question,answer,evidence,context
"Does Corning have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.",Yes. Corning had a positive working capital amount of $831 million by FY 2022 close. This answer considers only operating current assets and current liabilities that were clearly shown in the balance sheet.,"[{'evidence_text': 'Consolidated Balance Sheets\nCorning Incorporated and Subsidiary Companies\n \n \n \nDecember 31,\n \n(in millions, except share and per share amounts)\n \n2022\n \n2021\n \n \n \n \n \nAssets\n \n \n \n \n \n \n \nCurrent assets:\n \n \n \nCash and cash equivalents\n $\n1,671 $\n2,148 \nTrade accounts receivable, net of doubtful accounts - $40 and $42\n \n1,721 \n2,004 \nInventories (Note 5)\n \n2,904 \n2,481 \nOther current assets (Notes 10 and 14)\n \n1,157 \n1,026 \nTotal current assets\n \n7,453 \n7,659 \n \n \n \n \nProperty, plant and equipment, net of accumulated depreciation - $14,147 and $13,969 (Note 8)\n \n15,371 \n15,804 \nGoodwill, net (Note 9)\n \n2,394 \n2,421 \nOther intangible assets, net (Note 9)\n \n1,029 \n1,148 \nDeferred income taxes (Note 7)\n \n1,073 \n1,066 \nOther assets (Notes 10 and 14)\n \n2,179 \n2,056 \n \n \n \n \nTotal Assets\n $\n29,499 $\n30,154 \n \n \n \n \nLiabilities and Equity\n \n \n \n \n \n \n \nCurrent liabilities:\n \n \n \nCurrent portion of long-term debt and short-term borrowings (Note 11)\n $\n224 $\n55 \nAccounts payable\n \n1,804 \n1,612 \nOther accrued liabilities (Notes 10 and 13)\n \n3,147 \n3,139 \nTotal current liabilities\n \n5,175 \n4,806 \n \n \n \n \nLong-term debt (Note 11)\n \n6,687 \n6,989 \nPostretirement benefits other than pensions (Note 12)\n \n407 \n622 \nOther liabilities (Notes 10 and 13)\n \n4,955 \n5,192 \nTotal liabilities\n \n17,224 \n17,609', 'doc_name': 'CORNING_2022_10K', 'evidence_page_num': 59, 'evidence_text_full_page': 'Table of Contents\n \nConsolidated Balance Sheets\nCorning Incorporated and Subsidiary Companies\n \n \n \nDecember 31,\n \n(in millions, except share and per share amounts)\n \n2022\n \n2021\n \n \n \n \n \nAssets\n \n \n \n \n \n \n \nCurrent assets:\n \n \n \nCash and cash equivalents\n $\n1,671 $\n2,148 \nTrade accounts receivable, net of doubtful accounts - $40 and $42\n \n1,721 \n2,004 \nInventories (Note 5)\n \n2,904 \n2,481 \nOther current assets (Notes 10 and 14)\n \n1,157 \n1,026 \nTotal current assets\n \n7,453 \n7,659 \n \n \n \n \nProperty, plant and equipment, net of accumulated depreciation - $14,147 and $13,969 (Note 8)\n \n15,371 \n15,804 \nGoodwill, net (Note 9)\n \n2,394 \n2,421 \nOther intangible assets, net (Note 9)\n \n1,029 \n1,148 \nDeferred income taxes (Note 7)\n \n1,073 \n1,066 \nOther assets (Notes 10 and 14)\n \n2,179 \n2,056 \n \n \n \n \nTotal Assets\n $\n29,499 $\n30,154 \n \n \n \n \nLiabilities and Equity\n \n \n \n \n \n \n \nCurrent liabilities:\n \n \n \nCurrent portion of long-term debt and short-term borrowings (Note 11)\n $\n224 $\n55 \nAccounts payable\n \n1,804 \n1,612 \nOther accrued liabilities (Notes 10 and 13)\n \n3,147 \n3,139 \nTotal current liabilities\n \n5,175 \n4,806 \n \n \n \n \nLong-term debt (Note 11)\n \n6,687 \n6,989 \nPostretirement benefits other than pensions (Note 12)\n \n407 \n622 \nOther liabilities (Notes 10 and 13)\n \n4,955 \n5,192 \nTotal liabilities\n \n17,224 \n17,609 \n \n \n \n \nCommitments and contingencies (Note 13)\n \n \n \nShareholders equity (Note 16):\n \n \n \nCommon stock Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.8 billion and 1.8\nbillion\n \n910 \n907 \nAdditional paid-in capital common stock\n \n16,682 \n16,475 \nRetained earnings\n \n16,778 \n16,389 \nTreasury stock, at cost; Shares held: 977 million and 970 million\n \n(20,532) \n(20,263)\nAccumulated other comprehensive loss\n \n(1,830) \n(1,175)\nTotal Corning Incorporated shareholders equity\n \n12,008 \n12,333 \nNon-controlling interest\n \n267 \n212 \nTotal equity\n \n12,275 \n12,545 \n \n \n \n \nTotal Liabilities and Equity\n $\n29,499 $\n30,154 \n \nThe accompanying notes are an integral part of these consolidated financial statements.\n60\n'}]","Consolidated Balance Sheets
Corning Incorporated and Subsidiary Companies
 
 
 
December 31,
 
(in millions, except share and per share amounts)
 
2022
 
2021
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
 $
1,671 $
2,148 
Trade accounts receivable, net of doubtful accounts - $40 and $42
 
1,721 
2,004 
Inventories (Note 5)
 
2,904 
2,481 
Other current assets (Notes 10 and 14)
 
1,157 
1,026 
Total current assets
 
7,453 
7,659 
 
 
 
 
Property, plant and equipment, net of accumulated depreciation - $14,147 and $13,969 (Note 8)
 
15,371 
15,804 
Goodwill, net (Note 9)
 
2,394 
2,421 
Other intangible assets, net (Note 9)
 
1,029 
1,148 
Deferred income taxes (Note 7)
 
1,073 
1,066 
Other assets (Notes 10 and 14)
 
2,179 
2,056 
 
 
 
 
Total Assets
 $
29,499 $
30,154 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt and short-term borrowings (Note 11)
 $
224 $
55 
Accounts payable
 
1,804 
1,612 
Other accrued liabilities (Notes 10 and 13)
 
3,147 
3,139 
Total current liabilities
 
5,175 
4,806 
 
 
 
 
Long-term debt (Note 11)
 
6,687 
6,989 
Postretirement benefits other than pensions (Note 12)
 
407 
622 
Other liabilities (Notes 10 and 13)
 
4,955 
5,192 
Total liabilities
 
17,224 
17,609"
What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) / (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.,93.86,"[{'evidence_text': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in millions, except per share data)\n \n \nYear Ended December 31,\n \n2015\n \n2016\n \n2017\nNet product sales\n$\n79,268 $\n94,665 $\n118,573\nNet service sales\n27,738 \n41,322 \n59,293\nTotal net sales\n107,006 \n135,987 \n177,866\nOperating expenses:\n \n \n \nCost of sales\n71,651 \n88,265 \n111,934\nFulfillment\n13,410 \n17,619 \n25,249\nMarketing\n5,254 \n7,233 \n10,069\nTechnology and content\n12,540 \n16,085 \n22,620\nGeneral and administrative\n1,747 \n2,432 \n3,674\nOther operating expense, net\n171 \n167 \n214\nTotal operating expenses\n104,773 \n131,801 \n173,760\nOperating income\n2,233 \n4,186 \n4,106\nInterest income\n50 \n100 \n202\nInterest expense\n(459) \n(484) \n(848)\nOther income (expense), net\n(256) \n90 \n346\nTotal non-operating income (expense)\n(665) \n(294) \n(300)\nIncome before income taxes\n1,568 \n3,892 \n3,806\nProvision for income taxes\n(950) \n(1,425) \n(769)\nEquity-method investment activity, net of tax\n(22) \n(96) \n(4)\nNet income\n$\n596 $\n2,371 $\n3,033\nBasic earnings per share\n$\n1.28 $\n5.01 $\n6.32\nDiluted earnings per share\n$\n1.25 $\n4.90 $\n6.15\nWeighted-average shares used in computation of earnings per share:\n \n \n \nBasic\n467 \n474 \n480\nDiluted\n477 \n484 \n493\nSee accompanying notes to consolidated financial statements.\n38', 'doc_name': 'AMAZON_2017_10K', 'evidence_page_num': 37, 'evidence_text_full_page': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in millions, except per share data)\n \n \nYear Ended December 31,\n \n2015\n \n2016\n \n2017\nNet product sales\n$\n79,268 $\n94,665 $\n118,573\nNet service sales\n27,738 \n41,322 \n59,293\nTotal net sales\n107,006 \n135,987 \n177,866\nOperating expenses:\n \n \n \nCost of sales\n71,651 \n88,265 \n111,934\nFulfillment\n13,410 \n17,619 \n25,249\nMarketing\n5,254 \n7,233 \n10,069\nTechnology and content\n12,540 \n16,085 \n22,620\nGeneral and administrative\n1,747 \n2,432 \n3,674\nOther operating expense, net\n171 \n167 \n214\nTotal operating expenses\n104,773 \n131,801 \n173,760\nOperating income\n2,233 \n4,186 \n4,106\nInterest income\n50 \n100 \n202\nInterest expense\n(459) \n(484) \n(848)\nOther income (expense), net\n(256) \n90 \n346\nTotal non-operating income (expense)\n(665) \n(294) \n(300)\nIncome before income taxes\n1,568 \n3,892 \n3,806\nProvision for income taxes\n(950) \n(1,425) \n(769)\nEquity-method investment activity, net of tax\n(22) \n(96) \n(4)\nNet income\n$\n596 $\n2,371 $\n3,033\nBasic earnings per share\n$\n1.28 $\n5.01 $\n6.32\nDiluted earnings per share\n$\n1.25 $\n4.90 $\n6.15\nWeighted-average shares used in computation of earnings per share:\n \n \n \nBasic\n467 \n474 \n480\nDiluted\n477 \n484 \n493\nSee accompanying notes to consolidated financial statements.\n38\n'}
 {'evidence_text': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED BALANCE SHEETS\n(in millions, except per share data)\n \n \nDecember 31,\n \n2016\n \n2017\nASSETS\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n$\n19,334 $\n20,522\nMarketable securities\n6,647 \n10,464\nInventories\n11,461 \n16,047\nAccounts receivable, net and other\n8,339 \n13,164\nTotal current assets\n45,781 \n60,197\nProperty and equipment, net\n29,114 \n48,866\nGoodwill\n3,784 \n13,350\nOther assets\n4,723 \n8,897\nTotal assets\n$\n83,402 $\n131,310\nLIABILITIES AND STOCKHOLDERS EQUITY\n \n \nCurrent liabilities:\n \n \nAccounts payable\n$\n25,309 $\n34,616\nAccrued expenses and other\n13,739 \n18,170\nUnearned revenue\n4,768 \n5,097\nTotal current liabilities\n43,816 \n57,883\nLong-term debt\n7,694 \n24,743\nOther long-term liabilities\n12,607 \n20,975\nCommitments and contingencies (Note 7)\n \nStockholders equity:\n \n \nPreferred stock, $0.01 par value:\n \n \nAuthorized shares 500\n \n \nIssued and outstanding shares none\n \n\nCommon stock, $0.01 par value:\n \n \nAuthorized shares 5,000\n \n \nIssued shares 500 and 507\n \n \nOutstanding shares 477 and 484\n5 \n5\nTreasury stock, at cost\n(1,837) \n(1,837)\nAdditional paid-in capital\n17,186 \n21,389\nAccumulated other comprehensive loss\n(985) \n(484)\nRetained earnings\n4,916 \n8,636\nTotal stockholders equity\n19,285 \n27,709\nTotal liabilities and stockholders equity\n$\n83,402 $\n131,310\nSee accompanying notes to consolidated financial statements.\n40', 'doc_name': 'AMAZON_2017_10K', 'evidence_page_num': 39, 'evidence_text_full_page': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED BALANCE SHEETS\n(in millions, except per share data)\n \n \nDecember 31,\n \n2016\n \n2017\nASSETS\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n$\n19,334 $\n20,522\nMarketable securities\n6,647 \n10,464\nInventories\n11,461 \n16,047\nAccounts receivable, net and other\n8,339 \n13,164\nTotal current assets\n45,781 \n60,197\nProperty and equipment, net\n29,114 \n48,866\nGoodwill\n3,784 \n13,350\nOther assets\n4,723 \n8,897\nTotal assets\n$\n83,402 $\n131,310\nLIABILITIES AND STOCKHOLDERS EQUITY\n \n \nCurrent liabilities:\n \n \nAccounts payable\n$\n25,309 $\n34,616\nAccrued expenses and other\n13,739 \n18,170\nUnearned revenue\n4,768 \n5,097\nTotal current liabilities\n43,816 \n57,883\nLong-term debt\n7,694 \n24,743\nOther long-term liabilities\n12,607 \n20,975\nCommitments and contingencies (Note 7)\n \nStockholders equity:\n \n \nPreferred stock, $0.01 par value:\n \n \nAuthorized shares 500\n \n \nIssued and outstanding shares none\n \n\nCommon stock, $0.01 par value:\n \n \nAuthorized shares 5,000\n \n \nIssued shares 500 and 507\n \n \nOutstanding shares 477 and 484\n5 \n5\nTreasury stock, at cost\n(1,837) \n(1,837)\nAdditional paid-in capital\n17,186 \n21,389\nAccumulated other comprehensive loss\n(985) \n(484)\nRetained earnings\n4,916 \n8,636\nTotal stockholders equity\n19,285 \n27,709\nTotal liabilities and stockholders equity\n$\n83,402 $\n131,310\nSee accompanying notes to consolidated financial statements.\n40\n'}]","Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
 
 
Year Ended December 31,
 
2015
 
2016
 
2017
Net product sales
$
79,268 $
94,665 $
118,573
Net service sales
27,738 
41,322 
59,293
Total net sales
107,006 
135,987 
177,866
Operating expenses:
 
 
 
Cost of sales
71,651 
88,265 
111,934
Fulfillment
13,410 
17,619 
25,249
Marketing
5,254 
7,233 
10,069
Technology and content
12,540 
16,085 
22,620
General and administrative
1,747 
2,432 
3,674
Other operating expense, net
171 
167 
214
Total operating expenses
104,773 
131,801 
173,760
Operating income
2,233 
4,186 
4,106
Interest income
50 
100 
202
Interest expense
(459) 
(484) 
(848)
Other income (expense), net
(256) 
90 
346
Total non-operating income (expense)
(665) 
(294) 
(300)
Income before income taxes
1,568 
3,892 
3,806
Provision for income taxes
(950) 
(1,425) 
(769)
Equity-method investment activity, net of tax
(22) 
(96) 
(4)
Net income
$
596 $
2,371 $
3,033
Basic earnings per share
$
1.28 $
5.01 $
6.32
Diluted earnings per share
$
1.25 $
4.90 $
6.15
Weighted-average shares used in computation of earnings per share:
 
 
 
Basic
467 
474 
480
Diluted
477 
484 
493
See accompanying notes to consolidated financial statements.
38 Table of Contents
AMAZON.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
 
 
December 31,
 
2016
 
2017
ASSETS
 
 
Current assets:
 
 
Cash and cash equivalents
$
19,334 $
20,522
Marketable securities
6,647 
10,464
Inventories
11,461 
16,047
Accounts receivable, net and other
8,339 
13,164
Total current assets
45,781 
60,197
Property and equipment, net
29,114 
48,866
Goodwill
3,784 
13,350
Other assets
4,723 
8,897
Total assets
$
83,402 $
131,310
LIABILITIES AND STOCKHOLDERS EQUITY
 
 
Current liabilities:
 
 
Accounts payable
$
25,309 $
34,616
Accrued expenses and other
13,739 
18,170
Unearned revenue
4,768 
5,097
Total current liabilities
43,816 
57,883
Long-term debt
7,694 
24,743
Other long-term liabilities
12,607 
20,975
Commitments and contingencies (Note 7)
 
Stockholders equity:
 
 
Preferred stock, $0.01 par value:
 
 
Authorized shares 500
 
 
Issued and outstanding shares none
 

Common stock, $0.01 par value:
 
 
Authorized shares 5,000
 
 
Issued shares 500 and 507
 
 
Outstanding shares 477 and 484
5 
5
Treasury stock, at cost
(1,837) 
(1,837)
Additional paid-in capital
17,186 
21,389
Accumulated other comprehensive loss
(985) 
(484)
Retained earnings
4,916 
8,636
Total stockholders equity
19,285 
27,709
Total liabilities and stockholders equity
$
83,402 $
131,310
See accompanying notes to consolidated financial statements.
40"
"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.",Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.,"[{'evidence_text': 'PayPal Holdings, Inc.\nCONSOLIDATED BALANCE SHEETS\n \nAs of December 31,\n2022\n2021\n \n(In millions, except par value)\nASSETS\nCurrent assets:\nCash and cash equivalents\n$\n7,776 \n$\n5,197 \nShort-term investments\n3,092 \n4,303 \nAccounts receivable, net\n963 \n800 \nLoans and interest receivable, net of allowances of $598 and $491 as of December 31, 2022 and 2021,\nrespectively\n7,431 \n4,846 \nFunds receivable and customer accounts\n36,357 \n36,141 \nPrepaid expenses and other current assets\n1,898 \n1,287 \nTotal current assets\n57,517 \n52,574 \nLong-term investments\n5,018 \n6,797 \nProperty and equipment, net\n1,730 \n1,909 \nGoodwill\n11,209 \n11,454 \nIntangible assets, net\n788 \n1,332 \nOther assets\n2,455 \n1,737 \nTotal assets\n$\n78,717 \n$\n75,803 \nLIABILITIES AND EQUITY\nCurrent liabilities:\nAccounts payable\n$\n126 \n$\n197 \nFunds payable and amounts due to customers\n40,107 \n38,841 \nAccrued expenses and other current liabilities\n4,055 \n3,755 \nIncome taxes payable\n813 \n236 \nTotal current liabilities\n45,101 \n43,029 \nDeferred tax liability and other long-term liabilities\n2,925 \n2,998 \nLong-term debt\n10,417 \n8,049 \nTotal liabilities\n58,443 \n54,076 \nCommitments and contingencies (Note 13)\nEquity:\nCommon stock, $0.0001 par value; 4,000 shares authorized; 1,136 and 1,168 shares outstanding as of\nDecember 31, 2022 and 2021, respectively\n \n \nPreferred stock, $0.0001 par value; 100 shares authorized, unissued\n \n \nTreasury stock at cost, 173 and 132 shares as of December 31, 2022 and 2021, respectively\n(16,079)\n(11,880)\nAdditional paid-in-capital\n18,327 \n17,208 \nRetained earnings\n18,954 \n16,535 \nAccumulated other comprehensive income (loss)\n(928)\n(136)\nTotal equity\n20,274 \n21,727 \nTotal liabilities and equity\n$\n78,717 \n$\n75,803 \nThe accompanying notes are an integral part of these consolidated financial statements.\n6', 'doc_name': 'PAYPAL_2022_10K', 'evidence_page_num': 60, 'evidence_text_full_page': 'Table of Contents\nPayPal Holdings, Inc.\nCONSOLIDATED BALANCE SHEETS\n \nAs of December 31,\n2022\n2021\n \n(In millions, except par value)\nASSETS\nCurrent assets:\nCash and cash equivalents\n$\n7,776 \n$\n5,197 \nShort-term investments\n3,092 \n4,303 \nAccounts receivable, net\n963 \n800 \nLoans and interest receivable, net of allowances of $598 and $491 as of December 31, 2022 and 2021,\nrespectively\n7,431 \n4,846 \nFunds receivable and customer accounts\n36,357 \n36,141 \nPrepaid expenses and other current assets\n1,898 \n1,287 \nTotal current assets\n57,517 \n52,574 \nLong-term investments\n5,018 \n6,797 \nProperty and equipment, net\n1,730 \n1,909 \nGoodwill\n11,209 \n11,454 \nIntangible assets, net\n788 \n1,332 \nOther assets\n2,455 \n1,737 \nTotal assets\n$\n78,717 \n$\n75,803 \nLIABILITIES AND EQUITY\nCurrent liabilities:\nAccounts payable\n$\n126 \n$\n197 \nFunds payable and amounts due to customers\n40,107 \n38,841 \nAccrued expenses and other current liabilities\n4,055 \n3,755 \nIncome taxes payable\n813 \n236 \nTotal current liabilities\n45,101 \n43,029 \nDeferred tax liability and other long-term liabilities\n2,925 \n2,998 \nLong-term debt\n10,417 \n8,049 \nTotal liabilities\n58,443 \n54,076 \nCommitments and contingencies (Note 13)\nEquity:\nCommon stock, $0.0001 par value; 4,000 shares authorized; 1,136 and 1,168 shares outstanding as of\nDecember 31, 2022 and 2021, respectively\n \n \nPreferred stock, $0.0001 par value; 100 shares authorized, unissued\n \n \nTreasury stock at cost, 173 and 132 shares as of December 31, 2022 and 2021, respectively\n(16,079)\n(11,880)\nAdditional paid-in-capital\n18,327 \n17,208 \nRetained earnings\n18,954 \n16,535 \nAccumulated other comprehensive income (loss)\n(928)\n(136)\nTotal equity\n20,274 \n21,727 \nTotal liabilities and equity\n$\n78,717 \n$\n75,803 \nThe accompanying notes are an integral part of these consolidated financial statements.\n61\n'}]","PayPal Holdings, Inc.
CONSOLIDATED BALANCE SHEETS
 
As of December 31,
2022
2021
 
(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents
$
7,776 
$
5,197 
Short-term investments
3,092 
4,303 
Accounts receivable, net
963 
800 
Loans and interest receivable, net of allowances of $598 and $491 as of December 31, 2022 and 2021,
respectively
7,431 
4,846 
Funds receivable and customer accounts
36,357 
36,141 
Prepaid expenses and other current assets
1,898 
1,287 
Total current assets
57,517 
52,574 
Long-term investments
5,018 
6,797 
Property and equipment, net
1,730 
1,909 
Goodwill
11,209 
11,454 
Intangible assets, net
788 
1,332 
Other assets
2,455 
1,737 
Total assets
$
78,717 
$
75,803 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
126 
$
197 
Funds payable and amounts due to customers
40,107 
38,841 
Accrued expenses and other current liabilities
4,055 
3,755 
Income taxes payable
813 
236 
Total current liabilities
45,101 
43,029 
Deferred tax liability and other long-term liabilities
2,925 
2,998 
Long-term debt
10,417 
8,049 
Total liabilities
58,443 
54,076 
Commitments and contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 1,136 and 1,168 shares outstanding as of
December 31, 2022 and 2021, respectively
 
