Question: How does the company classify its short-term investments?

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.

As of December 31, 2023, the Company operated 204 centers across 25 states, which provided care for approximately 270,000 patients. These centers include the Company’s Oak Street Health business, which operates retail-like, community-based centers that provide medical primary care services.

For light- and medium-duty passenger cars and light trucks, EPA promulgated a rule in 2021 establishing GHG standards applicable from model years 2023 through 2026. This rule reversed a rollback of GHG standards that EPA had previously promulgated in 2020.

As of December 31, 2023, the total cash, cash equivalents, restricted cash, and marketable securities were reported to be $86,780 million.

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

Depreciation and amortization totaled $4,856 as recorded in the financial statements.

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.

Founded in 1919, Hilton has been an innovator in the hospitality industry, driven by the vision of founder Conrad Hilton.


Question: What is the maximum leverage ratio the company can elect to use in the context of material acquisitions, according to the Senior Credit Facilities?

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 ACA specifies minimum medical loss ratios (MLRs) for Commercial and Medicare Insured products, specifies features required to be included in commercial benefit designs, limits commercial individual and small group rating and pricing practices, encourages additional competition, and includes regulations and processes that could delay or limit the Company’s ability to appropriately increase its health plan premium rates.

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

Food and beverage costs for the company rose by 41.7% from $165.1 in 2022 to $233.9 in 2023.

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

The Financial Statement Schedule for IBM's 2023 report can be found on page S-1 of Form 10-K.

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

For enterprise networks, we offer product families with secure, encrypted switching capabilities and support lower power modes that comply with industry standards around energy efficient Ethernet.


Question: What were the financial outcomes for the company in fiscal year 2023 regarding net earnings and tax benefits?

The company recorded net earnings of $3,263 million and $1.1 billion of net income tax benefits related to discrete items in the provision for taxes for fiscal year 2023.

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.

Net earnings to common totaled $952 million for the year ended December 2023 in Goldman Sachs' Asset & Wealth Management.

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.

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

As of December 31, 2023, our board is composed of 40% women and 10% people of color.

Effective July 1, 2023, the Life Insurance segment includes 100 percent of the results of Huatai Group's life and asset management business as required under consolidation accounting.

During fiscal 2022, $2.25 billion of senior notes was repaid.


Question: What provisions do ICE's organizational documents contain that could impact the control of the company?

Our organizational documents contain provisions that may have the effect of discouraging, delaying or preventing a change of control of, or unsolicited acquisition proposals for, ICE. These provisions make a change of control less likely, which may be contrary to the desires of certain of our stock's organizationholders.

Our high performance Ethernet transceivers are built upon a proprietary digital signal processing communication architecture optimized for high-speed network connections and support the latest standards and advanced features, such as energy efficient Ethernet, data encryption and time synchronization.

The income tax provision was $74.2 million in the year ended December 31, 2023, as compared to $54.7 million in the same period in 2022.

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.

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.

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.

Our effective tax rate in the future will depend upon the proportion between the following items and income before provision for income taxes: U.S. tax benefits from foreign-derived intangible income, tax effects from share-based compensation, research tax credit, tax effects from capital losses not expected to be utilized, restructurings, settlement of tax contingency items, tax effects of changes in our business, and the effects of changes in tax law.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. The information required by this item is included in Item 15(a) of this Annual Report.


Question: What were the total notional values of derivatives related to foreign currency economic hedges as of December 31, 2023?

The total notional values of derivatives related to our foreign currency economic hedges were $6,989 million and $4,902 million as of December 31, 2023 and 2022, respectively.

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.

Fiscal 2022 net cash used in financing activities increased $6.7 billion when compared to the previous fiscal year. The increase was primarily due to repayments of long-term debt and related payment of premiums for the early extinguishment of certain notes, as well as increased share repurchases, partially offset by long-term debt issuances and equity funding from the sale of subsidiary stock.

We include realized gains and losses on our available-for-sale debt securities in interest and other income or expense in our consolidated statements of operations.

Our purpose is to unite caring with discovery to create medicines that make life better for people around the world.

We often sell inventory before we are required to pay for it, even while taking advantage of early payment discounts.

The Financial Statement Schedule for IBM's 2023 report can be found on page S-1 of Form 10-K.

Broadband revenues increased in 2023 by 8.1% driven by an increase in fiber customers and higher average revenue per user, partially offset by declines in copper-based broadband services.


Question: How much did the total payments volume growth rate for Visa Inc. change between 2021 and 2022?

The total payments volume growth rate for Visa Inc. changed by 9% between 2021 and 2022.

After-tax earnings of other energy businesses decreased $332 million (24.5%) in 2023 compared to 2022. The decline reflected lower earnings at Northern Powergrid due to unfavorable results at a natural gas exploration project, including the write-off of capitalized exploration costs and lower gas production volumes and prices, as well as from higher deferred income tax expense related to the enactment of the Energy Profits Levy income tax in the United Kingdom. The earnings decline was also attributable to lower earnings from renewable energy and retail services businesses. The decline in renewable energy and retail services earnings was primarily due to lower income tax benefits, higher operating expenses, lower solar and wind generation at owned projects and the impact of unfavorable changes in valuations of derivatives contracts, partially offset by debt extinguishment gains.

