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Operating earnings are always greater than net earnings.

That's not necessarily always the case.

True. I should have written: "Operating earnings are almost always greater than net earnings."

Other than the example you cite (Sirius) after randomly reviewing the 10-year financials of 30 to 40 companies I only found one example where a company's net earnings exceeded operating earnings in any given year, and then only by a few cents. So really, a needle in a haystack.

I'm not sure how a discussion about how Air Products covers its dividend took a detour to UPS and a one-time pension liability… ? UPS's dividend is (still) more than adequately covered by its free cash-flow, unlike Air Products & Chemicals'.

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