 
Preferred stock, $0.0001 par value; 100 shares authorized, unissued
 
 
Treasury stock at cost, 173 and 132 shares as of December 31, 2022 and 2021, respectively
(16,079)
(11,880)
Additional paid-in-capital
18,327 
17,208 
Retained earnings
18,954 
16,535 
Accumulated other comprehensive income (loss)
(928)
(136)
Total equity
20,274 
21,727 
Total liabilities and equity
$
78,717 
$
75,803 
The accompanying notes are an integral part of these consolidated financial statements.
6"
Has CVS Health paid dividends to common shareholders in Q2 of FY2022?,"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","[{'evidence_text': 'Dividends\nDuring 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively.', 'doc_name': 'CVSHEALTH_2022_10K', 'evidence_page_num': 67, 'evidence_text_full_page': 'Table of Contents\nPART II\nItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.\nMarket Information\nCVS Health Corporations common stock is listed on the New York Stock Exchange under the symbol CVS.\nDividends\nDuring 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively. In December 2022, the Board authorized a 10%\nincrease in the quarterly cash dividend to $0.605 per share effective in 2023. CVS Health Corporation has paid cash dividends every quarter since becoming a\npublic company. Future dividends will depend on the Companys earnings, capital requirements, financial condition and other factors considered relevant by\nthe Board.\nSee Note 12 Shareholders Equity included in Item 8 of this 10-K for information regarding CVS Health Corporations dividends.\nHolders of Common Stock\nAs of February 1, 2023, there were 24,142 registered holders of the registrants common stock according to the records maintained by the registrants transfer\nagent.\nIssuer Purchases of Equity Securities\nThe following share repurchase programs have been authorized by the Board:\nIn billions\nAuthorization Date\nAuthorized\nRemaining as of\nDecember 31, 2022\nNovember 17, 2022 (2022 Repurchase Program)\n$\n10.0 \n$\n10.0 \nDecember 9, 2021 (2021 Repurchase Program)\n10.0 \n6.5 \nEach of the share Repurchase Programs was effective immediately and permit the Company to effect repurchases from time to time through a combination of\nopen market repurchases, privately negotiated transactions, accelerated share repurchase (ASR) transactions, and/or other derivative transactions. Both the\n2022 and 2021 Repurchase Programs can be modified or terminated by the Board at any time.\nDuring the year ended December 31, 2022, the Company repurchased an aggregate of 34.1 million shares of common stock for approximately $3.5 billion\npursuant to the 2021 Repurchase Program, including share repurchases under the $1.5 billion fixed dollar ASR transaction described below. During the years\nended December 31, 2021 and 2020, the Company did not repurchase any shares of common stock.\nPursuant to the authorization under the 2021 Repurchase Program, the Company entered into a $2.0 billion fixed dollar ASR with Citibank, N.A. (Citibank).\nUpon payment of the $2.0 billion purchase price on January 4, 2023, the Company received a number of shares of CVS Health Corporations common stock\nequal to 80% of the $2.0 billion notional amount of the ASR or approximately 17.4 million shares at a price of $92.19 per share, which were placed into\ntreasury stock in January 2023. At the conclusion of the ASR, the Company may receive additional shares representing the remaining 20% of the $2.0 billion\nnotional amount. The ultimate number of shares the Company may receive will depend on the daily volume-weighted average price of the Companys stock\nover an averaging period, less a discount. It is also possible, depending on such weighted average price, that the Company will have an obligation to Citibank\nwhich, at the Companys option, could be settled in additional cash or by issuing shares. Under the terms of the ASR, the maximum number of shares that\ncould be delivered to the Company is 43.4 million.\nPursuant to the authorization under the 2021 Repurchase Program, the Company entered into a $1.5 billion fixed dollar ASR with Barclays Bank PLC. Upon\npayment of the $1.5 billion purchase price on January 4, 2022, the Company received a number of shares of CVS Health Corporations common stock equal to\n80% of the $1.5 billion notional amount of the ASR or approximately 11.6 million shares at a price of $103.34 per share, which were placed into treasury stock\nin January 2022. The\n66\n'}]","Dividends
During 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively."
Is CVS Health a capital-intensive business based on FY2022 data?,"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets/total assets ratio is on the lower side of 5.6%.","[{'evidence_text': 'Consolidated Statements of Operations\nFor the Years Ended December 31,\nIn millions, except per share amounts\n2022\n2021\n2020\nRevenues:\n \n \n \nProducts\n$\n226,616 $\n203,738 $\n190,688 \nPremiums\n85,330 \n76,132 \n69,364 \nServices\n9,683 \n11,042 \n7,856 \nNet investment income\n838 \n1,199 \n798 \nTotal revenues\n322,467 \n292,111 \n268,706 \nOperating costs:\nCost of products sold\n196,892 \n175,803 \n163,981 \nBenefit costs\n71,281 \n64,260 \n55,679 \nOpioid litigation charges\n5,803 \n \n \nLoss on assets held for sale\n2,533 \n \n \nStore impairments\n \n1,358 \n \nGoodwill impairment\n \n431 \n \nOperating expenses\n38,212 \n37,066 \n35,135 \nTotal operating costs\n314,721 \n278,918 \n254,795 \nOperating income\n7,746 \n13,193 \n13,911 \nInterest expense\n2,287 \n2,503 \n2,907 \nLoss on early extinguishment of debt\n \n452 \n1,440 \nOther income\n(169)\n(182)\n(206)\nIncome before income tax provision\n5,628 \n10,420 \n9,770 \nIncome tax provision\n1,463 \n2,522 \n2,569 \nIncome from continuing operations\n4,165 \n7,898 \n7,201 \nLoss from discontinued operations, net of tax\n \n \n(9)\nNet income\n4,165 \n7,898 \n7,192', 'doc_name': 'CVSHEALTH_2022_10K', 'evidence_page_num': 107, 'evidence_text_full_page': 'Index to Consolidated Financial Statements\nConsolidated Statements of Operations\nFor the Years Ended December 31,\nIn millions, except per share amounts\n2022\n2021\n2020\nRevenues:\n \n \n \nProducts\n$\n226,616 $\n203,738 $\n190,688 \nPremiums\n85,330 \n76,132 \n69,364 \nServices\n9,683 \n11,042 \n7,856 \nNet investment income\n838 \n1,199 \n798 \nTotal revenues\n322,467 \n292,111 \n268,706 \nOperating costs:\nCost of products sold\n196,892 \n175,803 \n163,981 \nBenefit costs\n71,281 \n64,260 \n55,679 \nOpioid litigation charges\n5,803 \n \n \nLoss on assets held for sale\n2,533 \n \n \nStore impairments\n \n1,358 \n \nGoodwill impairment\n \n431 \n \nOperating expenses\n38,212 \n37,066 \n35,135 \nTotal operating costs\n314,721 \n278,918 \n254,795 \nOperating income\n7,746 \n13,193 \n13,911 \nInterest expense\n2,287 \n2,503 \n2,907 \nLoss on early extinguishment of debt\n \n452 \n1,440 \nOther income\n(169)\n(182)\n(206)\nIncome before income tax provision\n5,628 \n10,420 \n9,770 \nIncome tax provision\n1,463 \n2,522 \n2,569 \nIncome from continuing operations\n4,165 \n7,898 \n7,201 \nLoss from discontinued operations, net of tax\n \n \n(9)\nNet income\n4,165 \n7,898 \n7,192 \nNet (income) loss attributable to noncontrolling interests\n(16)\n12 \n(13)\nNet income attributable to CVS Health\n$\n4,149 $\n7,910 $\n7,179 \nBasic earnings per share:\nIncome from continuing operations attributable to CVS Health\n$\n3.16 $\n6.00 $\n5.49 \nLoss from discontinued operations attributable to CVS Health\n$\n $\n $\n(0.01)\nNet income attributable to CVS Health\n$\n3.16 $\n6.00 $\n5.48 \nWeighted average basic shares outstanding\n1,312 \n1,319 \n1,309 \nDiluted earnings per share:\nIncome from continuing operations attributable to CVS Health\n$\n3.14 $\n5.95 $\n5.47 \nLoss from discontinued operations attributable to CVS Health\n$\n $\n $\n(0.01)\nNet income attributable to CVS Health\n$\n3.14 $\n5.95 $\n5.46 \nWeighted average diluted shares outstanding\n1,323 \n1,329 \n1,314 \nDividends declared per share\n$\n2.20 $\n2.00 $\n2.00 \nSee accompanying notes to consolidated financial statements.\n106\n'}
 {'evidence_text': 'Consolidated Balance Sheets\nAt December 31,\nIn millions, except per share amounts\n2022\n2021\nAssets:\n \nCash and cash equivalents\n$\n12,945 $\n9,408 \nInvestments\n2,778 \n3,117 \nAccounts receivable, net\n27,276 \n24,431 \nInventories\n19,090 \n17,760 \nAssets held for sale\n908 \n \nOther current assets\n2,685 \n5,292 \nTotal current assets\n65,682 \n60,008 \nLong-term investments\n21,096 \n23,025 \nProperty and equipment, net\n12,873 \n12,896 \nOperating lease right-of-use assets\n17,872 \n19,122 \nGoodwill\n78,150 \n79,121 \nIntangible assets, net\n24,754 \n29,026 \nSeparate accounts assets\n3,228 \n5,087 \nOther assets\n4,620 \n4,714 \nTotal assets\n$\n228,275 $\n232,999', 'doc_name': 'CVSHEALTH_2022_10K', 'evidence_page_num': 109, 'evidence_text_full_page': 'Index to Consolidated Financial Statements\nConsolidated Balance Sheets\nAt December 31,\nIn millions, except per share amounts\n2022\n2021\nAssets:\n \nCash and cash equivalents\n$\n12,945 $\n9,408 \nInvestments\n2,778 \n3,117 \nAccounts receivable, net\n27,276 \n24,431 \nInventories\n19,090 \n17,760 \nAssets held for sale\n908 \n \nOther current assets\n2,685 \n5,292 \nTotal current assets\n65,682 \n60,008 \nLong-term investments\n21,096 \n23,025 \nProperty and equipment, net\n12,873 \n12,896 \nOperating lease right-of-use assets\n17,872 \n19,122 \nGoodwill\n78,150 \n79,121 \nIntangible assets, net\n24,754 \n29,026 \nSeparate accounts assets\n3,228 \n5,087 \nOther assets\n4,620 \n4,714 \nTotal assets\n$\n228,275 $\n232,999 \nLiabilities:\nAccounts payable\n$\n14,838 $\n12,544 \nPharmacy claims and discounts payable\n19,423 \n17,330 \nHealth care costs payable\n10,406 \n8,808 \nPolicyholders funds\n1,500 \n4,301 \nAccrued expenses\n18,745 \n17,670 \nOther insurance liabilities\n1,140 \n1,303 \nCurrent portion of operating lease liabilities\n1,678 \n1,646 \nCurrent portion of long-term debt\n1,778 \n4,205 \nLiabilities held for sale\n228 \n \nTotal current liabilities\n69,736 \n67,807 \nLong-term operating lease liabilities\n16,800 \n18,177 \nLong-term debt\n50,476 \n51,971 \nDeferred income taxes\n3,880 \n6,270 \nSeparate accounts liabilities\n3,228 \n5,087 \nOther long-term insurance liabilities\n6,108 \n6,402 \nOther long-term liabilities\n6,732 \n1,904 \nTotal liabilities\n156,960 \n157,618 \nCommitments and contingencies (Note 16)\nShareholders equity:\nPreferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding\n \n \nCommon stock, par value $0.01: 3,200 shares authorized; 1,758 shares issued and 1,300 shares outstanding at\nDecember 31, 2022 and 1,744 shares issued and 1,322 shares outstanding at December 31, 2021 and capital\nsurplus\n48,193 \n47,377 \nTreasury stock, at cost: 458 and 422 shares at December 31, 2022 and 2021\n(31,858)\n(28,173)\nRetained earnings\n56,145 \n54,906 \nAccumulated other comprehensive income (loss)\n(1,465)\n965 \nTotal CVS Health shareholders equity\n71,015 \n75,075 \nNoncontrolling interests\n300 \n306 \nTotal shareholders equity\n71,315 \n75,381 \nTotal liabilities and shareholders equity\n$\n228,275 $\n232,999 \nSee accompanying notes to consolidated financial statements.\n108\n'}]","Consolidated Statements of Operations
For the Years Ended December 31,
In millions, except per share amounts
2022
2021
2020
Revenues:
 
 
 
Products
$
226,616 $
203,738 $
190,688 
Premiums
85,330 
76,132 
69,364 
Services
9,683 
11,042 
7,856 
Net investment income
838 
1,199 
798 
Total revenues
322,467 
292,111 
268,706 
Operating costs:
Cost of products sold
196,892 
175,803 
163,981 
Benefit costs
71,281 
64,260 
55,679 
Opioid litigation charges
5,803 
 
 
Loss on assets held for sale
2,533 
 
 
Store impairments
 
1,358 
 
Goodwill impairment
 
431 
 
Operating expenses
38,212 
37,066 
35,135 
Total operating costs
314,721 
278,918 
254,795 
Operating income
7,746 
13,193 
13,911 
Interest expense
2,287 
2,503 
2,907 
Loss on early extinguishment of debt
 
452 
1,440 
Other income
(169)
(182)
(206)
Income before income tax provision
5,628 
10,420 
9,770 
Income tax provision
1,463 
2,522 
2,569 
Income from continuing operations
4,165 
7,898 
7,201 
Loss from discontinued operations, net of tax
 
 
(9)
Net income
4,165 
7,898 
7,192 Consolidated Balance Sheets
At December 31,
In millions, except per share amounts
2022
2021
Assets:
 
Cash and cash equivalents
$
12,945 $
9,408 
Investments
2,778 
3,117 
Accounts receivable, net
27,276 
24,431 
Inventories
19,090 
17,760 
Assets held for sale
908 
 
Other current assets
2,685 
5,292 
Total current assets
65,682 
60,008 
Long-term investments
21,096 
23,025 
Property and equipment, net
12,873 
12,896 
Operating lease right-of-use assets
17,872 
19,122 
Goodwill
78,150 
79,121 
Intangible assets, net
24,754 
29,026 
Separate accounts assets
3,228 
5,087 
Other assets
4,620 
4,714 
Total assets
$
228,275 $
232,999"
"Does AMD have a reasonably healthy liquidity profile based on its quick ratio for FY22? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","Yes. The quick ratio is 1.57, calculated as (cash and cash equivalents+Short term investments+Accounts receivable, net+receivables from related parties)/ (current liabilities).","[{'evidence_text': 'Consolidated Balance Sheets\n \nDecember 31,\n2022\nDecember 25,\n2021\n \n(In millions, except par value amounts)\nASSETS\nCurrent assets:\nCash and cash equivalents\n$\n4,835 \n$\n2,535 \nShort-term investments\n1,020 \n1,073 \nAccounts receivable, net\n4,126 \n2,706 \nInventories\n3,771 \n1,955 \nReceivables from related parties\n2 \n2 \nPrepaid expenses and other current assets\n1,265 \n312 \nTotal current assets\n15,019 \n8,583 \nProperty and equipment, net\n1,513 \n702 \nOperating lease right-of-use assets\n460 \n367 \nGoodwill\n24,177 \n289 \nAcquisition-related intangibles\n24,118 \n \nInvestment: equity method\n83 \n69 \nDeferred tax assets\n58 \n931 \nOther non-current assets\n2,152 \n1,478 \nTotal assets\n$\n67,580 \n$\n12,419 \nLIABILITIES AND STOCKHOLDERS EQUITY\nCurrent liabilities:\nAccounts payable\n$\n2,493 \n$\n1,321 \nPayables to related parties\n463 \n85 \nAccrued liabilities\n3,077 \n2,424 \nCurrent portion of long-term debt, net\n \n312 \nOther current liabilities\n336 \n98 \nTotal current liabilities\n6,369 \n4,240 \nLong-term debt, net of current portion\n2,467 \n1 \nLong-term operating lease liabilities\n396 \n348 \nDeferred tax liabilities\n1,934 \n12 \nOther long-term liabilities\n1,664 \n321 \nCommitments and Contingencies (see Notes 16 and 17)\nStockholders equity:\nCapital stock:\nCommon stock, par value $0.01; shares authorized: 2,250; shares issued: 1,645 and 1,232; shares\noutstanding: 1,612 and 1,207\n16 \n12 \nAdditional paid-in capital\n58,005 \n11,069 \nTreasury stock, at cost (shares held: 33 and 25)\n(3,099)\n(2,130)\nAccumulated deficit\n(131)\n(1,451)\nAccumulated other comprehensive loss\n(41)\n(3)\nTotal stockholders equity\n54,750 \n7,497 \nTotal liabilities and stockholders equity\n$\n67,580 \n$\n12,419', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 55, 'evidence_text_full_page': 'Table of Contents\nAdvanced Micro Devices, Inc.\nConsolidated Balance Sheets\n \nDecember 31,\n2022\nDecember 25,\n2021\n \n(In millions, except par value amounts)\nASSETS\nCurrent assets:\nCash and cash equivalents\n$\n4,835 \n$\n2,535 \nShort-term investments\n1,020 \n1,073 \nAccounts receivable, net\n4,126 \n2,706 \nInventories\n3,771 \n1,955 \nReceivables from related parties\n2 \n2 \nPrepaid expenses and other current assets\n1,265 \n312 \nTotal current assets\n15,019 \n8,583 \nProperty and equipment, net\n1,513 \n702 \nOperating lease right-of-use assets\n460 \n367 \nGoodwill\n24,177 \n289 \nAcquisition-related intangibles\n24,118 \n \nInvestment: equity method\n83 \n69 \nDeferred tax assets\n58 \n931 \nOther non-current assets\n2,152 \n1,478 \nTotal assets\n$\n67,580 \n$\n12,419 \nLIABILITIES AND STOCKHOLDERS EQUITY\nCurrent liabilities:\nAccounts payable\n$\n2,493 \n$\n1,321 \nPayables to related parties\n463 \n85 \nAccrued liabilities\n3,077 \n2,424 \nCurrent portion of long-term debt, net\n \n312 \nOther current liabilities\n336 \n98 \nTotal current liabilities\n6,369 \n4,240 \nLong-term debt, net of current portion\n2,467 \n1 \nLong-term operating lease liabilities\n396 \n348 \nDeferred tax liabilities\n1,934 \n12 \nOther long-term liabilities\n1,664 \n321 \nCommitments and Contingencies (see Notes 16 and 17)\nStockholders equity:\nCapital stock:\nCommon stock, par value $0.01; shares authorized: 2,250; shares issued: 1,645 and 1,232; shares\noutstanding: 1,612 and 1,207\n16 \n12 \nAdditional paid-in capital\n58,005 \n11,069 \nTreasury stock, at cost (shares held: 33 and 25)\n(3,099)\n(2,130)\nAccumulated deficit\n(131)\n(1,451)\nAccumulated other comprehensive loss\n(41)\n(3)\nTotal stockholders equity\n54,750 \n7,497 \nTotal liabilities and stockholders equity\n$\n67,580 \n$\n12,419 \nSee accompanying notes to consolidated financial statements.\n53\n'}]","Consolidated Balance Sheets
 
December 31,
2022
December 25,
2021
 
(In millions, except par value amounts)
ASSETS
Current assets:
Cash and cash equivalents
$
4,835 
$
2,535 
Short-term investments
1,020 
1,073 
Accounts receivable, net
4,126 
2,706 
Inventories
3,771 
1,955 
Receivables from related parties
2 
2 
Prepaid expenses and other current assets
1,265 
312 
Total current assets
15,019 
8,583 
Property and equipment, net
1,513 
702 
Operating lease right-of-use assets
460 
367 
Goodwill
24,177 
289 
Acquisition-related intangibles
24,118 
 
Investment: equity method
83 
69 
Deferred tax assets
58 
931 
Other non-current assets
2,152 
1,478 
Total assets
$
67,580 
$
12,419 
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable
$
2,493 
$
1,321 
Payables to related parties
463 
85 
Accrued liabilities
3,077 
2,424 
Current portion of long-term debt, net
 
