NNN - NNN REIT, Inc.
Price:
--
--
|
CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$47.56
DETAILS
HIGH:
$50.00
LOW:
$45.00
MEDIAN:
$47.75
CONSENSUS:
$47.56
DOWNSIDE:
3.04%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | 1988 | 1987 | 1986 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||
| Revenue | 926.2 | 869.3 | 828.1 | 773.1 | 726.4 | 660.7 | 670.5 | 622.7 | 584.9 | 533.6 | 482.9 | 434.8 | 392.3 | 350.8 | 310.9 | 267.6 | 248.3 | 231.4 | 186.7 | 158.8 | 145.2 | 129.3 | 102.7 | 93.8 | 80.5 | 80.9 | 76.5 | 64.1 | 50.1 | 33.4 | 20.6 | 12.3 | 5.5 | 2.6 | 1.9 | 1.9 | 1.8 | 1.8 | 1.9 | 2 |
| Cost of Revenue | 574.3 | 32.3 | 28.4 | 26.3 | 28.4 | 28.4 | 27.7 | 25.1 | 23.1 | 20.9 | 19.8 | 18.9 | 18.5 | 17.4 | 17.0 | 13.2 | 16.1 | 4.9 | 1.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 352.0 | 836.9 | 799.7 | 746.8 | 698.0 | 632.3 | 642.8 | 597.6 | 561.8 | 512.8 | 463.1 | 415.9 | 375.0 | 334.2 | 286.8 | 241.9 | 231.3 | 226.5 | 181.2 | 149.2 | 111.2 | 108.3 | 111.3 | 89.7 | 81.0 | 78.3 | 76.5 | 64.8 | 50.1 | 33.4 | 20.6 | 12.3 | 5.5 | 2.6 | 1.9 | 1.9 | 1.8 | 1.8 | 1.9 | 2 |
| Operating Expenses | ||||||||||||||||||||||||||||||||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 46.9 | 45.1 | 47.5 | 49.5 | 44.8 | 38.2 | 37.9 | 34.2 | 33.8 | 36.5 | 34.7 | 32.5 | 31.1 | 31.8 | 28.8 | 22.8 | 35.4 | 35.4 | 31.6 | 24.0 | 22.4 | 23.0 | 21.7 | 16.3 | 6.9 | 4.8 | 6.2 | 7.7 | 1.2 | 1.2 | 0.7 | 0.6 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Expenses | (264.8) | 214.0 | 197.1 | 214.7 | 204.1 | 219.6 | 188.4 | 138.6 | 153.9 | 140.0 | 139.7 | 117.2 | 104.0 | 99.1 | 99.2 | 90.0 | 83.8 | 45.5 | 32.9 | 39.5 | 25.9 | 12.0 | 16.7 | 3.8 | 23.4 | 8.4 | 18.9 | 12.9 | 7.8 | 5.2 | 3.3 | (2.9) | (1.6) | (0.8) | (0.6) | (0.5) | (0.4) | (0.5) | (0.4) | (0.4) |
| Operating Expenses | (217.9) | 259.1 | 244.6 | 264.2 | 248.9 | 257.8 | 226.3 | 172.8 | 187.7 | 176.5 | 174.5 | 149.7 | 135.1 | 130.9 | 128.0 | 112.8 | 119.3 | 80.9 | 64.5 | 63.5 | 48.3 | 35.0 | 38.4 | 20.2 | 30.3 | 13.3 | 25.1 | 20.6 | 9.0 | 6.4 | 4.0 | (2.3) | (1.1) | (0.8) | (0.6) | (0.5) | (0.4) | (0.5) | (0.4) | (0.4) |
| Operating Income | ||||||||||||||||||||||||||||||||||||||||
| Operating Income | 569.9 | 577.9 | 555.1 | 482.5 | 449.1 | 374.5 | 416.8 | 424.8 | 337.5 | 309.1 | 288.7 | 266.2 | 239.2 | 197.6 | 164.4 | 134.9 | 120.7 | 145.6 | 120.9 | 94.4 | 83.9 | 73.3 | 72.9 | 69.6 | 50.7 | 65.0 | 51.5 | 43.5 | 41.1 | 27.0 | 16.5 | 14.6 | 6.6 | 3.4 | 2.5 | 2.4 | 2.2 | 2.3 | 2.3 | 2.4 |
| Interest Expense | 202.3 | 184.0 | 163.9 | 148.1 | 137.9 | 129.4 | 120.0 | 115.8 | 109.1 | 96.4 | 90.0 | 85.5 | 85.3 | 83.8 | 74.8 | 65.2 | 62.2 | 58.5 | 49.3 | 45.9 | 35.9 | 32.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0.4 | 3.0 | 1.1 | 0.1 | 0.2 | 0.4 | 3.1 | 1.8 | 0.3 | 0.2 | 0.1 | 0.4 | 1.5 | 2.2 | 1.5 | 1.5 | 1.4 | 3.7 | 76.4 | 52.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||||||||||||||||||||||||||||||||||
