Arcos Dorados Holdings Inc. (ARCO)
Arcos Dorados Holdings Inc. serves as the premier franchisee for McDonald's, holding exclusive rights to operate, own, and sub-franchise the fast-food chain's eateries. Its extensive domain covers 20 countries and territories throughout Latin America and the Caribbean, specifically encompassing nations like Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay, Panama, Ecuador, Costa Rica, and Venezuela, alongside island territories such as Aruba, Curacao, Guadeloupe, Martinique, French Guiana, Puerto Rico, Trinidad and Tobago, and the U.S. Virgin Islands (St. Croix and St. Thomas). As of the end of 2021 (December 31st), the company managed or franchised a total of 2,261 restaurant locations. This enterprise was established in 2007 and has its main offices situated in Montevideo, Uruguay.
Sector: Retail-Eating Places
Industry: Restaurants
Arcos Dorados Holdings Inc.
NYSE:ARCOConsumer Cyclical · Restaurants
+0.87%$8.09
AH Close$8.09+0.00%vs close
AH Close$8.09+0.00%vs close
Mkt Cap$1.7B
Float129.32M
O/S210.66M
Inst Own45.4%
SI1.9%
Div Yield3.34%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$4.68B
Net Income$212.12M
Total Assets$3.89B
Free Cash Flow$14.99M
Debt & Equity
Debt 74%
Equity 26%
Total Debt$2.25B
Total Equity$770.49M
Shares Outstanding
Short Interest
Split History2 splits
- 1.0:1Forward splitJul 13, 20211 share → 1.0
- 1.0:1Forward splitJul 31, 20201 share → 1.0
Balance Sheet Details
Assets$3.89B
Liabilities$3.11B
Accounts Receivable$248.96M
Accounts Payable$356.61M
Inventory$66.39M
PP&E (Net)$2.44B
Goodwill$16.61M
Intangible Assets$132.34M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
| Revenue | $4.68B | $4.47B | $4.33B | $3.62B | $2.66B | $1.98B | $2.96B | $3.08B | $3.32B | $2.93B | $3.05B | $3.65B | $4.03B | $3.8B | $3.66B | $3.02B | $2.67B | $2.61B | $1.97B | $1.61B |
| YoY Growth | 4.7% | 3.2% | 19.7% | 36.1% | 34.1% | -32.9% | -4.0% | -7.2% | 13.3% | -4.1% | -16.4% | -9.5% | 6.2% | 3.8% | 21.2% | 13.2% | 2.2% | 32.1% | 22.3% | - |
| Cost of Revenue | $4.1B | $3.88B | $3.73B | $3.13B | $2.34B | $1.87B | $2.59B | $2.67B | $2.87B | $2.57B | $2.7B | $3.21B | $3.47B | $3.24B | $3.01B | $2.5B | $2.21B | $2.22B | $1.68B | $1.4B |
| Gross Profit | $574.12M | $586.42M | $597.14M | $492.61M | $324.06M | $115.44M | $367.54M | $413.93M | $449.02M | $358.27M | $357.53M | $438.4M | $561.34M | $554.52M | $651.73M | $518.82M | $455.2M | $384.89M | $294.71M | $217.21M |
| Gross Margin | 12.3% | 13.1% | 13.8% | 13.6% | 12.2% | 5.8% | 12.4% | 13.4% | 13.5% | 12.2% | 11.7% | 12.0% | 13.9% | 14.6% | 17.8% | 17.2% | 17.1% | 14.8% | 14.9% | 13.5% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $312.75M | $279.86M | $285M | $239.26M | $210.91M | $171.38M | $212.51M | $229.32M | $244.66M | $221.07M | $270.68M | $272.06M | $317.75M | $314.62M | $386.31M | $291.8M | $231.83M | $136.6M | $149.98M | $131.93M |
