I) CALCULATION OF ADJUSTED EBITDA
CONSOLIDATED: | |||||
Q1 2026 TTM | Q1 2026 YTD | Q1 2026 QTD | Q1 2025 YTD | Q1 2025 QTD | |
NET EARNINGS | $ 267,666 | $ 51,097 | $ 51,097 | $ 79,423 | $ 79,423 |
Interest and other | (22,774) | (2,863) | (2,863) | (8,429) | (8,429) |
Taxes | 90,838 | 15,847 | 15,847 | 21,258 | 21,258 |
Expense associated with share-based compensation arrangements | 34,703 | 8,472 | 8,472 | 11,561 | 11,561 |
Net (gain) loss on sale or impairment of property, plant & equipment | (848) | (1,652) | (1,652) | (76) | (76) |
Impairment of goodwill and other intangibles | 2,400 | - | - | - | - |
Gain from reduction of estimated earnout liability | (1,968) | - | - | (344) | (344) |
Depreciation expense | 140,504 | 35,085 | 35,085 | 32,941 | 32,941 |
Amortization of intangibles | 22,244 | 5,370 | 5,370 | 5,817 | 5,817 |
ADJUSTED EBITDA | $ 532,765 | $ 111,356 | $ 111,356 | $ 142,151 | $ 142,151 |
Q4 2025 QTD | Q3 2025 QTD | Q2 2025 QTD |
$ 40,156 | $ 75,542 | $ 100,871 |
(1,394) | (9,663) | (8,854) |
20,325 | 23,592 | 31,074 |
9,886 | 7,536 | 8,809 |
(3,084) | 58 | 3,830 |
- | 2,400 | - |
(457) | - | (1,511) |
36,786 | 34,633 | 34,000 |
5,025 | 5,921 | 5,928 |
$ 107,243 | $ 140,019 | $ 174,147 |
Net sales | 6,186,091 | 1,461,267 | 1,461,267 | 1,595,519 | 1,595,519 |
1,329,823 | 1,559,627 | 1,835,374 |
ADJUSTED EBITDA MARGIN | 8.6% | 7.6% | 7.6% | 8.9% | 8.9% |
8.1% | 9.0% | 9.5% |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 295,992 | $ 418,733 | $ 514,457 | $ 704,964 | $ 182,404 |
Interest and other | (28,340) | (47,913) | (24,707) | 15,368 | 4,232 |
Taxes | 96,249 | 121,422 | 156,784 | 229,852 | 58,270 |
Expense associated with share-based compensation arrangements | 37,792 | 38,163 | 34,899 | 28,156 | 4,007 |
Net loss (gain) on sale or impairment of property, plant & equipment | 728 | 678 | (260) | 1,285 | 1,565 |
Impairment of goodwill and other intangibles | 2,400 | 5,479 | - | 4,261 | - |
Gain from reduction of estimated earnout liability | (2,312) | (2,460) | (3,177) | - | - |
Depreciation expense | 138,360 | 124,641 | 110,563 | 94,063 | 60,494 |
Amortization of intangibles | 22,691 | 23,521 | 21,327 | 19,499 | 6,325 |
ADJUSTED EBITDA | $ 563,560 | $ 682,264 | $ 809,886 | $ 1,097,448 | $ 317,297 |
Net sales | 6,320,343 | 6,652,309 | 7,218,384 | 9,626,739 | 4,416,009 |
ADJUSTED EBITDA MARGIN | 8.9% | 10.3% | 11.2% | 11.4% | 7.2% |
RETAIL: | |||||
Q1 2026 TTM | Q1 2026 YTD | Q1 2026 QTD | Q1 2025 YTD | Q1 2025 QTD | |
NET EARNINGS | $ 84,688 | $ 18,672 | $ 18,672 | $ 20,663 | $ 20,663 |
Interest and other | (313) | (70) | (70) | (60) | (60) |
Taxes | 28,984 | 5,791 | 5,791 | 5,531 | 5,531 |
Expense associated with share-based compensation arrangements | 4,394 | 1,778 | 1,778 | 1,424 | 1,424 |
Net loss on sale or impairment of property, plant & equipment | 8,783 | 68 | 68 | 24 | 24 |
Impairment of intangibles | 2,400 | - | - | - | - |
Depreciation expense | 30,885 | 7,757 | 7,757 | 7,310 | 7,310 |