| EBITDA | 860.5 | 830.5 | 794.9 | 706.5 | 633.2 | 554.9 | 608.5 | 582.7 | 548.2 | 485.0 | 422.6 | 381.4 | 339.5 | 280.5 | 219.2 | 180.4 | 161.9 | 194.0 | 154.4 | 111.7 | 85.3 | 168.7 | 131.9 | 118.8 | 112.0 | 97.8 | 54.3 | 54.0 | 45.6 | 42 | 18.6 | 15.9 | 7.2 | 3.8 | 2.8 | 2.7 | 2.2 | 2.3 | 2.3 | 2.4 |
| EBIT | 592.0 | 580.9 | 556.2 | 482.7 | 428.0 | 358.2 | 419.6 | 408.3 | 374.5 | 335.9 | 287.8 | 265.6 | 243.2 | 205.2 | 164.0 | 131.3 | 113.4 | 148.6 | 121.4 | 87.2 | 62.9 | 70.9 | 131.9 | 106.5 | 103.2 | 89.1 | 45.7 | 47.3 | 40.3 | 38.5 | 16.5 | 14.6 | 6.6 | 3.4 | 2.5 | 2.4 | 2.2 | 2.3 | 2.3 | 2.4 |
| Income Before Tax | 389.8 | 396.8 | 392.3 | 334.6 | 290.1 | 228.8 | 299.6 | 292.5 | 228.7 | 212.3 | 197.8 | 179.7 | 155.5 | 117.3 | 91.4 | 71.2 | 59.9 | 90.1 | 76.4 | 52.3 | 50.0 | 44.6 | 79.0 | 70.9 | 49.3 | 61.1 | 57.3 | 40.4 | 30.8 | 20.0 | 13.0 | 0 | 7 | 0 | 0 | 0 | 1.4 | 0 | 0 | 0 |
| Income Tax Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.3 | (0.1) | 0.1 | (6.9) | 0.9 | 0.5 | (1.0) | (7.5) | (8.5) | (11.2) | (2.9) | (2.5) | (2.9) | (3.0) | 0 | 0 | 0 | 0 | 0.4 | 0.2 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 |
| Net Income | 389.8 | 396.8 | 392.3 | 334.6 | 290.1 | 228.8 | 299.2 | 292.4 | 265.0 | 239.5 | 197.8 | 190.6 | 160.1 | 142.0 | 92.3 | 73.0 | 54.8 | 123.1 | 157.1 | 182.5 | 89.4 | 64.9 | 53.5 | 50.8 | 29.0 | 38.3 | 35.3 | 32.4 | 30.4 | 19.8 | 12.7 | 8.9 | 3.5 | 1.6 | 1.3 | 1.4 | 1.3 | 1.3 | 1.5 | 1.6 |
| Per Share Data | ||||||||||||||||||||||||||||||||||||||||
| EPS (Basic) | 2.07 | 2.16 | 2.16 | 1.89 | 1.51 | 1.22 | 1.56 | 1.65 | 1.45 | 1.39 | 1.21 | 1.24 | 1.11 | 1.13 | 0.96 | 0.80 | 0.60 | 1.57 | 2.27 | 3.08 | 1.58 | 1.15 | 1.14 | 1.09 | 0.92 | 1.26 | 1.16 | 1.11 | 1.26 | 1.18 | 1.09 | 1.04 | 0.95 | 0.95 | 0.85 | 0.94 | 0.88 | 0.91 | 1.01 | 1.05 |
| EPS (Diluted) | 2.07 | 2.15 | 2.16 | 1.89 | 1.51 | 1.22 | 1.56 | 1.65 | 1.45 | 1.38 | 1.20 | 1.24 | 1.10 | 1.11 | 0.96 | 0.80 | 0.60 | 1.56 | 2.26 | 3.05 | 1.56 | 1.15 | 1.13 | 1.09 | 0.91 | 1.26 | 1.16 | 1.10 | 1.25 | 1.18 | 1.09 | 1.04 | 0.95 | 0.95 | 0.85 | 0.94 | 0.88 | 0.91 | 1.01 | 1.05 |
| Shares Outstanding | 187.6 | 183.7 | 181.2 | 174.7 | 174.7 | 172.1 | 164.7 | 155.7 | 149.1 | 144.2 | 134.0 | 124.3 | 118.2 | 107.0 | 88.1 | 82.7 | 79.8 | 74.2 | 66.2 | 57.4 | 53.0 | 51.3 | 43.1 | 40.4 | 31.5 | 30.4 | 30.3 | 29.2 | 24.1 | 16.8 | 11.7 | 8.6 | 1.8 | 1.7 | 1.5 | 1.5 | 1.5 | 1.4 | 1.5 | 1.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | 1988 | 1987 | 1986 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||||||||||||||||||||||||||||||