312 
Other current liabilities
336 
98 
Total current liabilities
6,369 
4,240 
Long-term debt, net of current portion
2,467 
1 
Long-term operating lease liabilities
396 
348 
Deferred tax liabilities
1,934 
12 
Other long-term liabilities
1,664 
321 
Commitments and Contingencies (see Notes 16 and 17)
Stockholders equity:
Capital stock:
Common stock, par value $0.01; shares authorized: 2,250; shares issued: 1,645 and 1,232; shares
outstanding: 1,612 and 1,207
16 
12 
Additional paid-in capital
58,005 
11,069 
Treasury stock, at cost (shares held: 33 and 25)
(3,099)
(2,130)
Accumulated deficit
(131)
(1,451)
Accumulated other comprehensive loss
(41)
(3)
Total stockholders equity
54,750 
7,497 
Total liabilities and stockholders equity
$
67,580 
$
12,419"
Is Boeing's business subject to cyclicality?,"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","[{'evidence_text': 'Historically, the\nairline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost\ncompetitive.', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 7, 'evidence_text_full_page': 'Table of Contents\nForward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to\nbe accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to\npredict. Many factors, including those set forth in the Risk Factors section below and other important factors disclosed in this report and from\ntime to time in our other filings with the SEC, could cause actual results to differ materially and adversely from these forward-looking statements.\nAny forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-\nlooking statement whether as a result of new information, future events or otherwise, except as required by law.\nItem 1A. Risk Factors\nAn investment in our common stock or debt securities involves risks and uncertainties and our actual results and future trends may differ\nmaterially from our past or projected future performance. We urge investors to consider carefully the risk factors described below in evaluating\nthe information contained in this report.\nRisks Related to Our Business and Operations\nWe depend heavily on commercial airlines, subjecting us to unique risks.\nMarket conditions have a significant impact on demand for our commercial aircraft and related services. The commercial aircraft market is\npredominantly driven by long-term trends in airline passenger and cargo traffic. The principal factors underlying long-term traffic growth are\nsustained economic growth and political stability both in developed and emerging markets. Demand for our commercial aircraft is further\ninfluenced by airline profitability, availability of aircraft financing, world trade policies, government-to-government relations, technological\nadvances, price and other competitive factors, fuel prices, terrorism, pandemics, epidemics and environmental regulations. Historically, the\nairline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost\ncompetitive. Significant deterioration in the global economic environment, the airline industry generally or the financial stability of one or more of\nour major customers could result in fewer new orders for aircraft or services, or could cause customers to seek to postpone or cancel contractual\norders and/or payments to us, which could result in lower revenues, profitability and cash flows and a reduction in our contractual backlog. In\naddition, because our commercial aircraft backlog consists of aircraft scheduled for delivery over a period of several years, any of these\nmacroeconomic, industry or customer impacts could unexpectedly affect deliveries over a long period.\nWe enter into firm fixed-price aircraft sales contracts with indexed price escalation clauses, which could subject us to losses if we have cost\noverruns or if increases in our costs exceed the applicable escalation rate. Commercial aircraft sales contracts are often entered into years\nbefore the aircraft are delivered. In order to help account for economic fluctuations between the contract date and delivery date, aircraft pricing\ngenerally consists of a fixed amount as modified by price escalation formulas derived from labor, commodity and other price indices. Our\nrevenue estimates are based on current expectations with respect to these escalation formulas, but the actual escalation amounts are outside of\nour control. Escalation factors can fluctuate significantly from period to period. Changes in escalation amounts can significantly impact revenues\nand operating margins in our Commercial Airplanes business.\nWe derive a significant portion of our revenues from a limited number of commercial airlines. We can make no assurance that any customer will\nexercise purchase options, fulfill existing purchase commitments or purchase additional products or services from us. In addition, fleet decisions,\nairline consolidations or financial challenges involving any of our major commercial airline customers could significantly reduce our revenues and\nlimit our opportunity to generate profits from those customers.\n6\n'}]","Historically, the
airline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost
competitive."
Did Ulta Beauty's wages expense as a percent of net sales increase or decrease in FY2023?,"Wages expense as a percent of net sales increased in FY2023. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","[{'evidence_text': 'For the Full Year of Fiscal 2022\nNet sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,\nprimarily due to the favorable impact from the continued resilience of the beauty\ncategory, retail price increases, the impact of new brands and product innovation,\nincreased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.\nComparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,\ndriven by a 10.8% increase in transactions and a 4.3% increase in average ticket.\nGross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As\na percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal\n2021, primarily due to leverage of fixed costs, strong growth in other revenue, and\nfavorable channel mix shifts, partially offset by higher inventory shrink and lower\nmerchandise margin.\nSG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal\n2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to\n23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of\nincentive compensation due to higher sales, partially offset by deleverage of corporate\noverhead due to strategic investments and deleverage of store payroll and benefits\ndue to wage investments.', 'doc_name': 'ULTABEAUTY_2023Q4_EARNINGS', 'evidence_page_num': 1, 'evidence_text_full_page': 'Comparable sales (sales for stores open at least 14 months and e-commerce sales)\nincreased 15.6% compared to an increase of 21.4% in the fourth quarter of fiscal 2021,\ndriven by a 13.6% increase in transactions and a 1.8% increase in average ticket.\nGross profit increased 18.0% to $1.2 billion compared to $1.0 billion in the fourth\nquarter of fiscal 2021. As a percentage of net sales, gross profit of 37.6% was flat\ncompared to the fourth quarter of fiscal 2021, primarily due to leverage of fixed costs,\nfavorable channel mix shifts, and strong growth in other revenue, offset by higher\ninventory shrink.\nSelling, general and administrative (SG&A) expenses increased 17.3% to $762.7\nmillion compared to $650.0 million in the fourth quarter of fiscal 2021. As a percentage\nof net sales, SG&A expenses decreased to 23.6% compared to 23.8% in the fourth\nquarter of fiscal 2021, primarily due to leverage of marketing expenses and incentive\ncompensation due to higher sales, partially offset by deleverage of store payroll and\nbenefits due to wage investments and deleverage in corporate overhead due to\nstrategic investments.\nOperating income increased 19.2% to $447.6 million, or 13.9% of net sales, compared\nto $375.6 million, or 13.8% of net sales, in the fourth quarter of fiscal 2021.\nThe tax rate increased to 24.6% compared to 22.9% in the fourth quarter of fiscal\n2021.\nNet income increased 17.8% to $340.8 million compared to $289.4 million in the fourth\nquarter of fiscal 2021.\nDiluted earnings per share increased 23.5% to $6.68, including a $0.02 benefit due to\nincome tax accounting for stock-based compensation, compared to $5.41 including a\n$0.05 benefit due to income tax accounting for stock-based compensation, in the fourth\nquarter of fiscal 2021.\nFor the Full Year of Fiscal 2022\nNet sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,\nprimarily due to the favorable impact from the continued resilience of the beauty\ncategory, retail price increases, the impact of new brands and product innovation,\nincreased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.\nComparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,\ndriven by a 10.8% increase in transactions and a 4.3% increase in average ticket.\nGross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As\na percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal\n2021, primarily due to leverage of fixed costs, strong growth in other revenue, and\nfavorable channel mix shifts, partially offset by higher inventory shrink and lower\nmerchandise margin.\nSG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal\n2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to\n23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of\nincentive compensation due to higher sales, partially offset by deleverage of corporate\noverhead due to strategic investments and deleverage of store payroll and benefits\ndue to wage investments.\nOperating income increased 26.3% to $1.6 billion, or 16.1% of net sales, compared to\n$1.3 billion, or 15.0% of net sales, in fiscal 2021.\nThe tax rate increased to 24.4% compared to 23.9% in fiscal 2021.\nNet income increased 26.0% to $1.2 billion compared to $985.8 million in fiscal 2021.\n'}]","For the Full Year of Fiscal 2022
Net sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,
primarily due to the favorable impact from the continued resilience of the beauty
category, retail price increases, the impact of new brands and product innovation,
increased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.
Comparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,
driven by a 10.8% increase in transactions and a 4.3% increase in average ticket.
Gross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As
a percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal
2021, primarily due to leverage of fixed costs, strong growth in other revenue, and
favorable channel mix shifts, partially offset by higher inventory shrink and lower
merchandise margin.
SG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal
2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to
23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of
incentive compensation due to higher sales, partially offset by deleverage of corporate
overhead due to strategic investments and deleverage of store payroll and benefits
due to wage investments."
What is Coca Cola's FY2021 COGS % margin? Calculate what was asked by utilizing the line items clearly shown in the income statement.,39.7%,"[{'evidence_text': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions except per share data)\nYear Ended December 31,\n2021\n2020\n2019\nNet Operating Revenues\n$\n38,655 $\n33,014 $\n37,266 \nCost of goods sold\n15,357 \n13,433 \n14,619 \nGross Profit\n23,298 \n19,581 \n22,647 \nSelling, general and administrative expenses\n12,144 \n9,731 \n12,103 \nOther operating charges\n846 \n853 \n458 \nOperating Income\n10,308 \n8,997 \n10,086 \nInterest income\n276 \n370 \n563 \nInterest expense\n1,597 \n1,437 \n946 \nEquity income (loss) net\n1,438 \n978 \n1,049 \nOther income (loss) net\n2,000 \n841 \n34 \nIncome Before Income Taxes\n12,425 \n9,749 \n10,786 \nIncome taxes\n2,621 \n1,981 \n1,801 \nConsolidated Net Income\n9,804 \n7,768 \n8,985 \nLess: Net income (loss) attributable to noncontrolling interests\n33 \n21 \n65 \nNet Income Attributable to Shareowners of The Coca-Cola Company\n$\n9,771 $\n7,747 $\n8,920 \nBasic Net Income Per Share\n$\n2.26 $\n1.80 $\n2.09 \nDiluted Net Income Per Share\n$\n2.25 $\n1.79 $\n2.07 \nAverage Shares Outstanding Basic\n4,315 \n4,295 \n4,276 \nEffect of dilutive securities\n25 \n28 \n38 \nAverage Shares Outstanding Diluted\n4,340 \n4,323 \n4,314 \nCalculated based on net income attributable to shareowners of The Coca-Cola Company.\nRefer to Notes to Consolidated Financial Statements.\n1\n1\n1 \n60', 'doc_name': 'COCACOLA_2021_10K', 'evidence_page_num': 61, 'evidence_text_full_page': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions except per share data)\nYear Ended December 31,\n2021\n2020\n2019\nNet Operating Revenues\n$\n38,655 $\n33,014 $\n37,266 \nCost of goods sold\n15,357 \n13,433 \n14,619 \nGross Profit\n23,298 \n19,581 \n22,647 \nSelling, general and administrative expenses\n12,144 \n9,731 \n12,103 \nOther operating charges\n846 \n853 \n458 \nOperating Income\n10,308 \n8,997 \n10,086 \nInterest income\n276 \n370 \n563 \nInterest expense\n1,597 \n1,437 \n946 \nEquity income (loss) net\n1,438 \n978 \n1,049 \nOther income (loss) net\n2,000 \n841 \n34 \nIncome Before Income Taxes\n12,425 \n9,749 \n10,786 \nIncome taxes\n2,621 \n1,981 \n1,801 \nConsolidated Net Income\n9,804 \n7,768 \n8,985 \nLess: Net income (loss) attributable to noncontrolling interests\n33 \n21 \n65 \nNet Income Attributable to Shareowners of The Coca-Cola Company\n$\n9,771 $\n7,747 $\n8,920 \nBasic Net Income Per Share\n$\n2.26 $\n1.80 $\n2.09 \nDiluted Net Income Per Share\n$\n2.25 $\n1.79 $\n2.07 \nAverage Shares Outstanding Basic\n4,315 \n4,295 \n4,276 \nEffect of dilutive securities\n25 \n28 \n38 \nAverage Shares Outstanding Diluted\n4,340 \n4,323 \n4,314 \nCalculated based on net income attributable to shareowners of The Coca-Cola Company.\nRefer to Notes to Consolidated Financial Statements.\n1\n1\n1 \n60\n'}]","THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share data)
Year Ended December 31,
2021
2020
2019
Net Operating Revenues
$
38,655 $
33,014 $
37,266 
Cost of goods sold
15,357 
13,433 
14,619 
Gross Profit
23,298 
19,581 
22,647 
Selling, general and administrative expenses
12,144 
9,731 
12,103 
Other operating charges
846 
853 
458 
Operating Income
10,308 
8,997 
10,086 
Interest income
276 
370 
563 
Interest expense
1,597 
1,437 
946 
Equity income (loss) net
1,438 
978 
1,049 
Other income (loss) net
2,000 
841 
34 
Income Before Income Taxes
12,425 
9,749 
10,786 
Income taxes
2,621 
1,981 
1,801 
Consolidated Net Income
9,804 
7,768 
8,985 
Less: Net income (loss) attributable to noncontrolling interests
33 
21 
65 
Net Income Attributable to Shareowners of The Coca-Cola Company
$
9,771 $
7,747 $
8,920 
Basic Net Income Per Share
$
2.26 $
1.80 $
2.09 
Diluted Net Income Per Share
$
2.25 $
1.79 $
2.07 
Average Shares Outstanding Basic
4,315 
4,295 
4,276 
Effect of dilutive securities
25 
28 
38 
Average Shares Outstanding Diluted
4,340 
4,323 
4,314 
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
1
1
1 
60"
"By drawing conclusions from the information stated only in the statement of financial position, what is General Mills's FY2020 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.",0.68,"[{'evidence_text': ""50 \n \nConsolidated Balance Sheets \nGENERAL MILLS, INC. AND SUBSIDIARIES \n(In Millions, Except Par Value) \n \nMay 31, 2020 \nMay 26, 2019 \nASSETS \n \n \n \n \nCurrent assets: \n \n \n \n \nCash and cash equivalents \n$ \n1,677.8 $ \n450.0 \nReceivables \n \n1,615.1 \n1,679.7 \nInventories \n \n1,426.3 \n1,559.3 \nPrepaid expenses and other current assets \n \n402.1 \n497.5 \nTotal current assets \n \n5,121.3 \n4,186.5 \nLand, buildings, and equipment \n \n3,580.6 \n3,787.2 \nGoodwill \n \n13,923.2 \n13,995.8 \nOther intangible assets \n \n7,095.8 \n7,166.8 \nOther assets \n \n1,085.8 \n974.9 \nTotal assets \n$ \n30,806.7 $ \n30,111.2 \n \n \n \n \n \nLIABILITIES AND EQUITY \n \n \n \n \nCurrent liabilities: \n \n \n \n \nAccounts payable \n$ \n3,247.7 $ \n2,854.1 \nCurrent portion of long-term debt \n \n2,331.5 \n1,396.5 \nNotes payable \n \n279.0 \n1,468.7 \nOther current liabilities \n \n1,633.3 \n1,367.8 \nTotal current liabilities \n \n7,491.5 \n7,087.1 \nLong-term debt \n \n10,929.0 \n11,624.8 \nDeferred income taxes \n \n1,947.1 \n2,031.0 \nOther liabilities \n \n1,545.0 \n1,448.9 \nTotal liabilities \n \n21,912.6 \n22,191.8 \nRedeemable interest \n \n544.6 \n551.7 \nStockholders' equity: \n \n \n \n \nCommon stock, 754.6 shares issued, $0.10 par value \n \n75.5 \n75.5 \nAdditional paid-in capital \n \n1,348.6 \n1,386.7 \nRetained earnings \n \n15,982.1 \n14,996.7 \nCommon stock in treasury, at cost, shares of 144.8 and 152.7 \n \n(6,433.3) \n(6,779.0)\nAccumulated other comprehensive loss \n \n(2,914.4) \n(2,625.4)\nTotal stockholders' equity \n \n8,058.5 \n7,054.5 \nNoncontrolling interests \n \n291.0 \n313.2 \nTotal equity \n \n8,349.5 \n7,367.7 \nTotal liabilities and equity \n$ \n30,806.7 $ \n30,111.2 \nSee accompanying notes to consolidated financial statements."", 'doc_name': 'GENERALMILLS_2020_10K', 'evidence_page_num': 49, 'evidence_text_full_page': "" \n50 \n \nConsolidated Balance Sheets \nGENERAL MILLS, INC. AND SUBSIDIARIES \n(In Millions, Except Par Value) \n \nMay 31, 2020 \nMay 26, 2019 \nASSETS \n \n \n \n \nCurrent assets: \n \n \n \n \nCash and cash equivalents \n$ \n1,677.8 $ \n450.0 \nReceivables \n \n1,615.1 \n1,679.7 \nInventories \n \n1,426.3 \n1,559.3 \nPrepaid expenses and other current assets \n \n402.1 \n497.5 \nTotal current assets \n \n5,121.3 \n4,186.5 \nLand, buildings, and equipment \n \n3,580.6 \n3,787.2 \nGoodwill \n \n13,923.2 \n13,995.8 \nOther intangible assets \n \n7,095.8 \n7,166.8 \nOther assets \n \n1,085.8 \n974.9 \nTotal assets \n$ \n30,806.7 $ \n30,111.2 \n \n \n \n \n \nLIABILITIES AND EQUITY \n \n \n \n \nCurrent liabilities: \n \n \n \n \nAccounts payable \n$ \n3,247.7 $ \n2,854.1 \nCurrent portion of long-term debt \n \n2,331.5 \n1,396.5 \nNotes payable \n \n279.0 \n1,468.7 \nOther current liabilities \n \n1,633.3 \n1,367.8 \nTotal current liabilities \n \n7,491.5 \n7,087.1 \nLong-term debt \n \n10,929.0 \n11,624.8 \nDeferred income taxes \n \n1,947.1 \n2,031.0 \nOther liabilities \n \n1,545.0 \n1,448.9 \nTotal liabilities \n \n21,912.6 \n22,191.8 \nRedeemable interest \n \n544.6 \n551.7 \nStockholders' equity: \n \n \n \n \nCommon stock, 754.6 shares issued, $0.10 par value \n \n75.5 \n75.5 \nAdditional paid-in capital \n \n1,348.6 \n1,386.7 \nRetained earnings \n \n15,982.1 \n14,996.7 \nCommon stock in treasury, at cost, shares of 144.8 and 152.7 \n \n(6,433.3) \n(6,779.0)\nAccumulated other comprehensive loss \n \n(2,914.4) \n(2,625.4)\nTotal stockholders' equity \n \n8,058.5 \n7,054.5 \nNoncontrolling interests \n \n291.0 \n313.2 \nTotal equity \n \n8,349.5 \n7,367.7 \nTotal liabilities and equity \n$ \n30,806.7 $ \n30,111.2 \nSee accompanying notes to consolidated financial statements. \n \n \n \n \n""}]","50 
 
Consolidated Balance Sheets 
GENERAL MILLS, INC. AND SUBSIDIARIES 
(In Millions, Except Par Value) 
 
May 31, 2020 
May 26, 2019 
ASSETS 
 
 
 
 
Current assets: 
 
 
 
 
Cash and cash equivalents 
$ 
1,677.8 $ 
450.0 
Receivables 
 
1,615.1 
1,679.7 
Inventories 
 
1,426.3 
1,559.3 
Prepaid expenses and other current assets 
 
402.1 
497.5 
Total current assets 
 
5,121.3 
4,186.5 
Land, buildings, and equipment 
 
3,580.6 
3,787.2 
Goodwill 
 
13,923.2 
13,995.8 
Other intangible assets 
 
7,095.8 
7,166.8 
Other assets 
 
1,085.8 
974.9 
Total assets 
$ 
30,806.7 $ 
30,111.2 
 
 
 
 
 
LIABILITIES AND EQUITY 
 
 
 
 
Current liabilities: 
 
 
 
 
Accounts payable 
$ 
3,247.7 $ 
2,854.1 
Current portion of long-term debt 
 
2,331.5 
1,396.5 
Notes payable 
 
279.0 
1,468.7 
Other current liabilities 
 
1,633.3 
1,367.8 
Total current liabilities 
 
7,491.5 
7,087.1 
Long-term debt 
 
10,929.0 
11,624.8 
Deferred income taxes 
 
1,947.1 
2,031.0 
Other liabilities 
 
1,545.0 
1,448.9 
Total liabilities 
 
21,912.6 
22,191.8 
Redeemable interest 
 
544.6 
551.7 
Stockholders' equity: 
 
 
 
 
Common stock, 754.6 shares issued, $0.10 par value 
 
75.5 
75.5 
Additional paid-in capital 
 
1,348.6 
1,386.7 
Retained earnings 
 
15,982.1 
14,996.7 
Common stock in treasury, at cost, shares of 144.8 and 152.7 
 
(6,433.3) 
(6,779.0)
Accumulated other comprehensive loss 
 
(2,914.4) 
(2,625.4)
Total stockholders' equity 
 
8,058.5 
7,054.5 
Noncontrolling interests 
 
291.0 
313.2 
Total equity 
 
8,349.5 
7,367.7 
Total liabilities and equity 
$ 
30,806.7 $ 
30,111.2 
See accompanying notes to consolidated financial statements."
What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.,$32780.00,"[{'evidence_text': 'Table of Contents\n \nPART II\nItem 8\n \nITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\nINCOME STATEMENTS\n \n(In millions, except per share amounts)\n \n \n \n \n \n \n \nYear Ended June 30,\n \n2016 \n2015 \n2014 \nRevenue:\n \n \n \n \n \n \n \nProduct\n \n$ 61,502 \n$ 75,956 \n$ 72,948 \nService and other\n \n \n23,818 \n \n17,624 \n \n13,885 \n \n \nTotal revenue\n \n \n85,320 \n \n93,580 \n \n86,833 \n \n \nCost of revenue:\n \n \n \n \n \n \n \nProduct\n \n \n17,880 \n \n21,410 \n \n16,681 \nService and other\n \n \n14,900 \n \n11,628 \n \n10,397 \n \n \nTotal cost of revenue\n \n \n32,780 \n \n33,038 \n \n27,078 \n \n \nGross margin\n \n \n52,540 \n \n60,542 \n \n59,755 \nResearch and development\n \n \n11,988 \n \n12,046 \n \n11,381 \nSales and marketing\n \n \n14,697 \n \n15,713 \n \n15,811 \nGeneral and administrative\n \n \n4,563 \n \n4,611 \n \n4,677 \nImpairment, integration, and restructuring\n \n \n1,110 \n \n10,011 \n \n127 \n \n \nOperating income\n \n \n20,182 \n \n18,161 \n \n27,759 \nOther income (expense), net\n \n \n(431) \n \n346 \n \n61 \n \n \nIncome before income taxes\n \n \n19,751 \n \n18,507 \n \n27,820 \nProvision for income taxes\n \n \n2,953 \n \n6,314 \n \n5,746 \n \n \nNet income\n \n$ 16,798 \n$ 12,193 \n$ 22,074 \n \n \n \n \nEarnings per share:\n \n \n \n \n \n \n \nBasic\n \n$\n2.12 \n$\n1.49 \n$\n2.66 \nDiluted\n \n$\n2.10 \n$\n1.48 \n$\n2.63 \nWeighted average shares outstanding:\n \n \n \n \n \n \n \nBasic\n \n \n7,925 \n \n8,177 \n \n8,299 \nDiluted\n \n \n8,013 \n \n8,254 \n \n8,399 \nCash dividends declared per common share\n \n$\n1.44 \n$\n1.24 \n$\n1.12 \nSee accompanying notes.\n \n52', 'doc_name': 'MICROSOFT_2016_10K', 'evidence_page_num': 51, 'evidence_text_full_page': 'Table of Contents\n \nPART II\nItem 8\n \nITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\nINCOME STATEMENTS\n \n(In millions, except per share amounts)\n \n \n \n \n \n \n \nYear Ended June 30,\n \n2016 \n2015 \n2014 \nRevenue:\n \n \n \n \n \n \n \nProduct\n \n$ 61,502 \n$ 75,956 \n$ 72,948 \nService and other\n \n \n23,818 \n \n17,624 \n \n13,885 \n \n \nTotal revenue\n \n \n85,320 \n \n93,580 \n \n86,833 \n \n \nCost of revenue:\n \n \n \n \n \n \n \nProduct\n \n \n17,880 \n \n21,410 \n \n16,681 \nService and other\n \n \n14,900 \n \n11,628 \n \n10,397 \n \n \nTotal cost of revenue\n \n \n32,780 \n \n33,038 \n \n27,078 \n \n \nGross margin\n \n \n52,540 \n \n60,542 \n \n59,755 \nResearch and development\n \n \n11,988 \n \n12,046 \n \n11,381 \nSales and marketing\n \n \n14,697 \n \n15,713 \n \n15,811 \nGeneral and administrative\n \n \n4,563 \n \n4,611 \n \n4,677 \nImpairment, integration, and restructuring\n \n \n1,110 \n \n10,011 \n \n127 \n \n \nOperating income\n \n \n20,182 \n \n18,161 \n \n27,759 \nOther income (expense), net\n \n \n(431) \n \n346 \n \n61 \n \n \nIncome before income taxes\n \n \n19,751 \n \n18,507 \n \n27,820 \nProvision for income taxes\n \n \n2,953 \n \n6,314 \n \n5,746 \n \n \nNet income\n \n$ 16,798 \n$ 12,193 \n$ 22,074 \n \n \n \n \nEarnings per share:\n \n \n \n \n \n \n \nBasic\n \n$\n2.12 \n$\n1.49 \n$\n2.66 \nDiluted\n \n$\n2.10 \n$\n1.48 \n$\n2.63 \nWeighted average shares outstanding:\n \n \n \n \n \n \n \nBasic\n \n \n7,925 \n \n8,177 \n \n8,299 \nDiluted\n \n \n8,013 \n \n8,254 \n \n8,399 \nCash dividends declared per common share\n \n$\n1.44 \n$\n1.24 \n$\n1.12 \nSee accompanying notes.\n \n52\n'}]","Table of Contents
 
PART II
Item 8
 
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INCOME STATEMENTS
 
(In millions, except per share amounts)
 
 
 
 
 
 
 
Year Ended June 30,
 
2016 
2015 
2014 
Revenue:
 
 
 
 
 
 
 
Product
 
$ 61,502 
$ 75,956 
$ 72,948 
Service and other
 
 
23,818 
 
17,624 
 
13,885 
 
 
Total revenue
 
 
85,320 
 
93,580 
 
86,833 
 
 
Cost of revenue:
 
 
 
 
 
 
 
Product
 
 
17,880 
 
21,410 
 
16,681 
Service and other
 
 
14,900 
 
11,628 
 
10,397 
 
 
Total cost of revenue
 
 
32,780 
 
33,038 
 
27,078 
 
 
Gross margin
 
 
52,540 
 
60,542 
 
59,755 
Research and development
 
 
11,988 
 
12,046 
 
11,381 
Sales and marketing
 
 
14,697 
 
15,713 
 
15,811 
General and administrative
 
 
4,563 
 
4,611 
 
4,677 
Impairment, integration, and restructuring
 
 
1,110 
 
10,011 
 
127 
 
 
Operating income
 
 
20,182 
 
18,161 
 
27,759 
Other income (expense), net
 
 
(431) 
 
346 
 
61 
 
 
Income before income taxes
 
 
19,751 
 
18,507 
 
27,820 
Provision for income taxes
 
 
2,953 
 
6,314 
 
5,746 
 
 
Net income
 
$ 16,798 
$ 12,193 
$ 22,074 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
 
$
2.12 
$
1.49 
$
2.66 
Diluted
 
$
2.10 
$
1.48 
$
2.63 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
 
 
7,925 
 
8,177 
 
8,299 
Diluted
 
 
8,013 
 
8,254 
 
8,399 
Cash dividends declared per common share
 
$
1.44 
$
1.24 
$
1.12 
See accompanying notes.
 
52"
What is the FY2017 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations / total current liabilities. Round your answer to two decimal places. Please utilize information provided primarily within the balance sheet and the cash flow statement.,0.83,"[{'evidence_text': 'Table of Contents\n57\n ADOBE SYSTEMS INCORPORATED\n CONSOLIDATED BALANCE SHEETS\n(In thousands, except par value)\n \nDecember 1,\n2017\nDecember 2,\n2016\nASSETS\nCurrent assets:\n \n \nCash and cash equivalents\n$\n2,306,072\n$\n1,011,315\nShort-term investments\n3,513,702\n3,749,985\nTrade receivables, net of allowances for doubtful accounts of $9,151 and $6,214, respectively\n1,217,968\n833,033\nPrepaid expenses and other current assets\n210,071\n245,441\nTotal current assets\n7,247,813\n5,839,774\nProperty and equipment, net\n936,976\n816,264\nGoodwill\n5,821,561\n5,406,474\nPurchased and other intangibles, net\n385,658\n414,405\nInvestment in lease receivable\n\n80,439\nOther assets\n143,548\n139,890\nTotal assets\n$\n14,535,556\n$\n12,697,246\nLIABILITIES AND STOCKHOLDERS EQUITY\nCurrent liabilities:\n \n \nTrade payables\n$\n113,538\n$\n88,024\nAccrued expenses\n993,773\n739,630\nIncome taxes payable\n14,196\n38,362\nDeferred revenue\n2,405,950\n1,945,619\nTotal current liabilities\n3,527,457\n2,811,635\nLong-term liabilities:\nDebt and capital lease obligations\n1,881,421\n1,892,200\nDeferred revenue\n88,592\n69,131\nIncome taxes payable\n173,088\n184,381\nDeferred income taxes\n279,941\n217,660\nOther liabilities\n125,188\n97,404\nTotal liabilities\n6,075,687\n5,272,411\nCommitments and contingencies\nStockholders equity:\n \n \nPreferred stock, $0.0001 par value; 2,000 shares authorized; none issued\n\n\nCommon stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; \n 491,262 and 494,254 shares outstanding, respectively\n61\n61\nAdditional paid-in-capital\n5,082,195\n4,616,331\nRetained earnings\n9,573,870\n8,114,517\nAccumulated other comprehensive income (loss)\n(111,821)\n(173,602)\nTreasury stock, at cost (109,572 and 106,580 shares, respectively), net of reissuances\n(6,084,436)\n(5,132,472)\nTotal stockholders equity\n8,459,869\n7,424,835\nTotal liabilities and stockholders equity\n$\n14,535,556\n$\n12,697,246\nSee accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'ADOBE_2017_10K', 'evidence_page_num': 56, 'evidence_text_full_page': 'Table of Contents\n57\n ADOBE SYSTEMS INCORPORATED\n CONSOLIDATED BALANCE SHEETS\n(In thousands, except par value)\n \nDecember 1,\n2017\nDecember 2,\n2016\nASSETS\nCurrent assets:\n \n \nCash and cash equivalents\n$\n2,306,072\n$\n1,011,315\nShort-term investments\n3,513,702\n3,749,985\nTrade receivables, net of allowances for doubtful accounts of $9,151 and $6,214, respectively\n1,217,968\n833,033\nPrepaid expenses and other current assets\n210,071\n245,441\nTotal current assets\n7,247,813\n5,839,774\nProperty and equipment, net\n936,976\n816,264\nGoodwill\n5,821,561\n5,406,474\nPurchased and other intangibles, net\n385,658\n414,405\nInvestment in lease receivable\n\n80,439\nOther assets\n143,548\n139,890\nTotal assets\n$\n14,535,556\n$\n12,697,246\nLIABILITIES AND STOCKHOLDERS EQUITY\nCurrent liabilities:\n \n \nTrade payables\n$\n113,538\n$\n88,024\nAccrued expenses\n993,773\n739,630\nIncome taxes payable\n14,196\n38,362\nDeferred revenue\n2,405,950\n1,945,619\nTotal current liabilities\n3,527,457\n2,811,635\nLong-term liabilities:\nDebt and capital lease obligations\n1,881,421\n1,892,200\nDeferred revenue\n88,592\n69,131\nIncome taxes payable\n173,088\n184,381\nDeferred income taxes\n279,941\n217,660\nOther liabilities\n125,188\n97,404\nTotal liabilities\n6,075,687\n5,272,411\nCommitments and contingencies\nStockholders equity:\n \n \nPreferred stock, $0.0001 par value; 2,000 shares authorized; none issued\n\n\nCommon stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; \n 491,262 and 494,254 shares outstanding, respectively\n61\n61\nAdditional paid-in-capital\n5,082,195\n4,616,331\nRetained earnings\n9,573,870\n8,114,517\nAccumulated other comprehensive income (loss)\n(111,821)\n(173,602)\nTreasury stock, at cost (109,572 and 106,580 shares, respectively), net of reissuances\n(6,084,436)\n(5,132,472)\nTotal stockholders equity\n8,459,869\n7,424,835\nTotal liabilities and stockholders equity\n$\n14,535,556\n$\n12,697,246\nSee accompanying Notes to Consolidated Financial Statements.\n'}
 {'evidence_text': 'Table of Contents\n61\nADOBE SYSTEMS INCORPORATED\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n \nYears Ended\n \nDecember 1,\n2017\nDecember 2,\n2016\nNovember 27,\n2015\nCash flows from operating activities:\n \n \nNet income\n$\n1,693,954\n$\n1,168,782\n$\n629,551\nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation, amortization and accretion\n325,997\n331,535\n339,473\nStock-based compensation\n451,451\n349,912\n335,859\nDeferred income taxes\n51,605\n24,222\n(69,657)\nGain on the sale of property\n\n\n(21,415)\nUnrealized (gains) losses on investments\n(5,494)\n3,145\n(9,210)\nExcess tax benefits from stock-based compensation\n\n(75,105)\n(68,153)\nOther non-cash items\n4,625\n2,022\n1,216\nChanges in operating assets and liabilities, net of acquired assets and\n assumed liabilities:\nTrade receivables, net\n(187,173)\n(160,416)\n(79,502)\nPrepaid expenses and other current assets\n28,040\n(71,021)\n(7,701)\nTrade payables\n(45,186)\n(6,281)\n22,870\nAccrued expenses\n154,125\n64,978\n(22,564)\nIncome taxes payable\n(34,493)\n43,115\n97,934\nDeferred revenue\n475,402\n524,840\n320,801\nNet cash provided by operating activities\n2,912,853\n2,199,728\n1,469,502\nCash flows from investing activities:\n \n \nPurchases of short-term investments\n(1,931,011)\n(2,285,222)\n(2,064,833)\nMaturities of short-term investments\n759,737\n769,228\n371,790\nProceeds from sales of short-term investments\n1,393,929\n860,849\n1,176,476\nAcquisitions, net of cash acquired\n(459,626)\n(48,427)\n(826,004)\nPurchases of property and equipment\n(178,122)\n(203,805)\n(184,936)\nProceeds from sale of property\n\n\n57,779\nPurchases of long-term investments, intangibles and other assets\n(29,918)\n(58,433)\n(22,779)\nProceeds from sale of long-term investments\n2,134\n5,777\n4,149\nNet cash used for investing activities\n(442,877)\n(960,033)\n(1,488,358)\nCash flows from financing activities:\n \n \nPurchases of treasury stock\n(1,100,000)\n(1,075,000)\n(625,000)\nProceeds from issuance of treasury stock\n158,351\n145,697\n164,270\nTaxes paid related to net share settlement of equity awards\n(240,126)\n(236,400)\n(186,373)\nExcess tax benefits from stock-based compensation\n\n75,105\n68,153\nProceeds from debt issuance\n\n\n989,280\nRepayment of debt and capital lease obligations\n(1,960)\n(108)\n(602,189)\nDebt issuance costs\n\n\n(8,828)\nNet cash used for financing activities\n(1,183,735)\n(1,090,706)\n(200,687)\nEffect of foreign currency exchange rates on cash and cash equivalents\n8,516\n(14,234)\n(21,297)\nNet increase (decrease) in cash and cash equivalents\n1,294,757\n134,755\n(240,840)\nCash and cash equivalents at beginning of year\n1,011,315\n876,560\n1,117,400\nCash and cash equivalents at end of year\n$\n2,306,072\n$\n1,011,315\n$\n876,560\nSupplemental disclosures:\n \nCash paid for income taxes, net of refunds\n$\n396,668\n$\n249,884\n$\n203,010\nCash paid for interest\n$\n69,430\n$\n66,193\n$\n56,014\nNon-cash investing activities:\nInvestment in lease receivable applied to building purchase\n$\n80,439\n$\n\n$\n\nIssuance of common stock and stock awards assumed in business acquisitions\n$\n10,348\n$\n\n$\n677\nSee accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'ADOBE_2017_10K', 'evidence_page_num': 60, 'evidence_text_full_page': 'Table of Contents\n61\nADOBE SYSTEMS INCORPORATED\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n \nYears Ended\n \nDecember 1,\n2017\nDecember 2,\n2016\nNovember 27,\n2015\nCash flows from operating activities:\n \n \nNet income\n$\n1,693,954\n$\n1,168,782\n$\n629,551\nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation, amortization and accretion\n325,997\n331,535\n339,473\nStock-based compensation\n451,451\n349,912\n335,859\nDeferred income taxes\n51,605\n24,222\n(69,657)\nGain on the sale of property\n\n\n(21,415)\nUnrealized (gains) losses on investments\n(5,494)\n3,145\n(9,210)\nExcess tax benefits from stock-based compensation\n\n(75,105)\n(68,153)\nOther non-cash items\n4,625\n2,022\n1,216\nChanges in operating assets and liabilities, net of acquired assets and\n assumed liabilities:\nTrade receivables, net\n(187,173)\n(160,416)\n(79,502)\nPrepaid expenses and other current assets\n28,040\n(71,021)\n(7,701)\nTrade payables\n(45,186)\n(6,281)\n22,870\nAccrued expenses\n154,125\n64,978\n(22,564)\nIncome taxes payable\n(34,493)\n43,115\n97,934\nDeferred revenue\n475,402\n524,840\n320,801\nNet cash provided by operating activities\n2,912,853\n2,199,728\n1,469,502\nCash flows from investing activities:\n \n \nPurchases of short-term investments\n(1,931,011)\n(2,285,222)\n(2,064,833)\nMaturities of short-term investments\n759,737\n769,228\n371,790\nProceeds from sales of short-term investments\n1,393,929\n860,849\n1,176,476\nAcquisitions, net of cash acquired\n(459,626)\n(48,427)\n(826,004)\nPurchases of property and equipment\n(178,122)\n(203,805)\n(184,936)\nProceeds from sale of property\n\n\n57,779\nPurchases of long-term investments, intangibles and other assets\n(29,918)\n(58,433)\n(22,779)\nProceeds from sale of long-term investments\n2,134\n5,777\n4,149\nNet cash used for investing activities\n(442,877)\n(960,033)\n(1,488,358)\nCash flows from financing activities:\n \n \nPurchases of treasury stock\n(1,100,000)\n(1,075,000)\n(625,000)\nProceeds from issuance of treasury stock\n158,351\n145,697\n164,270\nTaxes paid related to net share settlement of equity awards\n(240,126)\n(236,400)\n(186,373)\nExcess tax benefits from stock-based compensation\n\n75,105\n68,153\nProceeds from debt issuance\n\n\n989,280\nRepayment of debt and capital lease obligations\n(1,960)\n(108)\n(602,189)\nDebt issuance costs\n\n\n(8,828)\nNet cash used for financing activities\n(1,183,735)\n(1,090,706)\n(200,687)\nEffect of foreign currency exchange rates on cash and cash equivalents\n8,516\n(14,234)\n(21,297)\nNet increase (decrease) in cash and cash equivalents\n1,294,757\n134,755\n(240,840)\nCash and cash equivalents at beginning of year\n1,011,315\n876,560\n1,117,400\nCash and cash equivalents at end of year\n$\n2,306,072\n$\n1,011,315\n$\n876,560\nSupplemental disclosures:\n \nCash paid for income taxes, net of refunds\n$\n396,668\n$\n249,884\n$\n203,010\nCash paid for interest\n$\n69,430\n$\n66,193\n$\n56,014\nNon-cash investing activities:\nInvestment in lease receivable applied to building purchase\n$\n80,439\n$\n\n$\n\nIssuance of common stock and stock awards assumed in business acquisitions\n$\n10,348\n$\n\n$\n677\nSee accompanying Notes to Consolidated Financial Statements.\n'}]","Table of Contents
57
 ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
 
