Exhibit 99.1
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Parker Reports Fiscal 2025 Second Quarter Results

Record segment operating margin, EPS and YTD cash flow from operations

CLEVELAND, January 30, 2025 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended December 31, 2024, that included the following highlights (compared with the prior year quarter):
Fiscal 2025 Second Quarter Highlights:
•Sales were $4.7 billion; organic sales growth was 1%
•Net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%
•EPS were $7.25, an increase of 39%, or $6.53 adjusted, an increase of 6%
•Segment operating margin was 22.1%, an increase of 100 bps, or 25.6% adjusted, an increase of 110 bps
•YTD cash flow from operations increased 24% to $1.7 billion, or 17.4% of sales

“Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio,” said Jenny Parmentier, Chairman and Chief Executive Officer. “We delivered record segment operating margin across all businesses, record earnings per share and year-to-date cash flow from operations. Strong cash flow from operations coupled with proceeds from previously announced divestitures allowed us to substantially reduce debt by $1.1 billion this quarter. We are encouraged to see industrial orders turn positive mainly in our longer-cycle businesses. Looking ahead, we have updated our outlook for fiscal year 2025 to reflect stronger Aerospace growth, currency headwinds and a continued delay in the expected industrial recovery. Our strong cash generation creates capital deployment optionality, and we remain committed to our strategy of actively deploying capital to drive shareholder value.”
This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.
Outlook
Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:
•Sales growth in fiscal 2025 of (2%) to 1%, with organic sales growth of approximately 2%; divestitures of (1.5%) and unfavorable currency of (1.0%)
•Total segment operating margin of approximately 22.7%, or approximately 25.8% on an adjusted basis
•EPS of $24.46 to $25.06, or $26.40 to $27.00 on an adjusted basis




Segment Results
Diversified Industrial Segment
North America Businesses
$ in mmFY25 Q2FY24 Q2
Change
Organic Growth
Sales
$1,928 $2,110 -8.6 %-5.0 %
Segment Operating Income
$427 $462 -7.6 %
Segment Operating Margin
22.1 %21.9 %20  bps
Adjusted Segment Operating Income$473 $510 -7.2 %
Adjusted Segment Operating Margin
24.6 %24.2 %40  bps
•Achieved record adjusted segment operating margin
•Continued softness in transportation and off-highway markets
•Delayed industrial recovery
International Businesses
$ in mm
FY25 Q2FY24 Q2
Change
Organic Growth
Sales
$1,325 $1,404 -5.7 %-3.0 %
Segment Operating Income
$284 $290 -2.2 %
Segment Operating Margin
21.4 %20.7 %70  bps
Adjusted Segment Operating Income$320 $323 -1.2 %
Adjusted Segment Operating Margin
24.1 %23.0 %110  bps
•Achieved record adjusted segment operating margin
•Broad-based softness continued in Europe
•Gradual recovery continued in Asia
Aerospace Systems Segment
$ in mm
FY25 Q2FY24 Q2
Change
Organic Growth
Sales
$1,490 $1,306 14.0 %14.0 %
Segment Operating Income
$338 $263 28.5 %
Segment Operating Margin
22.7 %20.1 %260  bps
Adjusted Segment Operating Income$420 $347 21.2 %
Adjusted Segment Operating Margin
28.2 %26.5 %170  bps
•Achieved record sales and adjusted segment operating margin
•Achieved 14% organic sales growth
•20%+ aftermarket and mid-single digit OEM sales growth
Order Rates
FY25 Q2
Parker
+5%
Diversified Industrial Segment - North America Businesses
+3%
Diversified Industrial Segment - International Businesses
+4%
Aerospace Systems Segment
+9%
•Company order rates increased across all reported businesses
•North America orders turned positive on long-cycle strength
•International order growth continued, led by Asia
•Aerospace orders accelerated against a tough prior year comparison



About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.


Contacts:
Media:
Financial Analysts:
Aidan Gormley
Jeff Miller
216-896-3258
216-896-2708
aidan.gormley@parker.com
jeffrey.miller@parker.com

Notice of Webcast
Parker Hannifin's conference call and slide presentation to discuss its fiscal 2025 second quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

Note on Orders The company reported orders for the quarter ending December 31, 2024, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

Note on Non-GAAP Financial Measures
This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted operating margin and segment operating margins; (d) adjusted operating income and segment operating income and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted operating margin, adjusted segment operating margin, adjusted operating income, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted operating margin and segment operating margins, adjusted operating income and segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

Forward-Looking Statements
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.