| Cash & Cash Equivalents | 5.0 | 8.7 | 1.2 | 2.5 | 171.3 | 267.2 | 1.1 | 114.3 | 1.4 | 294.5 | 14.3 | 10.6 | 1.5 | 2.1 | 2.1 | 2.0 | 15.2 | 2.6 | 27.5 | 1.7 | 8.2 | 1.9 | 4.4 | 1.7 | 7.0 | 2.2 | 3.3 | 1.4 | 2.2 | 1.4 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 11.1 | 11.6 | 11.7 | 13.1 | 0 | 0 | 0 | 0 | 4.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 38.4 | 37.0 | 38.3 | 31.4 | 35.1 | 58.3 | 31.8 | 29.2 | 30.2 | 28.5 | 43.4 | 45.6 | 46.0 | 51.8 | 33.4 | 3.4 | 1.9 | 3.6 | 66.0 | 30.9 | 51.1 | 45.6 | 4.5 | 1.2 | 2.1 | 2.1 | 2.1 | 3.5 | 0.5 | 0.8 | 0.4 | 0 | 0 | 0 | 0 | 0.2 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.6 | 4.1 | 23.9 | 32.7 | 5.4 | 15.3 | 29.0 | (25.2) | 32.1 | 72.4 | 101.1 | 248.6 | 228.2 | 131.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 30.6 | 9.6 | 11.8 | 10.4 | 13 | 7.6 | 12.7 | 26.0 | 34.8 | 28.8 | 62.1 | 38.1 | 22.2 | 30.3 | 47.8 | 25.5 | 25.7 | 24.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 74.0 | 55.3 | 51.2 | 44.3 | 219.4 | 333.1 | 45.6 | 161.1 | 41.1 | 350.9 | 99.6 | 83.8 | 87.5 | 113.3 | 41.4 | 63.1 | 115.3 | 131.3 | 342.1 | 260.8 | 190.4 | 47.5 | 8.8 | 3.0 | 9.1 | 4.3 | 21.7 | 5.0 | 2.7 | 2.2 | 0.7 | 0 | 0 | 0 | 0 | 0.2 | 0 | 0 | 0 | 0 |
| Non-Current Assets | ||||||||||||||||||||||||||||||||||||||||
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6,845.4 | 6,403.6 | 5,879.0 | 5,231.4 | 4,685.0 | 4,259.4 | 3,794.0 | 3,224.0 | 2,519.9 | 2,361.1 | 2,389.1 | 2,093.3 | 1,740.5 | 131.1 | 58.0 | 990.1 | 811.8 | 813.6 | 638.2 | 671.7 | 658.8 | 519.7 | 361.4 | 156.0 | 106.1 | 51.9 | 22 | 11 | 11.7 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 37.3 | 44.3 | 40.7 | 61.7 | 67.5 | 69.5 | 76.4 | 50.0 | 50.9 | 64.9 | 72.2 | 77.5 | 70.3 | 44.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 9,239.9 | 0 | 0 | 0 | 0 | 0 | 0 | (7,103.4) | (6,560.5) | (6,334.2) | 0 | 0 | 0 | 0 | 4.4 | 4.5 | 4.7 | 4.9 | 70.1 | 30.9 | 51.1 | 74.9 | 171.4 | 102.6 | 144.2 | 17.1 | 35.9 | 3.9 | 3.9 | 0 | 56.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 28.1 | 8,773.1 | 8,570.0 | 8,040.1 | 7,464.1 | 7,235.2 | 7,312.8 | 46.8 | 65.0 | 39.3 | 56.8 | 80.4 | 37.4 | 36.1 | 164.6 | 126.0 | 109.8 | 124.0 | (2,159.3) | (1,771.4) | (182.2) | (103.6) | (1,161.5) | (914.4) | (957.8) | (655.3) | (707.6) | (662.6) | (523.6) | (361.4) | (212.8) | (106.1) | (51.9) | (22) | (11) | (11.7) | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 9,305.3 | 8,817.4 | 8,610.7 | 8,101.7 | 7,531.6 | 7,304.7 | 7,389.2 | 6,942.3 | 6,519.5 | 5,983.2 | 5,360.4 | 4,842.9 | 4,367.1 | 3,874.7 | 3,393.0 | 2,650.5 | 2,475.6 | 2,518.0 | 4.1 | 1,771.4 | 182.2 | 29.3 | 1,161.5 | 914.4 | 957.8 | 655.3 | 707.6 | 662.6 | 523.6 | 361.4 | 212.8 | 106.1 | 51.9 | 22 | 11 | 11.7 | 0 | 0 | 0 | 0 |
| Total Assets | 9,379.4 | 8,872.7 | 8,662.0 | 8,146.0 | 7,751.1 | 7,637.8 | 7,434.9 | 7,103.4 | 6,560.5 | 6,334.2 | 5,460.0 | 4,926.7 | 4,454.5 | 3,988.0 | 3,434.4 | 2,713.6 | 2,591.0 | 2,649.4 | 2,537.3 | 1,915.7 | 1,733.4 | 1,300.0 | 1,208.3 | 954.1 | 1,006.6 | 761.6 | 749.8 | 685.6 | 537.0 | 371.0 | 219.3 | 152.2 | 91.6 | 23.1 | 12.2 | 12.4 | 12.7 | 12.9 | 12.9 | 13.2 |
| Current Liabilities | ||||||||||||||||||||||||||||||||||||||||