December 1,
2017
December 2,
2016
ASSETS
Current assets:
 
 
Cash and cash equivalents
$
2,306,072
$
1,011,315
Short-term investments
3,513,702
3,749,985
Trade receivables, net of allowances for doubtful accounts of $9,151 and $6,214, respectively
1,217,968
833,033
Prepaid expenses and other current assets
210,071
245,441
Total current assets
7,247,813
5,839,774
Property and equipment, net
936,976
816,264
Goodwill
5,821,561
5,406,474
Purchased and other intangibles, net
385,658
414,405
Investment in lease receivable

80,439
Other assets
143,548
139,890
Total assets
$
14,535,556
$
12,697,246
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
 
 
Trade payables
$
113,538
$
88,024
Accrued expenses
993,773
739,630
Income taxes payable
14,196
38,362
Deferred revenue
2,405,950
1,945,619
Total current liabilities
3,527,457
2,811,635
Long-term liabilities:
Debt and capital lease obligations
1,881,421
1,892,200
Deferred revenue
88,592
69,131
Income taxes payable
173,088
184,381
Deferred income taxes
279,941
217,660
Other liabilities
125,188
97,404
Total liabilities
6,075,687
5,272,411
Commitments and contingencies
Stockholders equity:
 
 
Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued


Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; 
 491,262 and 494,254 shares outstanding, respectively
61
61
Additional paid-in-capital
5,082,195
4,616,331
Retained earnings
9,573,870
8,114,517
Accumulated other comprehensive income (loss)
(111,821)
(173,602)
Treasury stock, at cost (109,572 and 106,580 shares, respectively), net of reissuances
(6,084,436)
(5,132,472)
Total stockholders equity
8,459,869
7,424,835
Total liabilities and stockholders equity
$
14,535,556
$
12,697,246
See accompanying Notes to Consolidated Financial Statements. Table of Contents
61
ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Years Ended
 
December 1,
2017
December 2,
2016
November 27,
2015
Cash flows from operating activities:
 
 
Net income
$
1,693,954
$
1,168,782
$
629,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion
325,997
331,535
339,473
Stock-based compensation
451,451
349,912
335,859
Deferred income taxes
51,605
24,222
(69,657)
Gain on the sale of property


(21,415)
Unrealized (gains) losses on investments
(5,494)
3,145
(9,210)
Excess tax benefits from stock-based compensation

(75,105)
(68,153)
Other non-cash items
4,625
2,022
1,216
Changes in operating assets and liabilities, net of acquired assets and
 assumed liabilities:
Trade receivables, net
(187,173)
(160,416)
(79,502)
Prepaid expenses and other current assets
28,040
(71,021)
(7,701)
Trade payables
(45,186)
(6,281)
22,870
Accrued expenses
154,125
64,978
(22,564)
Income taxes payable
(34,493)
43,115
97,934
Deferred revenue
475,402
524,840
320,801
Net cash provided by operating activities
2,912,853
2,199,728
1,469,502
Cash flows from investing activities:
 
 
Purchases of short-term investments
(1,931,011)
(2,285,222)
(2,064,833)
Maturities of short-term investments
759,737
769,228
371,790
Proceeds from sales of short-term investments
1,393,929
860,849
1,176,476
Acquisitions, net of cash acquired
(459,626)
(48,427)
(826,004)
Purchases of property and equipment
(178,122)
(203,805)
(184,936)
Proceeds from sale of property


57,779
Purchases of long-term investments, intangibles and other assets
(29,918)
(58,433)
(22,779)
Proceeds from sale of long-term investments
2,134
5,777
4,149
Net cash used for investing activities
(442,877)
(960,033)
(1,488,358)
Cash flows from financing activities:
 
 
Purchases of treasury stock
(1,100,000)
(1,075,000)
(625,000)
Proceeds from issuance of treasury stock
158,351
145,697
164,270
Taxes paid related to net share settlement of equity awards
(240,126)
(236,400)
(186,373)
Excess tax benefits from stock-based compensation

75,105
68,153
Proceeds from debt issuance


989,280
Repayment of debt and capital lease obligations
(1,960)
(108)
(602,189)
Debt issuance costs


(8,828)
Net cash used for financing activities
(1,183,735)
(1,090,706)
(200,687)
Effect of foreign currency exchange rates on cash and cash equivalents
8,516
(14,234)
(21,297)
Net increase (decrease) in cash and cash equivalents
1,294,757
134,755
(240,840)
Cash and cash equivalents at beginning of year
1,011,315
876,560
1,117,400
Cash and cash equivalents at end of year
$
2,306,072
$
1,011,315
$
876,560
Supplemental disclosures:
 
Cash paid for income taxes, net of refunds
$
396,668
$
249,884
$
203,010
Cash paid for interest
$
69,430
$
66,193
$
56,014
Non-cash investing activities:
Investment in lease receivable applied to building purchase
$
80,439
$

$

Issuance of common stock and stock awards assumed in business acquisitions
$
10,348
$

$
677
See accompanying Notes to Consolidated Financial Statements."
"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?",Data Center,"[{'evidence_text': 'Year Ended\nDecember 31,\n2022\nDecember 25,\n2021\n(In millions)\nNet revenue:\nData Center\n$\n6,043 \n$\n3,694 \nClient\n6,201 \n6,887 \nGaming\n6,805 \n5,607 \nEmbedded\n4,552 \n246 \nTotal net revenue\n$\n23,601 \n$\n16,434 \nOperating income (loss):\nData Center\n$\n1,848 \n$\n991 \nClient\n1,190 \n2,088 \nGaming\n953 \n934 \nEmbedded\n2,252 \n44 \nAll Other\n(4,979)\n(409)\nTotal operating income (loss)\n$\n1,264 \n$\n3,648', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 47, 'evidence_text_full_page': 'Table of Contents\nResults of Operations\nDuring the second quarter of fiscal year 2022, we changed our reporting segments to align our financial reporting with how we manage our business in strategic\nend markets. This is consistent with how our Chief Operating Decision Maker (CODM) assesses our financial performance and allocates resources. As a result,\nwe report our financial performance based on the following four reportable segments: Data Center, Client, Gaming, and Embedded.\nAdditional information on our reportable segments is contained in Note 4 Segment Reporting of the Notes to Financial Statements (Part II, Item 8 of this Form\n10-K).\nOur operating results tend to vary seasonally. Historically, our net revenue has been generally higher in the second half of the year than in the first half of the\nyear, although market conditions and product transitions could impact these trends.\nThe following table provides a summary of net revenue and operating income (loss) by segment for 2022 and 2021:\nYear Ended\nDecember 31,\n2022\nDecember 25,\n2021\n(In millions)\nNet revenue:\nData Center\n$\n6,043 \n$\n3,694 \nClient\n6,201 \n6,887 \nGaming\n6,805 \n5,607 \nEmbedded\n4,552 \n246 \nTotal net revenue\n$\n23,601 \n$\n16,434 \nOperating income (loss):\nData Center\n$\n1,848 \n$\n991 \nClient\n1,190 \n2,088 \nGaming\n953 \n934 \nEmbedded\n2,252 \n44 \nAll Other\n(4,979)\n(409)\nTotal operating income (loss)\n$\n1,264 \n$\n3,648 \nData Center\nData Center net revenue of $6 billion in 2022 increased by 64%, compared to net revenue of $3.7 billion in 2021. The increase was primarily driven by higher\nsales of our EPYC server processors.\nData Center operating income was $1.8 billion in 2022, compared to operating income of $991 million in 2021. The increase in operating income was primarily\ndriven by higher revenue, partially offset by higher operating expenses. Operating expenses increased for the reasons outlined under Expenses below.\nClient\nClient net revenue of $6.2 billion in 2022 decreased by 10%, compared to net revenue of $6.9 billion in 2021, primarily driven by a 24% decrease in unit\nshipment, partially offset by a 19% increase in average selling price. The decrease in unit shipments was due to challenging PC market conditions and\nsignificant inventory correction across the PC supply chain experienced during the second half of 2022. The increase in average selling price was primarily\ndriven by a richer mix of Ryzen mobile processor sales.\nClient operating income was $1.2 billion in 2022, compared to operating income of $2.1 billion in 2021. The decrease in operating income was primarily driven\nby lower revenue and higher operating expenses. Operating expenses increased for the reasons outlined under Expenses below.\n45\n'}]","Year Ended
December 31,
2022
December 25,
2021
(In millions)
Net revenue:
Data Center
$
6,043 
$
3,694 
Client
6,201 
6,887 
Gaming
6,805 
5,607 
Embedded
4,552 
246 
Total net revenue
$
23,601 
$
16,434 
Operating income (loss):
Data Center
$
1,848 
$
991 
Client
1,190 
2,088 
Gaming
953 
934 
Embedded
2,252 
44 
All Other
(4,979)
(409)
Total operating income (loss)
$
1,264 
$
3,648"
What is the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard? Answer in units of percents and round to one decimal place. Calculate (or extract) the answer from the statement of income and the cash flow statement.,1.9%,"[{'evidence_text': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(Amounts in millions, except per share data)\n \nFor the Years Ended December 31,\n \n2019\n \n2018\n \n2017\nNet revenues\n \n \n \n \nProduct sales\n$\n1,975\n $\n2,255 $\n2,110\nSubscription, licensing, and other revenues\n4,514\n \n5,245 \n4,907\nTotal net revenues\n6,489\n \n7,500 \n7,017\n \n \n \n \nCosts and expenses\n \n \n \n \nCost of revenuesproduct sales:\n \n \n \nProduct costs\n656\n \n719 \n733\nSoftware royalties, amortization, and intellectual property licenses\n240\n \n371 \n300\nCost of revenuessubscription, licensing, and other revenues:\n \n \n \nGame operations and distribution costs\n965\n \n1,028 \n984\nSoftware royalties, amortization, and intellectual property licenses\n233\n \n399 \n484\nProduct development\n998\n \n1,101 \n1,069\nSales and marketing\n926\n \n1,062 \n1,378\nGeneral and administrative\n732\n \n822 \n745\nRestructuring and related costs\n132\n \n10 \n15\nTotal costs and expenses\n4,882\n \n5,512 \n5,708\n \n \n \n \nOperating income\n1,607\n \n1,988 \n1,309\nInterest and other expense (income), net (Note 18)\n(26) \n71 \n146\nLoss on extinguishment of debt\n\n \n40 \n12\nIncome before income tax expense\n1,633\n \n1,877 \n1,151\nIncome tax expense\n130\n \n29 \n878\nNet income\n$\n1,503\n $\n1,848 $\n273\n \n \n \n \nEarnings per common share\n \n \n \n \nBasic\n$\n1.96\n $\n2.43 $\n0.36\nDiluted\n$\n1.95\n $\n2.40 $\n0.36\n \n \n \n \nWeighted-average number of shares outstanding\n \n \n \n \nBasic\n767\n \n762 \n754\nDiluted\n771\n \n771 \n766\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-5', 'doc_name': 'ACTIVISIONBLIZZARD_2019_10K', 'evidence_page_num': 69, 'evidence_text_full_page': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(Amounts in millions, except per share data)\n \nFor the Years Ended December 31,\n \n2019\n \n2018\n \n2017\nNet revenues\n \n \n \n \nProduct sales\n$\n1,975\n $\n2,255 $\n2,110\nSubscription, licensing, and other revenues\n4,514\n \n5,245 \n4,907\nTotal net revenues\n6,489\n \n7,500 \n7,017\n \n \n \n \nCosts and expenses\n \n \n \n \nCost of revenuesproduct sales:\n \n \n \nProduct costs\n656\n \n719 \n733\nSoftware royalties, amortization, and intellectual property licenses\n240\n \n371 \n300\nCost of revenuessubscription, licensing, and other revenues:\n \n \n \nGame operations and distribution costs\n965\n \n1,028 \n984\nSoftware royalties, amortization, and intellectual property licenses\n233\n \n399 \n484\nProduct development\n998\n \n1,101 \n1,069\nSales and marketing\n926\n \n1,062 \n1,378\nGeneral and administrative\n732\n \n822 \n745\nRestructuring and related costs\n132\n \n10 \n15\nTotal costs and expenses\n4,882\n \n5,512 \n5,708\n \n \n \n \nOperating income\n1,607\n \n1,988 \n1,309\nInterest and other expense (income), net (Note 18)\n(26) \n71 \n146\nLoss on extinguishment of debt\n\n \n40 \n12\nIncome before income tax expense\n1,633\n \n1,877 \n1,151\nIncome tax expense\n130\n \n29 \n878\nNet income\n$\n1,503\n $\n1,848 $\n273\n \n \n \n \nEarnings per common share\n \n \n \n \nBasic\n$\n1.96\n $\n2.43 $\n0.36\nDiluted\n$\n1.95\n $\n2.40 $\n0.36\n \n \n \n \nWeighted-average number of shares outstanding\n \n \n \n \nBasic\n767\n \n762 \n754\nDiluted\n771\n \n771 \n766\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-5\n'}
 {'evidence_text': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(Amounts in millions)\n \nFor the Years Ended December 31,\n \n2019\n \n2018\n \n2017\nCash flows from operating activities:\n \n \n \n \n \nNet income\n$\n1,503\n $\n1,848\n $\n273\nAdjustments to reconcile net income to net cash provided by operating activities:\n \n \n \n \n \nDeferred income taxes\n(352) \n(35) \n(181)\nProvision for inventories\n6\n \n6\n \n33\nNon-cash operating lease cost\n64\n \n\n \n\nDepreciation and amortization\n328\n \n509\n \n888\nAmortization of capitalized software development costs and intellectual property licenses (1)\n225\n \n489\n \n311\nLoss on extinguishment of debt\n\n \n40\n \n12\nShare-based compensation expense (2)\n166\n \n209\n \n176\nUnrealized gain on equity investment (Note 10)\n(38) \n\n \n\nOther\n51\n \n7\n \n40\nChanges in operating assets and liabilities, net of effect from business acquisitions:\n \n \n \n \n \nAccounts receivable, net\n182\n \n(114) \n(165)\nInventories\n7\n \n(5) \n(26)\nSoftware development and intellectual property licenses\n(275) \n(372) \n(301)\nOther assets\n164\n \n(51) \n(97)\nDeferred revenues\n(154) \n(122) \n220\nAccounts payable\n31\n \n(65) \n85\nAccrued expenses and other liabilities\n(77) \n(554) \n945\nNet cash provided by operating activities\n1,831\n \n1,790\n \n2,213\nCash flows from investing activities:\n \n \n \n \n \nProceeds from maturities of available-for-sale investments\n153\n \n116\n \n80\nPurchases of available-for-sale investments\n(65) \n(209) \n(135)\nCapital expenditures\n(116) \n(131) \n(155)\nOther investing activities\n6\n \n(6) \n3\nNet cash used in investing activities\n(22) \n(230) \n(207)\nCash flows from financing activities:\n \n \n \n \n \nProceeds from issuance of common stock to employees\n105\n \n99\n \n178\nTax payment related to net share settlements on restricted stock units\n(59) \n(94) \n(56)\nDividends paid\n(283) \n(259) \n(226)\nProceeds from debt issuances, net of discounts\n\n \n\n \n3,741\nRepayment of long-term debt\n\n \n(1,740) \n(4,251)\nPremium payment for early redemption of note\n\n \n(25) \n\nOther financing activities\n\n \n(1) \n(10)\nNet cash used in financing activities\n(237) \n(2,020) \n(624)\nEffect of foreign exchange rate changes on cash and cash equivalents\n(3) \n(31) \n76\nNet increase (decrease) in cash and cash equivalents and restricted cash\n1,569\n \n(491) \n1,458\nCash and cash equivalents and restricted cash at beginning of period\n4,229\n \n4,720\n \n3,262\nCash and cash equivalents and restricted cash at end of period\n$\n5,798\n $\n4,229\n $\n4,720\n(1)\nExcludes deferral and amortization of share-based compensation expense.\n(2)\nIncludes the net effects of capitalization, deferral, and amortization of share-based compensation expense.\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-8', 'doc_name': 'ACTIVISIONBLIZZARD_2019_10K', 'evidence_page_num': 72, 'evidence_text_full_page': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(Amounts in millions)\n \nFor the Years Ended December 31,\n \n2019\n \n2018\n \n2017\nCash flows from operating activities:\n \n \n \n \n \nNet income\n$\n1,503\n $\n1,848\n $\n273\nAdjustments to reconcile net income to net cash provided by operating activities:\n \n \n \n \n \nDeferred income taxes\n(352) \n(35) \n(181)\nProvision for inventories\n6\n \n6\n \n33\nNon-cash operating lease cost\n64\n \n\n \n\nDepreciation and amortization\n328\n \n509\n \n888\nAmortization of capitalized software development costs and intellectual property licenses (1)\n225\n \n489\n \n311\nLoss on extinguishment of debt\n\n \n40\n \n12\nShare-based compensation expense (2)\n166\n \n209\n \n176\nUnrealized gain on equity investment (Note 10)\n(38) \n\n \n\nOther\n51\n \n7\n \n40\nChanges in operating assets and liabilities, net of effect from business acquisitions:\n \n \n \n \n \nAccounts receivable, net\n182\n \n(114) \n(165)\nInventories\n7\n \n(5) \n(26)\nSoftware development and intellectual property licenses\n(275) \n(372) \n(301)\nOther assets\n164\n \n(51) \n(97)\nDeferred revenues\n(154) \n(122) \n220\nAccounts payable\n31\n \n(65) \n85\nAccrued expenses and other liabilities\n(77) \n(554) \n945\nNet cash provided by operating activities\n1,831\n \n1,790\n \n2,213\nCash flows from investing activities:\n \n \n \n \n \nProceeds from maturities of available-for-sale investments\n153\n \n116\n \n80\nPurchases of available-for-sale investments\n(65) \n(209) \n(135)\nCapital expenditures\n(116) \n(131) \n(155)\nOther investing activities\n6\n \n(6) \n3\nNet cash used in investing activities\n(22) \n(230) \n(207)\nCash flows from financing activities:\n \n \n \n \n \nProceeds from issuance of common stock to employees\n105\n \n99\n \n178\nTax payment related to net share settlements on restricted stock units\n(59) \n(94) \n(56)\nDividends paid\n(283) \n(259) \n(226)\nProceeds from debt issuances, net of discounts\n\n \n\n \n3,741\nRepayment of long-term debt\n\n \n(1,740) \n(4,251)\nPremium payment for early redemption of note\n\n \n(25) \n\nOther financing activities\n\n \n(1) \n(10)\nNet cash used in financing activities\n(237) \n(2,020) \n(624)\nEffect of foreign exchange rate changes on cash and cash equivalents\n(3) \n(31) \n76\nNet increase (decrease) in cash and cash equivalents and restricted cash\n1,569\n \n(491) \n1,458\nCash and cash equivalents and restricted cash at beginning of period\n4,229\n \n4,720\n \n3,262\nCash and cash equivalents and restricted cash at end of period\n$\n5,798\n $\n4,229\n $\n4,720\n(1)\nExcludes deferral and amortization of share-based compensation expense.\n(2)\nIncludes the net effects of capitalization, deferral, and amortization of share-based compensation expense.\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-8\n'}]","Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Net revenues
 
 
 
 
Product sales
$
1,975
 $
2,255 $
2,110
Subscription, licensing, and other revenues
4,514
 
5,245 
4,907
Total net revenues
6,489
 
7,500 
7,017
 
 
 
 
Costs and expenses
 
 
 
 
Cost of revenuesproduct sales:
 
 
 
Product costs
656
 
719 
733
Software royalties, amortization, and intellectual property licenses
240
 
371 
300
Cost of revenuessubscription, licensing, and other revenues:
 
 
 
Game operations and distribution costs
965
 
1,028 
984
Software royalties, amortization, and intellectual property licenses
233
 
