Question: What caused the operating income of Intuit's Consumer segment to increase by $224 million or 9% in fiscal 2023 compared to fiscal 2022?

Consumer segment operating income increased $224 million, or 9%, in fiscal 2023 compared with fiscal 2022, primarily due to the increase in revenue described above and lower marketing expenses.

For Online-Hosted Service Games, which require an internet connection for all functionalities, the company recognizes revenue continuously as the service is provided. This recognition is based on the premise that the online hosting represents a distinct and singular performance obligation.

As of June 30, 2023, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact in our consolidated financial statements when the matters are resolved.

The company expects to complete a significant expansion of the Ocala, Florida distribution center in 2024 that includes enhanced automation.

Under the 2020 Plan, the exercise price of options granted is generally at least equal to the fair market value of the Company’s Class A common stock on the date of grant.

in 2022 compared to $7.11 in 2021, an increase of $0.85, or 12.0%.

The board of directors regularly engages with management to facilitate a system of reporting designed to monitor human capital management initiatives as part of the overarching framework guiding workforce management.

We believe that existing Cash and equivalents, Short-term investments and cash generated by operations, together with access to external sources of funds as described above, will be sufficient to meet our domestic and foreign capital needs in the foreseeable future.


Question: How did investment banking revenues at Goldman Sachs change in 2023 compared to 2022, and what factors contributed to this change?

Investment banking revenues in the consolidated statements of earnings were $6.22 billion for 2023, 16% lower than 2022, primarily due to significantly lower revenues in advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions, partially offset by significantly higher revenues in equity underwriting, primarily reflecting increased activity from secondary offerings.

A high proportion of relatively fixed structural costs, so that small changes in wholesale unit volumes can significantly affect overall profitability.

During 2023, our women's range represented 64% of net revenue and our men's range represented 23% of net revenue.

In 2023, we continued to invest in our colleagues, building on a wide range of learning and development opportunities and enhancing our competitive benefits in key areas including holistic health and wellness, total compensation and flexibility. We conduct an annual Colleague Experience Survey to better understand our colleagues’ needs and overall experience at American Express.

Under the contractual arrangements, approximately 70% of our jet fuel is purchased based on the index price for the preceding week, with the remainder of our purchases tied primarily to the index price for the preceding month and preceding day, rather than based on daily spot rates.

Ms. Reynolds has served as Vice President, Worldwide Controller, and Principal Accounting Officer since April 2007.

We use comparable sales as a metric to evaluate the performance of our business. Refer to the Comparable Sales and Sales Per Square Foot section of this management's discussion and analysis of financial condition and results of operations for further information.


Question: What were the Company's effective income tax rates for the years 2020, 2021, and 2022?

The Company's effective income tax rates were stated as 22.5% for the year 2022, 18.8% for 2021, and 23.2% for 2020. These variations in tax rates were due to factors like state income taxes, non-deductible goodwill impairment charges, share-based payments, and the utilization of tax credits.

IBM's 2023 Annual Report reserves pages 44 through 121 for Financial Statements and Supplementary Data.

Using these constant rates, total revenue and advertising revenue would have been $374 million and $379 million lower than actual total revenue and advertising revenue, respectively, for the full year 2023.

Current portion of long-term debt increased to $1,608 million at October 29, 2023 from $440 million at October 30, 2022, primarily due to certain debt instruments becoming due within the next twelve months.

As of January 2023, the maximum daily borrowing capacity under the commercial paper program was approximately $2.75 billion.

The net earnings attributable to UnitedHealth Group common shareholders for the year 2023 was $22,381 million.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations,” which is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

Our valuation allowances are primarily related to U.S. capital loss carryforwards and various foreign jurisdictions’ net operating loss carryforwards and other deferred tax assets.


Question: What requirements do community-rated FEHB plans need to meet according to OPM regulations?

OPM regulations require that community-rated FEHB plans meet a FEHB program-specific minimum MLR by plan code and market. Managing to these rules is complicated by the simultaneous application of the minimum MLR standards and associated premium rebate requirements of the ACA.

Losses and loss adjustment expenses increased $1.3 billion (13.5%) in 2023 compared to 2022, which increased $1.8 billion (22.0%) versus 2021. The loss ratio decreased 6.4 percentage points in 2023 compared to 2022, reflecting lower incurred losses from current year catastrophes and changes in business mix, including the impact of RSUI and CapSpecialty. Losses and loss adjustment expenses | | 11,224 | | 65.5 | | | | 9,889 |

Over time, as digital information increased, Iron Mountain adapted by focusing on a hybrid model of physical and digital media storage, expanding its services accordingly.

Other financial futures and options revenues were $161 million in 2023 and $183 million in 2022, respectively.

Domestic wireless revenue increased in 2023 and 2022 primarily due to an increase in the number of customer lines. Wireless devices sales were consistent in 2023 compared to 2022 and increased in 2022 compared to 2021.

For unrealized losses determined to be the result of market conditions or industry-related events, the Company determines whether it intends to sell the debt security or if it is more likely than not that the Company will be required to sell the debt security prior to the anticipated recovery of the debt security’s amortized cost basis. If either case is true, the Company recognizes a non-credit related impairment, and the cost basis or carrying amount of the debt security is written down to fair value.

We believe AIP uniquely allows users to connect LLMs and other AI with their data and operations to facilitate decision-making within the legal, ethical, and security constraints that they require.

In 2006, AT&T acquired ILEC BellSouth Corporation.


Question: How are Charles Schwab's depository institution subsidiaries regulated?

CSB and CSPB are Texas-chartered savings banks regulated by the Federal Reserve, Texas Department of Savings and Mortgage Lending, CFPB, and FDIC. Trust Bank is a Nevada-chartered savings bank regulated by the Federal Reserve, Nevada Financial Institutions Division, CFPB, and FDIC.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations,” which is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

In July 2022, the borrowing capacity under the back-up facilities expanded from $3.0 billion to $5.0 billion.

Palantir Cloud subscriptions grant customers the right to access the software functionality in a hosted environment controlled by Palantir and are also sold together with stand-ready O&M services. Revenue associated with Palantir Cloud subscriptions is generally recognized over the contract term on a ratable basis, which is consistent with the transfer of control of the Palantir Cloud services to the customer.

Goodwill and indefinite-lived intangible assets are initially recorded at their fair values.

Pre-tax earnings of the service group decreased $52 million (1.7%) in 2023 to $3.0 billion. Pre-tax earnings as a percentage of revenues were 14.5% in 2023, a decrease of 1.5 percentage points compared to 2022. The change in comparative earnings in 2023 reflected lower earnings from TTI and certain of our other service businesses, partially offset by increased earnings from aviation services and the impact of the IPS acquisition.

During fiscal 2022, we opened two new stores in the U.S.

The company uses an estimated future cash flow approach that requires significant judgment with respect to future volume, revenue and expense growth rates, changes in working capital use, and the selection of an appropriate discount rate.


Question: How much was available for letter of credit issuances under the 2022 Credit Facility?

We have access to $1.0 billion of commitments and a $200 million sub-limit for the issuance of letters of credit under the 2022 Credit Facility.

In connection with its new operating model adopted in the first quarter of 2023, CVS Health Corporation realigned the composition of its segments to include a new Health Services segment, which delivers a full range of pharmacy benefit management (PBM) solutions and health care services, and a Pharmacy & Consumer Wellness segment, which includes retail and long-term care pharmacy operations and related pharmacy services, as well as retail front store operations.

For a description of our material pending legal proceedings, see Legal Matters in Array 10 of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on...

In July 2022, the borrowing capacity under the back-up facilities expanded from $3.0 billion to $5.0 billion.

DOJ Opioid Civil Litigation: A civil complaint pending in the U.S. District Court for the District of Delaware has been filed by the U.S. Department of Justice (the 'DOJ') against the Company, in which the DOJ alleges violations of the Controlled Substances Act related to nationwide distribution and dispensing of opioids.

We opened 26 new warehouses, including three relocations, in 2023, and plan to open up to 28 additional new warehouses, including one relocation, in 2024.

Theatrical revenue increased in 2022 primarily due to higher revenue from releases in our 2022 slate compared to releases in our 2021 slate, including F9.

The Firmwide Capital Committee, co-chaired by the head of Credit Risk and a co-head of the Global Financing Group, provides approval and oversight of debt-related transactions, including principal commitments of our capital, aiming to ensure that business, reputational, and suitability standards for underwritings and capital commitments are maintained on a global basis.


Question: What was the nature of the legal action initiated by Aqua-Chem against the company in Wisconsin on the same day the company filed its lawsuit?

Aqua-Chem filed a lawsuit in Wisconsin seeking a declaratory judgment that the company is responsible for all liabilities and expenses not covered by insurance related to certain liability claims from before the sale of Aqua-Chem, in addition to a breach of contract judgment for costs incurred to date exceeding $9 million.

In 2023, no single customer accounted for more than approximately 1% of revenue for Iron Mountain.