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 also refer to a number of financial measures that are not defined under accounting principles generally accepted in the United States of America (U.S. GAAP), consisting of organic sales growth, core earnings per share (Core EPS), adjusted free cash flow and adjusted free cash flow productivity. Organic sales growth is net sales growth excluding the impacts of acquisitions and divestitures and foreign exchange from year-over-year comparisons. Core EPS is diluted EPS excluding certain items that are not judged by management to be part of the Company's sustainable results or trends. Adjusted free cash flow is operating cash flow less capital spending and excluding payments for the transitional tax resulting from the U.S. Tax Act. Adjusted free cash flow productivity is the ratio of adjusted free cash flow to net earnings excluding certain one-time items.

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

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.

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.

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 are the requirements for JPMorgan Chase as a large Bank Holding Company (BHC) under the Federal Reserve's CCAR framework?

As a large BHC, JPMorgan Chase is subject to supervisory stress testing under the Federal Reserve's annual Comprehensive Capital Analysis and Review (CCAR) framework, requiring the conduct of annual company-run stress tests, submission of an annual capital plan, and filing an annual CCAR submission on April 5, 2024.

We continue to maintain a valuation allowance against our California research and development credit deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criteria, particularly as we expect research and development tax credit generation to exceed our ability to use the credits in future years.

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).

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.

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.

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.

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

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


Question: How is the average discount rate for the company's OPRB plan determined, and what is its impact from a 100 basis-point change?

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.

Note 16 is important in a Form 10-K for providing detailed information on legal proceedings as 'Commitments and Contingencies.'

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

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

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.

Consolidated operating revenue for the twelve months ended December 31, 2023, was reported as $5,265.2 million.

On March 30, 2023, the CFPB adopted a final rule requiring covered financial institutions, such as us, to collect and report data to the CFPB regarding certain small business credit applications.

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 does critical accounting policy mean as defined by the SEC?

The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and results of operations, and which require a company to make its most difficult and subjective judgments.

Point of Service, or POS, plans allow members to choose, at the time medical services are needed, to seek care from a provider within the plan's network or outside the network. POS plans combine the advantages of HMO plans with the flexibility of PPO plans.

Many of Garmin's products feature location technology such as Global Positioning System (GPS).

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.

The following table summarizes AbbVie's estimated material contractual obligations as of December 31, 2023, which includes long-term debt, both current and long-term portions, totaling $59,245 million.

As of October 31, 2023, the company's unconditional purchase obligations totaled $1.6 billion.

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

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 |


Question: What percentage of Kenvue's shares did Johnson & Johnson own immediately after Kenvue's IPO?

As of the closing of the IPO, Johnson & Johnson owned approximately 89.6% of the total outstanding shares of Kenvue Common Stock.

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 from pages 44 through 121 of IBM’s 2023 Annual Report to Stockholders are incorporated by reference in the Form 10-K.

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

General Motors operates through automotive segments which include GM North America (GMNA) and GM International (GMI).

At December 31, 2023 our net deferred tax liability balance was $665 million, including an $877 million valuation allowance primarily related to certain net realized and unrealized capital losses and certain state net operating losses.

Comprising part of its employee welfare programs, Comcast invests in mental health support through counseling and digital tools to aid in various personal challenges.

Chevron holds a concession to operate the Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon resources in the onshore area of the Partitioned Zone between Saudi Arabia and Kuwait. The concession expires in 2046.


Question: How much total cash dividends were paid by The Hershey Company on July 2, 2023?

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

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.

Iron Mountain expects to incur approximately $150.0 million in costs annually related to Project Matterhorn from 2023 through 2025, composed of restructuring costs (including site consolidation, employee severance, and professional fees) and other transformation costs (including project management and third-party consultant fees).

The impairment charges for Depop and Elo7 were influenced by factors such as macroeconomic conditions including reopening and inflation, as well as management changes and revised projected cash flows affecting their fair values.

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

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

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.

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


Question: What is the recognition period for Etsy's stock options and RSUs granted to employees?

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

The 2021 credit facility is available for working capital, capital expenditures and other corporate purposes, including acquisitions and share repurchases.

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

Our effective tax rate in the future will depend upon the proportion between the following items and income before provision for income taxes: U.S. tax benefits from foreign-derived intangible income, tax effects from share-based compensation, research tax credit, tax effects from capital losses not expected to be utilized, restructurings, settlement of tax contingency items, tax effects of changes in our business, and the effects of changes in tax law.

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

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

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

OPSUMIT (macitentan) is tailored for the therapeutic management of pediatric pulmonary arterial hypertension.


Question: What is the purpose of the Management’s Discussion and Analysis section in Equifax Inc.’s Form 10-K?

The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Equifax Inc.

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.

The net loss before income taxes showed a decrease of 59.8%, with amounts changing from $711.1 in 2022 to $286.0 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.

Starbucks' retail objective is to be the leader in coffee and tea in target markets, selling the finest quality products and providing a unique Starbucks Experience.

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.

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


Question: How much was the Company's income tax expense for the year ended December 31, 2022, and what was the effective tax rate for that year?

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%.

In October 2022, the FDIC adopted a restoration plan that includes an increase in deposit insurance assessments across the industry of two basis points (bps).