| Other | -$88.82M | -$17.95M | -$1.89M | -$11.08M | -$26.37M | $10.81M | -$4.91M | $270K | -$435K | -$2.36M | -$627K | $146K | -$848K | -$2.12M | $400.98M | $314.26M | $248.4M | $26.09M | $22.32M | $71.46M |
| Total Operating Expenses | $223.93M | $261.91M | $283.11M | $228.18M | $184.54M | $182.19M | $207.6M | $290.47M | $176.09M | $179.69M | $264.12M | $367.54M | $332.81M | $317.88M | $400.98M | $314.26M | $248.4M | $162.7M | $172.3M | $203.39M |
| Operating Income (EBIT) | $350.19M | $324.51M | $314.04M | $264.42M | $139.52M | -$66.75M | $159.94M | $123.46M | $272.94M | $178.58M | $93.41M | $70.86M | $228.52M | $236.64M | $250.75M | $204.56M | $206.81M | $222.19M | $122.4M | $13.82M |
| Operating Margin | 7.5% | 7.3% | 7.2% | 7.3% | 5.2% | -3.4% | 5.4% | 4.0% | 8.2% | 6.1% | 3.1% | 1.9% | 5.7% | 6.2% | 6.9% | 6.8% | 7.8% | 8.5% | 6.2% | 0.9% |
| Interest Expense | $43.32M | $47.24M | $32.27M | $43.75M | $49.55M | $33.39M | $52.08M | $52.87M | $68.36M | $66.88M | $64.41M | $72.75M | $88.16M | $54.25M | $60.75M | $41.61M | $52.47M | $26.27M | $47.34M | $25.96M |
| Interest Income | $40.25M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$8.88M | -$65.23M | -$35.92M | -$38.03M | -$61.73M | -$65.1M | -$40.98M | -$38.29M | -$90.12M | -$39.95M | -$121.96M | -$147.41M | -$131.93M | -$75.68M | -$90.35M | -$94.81M | -$107.75M | -$105.71M | -$66.69M | -$34.61M |
| Income Before Tax (EBT) | $341.31M | $259.28M | $278.12M | $226.4M | $77.79M | -$131.85M | $118.95M | $85.17M | $182.81M | $138.63M | -$28.55M | -$76.55M | $96.59M | $160.96M | $160.4M | $109.74M | $99.06M | $116.48M | $55.71M | -$20.79M |
| Income Tax Expense | $128.73M | $109.9M | $95.7M | $85.48M | $31.93M | $17.53M | $38.84M | $48.14M | $53.31M | $59.64M | $22.82M | $32.48M | $42.72M | $46.38M | $44.6M | $3.45M | $18.71M | $12.07M | $49.43M | $26.37M |
| Net Income | $212.12M | $148.76M | $181.27M | $140.34M | $45.49M | -$149.45M | $79.9M | $36.85M | $129.17M | $78.81M | -$51.63M | -$109.33M | $53.85M | $114.33M | $115.53M | $106.02M | $80.02M | $103.04M | $6.23M | -$47.15M |
| Net Income Margin | 4.5% | 3.3% | 4.2% | 3.9% | 1.7% | -7.5% | 2.7% | 1.2% | 3.9% | 2.7% | -1.7% | -3.0% | 1.3% | 3.0% | 3.2% | 3.5% | 3.0% | 4.0% | 0.3% | -2.9% |
| Supplementary Data | ||||||||||||||||||||
| EPS | 1.01 | 0.71 | 0.86 | 0.67 | 0.22 | -0.73 | 0.38 | 0.17 | 0.59 | 0.36 | -0.24 | -0.51 | 0.25 | 0.54 | 0.53 | 0.50 | 0.38 | 0.97 | 0.06 | -0.44 |
| Diluted EPS | 1.01 | 0.71 | 0.86 | 0.67 | 0.22 | -0.72 | 0.38 | 0.17 | 0.59 | 0.36 | -0.24 | -0.51 | 0.25 | 0.54 | 0.53 | 0.50 | 0.38 | 0.97 | 0.06 | -0.44 |
| Weighted Average OS | 210.63M | 210.66M | 210.63M | 210.55M | 210.39M | 205.42M | 206.96M | 212.12M | 216.80M | 216.50M | 216.29M | 215.95M | 209.75M | 215.36M | 221.41M | 212.12M | 212.12M | 213.12M | 213.12M | 213.12M |
| EBITDA | $571.76M | $502.88M | $464.44M | $384.24M | $247.73M | $28.39M | $294.25M | $243.84M | $350.55M | $298.48M | $146.57M | $112.65M | $299.53M | $308.54M | $290.12M | $320.98M | $318.38M | $192.25M | $103.05M | $5.17M |