Pre-tax earnings of the service group decreased $52 million (1.7%) in 2023 to $3.0 billion. Pre-tax earnings as a percentage of revenues were 14.5% in 2023, a decrease of 1.5 percentage points compared to 2022. The change in comparative earnings in 2023 reflected lower earnings from TTI and certain of our other service businesses, partially offset by increased earnings from aviation services and the impact of the IPS acquisition.

Amazon Prime, a membership program, offers fast, free shipping on tens of millions of items, access to award-winning movies and series, and other benefits.

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1. This voluntary change is preferable under the circumstances as it results in better alignment with the Company's strategic business planning and budgeting process.

The worldwide effective income tax rate from continuing operations was 11.5% in 2023.

Furthermore, the outcome of these matters could materially adversely affect our business, results of operations, and financial condition.

Cash dividends declared per common share for Comcast in 2023 was $1.16.


Question: What was the change in net earnings for Procter & Gamble and what factors influenced it?

Net earnings declined modestly by $55 million to $14.7 billion due to the increase in earnings before income taxes, more than fully offset by the increase in the effective income tax rate discussed above.

The audited components of Salesforce, Inc.'s financial statements as of January 31, 2023, and for the three years ending on that date, included the consolidated balance sheets, the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows.

Item 8 is typically used to refer to 'Financial Statements and Supplementary Data' in formal financial categorization.

•Operating income increased $321 million, or 2%, to $18.1 billion versus year ago due to the increase in net sales, partially offset by a modest decrease in operating margin.

We create an engaging workplace by continuously listening to and acting on associate feedback. We provide several pulse check surveys to associates throughout the year that help us determine how emotionally connected those associates are to our customers, the Company, their jobs, fellow associates, and leaders.

Information on legal proceedings is conveyed by incorporating it by reference from 'Note 13 — Commitments and Contingencies — Litigation and Other Legal Matters' within the consolidated financial statements.

Chubb's exposure to molestation claims principally arises out of liabilities acquired when it purchased CIGNA's P&C business in 1999 and Chubb Corp in 2016.

On July 17, 2023, the company repaid the $500 million 3.125% Senior Notes due July 2023.


Question: How much did net cash used in financing activities decrease in fiscal 2023 compared to the previous fiscal year?

Fiscal 2023 net cash used in financing activities decreased $5.8 billion when compared to the previous fiscal year.

The Microsoft Cloud Solution Provider Program offers customers an easy way to license the cloud services they need in combination with the value-added services offered by their systems integrator, managed services provider, or cloud reseller partner. Partners in this program can easily package their own products and services to directly provision, manage, and support their customer subscriptions.

Under the contractual arrangements, approximately 70% of our jet fuel is purchased based on the index price for the preceding week, with the remainder of our purchases tied primarily to the index price for the preceding month and preceding day, rather than based on daily spot rates.

Cash provided by (used in) investing activities was $(37,601) in 2022 and $(49,833) in 2023.

Cigna integration expenses of $69 million for 2023 principally comprised legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition.

In addition, Iron Mountain was named among Comparably's 2023 Best Companies for Women and Best Companies for Diversity.

In Item 8, one can find detailed information on Financial Statements and Supplementary Data.

The company's approach in alcohol focuses on three segments of alcohol ready-to-drink beverages: hard seltzers (e.g., Topo Chico Hard Seltzer), hard alternatives (e.g., Lemon-Dou) and pre-mixed cocktails (e.g., Jack Daniel’s & Coca-Cola).


Question: When did AT&T acquire BellSouth Corporation?

In 2006, AT&T acquired ILEC BellSouth Corporation.

Short-Term Investments Short-term investments generally consist of debt securities (U.S. Government and Agency Notes), with maturities at the date of purchase of three months to five years. Investments with maturities beyond five years may be classified, based on the Company’s determination, as short-term based on their highly liquid nature and because they represent the investment of cash that is available for current operations. Short-term investments classified as available-for-sale are recorded at fair value using the specific identification method with the unrealized gains and losses reflected in accumulated other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis and are recorded in interest income and other, net in the consolidated statements of income.

In contrast, contributions from COVID-19 vaccinations reached their highest quarterly volume during the fourth quarter of 2023. During the first quarter of 2022, the Company saw high volumes of administration of COVID-19 vaccinations, and during the fourth quarter, there was an increase in COVID-19 vaccine administration from the prior quarter related to the bivalent COVID-19 booster.

Free cash flow is considered a non-GAAP financial measure, defined as net cash provided by operating activities in a period minus payments for property and equipment made in that period.

Peloton Interactive, Inc. is the largest interactive fitness platform in the world, pioneering connected, technology-enabled fitness with the creation of its interactive fitness equipment and the streaming of immersive, instructor-led boutique classes to its members anytime, anywhere.

Our interest income was $989 million and $2.9 billion during 202itzerland and 2023, primarily due to an increase in prevailing rates.

losses were primarily from the following events: •2023: Hurricane Idalia, and other severe weather-related events in the U.S.

Impairment tests for indefinite-lived intangible assets need to be performed at least annually, or more often if certain events or circumstances suggest potential impairment.


Question: What drove the increase in SM&A expenses in 2023?

SM&A expenses were $2,436.5 million in 2023, showing a 9% increase from $2,236.0 million in 2022, primarily driven by increased corporate expenses including a 12.2% rise in advertising expenses in North America.

Ford Blue's full year 2022 EBIT was $6.8 billion, an increase of $3.6 billion from 2021. The EBIT improvement was driven by higher net pricing and higher wholesales, offset partially by inflationary increases on commodity, material, and freight costs, higher warranty costs, higher structural costs, and weaker currencies.

We disclose material non-public information through one or more of the following channels: our investor relations website (http://corporate.lululemon.com/investors), the social media channels identified on our investor relations website, press releases, SEC filings, public conference calls, and webcasts.

Our quarterly cash dividend is currently $0.19 per share, subject to declaration by our Board of Directors or a designated Committee of the Board of Directors.

Asset management and administration fees vary with changes in the balances of client assets due to market fluctuations and client activity.

On December 3, 2020, a company acquired Credit Karma, which now operates as a separate reportable segment and includes results from the date of acquisition. The segment's income includes all direct expenses related to selling, marketing, product development, and general administrative tasks.

Visa's rule (and a similar Mastercard rule) that if an ATM operator chooses to charge consumers an access fee for a Visa or Plus transaction, that fee cannot be greater than the access fee charged for transactions on other networks.

While the outcome of this matter cannot be determined at this time, it is not currently expected to have a material adverse impact on our business.


Question: What was the percentage decrease in Veklury's product sales in 2023?

Veklury product sales decreased by 44% to $2.2 billion in 2023, compared to 2022.

In December 2023 and December 2022, AT&T declared a quarterly preferred dividend of $36. In December 2023 and December 2022, AT&T declared a quarterly common dividend of $0.2775 per share of common stock.

Data and Analytics revenues increased 69% in 2023 from 2022 primarily due to $63 million of revenue from Black Knight following the completion of our acquisition in September 2023.

Net operating revenues were $45,754 million in 2023, compared to $43,004 million in 2022, an increase of $2,750 million, or 6%.

Intelligent Edge earnings from operations as a percentage of net revenue increased 12.4 percentage points primarily due to decreases in cost of products and services as a percentage of net revenue and operating expenses as a percentage of net revenue.

Factors that most significantly influence a region's profitability are industry volume, market share and the relative mix of vehicles (trucks, crossovers, cars) sold.

Mergers and acquisitions, joint ventures and strategic investments complement our internal development and enhance our partnerships to align with Visa’s priorities.

In general, with variations by country, our warehouses accept certain credit cards, including Costco co-branded cards, debit cards, cash and checks, Executive member 2% reward certificates, co-brand cardholder rebates, and our proprietary stored-value card (shop card).


Question: How does Electronic Master's Edition contribute to the company's standing in the marketplace?

The revenue from Electronic Games' football franchise, which includes perennially successful offerings like FIFA Ultimate T 2023.

We currently believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

During 2023, AMC served as the theatrical distributor for two theatrical releases: TAYLOR SWIFT | THE ERAS TOUR and RENAISSANCE: A FILM BY BEYONCÉ.

A 100 basis-point change in the discount rate would impact annual after-tax benefit expense by approximately $130 million.

In 2023, Johnson & Johnson paid cash dividends amounting to $11,770 million, with a dividend rate of $4.70 per share.

The Coca-Cola system works every day to produce high-quality, safe and refreshing beverages for consumers around the world. It has rigorous product and ingredient safety and quality standards designed to ensure the safety and quality of each of its products, and drives innovation that provides new beverage options satisfying consumers’ evolving needs and preferences.

Impairment tests for indefinite-lived intangible assets need to be performed at least annually, or more often if certain events or circumstances suggest potential impairment.

All of our Company’s facilities and other operations in the United States and elsewhere around the world are subject to various environmental protection statutes and regulations, including those relating to the use and treatment of water resources, discharge of wastewater, and air emissions.


Question: What amount did cash and cash equivalents reach at the end of 2023?

As of December 31, 2023, cash and cash equivalents totaled $6.2 billion, showing an increase from $4.7 billion in 2022.

During 2023, our women's range represented 64% of net revenue and our men's range represented 23% of net revenue.