During 2022 and 2023, our operating margin was impacted by increased wage rates. During 2022, our gross margin was impacted by higher air freight costs as a result of global supply chain disruption.

OPSUMIT (macitentan) is tailored for the therapeutic management of pediatric pulmonary arterial hypertension.

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.

The Be Human pillar of our Impact Agenda sets out our focus areas with respect to human capital, including: •Inclusion, Diversity, Equity, and Action (“IDEA”); •Employee empowerment; and •Fair labor practices and the well-being of the people who make our products.

The company believes that trademarks have significant value for marketing products, e-commerce, stores, and business, with the possibility of indefinite renewal as long as the trademarks are in use.

Delta Air Lines handles the revenue from marketing agreements by dividing the consideration among the various services delivered, which are valued based on the relative selling prices of these services.


Question: What change did the FCC propose in October 2023 regarding the classification of broadband internet access services?

In October 2023, the FCC proposed to reclassify broadband internet access services as a "telecommunications service," which would authorize the FCC to subject our broadband services to traditional common carriage regulation under Title II of the Communications Act.

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.

President Biden accepted the terms of the climate agreement on January 20, 2021, and the U.S. completed its reentry on February 19, 2021.

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.

In 2022 and 2023, U.S. dialysis experienced increases in clinical labor wage rates, which includes contract labor, of approximately 1.3% and 7.4%, respectively.

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

The market price risk management policy manages how hedging instruments can be used to mitigate risk. These instruments are governed by certain rules set under the policy, aimed at quantifying and evaluating the market-based risks to strategize mitigations such as entering into hedging transactions.

After-tax earnings of other energy businesses decreased $332 million (24.5%) in 2023 compared to 2022. The decline reflected lower earnings at Northern Powergrid due to unfavorable results at a natural gas exploration project, including the write-off of capitalized exploration costs and lower gas production volumes and prices, as well as from higher deferred income tax expense related to the enactment of the Energy Profits Levy income tax in the United Kingdom. The earnings decline was also attributable to lower earnings from renewable energy and retail services businesses. The decline in renewable energy and retail services earnings was primarily due to lower income tax benefits, higher operating expenses, lower solar and wind generation at owned projects and the impact of unfavorable changes in valuations of derivatives contracts, partially offset by debt extinguishment gains.


Question: How much did the net cash provided by operating activities decrease in 2023 compared to 2022?

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.

For light- and medium-duty passenger cars and light trucks, EPA promulgated a rule in 2021 establishing GHG standards applicable from model years 2023 through 2026. This rule reversed a rollback of GHG standards that EPA had previously promulgated in 2020.

The Corporate loss before interest and taxes primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses.

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.

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

•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.

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


Question: What primarily constitutes the corporate loss before interest and taxes?

The Corporate loss before interest and taxes primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses.

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

Represents the target level of performance share units vested as of December 31, 2023 for the 2021-2023 performance period.

Interest income increased $769 million, or 259%, in the year ended December 31, 2023 as compared to the year ended December 31, 2022. This increase was primarily due to higher interest earned on our cash and cash equivalents and short-term investments in the year ended December 31, 2023 as compared to the prior year due to rising interest rates and our increasing portfolio balance.

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

The 2021 credit facility is available for working capital, capital expenditures and other corporate purposes, including acquisitions and share repurchases.

At Hasbro Pulse our fans can find product offerings and experiences from our popular brands as well as access to views of behind-the-scenes material and insider details. In addition, Hasbro Pulse offers consumers access to product related livestreams such as fan oriented virtual conventions and product and merchandise reveals, as well as the opportunity to participate in HasLab, the Hasbro crowdfunding platform which brings limited-edition collectibles into the hands of fans.

Changes in the discount rate, like an increase, can lead to recognizing an impairment of an intangible asset in spite of achieving forecasted or greater cash flows.


Question: What risks are associated with the non-GAAP income tax rate used in the calculations?

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.

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

Internationally, Botox Cosmetic net revenues increased by 10% in 2023, primarily driven by recovery from COVID-19 in China and increased consumer demand across other key international markets.

As of the closing of the IPO, Johnson & Johnson owned approximately 89.6% of the total outstanding shares of Kenvue Common Stock.

On October 30, 2022, the fair value measurement of cash equivalents at the reporting date using Level 1 was $19 million.

Principal repayments of finance leases in 2022 totaled $7,941 million.

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).

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.


Question: What percentage of revenue growth did the U.S. dialysis business experience in 2023?

U.S. dialysis revenue growth of 3.2% from an increase in average patient services revenue per treatment of $12.20.

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 |

We expect organic service revenue growth in 2024 to benefit from our new and existing digital offerings and ALM, as well as our traditional services.

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.

Company Adjusted EBIT Margin is derived by dividing the Company adjusted EBIT by Company revenue, which is a non-GAAP measure useful for evaluating the company's operating results.

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.

Garmin has implemented multiple environmental management systems and achieved certification to the ISO 14001 standard for Environmental Management at facilities in the U.S., U.K., Taiwan, Poland, and China.

Our purpose is to unite caring with discovery to create medicines that make life better for people around the world.


Question: What method of goodwil impairment testing did the Company adopt during the fourth quarter of 2023?

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.

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

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.

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

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.