| EBITDA Margin | 12.2% | 11.2% | 10.7% | 10.6% | 9.3% | 1.4% | 9.9% | 7.9% | 10.6% | 10.2% | 4.8% | 3.1% | 7.4% | 8.1% | 7.9% | 10.6% | 11.9% | 7.4% | 5.2% | 0.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
| Assets | ||||||||||||||||||||
| Current Assets | ||||||||||||||||||||
| Cash and Cash Equivalents | $373.44M | $135.06M | $196.66M | $266.94M | $278.83M | $165.99M | $121.88M | $197.28M | $308.49M | $194.8M | $112.52M | $139.03M | $175.65M | $184.85M | $176.3M | $208.1M | $167.97M | $105.98M | $92.58M | $102.38M |
| Short-Term Investments | $48.91M | $3.53M | $50.11M | $37.46M | $0 | $0 | $25K | $0 | $19.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $422.35M | $138.59M | $246.77M | $304.4M | $278.83M | $165.99M | $121.91M | $197.28M | $328.08M | $194.8M | $112.52M | $139.03M | $175.65M | $184.85M | $176.3M | $208.1M | $167.97M | $105.98M | $92.58M | $102.38M |
| Accounts Receivable | $248.96M | $161.91M | $186.7M | $151.06M | $104.21M | $114.19M | $128.04M | $109.64M | $147.61M | $112.08M | $98.98M | $152.98M | $247.27M | $236.77M | $144.37M | $186.88M | $118.67M | $0 | $0 | $0 |
| Inventory | $66.39M | $51.65M | $52.83M | $50.09M | $37.8M | $33.6M | $37.81M | $46.09M | $82.73M | $48.91M | $44.64M | $53.4M | $105.42M | $54.82M | $50.73M | $66.43M | $50.55M | $0 | $0 | $0 |
| Other Current Assets | $114.27M | $1.13M | $1.2M | $78.22M | $1.21M | $22.79M | $19.41M | $15.15M | $19.06M | $18.23M | $23.19M | $29.27M | $43.75M | $23.91M | $87.66M | $17.48M | $21.29M | $274.29M | $290.22M | $190.33M |
| Total Current Assets | $851.96M | $468.4M | $605.28M | $684.36M | $540.12M | $415.53M | $405.37M | $464.56M | $653.04M | $445.19M | $379M | $447.2M | $666.45M | $601.5M | $588.61M | $552.36M | $394.01M | $380.27M | $382.8M | $292.72M |
| Long-Term Assets | ||||||||||||||||||||
| Property, Plant & Equipment Net | $2.44B | $2.08B | $2.08B | $1.68B | $1.51B | $1.59B | $1.89B | $865.97M | $901.05M | $861.25M | $833.36M | $1.12B | $1.24B | $1.18B | $1.02B | $911.73M | $785.86M | $709.67M | $724.67M | $1.24B |
| Goodwill | $16.61M | $13.34M | $11.9M | $7.23M | $5.21M | $5.6M | $6.78M | $5.94M | $7.08M | $7.12M | $12.25M | $14.89M | $16.9M | $18.18M | $17.75M | $17.54M | $15.53M | $0 | $0 | $0 |
| Intangible Assets | $132.34M | $53.3M | $58.13M | $47.34M | $33.6M | $31.45M | $36.26M | $35.08M | $40.65M | $35.92M | $37.24M | $42.97M | $53.47M | $49.09M | $40.66M | $29.72M | $21.87M | $0 | $0 | $0 |
| Long-Term Investments | $84.37M | $14.35M | $18.11M | $14.71M | $13.11M | $121.9M | $134.12M | $132.62M | $110M | $65.69M | $6.74M | $9.52M | $490K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $104.25M | $90.29M | $98.16M | $87.97M | $67.8M | $55.57M | $68.37M | $58.33M | $74.3M | $70.45M | $63.32M | $75.32M | $97.69M | $133.71M | $142.85M | $190.76M | $145.78M | $0 | $0 | $0 |