Local currency fluctuations against the U.S. dollar negatively impacted revenue by $31.8 million, or 15%, in 2023, primarily from Argentina.

The average discount rate on the OPRB plan of 5.6% reflects the higher interest rates generally applicable in the U.S., which is where most of the plan participants receive benefits. A 100 basis-point change in the discount rate would impact annual after-tax OPRB expense by approximately $30 million.

Gain (loss) on investments was $11 million in 2023, ($169) million in 2022, and $99 million in 2021.

The year-over-year decrease of $19.9 billion in net income/(loss) in 2022 includes the effect of special items, including the mark-to-market net loss on our Rivian investment and the impairment on our Argo investment.

In 2021, a gain of $26.7 million was realized from a legal settlement related to a historical eOne dispute.

Stored value cards and loyalty program at October 2, 2022 showed a balance of approximately $1.503 billion.


Question: What was the net cash provided by operating activities for the year ended December 31, 2023?

For the year ended December 31, 2023, the net cash provided by operating activities was $13,426 million.

In 2023, total earning assets were reported at 535,500, marking a decrease of 1 percent from the previous year's total of 539,032.

If hotel owners do not participate in the company's insurance programs, they must purchase insurance programs that are consistent with the company's requirements.

As of October 31, 2023, HP had approximately $102 million of recorded liabilities pertaining to uncertain tax positions.

In connection with its new operating model adopted in the first quarter of 2023, CVS Health Corporation realigned the composition of its segments to include a new Health Services segment, which delivers a full range of pharmacy benefit management (PBM) solutions and health care services, and a Pharmacy & Consumer Wellness segment, which includes retail and long-term care pharmacy operations and related pharmacy services, as well as retail front store operations.

Because the hours of operation are shorter than many other retailers, and due to other efficiencies inherent in a warehouse-type operation, labor costs are lower relative to the volume of sales. Merchandise is generally stored on racks above the sales floor and displayed on pallets containing large quantities, reducing labor required.

Before her current role, Ms. O'Brien served as Senior Vice President and Deputy Chief Risk Officer from January 2022 to March 2023, and from 2016 to 2021 was Division President, North America Personal Risk Services.

As indicated in the accompanying Management’s Annual Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of the acquisition of certain assets that provide additional manufacturing capacity from Weaver Popcorn Manufacturing, Inc. on May 31, 2023, which is included in the 2023 consolidated financial statements of the Company and constituted 1.4% of total assets as of December 31, 2023.


Question: What is Peloton Interactive, Inc. known for in the interactive fitness industry?

Peloton Interactive, Inc. is the largest interactive fitness platform in the world, pioneering connected, technology-enabled fitness with the creation of its interactive fitness equipment and the streaming of immersive, instructor-led boutique classes to its members anytime, anywhere.

•Operating income increased $321 million, or 2%, to $18.1 billion versus year ago due to the increase in net sales, partially offset by a modest decrease in operating margin.

Garmin offers a full line-up of marine VHF radios and Automatic Identification System (AIS) transceivers with the latest feature sets including integrated GPS receivers for the communication needs of all types of mariners. Garmin radios are NMEA 2000 compatible and offer multi-station support, and monitor all AIS channels.

Cash, cash equivalents and marketable securities totaled $1,390.6 million as of January 28, 2023.

In 2023, a total of 898 theatres were operated. The average number of screens per theatre was calculated to be 11.1.

CARB enforces mandates requiring increasing percentages of Zero-Emission Vehicles (ZEVs) to be sold. Non-compliance with these mandates results in monetary penalties.

Note 13 in the Annual Report on Form 10-K includes information regarding commitments and contingencies associated with legal proceedings.

K- Garan Incorporated (“Garan”), headquartered in New York, New York, designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants. Products are sold under its own trademarks Garanimals® and 365 Kids from Garanimals® and easy-peasy®, as well as customer private label brands.


Question: What was the change in infrastructure software's operating income from fiscal year 2022 to 2023?

Infrastructure software's operating income rose by $420 million from $5,219 million in fiscal year 2022 to $5,639 million in fiscal year 2023.

An adverse resolution of any lawsuit or claim against us, including those we are involved with due to acquisition activity, may require us to pay substantial damages or impose restrictions on how we conduct business, either of which could adversely affect our business, financial condition and operating results.

As of September 30, 2023, the Company had approximately 161,000 full-time equivalent employees.

Business operations at gaming facilities are subject to the licensing and regulatory control of the local regulatory agency responsible for gaming licenses and operations in those jurisdictions.

The Company uses a variety of techniques designed to help encourage appropriate utilization of medical services ("utilization") and maintain affordability of quality coverage. These techniques include creating risk sharing arrangements that align economic incentives with providers, the development and implementation of guidelines for the appropriate utilization and the provision of data to providers to enable them to improve health care quality.

In 2023, Comcast restructured the presentation of its operating results around two primary business segments: Connectivity & Platforms and Content & Experiences. Connectivity & Platforms comprises two sub-segments, Residential Connectivity & Platforms and Business Services Connectivity, and Content & Experiences includes Media, Studios, and Theme Parks.

The 1999 Repurchase Program was announced to repurchase common shares to reduce dilution from employee stock options and long-term incentive plans, with purchases limited to proceeds from stock option exercises and related tax benefits.

Item 8 is typically used to refer to 'Financial Statements and Supplementary Data' in formal financial categorization.


Question: How do small changes in wholesale unit volumes impact a vehicle manufacturer's profitability?

A high proportion of relatively fixed structural costs, so that small changes in wholesale unit volumes can significantly affect overall profitability.

At December 31, 2023, the company had a total of $7.42 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility expiring in December 2027 and a $4.00 billion 364-day facility expiring in September 2024.

In Item 8, one can find detailed information on Financial Statements and Supplementary Data.

Adjusted EPS is defined as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate), and other expenses (income), net, among others. It is considered valuable as it allows investors to compare results from past, present, and future periods without the effects of non-core operating variances.

Item 8, titled 'Financial Statements and Supplementary Data', starts on page 39.

A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us.

After-tax earnings of real estate brokerage decreased $87 million (87.0%) in 2023 compared to 2022. The decrease reflected lower brokerage services revenues and margins, primarily due to a 19% reduction in closed brokerage transaction volumes, as well as lower mortgage services revenues and margins from a 28% decrease in closed transaction volumes. These declines were attributable to the impact of rising interest rates and lower existing home sales.

In December 2023 and December 2022, AT&T declared a quarterly preferred dividend of $36. In December 2023 and December 2022, AT&T declared a quarterly common dividend of $0.2775 per share of common stock.


Question: What is discussed in Item 8 of the financial document?

Item 8 of the financial document outlines Financial Statements and Supplementary Data.

Our strategy is to combine best-of-breed technology leadership in semiconductor and infrastructure software solutions, with unmatched scale, on a common sales and administrative platform to deliver a comprehensive suite of infrastructure technology products to the world’s leading business and government customers.

Net cash used in financing activities | $ | (689) | | $ | (2,430)

To meet federal requirements that took effect in 2021, states have implemented new D-SNP requirements to strengthen Medicaid-Medicare integration for D-SNPs.

The following table presents earnings per share for fiscal 2023: Class A common stock had basic earnings per share of $8.29.

In 2023, we incurred a pre-tax, noncash MTM gain of $650 million ($493 million, net of tax), related to the year-end actuarial adjustments of pension and postretirement healthcare plans’ assets and liabilities. In 2022, we incurred a pre-tax, noncash MTM loss of $1.6 billion ($1.2 billion, net of tax), which includes a net loss of $1.3 billion ($1.0 billion, net of tax) related to the year-end actuarial adjustments of pension and postretirement healthcare plans’ assets and liabilities.

As indicated in the accompanying Management’s Annual Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of the acquisition of certain assets that provide additional manufacturing capacity from Weaver Popcorn Manufacturing, Inc. on May 31, 2023, which is included in the 2023 consolidated financial statements of the Company and constituted 1.4% of total assets as of December 31, 2023.

Garmin offers a full line-up of marine VHF radios and Automatic Identification System (AIS) transceivers with the latest feature sets including integrated GPS receivers for the communication needs of all types of mariners. Garmin radios are NMEA 2000 compatible and offer multi-station support, and monitor all AIS channels.


Question: Where in a document can one expect to find details on supplementary data and financial statements?

In Item 8, one can find detailed information on Financial Statements and Supplementary Data.

Consumer Products segment operating results decreased $282.0 million to an operating loss of $64.7 million in 2023, compared to operating profit of $217.3 million in 2022. The operating profit margin decreased to -2.2% of net revenues in 2023 from 6.1% of net revenues in 2022.

In 2023, the income tax benefit was recorded at 12.9% of pre-tax loss.

While Item 8 discusses financial statements and supplementary data, the actual consolidated financial statements and notes are included elsewhere in the Annual Report on Form 10-K.

We serve our guests via our e-commerce websites, other country and region-specific websites, digital marketplaces, and mobile apps. E-commerce net revenue includes our buy online pick-up in store, back-back room, and ship from store omni-channel retailing capabilities.

Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately.

In international markets, Starbucks invests in technology and partnerships to boost digital adoption, providing more convenience and enhancing the customer experience.

Joint venture with AGC Equity Partners had a carrying value of $57,874 as of December 31, 2023.


Question: Where is the financial statement schedule in IBM's 2023 Form 10-K?

IBM's 2023 Annual Report to Stockholders includes their financial statements and supplementary data, which span from pages 44 to 121 and are incorporated by reference in the Form 10-K. Additionally, the financial statement schedule can be found on page S-1 of the same Form 10-K.

We believe AIP uniquely allows users to connect LLMs and other AI with their data and operations to facilitate decision-making within the legal, ethical, and security constraints that they require.

In March 2023, the Board of Directors sanctioned a restructuring plan concentrated on investment prioritization towards significant growth prospects and the optimization of the company's real estate assets. This includes substantial organizational changes such as reductions in office space and workforce.

K- Garan Incorporated (“Garan”), headquartered in New York, New York, designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants. Products are sold under its own trademarks Garanimals® and 365 Kids from Garanimals® and easy-peasy®, as well as customer private label brands.

Contingent consideration liabilities are revalued to fair value at each subsequent reporting date until the related contingency is resolved using inputs like the discount rate, estimated probabilities and timing of achieving milestones.

The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Amazon Prime, a membership program, offers fast, free shipping on tens of millions of items, access to award-winning movies and series, and other benefits.

During this time, Ford reached an agreement with California on a set of terms for an alternative framework in which Ford committed to meet a designated set of standards on a national basis for model years 2021 through 2026 that were more stringent than the then-rolled back federal standards in lieu of the California regulatory program.


Question: What percentage of eBay's total net revenues in 2023 came from the U.S.?

U.S. net revenues for the year ended December 31, 2023, amounted to $5,073 million, representing 50% of total net revenues.

The lawsuits have been consolidated into a single Multi-District Litigation proceeding in the U.S. District Court for the District of Columbia.

The section of the document, indicated as Item 8, specifically includes Financial Statements and Supplementary Data.

We disclose material non-public information through one or more of the following channels: our investor relations website (http://corporate.lululemon.com/investors), the social media channels identified on our investor relations website, press releases, SEC filings, public conference calls, and webcasts.

Our strategy is to combine best-of-breed technology leadership in semiconductor and infrastructure software solutions, with unmatched scale, on a common sales and administrative platform to deliver a comprehensive suite of infrastructure technology products to the world’s leading business and government customers.

We own a trademark portfolio with protections in 170 countries in which we currently operate for our primary brands — AIRBNB and our Bélo logo. Additionally, we own trademark protections around the world for other brands or protectable brand elements important to our business, including but  not limited to Rausch, our primary corporate color, localizations, translations, and transliterations of our primary brands, and brands associated with businesses we have acquired. We have registered domain names that we use in or relate to our business, such as the airbnb.com domain name and country code top level domain name equivalents.

(8) Inventory turnover is calculated as cost of sales divided by the average merchandise inventory balance over the trailing 5 quarters.

one of the largest railroad systems in North America. BNSF Railway had approximately 37,000 employees at the end of 2023, of whom approximately 32,000 were members of a labor union.


Question: What is the total number of rooms in the hotels managed by Hilton as of the end of 2023?

As of December 31, 2023, Hilton managed 800 hotels with 250,472 rooms.

Regular confidential employee surveys are conducted to gather feedback from the workforce on various topics.

IBM's 2023 Annual Report to Stockholders includes their financial statements and supplementary data, which span from pages 44 to 121 and are incorporated by reference in the Form 10-K. Additionally, the financial statement schedule can be found on page S-1 of the same Form 10-K.

Fiscal Year Highlights The Company’s total net sales were $383.3 billion and net income was $97.0 billion during 2023. The Company’s total net sales decreased 3% or $11.0 billion during 2023 compared to 2022. The weakness in foreign currencies relative to the U.S. dollar accounted for more than the entire year-over-year decrease in total net sales, which consisted primarily of lower net sales of Mac and iPhone, partially offset by higher net sales of Services.

The company's Board of Directors approved a restructuring plan in March 2023, which includes various strategic actions. These actions are planned to be substantially completed by September 30, 2023, as per the outlined timeline.

The Internet Tax Freedom Act plays a significant role in shaping the tax obligations and operational landscape for Comcast's internet-related services.

Medicaid Services (“CMS”) published the first “Selected Drug” list, which includes XARELTO and STELARA as well as IMBRUVICA, which is developed in collaboration and co-commercialized in the U.S. with Pharmacyclics LLC, an AbbVie company.


Question: What is the definition of Adjusted EPS at Iron Mountain and why is it considered valuable?

Adjusted EPS is defined as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate), and other expenses (income), net, among others. It is considered valuable as it allows investors to compare results from past, present, and future periods without the effects of non-core operating variances.

For a description of our significant pending legal proceedings, see Note 13 titled Commitments and Contingencies - Legal Proceedings of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

UnitedHealth Group reported net earnings of $23,144 million in 2023.

Net earnings attributable to Hasbro, Inc. declined in 2022 to $203.5 million, compared to $428.7 million in 2021.

As of December 31, 2023, we had fixed lease payment obligations with $136 million payable within 12 months.

U.S. large cap investments include a mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.

The 'Glossary of Terms and Acronyms' is included on pages 315-321.

DaVita Clinical Research (DCR) is a provider-based specialty clinical research organization with a wide spectrum of services for clinical drug research and device development. DCR uses its extensive real-world healthcare expertise to assist in the design, recruitment and completion of retrospective and prospective studies.


Question: What would be the effect on the unrealized value of the company's forward contracts with a 10% appreciation of the U.S. Dollar from the December 31, 2023 market rates?

A 10% appreciation of the U.S. Dollar from the December 31, 2023 market rates would increase the unrealized value of the Company’s forward contracts by $0.1 billion.

The total fair value of awards vested during 2023 was $77,626.

Short-Term Investments Short-term investments generally consist of debt securities (U.S. Government and Agency Notes), with maturities at the date of purchase of three months to five years. Investments with maturities beyond five years may be classified, based on the Company’s determination, as short-term based on their highly liquid nature and because they represent the investment of cash that is available for current operations. Short-term investments classified as available-for-sale are recorded at fair value using the specific identification method with the unrealized gains and losses reflected in accumulated other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis and are recorded in interest income and other, net in the consolidated statements of income.

The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels that license our IP and where we provide other contracted services, but the day-to-day services of the hotels are operated or managed by someone other than us. Revenues from this segment include: management and franchise fees charged to third-party hotel owners, licensing fees from strategic partners, including co-branded credit card providers, and HGV, and fees for managing hotels in our ownership segment.

'Acquired brands' refers to brands acquired during the past 12 months. Typically, the Company has not reported unit case volume or recognized concentrate sales volume related to acquired brands in periods prior to the closing of a transaction. Therefore, the unit case volume and concentrate sales volume related to an acquired brand are incremental to prior year volume.

The section of the document, indicated as Item 8, specifically includes Financial Statements and Supplementary Data.

Item 8 is designated for Financial Statements and Supplementary Data in financial documentation.

Fiscal 2023 total gross profit margin of 35.1% represents an increase of 1.7 percentage points as compared to the respective prior year period.


Question: What does the Emergency Use Authorization (EUA) by the U.S. Secretary of Health and Human Services allow?

The Secretary of Health and Human.pathname_key_services may issue an Emergency Use Authorization (EUA) to authorize unapproved medical products, or unapproved uses of approved medical products, to be manufactured, marketed, and sold in the context of an actual or potential emergency designated by the government.

Lauren D. Hotz has been Senior Vice President and Chief Accounting Officer since August 2022.

If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in Note 10 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Qulipta (atogepant) is a calcitonin gene-related peptide receptor antagonist indicated for the preventive treatment of episodic and chronic migraine in adults. Qulipta is commercialized in the United States and Canada and is approved in the European Union under the brand name Aquipta.

Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately.

Mr. Olsavsky has served as Senior Vice President and Chief Financial Officer since June 2015.

Investment banking revenues in the consolidated statements of earnings were $6.22 billion for 2023, 16% lower than 2022, primarily due to significantly lower revenues in advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions, partially offset by significantly higher revenues in equity underwriting, primarily reflecting increased activity from secondary offerings.

For the year ended December 31, 2023, the net cash provided by operating activities was $13,426 million.


Question: In which document are the consolidated financial statements and accompanying notes included, as referred to in Item 8?

The consolidated financial statements and accompanying notes are included elsewhere in the Annual Report on Form 10-K.

In February 2023, we announced our planned exit from the Employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs.

AmBisome (amphotericin B liposome for injection) is a proprietary liposomal formulation of amphotericin B, an antifungal agent, for the treatment of serious invasive fungal infections caused by various fungal species in adults.

We paid $230 million and $42 million of interest on the term loan during the twelve months ended July 31, 2023 and July 31, 2022, respectively.

