-131.2

-9.8