We continue to maintain a valuation allowance against our California research and development credit deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criteria, particularly as we expect research and development tax credit generation to exceed our ability to use the credits in future years.

In 2023, total sales and trading revenue for Global Markets amounted to $17,376 million.

The operating segments include ALLDATA, which produces, sells and maintains diagnostic, repair, collision and shop management software used in the automotive repair industry.


Question: What year was Hilton founded, and who was its founder?

Founded in 1919, Hilton has been an innovator in the hospitality industry, driven by the vision of founder Conrad Hilton.

Principal repayments of finance leases in 2022 totaled $7,941 million.

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

See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for a description of legal proceedings.

Several methods are used to promote our products, including the use of dealer, retail and fleet incentives, such as customer rebates and finance rate support.

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

The lawsuit alleges that CS&Co violated their duty to seek best execution in their routing of orders to UBS Securities LLC from July 13, 2011, to December 31, 2014.

Adjusted EBITDA is defined as excluding capital expenditures, changes in or cash requirements for working capital needs, significant interest expenses, income tax payments, and any cash requirements for the assets being depreciated and amortized.


Question: What method do we use to value privately held equity and debt securities in the absence of market data?

Privately held debt and equity securities are valued using significant unobservable inputs or data in an inactive market and the valuation requires our judgment due to the absence of market prices and inherent lack of liquidity. In determining the estimated fair value for these investments, we utilize the most recent data available and apply valuation methods, including the market approach and option pricing models (OPM), adjusted to reflect the specific rights and preferences of the classes of securities we hold.

Operating profit as a percentage of sales in 2022 and 2021 was 2.78% and 2.52% respectively.

The Corporate loss before interest and taxes primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses.

Basic net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period.

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.

Schwab's trading revenue decreased by 12% from 2022 to 2023.

All references to earnings per share data in MD&A are to diluted earnings per share, or EPS, unless otherwise noted. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding.

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.


Question: What were the net earnings to common shareholders for Goldman Sachs' Asset & Wealth Management in 2023?

Net earnings to common totaled $952 million for the year ended December 2023 in Goldman Sachs' Asset & Wealth Management.

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

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.

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.

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.

Details about legal proceedings are included in Part II, Item 8, "Financial Statements and Supplementary Data" of the Annual Report on Form 10-K, under the caption "Legal Proceedings".

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

Through our vertical retail strategy and direct connection with our customers, whom we refer to as guests, we are able to collect feedback and incorporate unique performance and fashion needs into our design process.


Question: What type of insurance policies cover some of the defense and settlement costs associated with litigation mentioned?

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

Item 8 is typically associated with the discussion of Financial Statements and Supplementary Data.

The notional amount of foreign currency derivative contracts as of January 31, 2023 and January 31, 2022 was $6.0 billion and $6.1 billion, respectively.

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.

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.

Statutory federal income tax expense at 21% was $107 million for the year ended December 30, 2023, $252 million for the year ended December 31, 2022, and $772 million for the year ended December 25, 2021.

In 2023, the net interest revenue was $9,427 million.

Comprising part of its employee welfare programs, Comcast invests in mental health support through counseling and digital tools to aid in various personal challenges.


Question: What awards did Iron Mountain receive from Comparably in 2023?

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

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.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. The information required by this item is included in Item 15(a) of this Annual Report.

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.

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.

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

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.

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


Question: How many Class A common stock shares were issued as a result of warrant exercises during the year ended December 31, 2023?

During the year ended December 31, 2023, warrant holders exercised warrants to purchase 7.1 million shares of Class A common stock. The warrants were exercised on a cashless basis resulting in the issuance of 5.6 million shares of Class A common stock.

Statutory federal income tax expense at 21% was $107 million for the year ended December 30, 2023, $252 million for the year ended December 31, 2022, and $772 million for the year ended December 25, 2021.

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).

The Financial Statement Schedule for IBM's 2023 filing is found on page S-1 of Form 10-K.

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.

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.

We continue to maintain a valuation allowance against our California research and development credit deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criteria, particularly as we expect research and development tax credit generation to exceed our ability to use the credits in future years.

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 main purpose of Walmart's EDLC strategy?

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

In 2023, we increased the top of the wage scales by 85 cents per hour in the U.S, Canada and Puerto Rico. In September of 2023, we increased the starting wage to at least $18.50 for all entry-level positions in the U.S. We have also expanded our benefits in the U.S. to include additional mental health support for children and adults at little to no cost to our employees.

We also refer to a number of financial measures that are not defined under accounting principles generally accepted in the United States of America (U.S. GAAP), consisting of organic sales growth, core earnings per share (Core EPS), adjusted free cash flow and adjusted free cash flow productivity. Organic sales growth is net sales growth excluding the impacts of acquisitions and divestitures and foreign exchange from year-over-year comparisons. Core EPS is diluted EPS excluding certain items that are not judged by management to be part of the Company's sustainable results or trends. Adjusted free cash flow is operating cash flow less capital spending and excluding payments for the transitional tax resulting from the U.S. Tax Act. Adjusted free cash flow productivity is the ratio of adjusted free cash flow to net earnings excluding certain one-time items.

Specific details regarding a company's legal proceedings are mentioned in Note 12 to the Consolidated Financial Statements.