As a global company, Enphase Energy faced risks from evolving macroeconomic conditions, including inflation, interest rates changes, fluctuations in foreign currency exchange rates, potential slowdowns or recessions, and geopolitical pressures including trade regulations and armed conflicts in Ukraine, the Gaza Strip, and nearby areas during 2023.

Aqua-Chem filed a lawsuit in Wisconsin seeking a declaratory judgment that the company is responsible for all liabilities and expenses not covered by insurance related to certain liability claims from before the sale of Aqua-Chem, in addition to a breach of contract judgment for costs incurred to date exceeding $9 million.

The risk-free interest rate used in the Black-Scholes model for SOSARs granted in 2023 was 4.1%.

Fiscal Year Highlights The Company’s total net sales were $383.3 billion and net income was $97.0 billion during 2023. The Company’s total net sales decreased 3% or $11.0 billion during 2023 compared to 2022. The weakness in foreign currencies relative to the U.S. dollar accounted for more than the entire year-over-year decrease in total net sales, which consisted primarily of lower net sales of Mac and iPhone, partially offset by higher net sales of Services.


Question: What were the reasons behind the reduction in net interest expense in fiscal 2022?

Interest expense, net decreased $53.6 million in fiscal 2022 compared to the prior year, resulting from the refinancing of our debt in the fourth quarter of 2021, which resulted in prepayment penalties of $43.8 million and the acceleration of the expensing of $2.7 million of amortizable non-cash deferred financing costs. Higher interest income on investments more than offset interest expense on credit facility borrowings in the current year.

Insurance segment premiums revenue increased $13.6 billion, or 15.5%, from $87.7 billion in the 2022 period to $101.3 billion in the 2023 period.

Item 8 in Etsy, Inc.'s filings refers to 'Financial Statements and Supplementary Data,' including consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of changes in stockholders' equity (deficit), and statements of cash flows.

Net cash flows from operating activities | | 49,196 |

For the year ended December 31, 2023, the net cash provided by operating activities was $13,426 million.

Results on a constant currency basis, as presented, are not comparable to similarly titled measures used by other companies and are not a measure of performance presented in accordance with GAAP but provide insight by excluding the effects of foreign currency exchange fluctuations.

For Online-Hosted Service Games, which require an internet connection for all functionalities, the company recognizes revenue continuously as the service is provided. This recognition is based on the premise that the online hosting represents a distinct and singular performance obligation.

A stronger U.S. dollar negatively impacted net sales by $339 million in fiscal 2022.


Question: What kinds of products and services does the Company provide under the AARP Program?

The products and services under the AARP Program include supplemental Medicare benefits, hospital indemnity insurance, including insurance for individuals between 50 to 64 years of age, and other related products.

Under the Company’s 2007 Amended and Restated Equity Incentive Compensation Plan (EIP), the compensation committee of the board of directors was authorized to grant up to 198 million shares of class A common stock to its employees and non-employee directors.

Revenue grew by 7.1% in 2023 compared to 2022.

The auditing firm expressed an opinion that Alphabet Inc.'s consolidated financial statements presented fairly, in all material respects, the financial position of the company as of December 31, 2022 and 2023, and the results of operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

As part of the investment, we are obligated to develop certain gaming and non-gaming investment projects by December 2032 and dedicate resources to, among others, the attraction of international visitors, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness, and themed attractions, as well as support Macao's position as a city of gastronomy and increase community and maritime tourism.

As a global company, Enphase Energy faced risks from evolving macroeconomic conditions, including inflation, interest rates changes, fluctuations in foreign currency exchange rates, potential slowdowns or recessions, and geopolitical pressures including trade regulations and armed conflicts in Ukraine, the Gaza Strip, and nearby areas during 2023.

The company uses a variety of ingredients in their products, including high fructose corn syrup, sucrose, aspartame, and other sweeteners, as well as ascorbic acid, citric acid, phosphoric acid, caffeine, and caramel color; they also use orange and other fruit juice concentrates, and water is a main ingredient in substantially all products.

The auditing of Broadcom Inc.'s internal control over financial reporting as of October 29, 2023, was based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).


Question: What is the date on the audit report for the Consolidated Financial Statements?

The audit report on the Consolidated Financial Statements is dated February 16, 2024, and was conducted by PricewaterhouseCoopers LLP.

Under the Senior Credit Facilities, the company may increase the maximum leverage ratio to a maximum of 4.75 to 1.0 in the case of material acquisitions, given that certain requirements are fulfilled.

The consolidated financial statements and accompanying notes are included elsewhere in the Annual Report on Form 10-K.

•Merchandise cost, which includes freight, decreased 255 basis points resulting primarily from higher initial mark-on, partially offset by higher freight costs and increased sales of lower margin consumable merchandise on the Family Dollar segment.

Net cash provided by operating activities decreased by $1.47 billion to $13.26 billion during the year ended December 31, 2023 from $14.72 billion during the year ended December 31, 2022.

Interest Income and Other, Net   | 2023 | | 2022 | | 2021 Interest income | $ | 470 | | | $ | 61 | | $ | 41

In general, with variations by country, our warehouses accept certain credit cards, including Costco co-branded cards, debit cards, cash and checks, Executive member 2% reward certificates, co-brand cardholder rebates, and our proprietary stored-value card (shop card).


Question: What were the reasons behind the goodwill impairment charge for Vitacost.com in 2022?

In 2022, we recorded a goodwill impairment charge for Vitacost.com totaling $160 million. The talent and capabilities gained through the merger with Vitacost in 2014 have been key to advancing Kroger’s digital platform and growing our digital business to more than $10 billion in annual sales. As our digital strategy has evolved, our primary focus looking forward will be to effectively utilize our Pickup and Delivery capabilities. This reprioritization resulted in reduced long-term profitability expectations and a decline in the market value for one underlying channel of business and led to the impairment charge. Vitacost.com will continue to operate as an online platform providing great value natural, organic, and eco-friendly products for customers.

FCF is a non-GAAP measure that is defined as cash flow from operations, excluding the impact of proceeds received in the fourth quarter of fiscal 2021 from a one-time Itanium litigation judgment, less net capital expenditures (investments in PP&E less proceeds from the sale of PP&E), and adjusted for the effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash.

The projected future benefit payments for the Company's retirement plans are $1,481 million in 2024 and $1,473 million in 2025.

As of December 31, 2023, Delta Air Lines' future aircraft purchase commitments totaled approximately $17.5 billion. These commitments are for various aircraft models slated for delivery in upcoming years, stretching from 2024 to 2028 and thereafter.

The Starbucks Experience is built on superior customer service, convenience, digital integration, and well-maintained stores that resonate with local communities, fostering high customer loyalty.

Insurance segment premiums revenue increased $13.6 billion, or 15.5%, from $87.7 billion in the 2022 period to $101.3 billion in the 2023 period.

Adjusted EPS is defined as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate), and other expenses (income), net, among others. It is considered valuable as it allows investors to compare results from past, present, and future periods without the effects of non-core operating variances.


Question: How does Berkshire view the potential financial impact of other pending legal actions?

We currently believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

See’s Candy Shops, Incorporated ("See’s") produces boxed chocolates and other confectionery products with an emphasis on quality and distinctiveness in two large kitchens in Los Angeles and South San Francisco and a facility in Burlingame, California. See’s operates approximately 250 retail and volume saving stores located mainly in California and other Western states, as well as over 115 seasonal locations. See’s revenues are highly seasonal with approximately half of its annual revenues earned in the fourth quarter.

Pressures from private insurers and government payers often result in a reduction of the net product prices.

Lending-related fees generally represent transactional fees earned from certain loan commitments, financial guarantees and SBLCs.

Caterpillar Insurance Co. Ltd. is registered as a Class 2 (General Business) and Class B (Long-Term) insurer with the Bermuda Monetary Authority.

Everyday low cost ("EDLC") is Walmart's commitment to control expenses so that cost savings can be passed along to customers.

PricewaterhouseCoopers LLP, the firm's independent registered public accounting firm is mentioned with PCAOB ID 238.

Client operating loss was $46 million in 2023, compared to operating income of $1.2 billion in 2022. The decrease in operating income was primarily due to lower revenue.


Question: What was the primary reason for the increase in other costs of $15.3 million reported?

–an increase in other costs of $15.3 million primarily due to an increase in repairs and maintenance costs, depreciation, and technology costs, partially offset by a decrease in professional fees;

Given the numerous legal challenges, including class actions and other litigation, Equifax considers potential settlements before trials to mitigate risks and uncertainties in litigation.

Under the contractual arrangements, approximately 70% of our jet fuel is purchased based on the index price for the preceding week, with the remainder of our purchases tied primarily to the index price for the preceding month and preceding day, rather than based on daily spot rates.

Professional Visualization We serve the Professional Visualization market by working closely with independent software vendors, or ISVs, to optimize their offerings for NVIDIA GPUs. Our GPU computing platform enhances productivity and introduces new capabilities for critical workflows in many fields, such as design and manufacturing and digital content creation.

In June 2023, we introduced the IQ� Energy Router family of devices in Germany and Austria to enable the integration of select third-party EV chargers and heat pumps into Enphase solar and battery systems.