| Account Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 185.3 | 25.3 | 26.3 | 27.5 | 57.6 | 0 | 0 | 0 | 0 | 0 | 1.1 | 1.8 | 5.4 | 1.4 | 0.2 | 0.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 348.1 | 0 | 132 | 166.2 | 0 | 0 | 133.6 | 0 | 0 | 0 | 0 | 0 | 0 | 237.6 | 65.6 | 948.4 | 962.1 | 1,026.5 | 718.3 | 0 | 0 | 0 | 437.3 | 345.7 | 327.9 | 258.7 | 242.3 | 154.8 | 56.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (81.0) | 0 | 0 | 0 | 0 | (755.3) | (69.9) | (5.5) | (4.3) | (437.3) | (349.2) | (327.9) | (252.5) | (236.6) | (151.4) | (58.1) | 0.8 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 388.7 | 29.7 | 166.4 | 190.0 | 23.9 | 19.4 | 151.8 | 19.5 | 140.8 | 19.7 | 20.1 | 17.4 | 63.5 | 174.2 | 1,339.1 | 1,141.0 | 994.8 | 1,060.4 | 72.2 | 69.6 | 70.3 | 44.9 | 12.5 | 345.7 | 6.7 | 7.3 | 7.4 | 8.8 | 3.1 | 1.4 | 0.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Current Liabilities | ||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | 4,472.3 | 4,373.8 | 4,228.5 | 3,749.9 | 3,746.5 | 3,220.9 | 2,854.8 | 2,851.4 | 2,579.7 | 2,311.7 | 1,975.9 | 1,729.9 | 1,420.1 | 1,349.3 | 1,269.8 | 0 | 0 | 0 | 184.5 | 0 | 0 | 0 | 467.4 | 384.6 | 435.3 | 360.4 | 108.7 | 138.1 | 115.1 | 117.0 | 82.6 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.3 | 18.4 | 22.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7 | 6.3 | 13.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 110.1 | 107.0 | 109.6 | 82.7 | 79.0 | 78.2 | 96.6 | 77.9 | (0.9) | 85.9 | 121.6 | 85.2 | 192.6 | 166.9 | (1,178.4) | 43.8 | 29.3 | 45.5 | (127.5) | 786.8 | 860.6 | 514.3 | (467.4) | (384.6) | (435.3) | (360.4) | (108.7) | (138.1) | (115.1) | (117.0) | (82.6) | (14.8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 4,582.4 | 4,480.8 | 4,338.1 | 3,832.5 | 3,825.5 | 3,299.1 | 2,951.3 | 2,929.3 | 2,578.8 | 2,397.6 | 2,097.5 | 1,826.2 | 1,612.7 | 1,516.2 | 91.4 | 43.8 | 29.3 | 45.5 | 1,060.1 | 750.7 | 835 | 498.2 | 465.1 | 38.9 | 435.3 | 360.4 | 351 | 292.9 | 171.8 | 117 | 82.6 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4,971.1 | 4,510.5 | 4,504.5 | 4,022.5 | 3,849.4 | 3,318.5 | 3,103.2 | 2,948.8 | 2,719.6 | 2,417.2 | 2,117.7 | 1,843.6 | 1,676.2 | 1,690.4 | 1,430.6 | 1,184.8 | 1,024.1 | 1,105.9 | 1,127.7 | 818.1 | 900.4 | 541.0 | 477.6 | 405.0 | 442.0 | 367.7 | 358.4 | 301.7 | 174.9 | 118.4 | 83.4 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||
| Common Stock | 1.9 | 1.9 | 1.8 | 1.8 | 1.8 | 1.8 | 1.7 | 1.6 | 1.5 | 1.5 | 1.4 | 1.3 | 1.2 | 1.1 | 1.0 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 0.6 | 0.5 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | (882.7) | (829.3) | (805.9) | (793.8) | (747.9) | (644.8) | (499.2) | (424.2) | (379.2) | (319.3) | (263.1) | (196.8) | (147.8) | (91.0) | (44.9) | 3.2 | 62.4 | 143.8 | 137.6 | 80.3 | (20.5) | (35.2) | (28.2) | (21.7) | (14.5) | (4.9) | (5.3) | (3.2) | 0.1 | (1.9) | (2.9) | (2.1) | (1.1) | (1.5) | (1.3) | (0.9) | (0.8) | (0.6) | (0.5) | (0.1) |