We are subject to various U.S. federal and state laws pertaining to health care 'fraud and abuse,' including anti-kickback laws and false claim laws.

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.

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.

Historically, the majority of gift cards are redeemed within one year. In addition, a portion of gift cards are not expected to be redeemed and will be recognized as breakage over time.


Question: What was the percentage change in total earning assets from the previous year as reported in 2023?

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.

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.

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).

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

The following table summarizes AbbVie's estimated material contractual obligations as of December 31, 2023, which includes long-term debt, both current and long-term portions, totaling $59,245 million.

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.

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.

The income tax provision was $74.2 million in the year ended December 31, 2023, as compared to $54.7 million in the same period in 2022.


Question: What were the net deferred tax liabilities at December 31, 2023, for the company in the financial summary?

Net deferred tax liabilities for the company on December 31, 2023 were listed as $58,583.

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.

The impairment charges for Depop and Elo7 were influenced by factors such as macroeconomic conditions including reopening and inflation, as well as management changes and revised projected cash flows affecting their fair values.

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.

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

We include realized gains and losses on our available-for-sale debt securities in interest and other income or expense in our consolidated statements of operations.

Revenues were $307.4 billion, an increase of 9% year over year.

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 effect would a 1.00% change in the expected long-term rate of return on assets have on Delta's pension plans?

1.00% decrease in expected long-term rate of return on assets | $ | 150 | million | $ | — |  1.00% increase in expected long-term rate of return on assets | $ | (150) | million | $ | —

•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.

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.

U.S. dialysis revenue growth of 3.2% from an increase in average patient services revenue per treatment of $12.20.

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.

In 2006, AT&T acquired ILEC BellSouth Corporation.

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 U.S. futures exchange, ICE Futures U.S., is subject to extensive regulation by the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act, or CEA.


Question: What financial impact did the actuarial adjustments of pension and postretirement healthcare plans have in 2023 compared to 2022?

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.

Total net additions to property and equipment for AWS in 2023 amounted to $24,843 million.

The HP GreenValley edge-to-cloud platform is used for software-defined disaggregated storage services that include HPE GreenLake for Block Storage and HPE GreenLake for File Storage, and it provides unified cloud-based management to simplify how customers manage storage.

The increase in sales and marketing expense in the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to $12.3 million of higher personnel-related expenses from a growth in headcount, $3.2 million of higher professional services, advertising costs and equipment costs, and $1.2 million provision for doubtful accounts.

Companies with which we have strategic partnerships in some areas may be competitors in other areas.

Part IV Item 15 in a financial document includes Exhibits and Financial Statement Schedules, as specified.

Critical assumptions that are used as part of a quantitative Family Dollar goodwill evaluation include: •The potential future revenue, EBITDA and cash flows of the reporting unit. The projections use management’s assumptions about economic and market conditions over the projected period.

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


Question: What was the percentage increase in EPS-diluted from 2021 to 2022?

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

Key factors in AutoZone's store location decisions include future profitability, demographic profiles, vehicle types, customer trends, competition, and real estate costs, influencing where and when to establish new stores.

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.

Starbucks Card and the Rewards program offer a convenient payment solution and incentives to increase store visits and customer loyalty through various benefits linked to reward points gathered.

During 2022 and 2023, our operating margin was impacted by increased wage rates. During 2022, our gross margin was impacted by higher air freight costs as a result of global supply chain disruption.

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

See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for a description of legal proceedings.


Question: What caused the increase in U.S. dialysis depreciation and amortization expense in 2023?

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

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.

Consumer VoIP Connections were 2,736 in 2021, decreased to 2,311 in 2022, and further to 1,953 in 2023.

The income tax provision was $74.2 million in the year ended December 31, 2023, as compared to $54.7 million in the same period in 2022.

Item 8 is typically associated with the discussion of Financial Statements and Supplementary Data.

In 2023, worldwide sales to customers increased by 6.5% compared to the previous year, rising from $79,990 million in 2022 to $85,159 million.

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.

OPSUMIT (macitentan) is tailored for the therapeutic management of pediatric pulmonary arterial hypertension.


Question: What method is primarily used by the company to account for inventories?

Inventories, consisting of products available for sale, are primarily accounted for using the first-in first-out method.

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.

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.

Consolidated operating revenue for the twelve months ended December 31, 2023, was reported as $5,265.2 million.

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.

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 2022, the gain on divestiture of subsidiaries represents the pre-tax gain on the sale of bswift, which the Company sold in November 2022, and the pre-tax gain on the sale of PayFlex, which the Company sold in June 2022. The gains on divestitures are reflected as a reduction of operating expenses in the Company’s GAAP consolidated statement of operations within the Health Care Benefits segment.

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


Question: What were the key components audited in Salesforce, Inc.'s financial statements for the years ending January 31, 2023?

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.

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.

In November 2023, the company issued $500 million of 5.750% unsecured senior notes due December 1, 2028 and $850 million of 5.950% unsecured senior notes due March 15, 2034. The net proceeds, reduced for the underwriters' discounts and commissions paid, were $1.3 billion. These proceeds were used for general corporate purposes, including the repayment of existing indebtedness and borrowings under the commercial paper program.

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.

The impairment charges for Depop and Elo7 were influenced by factors such as macroeconomic conditions including reopening and inflation, as well as management changes and revised projected cash flows affecting their fair values.