Amortization of intangibles | 3,509 | 836 | 836 | 957 | 957 |
ADJUSTED EBITDA | $ 163,330 | $ 34,832 | $ 34,832 | $ 35,849 | $ 35,849 |
Q4 2025 QTD | Q3 2025 QTD | Q2 2025 QTD |
$ 9,147 | $ 15,741 | $ 41,128 |
(119) | (70) | (54) |
5,714 | 5,074 | 12,405 |
894 | 855 | 867 |
49 | 7,583 | 1,083 |
- | 2,400 | - |
8,013 | 7,523 | 7,592 |
837 | 879 | 957 |
$ 24,535 | $ 39,985 | $ 63,978 |
Net sales | 2,357,349 | 531,176 | 531,176 | 607,383 | 607,383 |
443,964 | 593,985 | 788,224 |
ADJUSTED EBITDA MARGIN | 6.9% | 6.6% | 6.6% | 5.9% | 5.9% |
5.5% | 6.7% | 8.1% |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 86,679 | $ 139,127 | $ 131,920 | $ 139,685 | $ 46,768 |
Interest and other | (303) | (557) | (57) | 161 | - |
Taxes | 28,724 | 40,534 | 40,304 | 46,876 | 14,940 |
Expense associated with share-based compensation arrangements | 4,040 | 5,788 | 5,575 | 4,476 | 184 |
Net loss on sale or impairment of property, plant & equipment | 8,739 | 1,817 | 801 | 785 | 269 |
Impairment of intangibles | 2,400 | 1,250 | - | - | - |
Gain from reduction of estimated earnout liability | - | - | (593) | - | - |
Depreciation expense | 30,438 | 28,877 | 25,483 | 20,980 | 11,041 |
Amortization of intangibles | 3,630 | 3,992 | 4,566 | 4,131 | 1,380 |
ADJUSTED EBITDA | $ 164,347 | $ 220,828 | $ 207,999 | $ 217,094 | $ 74,582 |
Net sales | 2,433,556 | 2,597,994 | 2,956,007 | 3,771,231 | 1,498,710 |
ADJUSTED EBITDA MARGIN | 6.8% | 8.5% | 7.0% | 5.8% | 5.0% |
PACKAGING: | |||||
Q1 2026 TTM | Q1 2026 YTD | Q1 2026 QTD | Q1 2025 YTD | Q1 2025 QTD | |
NET EARNINGS | $ 61,156 | $ 11,659 | $ 11,659 | $ 16,917 | $ 16,917 |
Interest and other | (966) | 40 | 40 | 328 | 328 |
Taxes | 21,096 | 3,616 | 3,616 | 4,528 | 4,528 |
Expense associated with share-based compensation arrangements | 7,091 | 2,226 | 2,226 | 2,164 | 2,164 |
Net (gain) loss on sale or impairment of property, plant & equipment | (3,089) | (170) | (170) | 32 | 32 |
Gain from reduction of estimated earnout liability | (1,511) | - | - | - | - |
Depreciation expense | 36,125 | 8,316 | 8,316 | 8,897 | 8,897 |
Amortization of intangibles | 8,486 | 2,103 | 2,103 | 2,179 | 2,179 |
ADJUSTED EBITDA | $ 128,388 | $ 27,790 | $ 27,790 | $ 35,045 | $ 35,045 |
Q4 2025 QTD | Q3 2025 QTD | Q2 2025 QTD |
$ 7,506 | $ 21,358 | $ 20,633 |
170 | (381) | (795) |
4,526 | 6,583 | 6,371 |
1,639 | 1,609 | 1,617 |
1,826 | (5,970) | 1,225 |
- | - | (1,511) |
9,773 | 8,946 | 9,090 |
2,078 | 2,139 | 2,166 |
$ 27,518 | $ 34,284 | $ 38,796 |
Net sales | 1,587,808 | 394,093 | 394,093 | 410,008 | 410,008 |
370,097 | 394,949 | 428,669 |
ADJUSTED EBITDA MARGIN | 8.1% | 7.1% | 7.1% | 8.5% | 8.5% |
7.4% | 8.7% | 9.1% |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 66,414 | $ 80,035 | $ 148,269 | $ 251,187 | $ 62,839 |
Interest and other | (678) | (101) | 2,368 | 2,158 | 108 |
Taxes | 22,008 | 23,023 | 45,292 | 81,900 | 20,074 |