399 
484
Product development
998
 
1,101 
1,069
Sales and marketing
926
 
1,062 
1,378
General and administrative
732
 
822 
745
Restructuring and related costs
132
 
10 
15
Total costs and expenses
4,882
 
5,512 
5,708
 
 
 
 
Operating income
1,607
 
1,988 
1,309
Interest and other expense (income), net (Note 18)
(26) 
71 
146
Loss on extinguishment of debt

 
40 
12
Income before income tax expense
1,633
 
1,877 
1,151
Income tax expense
130
 
29 
878
Net income
$
1,503
 $
1,848 $
273
 
 
 
 
Earnings per common share
 
 
 
 
Basic
$
1.96
 $
2.43 $
0.36
Diluted
$
1.95
 $
2.40 $
0.36
 
 
 
 
Weighted-average number of shares outstanding
 
 
 
 
Basic
767
 
762 
754
Diluted
771
 
771 
766
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-5 Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Cash flows from operating activities:
 
 
 
 
 
Net income
$
1,503
 $
1,848
 $
273
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Deferred income taxes
(352) 
(35) 
(181)
Provision for inventories
6
 
6
 
33
Non-cash operating lease cost
64
 

 

Depreciation and amortization
328
 
509
 
888
Amortization of capitalized software development costs and intellectual property licenses (1)
225
 
489
 
311
Loss on extinguishment of debt

 
40
 
12
Share-based compensation expense (2)
166
 
209
 
176
Unrealized gain on equity investment (Note 10)
(38) 

 

Other
51
 
7
 
40
Changes in operating assets and liabilities, net of effect from business acquisitions:
 
 
 
 
 
Accounts receivable, net
182
 
(114) 
(165)
Inventories
7
 
(5) 
(26)
Software development and intellectual property licenses
(275) 
(372) 
(301)
Other assets
164
 
(51) 
(97)
Deferred revenues
(154) 
(122) 
220
Accounts payable
31
 
(65) 
85
Accrued expenses and other liabilities
(77) 
(554) 
945
Net cash provided by operating activities
1,831
 
1,790
 
2,213
Cash flows from investing activities:
 
 
 
 
 
Proceeds from maturities of available-for-sale investments
153
 
116
 
80
Purchases of available-for-sale investments
(65) 
(209) 
(135)
Capital expenditures
(116) 
(131) 
(155)
Other investing activities
6
 
(6) 
3
Net cash used in investing activities
(22) 
(230) 
(207)
Cash flows from financing activities:
 
 
 
 
 
Proceeds from issuance of common stock to employees
105
 
99
 
178
Tax payment related to net share settlements on restricted stock units
(59) 
(94) 
(56)
Dividends paid
(283) 
(259) 
(226)
Proceeds from debt issuances, net of discounts

 

 
3,741
Repayment of long-term debt

 
(1,740) 
(4,251)
Premium payment for early redemption of note

 
(25) 

Other financing activities

 
(1) 
(10)
Net cash used in financing activities
(237) 
(2,020) 
(624)
Effect of foreign exchange rate changes on cash and cash equivalents
(3) 
(31) 
76
Net increase (decrease) in cash and cash equivalents and restricted cash
1,569
 
(491) 
1,458
Cash and cash equivalents and restricted cash at beginning of period
4,229
 
4,720
 
3,262
Cash and cash equivalents and restricted cash at end of period
$
5,798
 $
4,229
 $
4,720
(1)
Excludes deferral and amortization of share-based compensation expense.
(2)
Includes the net effects of capitalization, deferral, and amortization of share-based compensation expense.
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-8"
What is Amazon's year-over-year change in revenue from FY2016 to FY2017 (in units of percents and round to one decimal place)? Calculate what was asked by utilizing the line items clearly shown in the statement of income.,30.8%,"[{'evidence_text': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in millions, except per share data)\n \n \nYear Ended December 31,\n \n2015\n \n2016\n \n2017\nNet product sales\n$\n79,268 $\n94,665 $\n118,573\nNet service sales\n27,738 \n41,322 \n59,293\nTotal net sales\n107,006 \n135,987 \n177,866\nOperating expenses:\n \n \n \nCost of sales\n71,651 \n88,265 \n111,934\nFulfillment\n13,410 \n17,619 \n25,249\nMarketing\n5,254 \n7,233 \n10,069\nTechnology and content\n12,540 \n16,085 \n22,620\nGeneral and administrative\n1,747 \n2,432 \n3,674\nOther operating expense, net\n171 \n167 \n214\nTotal operating expenses\n104,773 \n131,801 \n173,760\nOperating income\n2,233 \n4,186 \n4,106\nInterest income\n50 \n100 \n202\nInterest expense\n(459) \n(484) \n(848)\nOther income (expense), net\n(256) \n90 \n346\nTotal non-operating income (expense)\n(665) \n(294) \n(300)\nIncome before income taxes\n1,568 \n3,892 \n3,806\nProvision for income taxes\n(950) \n(1,425) \n(769)\nEquity-method investment activity, net of tax\n(22) \n(96) \n(4)\nNet income\n$\n596 $\n2,371 $\n3,033\nBasic earnings per share\n$\n1.28 $\n5.01 $\n6.32\nDiluted earnings per share\n$\n1.25 $\n4.90 $\n6.15\nWeighted-average shares used in computation of earnings per share:\n \n \n \nBasic\n467 \n474 \n480\nDiluted\n477 \n484 \n493\nSee accompanying notes to consolidated financial statements.\n38', 'doc_name': 'AMAZON_2017_10K', 'evidence_page_num': 37, 'evidence_text_full_page': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in millions, except per share data)\n \n \nYear Ended December 31,\n \n2015\n \n2016\n \n2017\nNet product sales\n$\n79,268 $\n94,665 $\n118,573\nNet service sales\n27,738 \n41,322 \n59,293\nTotal net sales\n107,006 \n135,987 \n177,866\nOperating expenses:\n \n \n \nCost of sales\n71,651 \n88,265 \n111,934\nFulfillment\n13,410 \n17,619 \n25,249\nMarketing\n5,254 \n7,233 \n10,069\nTechnology and content\n12,540 \n16,085 \n22,620\nGeneral and administrative\n1,747 \n2,432 \n3,674\nOther operating expense, net\n171 \n167 \n214\nTotal operating expenses\n104,773 \n131,801 \n173,760\nOperating income\n2,233 \n4,186 \n4,106\nInterest income\n50 \n100 \n202\nInterest expense\n(459) \n(484) \n(848)\nOther income (expense), net\n(256) \n90 \n346\nTotal non-operating income (expense)\n(665) \n(294) \n(300)\nIncome before income taxes\n1,568 \n3,892 \n3,806\nProvision for income taxes\n(950) \n(1,425) \n(769)\nEquity-method investment activity, net of tax\n(22) \n(96) \n(4)\nNet income\n$\n596 $\n2,371 $\n3,033\nBasic earnings per share\n$\n1.28 $\n5.01 $\n6.32\nDiluted earnings per share\n$\n1.25 $\n4.90 $\n6.15\nWeighted-average shares used in computation of earnings per share:\n \n \n \nBasic\n467 \n474 \n480\nDiluted\n477 \n484 \n493\nSee accompanying notes to consolidated financial statements.\n38\n'}]","Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
 
 
Year Ended December 31,
 
2015
 
2016
 
2017
Net product sales
$
79,268 $
94,665 $
118,573
Net service sales
27,738 
41,322 
59,293
Total net sales
107,006 
135,987 
177,866
Operating expenses:
 
 
 
Cost of sales
71,651 
88,265 
111,934
Fulfillment
13,410 
17,619 
25,249
Marketing
5,254 
7,233 
10,069
Technology and content
12,540 
16,085 
22,620
General and administrative
1,747 
2,432 
3,674
Other operating expense, net
171 
167 
214
Total operating expenses
104,773 
131,801 
173,760
Operating income
2,233 
4,186 
4,106
Interest income
50 
100 
202
Interest expense
(459) 
(484) 
(848)
Other income (expense), net
(256) 
90 
346
Total non-operating income (expense)
(665) 
(294) 
(300)
Income before income taxes
1,568 
3,892 
3,806
Provision for income taxes
(950) 
(1,425) 
(769)
Equity-method investment activity, net of tax
(22) 
(96) 
(4)
Net income
$
596 $
2,371 $
3,033
Basic earnings per share
$
1.28 $
5.01 $
6.32
Diluted earnings per share
$
1.25 $
4.90 $
6.15
Weighted-average shares used in computation of earnings per share:
 
 
 
Basic
467 
474 
480
Diluted
477 
484 
493
See accompanying notes to consolidated financial statements.
38"
"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.",1.73,"[{'evidence_text': 'SQUARE,INC.\nCONSOLIDATEDBALANCESHEETS\n(In thousands, except share and per share data)\n\nDecember31,\n\n2016\n\n2015\nAssets\n\n \nCurrentassets:\n\n \nCashandcashequivalents\n$\n452,030 $\n461,329\nShort-terminvestments\n59,901 \n\nRestrictedcash\n22,131 \n13,537\nSettlementsreceivable\n321,102 \n142,727\nCustomerfundsheld\n43,574 \n9,446\nLoansheldforsale\n42,144 \n604\nMerchantcashadvancereceivable,net\n4,212 \n36,473\nOthercurrentassets\n56,331 \n41,447\nTotalcurrentassets\n1,001,425 \n705,563\nPropertyandequipment,net\n88,328 \n87,222\nGoodwill\n57,173 \n56,699\nAcquiredintangibleassets,net\n19,292 \n26,776\nLong-terminvestments\n27,366 \n\nRestrictedcash\n14,584 \n14,686\nOtherassets\n3,194 \n3,826\nTotalassets\n$\n1,211,362 $\n894,772\nLiabilitiesandStockholdersEquity\n\n \nCurrentliabilities:\n\n \nAccountspayable\n$\n12,602 $\n18,869\nCustomerspayable\n388,058 \n215,365\nCustomerfundsobligation\n43,574 \n9,446\nAccruedtransactionlosses\n20,064 \n17,176\nAccruedexpenses\n39,543 \n44,401\nOthercurrentliabilities\n73,623 \n28,945\nTotalcurrentliabilities\n577,464 \n334,202\nDebt(Note11)\n \n\nOtherliabilities\n57,745 \n52,522\nTotalliabilities\n635,209 \n386,724\nCommitmentsandcontingencies(Note16)\n\nStockholdersequity:\n \nPreferredstock,$0.0000001parvalue:100,000,000sharesauthorizedatDecember31,2016andDecember31,2015.None\nissuedandoutstandingatDecember31,2016andDecember31,2015.\n \n\nClassAcommonstock,$0.0000001parvalue:1,000,000,000sharesauthorizedatDecember31,2016andDecember31,2015;\n198,746,620and31,717,133issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.\n \n\nClassBcommonstock,$0.0000001parvalue:500,000,000sharesauthorizedatDecember31,2016andDecember31,2015;\n165,800,756and303,232,312issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.\n \n\nAdditionalpaid-incapital\n1,357,381 \n1,116,882\nAccumulatedothercomprehensiveloss\n(1,989) \n(1,185)\nAccumulateddeficit\n(779,239) \n(607,649)\nTotalstockholdersequity\n576,153 \n508,048\nTotalliabilitiesandstockholdersequity\n$\n1,211,362 $\n894,772\nSeeaccompanyingnotestoconsolidatedfinancialstatements.\n68', 'doc_name': 'BLOCK_2016_10K', 'evidence_page_num': 67, 'evidence_text_full_page': '\nSQUARE,INC.\nCONSOLIDATEDBALANCESHEETS\n(In thousands, except share and per share data)\n\nDecember31,\n\n2016\n\n2015\nAssets\n\n \nCurrentassets:\n\n \nCashandcashequivalents\n$\n452,030 $\n461,329\nShort-terminvestments\n59,901 \n\nRestrictedcash\n22,131 \n13,537\nSettlementsreceivable\n321,102 \n142,727\nCustomerfundsheld\n43,574 \n9,446\nLoansheldforsale\n42,144 \n604\nMerchantcashadvancereceivable,net\n4,212 \n36,473\nOthercurrentassets\n56,331 \n41,447\nTotalcurrentassets\n1,001,425 \n705,563\nPropertyandequipment,net\n88,328 \n87,222\nGoodwill\n57,173 \n56,699\nAcquiredintangibleassets,net\n19,292 \n26,776\nLong-terminvestments\n27,366 \n\nRestrictedcash\n14,584 \n14,686\nOtherassets\n3,194 \n3,826\nTotalassets\n$\n1,211,362 $\n894,772\nLiabilitiesandStockholdersEquity\n\n \nCurrentliabilities:\n\n \nAccountspayable\n$\n12,602 $\n18,869\nCustomerspayable\n388,058 \n215,365\nCustomerfundsobligation\n43,574 \n9,446\nAccruedtransactionlosses\n20,064 \n17,176\nAccruedexpenses\n39,543 \n44,401\nOthercurrentliabilities\n73,623 \n28,945\nTotalcurrentliabilities\n577,464 \n334,202\nDebt(Note11)\n \n\nOtherliabilities\n57,745 \n52,522\nTotalliabilities\n635,209 \n386,724\nCommitmentsandcontingencies(Note16)\n\nStockholdersequity:\n \nPreferredstock,$0.0000001parvalue:100,000,000sharesauthorizedatDecember31,2016andDecember31,2015.None\nissuedandoutstandingatDecember31,2016andDecember31,2015.\n \n\nClassAcommonstock,$0.0000001parvalue:1,000,000,000sharesauthorizedatDecember31,2016andDecember31,2015;\n198,746,620and31,717,133issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.\n \n\nClassBcommonstock,$0.0000001parvalue:500,000,000sharesauthorizedatDecember31,2016andDecember31,2015;\n165,800,756and303,232,312issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.\n \n\nAdditionalpaid-incapital\n1,357,381 \n1,116,882\nAccumulatedothercomprehensiveloss\n(1,989) \n(1,185)\nAccumulateddeficit\n(779,239) \n(607,649)\nTotalstockholdersequity\n576,153 \n508,048\nTotalliabilitiesandstockholdersequity\n$\n1,211,362 $\n894,772\nSeeaccompanyingnotestoconsolidatedfinancialstatements.\n68\n'}]","SQUARE,INC.
CONSOLIDATEDBALANCESHEETS
(In thousands, except share and per share data)

December31,

2016

2015
Assets

 
Currentassets:

 
Cashandcashequivalents
$
452,030 $
461,329
Short-terminvestments
59,901 

Restrictedcash
22,131 
13,537
Settlementsreceivable
321,102 
142,727
Customerfundsheld
43,574 
9,446
Loansheldforsale
42,144 
604
Merchantcashadvancereceivable,net
4,212 
36,473
Othercurrentassets
56,331 
41,447
Totalcurrentassets
1,001,425 
705,563
Propertyandequipment,net
88,328 
87,222
Goodwill
57,173 
56,699
Acquiredintangibleassets,net
19,292 
26,776
Long-terminvestments
27,366 

Restrictedcash
14,584 
14,686
Otherassets
3,194 
3,826
Totalassets
$
1,211,362 $
894,772
LiabilitiesandStockholdersEquity

 
Currentliabilities:

 
Accountspayable
$
12,602 $
18,869
Customerspayable
388,058 
215,365
Customerfundsobligation
43,574 
9,446
Accruedtransactionlosses
20,064 
17,176
Accruedexpenses
39,543 
44,401
Othercurrentliabilities
73,623 
28,945
Totalcurrentliabilities
577,464 
334,202
Debt(Note11)
 

Otherliabilities
57,745 
52,522
Totalliabilities
635,209 
386,724
Commitmentsandcontingencies(Note16)

Stockholdersequity:
 
Preferredstock,$0.0000001parvalue:100,000,000sharesauthorizedatDecember31,2016andDecember31,2015.None
issuedandoutstandingatDecember31,2016andDecember31,2015.
 

ClassAcommonstock,$0.0000001parvalue:1,000,000,000sharesauthorizedatDecember31,2016andDecember31,2015;
198,746,620and31,717,133issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.
 

ClassBcommonstock,$0.0000001parvalue:500,000,000sharesauthorizedatDecember31,2016andDecember31,2015;
165,800,756and303,232,312issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.
 