The requisite service period for both employee stock options and RSUs is generally four years from the grant date.

The company is not currently a party to any legal proceeding that management believes will have a material adverse effect on our consolidated financial position or our results of operations.

We could be subject to penalties or other consequences if the OIG or a similar regulatory authority determines that we failed to comply with applicable laws, regulations or requirements, including, among other things substantial monetary penalties and exclusion from participation in federal healthcare programs that could have a material adverse effect on our business, results of operations, financial condition, cash flows, reputation and stock price.


Question: What are the consequences if the described company fails to comply with applicable laws and regulations?

We could be subject to penalties or other consequences if the OIG or a similar regulatory authority determines that we failed to comply with applicable laws, regulations or requirements, including, among other things substantial monetary penalties and exclusion from participation in federal healthcare programs that could have a material adverse effect on our business, results of operations, financial condition, cash flows, reputation and stock price.

The Consolidated Financial Statements, together with the Notes thereto and the report thereon dated February 16, 2024, of PricewaterhouseCoopers LLP, the Firm’s independent registered public accounting firm (PCAOB ID 238).

The Company’s effective tax rate for 2023 and 2022 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings, the impact of the U.S. federal R&D credit, and tax benefits from share-based compensation, partially offset by state income taxes. The Company’s effective tax rate for 2023 was lower compared to 2022 due primarily to a lower effective tax rate on foreign earnings and the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022, partially offset by lower tax benefits from share-based compensation.

Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments.

Information about our total net revenue by timing of recognition for the fiscal years ended March 31, 2023, 2022 and 2021 is presented below (in millions):  | Year Ended March 31,  | 2023 | | 2022 | | 2021 \nNet revenue by timing of recognition | | | | |  \nRevenue recognized at a point in time | $ | 2,389 | | | $ | 2,326 | | $ | 2,006 \nRevenue recognized over time | 5,037 | | | 4,665 | | | 3,623 \nNet revenue | $ | 7,426 | | | $ | 6,991 | | $ | 5,629

As of December 31, 2023, the carrying value of Alphabet Inc.'s non-marketable equity securities was $28.8 billion, including $13.7 billion remeasured at fair value during the year.

Amazon Prime, a membership program, offers fast, free shipping on tens of millions of items, access to award-winning movies and series, and other benefits.

Fiscal 2023 net cash used in financing activities decreased $5.8 billion when compared to the previous fiscal year.


Question: What components are excluded from segment income definition according to company management?

The Chief Executive etc. does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Ford Blue's full year 2022 EBIT was $6.8 billion, an increase of $3.6 billion from 2021. The EBIT improvement was driven by higher net pricing and higher wholesales, offset partially by inflationary increases on commodity, material, and freight costs, higher warranty costs, higher structural costs, and weaker currencies.

The pre-tax restructuring charge of approximately $0.5 billion in the fiscal year 2023, of which $449 million was recorded in Restructuring and $30 million was recorded in Cost of products sold on the Consolidated Statement of Earnings, included the termination of partnered and non-partnered program costs and asset impairments.

Hilton Honors is Hilton's guest loyalty program, designed to generate significant repeat business by rewarding guests with points for each stay at Hilton properties. These points are redeemable for free or discounted room nights and other goods and services.

In May 2023, Chevron was awarded an exploration and production license for Block G2/65, which covers 3.7 million net acres.

Total revenues decreased 1% to $27.1 billion in 2023, compared to 2022.

Linzess (linaclotide) is a once-daily guanylate cyclase-C agonist used in adults to treat irritable bowel syndrome with constipation (IBS‑C) and chronic idiopathic constipation.

At January 28, 2023, we operated stores in 48 states and the District of Columbia, as well as stores in five Canadian provinces.


Question: By what method was net revenue primarily derived by the company?

Net revenue is also generated from the sale of software solutions that enable our customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

Lending-related fees generally represent transactional fees earned from certain loan commitments, financial guarantees and SBLCs.

The board of directors regularly engages with management to facilitate a system of reporting designed to monitor human capital management initiatives as part of the overarching framework guiding workforce management.

The Financial Statements and Supplementary Data are located on pages 44 through 121 of IBM’s 2023 Annual Report to Stockholders.

The company defines a 'Connected Fitness Subscription' as a person, household, or commercial property, such as a hotel or residential building, who has either paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid  subscription credits or waivers) or has paused their subscription for up to three months.

Technology and infrastructure costs include payroll and related expenses for employees involved in the research and development of new and existing products and services, development, design, and maintenance of our stores, curation and display of products and services made available in our online stores, and infrastructure costs.

Johnson & Johnson's consolidated statements of earnings for 2023 reported total net earnings of $35,153 million.

Policy acquisition costs and administrative expenses were initially reported as 9,439 million U.S. dollars. Following unfavorable expense adjustments amounting to (23) million, the adjusted total came to 9,416 million U.S. dollars.


Question: What amount was available for borrowing under the company's revolving credit facility as of January 28, 2024?

Our committed revolving credit facility provides us with available borrowings in an amount up to $400.0 million.

The Chief Executive etc. does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Gain (loss) on investments was $11 million in 2023, ($169) million in 2022, and $99 million in 2021.

As of March 31, 2023, Electronic Arts Inc. reported total liabilities and stockholders’ equity amounting to $13,459 million.

UnitedHealth Group reported net earnings of $23,144 million in 2023.

In the fiscal year 2023, the Company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The pre-tax restructuring expense of $0.3 billion in the fiscal year 2023, of which $40 million was recorded in Restructuring and $279 million was recorded in Cost of products sold on the Consolidated Statement of Earnings, primarily included inventory and instrument charges related to market and product exits.

Principal repayments of financing obligations for 2023 amounted to $271 million.

In assessing disability insurance claims, economic factors including GDP growth, employment trends, and disposable income figures are evaluated as part of the process to estimate liabilities for benefit claims.


Question: What does Note 15 in the financial statements relate to?

ITEM 3. LEGAL PROCEEDINGS Refer to Note 15 – Contingencies of the Notes to Financial Statements (Part II, Item 8 of this Form 10-K) for information regarding legal proceedings in which we are involved.

To meet federal requirements that took effect in 2021, states have implemented new D-SNP requirements to strengthen Medicaid-Medicare integration for D-SNPs.

In December 2022, the European Commission published new legislative proposals on clearing services amending EMIR and provisions in the framework. The European Commission aims to encourage clearing in the EU and reduce exposure to non-EU CCPs through adding an operational account requirement, which could require EU-based firms to clear a proportion of their derivatives business at an EU CCP.

Under the initial payroll support program under the CARES Act and PSP extensions we received support payments of grants, which included $4.5 billion of grants during the year ended December 31, 2021.

We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to our management and investors about the amount of cash generated from operations, after purchases of property and equipment, that can be used for strategic initiatives, including continuous investment in our business, growth through acquisitions, and strengthening our balance sheet.

Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk ejectedf Officer, our Chief Investment Officer, and our Treasurer.

Net cash used in financing activities | $ | (689) | | $ | (2,430)

We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures.


Question: How does the Starbucks Experience enhance customer loyalty?

The Starbucks Experience is built on superior customer service, convenience, digital integration, and well-maintained stores that resonate with local communities, fostering high customer loyalty.

The company has pioneered many important innovations in the theatrical exhibition industry, such as multiplex theatres in the 1960s, the North American stadium-seated Megaplex theatre format in the 1990s, plush powered recliner seating, and the launch of the U.S. subscription loyalty tier, AMC Stubs® A-List.

The Company recorded an income tax expense of $91,389 for the year ended December 31, 2022, with an effective tax rate of approximately 9%.

Item 3 of the Annual Report on Form 10-K refers to disclosures regarding legal proceedings, directing readers to Note 14 of the Notes to the Consolidated Financial Statements in Item 8.

If hotel owners do not participate in the company's insurance programs, they must purchase insurance programs that are consistent with the company's requirements.

The company's Board of Directors approved a restructuring plan in March 2023, which includes various strategic actions. These actions are planned to be substantially completed by September 30, 2023, as per the outlined timeline.

Fiscal year 2020 consisted of the 52 weeks ended on January 30, 2021 ('fiscal 2020'). Fiscal year 2021 consisted of the 52 weeks ended on January 29, 2022 ('fiscal 2021') and fiscal year 2022 consisted of the 52 weeks ended on January 28, 2023 ('fiscal 2022').

The consolidated financial statements and accompanying notes listed in Part IV, Item 15(a)(1) of the Annual Report on Form 10-K are included immediately following Part IV and incorporated by reference.


Question: What does the company report in Item 8, Part II of its Annual Report on Form 10-K?

For a discussion of legal and other proceedings in which we are involved, see Note 13 - Commitments and Contingencies in the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

Berkshire’s operating businesses are managed on an unusually decentralized basis. There are few centralized or integrated business functions. Berkshire’s senior management team participates in and is ultimately responsible for significant capital allocation decisions, investment activities and the selection of the Chief Executive to head each of the operating businesses.

Net earnings declined modestly by $55 million to $14.7 billion due to the increase in earnings before income taxes, more than fully offset by the increase in the effective income tax rate discussed above.