Expense associated with share-based compensation arrangements | 7,029 | 6,974 | 7,595 | 5,125 | - |
Net (gain) loss on sale or impairment of property, plant & equipment | (2,887) | 2,316 | 7 | 131 | 481 |
Impairment of intangibles | - | 4,229 | - | - | - |
Gain from reduction of estimated earnout liability | (1,511) | (642) | (1,784) | - | - |
Depreciation expense | 36,706 | 34,603 | 32,996 | 28,191 | 14,340 |
Amortization of intangibles | 8,562 | 8,840 | 8,849 | 6,925 | 3,034 |
ADJUSTED EBITDA | $ 135,643 | $ 159,277 | $ 243,592 | $ 375,617 | $ 100,876 |
Net sales | 1,603,723 | 1,636,563 | 1,838,200 | 2,394,681 | 1,085,635 |
ADJUSTED EBITDA MARGIN | 8.5% | 9.7% | 13.3% | 15.7% | 9.3% |
CONSTRUCTION: | |||||
Q1 2026 TTM | Q1 2026 YTD | Q1 2026 QTD | Q1 2025 YTD | Q1 2025 QTD | |
NET EARNINGS | $ 79,405 | $ 11,723 | $ 11,723 | $ 21,944 | $ 21,944 |
Interest and other | (13) | (3) | (3) | (1) | (1) |
Taxes | 27,461 | 3,635 | 3,635 | 5,873 | 5,873 |
Expense associated with share-based compensation arrangements | 9,885 | 2,870 | 2,870 | 2,825 | 2,825 |
Net loss (gain) on sale or impairment of property, plant & equipment | 152 | 13 | 13 | 120 | 120 |
Gain from reduction of estimated earnout liability | - | - | - | (344) | (344) |
Depreciation expense | 26,446 | 6,774 | 6,774 | 6,191 | 6,191 |
Amortization of intangibles | 2,882 | 675 | 675 | 702 | 702 |
ADJUSTED EBITDA | $ 146,218 | $ 25,687 | $ 25,687 | $ 37,310 | $ 37,310 |
Q4 2025 QTD | Q3 2025 QTD | Q2 2025 QTD |
$ 15,437 | $ 24,682 | $ 27,563 |
(3) | (7) | - |
7,682 | 7,647 | 8,497 |
2,667 | 2,173 | 2,175 |
(13) | (59) | 211 |
- | - | - |
6,675 | 6,667 | 6,330 |
728 | 775 | 704 |
$ 33,173 | $ 41,878 | $ 45,480 |
Net sales | 1,953,358 | 465,513 | 465,513 | 515,940 | 515,940 |
439,790 | 496,465 | 551,590 |
ADJUSTED EBITDA MARGIN | 7.5% | 5.5% | 5.5% | 7.2% | 7.2% |
7.5% | 8.4% | 8.2% |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 89,626 | $ 136,179 | $ 186,603 | $ 299,721 | $ 62,455 |
Interest and other | (11) | 17 | (10) | (12) | 16 |
Taxes | 29,699 | 39,488 | 56,753 | 97,725 | 19,952 |
Expense associated with share-based compensation arrangements | 9,840 | 7,944 | 7,190 | 4,882 | 22 |
Net loss on sale or impairment of property, plant & equipment | 259 | 673 | 9 | 1,349 | 1,037 |
Gain from reduction of estimated earnout liability | (344) | (1,818) | (800) | - | - |
Depreciation expense | 25,863 | 23,124 | 19,546 | 15,364 | 11,465 |
Amortization of intangibles | 2,909 | 2,810 | 2,904 | 3,358 | 1,164 |
ADJUSTED EBITDA | $ 157,841 | $ 208,417 | $ 272,195 | $ 422,387 | $ 96,111 |
Net sales | 2,003,785 | 2,113,844 | 2,161,059 | 3,143,868 | 1,637,156 |
ADJUSTED EBITDA MARGIN | 7.9% | 9.9% | 12.6% | 13.4% | 5.9% |
All Other: | |||||
Q1 2026 TTM | Q1 2026 YTD | Q1 2026 QTD | Q1 2025 YTD | Q1 2025 QTD | |
NET EARNINGS | $ 21,594 | $ 3,554 | $ 3,554 | $ 2,502 | $ 2,502 |
Interest and other | (9,053) | (1,820) | (1,820) | (947) | (947) |
Taxes | 5,208 | 904 | 904 | 669 | 669 |