| Other Long-Term Assets | $254.03M | $175.44M | $152.2M | $114.05M | $188.38M | $76.41M | $15.87M | $15.54M | $17.62M | $19.44M | $75.08M | $88.6M | $100.94M | $70.34M | $62.34M | $82.15M | $119.89M | $213.82M | $138.12M | $151.73M |
| Total Long-Term Assets | $3.03B | $2.42B | $2.41B | $1.95B | $1.82B | $1.88B | $2.15B | $1.11B | $1.15B | $1.06B | $1.03B | $1.35B | $1.51B | $1.45B | $1.29B | $1.23B | $1.09B | $923.49M | $862.8M | $1.39B |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $3.89B | $2.89B | $3.02B | $2.64B | $2.36B | $2.29B | $2.56B | $1.58B | $1.8B | $1.51B | $1.41B | $1.79B | $2.18B | $2.05B | $1.88B | $1.78B | $1.48B | $1.3B | $1.25B | $1.69B |
| Liabilities | ||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||
| Accounts Payable | $356.61M | $347.89M | $374.99M | $353.47M | $269.21M | $209.53M | $259.58M | $242.46M | $303.45M | $217.91M | $187.69M | $220.34M | $311.06M | $244.37M | $184.11M | $186.7M | $124.56M | $0 | $0 | $0 |
| Short-Term Debt | $118.61M | $62.88M | $31.34M | $19.35M | $4.74M | $3.13M | $16.53M | $4.19M | $4.36M | $28.1M | $163.74M | $38.68M | $12.28M | $2.2M | $3.81M | $17.95M | $11.05M | $15.31M | $216K | $6.41M |
| Current Income Tax Payable | $0 | $118.47M | $163.14M | $146.68M | $137.36M | $91.28M | $123.81M | $114.85M | $136.92M | $112.59M | $97.59M | $120.76M | $137.49M | $125.71M | $138.99M | $124.68M | $79.49M | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $6.82M | $1.58M | $0 | $0 | $172.53M | $236.58M | $114.85M | $274.73M | $34.34M | $217.03M | $27.97M | $281.21M | $324.55M | $399.53M | $360.54M | $227.61M | $0 | $0 | $0 |
| Other Current Liabilities | $192.44M | $14.71M | $33.76M | $116.9M | $16.88M | $94.98M | $110.13M | $115.54M | $145.19M | $167.63M | $121.02M | $169.47M | $201.11M | $191.31M | $85.81M | $221.03M | $164.49M | $373.05M | $375.35M | $286.32M |
| Total Current Liabilities | $828.74M | $765.92M | $841.67M | $759.41M | $617.86M | $503.47M | $595.45M | $493.31M | $605.58M | $548.31M | $577.67M | $542.07M | $659.16M | $578.27M | $589.29M | $605.15M | $396.81M | $388.36M | $375.57M | $292.72M |
| Long-Term Liabilities | ||||||||||||||||||||
| Long-Term Debt | $1.13B | $715.97M | $713.04M | $711.67M | $739.22M | $773.45M | $623.58M | $626.42M | $629.14M | $551.58M | $491.33M | $761.08M | $771.17M | $649.97M | $525.95M | $451.42M | $454.46M | $351.87M | $352.46M | $19.72M |
| Long-Term Unearned Revenue | $0 | $10.23M | $12.64M | $11.06M | $10.38M | $10.69M | $12.19M | $5.83M | $48.13M | $41.74M | $20.07M | $6.11M | $29.97M | $48.67M | $0 | $118.65M | $139.29M | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $2.76M | $2.08M | $1.17M | $3.93M | $7.17M | $5.07M | $4.3M | $957K | $10.58M | $1.87M | $8.22M | $4.18M | $6.11M | $9.01M | $4.65M | $6.38M | $769K | $0 | $0 | $0 |
| Other Long-Term Liabilities | $141.2M | $39.86M | $80.78M | $78.46M | $58.34M | $50.66M | $39.02M | $42.36M | $47.1M | $37.94M | $19.38M | $34.05M | $48.52M | $65.6M | $75.88M | $53.48M | $37.58M | $122.78M | $109.79M | $116.14M |