Item 8 in Etsy, Inc.'s filings refers to 'Financial Statements and Supplementary Data,' including consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of changes in stockholders' equity (deficit), and statements of cash flows.

As of January 31, 2023, authorization for $19.3 billion of share repurchases remained under the share repurchase program.

Net revenue is also generated from the sale of software solutions that enable our customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

In connection with its new operating model adopted in the first quarter of 2023, CVS Health Corporation realigned the composition of its segments to include a new Health Services segment, which delivers a full range of pharmacy benefit management (PBM) solutions and health care services, and a Pharmacy & Consumer Wellness segment, which includes retail and long-term care pharmacy operations and related pharmacy services, as well as retail front store operations.

A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us.


Question: How many new stores did the company open in the U.S. during fiscal 2022?

During fiscal 2022, we opened two new stores in the U.S.

These independent power projects sell power generated primarily from wind, solar, geothermal and hydro sources under long-term contracts.

SM&A expenses were $2,436.5 million in 2023, showing a 9% increase from $2,236.0 million in 2022, primarily driven by increased corporate expenses including a 12.2% rise in advertising expenses in North America.

Total revenue decreased from $3,582.1 million in fiscal year 2022 to $2,800.2 million in fiscal year 2023, marking a 21.8% reduction.

U.S. large cap investments include a mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.

As of October 31, 2023, HP had approximately $102 million of recorded liabilities pertaining to uncertain tax positions.

In 2023, a total of 898 theatres were operated. The average number of screens per theatre was calculated to be 11.1.

Dividends on common stock declared by our Board of Directors totaled $1.11 per share in 2023.


Question: How much did AT&T's common stock dividends per share total in 2023?

Dividends on common stock declared by our Board of Directors totaled $1.11 per share in 2023.

In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations,” which is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

In 2023, a total of 898 theatres were operated. The average number of screens per theatre was calculated to be 11.1.

SM&A expenses were $2,436.5 million in 2023, showing a 9% increase from $2,236.0 million in 2022, primarily driven by increased corporate expenses including a 12.2% rise in advertising expenses in North America.

In 2023, Comcast restructured the presentation of its operating results around two primary business segments: Connectivity & Platforms and Content & Experiences. Connectivity & Platforms comprises two sub-segments, Residential Connectivity & Platforms and Business Services Connectivity, and Content & Experiences includes Media, Studios, and Theme Parks.

At the time of our previous quantitative assessment in 2022, which was pursuant to our practice of performing quantitative assessments of cable franchise rights approximately once every four years.

The decrease in gross margin for fiscal 2023 was primarily due to: Higher NIKE Brand product costs, on a wholesale equivalent basis, primarily due to higher input costs and elevated inbound freight and logistics costs as well as product mix; Lower margin in our NIKE Direct business, driven by higher promotional activity; Unfavorable changes in net foreign currency exchange rates; and Lower off-price margin.

In Resource Masking Industries, we expect the profit impact from lower sales volume to be partially offset by favorable price realization.


Question: When does a company disclose a possible loss in its financial statements?

If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in Note 10 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Technology and infrastructure costs include payroll and related expenses for employees involved in the research and development of new and existing products and services, development, design, and maintenance of our stores, curation and display of products and services made available in our online stores, and infrastructure costs.

The fair value hierarchy described includes three levels of inputs: Level 1 uses unadjusted quoted prices in active markets for identical assets or liabilities, Level 2 uses inputs that are directly or indirectly observable, and Level 3 involves unobservable inputs significant to the fair value determination supported by minimal market activity.

Hershey Trust Company, as trustee for the trust established by Milton S. and Catherine S. Hershey that has as its sole beneficiary Milton Hershey School, maintains voting control over The Hershey Company.

Free cash flow is considered a non-GAAP financial measure, defined as net cash provided by operating activities in a period minus payments for property and equipment made in that period.

On July 2, 2023, The Hershey Company paid a total of $206.1 million in cash dividends.

The Company recognized $474 million of revenues and had obligations including a large liability for the guest loyalty program as of the end of 2023. This included performance obligations to Hilton Honors members for redeeming points along with licensing fees from a co-branded credit card arrangement. Auditors performed specific procedures to validate the clerical accuracy and adherence to accounting principles in the recognition of these revenues.

Cigna integration expenses of $69 million for 2023 principally comprised legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition.


Question: What is the classification and reporting method for long-term investments with maturities greater than twelve months but less than 37 months, excluding those made through the Company’s Impact Investment Fund?

Long-term investments, other than investments made through the Company’s Impact Investment Fund, with original maturities of greater than twelve months but less than 37 months, are classified as available-for-sale and are reported at fair value using the specific identification method. Unrealized gains and losses are primarily excluded from earnings and reported as a component of other comprehensive income (loss), net of related tax (expense) benefit.

Our principal methods of competition are: technology innovation; performance; price; quality; brand; our breadth of capabilities, products and services; talent; client relationships and trust; the ability to deliver business value to clients.

In 2023, the income tax benefit was recorded at 12.9% of pre-tax loss.

Our valuation allowances are primarily related to U.S. capital loss carryforwards and various foreign jurisdictions’ net operating loss carryforwards and other deferred tax assets.

The Learning inspired by FedEx (LiFE) program, in partnership with The University of Memphis, offers a suite of education benefits including tuition-free, fully online degree options for over 30 associate's and bachelor's programs of study, and in 2022 expanded to include all majors The University of Memphis offers online.

Client operating loss was $46 million in 2023, compared to operating income of $1.2 billion in 2022. The decrease in operating income was primarily due to lower revenue.

In 2023, no single customer accounted for more than approximately 1% of revenue for Iron Mountain.

Item 8 is titled Financial Statements and Supplementary Data in the financial document.


Question: What was the remaining authorization for share repurchases under the company's program as of January 31, 2023?

As of January 31, 2023, authorization for $19.3 billion of share repurchases remained under the share repurchase program.

IBM's 2023 Annual Report to Stockholders includes their financial statements and supplementary data, which span from pages 44 to 121 and are incorporated by reference in the Form 10-K. Additionally, the financial statement schedule can be found on page S-1 of the same Form 10-K.

2024 Strategic Objectives AbbVie's mission is to discover and develop innovative medicines and products that solve serious health issues today and address the medical challenges of tomorrow while achieving top-tier financial performance through outstanding execution. AbbVie intends to execute its strategy and advance its mission in a number of ways, including: (i) maximizing the benefits of a diversified revenue base with multiple long-term growth drivers; (ii) leveraging AbbVie's commercial strength and international infrastructure across therapeutic areas and ensuring strong commercial execution of new product launches; (iii) continuing to invest in and expand its pipeline in support of opportunities in immunology, oncology, aesthetics, neuroscience and eye care a...

In March 2023, the Board of Directors sanctioned a restructuring plan concentrated on investment prioritization towards significant growth prospects and the optimization of the company's real estate assets. This includes substantial organizational changes such as reductions in office space and workforce.

Iron Mountain's ALM services manage the lifecycle of IT assets from decommissioning to data erasure and disposal, securing customer data while maintaining a traceable and auditable custody chain.

In assessing disability insurance claims, economic factors including GDP growth, employment trends, and disposable income figures are evaluated as part of the process to estimate liabilities for benefit claims.

Current portion of long-term debt increased to $1,608 million at October 29, 2023 from $440 million at October 30, 2022, primarily due to certain debt instruments becoming due within the next twelve months.

The auditor's opinion on Palantir Technologies' financial statements was based on extensive audits that involved evaluating risks of material misstatement, both from error and fraud. Procedures included examining evidence and evaluating the accounting principles and estimates used by management. The audits were conducted adhering to PCAOB standards, confirming the financial statements conform to U.S. generally accepted accounting principles.


Question: How does Garmin manage the costs of manufacturing its products?

Our existing practice of performing the design and manufacture of our products in-house has enabled us to source components from different suppliers and, where possible, to redesign our products to leverage lower-cost or more readily available components.

The unrecognized deferred income tax liability related to indefinitely reinvested accumulated foreign earnings is estimated to be $206 million as of fiscal year 2023.

On July 12, 2022, the company announced that they are exiting all owned-manufacturing operations and expanding their current relationship with Taiwanese manufacturer, Rexon Industrial Corp.

Results on a constant currency basis, as presented, are not comparable to similarly titled measures used by other companies and are not a measure of performance presented in accordance with GAAP but provide insight by excluding the effects of foreign currency exchange fluctuations.

Proceeds from issuance of long-term debt in 2023 amounted to $872.9 million.

Our effective tax rate for fiscal years 2023 and 2022 was 19% and 13%, respectively.

U.S. dialysis depreciation and amortization expense increased in 2023 primarily due to accelerated depreciation for expected center closures.

Ford Blue's full year 2022 EBIT was $6.8 billion, an increase of $3.6 billion from 2021. The EBIT improvement was driven by higher net pricing and higher wholesales, offset partially by inflationary increases on commodity, material, and freight costs, higher warranty costs, higher structural costs, and weaker currencies.