| Accumulated Other Comprehensive Income | (6.3) | (8.0) | (10.1) | (12.6) | (15.0) | (16.4) | (11.1) | (5.7) | (13.7) | (8.2) | (20.4) | (8.7) | (4.5) | (2.4) | (3.8) | 1.7 | 0.5 | 3.3 | 1.6 | 5.2 | 0 | 0 | 0 | 0 | (50) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 4,408.3 | 4,362.3 | 4,157.5 | 4,123.5 | 3,901.7 | 4,319.3 | 4,331.7 | 4,154.2 | 3,840.6 | 3,916.8 | 3,342.1 | 3,082.5 | 2,777.0 | 2,296.3 | 2,002.5 | 1,527.5 | 1,564.2 | 1,542.2 | 1,407.3 | 1,096.5 | 828.1 | 757.0 | 730.8 | 549.1 | 564.6 | 393.9 | 391.4 | 383.9 | 362.1 | 252.6 | 135.8 | 136.7 | 91.1 | 14.4 | 12.1 | 12.4 | 12.6 | 12.8 | 12.9 | 13.2 |
| Total Liabilities & Equity | 9,379.4 | 8,872.7 | 8,662.0 | 8,146.0 | 7,751.1 | 7,637.8 | 7,434.9 | 7,103.4 | 6,560.5 | 6,334.2 | 5,460.0 | 4,926.7 | 4,454.5 | 3,988.0 | 3,434.4 | 2,713.6 | 2,591.0 | 2,649.4 | 2,537.3 | 1,915.7 | 1,733.4 | 1,300.0 | 1,208.3 | 954.1 | 1,006.6 | 761.6 | 749.8 | 685.6 | 537.0 | 371.0 | 219.3 | 152.2 | 91.6 | 23.1 | 12.2 | 12.4 | 12.7 | 12.9 | 12.9 | 13.2 |
| Debt Metrics | ||||||||||||||||||||||||||||||||||||||||
| Total Debt | 4,820.4 | 4,373.8 | 4,360.5 | 3,916.1 | 3,746.5 | 3,220.9 | 2,988.4 | 2,851.4 | 2,580.2 | 2,311.7 | 1,975.9 | 1,741.1 | 1,570.1 | 1,587.0 | 1,250.3 | 948.4 | 962.1 | 1,026.5 | 902.8 | 776.7 | 861.0 | 524.2 | 465.1 | 384.6 | 435.3 | 360.4 | 351.0 | 292.9 | 171.8 | 117.0 | 82.6 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 4,815.4 | 4,365.1 | 4,359.4 | 3,913.5 | 3,575.1 | 2,953.7 | 2,987.2 | 2,737.1 | 2,578.8 | 2,017.1 | 1,961.7 | 1,730.5 | 1,568.6 | 1,584.9 | 1,248.3 | 946.4 | 946.8 | 1,023.9 | 875.3 | 775.1 | 852.8 | 522.3 | 460.8 | 382.9 | 428.4 | 358.2 | 347.6 | 291.5 | 169.7 | 115.6 | 82.3 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||||||||||||||||
| Net Income | 389.8 | 396.8 | 392.3 | 334.6 | 290.1 | 228.8 | 299.6 | 292.5 | 265.4 | 239.5 | 198.0 | 191.2 | 160.1 | 141.9 | 92.4 | 73.4 | 56.4 | 123.1 | 157.1 | 182.5 | 74.6 | 64.9 | 53.5 | 48.1 | 29.0 | 38.6 | 28.6 | 31.0 | 29.7 | 19.8 | 12.7 | 8.9 | 3.5 | 1.6 | 1.3 | 1.4 |
| Depreciation & Amortization | 268.4 | 249.7 | 238.6 | 223.8 | 205.2 | 196.6 | 188.9 | 174.4 | 173.7 | 149.1 | 134.8 | 116.2 | 99.6 | 75.3 | 58.8 | 49.1 | 48.5 | 45.4 | 33.0 | 24.5 | 22.4 | 17.4 | 13.6 | 11.7 | 9.2 | 9.1 | 8.6 | 6.8 | 5.3 | 3.6 | 2.1 | 1.3 | 0.6 | 0.4 | 0.3 | 0.3 |
| Stock-Based Compensation | 0 | 0 | 0 | 17.3 | 14.5 | 14.5 | 11.5 | 10.4 | 14.2 | 11.4 | 10.5 | 9.8 | 8.5 | 10.1 | 0 | 0.1 | 4.2 | 2.6 | 0 | 3.2 | 2.0 | 1.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 4.2 | 2.0 | 1.0 | 3.1 | 30.4 | (23.9) | (3.7) | (1.9) | 1.4 | 4.5 | 1.4 | (5.8) | 5.1 | (5.0) | 13.8 | 43.3 | 0.2 | 90.0 | 7.2 | (79.6) | (57.4) | (7.6) | (7.8) | 1.2 | (19.8) | (3.3) | (0.6) | (3.6) | 1.2 | (1.8) | 0.4 | (0.4) | 0.2 | 0.2 | 0.2 | (0.2) |