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...

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.

As of the end of 2023, Hilton's development pipeline included projects in 118 countries and territories.


Question: What key factors influence AutoZone's decisions in opening new stores?

Key factors in AutoZone's store location decisions include future profitability, demographic profiles, vehicle types, customer trends, competition, and real estate costs, influencing where and when to establish new stores.

Kroger is committed to maintaining a net total debt to adjusted EBITDA ratio target range of 2.30 to 2.50.

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

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.

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

Statements regarding future economic performance and management’s plans and objectives in the report constitute forward-looking statements.

Note 17, 'Litigation and Contingencies,' to the Consolidated Financial Statements in Item 8 of Part II, which is incorporated herein by reference.

Chubb mitigates exposure to climate change risk by ceding catastrophe risk in our insurance portfolio through both reinsurance and capital markets, and our investment portfolio through the diversification of risk, industry, location, type and duration of security.


Question: What is the projected increase in effective tax rate starting from fiscal 2024?

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.

Our primary marketplace, Etsy.com, and we own other marketplaces including Reverb and Depop. Reverb is a musical instrument marketplace, and Depop is a fashion resale marketplace.

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.

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.

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

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 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.

Changes in the discount rate, like an increase, can lead to recognizing an impairment of an intangible asset in spite of achieving forecasted or greater cash flows.


Question: What is the frequency of conducting quantitative assessments for cable franchise rights as per the company's practice?

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.

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

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.

Delta Air Lines handles the revenue from marketing agreements by dividing the consideration among the various services delivered, which are valued based on the relative selling prices of these services.

Part IV Item 15 in a financial document includes Exhibits and Financial Statement Schedules, as specified.

As of the end of 2023, Amazon's workforce comprised about 1,525,000 full-time and part-time employees.

Hilton Honors members have the flexibility to use points earned from stays to book future stays using a combination of points and money. They can also transact with strategic partners such as credit card providers, airlines, and car rental companies.

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


Question: What did Masimo allege in its complaint before the U.S. International Trade Commission?

Masimo Masimo Corporation and Cercacor Laboratories, Inc. (together, “Masimo”) filed a complaint before the U.S. International Trade Commission (the “ITC”) alleging infringement by the Company of five patents relating to the functionality of the blood oxygen feature in Apple Watch Series 6 and 7.

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.

At Hasbro Pulse our fans can find product offerings and experiences from our popular brands as well as access to views of behind-the-scenes material and insider details. In addition, Hasbro Pulse offers consumers access to product related livestreams such as fan oriented virtual conventions and product and merchandise reveals, as well as the opportunity to participate in HasLab, the Hasbro crowdfunding platform which brings limited-edition collectibles into the hands of fans.

Ernst & Young LLP have served as the company's auditor since 2008, and they conducted their audits in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB).

Deferred tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as from net operating loss and tax credit carryforwards.

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

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

As of January 28, 2023, we have approximately 2,500 Dollar Tree Plus stores.


Question: When are the near final market risk rules issued by the PRA expected to become effective in the U.K.?

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.

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 increase in operating income was primarily driven by an increase in revenues, partially offset by an increase in content acquisition costs and compensation expenses including an increase in SBU expense.

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.

After-tax earnings of other energy businesses decreased $332 million (24.5%) in 2023 compared to 2022. The decline reflected lower earnings at Northern Powergrid due to unfavorable results at a natural gas exploration project, including the write-off of capitalized exploration costs and lower gas production volumes and prices, as well as from higher deferred income tax expense related to the enactment of the Energy Profits Levy income tax in the United Kingdom. The earnings decline was also attributable to lower earnings from renewable energy and retail services businesses. The decline in renewable energy and retail services earnings was primarily due to lower income tax benefits, higher operating expenses, lower solar and wind generation at owned projects and the impact of unfavorable changes in valuations of derivatives contracts, partially offset by debt extinguishment gains.

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 increase in sales and marketing expense in the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to $12.3 million of higher personnel-related expenses from a growth in headcount, $3.2 million of higher professional services, advertising costs and equipment costs, and $1.2 million provision for doubtful accounts.

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


Question: How is the transaction price allocated when loyalty program members make a purchase?

The program allows paid members to earn points on purchases that can be redeemed for rewards including discounts or coupons. When loyalty program members purchase a product, the transaction price is allocated between the product and loyalty points earned based on relative stand-alone selling prices and expected point redemption. The portion allocated to loyalty points is recorded as deferred revenue and recognized as revenue upon redemption or expiration. Estimates such as the retail price per point and breakage are used to record the deferred revenue for loyalty points.

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

Hilton Honors members have the flexibility to use points earned from stays to book future stays using a combination of points and money. They can also transact with strategic partners such as credit card providers, airlines, and car rental companies.

Garmin offers the quatix series wearable, GPS-enabled smartwatches designed for mariners, which include marine features for navigation, sailing, stereo control, autopilot functions, tidal information, a built-in LED flashlight, and solar charging, depending on model.

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

As of December 31, 2023, we had a combined total of approximately 32 million member households enrolled in A-List, Premiere, and Insider programs.

The adjusted operating loss decreased by $295 million, or 18.3%, in 2023 compared to 2022. This decrease was primarily driven by decreased operating expenses associated with the termination of certain transformation initiatives.

