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We are excited to continue this collaboration and now join forces with Ethos, BCI, and White Mountains, leveraging their collective expertise to enhance our capabilities and drive sustained growth. The business has consistently delivered strong operational performance by leveraging its extensive local relationships and nationwide expertise.
Excluding the impact of the change in accounting estimate, operating margins increased roughly 6 points driven by improved operating leverage through cost management and the higher gross margin noted earlier. And so, I think that focus is really helping on both execution and leverage. Now to our segment results. Thank you, guys.
Nonoperating results for the quarter included $108 million of net investment gains, driven primarily by gains linked to a minority investment and unhedged seed capitalinvestments. This approach is yielding profitable growth and operating leverage. So just curious how you're pacing investment spend here into '25.
Second, we remain confident in the capitalinvestments we have planned for the upcoming seasons and how those capital programs fit within our capital allocation priorities. Finally, we are laser-focused on managing near-term debt levels and reducing net leverage through growth in free cash flow.
Moritex's heavy exposure to electronics and semi has also negatively impacted its recent growth, but we expect to see growth in those segments rebound as capitalinvestment in equipment to support demand for chips grows over the remainder of this decade. Jairam Nathan -- Daiwa Capital Markets -- Analyst Hi.
Curbing our capacity plans and managing down capex and investing in initiatives that create capacity without capitalinvestment. And again, Jamie, too, we our goal as ever is to maintain our investment-grade balance sheet and work toward our long-term leverage goal which is in the low to mid-30% range.
Transaction-related expenses, which increased by $11 million, vary from year to year according to the number, size and complexity of our investing activities. Other categories affecting our total cost profile include taxes and expenses associated with various forms of leverage. Our original investment was made in 2012.
MSCI has repurchased close to 50 million shares, or nearly 40% of our total shares outstanding, from the end of 2012, and we intend to keep the same focus and discipline. In particular, we are leveraging AI to continue evolving our data processing, audit, and quality mechanisms.
Over the last decade or so, 2012 through 2023, we divested about $35 billion worth. Our long-term history has been about $2 billion per year, maybe 1% of our capital employed, give or take. This allows us to leverage ourselves into smaller start-up innovation that we might not otherwise see. Operator Thank you. billion to $16.5
This underscores our confidence and the returns will be generated by our capitalinvestment programs in our portfolio. LVS has invested $15 billion in Macao, which is the most important land-based market in the world. You mentioned leverage, and this is a very important thing. Thank you, Dan. We've said it before.
Transaction-related expenses, which decreased by $151 million, vary from year to year according to the number, size and complexity of our investing activities. Other categories affecting our total cost profile include taxes and expenses associated with various forms of leverage. The original investments were made between 2012 and 2014.
Phillips 66 (NYSE: PSX) has done a magnificent job returning value to shareholders since its spinoff from ConocoPhillips in 2012. That's more than 200% of its initial market capitalization. This differentiated strategy enables Phillips 66 to earn high returns on new capitalinvestments while generating lower-volatility cash flows.
Working with our dealers, we are leveraging over 1.5 This was our highest level since 2012, supported by attractive finance packages for customers choosing to buy Caterpillar equipment. billion in 2025, as we continue to make disciplined investments that are right for our business, governed by a focus on growing absolute OPACC dollars.
We rolled out an enhanced economic model for opening and operating a Planet Fitness club that included reductions in build costs, extensions of capitalinvestment time lines and the elimination of certain fees. So to your point, we would get leverage exactly that, right? Jonathan Komp -- Analyst OK.
The strong cost performance allowed us to leverage the higher metal price environment, and as a result, we had an excellent quarter financially with multiple records achieved, highlighted by a record quarterly free cash flow generation of $57 million. That trend will continue into Q4 and into 2025. It's all trending very well.
AI-driven transformation is changing work, work artifacts and workflow across every role, function, and business process, helping customers drive new growth and operating leverage. We are off to a solid start to our fiscal year, driven by continued strength of Microsoft Cloud, which surpassed $38.9 billion in revenue, up 22%.
Our team continues to leverage customer-specific data and insights to deliver pricing in line with inflation alongside our margin expansion objectives. So it's a good indication of getting leverage off of the truck deliveries, and we expect that momentum to continue into the year ahead. Finally, turning to our revenue growth.
It’s, it’s no different But, but inherently in futures, a whole lot more leverage, a whole lot more risk. How fundamental was that to your learning about investing, trading risk management, starting with futures? 2012 Watson beat Casper off at chess. You sell a naked call, you [ Barry Ritholtz ] Right.
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