| Total Long-Term Liabilities | $2.27B | $1.62B | $1.66B | $1.55B | $1.52B | $1.59B | $1.54B | $691.97M | $702.02M | $605.17M | $542.41M | $795.13M | $825.8M | $724.58M | $606.49M | $629.92M | $632.09M | $474.65M | $462.25M | $135.86M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.11B | $2.38B | $2.5B | $2.31B | $2.14B | $2.1B | $2.14B | $1.19B | $1.31B | $1.15B | $1.12B | $1.34B | $1.48B | $1.3B | $1.2B | $1.24B | $1.03B | $863.01M | $837.82M | $428.58M |
| Stockholders' Equity | ||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $522.88M | $522.88M | $522.82M | $522.31M | $521.28M | $519.52M | $516.12M | $512.76M | $509.65M | $506.88M | $504.77M | $498.62M | $491.74M | $484.57M | $484.57M | $377.55M | $377.55M | $377.55M | $377.55M | $377.55M |
| Retained Earnings | $825.95M | $664.39M | $566.19M | $424.94M | $316.18M | $290.89M | $471.15M | $413.07M | $401.13M | $271.97M | $193.16M | $244.79M | $404.29M | $400.76M | $336.71M | $271.39M | $205.37M | $0 | $0 | $0 |
| Comprehensive Income & Other | -$567.63M | -$668.48M | -$563.08M | -$613.46M | -$607.77M | -$584.86M | -$519.5M | -$502.27M | -$429.35M | -$441.65M | -$424.26M | -$302.47M | -$218.74M | -$158.82M | -$148.39M | -$98.66M | -$127.79M | $65.67M | $32.7M | $881.55M |
| Other Stockholders' Equity | -$578.34M | -$679.19M | -$573.73M | -$623.62M | -$617.03M | -$612.87M | -$566.13M | -$533.45M | -$415.13M | -$427.86M | -$411.66M | -$286.49M | -$201.49M | -$140.19M | -$142.66M | -$101.13M | -$130.26M | $63.21M | $30.23M | $881.55M |
| Total Equity | $770.49M | $508.08M | $515.28M | $323.62M | $220.43M | $197.55M | $421.14M | $392.38M | $495.65M | $350.99M | $286.27M | $456.91M | $694.54M | $745.14M | $678.62M | $547.8M | $452.65M | $440.75M | $407.78M | $1.26B |
| Minority Interest | $1.65M | $1.35M | $1.56M | $804K | $732K | $470K | $428K | $376K | $492K | $585K | $617K | $673K | $762K | $1.17M | $1.01M | $1.39M | $1.39M | $0 | $0 | $0 |
| Total Liabilities and Equity | $3.88B | $2.89B | $3.02B | $2.64B | $2.36B | $2.29B | $2.56B | $1.58B | $1.8B | $1.5B | $1.41B | $1.79B | $2.18B | $2.05B | $1.87B | $1.78B | $1.48B | $1.3B | $1.25B | $1.69B |
| Supplementary Data | ||||||||||||||||||||
| Total Debt | $2.25B | $1.72B | $1.69B | $1.56B | $1.53B | $1.61B | $1.57B | $630.62M | $633.5M | $579.68M | $658.84M | $799.76M | $785.5M | $652.17M | $529.76M | $469.37M | $465.51M | $367.18M | $352.68M | $26.13M |
| Net Debt | $1.87B | $1.59B | $1.49B | $1.29B | $1.25B | $1.44B | $1.45B | $433.33M | $325.01M | $384.88M | $546.32M | $660.73M | $609.85M | $467.32M | $353.46M | $261.27M | $297.53M | $261.19M | $260.1M | -$76.26M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 |
| Operating Activities | ||||||||||||||||||
| Net Income | $212.12M | $148.76M | $181.27M | $140.34M | $45.49M | -$149.45M | $79.9M | $36.85M | $129.17M | $78.81M | -$51.63M | -$109.33M | $53.85M | $114.33M | $115.53M | $106.02M | $80.02M | $103.04M |