Question: What impact is expected on Resource Industries' profit due to lower sales volume?

In Resource Masking Industries, we expect the profit impact from lower sales volume to be partially offset by favorable price realization.

Our cybersecurity leaders hold memberships and/or positions within the Financial Services Information Sharing and Analysis Center, or FS-ISAC, and the cross-sector Analysis and Resiliency Center, or ARC, in the U.S., the Financial Sector Cyber Collaboration Centre, or FSCCC, in the U.K., and similar organizations across the Europe, Middle East and Africa, or EMEA, and Asia Pacific, or APAC, regions.

This decrease was primarily due to the decrease in net income excluding non-cash expenses, gains and losses of $2.93 billion, partially offset by favorable changes in net operating assets and liabilities of $1.46 billion.

In April 2023, we also accepted the December 2022 put option notice from the AT&T pension trust and repurchased the remaining 213 million Mobility preferred interests for a purchase price, including accrued and unpaid distributions, of $5,414.

Item 3—Legal Proceedings See discussion of Legal Proceedings in Note 10 to the consolidated financial statements included in Item 8 of this Report.

As of December 31, 2023, Hilton managed 800 hotels with 250,472 rooms.

We believe it is important to separately quantify the profit impact of five significant items in order for our results to be meaningful to our readers. These items consist of (i) restructuring costs related to the divestiture of the company's Longwall business, (ii) other restructuring costs, (iii) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (iv) certain deferred tax valuation allowance adjustments and (v) goodwill impairment in 2022.

In December 2023, the PRA issued near final market risk rules for the U.K. which are expected to be effective from July 1, 2025.


Question: What allegations were made against Amazon.com, Inc. in the complaint filed by Broadband iTV, Inc. in October 2020?

The complaint alleges that certain Amazon Prime Video features and services infringe several U.S. Patent Nos. related to video-on-demand systems and dynamic adjustment of electronic program guides.

The projected future benefit payments for the Company's retirement plans are $1,481 million in 2024 and $1,473 million in 2025.

On March 15, 2022, the European Commission and the U.K. Competition and Markets Authority conducted unannounced inspections at the premises of, and sent formal requests for information to, several companies and associations active in the automotive sector.

Our 4th Gen AMD EPYC 9004 Series processors are built on the “Zen 4” 5 nanometer (nm) process node and are designed to deliver leadership performance and energy efficiency across a range of market segments and workloads.

The company is not currently a party to any legal proceeding that management believes will have a material adverse effect on our consolidated financial position or our results of operations.

Chubb Life offers a broad portfolio of protection and savings products including whole life, universal life, unit linked contracts, endowment plans, individual and life, group term life, health protection, personal accident, credit life, group employee benefits, and credit protection insurance.

As of January 2023, the maximum daily borrowing capacity under the commercial paper program was approximately $2.75 billion.

The company uses a variety of ingredients in their products, including high fructose corn syrup, sucrose, aspartame, and other sweeteners, as well as ascorbic acid, citric acid, phosphoric acid, caffeine, and caramel color; they also use orange and other fruit juice concentrates, and water is a main ingredient in substantially all products.


Question: How much did the Data and Analytics revenues increase in 2023 compared to 2022?

Data and Analytics revenues increased 69% in 2023 from 2022 primarily due to $63 million of revenue from Black Knight following the completion of our acquisition in September 2023.

For the years ended December 31, 2023 and 2022, the net unrealized gains (losses) for equity securities held at December 31, 2023 and 2022 were $(12) million and $(49) million, respectively.

Subject to various United States and foreign laws and regulations, including those related to intellectual property, data privacy and security, cybersecurity, tax, employment, competition and antitrust, anti-corruption, anti-bribery, and AI. Compliance with these laws has no current material adverse impact on capital expenditures, results of operations or competitive position.

The non-GAAP income tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations.

Visa Inc. reported a net income of $17,273 million for the fiscal year ended September 30, 2023.

Qulipta (atogepant) is a calcitonin gene-related peptide receptor antagonist indicated for the preventive treatment of episodic and chronic migraine in adults. Qulipta is commercialized in the United States and Canada and is approved in the European Union under the brand name Aquipta.

Under the contractual arrangements, approximately 70% of our jet fuel is purchased based on the index price for the preceding week, with the remainder of our purchases tied primarily to the index price for the preceding month and preceding day, rather than based on daily spot rates.

Under Part I, Item 3 (Legal Proceedings) of the Annual Report on Form 10-K, the relevant information is found in Note 11—Commitments and Contingencies in the Consolidated Financial Statements.


Question: How does Intuit foster diversity, equity and inclusion within its workforce?

Intuit has fostered diversity, equity, and inclusion by appointing a Chief Diversity, Equity & Inclusion Officer since 2015, setting goals for increasing diversity in the workforce, establishing a Center of Excellence, hosting Employee Resource Groups, including DEI-related questions in surveys, and creating a Racial Equity Advancement Leadership team.

The complaint alleges that certain Amazon Prime Video features and services infringe several U.S. Patent Nos. related to video-on-demand systems and dynamic adjustment of electronic program guides.

Global treaties and initiatives such as the Basel, Rotterdam and Stockholm Conventions on Chemicals and Waste focus on regulating chemical substances globally.

Veklury product sales decreased by 44% to $2.2 billion in 2023, compared to 2022.

Consumer Products segment operating results decreased $282.0 million to an operating loss of $64.7 million in 2023, compared to operating profit of $217.3 million in 2022. The operating profit margin decreased to -2.2% of net revenues in 2023 from 6.1% of net revenues in 2022.

Technology and infrastructure costs include payroll and related expenses for employees involved in the research and development of new and existing products and services, development, design, and maintenance of our stores, curation and display of products and services made available in our online stores, and infrastructure costs.

As of June 30, 2023, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact in our consolidated financial statements when the matters are resolved.


Question: In which sections of the Form 10-K can forward-looking statements be found according to the text?

Forward-looking statements may appear throughout this report, including the following sections: “Business” (Part I, Item 1 of this Form 10-K), “Risk Factors” (Part I, Item 1A of this Form 10-K), and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (Part II, Item 7 of this Form 10-K).

Insurance/Self-insurance Liabilities Claims for employee health-care benefits, workers’ compensation, general liability, property damage, directors’ and officers’ liability, vehicle liability, inventory loss, and other exposures are funded predominantly through self-insurance. Insurance coverage is maintained for certain risks to seek to limit exposures arising from very large losses. We use various risk management mechanisms, including a  wholly-owned captive insurance subsidiary, and participate in a reinsurance program.

We have paid transition tax of $7.7 billion, which included $1.5 billion for fiscal year 2023. The remaining transition tax of $10.5 billion is payable over the next three years, with $2.7 billion payable within 12 months.

The Consolidated Financial Statements, together with the Notes thereto and the report thereon dated February 16, 2024, of PricewaterhouseCoopers LLP, the Firm’s independent registered public accounting firm (PCAOB ID 238).

Our management and investors can use FCF for the purpose of determining the amount of cash available for investment in our businesses, repurchasing stock and other purposes as well as evaluating our historical and prospective liquidity.

Proceeds from issuance of long-term debt in 2023 amounted to $872.9 million.

The Company is exposed to fluctuations in prices for energy, particularly electricity and natural gas, and other commodity products used in retail and manufacturing operations, which it seeks to partially mitigate through the use of fixed-price contracts for certain of its warehouses and other facilities, primarily in the U.S. and Canada.

BHE plans to continue investing in renewable and other low-carbon generation and storage in the future and to cease coal operations at an additional 15 coal generation units between 2025 and 2030 in a reliable and cost-effective manner, thereby achieving a 50% reduction in GHG emissions from 2005 levels in 2030.


Question: What was the total value of equity securities held at the end of 2023 and 2022?

The carrying values of equity securities were included in the following line items in our consolidated balance sheets. The total equity securities value was $2,006 million on December 31, 2023, and $2,070 million on December 31, 2022.

As a result of the increases in the combined Switzerland tax rates and the impact of implementation of global minimum tax requirements, we expect our effective tax rate to be higher in the future, beginning with the 2024 tax year.

If hotel owners do not participate in the company's insurance programs, they must purchase insurance programs that are consistent with the company's requirements.

CSB and CSPB are Texas-chartered savings banks regulated by the Federal Reserve, Texas Department of Savings and Mortgage Lending, CFPB, and FDIC. Trust Bank is a Nevada-chartered savings bank regulated by the Federal Reserve, Nevada Financial Institutions Division, CFPB, and FDIC.

The increase in gross profit is primarily attributable to a decrease in freight expense as a result of lower ecommerce volume and added cost optimizations, partially offset by the translation impact of a stronger U.S. dollar.

The Chief Executive etc. does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Specifically, for our main U.S. Excess/Umbrella portfolios, a five percentage point change in the tail factor could result in a change of approximately $0.7 billion, either positive or negative, for the projected net loss and loss expense reserves.

Our 4th Gen AMD EPYC 9004 Series processors are built on the “Zen 4” 5 nanometer (nm) process node and are designed to deliver leadership performance and energy efficiency across a range of market segments and workloads.