Expense associated with share-based compensation arrangements | 865 | 112 | 112 | 264 | 264 |
Net loss on sale or impairment of property, plant & equipment | 3,168 | 1 | 1 | - | - |
Gain from reduction of estimated earnout liability | (457) | - | - | - | - |
Depreciation expense | 4,231 | 1,010 | 1,010 | 944 | 944 |
Amortization of intangibles | 6,019 | 1,640 | 1,640 | 1,601 | 1,601 |
ADJUSTED EBITDA | $ 31,575 | $ 5,401 | $ 5,401 | $ 5,033 | $ 5,033 |
Q4 2025 QTD | Q3 2025 QTD | Q2 2025 QTD |
$ 11,133 | $ 4,893 | $ 2,014 |
(1,876) | (2,845) | (2,512) |
2,194 | 1,691 | 419 |
408 | 171 | 174 |
488 | 63 | 2,616 |
(457) | - | - |
1,085 | 1,027 | 1,109 |
1,007 | 1,701 | 1,671 |
$ 13,982 | $ 6,701 | $ 5,491 |
Net sales | 279,757 | 68,505 | 68,505 | 60,298 | 60,298 |
73,744 | 72,482 | 65,026 |
ADJUSTED EBITDA MARGIN | 11.3% | 7.9% | 7.9% | 8.3% | 8.3% |
19.0% | 9.2% | 8.4% |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 20,542 | $ 24,839 | $ 25,582 | $ 16,404 | $ 16,692 |
Interest and other | (8,180) | (9,356) | (8,767) | 1,818 | (4,371) |
Taxes | 4,973 | 5,793 | 7,723 | 4,013 | 5,333 |
Expense associated with share-based compensation arrangements | 1,017 | 772 | 935 | 614 | - |
Net loss (gain) on sale or impairment of property, plant & equipment | 3,167 | 28 | (167) | 347 | - |
Impairment of goodwill | - | - | - | 4,261 | - |
Gain from reduction of estimated earnout liability | (457) | - | - | - | - |
Depreciation expense | 4,165 | 3,338 | 2,454 | 1,910 | 1,532 |
Amortization of intangibles | 5,980 | 6,124 | 3,488 | 4,571 | 747 |
ADJUSTED EBITDA | $ 31,207 | $ 31,538 | $ 31,248 | $ 33,938 | $ 19,933 |
Net sales | 271,550 | 298,190 | 259,392 | 311,019 | 193,785 |
ADJUSTED EBITDA MARGIN | 11.5% | 10.6% | 12.0% | 10.9% | 10.3% |
Corporate: | |||||
Q1 2026 TTM | Q1 2026 YTD | Q1 2026 QTD | Q1 2025 YTD | Q1 2025 QTD | |
NET EARNINGS | $ 20,823 | $ 5,489 | $ 5,489 | $ 17,397 | $ 17,397 |
Interest and other | (12,429) | (1,010) | (1,010) | (7,749) | (7,749) |
Taxes | 8,089 | 1,901 | 1,901 | 4,657 | 4,657 |
Expense associated with share-based compensation arrangements | 12,468 | 1,486 | 1,486 | 4,884 | 4,884 |
Net gain on sale or impairment of property, plant & equipment | (9,862) | (1,564) | (1,564) | (252) | (252) |
Depreciation expense | 42,817 | 11,228 | 11,228 | 9,599 | 9,599 |
Amortization of intangibles | 1,348 | 116 | 116 | 378 | 378 |
ADJUSTED EBITDA | $ 63,254 | $ 17,646 | $ 17,646 | $ 28,914 | $ 28,914 |
Q4 2025 QTD | Q3 2025 QTD | Q2 2025 QTD |
$ (3,067) | $ 8,868 | $ 9,533 |
434 | (6,360) | (5,493) |
209 | 2,597 | 3,382 |
4,278 | 2,728 | 3,976 |
(5,434) | (1,559) | (1,305) |
11,240 | 10,470 | 9,879 |
375 | 427 | 430 |
$ 8,035 | $ 17,171 | $ 20,402 |
Net sales | 7,819 | 1,980 | 1,980 | 1,890 | 1,890 |
2,228 | 1,746 | 1,865 |
ADJUSTED EBITDA MARGIN | 809.0% | 891.2% | 891.2% | 1529.8% | 1529.8% |
360.6% | 983.4% | 1093.9% |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 32,731 | $ 38,553 | $ 22,083 | (2,033) | $ (6,350) |