| Depreciation & Amortization | $197.26M | $177.35M | $149.27M | $119.78M | $120.39M | $126.85M | $123.22M | $105.8M | $99.38M | $92.97M | $110.72M | $116.81M | $114.86M | $92.33M | $71.82M | $63.22M | $56.3M | $49.5M |
| Deferred Income Tax | -$4.85M | -$11.39M | -$4.31M | -$15.45M | -$16.07M | $471K | -$7.97M | $648K | $1.73M | $5.5M | -$9.06M | $7.42M | $9.11M | $14.23M | -$2.88M | -$61.1M | -$49.83M | $0 |
| Stock-Based Compensation | $0 | $953K | $14.34M | $6.09M | $758K | $1.36M | $4.06M | $2.64M | $4.22M | $3.56M | $4.08M | $9.25M | $7.03M | $1.26M | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||
| Accounts Receivable | -$73.88M | -$11.34M | -$61.24M | -$56.79M | -$4.69M | -$13.21M | $5.14M | $12.53M | $19.42M | -$9.06M | $36.04M | $4.83M | -$27.73M | -$66.62M | -$10.31M | $41.26M | -$1.84M | $14.14M |
| Inventory | -$9.29M | -$4.25M | $4.83M | -$33.17M | -$38.66M | -$25.03M | -$21.8M | -$12.07M | -$53.47M | $26.76M | -$45.9M | $53.08M | -$102.36M | $14.63M | -$42.41M | -$39.74M | $20.82M | $0 |
| Accounts Payable | $15.56M | $24.46M | $70M | $111.96M | $78.2M | -$23.99M | $39.43M | $16.56M | $102.66M | $35.81M | $25.02M | -$16.13M | $96.96M | $22.57M | $54.5M | $48.06M | $3.6M | $23.14M |
| Other Working Capital | -$62M | -$69.18M | $9.03M | $62.32M | $57.71M | $55.45M | $3.31M | $4.41M | -$3.54M | $2.71M | $1.43M | $608K | $9.31M | $13.24M | $6.35M | $9.07M | -$137K | -$11.3M |
| Total Working Capital Change | -$129.61M | -$60.31M | $22.62M | $84.32M | $92.56M | -$6.78M | $26.09M | $21.44M | $65.08M | $56.22M | $16.58M | $42.39M | -$23.82M | -$16.18M | $8.13M | $58.66M | $22.45M | $25.98M |
| Other Non-Cash Items | $21.43M | $11.48M | $18.78M | $10.36M | $14.91M | $43.52M | -$1.81M | $12.36M | -$44.4M | -$72.87M | $42M | $126.55M | $55.98M | $24.14M | $155.8M | $37.76M | -$12.13M | $19.85M |
| Net Cash from Operating | $296.34M | $266.85M | $381.96M | $345.44M | $258.04M | $15.97M | $223.48M | $179.73M | $255.17M | $164.19M | $112.69M | $193.09M | $217.01M | $230.11M | $261.62M | $263.88M | $148.02M | $198.36M |
| Investing Activities | ||||||||||||||||||
| Capital Expenditures | -$281.35M | -$327.64M | -$360.1M | -$217.12M | -$115M | -$86.31M | -$265.24M | -$197.04M | -$174.77M | -$92.28M | -$90.96M | -$169.81M | -$313.46M | -$294.48M | -$319.86M | -$175.67M | -$90.11M | -$148.89M |
| Acquisitions | -$4.49M | -$6.08M | -$2.08M | -$4.8M | -$185K | -$3.83M | $2.16M | $10.16M | $9.54M | $25.09M | $2.77M | $1.11M | $6.13M | -$6M | -$5.99M | -$504K | -$11.06M | -$13.77M |
| Purchases of Investments | -$134.16M | -$30M | -$86.72M | -$41.08M | $0 | $0 | $0 | $2.89M | -$19.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $88.67M | $76.11M | $66.73M | $0 | $0 | $0 | $0 | $19.59M | $61.98M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$3.69M | $7.27M | $1.81M | $3.35M | $6.91M | $1.44M | $2.08M | $620K | -$1.65M | $90.21M | $28.08M | -$264K | -$3.32M | -$5.94M | $5.72M | -$2.05M | $4.8M | $10.5M |