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.


Question: What method does General Motors use to promote their products in the automotive market?

Several methods are used to promote our products, including the use of dealer, retail and fleet incentives, such as customer rebates and finance rate support.

•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.

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

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.

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

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.

HPE provides an industry-leading paid parental leave program which offers a minimum of six months leave, part-time work opportunities for new parents or team members transitioning to retirement, and four 'Wellness Fridays' off per year to focus on well-being.

For entrepreneurs, Intuit focuses on customer acquisition, payment facilitation, and financial management, aiming to streamline these processes to foster business growth.


Question: How many shares of class A common stock were authorized for grant under Visa's Equity Incentive Compensation Plan?

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.

In 2023, the constant currency revenue for the United States was reported as $146,286 million.

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.

Principal repayments of finance leases in 2022 totaled $7,941 million.

Johnson & Johnson was incorporated in the State of New Jersey in 1887.

The current portion of operating lease liabilities for the year ending January 28, 2023, is valued at $1,449.6 million.

We recognize revenue associated with Chipotle Rewards within food and beverage revenue on the consolidated statements of income and comprehensive income when a customer redeems an earned reward.

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.


Question: What specific measures contributed to the increase in cash flow from operating activities in 2023?

Cash provided by operating activities during 2023 mostly consisted of $39.10 billion net income adjusted for certain non-cash items, such as $14.03 billion of share-based compensation expense and $11.18 billion of depreciation and amortization expense, as well as $3.29 billion of favorable changes in working capital. The increase in cash flows from operating activities during 2023 compared to 2022 was mostly due to an increase in cash collection from our customers driven by the increase in revenue, and a decrease in payments to our vendors.

Our 2022 EPS-diluted also benefited from lower weighted-average shares outstanding as a result of share repurchases pursuant to our Board-approved repurchase programs.

Consolidated operating revenue for the twelve months ended December 31, 2023, was reported as $5,265.2 million.

In 2023, Impairment of goodwill of $1,191.2 million, or 23.8% of net revenues represents non-cash impairment charges of $960.0 million associated with the Company's Family Brands reporting unit recorded during the fourth quarter of 2023, reflecting a reduced long-term forecast due to lower profitability of PJ MASKS, and a change in outlook for the Company's owned and operated production efforts that shifted the Entertainment strategy to an asset lite and partner led model.

We do not believe that the resolution of these legal matters, including the matters described in this Annual Report, will have a material adverse effect on our consolidated financial condition, results of operations, or liquidity.

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.

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

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.


Question: What strategic actions has Walmart International taken over the last three years?

Over the last three years, Walmart International has undertaken strategic actions including divesting of Walmart Argentina, Asda Group... in the U.K., Seiyu in Japan, buying out noncontrolling interests in Massmart, exiting operations in Africa, and increasing ownership in PhonePe.

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.

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.

We increased our common stock dividend by 22% during 2022.

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.

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

For light- and medium-duty passenger cars and light trucks, EPA promulgated a rule in 2021 establishing GHG standards applicable from model years 2023 through 2026. This rule reversed a rollback of GHG standards that EPA had previously promulgated in 2020.

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


Question: What percentage of DaVita's board is composed of women as of December 31, 2023?

As of December 31, 2023, our board is composed of 40% women and 10% people of color.

For entrepreneurs, Intuit focuses on customer acquisition, payment facilitation, and financial management, aiming to streamline these processes to foster business growth.

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.

As of January 29, 2023, we were authorized, subject to certain specifications, to repurchase additional shares of our common stock up to $7.23 billion through December 2023.

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.

On October 13, 2019, California bill AB 290 was signed into law, limiting the amount of reimbursement paid to certain providers for services provided to patients with commercial insurance who receive charitable premium assistance.

Item 8 is typically associated with the discussion of Financial Statements and Supplementary Data.


Question: What is the worldwide effective income tax rate for the company in 2023?

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

The main drivers of changes in SG&A as a percentage of net sales are overhead and marketing cost savings, reinvestments (for example, increased advertising), inflation, foreign exchange fluctuations and scale impacts.

Basic net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period.

The Etsy, Reverb, and Depop marketplaces collectively connected a total of 9.0 million active sellers to 96.5 million active buyers as of December 31, 2022.

Garmin offers the quatix series wearable, GPS-enabled smartwatches designed for mariners, which include marine features for navigation, sailing, stereo control, autopilot functions, tidal information, a built-in LED flashlight, and solar charging, depending on model.

In 2023, admissions contributed $2,690.5 million to the total revenue.

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.

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


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

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

We engaged third party experts to assist in the determination of the weighted-average cost of capital used to discount the cash flows for our Family Dollar reporting unit. The weighted-average cost of capital used to discount the cash flows for our evaluation was 9.5% for our fiscal 2022 analysis.

We recognize revenue associated with Chipotle Rewards within food and beverage revenue on the consolidated statements of income and comprehensive income when a customer redeems an earned reward.

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.

The company recorded net earnings of $3,263 million and $1.1 billion of net income tax benefits related to discrete items in the provision for taxes for fiscal year 2023.