###

Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
CONSOLIDATED STATEMENT OF INCOME
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands, except per share amounts)2024202320242023
Net sales$4,742,593 $4,820,947 $9,646,577 $9,668,435 
Cost of sales3,022,229 3,101,962 6,119,948 6,199,311 
Selling, general and administrative expenses782,421 806,802 1,631,210 1,680,493 
Interest expense100,802 129,029 213,893 263,497 
Other income, net(328,716)(85,011)(359,517)(163,466)
Income before income taxes1,165,857 868,165 2,041,043 1,688,600 
Income taxes217,208 186,108 393,866 355,471 
Net income948,649 682,057 1,647,177 1,333,129 
Less: Noncontrolling interests107 206 215 451 
Net income attributable to common shareholders$948,542 $681,851 $1,646,962 $1,332,678 
Earnings per share attributable to common shareholders:
Basic earnings per share$7.37 $5.31 $12.80 $10.38 
Diluted earnings per share$7.25 $5.23 $12.60 $10.23 
Average shares outstanding during period - Basic128,752,836128,426,247128,707,962128,449,398
Average shares outstanding during period - Diluted130,758,808130,367,351130,716,482130,314,326
CASH DIVIDENDS PER COMMON SHARE
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Amounts in dollars)2024202320242023
Cash dividends per common share$1.63 $1.48 $3.26 $2.96 
RECONCILIATION OF ORGANIC GROWTH
(Unaudited)Three Months Ended
As ReportedAdjusted
December 31, 2024CurrencyDivestituresDecember 31, 2024
Diversified Industrial Segment(7.4)%(1.3)%(1.9)%(4.2)%
Aerospace Systems Segment14.0 %— %— %14.0 %
Total(1.6)%(0.9)%(1.4)%0.7 %
(Unaudited)Six Months Ended
As ReportedAdjusted
December 31, 2024CurrencyDivestituresDecember 31, 2024
Diversified Industrial Segment(5.9)%(0.8)%(1.0)%(4.1)%
Aerospace Systems Segment15.9 %0.3 %— %15.6 %
Total(0.2)%(0.5)%(0.8)%1.1 %


Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Net income attributable to common shareholders$948,542 $681,851 $1,646,962 $1,332,678 
Adjustments:
Acquired intangible asset amortization expense138,126 142,027 278,247 297,547 
Business realignment charges20,855 14,354 30,361 27,446 
Integration costs to achieve6,893 10,014 13,304 16,420 
Gain on sale of building— — (10,461)— 
Gain on divestitures(249,748)(12,391)(249,748)(25,651)
Tax effect of adjustments1
(11,437)(33,476)(45,648)(69,624)
Adjusted net income attributable to common shareholders$853,231 $802,379 $1,663,017 $1,578,816 

RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Amounts in dollars)2024202320242023
Earnings per diluted share$7.25 $5.23 $12.60 $10.23 
Adjustments:
Acquired intangible asset amortization expense1.06 1.09 2.13 2.28 
Business realignment charges0.16 0.11 0.23 0.21 
Integration costs to achieve0.05 0.08 0.10 0.13 
Gain on sale of building— — (0.08)— 
Gain on divestitures(1.91)(0.10)(1.91)(0.20)
Tax effect of adjustments1
(0.08)(0.26)(0.33)(0.53)
Adjusted earnings per diluted share$6.53 $6.15 $12.74 $12.12 
1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.


Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
BUSINESS SEGMENT INFORMATION
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Net sales
Diversified Industrial$3,252,806 $3,514,473 $6,708,964 $7,133,001 
Aerospace Systems1,489,787 1,306,474 2,937,613 2,535,434 
Total net sales$4,742,593 $4,820,947 $9,646,577 $9,668,435 
Segment operating income
Diversified Industrial$710,562 $752,334 $1,494,108 $1,559,088 
Aerospace Systems338,184 263,112 661,170 489,372 
Total segment operating income1,048,746 1,015,446 2,155,278 2,048,460 
Corporate general and administrative expenses56,264 49,902 105,058 105,558 
Income before interest expense and other income, net992,482 965,544 2,050,220 1,942,902 
Interest expense100,802 129,029 213,893 263,497 
Other income, net(274,177)(31,650)(204,716)(9,195)
Income before income taxes$1,165,857 $868,165 $2,041,043 $1,688,600 


Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Diversified Industrial Segment sales$3,252,806 $3,514,473 $6,708,964 $7,133,001 
Diversified Industrial Segment operating income$710,562 $752,334 $1,494,108 $1,559,088 
Adjustments:
Acquired intangible asset amortization62,570 67,309 127,834 135,260 
Business realignment charges19,343 13,285 28,243 25,924 
Integration costs to achieve627 871 1,405 2,010 
Adjusted Diversified Industrial Segment operating income$793,102 $833,799 $1,651,590 $1,722,282 
Diversified Industrial Segment operating margin21.8 %21.4 %22.3 %21.9 %
Adjusted Diversified Industrial Segment operating margin24.4 %23.7 %24.6 %24.1 %
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Aerospace Systems Segment sales$1,489,787 $1,306,474 $2,937,613 $2,535,434 
Aerospace Systems Segment operating income$338,184 $263,112 $661,170 $489,372 
Adjustments:
Acquired intangible asset amortization75,556 74,718 150,413 162,287 
Business realignment charges386 (123)394 330 
Integration costs to achieve6,266 9,143 11,899 14,410 
Adjusted Aerospace Systems Segment operating income$420,392 $346,850 $823,876 $666,399 
Aerospace Systems Segment operating margin22.7 %20.1 %22.5 %19.3 %
Adjusted Aerospace Systems Segment operating margin28.2 %26.5 %28.0 %26.3 %
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Total net sales$4,742,593 $4,820,947 $9,646,577 $9,668,435 
Total segment operating income$1,048,746 $1,015,446 $2,155,278 $2,048,460 
Adjustments:
Acquired intangible asset amortization138,126 142,027 278,247 297,547 
Business realignment charges19,729 13,162 28,637 26,254 
Integration costs to achieve6,893 10,014 13,304 16,420 
Adjusted total segment operating income$1,213,494 $1,180,649 $2,475,466 $2,388,681 
Total segment operating margin22.1 %21.1 %22.3 %21.2 %
Adjusted total segment operating margin25.6 %24.5 %25.7 %24.7 %


Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024


CONSOLIDATED BALANCE SHEET
(Unaudited)December 31,June 30,
(Dollars in thousands)20242024
Assets
Current assets:
Cash and cash equivalents$395,507 $422,027 
Trade accounts receivable, net2,445,845 2,865,546 
Non-trade and notes receivable304,829 331,429 
Inventories2,806,983 2,786,800 
Prepaid expenses 246,467 252,618 
Other current assets148,831 140,204 
Total current assets6,348,462 6,798,624 
Property, plant and equipment, net2,800,992 2,875,668 
Deferred income taxes87,400 92,704 
Investments and other assets1,232,636 1,207,232 
Intangible assets, net7,444,670 7,816,181 
Goodwill10,357,303 10,507,433 
Total assets$28,271,463 $29,297,842 
Liabilities and equity
Current liabilities:
Notes payable and long-term debt payable within one year$2,373,286 $3,403,065 
Accounts payable, trade1,794,884 1,991,639 
Accrued payrolls and other compensation420,477 581,251 
Accrued domestic and foreign taxes364,143 354,659 
Other accrued liabilities1,034,501 982,695 
Total current liabilities5,987,291 7,313,309 
Long-term debt6,667,955 7,157,034 
Pensions and other postretirement benefits409,873 437,490 
Deferred income taxes1,394,882 1,583,923 
Other liabilities684,401 725,193 
Shareholders' equity13,118,553 12,071,972 
Noncontrolling interests8,508 8,921 
Total liabilities and equity$28,271,463 $29,297,842 

Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
CONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended
(Unaudited)December 31,
(Dollars in thousands)20242023
Cash flows from operating activities:
Net income$1,647,177 $1,333,129 
Depreciation and amortization454,869 468,165 
Stock incentive plan compensation106,472 108,061 
Gain on sale of businesses(250,373)(25,964)
(Gain) loss on property, plant and equipment and intangible assets(6,975)5,097 
Net change in receivables, inventories and trade payables70,981 (42,804)
Net change in other assets and liabilities(405,002)(407,366)
Other, net61,584 (86,331)
Net cash provided by operating activities1,678,733 1,351,987 
Cash flows from investing activities:
Capital expenditures(216,493)(204,117)
Proceeds from sale of property, plant and equipment13,259 1,360 
Proceeds from sale of businesses622,182 74,595 
Other, net(6,941)(2,954)
Net cash provided by (used in) investing activities412,007 (131,116)
Cash flows from financing activities:
Net payments for common stock activity(189,681)(136,394)
Acquisition of noncontrolling interests— (2,883)
Net payments for debt(1,494,484)(784,847)
Dividends paid(420,061)(381,115)
Net cash used in financing activities(2,104,226)(1,305,239)
Effect of exchange rate changes on cash(13,034)(7,999)
Net decrease in cash and cash equivalents(26,520)(92,367)
Cash and cash equivalents at beginning of year422,027 475,182 
Cash and cash equivalents at end of period$395,507 $382,815 




Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
RECONCILIATION OF FORECASTED ORGANIC GROWTH
(Unaudited)
(Amounts in percentages)Fiscal Year 2025
Forecasted net sales(2%) to 1%
Adjustments:
Currency1.0%
Divestitures1.5%
Adjusted forecasted net sales0.5% to 3.5%
RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
(Unaudited)
(Amounts in percentages)Fiscal Year 2025
Forecasted segment operating margin~ 22.7%
Adjustments:
Business realignment charges0.2%
Costs to achieve0.1%
Acquisition-related intangible asset amortization expense2.8%
Adjusted forecasted segment operating margin~ 25.8%
RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
(Unaudited)
(Amounts in dollars)Fiscal Year 2025
Forecasted earnings per diluted share$24.46 to $25.06
Adjustments:
Business realignment charges0.39
Costs to achieve0.15
Acquisition-related intangible asset amortization expense4.22
Net gain on divestitures(1.91)
Gain on sale of building(0.08)
Tax effect of adjustments1
(0.83)
Adjusted forecasted earnings per diluted share$26.40 to $27.00
1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
Note: Totals may not foot due to rounding





Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
SUPPLEMENTAL INFORMATION
BUSINESS SEGMENT INFORMATION
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Net sales
Diversified Industrial:
   North America businesses$1,928,008 $2,110,203 $4,028,332 $4,340,109 
   International businesses1,324,798 1,404,270 2,680,632 2,792,892 
Segment operating income
Diversified Industrial:
   North America businesses$426,567 $461,850 $911,130 $967,903 
   International businesses283,995 290,484 582,978 591,185 
RECONCILIATION OF ORGANIC GROWTH
(Unaudited)Three Months Ended
As ReportedAdjusted
December 31, 2024CurrencyDivestituresDecember 31, 2024
Diversified Industrial Segment:
North America businesses(8.6)%(0.4)%(3.2)%(5.0)%
International businesses(5.7)%(2.7)%— %(3.0)%
(Unaudited)Six Months Ended
As ReportedAdjusted
December 31, 2024CurrencyDivestituresDecember 31, 2024
Diversified Industrial Segment:
North America businesses(7.2)%(0.5)%(1.7)%(5.0)%
International businesses(4.0)%(1.3)%— %(2.7)%

Exhibit 99.1
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2024
SUPPLEMENTAL INFORMATION
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Diversified Industrial Segment:
North America businesses sales$1,928,008 $2,110,203 $4,028,332 $4,340,109 
North America businesses operating income$426,567 $461,850 $911,130 $967,903 
Adjustments:
Acquired intangible asset amortization40,985 44,699 83,960 89,382 
Business realignment charges5,444 3,250 8,888 5,834 
Integration costs to achieve445 562 1,050 1,507 
Adjusted North America businesses operating income$473,441 $510,361 $1,005,028 $1,064,626 
North America businesses operating margin22.1 %21.9 %22.6 %22.3 %
Adjusted North America businesses operating margin24.6 %24.2 %24.9 %24.5 %
Three Months EndedSix Months Ended
(Unaudited)December 31,December 31,
(Dollars in thousands)2024202320242023
Diversified Industrial Segment:
International businesses sales$1,324,798 $1,404,270 $2,680,632 $2,792,892 
International businesses operating income$283,995 $290,484 $582,978 $591,185 
Adjustments:
Acquired intangible asset amortization21,585 22,610 43,874 45,878 
Business realignment charges13,899 10,035 19,355 20,090 
Integration costs to achieve182 309 355 503 
Adjusted International businesses operating income$319,661 $323,438 $646,562 $657,656 
International businesses operating margin21.4 %20.7 %21.7 %21.2 %
Adjusted International businesses operating margin24.1 %23.0 %24.1 %23.5 %