Additionalpaid-incapital
1,357,381 
1,116,882
Accumulatedothercomprehensiveloss
(1,989) 
(1,185)
Accumulateddeficit
(779,239) 
(607,649)
Totalstockholdersequity
576,153 
508,048
Totalliabilitiesandstockholdersequity
$
1,211,362 $
894,772
Seeaccompanyingnotestoconsolidatedfinancialstatements.
68"
What is the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts? Answer in units of percents and round to one decimal place. Please utilize information provided primarily within the statement of cash flows and the statement of income.,7.9%,"[{'evidence_text': 'MGM RESORTS INTERNATIONAL AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(In thousands, except per share data)\n\n\n \nYear Ended December 31,\n \n \n \n2020\n \n \n2019\n \n \n2018\n \nRevenues\n\n\n\n\n\n\nCasino\n$\n2,871,720\n$\n6,517,759\n$\n5,753,150\nRooms\n\n830,382\n\n2,322,579\n\n2,212,573\nFoodandbeverage\n\n696,040\n\n2,145,247\n\n1,959,021\nEntertainment,retailandother\n\n518,991\n\n1,477,200\n\n1,412,860\nReimbursedcosts\n\n244,949\n\n436,887\n\n425,492\n\n\n5,162,082\n\n12,899,672\n\n11,763,096\nExpenses\n\n\n\n\n\n\nCasino\n\n1,701,783\n\n3,623,899\n\n3,199,775\nRooms\n\n419,156\n\n829,677\n\n791,761\nFoodandbeverage\n\n674,118\n\n1,661,626\n\n1,501,868\nEntertainment,retailandother\n\n412,705\n\n1,051,400\n\n999,979\nReimbursedcosts\n\n244,949\n\n436,887\n\n425,492\nGeneralandadministrative\n\n2,122,333\n\n2,101,217\n\n1,764,638\nCorporateexpense\n\n460,148\n\n464,642\n\n419,204\nPreopeningandstart-upexpenses\n\n84\n\n7,175\n\n151,392\nPropertytransactions,net\n\n93,567\n\n275,802\n\n9,147\nGainonREITtransactions,net\n\n(1,491,945)\n\n(2,677,996)\n\n\nDepreciationandamortization\n\n1,210,556\n\n1,304,649\n\n1,178,044\n\n\n5,847,454\n\n9,078,978\n\n10,441,300\nIncome from unconsolidated affiliates\n\n42,938\n\n119,521\n\n147,690\nOperating income (loss)\n\n(642,434)\n\n3,940,215\n\n1,469,486\nNon-operating income (expense)\n\n\n\n\n\n\nInterestexpense,netofamountscapitalized\n\n(676,380)\n\n(847,932)\n\n(769,513)\nNon-operatingitemsfromunconsolidatedaffiliates\n\n(103,304)\n\n(62,296)\n\n(47,827)\nOther,net\n\n(89,361)\n\n(183,262)\n\n(18,140)\n\n\n(869,045)\n\n(1,093,490)\n\n(835,480)\nIncome (loss) before income taxes\n\n(1,511,479)\n\n2,846,725\n\n634,006\nBenefit(provision)forincometaxes\n\n191,572\n\n(632,345)\n\n(50,112)\nNet income (loss)\n\n(1,319,907)\n\n2,214,380\n\n583,894\nLess:Net(income)lossattributabletononcontrollinginterests\n\n287,183\n\n(165,234)\n\n(117,122)\nNet income (loss) attributable to MGM Resorts International\n$\n(1,032,724)\n$\n2,049,146\n$\n466,772\n \n\n\n\n\n\n\nEarnings (loss) per share\n\n\n\n\n\n\nBasic\n$\n(2.02)\n$\n3.90\n$\n0.82\nDiluted\n$\n(2.02)\n$\n3.88\n$\n0.81\nWeighted average common shares outstanding\n\n\n\n\n\n\nBasic\n\n494,152\n\n524,173\n\n544,253\nDiluted\n\n494,152\n\n527,645\n\n549,536\n\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n63', 'doc_name': 'MGMRESORTS_2020_10K', 'evidence_page_num': 64, 'evidence_text_full_page': '\nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(In thousands, except per share data)\n\n\n \nYear Ended December 31,\n \n \n \n2020\n \n \n2019\n \n \n2018\n \nRevenues\n\n\n\n\n\n\nCasino\n$\n2,871,720\n$\n6,517,759\n$\n5,753,150\nRooms\n\n830,382\n\n2,322,579\n\n2,212,573\nFoodandbeverage\n\n696,040\n\n2,145,247\n\n1,959,021\nEntertainment,retailandother\n\n518,991\n\n1,477,200\n\n1,412,860\nReimbursedcosts\n\n244,949\n\n436,887\n\n425,492\n\n\n5,162,082\n\n12,899,672\n\n11,763,096\nExpenses\n\n\n\n\n\n\nCasino\n\n1,701,783\n\n3,623,899\n\n3,199,775\nRooms\n\n419,156\n\n829,677\n\n791,761\nFoodandbeverage\n\n674,118\n\n1,661,626\n\n1,501,868\nEntertainment,retailandother\n\n412,705\n\n1,051,400\n\n999,979\nReimbursedcosts\n\n244,949\n\n436,887\n\n425,492\nGeneralandadministrative\n\n2,122,333\n\n2,101,217\n\n1,764,638\nCorporateexpense\n\n460,148\n\n464,642\n\n419,204\nPreopeningandstart-upexpenses\n\n84\n\n7,175\n\n151,392\nPropertytransactions,net\n\n93,567\n\n275,802\n\n9,147\nGainonREITtransactions,net\n\n(1,491,945)\n\n(2,677,996)\n\n\nDepreciationandamortization\n\n1,210,556\n\n1,304,649\n\n1,178,044\n\n\n5,847,454\n\n9,078,978\n\n10,441,300\nIncome from unconsolidated affiliates\n\n42,938\n\n119,521\n\n147,690\nOperating income (loss)\n\n(642,434)\n\n3,940,215\n\n1,469,486\nNon-operating income (expense)\n\n\n\n\n\n\nInterestexpense,netofamountscapitalized\n\n(676,380)\n\n(847,932)\n\n(769,513)\nNon-operatingitemsfromunconsolidatedaffiliates\n\n(103,304)\n\n(62,296)\n\n(47,827)\nOther,net\n\n(89,361)\n\n(183,262)\n\n(18,140)\n\n\n(869,045)\n\n(1,093,490)\n\n(835,480)\nIncome (loss) before income taxes\n\n(1,511,479)\n\n2,846,725\n\n634,006\nBenefit(provision)forincometaxes\n\n191,572\n\n(632,345)\n\n(50,112)\nNet income (loss)\n\n(1,319,907)\n\n2,214,380\n\n583,894\nLess:Net(income)lossattributabletononcontrollinginterests\n\n287,183\n\n(165,234)\n\n(117,122)\nNet income (loss) attributable to MGM Resorts International\n$\n(1,032,724)\n$\n2,049,146\n$\n466,772\n \n\n\n\n\n\n\nEarnings (loss) per share\n\n\n\n\n\n\nBasic\n$\n(2.02)\n$\n3.90\n$\n0.82\nDiluted\n$\n(2.02)\n$\n3.88\n$\n0.81\nWeighted average common shares outstanding\n\n\n\n\n\n\nBasic\n\n494,152\n\n524,173\n\n544,253\nDiluted\n\n494,152\n\n527,645\n\n549,536\n\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n63\n'}
 {'evidence_text': '\nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n\n\n \nYear Ended December 31,\n \n \n \n2020\n \n \n2019\n \n \n2018\n \nCash flows from operating activities\n \n\n \n\n \n\n\nNetincome(loss)\n\n$\n(1,319,907)\n$\n2,214,380\n$\n583,894\nAdjustmentstoreconcilenetincome(loss)tonetcashprovidedby(usedin)\noperatingactivities:\n\n\n\n\n\n\n\nDepreciationandamortization\n\n\n1,210,556\n\n1,304,649\n\n1,178,044\nAmortizationofdebtdiscounts,premiumsandissuancecosts\n\n\n34,363\n\n38,972\n\n41,102\nLossonearlyretirementofdebt\n\n\n126,462\n\n198,151\n\n3,619\nProvisionforcreditlosses\n\n\n71,422\n\n39,270\n\n39,762\nStock-basedcompensation\n\n\n106,956\n\n88,838\n\n70,177\nPropertytransactions,net\n\n\n93,567\n\n275,802\n\n9,147\nGainonREITtransactions,net\n\n\n(1,491,945)\n\n(2,677,996)\n\n\nNoncashleaseexpense\n\n\n183,399\n\n71,784\n\n\nLoss(income)fromunconsolidatedaffiliates\n\n\n60,366\n\n(57,225)\n\n(96,542)\nDistributionsfromunconsolidatedaffiliates\n\n\n86,584\n\n299\n\n11,563\nDeferredincometaxes\n\n\n18,347\n\n595,046\n\n46,720\nChangeinoperatingassetsandliabilities:\n\n\n\n\n\n\n\nAccountsreceivable\n\n\n960,099\n\n(726,610)\n\n(149,554)\nInventories\n\n\n14,705\n\n6,522\n\n(7,860)\nIncometaxesreceivableandpayable,net\n\n\n(216,250)\n\n1,259\n\n14,120\nPrepaidexpensesandother\n\n\n(37)\n\n7,567\n\n(8,656)\nAccountspayableandaccruedliabilities\n\n\n(1,382,980)\n\n465,602\n\n21,508\nOther\n\n\n(48,750)\n\n(35,909)\n\n(34,505)\nNetcashprovidedby(usedin)operatingactivities\n\n\n(1,493,043)\n\n1,810,401\n\n1,722,539\nCash flows from investing activities\n \n\n\n\n\n\n\nCapitalexpenditures,netofconstructionpayable\n\n\n(270,579)\n\n(739,006)\n\n(1,486,843)\nDispositionsofpropertyandequipment\n\n\n6,136\n\n2,578\n\n25,612\nProceedsfromMandalayBayandMGMGrandLasVegastransaction\n\n\n2,455,839\n\n\n\n\nProceedsfromBellagiotransaction\n\n\n\n\n4,151,499\n\n\nProceedsfromsaleofCircusCircusLasVegasandadjacentland\n\n\n\n\n652,333\n\n\nProceedsfromsaleofbusinessunitsandinvestmentinunconsolidatedaffiliate\n\n\n\n\n\n\n163,616\nAcquisitionofNorthfield,netofcashacquired\n\n\n\n\n\n\n(1,034,534)\nAcquisitionofEmpireCityCasino,netofcashacquired\n\n\n\n\n(535,681)\n\n\nInvestmentsinunconsolidatedaffiliates\n\n\n(96,925)\n\n(81,877)\n\n(56,295)\nDistributionsfromunconsolidatedaffiliates\n\n\n63,960\n\n100,700\n\n322,631\nOther\n\n\n873\n\n(31,112)\n\n(17,208)\nNetcashprovidedby(usedin)investingactivities\n\n\n2,159,304\n\n3,519,434\n\n(2,083,021)\nCash flows from financing activities\n \n\n\n\n\n\n\nNetborrowings(repayments)underbankcreditfacilitiesmaturitiesof\n90daysorless\n\n\n(1,595,089)\n\n(3,634,049)\n\n1,242,259\nIssuanceoflong-termdebt\n\n\n3,550,000\n\n3,250,000\n\n1,000,000\nRetirementofseniornotes\n\n\n(846,815)\n\n(3,764,167)\n\n(2,265)\nDebtissuancecosts\n\n\n(62,348)\n\n(63,391)\n\n(76,519)\nProceedsfromissuanceofbridgeloanfacility\n\n\n1,304,625\n\n\n\n\nIssuanceofMGMGrowthPropertiesClassAshares,net\n\n\n524,704\n\n1,250,006\n\n\nDividendspaidtocommonshareholders\n\n\n(77,606)\n\n(271,288)\n\n(260,592)\nDistributionstononcontrollinginterestowners\n\n\n(286,385)\n\n(223,303)\n\n(184,932)\nPurchasesofcommonstock\n\n\n(353,720)\n\n(1,031,534)\n\n(1,283,333)\nOther\n\n\n(53,939)\n\n(41,868)\n\n(45,384)\nNetcashprovidedby(usedin)financingactivities\n\n\n2,103,427\n\n(4,529,594)\n\n389,234\nEffect of exchange rate on cash\n\n\n2,345\n\n2,601\n\n(1,985)\nCash and cash equivalents\n \n\n\n\n\n\n\nNetincreasefortheperiod\n\n\n2,772,033\n\n802,842\n\n26,767\nBalance,beginningofperiod\n\n\n2,329,604\n\n1,526,762\n\n1,499,995\nBalance,endofperiod\n\n$\n5,101,637\n$\n2,329,604\n$\n1,526,762\nSupplemental cash flow disclosures\n \n\n\n\n\n\n\nInterestpaid,netofamountscapitalized\n\n$\n639,718\n$\n826,970\n$\n723,609\nFederal,stateandforeignincometaxespaid(refundsreceived),net\n\n\n8,543\n\n28,493\n\n(10,100)\nNon-cash investing and financing activities\n \n\n\n\n\n\n\nNotereceivablerelatedtosaleofCircusCircusLasVegasandadjacentland\n\n$\n\n$\n133,689\n$\n\nInvestmentinBellagioBREITVenture\n\n\n\n\n62,133\n\n\nInvestmentinMGPBREITVenture\n\n\n802,000\n\n\n\n\nMGPBREITVentureassumptionofbridgeloanfacility\n\n\n1,304,625\n\n\n\n\n\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n65', 'doc_name': 'MGMRESORTS_2020_10K', 'evidence_page_num': 66, 'evidence_text_full_page': '\nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n\n\n \nYear Ended December 31,\n \n \n \n2020\n \n \n2019\n \n \n2018\n \nCash flows from operating activities\n \n\n \n\n \n\n\nNetincome(loss)\n\n$\n(1,319,907)\n$\n2,214,380\n$\n583,894\nAdjustmentstoreconcilenetincome(loss)tonetcashprovidedby(usedin)\noperatingactivities:\n\n\n\n\n\n\n\nDepreciationandamortization\n\n\n1,210,556\n\n1,304,649\n\n1,178,044\nAmortizationofdebtdiscounts,premiumsandissuancecosts\n\n\n34,363\n\n38,972\n\n41,102\nLossonearlyretirementofdebt\n\n\n126,462\n\n198,151\n\n3,619\nProvisionforcreditlosses\n\n\n71,422\n\n39,270\n\n39,762\nStock-basedcompensation\n\n\n106,956\n\n88,838\n\n70,177\nPropertytransactions,net\n\n\n93,567\n\n275,802\n\n9,147\nGainonREITtransactions,net\n\n\n(1,491,945)\n\n(2,677,996)\n\n\nNoncashleaseexpense\n\n\n183,399\n\n71,784\n\n\nLoss(income)fromunconsolidatedaffiliates\n\n\n60,366\n\n(57,225)\n\n(96,542)\nDistributionsfromunconsolidatedaffiliates\n\n\n86,584\n\n299\n\n11,563\nDeferredincometaxes\n\n\n18,347\n\n595,046\n\n46,720\nChangeinoperatingassetsandliabilities:\n\n\n\n\n\n\n\nAccountsreceivable\n\n\n960,099\n\n(726,610)\n\n(149,554)\nInventories\n\n\n14,705\n\n6,522\n\n(7,860)\nIncometaxesreceivableandpayable,net\n\n\n(216,250)\n\n1,259\n\n14,120\nPrepaidexpensesandother\n\n\n(37)\n\n7,567\n\n(8,656)\nAccountspayableandaccruedliabilities\n\n\n(1,382,980)\n\n465,602\n\n21,508\nOther\n\n\n(48,750)\n\n(35,909)\n\n(34,505)\nNetcashprovidedby(usedin)operatingactivities\n\n\n(1,493,043)\n\n1,810,401\n\n1,722,539\nCash flows from investing activities\n \n\n\n\n\n\n\nCapitalexpenditures,netofconstructionpayable\n\n\n(270,579)\n\n(739,006)\n\n(1,486,843)\nDispositionsofpropertyandequipment\n\n\n6,136\n\n2,578\n\n25,612\nProceedsfromMandalayBayandMGMGrandLasVegastransaction\n\n\n2,455,839\n\n\n\n\nProceedsfromBellagiotransaction\n\n\n\n\n4,151,499\n\n\nProceedsfromsaleofCircusCircusLasVegasandadjacentland\n\n\n\n\n652,333\n\n\nProceedsfromsaleofbusinessunitsandinvestmentinunconsolidatedaffiliate\n\n\n\n\n\n\n163,616\nAcquisitionofNorthfield,netofcashacquired\n\n\n\n\n\n\n(1,034,534)\nAcquisitionofEmpireCityCasino,netofcashacquired\n\n\n\n\n(535,681)\n\n\nInvestmentsinunconsolidatedaffiliates\n\n\n(96,925)\n\n(81,877)\n\n(56,295)\nDistributionsfromunconsolidatedaffiliates\n\n\n63,960\n\n100,700\n\n322,631\nOther\n\n\n873\n\n(31,112)\n\n(17,208)\nNetcashprovidedby(usedin)investingactivities\n\n\n2,159,304\n\n3,519,434\n\n(2,083,021)\nCash flows from financing activities\n \n\n\n\n\n\n\nNetborrowings(repayments)underbankcreditfacilitiesmaturitiesof\n90daysorless\n\n\n(1,595,089)\n\n(3,634,049)\n\n1,242,259\nIssuanceoflong-termdebt\n\n\n3,550,000\n\n3,250,000\n\n1,000,000\nRetirementofseniornotes\n\n\n(846,815)\n\n(3,764,167)\n\n(2,265)\nDebtissuancecosts\n\n\n(62,348)\n\n(63,391)\n\n(76,519)\nProceedsfromissuanceofbridgeloanfacility\n\n\n1,304,625\n\n\n\n\nIssuanceofMGMGrowthPropertiesClassAshares,net\n\n\n524,704\n\n1,250,006\n\n\nDividendspaidtocommonshareholders\n\n\n(77,606)\n\n(271,288)\n\n(260,592)\nDistributionstononcontrollinginterestowners\n\n\n(286,385)\n\n(223,303)\n\n(184,932)\nPurchasesofcommonstock\n\n\n(353,720)\n\n(1,031,534)\n\n(1,283,333)\nOther\n\n\n(53,939)\n\n(41,868)\n\n(45,384)\nNetcashprovidedby(usedin)financingactivities\n\n\n2,103,427\n\n(4,529,594)\n\n389,234\nEffect of exchange rate on cash\n\n\n2,345\n\n2,601\n\n(1,985)\nCash and cash equivalents\n \n\n\n\n\n\n\nNetincreasefortheperiod\n\n\n2,772,033\n\n802,842\n\n26,767\nBalance,beginningofperiod\n\n\n2,329,604\n\n1,526,762\n\n1,499,995\nBalance,endofperiod\n\n$\n5,101,637\n$\n2,329,604\n$\n1,526,762\nSupplemental cash flow disclosures\n \n\n\n\n\n\n\nInterestpaid,netofamountscapitalized\n\n$\n639,718\n$\n826,970\n$\n723,609\nFederal,stateandforeignincometaxespaid(refundsreceived),net\n\n\n8,543\n\n28,493\n\n(10,100)\nNon-cash investing and financing activities\n \n\n\n\n\n\n\nNotereceivablerelatedtosaleofCircusCircusLasVegasandadjacentland\n\n$\n\n$\n133,689\n$\n\nInvestmentinBellagioBREITVenture\n\n\n\n\n62,133\n\n\nInvestmentinMGPBREITVenture\n\n\n802,000\n\n\n\n\nMGPBREITVentureassumptionofbridgeloanfacility\n\n\n1,304,625\n\n\n\n\n\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n65\n'}]","MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)


 
Year Ended December 31,
 
 
 
2020
 
 
2019
 
 
2018
 
Revenues






Casino
$
2,871,720
$
6,517,759
$
5,753,150
Rooms

830,382

2,322,579

2,212,573
Foodandbeverage

696,040

2,145,247

1,959,021
Entertainment,retailandother

518,991

1,477,200

1,412,860
Reimbursedcosts

244,949

436,887

425,492


5,162,082

12,899,672

11,763,096
Expenses






Casino

1,701,783

3,623,899

3,199,775
Rooms

419,156

829,677

791,761
Foodandbeverage

674,118

1,661,626

1,501,868
Entertainment,retailandother

412,705

1,051,400

999,979
Reimbursedcosts

244,949

436,887

425,492
Generalandadministrative

2,122,333

2,101,217

1,764,638
Corporateexpense

460,148

464,642

419,204
Preopeningandstart-upexpenses

84

7,175

151,392
Propertytransactions,net

93,567

275,802

9,147
GainonREITtransactions,net

(1,491,945)

(2,677,996)


Depreciationandamortization

1,210,556

1,304,649

1,178,044


5,847,454

9,078,978

10,441,300
Income from unconsolidated affiliates

42,938

119,521

147,690
Operating income (loss)

(642,434)

3,940,215

1,469,486
Non-operating income (expense)






Interestexpense,netofamountscapitalized

(676,380)

(847,932)

(769,513)
Non-operatingitemsfromunconsolidatedaffiliates

(103,304)

(62,296)

(47,827)
Other,net

(89,361)

(183,262)

(18,140)


(869,045)

(1,093,490)

(835,480)
Income (loss) before income taxes

(1,511,479)

2,846,725

634,006
Benefit(provision)forincometaxes

191,572

(632,345)

(50,112)
Net income (loss)

(1,319,907)

2,214,380

583,894
Less:Net(income)lossattributabletononcontrollinginterests

287,183

(165,234)

(117,122)
Net income (loss) attributable to MGM Resorts International
$
(1,032,724)
$
2,049,146
$
466,772
 






Earnings (loss) per share






Basic
$
(2.02)
$
3.90
$
0.82
Diluted
$
(2.02)
$
3.88
$
0.81
Weighted average common shares outstanding






Basic

494,152

524,173

544,253
Diluted

494,152

527,645

549,536


The accompanying notes are an integral part of these consolidated financial statements.

63 
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


 
Year Ended December 31,
 
 
 
2020
 
 
2019
 
 
2018
 
Cash flows from operating activities
 

 

 


Netincome(loss)

$
(1,319,907)
$
2,214,380
$
583,894
Adjustmentstoreconcilenetincome(loss)tonetcashprovidedby(usedin)
operatingactivities:







Depreciationandamortization


1,210,556

1,304,649

1,178,044
Amortizationofdebtdiscounts,premiumsandissuancecosts


34,363

38,972

41,102
Lossonearlyretirementofdebt


126,462

198,151

3,619
Provisionforcreditlosses


71,422

39,270

39,762
Stock-basedcompensation


106,956

88,838

70,177
Propertytransactions,net


93,567

275,802

9,147
GainonREITtransactions,net


(1,491,945)

(2,677,996)


Noncashleaseexpense


183,399

71,784


Loss(income)fromunconsolidatedaffiliates


60,366

(57,225)

(96,542)
Distributionsfromunconsolidatedaffiliates


86,584

299

11,563
Deferredincometaxes


18,347

595,046

46,720
Changeinoperatingassetsandliabilities:







Accountsreceivable


960,099

(726,610)

(149,554)
Inventories


14,705

6,522

(7,860)
Incometaxesreceivableandpayable,net


(216,250)

1,259

14,120
Prepaidexpensesandother


(37)

7,567

(8,656)
Accountspayableandaccruedliabilities


(1,382,980)

465,602

21,508
Other


(48,750)

(35,909)

(34,505)
Netcashprovidedby(usedin)operatingactivities


(1,493,043)

1,810,401

1,722,539
Cash flows from investing activities
 






Capitalexpenditures,netofconstructionpayable


(270,579)

(739,006)

(1,486,843)
Dispositionsofpropertyandequipment


6,136

2,578

25,612
ProceedsfromMandalayBayandMGMGrandLasVegastransaction


2,455,839




ProceedsfromBellagiotransaction




4,151,499


ProceedsfromsaleofCircusCircusLasVegasandadjacentland




652,333


Proceedsfromsaleofbusinessunitsandinvestmentinunconsolidatedaffiliate






163,616
AcquisitionofNorthfield,netofcashacquired






(1,034,534)
AcquisitionofEmpireCityCasino,netofcashacquired




(535,681)


Investmentsinunconsolidatedaffiliates


(96,925)

(81,877)

(56,295)
Distributionsfromunconsolidatedaffiliates


63,960

100,700

322,631
Other


873

(31,112)

(17,208)
Netcashprovidedby(usedin)investingactivities


2,159,304

3,519,434

(2,083,021)
Cash flows from financing activities
 






Netborrowings(repayments)underbankcreditfacilitiesmaturitiesof
90daysorless


(1,595,089)

(3,634,049)

1,242,259
Issuanceoflong-termdebt


3,550,000

3,250,000

1,000,000
Retirementofseniornotes


(846,815)

(3,764,167)

(2,265)
Debtissuancecosts


(62,348)

(63,391)

(76,519)
Proceedsfromissuanceofbridgeloanfacility


1,304,625




IssuanceofMGMGrowthPropertiesClassAshares,net


524,704

1,250,006


Dividendspaidtocommonshareholders


(77,606)

(271,288)

(260,592)
Distributionstononcontrollinginterestowners


(286,385)

(223,303)

(184,932)
Purchasesofcommonstock


(353,720)

(1,031,534)

(1,283,333)
Other


(53,939)

(41,868)

(45,384)
Netcashprovidedby(usedin)financingactivities


2,103,427

(4,529,594)

389,234
Effect of exchange rate on cash


2,345

2,601

(1,985)
Cash and cash equivalents
 






Netincreasefortheperiod


2,772,033

802,842

26,767
Balance,beginningofperiod


2,329,604

1,526,762

1,499,995
Balance,endofperiod

$
5,101,637
$
2,329,604
$
1,526,762
Supplemental cash flow disclosures
 






Interestpaid,netofamountscapitalized

$
639,718
$
826,970
$
723,609
Federal,stateandforeignincometaxespaid(refundsreceived),net


8,543

28,493

(10,100)
Non-cash investing and financing activities
 






NotereceivablerelatedtosaleofCircusCircusLasVegasandadjacentland

$

$
133,689
$

InvestmentinBellagioBREITVenture




62,133


InvestmentinMGPBREITVenture


802,000




MGPBREITVentureassumptionofbridgeloanfacility


1,304,625






The accompanying notes are an integral part of these consolidated financial statements.
65"
What is Coca Cola's FY2022 dividend payout ratio (using total cash dividends paid and net income attributable to shareholders)? Round answer to two decimal places. Answer the question asked by assuming you only have access to information clearly displayed in the cash flow statement and the income statement.,0.8,"[{'evidence_text': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions except per share data)\nYear Ended December 31,\n2022\n2021\n2020\nNet Operating Revenues\n$\n43,004 $\n38,655 $\n33,014 \nCost of goods sold\n18,000 \n15,357 \n13,433 \nGross Profit\n25,004 \n23,298 \n19,581 \nSelling, general and administrative expenses\n12,880 \n12,144 \n9,731 \nOther operating charges\n1,215 \n846 \n853 \nOperating Income\n10,909 \n10,308 \n8,997 \nInterest income\n449 \n276 \n370 \nInterest expense\n882 \n1,597 \n1,437 \nEquity income (loss) net\n1,472 \n1,438 \n978 \nOther income (loss) net\n(262)\n2,000 \n841 \nIncome Before Income Taxes\n11,686 \n12,425 \n9,749 \nIncome taxes\n2,115 \n2,621 \n1,981 \nConsolidated Net Income\n9,571 \n9,804 \n7,768 \nLess: Net income (loss) attributable to noncontrolling interests\n29 \n33 \n21 \nNet Income Attributable to Shareowners of The Coca-Cola Company\n$\n9,542 $\n9,771 $\n7,747 \nBasic Net Income Per Share\n$\n2.20 $\n2.26 $\n1.80 \nDiluted Net Income Per Share\n$\n2.19 $\n2.25 $\n1.79 \nAverage Shares Outstanding Basic\n4,328 \n4,315 \n4,295 \nEffect of dilutive securities\n22 \n25 \n28 \nAverage Shares Outstanding Diluted\n4,350 \n4,340 \n4,323 \nCalculated based on net income attributable to shareowners of The Coca-Cola Company.\nRefer to Notes to Consolidated Financial Statements.\n1\n1\n1 \n61', 'doc_name': 'COCACOLA_2022_10K', 'evidence_page_num': 62, 'evidence_text_full_page': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions except per share data)\nYear Ended December 31,\n2022\n2021\n2020\nNet Operating Revenues\n$\n43,004 $\n38,655 $\n33,014 \nCost of goods sold\n18,000 \n15,357 \n13,433 \nGross Profit\n25,004 \n23,298 \n19,581 \nSelling, general and administrative expenses\n12,880 \n12,144 \n9,731 \nOther operating charges\n1,215 \n846 \n853 \nOperating Income\n10,909 \n10,308 \n8,997 \nInterest income\n449 \n276 \n370 \nInterest expense\n882 \n1,597 \n1,437 \nEquity income (loss) net\n1,472 \n1,438 \n978 \nOther income (loss) net\n(262)\n2,000 \n841 \nIncome Before Income Taxes\n11,686 \n12,425 \n9,749 \nIncome taxes\n2,115 \n2,621 \n1,981 \nConsolidated Net Income\n9,571 \n9,804 \n7,768 \nLess: Net income (loss) attributable to noncontrolling interests\n29 \n33 \n21 \nNet Income Attributable to Shareowners of The Coca-Cola Company\n$\n9,542 $\n9,771 $\n7,747 \nBasic Net Income Per Share\n$\n2.20 $\n2.26 $\n1.80 \nDiluted Net Income Per Share\n$\n2.19 $\n2.25 $\n1.79 \nAverage Shares Outstanding Basic\n4,328 \n4,315 \n4,295 \nEffect of dilutive securities\n22 \n25 \n28 \nAverage Shares Outstanding Diluted\n4,350 \n4,340 \n4,323 \nCalculated based on net income attributable to shareowners of The Coca-Cola Company.\nRefer to Notes to Consolidated Financial Statements.\n1\n1\n1 \n61\n'}
 {'evidence_text': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In millions)\nYear Ended December 31,\n2022\n2021\n2020\nOperating Activities\n \n \nConsolidated net income\n$\n9,571 $\n9,804 $\n7,768 \nDepreciation and amortization\n1,260 \n1,452 \n1,536 \nStock-based compensation expense\n356 \n337 \n126 \nDeferred income taxes\n(122)\n894 \n(18)\nEquity (income) loss net of dividends\n(838)\n(615)\n(511)\nForeign currency adjustments\n203 \n86 \n(88)\nSignificant (gains) losses net\n(129)\n(1,365)\n(914)\nOther operating charges\n1,086 \n506 \n556 \nOther items\n236 \n201 \n699 \nNet change in operating assets and liabilities\n(605)\n1,325 \n690 \nNet Cash Provided by Operating Activities\n11,018 \n12,625 \n9,844 \nInvesting Activities\n \n \nPurchases of investments\n(3,751)\n(6,030)\n(13,583)\nProceeds from disposals of investments\n4,771 \n7,059 \n13,835 \nAcquisitions of businesses, equity method investments and nonmarketable securities\n(73)\n(4,766)\n(1,052)\nProceeds from disposals of businesses, equity method investments and nonmarketable securities\n458 \n2,180 \n189 \nPurchases of property, plant and equipment\n(1,484)\n(1,367)\n(1,177)\nProceeds from disposals of property, plant and equipment\n75 \n108 \n189 \nCollateral (paid) received associated with hedging activities net\n(1,465)\n \n \nOther investing activities\n706 \n51 \n122 \nNet Cash Provided by (Used in) Investing Activities\n(763)\n(2,765)\n(1,477)\nFinancing Activities\n \n \nIssuances of debt\n3,972 \n13,094 \n26,934 \nPayments of debt\n(4,930)\n(12,866)\n(28,796)\nIssuances of stock\n837 \n702 \n647 \nPurchases of stock for treasury\n(1,418)\n(111)\n(118)\nDividends\n(7,616)\n(7,252)\n(7,047)\nOther financing activities\n(1,095)\n(353)\n310 \nNet Cash Provided by (Used in) Financing Activities\n(10,250)\n(6,786)\n(8,070)\nEffect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and\n Restricted Cash Equivalents\n(205)\n(159)\n76 \nCash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents\n \n \nNet increase (decrease) in cash, cash equivalents, restricted cash and restricted cash\n equivalents during the year\n(200)\n2,915 \n373 \nCash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year\n10,025 \n7,110 \n6,737 \nCash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year\n9,825 \n10,025 \n7,110 \nLess: Restricted cash and restricted cash equivalents at end of year\n306 \n341 \n315 \nCash and Cash Equivalents at End of Year\n$\n9,519 $\n9,684 $\n6,795 \nRefer to Notes to Consolidated Financial Statements.\n64', 'doc_name': 'COCACOLA_2022_10K', 'evidence_page_num': 65, 'evidence_text_full_page': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In millions)\nYear Ended December 31,\n2022\n2021\n2020\nOperating Activities\n \n \nConsolidated net income\n$\n9,571 $\n9,804 $\n7,768 \nDepreciation and amortization\n1,260 \n1,452 \n1,536 \nStock-based compensation expense\n356 \n337 \n126 \nDeferred income taxes\n(122)\n894 \n(18)\nEquity (income) loss net of dividends\n(838)\n(615)\n(511)\nForeign currency adjustments\n203 \n86 \n(88)\nSignificant (gains) losses net\n(129)\n(1,365)\n(914)\nOther operating charges\n1,086 \n506 \n556 \nOther items\n236 \n201 \n699 \nNet change in operating assets and liabilities\n(605)\n1,325 \n690 \nNet Cash Provided by Operating Activities\n11,018 \n12,625 \n9,844 \nInvesting Activities\n \n \nPurchases of investments\n(3,751)\n(6,030)\n(13,583)\nProceeds from disposals of investments\n4,771 \n7,059 \n13,835 \nAcquisitions of businesses, equity method investments and nonmarketable securities\n(73)\n(4,766)\n(1,052)\nProceeds from disposals of businesses, equity method investments and nonmarketable securities\n458 \n2,180 \n189 \nPurchases of property, plant and equipment\n(1,484)\n(1,367)\n(1,177)\nProceeds from disposals of property, plant and equipment\n75 \n108 \n189 \nCollateral (paid) received associated with hedging activities net\n(1,465)\n \n \nOther investing activities\n706 \n51 \n122 \nNet Cash Provided by (Used in) Investing Activities\n(763)\n(2,765)\n(1,477)\nFinancing Activities\n \n \nIssuances of debt\n3,972 \n13,094 \n26,934 \nPayments of debt\n(4,930)\n(12,866)\n(28,796)\nIssuances of stock\n837 \n702 \n647 \nPurchases of stock for treasury\n(1,418)\n(111)\n(118)\nDividends\n(7,616)\n(7,252)\n(7,047)\nOther financing activities\n(1,095)\n(353)\n310 \nNet Cash Provided by (Used in) Financing Activities\n(10,250)\n(6,786)\n(8,070)\nEffect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and\n Restricted Cash Equivalents\n(205)\n(159)\n76 \nCash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents\n \n \nNet increase (decrease) in cash, cash equivalents, restricted cash and restricted cash\n equivalents during the year\n(200)\n2,915 \n373 \nCash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year\n10,025 \n7,110 \n6,737 \nCash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year\n9,825 \n10,025 \n7,110 \nLess: Restricted cash and restricted cash equivalents at end of year\n306 \n341 \n315 \nCash and Cash Equivalents at End of Year\n$\n9,519 $\n9,684 $\n6,795 \nRefer to Notes to Consolidated Financial Statements.\n64\n'}]","THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share data)
Year Ended December 31,
2022
2021
2020
Net Operating Revenues
$
43,004 $
38,655 $
33,014 
Cost of goods sold
18,000 
15,357 
13,433 
Gross Profit
25,004 
23,298 
19,581 
Selling, general and administrative expenses
12,880 
12,144 
9,731 
Other operating charges
1,215 
846 
853 
Operating Income
10,909 
10,308 
8,997 
Interest income
449 
276 
370 
Interest expense
882 
1,597 
1,437 
Equity income (loss) net
1,472 
1,438 
978 
Other income (loss) net
(262)
2,000 
841 
Income Before Income Taxes
11,686 
12,425 
9,749 
Income taxes
2,115 
2,621 
1,981 
Consolidated Net Income
9,571 
9,804 
7,768 
Less: Net income (loss) attributable to noncontrolling interests
29 
33 
21 
Net Income Attributable to Shareowners of The Coca-Cola Company
$
9,542 $
9,771 $
7,747 
Basic Net Income Per Share
$
2.20 $
2.26 $
1.80 
Diluted Net Income Per Share
$
2.19 $
2.25 $
1.79 
Average Shares Outstanding Basic
4,328 
4,315 
4,295 
Effect of dilutive securities
22 
25 
28 
Average Shares Outstanding Diluted
4,350 
4,340 
4,323 
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
1
1
1 
61 THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2022
2021
2020
Operating Activities
 