Interest and other | (19,168) | (37,916) | (18,241) | 11,243 | 8,479 |
Taxes | 10,845 | 12,584 | 6,712 | (662) | (2,029) |
Expense associated with share-based compensation arrangements | 15,866 | 16,685 | 13,604 | 13,059 | 3,801 |
Net gain on sale or impairment of property, plant & equipment | (8,550) | (4,156) | (910) | (1,327) | (222) |
Depreciation expense | 41,188 | 34,699 | 30,084 | 27,618 | 22,116 |
Amortization of intangibles | 1,610 | 1,755 | 1,520 | 514 | - |
ADJUSTED EBITDA | $ 74,522 | $ 62,204 | $ 54,852 | $ 48,412 | $ 25,795 |
Net sales | 7,729 | 5,718 | 3,726 | 5,940 | 723 |
ADJUSTED EBITDA MARGIN | 964.2% | 1087.9% | 1472.1% | 815.0% | 3567.8% |
II) RETURN ON INVESTED CAPITAL CALCULATION
BEGINNING CAPITAL CALCULATION | Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
Beginning interest bearing debt | $ 234,021 | $ 233,955 | $ 274,847 | $ 278,096 | $ 202,278 |
Beginning cash overdraft | - | - | - | - | - |
Beginning equity | 3,259,056 | 3,244,625 | 2,948,763 | 2,596,823 | 1,088,684 |
Less : Beginning cash | (903,562) | (1,171,828) | (957,092) | (559,397) | (27,316) |
Prorated capital employed for acquisitions | 10,453 | 6,980 | 1,243 | 15,412 | 12,614 |
TOTAL BEGINNING CAPITAL | $ 2,599,968 | $ 2,313,732 | $ 2,267,761 | $ 2,330,934 | $ 1,276,260 |
Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
$ 267,666 | $ 295,992 | $ 418,733 | $ 514,457 | $ 182,404 |
NET EARNINGS
Add back : Expense associated with share-based compensation arrangements | 34,703 | 37,792 | 38,163 | 34,899 | 4,007 |
Less: Proforma tax for expense associated with share-based compensation arrangements | (8,793) | (9,273) | (9,262) | (8,152) | (970) |
Add back: Net (gain) gain on sale or impairment of property, plant & equipment | (848) | 728 | 678 | (260) | 1,565 |
Less: Proforma tax for net (gain) loss on sale or impairment of property, plant & equipment | 215 | (179) | (165) | 61 | (379) |
Add back: Impairment of goodwill and other intangibles | 2,400 | 2,400 | 5,479 | - | - |
Less: Proforma tax for impairment of goodwill and other intangibles | (608) | (589) | (1,330) | - | - |
Add back: Gain from reduction of estimated earnout liability | (1,968) | (2,312) | (2,460) | (3,177) | - |
Less: Proforma tax for gain from reduction of estimated earnout liability | 499 | 567 | 597 | 742 | - |
Add back: Interest and investment income | (32,864) | (38,548) | (60,533) | (39,916) | (4,468) |
Less: Proforma tax for interest and investment income | 8,327 | 9,459 | 14,692 | 9,324 | 1,081 |
Add back: Interest expense | 10,872 | 10,917 | 12,709 | 12,842 | 8,700 |
Less: Proforma tax for interest expense | (2,755) | (2,679) | (3,085) | (3,000) | (2,105) |
NET OPERATING PROFIT AFTER TAX | $ 276,846 | $ 304,275 | $ 414,216 | $ 517,820 | $ 189,835 |
RETURN ON INVESTED CAPITAL | 10.7% | 13.2% | 18.3% | 22.2% | 14.9% |
EFFECTIVE TAX RATE | Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