| Other Non-Cash Items | 4.7 | (13.0) | (19.6) | (0.5) | 4.9 | (6.0) | 4.6 | 11.4 | (3.3) | 17.1 | (14.0) | (14.7) | 0.3 | 12.7 | 8.3 | 24.6 | 56.9 | (18.8) | (63.2) | (103.7) | (7.7) | 0.1 | (4.9) | (2.3) | 19.6 | 5.8 | 11.3 | 7.0 | (2.2) | 0.7 | (1.0) | 0.2 | (0.5) | (0.1) | (0.3) | 0.1 |
| Operating Cash Flow | 667.1 | 635.5 | 612.4 | 578.4 | 568.4 | 450.2 | 501.7 | 471.9 | 421.6 | 415.3 | 341.1 | 296.7 | 274.4 | 228.1 | 182.9 | 187.9 | 149.5 | 236.7 | 129.6 | 18.6 | 30.9 | 74.8 | 54.3 | 58.7 | 38.0 | 50.2 | 47.9 | 41.3 | 34.0 | 22.2 | 14.1 | 9.5 | 3.8 | 2.1 | 1.5 | 1.6 |
| Investing Activities | ||||||||||||||||||||||||||||||||||||
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (758.4) | (230.9) | (44.4) | (352.6) | (677.1) | (352.5) | (267.8) | (134.6) | (215.7) | (43.4) | (19.8) | (4.0) | (78.0) | (29.6) | (184.1) | (144.9) | (66.6) | (78.7) | (31.3) | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2 | 10.7 | 10.3 | 0 | 60.0 | 136.3 | 222.8 | (2.2) | (1.1) | 25.0 | 29.3 | (7.7) | 29.8 | 43.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (11.4) | (9.9) | (1.4) | (31.8) | (52.0) | (18.4) | (17.7) | (0.0) | (240.5) | (120.6) | (114.9) | (0.5) | (4.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.8 | 4.0 | 68.2 | 26.1 | 49.3 | 16.8 | 155.5 | 194.0 | 186.2 | 84.2 | 4.7 | 1.2 | 0 | 19.4 | 0.8 | 0 | 0 | 0 | 0.4 | 0 | 0 |
| Other Investing Activities | (748.1) | (424.3) | (680.7) | (777.6) | (432.2) | (142.8) | (619.4) | (609.4) | (625.6) | (779.9) | (644.5) | (541.6) | (568.0) | (603.0) | 17.7 | 6.7 | 13.8 | 59.9 | 166.3 | 231.5 | 40.1 | (124.6) | 5.4 | (36.3) | 55.5 | 17.0 | 16.3 | 1.9 | (2.3) | (36.4) | (0.9) | (0.4) | (17.3) | (0.1) | 0.4 | 0 |
| Investing Cash Flow | (748.1) | (424.3) | (680.7) | (777.6) | (432.2) | (142.8) | (619.4) | (609.4) | (625.6) | (779.9) | (644.5) | (541.6) | (568.0) | (601.8) | (752.1) | (220.3) | (28.1) | (256.3) | (536.7) | (107.0) | (242.5) | (59.0) | (257.7) | 40.0 | (24.4) | (22.4) | (64.4) | (145.6) | (167.0) | (144.2) | (67.5) | (79.1) | (48.6) | 0.3 | 0.4 | 0 |
| Financing Activities | ||||||||||||||||||||||||||||||||||||
| Net Debt Issuance | 444.0 | 11.8 | 439.7 | 165.3 | 530.5 | 225.5 | 132.9 | 264.7 | 260.5 | 332.8 | 243.3 | 145.4 | (31.5) | 190.1 | 193.7 | 134.5 | (43.1) | (1.6) | 283.2 | 10.3 | 273.1 | 36.9 | 79.1 | (48.0) | (27.7) | 8.3 | 53.9 | 119.9 | 54.5 | 26.1 | 66.9 | 14.2 | (8.6) | (8.9) | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | (287.5) | 0 | (287.5) | 0 | 0 | 0 | 0 | (92) | 0 | 0 | (0.1) | 0 | (44.5) | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | (2.3) | 0 | 0 | (7.5) | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | (443.2) | (420.2) | (404.5) | (380.5) | (382.3) | (374.3) | (364.8) | (337.5) | (315.0) | (295.6) | (264.1) | (239.6) | (217.0) | (184.9) | (140.5) | (133.0) | (127.6) | (116.9) | (93.0) | (80.8) | (74.7) | (72.0) | (60.0) | (55.2) | (38.6) | (37.8) | (37.5) | (35.7) | (28.4) | (18.9) | (13.5) | (9.9) | (3.2) | (1.8) | (1.6) | (1.5) |