 
Consolidated net income
$
9,571 $
9,804 $
7,768 
Depreciation and amortization
1,260 
1,452 
1,536 
Stock-based compensation expense
356 
337 
126 
Deferred income taxes
(122)
894 
(18)
Equity (income) loss net of dividends
(838)
(615)
(511)
Foreign currency adjustments
203 
86 
(88)
Significant (gains) losses net
(129)
(1,365)
(914)
Other operating charges
1,086 
506 
556 
Other items
236 
201 
699 
Net change in operating assets and liabilities
(605)
1,325 
690 
Net Cash Provided by Operating Activities
11,018 
12,625 
9,844 
Investing Activities
 
 
Purchases of investments
(3,751)
(6,030)
(13,583)
Proceeds from disposals of investments
4,771 
7,059 
13,835 
Acquisitions of businesses, equity method investments and nonmarketable securities
(73)
(4,766)
(1,052)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
458 
2,180 
189 
Purchases of property, plant and equipment
(1,484)
(1,367)
(1,177)
Proceeds from disposals of property, plant and equipment
75 
108 
189 
Collateral (paid) received associated with hedging activities net
(1,465)
 
 
Other investing activities
706 
51 
122 
Net Cash Provided by (Used in) Investing Activities
(763)
(2,765)
(1,477)
Financing Activities
 
 
Issuances of debt
3,972 
13,094 
26,934 
Payments of debt
(4,930)
(12,866)
(28,796)
Issuances of stock
837 
702 
647 
Purchases of stock for treasury
(1,418)
(111)
(118)
Dividends
(7,616)
(7,252)
(7,047)
Other financing activities
(1,095)
(353)
310 
Net Cash Provided by (Used in) Financing Activities
(10,250)
(6,786)
(8,070)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and
 Restricted Cash Equivalents
(205)
(159)
76 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
 
 
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash
 equivalents during the year
(200)
2,915 
373 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
10,025 
7,110 
6,737 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year
9,825 
10,025 
7,110 
Less: Restricted cash and restricted cash equivalents at end of year
306 
341 
315 
Cash and Cash Equivalents at End of Year
$
9,519 $
9,684 $
6,795 
Refer to Notes to Consolidated Financial Statements.
64"
Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?,"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","[{'evidence_text': 'Computing and Mobile Phones: The 6.4% comparable sales decline was driven primarily by computing, mobile phones and tablets.\n\nConsumer Electronics: The 5.7% comparable sales decline was driven primarily by home theater, partially offset by comparable sales growth in \nheadphones and portable speakers. \n\nAppliances: The 16.1% comparable sales decline was driven primarily by large appliances.\n\nEntertainment: The 9.0% comparable sales growth was driven primarily by gaming, partially offset by comparable sales declines in virtual reality and \ndrones.\n\nServices: The 7.6% comparable sales growth was driven primarily by the cumulative growth in our paid membership base', 'doc_name': 'BESTBUY_2024Q2_10Q', 'evidence_page_num': 17, 'evidence_text_full_page': ' \nTable of Contents\n \nNotable comparable sales changes by revenue category were as follows:\n \n\nComputing and Mobile Phones: The 6.4% comparable sales decline was driven primarily by computing, mobile phones and tablets.\n\nConsumer Electronics: The 5.7% comparable sales decline was driven primarily by home theater, partially offset by comparable sales growth in \nheadphones and portable speakers. \n\nAppliances: The 16.1% comparable sales decline was driven primarily by large appliances.\n\nEntertainment: The 9.0% comparable sales growth was driven primarily by gaming, partially offset by comparable sales declines in virtual reality and \ndrones.\n\nServices: The 7.6% comparable sales growth was driven primarily by the cumulative growth in our paid membership base.\n \nOur gross profit rate increased in the second quarter of fiscal 2024, primarily due to favorable product margin rates, improved financial performance from our \nmembership offerings, which included higher services margin rates and reduced costs associated with program changes made to our free membership offering, \nand an improved gross profit rate from our Health initiatives.\n \nOur gross profit rate increased in the first six months of fiscal 2024, primarily due to improved financial performance from our membership offerings, which \nincluded higher services margin rates and reduced costs associated with program changes made to our free membership offering, favorable product margin \nrates, the profit-sharing revenue from our private label and co-branded credit card arrangement and an improved gross profit rate from our Health initiatives.\n \nOur profit-sharing revenue from our credit card arrangement has been a consistent benefit to our gross profit and operating income rates for the past nine \nquarters and approximated 1.4% of Domestic revenue in fiscal 2023, an increase of approximately 50 basis points compared to fiscal 2020. This growth has \nbeen driven by the increased usage of our credit card, both at and outside of Best Buy, and the favorable credit environment. For fiscal 2024, we expect this \nprofit-sharing revenue to have a relatively neutral impact to our annual gross profit rate compared to last year, as the benefit from the first half of the year is \nexpected to turn to a slight pressure in the second half of the year.\n \nOur SG&A in the second quarter of fiscal 2024 was approximately flat to last year, as higher incentive compensation was primarily offset by lower store payroll \nexpense.\n \nOur SG&A in the first six months of fiscal 2024 decreased primarily due to lower store payroll expense, partially offset by higher incentive compensation expense. \n \nThe reduction in restructuring charges in the second quarter and first six months of fiscal 2024 was primarily related to higher-than-expected employee retention \nfrom our fiscal 2023 resource optimization initiative. Refer to Note 2, Restructuring, of the Notes to Condensed Consolidated Financial Statements, included in \nthis Quarterly Report on Form 10-Q for additional information.\n \nOur operating income rate increased in the second quarter of fiscal 2024, due to an increase in gross profit rate and lower restructuring charges, partially offset \nby an unfavorable SG&A rate. \n \nOur operating income rate decreased in the six months of fiscal 2024, primarily due to decreased leverage from lower sales volume on our fixed expenses and \nhigher incentive compensation expense, which resulted in an unfavorable SG&A rate, partially offset by favorability in gross profit rate.\n \nInternational Segment\n \nSelected financial data for the International segment was as follows ($ in millions):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nThree Months Ended\n \nSix Months Ended\n \nJuly 29, 2023\n \nJuly 30, 2022\n \nJuly 29, 2023\n \nJuly 30, 2022\nRevenue\n$\n 693 \n $\n 760 \n $\n 1,359 \n $\n 1,513 \nRevenue % change\n \n (8.8)% \n (9.3)% \n (10.2)% \n (7.4)%\nComparable sales % change\n \n (5.4)% \n (4.2)% \n (5.5)% \n (2.8)%\nGross profit\n$\n 168 \n $\n 178 \n $\n 326 \n $\n 361 \nGross profit as a % of revenue\n \n 24.2 % \n 23.4 % \n 24.0 % \n 23.9 %\nSG&A\n$\n 149 \n $\n 150 \n $\n 287 \n $\n 299 \nSG&A as a % of revenue\n \n 21.5 % \n 19.7 % \n 21.1 % \n 19.8 %\nRestructuring charges\n$\n - \n $\n - \n $\n (1) \n $\n 1 \nOperating income\n$\n 19 \n $\n 28 \n $\n 40 \n $\n 61 \nOperating income as a % of revenue\n \n 2.7 % \n 3.7 % \n 2.9 % \n 4.0 %\n \nThe decreases in revenue in the second quarter and first six months of fiscal 2024 were primarily driven by comparable sales declines of 5.4% and 5.5%, \nrespectively, and the negative impact from unfavorable foreign currency exchange rates. \n \n18\n'}]","Computing and Mobile Phones: The 6.4% comparable sales decline was driven primarily by computing, mobile phones and tablets.

Consumer Electronics: The 5.7% comparable sales decline was driven primarily by home theater, partially offset by comparable sales growth in 
headphones and portable speakers. 

Appliances: The 16.1% comparable sales decline was driven primarily by large appliances.

Entertainment: The 9.0% comparable sales growth was driven primarily by gaming, partially offset by comparable sales declines in virtual reality and 
drones.

Services: The 7.6% comparable sales growth was driven primarily by the cumulative growth in our paid membership base"
What are three main companies acquired by Pfizer mentioned in this 10K report?,"Trillium, Array, and Therachon","[{'evidence_text': 'Note 2. Acquisitions, Divestitures, Equity-Method Investments, Licensing Arrangements and Collaborative Arrangements\nA. Acquisitions\nTrillium\nOn November 17, 2021, we acquired all of the issued and outstanding common stock not already owned by Pfizer of Trillium, a clinical stage immuno-oncology company developing\ntherapies targeting cancer immune evasion pathways and specific cell targeting approaches, for a price of $18.50 per share in cash, for total consideration of $2.0 billion, net of cash\nacquired. As a result, Trillium became our wholly owned subsidiary. We previously held a 2% ownership investment in Trillium. Trilliums lead program, TTI-622, is an investigational\nfusion protein that is designed to block the inhibitory activity of CD47, a molecule that is overexpressed by a wide variety of tumors.\nWe accounted for the transaction as an asset acquisition since the lead asset, TTI-622, represented substantially all of the fair value of the gross assets acquired, which exclude cash\nacquired. At the acquisition date, we recorded a $2.1 billion charge representing an acquired IPR&D asset with no alternative future use in Research and development expenses, of\nwhich the $2.0 billion net cash consideration is presented as a cash outflow from operating activities. In connection with this acquisition, we recorded $256 million of assets acquired\nprimarily consisting of cash and investments. Liabilities assumed were approximately $81 million.\nArray\nOn July 30, 2019, we acquired Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule\nmedicines to treat cancer and other diseases of high unmet need, for $48 per share in cash. The total fair value of the consideration transferred was $11.2 billion ($10.9 billion, net of\ncash acquired). In addition, $157 million in payments to Array employees for the fair value of previously unvested stock options was recognized as post-closing compensation expense\nand recorded in Restructuring charges and certain acquisition-related costs (see Note 3). We financed the majority of the transaction with debt and the balance with existing cash.', 'doc_name': 'PFIZER_2021_10K', 'evidence_page_num': 69, 'evidence_text_full_page': 'Notes to Consolidated Financial Statements\nPfizer Inc. and Subsidiary Companies\nWe regularly monitor our position and subsequently recognize the unrecognized tax benefit: (i) if there are changes in tax law, analogous case law or there is new information that\nsufficiently raise the likelihood of prevailing on the technical merits of the position to more likely than not; (ii) if the statute of limitations expires; or (iii) if there is a completion of an\naudit resulting in a favorable settlement of that tax year with the appropriate agency. Liabilities for uncertain tax positions are classified as current only when we expect to pay cash\nwithin the next 12 months. Interest and penalties, if any, are recorded in Provision/(benefit) for taxes on income and are classified on our consolidated balance sheet with the related\ntax liability.\nOur assessments are based on estimates and assumptions that have been deemed reasonable by management, but our estimates of unrecognized tax benefits and potential tax\nbenefits may not be representative of actual outcomes, and variation from such estimates could materially affect our financial statements in the period of settlement or when the\nstatutes of limitations expire, as we treat these events as discrete items in the period of resolution.\nR. Pension and Postretirement Benefit Plans\nThe majority of our employees worldwide are covered by defined benefit pension plans, defined contribution plans or both. In the U.S., we have both IRC-qualified and supplemental\n(non-qualified) defined benefit plans and defined contribution plans, as well as other postretirement benefit plans consisting primarily of medical insurance for retirees and their eligible\ndependents. We recognize the overfunded or underfunded status of each of our defined benefit plans as an asset or liability. The obligations are generally measured at the actuarial\npresent value of all benefits attributable to employee service rendered, as provided by the applicable benefit formula. Our pension and other postretirement obligations may be\ndetermined using assumptions such as discount rate, expected annual rate of return on plan assets, expected employee turnover and participant mortality. For our pension plans, the\nobligation may also include assumptions as to future compensation levels. For our other postretirement benefit plans, the obligation may include assumptions as to the expected cost\nof providing medical insurance benefits, as well as the extent to which those costs are shared with the employee or others (such as governmental programs). Plan assets are\nmeasured at fair value. Net periodic pension and postretirement benefit costs other than the service costs are recognized in Other (income)/deductionsnet.\nS. Legal and Environmental Contingencies\nWe and certain of our subsidiaries are subject to numerous contingencies arising in the ordinary course of business, such as patent litigation, product liability and other product-related\nlitigation, commercial litigation, environmental claims and proceedings, government investigations and guarantees and indemnifications. In assessing contingencies related to legal\nand environmental proceedings that are pending against the Company, or unasserted claims that are probable of being asserted, we record accruals for these contingencies to the\nextent that we conclude that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the\nrange, we accrue that amount. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, we accrue the lowest amount in the range.\nWe record anticipated recoveries under existing insurance contracts when recovery is assured.\nT. Share-Based Payments\nOur compensation programs can include share-based payments. Generally, grants under share-based payment programs are accounted for at fair value and these fair values are\ngenerally amortized on a straight-line basis over the vesting terms with the related costs recorded in Cost of sales, Selling, informational and administrative expenses and/or Research\nand development expenses, as appropriate.\nNote 2. Acquisitions, Divestitures, Equity-Method Investments, Licensing Arrangements and Collaborative Arrangements\nA. Acquisitions\nTrillium\nOn November 17, 2021, we acquired all of the issued and outstanding common stock not already owned by Pfizer of Trillium, a clinical stage immuno-oncology company developing\ntherapies targeting cancer immune evasion pathways and specific cell targeting approaches, for a price of $18.50 per share in cash, for total consideration of $2.0 billion, net of cash\nacquired. As a result, Trillium became our wholly owned subsidiary. We previously held a 2% ownership investment in Trillium. Trilliums lead program, TTI-622, is an investigational\nfusion protein that is designed to block the inhibitory activity of CD47, a molecule that is overexpressed by a wide variety of tumors.\nWe accounted for the transaction as an asset acquisition since the lead asset, TTI-622, represented substantially all of the fair value of the gross assets acquired, which exclude cash\nacquired. At the acquisition date, we recorded a $2.1 billion charge representing an acquired IPR&D asset with no alternative future use in Research and development expenses, of\nwhich the $2.0 billion net cash consideration is presented as a cash outflow from operating activities. In connection with this acquisition, we recorded $256 million of assets acquired\nprimarily consisting of cash and investments. Liabilities assumed were approximately $81 million.\nArray\nOn July 30, 2019, we acquired Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule\nmedicines to treat cancer and other diseases of high unmet need, for $48 per share in cash. The total fair value of the consideration transferred was $11.2 billion ($10.9 billion, net of\ncash acquired). In addition, $157 million in payments to Array employees for the fair value of previously unvested stock options was recognized as post-closing compensation expense\nand recorded in Restructuring charges and certain acquisition-related costs (see Note 3). We financed the majority of the transaction with debt and the balance with existing cash.\nPfizer Inc.\n2021 Form 10-K\n64\n'}
 {'evidence_text': 'Therachon\nOn July 1, 2019, we acquired all the remaining shares of Therachon, a privately-held clinical-stage biotechnology company focused on rare diseases, with assets in development for\nthe treatment of achondroplasia, a genetic condition and the most common form of short-limb dwarfism, for $340 million upfront, plus potential milestone payments of up to $470\nmillion contingent on the achievement of key milestones in the development and commercialization of the lead asset. We accounted for the transaction as an asset acquisition since\nthe lead asset represented substantially all the fair value of the gross assets acquired. The total fair value of the consideration transferred for Therachon was $322 million, which\nconsisted of $317 million of cash and our previous $5 million investment in Therachon. In connection with this asset acquisition, we recorded a charge of $337 million in Research and\ndevelopment expenses.', 'doc_name': 'PFIZER_2021_10K', 'evidence_page_num': 70, 'evidence_text_full_page': 'Notes to Consolidated Financial Statements\nPfizer Inc. and Subsidiary Companies\nArrays portfolio includes Braftovi (encorafenib) and Mektovi (binimetinib), a broad pipeline of targeted cancer medicines in different stages of R&D, as well as a portfolio of out-\nlicensed medicines, which may generate milestones and royalties over time.\nThe final allocation of the consideration transferred to the assets acquired and the liabilities assumed was completed in 2020. In connection with this acquisition, we recorded: (i) $6.3\nbillion in Identifiable intangible assets, consisting of $2.0 billion of Developed technology rights with a useful life of 16 years, $2.8 billion of IPR&D and $1.5 billion of Licensing\nagreements and other ($1.2 billion for technology in developmentindefinite-lived licensing agreements and $360 million for developed technologyfinite-lived licensing agreements\nwith a useful life of 10 years), (ii) $6.1 billion of Goodwill, (iii) $1.1 billion of net deferred tax liabilities and (iv) $451 million of assumed long-term debt, which was paid in full in 2019.\nIn 2020, we recorded measurement period adjustments to the estimated fair values initially recorded in 2019, which resulted in a reduction in Identifiable intangible assets of\napproximately $900 million with a corresponding change to Goodwill and net deferred tax liabilities. The measurement period adjustments were recorded to better reflect market\nparticipant assumptions about facts and circumstances existing as of the acquisition date and did not have a material impact on our consolidated statement of income for the year\nended December 31, 2020.\nTherachon\nOn July 1, 2019, we acquired all the remaining shares of Therachon, a privately-held clinical-stage biotechnology company focused on rare diseases, with assets in development for\nthe treatment of achondroplasia, a genetic condition and the most common form of short-limb dwarfism, for $340 million upfront, plus potential milestone payments of up to $470\nmillion contingent on the achievement of key milestones in the development and commercialization of the lead asset. We accounted for the transaction as an asset acquisition since\nthe lead asset represented substantially all the fair value of the gross assets acquired. The total fair value of the consideration transferred for Therachon was $322 million, which\nconsisted of $317 million of cash and our previous $5 million investment in Therachon. In connection with this asset acquisition, we recorded a charge of $337 million in Research and\ndevelopment expenses.\nB. Divestitures\nMeridian\nOn December 31, 2021, we completed the sale of our Meridian subsidiary for approximately $51 million in cash and recognized a loss of approximately $167 million, net of tax, in\nDiscontinued operationsnet of tax. In connection with the sale, Pfizer and the purchaser of Meridian entered into various agreements to provide a framework for our relationship\nafter the sale, including interim TSAs and a manufacturing supply agreement (MSA). The TSAs primarily involve Pfizer providing services related to information technology, among\nother activities, and are generally expected to be for terms of no more than 12 to 18 months post sale. The MSA is for a term of three years post sale with a two year extension period.\nNo amounts were recorded under the above arrangements in 2021.\nUpjohn Separation and Combination with Mylan\nOn November 16, 2020, we completed the spin-off and the combination of the Upjohn Business with Mylan (the Transactions) to form Viatris.\nThe Transactions were structured as an all-stock, Reverse Morris Trust transaction. Specifically, (i) we contributed the Upjohn Business to a wholly owned subsidiary, which was\nrenamed Viatris, so that the Upjohn Business was separated from the remainder of our business (the Separation), (ii) following the Separation, we distributed, on a pro rata basis, all\nof the shares of Viatris common stock held by Pfizer to Pfizer stockholders as of the November 13, 2020 record date, such that each Pfizer stockholder as of the record date received\napproximately 0.124079 shares of Viatris common stock per share of Pfizer common stock (the Distribution); and (iii) immediately after the Distribution, the Upjohn Business combined\nwith Mylan in a series of transactions in which Mylan shareholders received one share of Viatris common stock for each Mylan ordinary share held by such shareholder, subject to any\napplicable withholding taxes (the Combination). Prior to the Distribution, Viatris made a cash payment to Pfizer equal to $12.0 billion as partial consideration for the contribution of the\nUpjohn Business to Viatris. As of the closing of the Combination, Pfizer stockholders owned approximately 57% of the outstanding shares of Viatris common stock, and Mylan\nshareholders owned approximately 43% of the outstanding shares of Viatris common stock, in each case on a fully diluted, as-converted and as-exercised basis. The Transactions are\ngenerally expected to be tax free to Pfizer and Pfizer stockholders for U.S. tax purposes. Beginning November 16, 2020, Viatris operates both the Upjohn Business and Mylan as an\nindependent publicly traded company, which is traded under the symbol VTRS on the NASDAQ.\nIn connection with the Transactions, in June 2020, Upjohn Inc. and Upjohn Finance B.V. completed privately placed debt offerings of $7.45 billion and 3.60 billion aggregate principal\namounts, respectively, (approximately $11.4 billion) of senior unsecured notes and entered into other financing arrangements, including a $600 million delayed draw term loan\nagreement and a revolving credit facility agreement for up to $4.0 billion. Proceeds from the debt offerings and other financing arrangements were used to fund the $12.0 billion cash\ndistribution Viatris made to Pfizer prior to the Distribution. We used the cash distribution proceeds to pay down commercial paper borrowings and redeem the $1.15 billion aggregate\nprincipal amount outstanding of our 1.95% senior unsecured notes that were due in June 2021 and $342 million aggregate principal amount outstanding of our 5.80% senior\nunsecured notes that were due in August 2023, before the maturity date. Interest expense for the $11.4 billion in debt securities incurred during 2020 is included in Discontinued\noperationsnet of tax. Following the Separation and Combination of the Upjohn Business with Mylan, we are no longer the obligor or guarantor of any Upjohn debt or Upjohn\nfinancing arrangements.\nAs a result of the spin-off of the Upjohn Business, we distributed net assets of $1.6 billion as of November 16, 2020, which was reflected as a reduction to Retained earnings and\nreflects the change in accounting principle in the first quarter of 2021 to MTM Accounting. See Note 1C. Of this amount, $412 million represents cash transferred to the Upjohn\nBusiness, with the remainder considered a non-cash activity in the consolidated statement of cash flows for the year ended December 31, 2020. The spin-off also resulted in a net\nincrease to Accumulated other comprehensive loss of $423 million for the derecognition of net gains on foreign currency translation adjustments of $397 million and prior service net\ncredits associated with benefit plans of $26 million, which were reclassified to Retained earnings.\nAs a result of the separation of Upjohn, we incurred separation-related costs of $434 million in 2020 and $83 million in 2019, which are included in Discontinued operationsnet of\ntax. These costs primarily relate to professional fees for regulatory filings and separation activities within finance, tax, legal and information system functions as well as investment\nbanking fees.\nPfizer Inc.\n2021 Form 10-K\n65\n'}]","Note 2. Acquisitions, Divestitures, Equity-Method Investments, Licensing Arrangements and Collaborative Arrangements
A. Acquisitions
Trillium
On November 17, 2021, we acquired all of the issued and outstanding common stock not already owned by Pfizer of Trillium, a clinical stage immuno-oncology company developing
therapies targeting cancer immune evasion pathways and specific cell targeting approaches, for a price of $18.50 per share in cash, for total consideration of $2.0 billion, net of cash
acquired. As a result, Trillium became our wholly owned subsidiary. We previously held a 2% ownership investment in Trillium. Trilliums lead program, TTI-622, is an investigational
fusion protein that is designed to block the inhibitory activity of CD47, a molecule that is overexpressed by a wide variety of tumors.
We accounted for the transaction as an asset acquisition since the lead asset, TTI-622, represented substantially all of the fair value of the gross assets acquired, which exclude cash
acquired. At the acquisition date, we recorded a $2.1 billion charge representing an acquired IPR&D asset with no alternative future use in Research and development expenses, of
which the $2.0 billion net cash consideration is presented as a cash outflow from operating activities. In connection with this acquisition, we recorded $256 million of assets acquired
primarily consisting of cash and investments. Liabilities assumed were approximately $81 million.
Array
On July 30, 2019, we acquired Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule
medicines to treat cancer and other diseases of high unmet need, for $48 per share in cash. The total fair value of the consideration transferred was $11.2 billion ($10.9 billion, net of
cash acquired). In addition, $157 million in payments to Array employees for the fair value of previously unvested stock options was recognized as post-closing compensation expense
and recorded in Restructuring charges and certain acquisition-related costs (see Note 3). We financed the majority of the transaction with debt and the balance with existing cash. Therachon
On July 1, 2019, we acquired all the remaining shares of Therachon, a privately-held clinical-stage biotechnology company focused on rare diseases, with assets in development for
the treatment of achondroplasia, a genetic condition and the most common form of short-limb dwarfism, for $340 million upfront, plus potential milestone payments of up to $470
million contingent on the achievement of key milestones in the development and commercialization of the lead asset. We accounted for the transaction as an asset acquisition since
the lead asset represented substantially all the fair value of the gross assets acquired. The total fair value of the consideration transferred for Therachon was $322 million, which
consisted of $317 million of cash and our previous $5 million investment in Therachon. In connection with this asset acquisition, we recorded a charge of $337 million in Research and
development expenses."
"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?",The Real Growth was flat in FY 2023 vs FY 2022.,"[{'evidence_text': 'Three Months Ended June 30\nTwelve Months Ended June 30\n($ million)\nFlexibles\nRigid \nPackaging\nTotal\nFlexibles\nRigid \nPackaging\nTotal\nNet sales fiscal year 2023\n \n2,777 \n897 \n3,673 \n \n11,154 \n3,540 \n14,694 \nNet sales fiscal year 2022\n \n2,967 \n942 \n3,909 \n \n11,151 \n3,393 \n14,544 \nReported Growth %\n (6) \n (5) \n (6) \n \n 4 \n 1 \nFX %\n 1 \n (1) \n \n (4) \n (1) \n (3) \nConstant Currency Growth %\n (7) \n (4) \n (6) \n 4 \n 5 \n 4 \nRaw Material Pass Through %\n 1 \n \n 1 \n 5 \n 8 \n 5 \nItems affecting comparability %\n (3) \n \n (2) \n (2) \n \n (1) \nComparable Constant Currency \nGrowth %\n (5) \n (4) \n (5) \n 1 \n (3) \n \nVolume %\n (7) \n (6) \n (7) \n (3) \n (4) \n (3) \nPrice/Mix %\n 2 \n 2 \n 2 \n 4 \n 1 \n 3', 'doc_name': 'AMCOR_2023Q4_EARNINGS', 'evidence_page_num': 9, 'evidence_text_full_page': 'Components of Fiscal 2023 Net Sales growth \nThree Months Ended June 30\nTwelve Months Ended June 30\n($ million)\nFlexibles\nRigid \nPackaging\nTotal\nFlexibles\nRigid \nPackaging\nTotal\nNet sales fiscal year 2023\n \n2,777 \n897 \n3,673 \n \n11,154 \n3,540 \n14,694 \nNet sales fiscal year 2022\n \n2,967 \n942 \n3,909 \n \n11,151 \n3,393 \n14,544 \nReported Growth %\n (6) \n (5) \n (6) \n \n 4 \n 1 \nFX %\n 1 \n (1) \n \n (4) \n (1) \n (3) \nConstant Currency Growth %\n (7) \n (4) \n (6) \n 4 \n 5 \n 4 \nRaw Material Pass Through %\n 1 \n \n 1 \n 5 \n 8 \n 5 \nItems affecting comparability %\n (3) \n \n (2) \n (2) \n \n (1) \nComparable Constant Currency \nGrowth %\n (5) \n (4) \n (5) \n 1 \n (3) \n \nVolume %\n (7) \n (6) \n (7) \n (3) \n (4) \n (3) \nPrice/Mix %\n 2 \n 2 \n 2 \n 4 \n 1 \n 3 \n10\n'}]","Three Months Ended June 30
Twelve Months Ended June 30
($ million)
Flexibles
Rigid 
Packaging
Total
Flexibles
Rigid 
Packaging
Total
Net sales fiscal year 2023
 
