"The ultimate measure for any enterprise is superior long-term growth of free cash flow."

- Rich Templeton, chairman, president and CEO

3.5

BILLION

free cash flow*
generated in 2014
7% CAGR
since 2004

* Free cash flow = cash flow from operations
minus capital expenditures

twelve
years in a row of
 increased
dividends

41%

reduced
share count

since 2004

We've committed to return
100% of free cash flow to
shareholders through dividends
and stock repurchases.

* plus proceeds from exercises of equity compensation less net debt retirement