| Net Cash from Investing | -$335.03M | -$280.33M | -$380.35M | -$259.65M | -$108.28M | -$88.71M | -$260.99M | -$163.78M | -$124.48M | $23.02M | -$60.12M | -$168.96M | -$310.65M | -$306.42M | -$320.13M | -$178.22M | -$96.37M | -$152.17M |
| Financing Activities | ||||||||||||||||||
| Debt Repaid | -$345.3M | $500K | $23.74M | $21.79M | $37.17M | -$151.19M | - | - | -$46.6M | $94.69M | $11.71M | -$33.27M | -$149.89M | -$152.73M | -$103.1M | - | -$446.11M | - |
| Common Stock Issuance | $0 | $0 | $0 | $349.97M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $152.28M | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | -$12.01M | $0 | $0 | -$13.96M | -$46.03M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$33.4M | $0 | $0 |
| Dividends Paid | -$50.56M | -$50.56M | -$40.02M | -$31.59M | -$21K | -$10.22M | -$22.43M | -$20.94M | $0 | $0 | -$12.51M | -$50.04M | -$37.53M | -$50.04M | -$56.63M | -$33.4M | $0 | $0 |
| Other Financing Activities | -$5.98M | -$20.27M | $22.56M | -$344.92M | $19.26M | -$4.38M | -$6.4M | -$6.47M | -$49.96M | -$18.3M | $11M | -$8.34M | -$18.8M | -$11.89M | -$152.21M | -$21.69M | -$419.2M | -$29.09M |
| Net Cash from Financing | $288.75M | -$37.16M | -$11.82M | -$59.98M | -$17.93M | $126.01M | -$29.63M | -$73.44M | -$3.35M | -$113M | -$42.26M | $1.18M | $102.3M | $90.65M | $35.67M | -$51.29M | $24.37M | -$14.81M |
| Forex Effect | -$11.7M | -$10.95M | -$60.07M | -$37.7M | -$19M | -$9.16M | -$8.26M | -$53.71M | -$13.65M | $8.07M | -$36.82M | -$61.93M | -$17.86M | -$5.79M | -$8.96M | $5.76M | -$14.03M | $0 |
| Net Change in Cash | $238.37M | -$61.6M | -$70.28M | -$11.89M | $112.84M | $44.11M | -$75.4M | -$111.21M | $113.69M | $82.28M | -$26.51M | -$36.62M | -$9.2M | $8.55M | -$31.8M | $40.12M | $61.99M | $0 |
| Supplementary Data | ||||||||||||||||||
| Operating Cash Flow | $296.34M | $266.85M | $381.96M | $345.44M | $258.04M | $15.97M | $223.48M | $179.73M | $255.17M | $164.19M | $112.69M | $193.09M | $217.01M | $230.11M | $261.62M | $263.88M | $148.02M | $198.36M |
| Capital Expenditure | -$281.35M | -$327.64M | -$360.1M | -$217.12M | -$115M | -$86.31M | -$265.24M | -$197.04M | -$174.77M | -$92.28M | -$90.96M | -$169.81M | -$313.46M | -$294.48M | -$319.86M | -$175.67M | -$90.11M | -$148.89M |
| Free Cash Flow | $14.99M | -$60.79M | $21.87M | $128.32M | $143.04M | -$70.34M | -$41.75M | -$17.31M | $80.4M | $71.91M | $21.73M | $23.28M | -$96.45M | -$64.36M | -$58.23M | $88.21M | $57.92M | $49.47M |
| Cash at Beginning | $135.06M | $196.66M | $266.94M | $278.83M | $165.99M | $121.88M | $197.28M | $308.49M | $194.8M | $112.52M | $139.03M | $175.65M | $184.85M | $176.3M | $208.1M | $167.97M | $105.98M | $92.58M |
| Cash at End | $373.44M | $135.06M | $196.66M | $266.94M | $278.83M | $165.99M | $121.88M | $197.28M | $308.49M | $194.8M | $112.52M | $139.03M | $175.65M | $184.85M | $176.3M | $208.1M | $167.97M | $105.98M |