| Other Financing Activities | (8.5) | (13.1) | 0 | (0.3) | (39.5) | (16.7) | (0.8) | (18.2) | (0.1) | (0.1) | (0.0) | (1.2) | 0 | 0 | (5.2) | (0.9) | (6.7) | (5.4) | (47.7) | (5.8) | (3.9) | 2.6 | (6.7) | (1.2) | (3.6) | (0.0) | 2.2 | (1.7) | (3.9) | (7.5) | (0.8) | (3.5) | 0 | 8.4 | 0 | 0 |
| Financing Cash Flow | 77.7 | (207.3) | 66.6 | 34.7 | (232.2) | (41.3) | 4.5 | 250.4 | (89.2) | 644.9 | 307.1 | 253.9 | 293.0 | 373.6 | 569.2 | 19.2 | (108.8) | (5.3) | 432.9 | 81.9 | 217.8 | (19.2) | 206.0 | (103.9) | (8.8) | (29.0) | 18.4 | 103.7 | 133.7 | 123.1 | 52.6 | 50.8 | 64.2 | (2.9) | (1.6) | (1.5) |
| Cash Position | ||||||||||||||||||||||||||||||||||||
| Net Change in Cash | (3.2) | 3.9 | (1.6) | (164.5) | (95.9) | 266.1 | (113.2) | 112.9 | (293.2) | 280.3 | 3.7 | 9.1 | (0.6) | (0.0) | 0.0 | (13.2) | 12.6 | (24.9) | 25.8 | (6.6) | 6.3 | (3.4) | 2.6 | (5.2) | 4.8 | (1.1) | 1.9 | (0.7) | 0.8 | 1.1 | (0.8) | (18.8) | 19.4 | (0.5) | 0.3 | 0.1 |
| Cash at Beginning | 9.1 | 5.2 | 6.8 | 171.3 | 267.2 | 1.1 | 114.3 | 1.4 | 294.5 | 14.3 | 10.6 | 1.5 | 2.1 | 2.1 | 2.0 | 15.2 | 2.6 | 27.5 | 1.7 | 8.2 | 1.9 | 5.3 | 1.7 | 7.0 | 2.2 | 3.3 | 1.4 | 2.2 | 1.4 | 0.3 | 1.1 | 19.8 | 0.5 | 1 | 0.6 | 0.5 |
| Cash at End | 5.8 | 9.1 | 5.2 | 6.8 | 171.3 | 267.2 | 1.1 | 114.3 | 1.4 | 294.5 | 14.3 | 10.6 | 1.5 | 2.1 | 2.1 | 2.0 | 15.2 | 2.6 | 27.5 | 1.7 | 8.2 | 1.9 | 4.4 | 1.7 | 7.0 | 2.2 | 3.3 | 1.4 | 2.2 | 1.4 | 0.3 | 1 | 19.9 | 0.5 | 0.9 | 0.6 |
| Free Cash Flow | 667.1 | 635.5 | 612.4 | 578.4 | 568.4 | 450.2 | 501.7 | 471.9 | 421.6 | 415.3 | 341.1 | 296.7 | 274.4 | 228.1 | (575.4) | (43.0) | 105.1 | (115.9) | (547.5) | (334.0) | (236.9) | (59.8) | (161.4) | 15.3 | 18.2 | 46.2 | (30.1) | 11.7 | (150.1) | (122.7) | (52.4) | (69.2) | (27.5) | 2.1 | 1.5 | 1.6 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | 1988 | 1987 | 1986 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||||||||||||||||||||||||||
| Revenue | 926.2 | 869.3 | 828.1 | 773.1 | 726.4 | 660.7 | 670.5 | 622.7 | 584.9 | 533.6 | 482.9 | 434.8 | 392.3 | 350.8 | 310.9 | 267.6 | 248.3 | 231.4 | 186.7 | 158.8 | 145.2 | 129.3 | 102.7 | 93.8 | 80.5 | 80.9 | 76.5 | 64.1 | 50.1 | 33.4 | 20.6 | 12.3 | 5.5 | 2.6 | 1.9 | 1.9 | 1.8 | 1.8 | 1.9 | 2 |
| Gross Profit | 352.0 | 836.9 | 799.7 | 746.8 | 698.0 | 632.3 | 642.8 | 597.6 | 561.8 | 512.8 | 463.1 | 415.9 | 375.0 | 334.2 | 286.8 | 241.9 | 231.3 | 226.5 | 181.2 | 149.2 | 111.2 | 108.3 | 111.3 | 89.7 | 81.0 | 78.3 | 76.5 | 64.8 | 50.1 | 33.4 | 20.6 | 12.3 | 5.5 | 2.6 | 1.9 | 1.9 | 1.8 | 1.8 | 1.9 | 2 |
| Operating Income | 569.9 | 577.9 | 555.1 | 482.5 | 449.1 | 374.5 | 416.8 | 424.8 | 337.5 | 309.1 | 288.7 | 266.2 | 239.2 | 197.6 | 164.4 | 134.9 | 120.7 | 145.6 | 120.9 | 94.4 | 83.9 | 73.3 | 72.9 | 69.6 | 50.7 | 65.0 | 51.5 | 43.5 | 41.1 | 27.0 | 16.5 | 14.6 | 6.6 | 3.4 | 2.5 | 2.4 | 2.2 | 2.3 | 2.3 | 2.4 |