Effective tax rate | 25.3% | 24.5% | 22.5% | 23.4% | 24.2% |
Adjustments to effective tax rate | 0.0% | 0.0% | 1.8% | 0.0% | 0.0% |
Adjusted effective tax rate | 25.3% | 24.5% | 24.3% | 23.4% | 24.2% |
III) NET DEBT (CASH SURPLUS)
NET DEBT (CASH SURPLUS) CALCULATION | Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
Cash and cash equivalents | $ (714,453) | $ (914,199) | $ (1,171,828) | $ (1,118,329) | $ (168,336) |
Cash overdraft | - | - | - | - | - |
Total cash surplus | (714,453) | (914,199) | (1,171,828) | (1,118,329) | (168,336) |
Current portion of long-term debt | 6,027 | 899 | 4,125 | 42,900 | 2,816 |
Long-term debt | 228,310 | 228,859 | 229,830 | 233,534 | 160,867 |
TOTAL NET (CASH SURPLUS) DEBT | $ (480,116) | $ (684,441) | $ (937,873) | $ (841,895) | $ (4,653) |
ENDING CAPITAL CALCULATION | Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
Net (cash surplus) debt | $ (480,116) | $ (684,441) | $ (937,873) | $ (841,895) | $ (4,653) |
Shareholder's equity | 3,100,691 | 3,084,244 | 3,235,125 | 3,030,190 | 1,257,733 |
TOTAL ENDING CAPITAL | $ 2,620,575 | $ 2,399,803 | $ 2,297,252 | $ 2,188,295 | $ 1,253,080 |
NET DEBT TO TOTAL CAPITAL | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Adjusted EBITDA | $ 532,765 | $ 563,560 | $ 682,264 | $ 809,886 | $ 317,297 |
NET DEBT TO ADJUSTED EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
IV) LIQUIDITY
Revolver capacity |
Shelf capacity |
Foreign subsidiary borrowings |
Outstanding letters of credit |
Senior notes |
Total remaining availability |
Cash surplus |
TOTAL LIQUIDITY |
Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
$ 750,000 | $ 750,000 | $ 750,000 | $ 750,000 | $ 375,000 |
800,000 | 800,000 | 800,000 | 800,000 | 150,000 |
- | - | - | (3,692) | (3,976) |
(39,227) | (39,208) | (37,342) | (37,320) | (9,828) |
(225,000) | (225,000) | (225,000) | (265,000) | (150,000) |
$ 1,285,773 | $ 1,285,792 | $ 1,287,658 | $ 1,243,988 | $ 361,196 |
714,453 | 914,199 | 1,171,828 | 1,118,329 | 168,336 |
$ 2,000,226 | $ 2,199,991 | $ 2,459,486 | $ 2,362,317 | $ 529,532 |
V) FREE CASH FLOW
NET CASH FROM OPERATING ACTIVITIES |
Increase (decrease) in investment in net working capital |
Maintenance capital expenditures(1) |
Interest expense, net of taxes |
FREE CASH FLOW |
Q1 2026 TTM | 2025 | 2024 | 2023 | 2019 |
$ 550,925 | $ 545,737 | $ 642,571 | $ 959,890 | $ 349,291 |
(32,419) | 3,189 | (50,504) | (287,722) | (89,843) |
(101,723) | (105,703) | (124,511) | (110,566) | (54,243) |
8,134 | 8,238 | 9,852 | 9,837 | 6,595 |
$ 424,917 | $ 451,461 | $ 477,408 | $ 571,439 | $ 211,800 |
(1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows: | |||||
Maintenance capital expenditures | $ 101,723 | $ 105,703 | $ 124,511 | $ 110,566 | $ 54,268 |
Expansionary and efficiency capital expenditures | 148,651 | 163,674 | 107,763 | 69,816 | 30,665 |
Total capital expenditures | $ 250,374 | $ 269,377 | $ 232,274 | $ 180,382 | $ 84,933 |
of 8