In December 2021, the OECD issued Pillar Two model rules which would establish a global per-country minimum tax of 15%, and the European Union has approved a directive requiring member states to incorporate similar provisions into their respective domestic laws. The directive requires the rules to initially become effective for fiscal years starting on or after December 31, 2023.

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 make available free of charge on the Investor Relations section of our corporate website all of the reports we file with or furnish to the SEC as soon as reasonably practicable, after the reports are filed or furnished.


Question: What factors influence the fair value estimates of the Company's goodwill and noncontrolling interests?

Changes in circumstance that may trigger a goodwill impairment assessment for one of our business units can include, among others, changes in the legal environment, addressable market, business strategy, development or business plans, reimbursement structure or rates, operating performance, future prospects, relationships with partners, interest rates and/or market value indications for the subject business.

The Be Human pillar of our Impact Agenda sets out our focus areas with respect to human capital, including: •Inclusion, Diversity, Equity, and Action (“IDEA”); •Employee empowerment; and •Fair labor practices and the well-being of the people who make our products.

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.

Cash provided by (used in) operating activities changed from $(434.3) million in 2021 to $108.2 million in 2022, making a change of $542.5 million.

Options exercisable as of May 31, 2023 were 44.7 million with a weighted average option price of $79.95 per share, and the aggregate intrinsic value for options outstanding and exercisable as of May 31, 2023 was $1,380 million and $1,307 million respectively.

The Financial Statements and Supplementary Data from pages 44 through 121 of IBM’s 2023 Annual Report to Stockholders are incorporated by reference in the Form 10-K.

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.

In Item 3 of a Form 10-K, information regarding legal proceedings is derived by reference from Note 16 in the Notes to the Consolidated Financial Statements.


Question: What does Part IV Item 15 include in a financial document?

Part IV Item 15 in a financial document includes Exhibits and Financial Statement Schedules, as specified.

GameStop generated $1.68 billion in aggregate gross proceeds from sales under the ATM Transactions during fiscal 2021.

We generate revenue primarily from marketplace activities, including transaction (inclusive of offsite advertising), payments processing, and listing fees, as well as from optional seller services, which include on-site advertising and shipping labels.

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.

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

Net deferred tax liabilities for the company on December 31, 2023 were listed as $58,583.

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 company recorded net earnings of $3,263 million and $1.1 billion of net income tax benefits related to discrete items in the provision for taxes for fiscal year 2023.


Question: How does Garmin address environmental requirements at its facilities?

Garmin has implemented multiple environmental management systems and achieved certification to the ISO 14001 standard for Environmental Management at facilities in the U.S., U.K., Taiwan, Poland, and China.

At December 31, 2023, total assets were approximately $3.2 trillion, up $128.8 billion from December 31, 2022, primarily due to higher cash and cash equivalents.

Cash flow before share repurchases and changes in debt was $2.2 billion for the fiscal year ended August 26, 2029.

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.

After-tax earnings of other energy businesses decreased $332 million (24.5%) in 2023 compared to 2022. The decline reflected lower earnings at Northern Powergrid due to unfavorable results at a natural gas exploration project, including the write-off of capitalized exploration costs and lower gas production volumes and prices, as well as from higher deferred income tax expense related to the enactment of the Energy Profits Levy income tax in the United Kingdom. The earnings decline was also attributable to lower earnings from renewable energy and retail services businesses. The decline in renewable energy and retail services earnings was primarily due to lower income tax benefits, higher operating expenses, lower solar and wind generation at owned projects and the impact of unfavorable changes in valuations of derivatives contracts, partially offset by debt extinguishment gains.

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.

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).

Changes in the discount rate, like an increase, can lead to recognizing an impairment of an intangible asset in spite of achieving forecasted or greater cash flows.


Question: What primarily drove the increase in total expenses as detailed in the text?

Total expenses increased, primarily driven by higher Card Member rewards expense and Card Member services expense.

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

In 2023, the total net receivables were $2,035 million.

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.

The information for Legal proceedings in Item 3 is presented by incorporating it by reference to Note 19 in the Notes to Consolidated Financial Statements included in Item 8 of the report.

At December 31, 2023 our net deferred tax liability balance was $665 million, including an $877 million valuation allowance primarily related to certain net realized and unrealized capital losses and certain state net operating losses.

As of December 31, 2023, the total cash, cash equivalents, restricted cash, and marketable securities were reported to be $86,780 million.

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.


Question: What role does Marina Bay Sands play in promoting business and leisure tourism in Asia?

Marina Bay Sands is an iconic, architecturally significant Integrated Resort with meaningful scale and visitation. Due to its distinctive design, multitude of amenities and customer experiences shared on social media, and a prominent position as part of the Singapore skyline, Marina Bay Sands is recognized throughout Asia and globally.

Since deferred taxes measure the future tax effects of items recognized in the Consolidated Financial Statements, certain estimates and assumptions are required to determine whether it is more likely than not that all or some portion of the benefit of a deferred tax asset will not be realized. In making this assessment, future taxable income, reversing temporary differences, and available tax planning strategies are analyzed and estimated.

Total intrinsic value of options exercised in millions was $41 in 2021, $28 in 2022, and $25 in 2023.

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.

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.

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 fiscal 2022, we announced our Reinvention Plan in the U.S. market to increase efficiency while elevating the partner and customer experience.

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.