| Net Income | 389.8 | 396.8 | 392.3 | 334.6 | 290.1 | 228.8 | 299.2 | 292.4 | 265.0 | 239.5 | 197.8 | 190.6 | 160.1 | 142.0 | 92.3 | 73.0 | 54.8 | 123.1 | 157.1 | 182.5 | 89.4 | 64.9 | 53.5 | 50.8 | 29.0 | 38.3 | 35.3 | 32.4 | 30.4 | 19.8 | 12.7 | 8.9 | 3.5 | 1.6 | 1.3 | 1.4 | 1.3 | 1.3 | 1.5 | 1.6 |
| EPS (Diluted) | 2.07 | 2.15 | 2.16 | 1.89 | 1.51 | 1.22 | 1.56 | 1.65 | 1.45 | 1.38 | 1.20 | 1.24 | 1.10 | 1.11 | 0.96 | 0.80 | 0.60 | 1.56 | 2.26 | 3.05 | 1.56 | 1.15 | 1.13 | 1.09 | 0.91 | 1.26 | 1.16 | 1.10 | 1.25 | 1.18 | 1.09 | 1.04 | 0.95 | 0.95 | 0.85 | 0.94 | 0.88 | 0.91 | 1.01 | 1.05 |
| Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
| Cash & Equivalents | 5.0 | 8.7 | 1.2 | 2.5 | 171.3 | 267.2 | 1.1 | 114.3 | 1.4 | 294.5 | 14.3 | 10.6 | 1.5 | 2.1 | 2.1 | 2.0 | 15.2 | 2.6 | 27.5 | 1.7 | 8.2 | 1.9 | 4.4 | 1.7 | 7.0 | 2.2 | 3.3 | 1.4 | 2.2 | 1.4 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 9,379.4 | 8,872.7 | 8,662.0 | 8,146.0 | 7,751.1 | 7,637.8 | 7,434.9 | 7,103.4 | 6,560.5 | 6,334.2 | 5,460.0 | 4,926.7 | 4,454.5 | 3,988.0 | 3,434.4 | 2,713.6 | 2,591.0 | 2,649.4 | 2,537.3 | 1,915.7 | 1,733.4 | 1,300.0 | 1,208.3 | 954.1 | 1,006.6 | 761.6 | 749.8 | 685.6 | 537.0 | 371.0 | 219.3 | 152.2 | 91.6 | 23.1 | 12.2 | 12.4 | 12.7 | 12.9 | 12.9 | 13.2 |
| Total Debt | 4,820.4 | 4,373.8 | 4,360.5 | 3,916.1 | 3,746.5 | 3,220.9 | 2,988.4 | 2,851.4 | 2,580.2 | 2,311.7 | 1,975.9 | 1,741.1 | 1,570.1 | 1,587.0 | 1,250.3 | 948.4 | 962.1 | 1,026.5 | 902.8 | 776.7 | 861.0 | 524.2 | 465.1 | 384.6 | 435.3 | 360.4 | 351.0 | 292.9 | 171.8 | 117.0 | 82.6 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stockholders' Equity | 4,408.3 | 4,362.3 | 4,157.5 | 4,123.5 | 3,901.7 | 4,319.3 | 4,331.7 | 4,154.2 | 3,840.6 | 3,916.8 | 3,342.1 | 3,082.5 | 2,777.0 | 2,296.3 | 2,002.5 | 1,527.5 | 1,564.2 | 1,542.2 | 1,407.3 | 1,096.5 | 828.1 | 757.0 | 730.8 | 549.1 | 564.6 | 393.9 | 391.4 | 383.9 | 362.1 | 252.6 | 135.8 | 136.7 | 91.1 | 14.4 | 12.1 | 12.4 | 12.6 | 12.8 | 12.9 | 13.2 |
| Cash Flow | ||||||||||||||||||||||||||||||||||||||||
| Operating Cash Flow | 667.1 | 635.5 | 612.4 | 578.4 | 568.4 | 450.2 | 501.7 | 471.9 | 421.6 | 415.3 | 341.1 | 296.7 | 274.4 | 228.1 | 182.9 | 187.9 | 149.5 | 236.7 | 129.6 | 18.6 | 30.9 | 74.8 | 54.3 | 58.7 | 38.0 | 50.2 | 47.9 | 41.3 | 34.0 | 22.2 | 14.1 | 9.5 | 3.8 | 2.1 | 1.5 | 1.6 | ||||
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (758.4) | (230.9) | (44.4) | (352.6) | (677.1) | (352.5) | (267.8) | (134.6) | (215.7) | (43.4) | (19.8) | (4.0) | (78.0) | (29.6) | (184.1) | (144.9) | (66.6) | (78.7) | (31.3) | 0 | 0 | 0 | ||||
| Free Cash Flow | 667.1 | 635.5 | 612.4 | 578.4 | 568.4 | 450.2 | 501.7 | 471.9 | 421.6 | 415.3 | 341.1 | 296.7 | 274.4 | 228.1 | (575.4) | (43.0) | 105.1 | (115.9) | (547.5) | (334.0) | (236.9) | (59.8) | (161.4) | 15.3 | 18.2 | 46.2 | (30.1) | 11.7 | (150.1) | (122.7) | (52.4) | (69.2) | (27.5) | 2.1 | 1.5 | 1.6 | ||||