2,777 
897 
3,673 
 
11,154 
3,540 
14,694 
Net sales fiscal year 2022
 
2,967 
942 
3,909 
 
11,151 
3,393 
14,544 
Reported Growth %
 (6) 
 (5) 
 (6) 
 
 4 
 1 
FX %
 1 
 (1) 
 
 (4) 
 (1) 
 (3) 
Constant Currency Growth %
 (7) 
 (4) 
 (6) 
 4 
 5 
 4 
Raw Material Pass Through %
 1 
 
 1 
 5 
 8 
 5 
Items affecting comparability %
 (3) 
 
 (2) 
 (2) 
 
 (1) 
Comparable Constant Currency 
Growth %
 (5) 
 (4) 
 (5) 
 1 
 (3) 
 
Volume %
 (7) 
 (6) 
 (7) 
 (3) 
 (4) 
 (3) 
Price/Mix %
 2 
 2 
 2 
 4 
 1 
 3"
"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","[{'evidence_text': 'Item 8.01.\nOther Events.\n\nEffective May 26, 2023, PepsiCo, Inc. (PepsiCo) terminated the $3,800,000,000 364 day unsecured revolving credit agreement, dated as of\nMay 27, 2022, among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 364 Day Credit\nAgreement). There were no outstanding borrowings under the 2022 364 Day Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 364 day unsecured revolving credit agreement (the 2023 364 Day Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 364 Day Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, subject to customary terms and conditions,\nand expires on May 24, 2024. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the\n2023 364 Day Credit Agreement, increase the commitments under the 2023 364 Day Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or\nEuros. PepsiCo may request renewal of the 2023 364 Day Credit Agreement for an additional 364 day period or convert any amounts outstanding into a\nterm loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. Subject to\ncertain conditions stated in the 2023 364 Day Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under\nthe 2023 364 Day Credit Agreement at any time during the term of the 2023 364 Day Credit Agreement. Funds borrowed under the 2023 364 Day Credit\nAgreement may be used for general corporate purposes of PepsiCo and its subsidiaries. The 2023 364 Day Credit Agreement contains customary\nrepresentations and warranties and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 364 Day Credit\nAgreement and their affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo\nand its affiliates.\n\nEffective May 26, 2023, PepsiCo terminated the $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among\nPepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 Five Year Credit Agreement). There were no\noutstanding borrowings under the 2022 Five Year Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line\nsubfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on\nMay 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year\nCredit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo\nmay, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023\nFive Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit\nAgreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used\nfor general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties\nand events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have\nengaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates.', 'doc_name': 'PEPSICO_2023_8K_dated-2023-05-30', 'evidence_page_num': 1, 'evidence_text_full_page': '\n\nItem 8.01.\nOther Events.\n\nEffective May 26, 2023, PepsiCo, Inc. (PepsiCo) terminated the $3,800,000,000 364 day unsecured revolving credit agreement, dated as of\nMay 27, 2022, among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 364 Day Credit\nAgreement). There were no outstanding borrowings under the 2022 364 Day Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 364 day unsecured revolving credit agreement (the 2023 364 Day Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 364 Day Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, subject to customary terms and conditions,\nand expires on May 24, 2024. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the\n2023 364 Day Credit Agreement, increase the commitments under the 2023 364 Day Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or\nEuros. PepsiCo may request renewal of the 2023 364 Day Credit Agreement for an additional 364 day period or convert any amounts outstanding into a\nterm loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. Subject to\ncertain conditions stated in the 2023 364 Day Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under\nthe 2023 364 Day Credit Agreement at any time during the term of the 2023 364 Day Credit Agreement. Funds borrowed under the 2023 364 Day Credit\nAgreement may be used for general corporate purposes of PepsiCo and its subsidiaries. The 2023 364 Day Credit Agreement contains customary\nrepresentations and warranties and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 364 Day Credit\nAgreement and their affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo\nand its affiliates.\n\nEffective May 26, 2023, PepsiCo terminated the $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among\nPepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 Five Year Credit Agreement). There were no\noutstanding borrowings under the 2022 Five Year Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line\nsubfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on\nMay 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year\nCredit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo\nmay, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023\nFive Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit\nAgreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used\nfor general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties\nand events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have\nengaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates.\n\nThe foregoing descriptions of the 2023 364 Day Credit Agreement and 2023 Five Year Credit Agreement do not purport to be complete and are\nqualified in their entirety by reference to the full text of the 2023 364 Day Credit Agreement and the 2023 Five Year Credit Agreement, as applicable,\nwhich are filed as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and incorporated by reference herein.\n\n1\n'}]","Item 8.01.
Other Events.

Effective May 26, 2023, PepsiCo, Inc. (PepsiCo) terminated the $3,800,000,000 364 day unsecured revolving credit agreement, dated as of
May 27, 2022, among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 364 Day Credit
Agreement). There were no outstanding borrowings under the 2022 364 Day Credit Agreement at the time of its termination.

On May 26, 2023, PepsiCo entered into a new $4,200,000,000 364 day unsecured revolving credit agreement (the 2023 364 Day Credit
Agreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 364 Day Credit Agreement
enables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, subject to customary terms and conditions,
and expires on May 24, 2024. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the
2023 364 Day Credit Agreement, increase the commitments under the 2023 364 Day Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or
Euros. PepsiCo may request renewal of the 2023 364 Day Credit Agreement for an additional 364 day period or convert any amounts outstanding into a
term loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. Subject to
certain conditions stated in the 2023 364 Day Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under
the 2023 364 Day Credit Agreement at any time during the term of the 2023 364 Day Credit Agreement. Funds borrowed under the 2023 364 Day Credit
Agreement may be used for general corporate purposes of PepsiCo and its subsidiaries. The 2023 364 Day Credit Agreement contains customary
representations and warranties and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 364 Day Credit
Agreement and their affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo
and its affiliates.

Effective May 26, 2023, PepsiCo terminated the $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among
PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 Five Year Credit Agreement). There were no
outstanding borrowings under the 2022 Five Year Credit Agreement at the time of its termination.

On May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit
Agreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement
enables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line
subfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on
May 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year
Credit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo
may, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023
Five Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit
Agreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used
for general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties
and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have
engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates."
"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.",No. For AMCOR there has been a slight decline in gross margins by 0.8%.,"[{'evidence_text': 'Amcor plc and Subsidiaries\nConsolidated Statements of Income\n($ in millions, except per share data)\nFor the years ended June 30,\n2023\n2022\n2021\nNet sales\n$\n14,694 \n$\n14,544 \n$\n12,861 \nCost of sales\n(11,969)\n(11,724)\n(10,129)\nGross profit\n2,725 \n2,820 \n2,732', 'doc_name': 'AMCOR_2023_10K', 'evidence_page_num': 49, 'evidence_text_full_page': 'Amcor plc and Subsidiaries\nConsolidated Statements of Income\n($ in millions, except per share data)\nFor the years ended June 30,\n2023\n2022\n2021\nNet sales\n$\n14,694 \n$\n14,544 \n$\n12,861 \nCost of sales\n(11,969)\n(11,724)\n(10,129)\nGross profit\n2,725 \n2,820 \n2,732 \nSelling, general, and administrative expenses\n(1,246)\n(1,284)\n(1,292)\nResearch and development expenses\n(101)\n(96)\n(100)\nRestructuring, impairment, and other related activities, net\n104 \n(234)\n(94)\nOther income, net\n26 \n33 \n75 \nOperating income\n1,508 \n1,239 \n1,321 \nInterest income\n31 \n24 \n14 \nInterest expense\n(290)\n(159)\n(153)\nOther non-operating income, net\n2 \n11 \n11 \nIncome before income taxes and equity in income of affiliated companies\n1,251 \n1,115 \n1,193 \nIncome tax expense\n(193)\n(300)\n(261)\nEquity in income of affiliated companies, net of tax\n \n \n19 \nNet income\n$\n1,058 \n$\n815 \n$\n951 \nNet income attributable to non-controlling interests\n(10)\n(10)\n(12)\nNet income attributable to Amcor plc\n$\n1,048 \n$\n805 \n$\n939 \nBasic earnings per share:\nBasic earnings per share\n$\n0.709 \n$\n0.532 \n$\n0.604 \nDiluted earnings per share\n$\n0.705 \n$\n0.529 \n$\n0.602 \n See accompanying notes to consolidated financial statements.\n50\n'}]","Amcor plc and Subsidiaries
Consolidated Statements of Income
($ in millions, except per share data)
For the years ended June 30,
2023
2022
2021
Net sales
$
14,694 
$
14,544 
$
12,861 
Cost of sales
(11,969)
(11,724)
(10,129)
Gross profit
2,725 
2,820 
2,732"
"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?",Pepsico experienced a strong start to FY2023.,"[{'evidence_text': 'We are very pleased with our performance and business momentum as our categories and \ngeographies remained resilient during the first quarter. Given our strong start to the year, we \nnow expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and \ncore constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and \nCEO Ramon Laguarta.', 'doc_name': 'PEPSICO_2023Q1_EARNINGS', 'evidence_page_num': 0, 'evidence_text_full_page': 'PepsiCo Reports First-Quarter 2023 Results; Raises Full-Year \nGuidance\nReported (GAAP) First-Quarter 2023 Results\nFirst-Quarter\nNet revenue growth\n10.2%\nForeign exchange impact on net revenue\n(2.5)%\nEarnings per share (EPS)\n$1.40\nEPS change\n(54)%\nForeign exchange impact on EPS\n(2)%\nOrganic/Core (non-GAAP)1 First-Quarter 2023 Results\nFirst-Quarter\nOrganic revenue growth\n14.3%\nCore EPS\n$1.50\nCore constant currency EPS change\n18%\nPURCHASE, N.Y. - April 25, 2023 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for \nthe first quarter 2023. \nWe are very pleased with our performance and business momentum as our categories and \ngeographies remained resilient during the first quarter. Given our strong start to the year, we \nnow expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and \ncore constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and \nCEO Ramon Laguarta.\nLaguarta continued, Our results demonstrate that the investments we have made to become an \neven Faster, even Stronger, and even Better organization by Winning with pep+ are laying the \nfoundation for durable and sustainable growth. We remain committed to our strategic agenda \nand will continue to invest in our people, brands, supply chain, go-to-market systems, and \ndigitization initiatives to build competitive advantages and win in the marketplace.\n1 Please refer to the Glossary for the definitions of non-GAAP financial measures, including Organic revenue growth, Core and Constant currency, \nand to Guidance and Outlook for additional information regarding PepsiCos full-year 2023 financial guidance. PepsiCo provides guidance on a non-\nGAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and \ncommodity mark-to-market net impacts. Please refer to PepsiCos Quarterly Report on Form 10-Q for the 12 weeks ended March 25, 2023 (Q1 2023 \nForm 10-Q) filed with the Securities and Exchange Commission (SEC) for additional information regarding PepsiCos financial results.\n1\n'}]","We are very pleased with our performance and business momentum as our categories and 
geographies remained resilient during the first quarter. Given our strong start to the year, we 
now expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and 
core constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and 
CEO Ramon Laguarta."
Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?,"Yes, the gain on completion of Consumer Healthcare JV Transaction","[{'evidence_text': 'Year Ended December 31,\n(MILLIONS, EXCEPT PER COMMON SHARE DATA)\n2021\n2020\n2019\nRevenues\n$\n81,288 \n$\n41,651 \n$\n40,905 \nCosts and expenses:\n \n \nCost of sales\n30,821 \n8,484 \n8,054 \nSelling, informational and administrative expenses\n12,703 \n11,597 \n12,726 \nResearch and development expenses\n13,829 \n9,393 \n8,385 \nAmortization of intangible assets\n3,700 \n3,348 \n4,429 \nRestructuring charges and certain acquisition-related costs\n802 \n579 \n601 \n(Gain) on completion of Consumer Healthcare JV transaction\n \n(6)\n(8,107)\nOther (income)/deductionsnet\n(4,878)\n1,219 \n3,497 \nIncome from continuing operations before provision/(benefit) for taxes on income\n24,311 \n7,036 \n11,321 \nProvision/(benefit) for taxes on income\n1,852 \n370 \n583 \nIncome from continuing operations\n22,459 \n6,666 \n10,738 \nDiscontinued operationsnet of tax\n(434)\n2,529 \n5,318 \nNet income before allocation to noncontrolling interests\n22,025 \n9,195 \n16,056 \nLess: Net income attributable to noncontrolling interests\n45 \n36 \n29 \nNet income attributable to Pfizer Inc. common shareholders\n$\n21,979 \n$\n9,159 \n$\n16,026', 'doc_name': 'PFIZER_2021_10K', 'evidence_page_num': 56, 'evidence_text_full_page': 'Consolidated Statements of Income\nPfizer Inc. and Subsidiary Companies\n \nYear Ended December 31,\n(MILLIONS, EXCEPT PER COMMON SHARE DATA)\n2021\n2020\n2019\nRevenues\n$\n81,288 \n$\n41,651 \n$\n40,905 \nCosts and expenses:\n \n \nCost of sales\n30,821 \n8,484 \n8,054 \nSelling, informational and administrative expenses\n12,703 \n11,597 \n12,726 \nResearch and development expenses\n13,829 \n9,393 \n8,385 \nAmortization of intangible assets\n3,700 \n3,348 \n4,429 \nRestructuring charges and certain acquisition-related costs\n802 \n579 \n601 \n(Gain) on completion of Consumer Healthcare JV transaction\n \n(6)\n(8,107)\nOther (income)/deductionsnet\n(4,878)\n1,219 \n3,497 \nIncome from continuing operations before provision/(benefit) for taxes on income\n24,311 \n7,036 \n11,321 \nProvision/(benefit) for taxes on income\n1,852 \n370 \n583 \nIncome from continuing operations\n22,459 \n6,666 \n10,738 \nDiscontinued operationsnet of tax\n(434)\n2,529 \n5,318 \nNet income before allocation to noncontrolling interests\n22,025 \n9,195 \n16,056 \nLess: Net income attributable to noncontrolling interests\n45 \n36 \n29 \nNet income attributable to Pfizer Inc. common shareholders\n$\n21,979 \n$\n9,159 \n$\n16,026 \nEarnings per common sharebasic:\n \n \n \nIncome from continuing operations attributable to Pfizer Inc. common shareholders\n$\n4.00 \n$\n1.19 \n$\n1.92 \nDiscontinued operationsnet of tax\n(0.08)\n0.46 \n0.95 \nNet income attributable to Pfizer Inc. common shareholders\n$\n3.92 \n$\n1.65 \n$\n2.88 \nEarnings per common sharediluted:\n \n \nIncome from continuing operations attributable to Pfizer Inc. common shareholders\n$\n3.93 \n$\n1.18 \n$\n1.89 \nDiscontinued operationsnet of tax\n(0.08)\n0.45 \n0.94 \nNet income attributable to Pfizer Inc. common shareholders\n$\n3.85 \n$\n1.63 \n$\n2.82 \nWeighted-average sharesbasic\n5,601 \n5,555 \n5,569 \nWeighted-average sharesdiluted\n5,708 \n5,632 \n5,675 \nExclusive of amortization of intangible assets, except as disclosed in Note 1M.\nSee Accompanying Notes.\n(a)\n(a)\n(a)\n(a)\nPfizer Inc.\n2021 Form 10-K\n51\n'}]","Year Ended December 31,
(MILLIONS, EXCEPT PER COMMON SHARE DATA)
2021
2020
2019
Revenues
$
81,288 
$
41,651 
$
40,905 
Costs and expenses:
 
 
Cost of sales
30,821 
8,484 
8,054 
Selling, informational and administrative expenses
12,703 
11,597 
12,726 
Research and development expenses
13,829 
9,393 
8,385 
Amortization of intangible assets
3,700 
3,348 
4,429 
Restructuring charges and certain acquisition-related costs
802 
579 
601 
(Gain) on completion of Consumer Healthcare JV transaction
 
(6)
(8,107)
Other (income)/deductionsnet
(4,878)
1,219 
3,497 
Income from continuing operations before provision/(benefit) for taxes on income
24,311 
7,036 
11,321 
Provision/(benefit) for taxes on income
1,852 
370 
583 
Income from continuing operations
22,459 
6,666 
10,738 
Discontinued operationsnet of tax
(434)
2,529 
5,318 
Net income before allocation to noncontrolling interests
22,025 
9,195 
16,056 
Less: Net income attributable to noncontrolling interests
45 
36 
29 
Net income attributable to Pfizer Inc. common shareholders
$
21,979 
$
9,159 
$
16,026"
Is Verizon a capital intensive business based on FY 2022 data?,"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","[{'evidence_text': 'Consolidated Balance Sheets \nVerizon Communications Inc. and Subsidiaries \n(dollars in millions, except per share amounts) \nAt December 31,\n2022\n2021 \nAssets \nCurrent assets \nCash and cash equivalents\n$ \n2,605 \n$ \n2,921 \nAccounts receivable\n \n25,332 \n \n24,742 \nLess Allowance for credit losses\n \n826 \n \n896 \nAccounts receivable, net \n \n24,506 \n \n23,846 \nInventories\n \n2,388 \n \n3,055 \nPrepaid expenses and other\n \n8,358 \n \n6,906 \nTotal current assets\n \n37,857 \n \n36,728 \nProperty, plant and equipment\n \n307,689 \n \n289,897 \nLess Accumulated depreciation\n \n200,255 \n \n190,201 \nProperty, plant and equipment, net\n \n107,434 \n \n99,696 \nInvestments in unconsolidated businesses\n \n1,071 \n \n1,061 \nWireless licenses\n \n149,796 \n \n147,619 \nGoodwill\n \n28,671 \n \n28,603 \nOther intangible assets, net\n \n11,461 \n \n11,677 \nOperating lease right-of-use assets\n \n26,130 \n \n27,883 \nOther assets\n \n17,260 \n \n13,329 \nTotal assets\n$ \n379,680 \n$ \n366,596', 'doc_name': 'VERIZON_2022_10K', 'evidence_page_num': 55, 'evidence_text_full_page': 'Consolidated Balance Sheets \nVerizon Communications Inc. and Subsidiaries \n(dollars in millions, except per share amounts) \nAt December 31,\n2022\n2021 \nAssets \nCurrent assets \nCash and cash equivalents\n$ \n2,605 \n$ \n2,921 \nAccounts receivable\n \n25,332 \n \n24,742 \nLess Allowance for credit losses\n \n826 \n \n896 \nAccounts receivable, net \n \n24,506 \n \n23,846 \nInventories\n \n2,388 \n \n3,055 \nPrepaid expenses and other\n \n8,358 \n \n6,906 \nTotal current assets\n \n37,857 \n \n36,728 \nProperty, plant and equipment\n \n307,689 \n \n289,897 \nLess Accumulated depreciation\n \n200,255 \n \n190,201 \nProperty, plant and equipment, net\n \n107,434 \n \n99,696 \nInvestments in unconsolidated businesses\n \n1,071 \n \n1,061 \nWireless licenses\n \n149,796 \n \n147,619 \nGoodwill\n \n28,671 \n \n28,603 \nOther intangible assets, net\n \n11,461 \n \n11,677 \nOperating lease right-of-use assets\n \n26,130 \n \n27,883 \nOther assets\n \n17,260 \n \n13,329 \nTotal assets\n$ \n379,680 \n$ \n366,596 \nLiabilities and Equity \nCurrent liabilities \nDebt maturing within one year\n$ \n9,963 \n$ \n7,443 \nAccounts payable and accrued liabilities\n \n23,977 \n \n24,833 \nCurrent operating lease liabilities\n \n4,134 \n \n3,859 \nOther current liabilities\n \n12,097 \n \n11,025 \nTotal current liabilities\n \n \n \n \n \n \n50,171 \n \n \n \n \n \n \n \n47,160 \nLong-term debt\n140,676 \n143,425 \nEmployee benefit obligations\n12,974 \n15,410 \nDeferred income taxes\n43,441 \n40,685 \nNon-current operating lease liabilities\n21,558 \n23,203 \nOther liabilities\n18,397 \n13,513 \nTotal long-term liabilities\n \n237,046 \n236,236 \nCommitments and Contingencies (Note 16) \nEquity \nSeries preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon stock ($0.10 par value; 6,250,000,000 shares authorized in each period; \n4,291,433,646 shares issued in each period)\n429 \n429 \nAdditional paid in capital\n13,420 \n13,861 \nRetained earnings\n82,380 \n71,993 \nAccumulated other comprehensive loss\n(1,865) \n(927) \nCommon stock in treasury, at cost (91,572,258 and 93,634,725 shares outstanding)\n(4,013) \n(4,104) \nDeferred compensation employee stock ownership plans (ESOPs) and other\n793 \n538 \nNoncontrolling interests\n1,319 \n1,410 \nTotal equity\n92,463 \n83,200 \nTotal liabilities and equity\n$ \n379,680 \n$ \n366,596 \nSee Notes to Consolidated Financial Statements\nVerizon 2022 Annual Report on Form 10-K 56 \n'}
 {'evidence_text': 'Consolidated Operating Revenues \n(dollars in millions) \nIncrease/(Decrease) \nYears Ended December 31,\n2022\n2021 \n2022 vs. 2021 \nConsumer\n$ 103,506 \n$ 95,300 $ \n8,206 \n 8.6 % \nBusiness\n31,072 \n31,042 \n30 \n 0.1 \nCorporate and other\n2,510 \n7,722 \n(5,212) \n (67.5) \nEliminations\n(253)\n(451)\n198 \n 43.9 \nConsolidated Operating Revenues\n$ 136,835 \n$ 133,613 $ \n3,222 \n 2.4', 'doc_name': 'VERIZON_2022_10K', 'evidence_page_num': 22, 'evidence_text_full_page': 'benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested \nbusinesses, including Verizon Media Group (Verizon Media) divested in September 2021, and other adjustments and gains and \nlosses that are not allocated in assessing segment performance due to their nature. Although such transactions are excluded \nfrom the business segment results, they are included in reported consolidated earnings. Gains and losses from these \ntransactions that are not individually significant are included in segment results as these items are included in the chief operating \ndecision makers assessment of segment performance. See ""Consolidated Results of Operations"" for additional information \nregarding Corporate and other results. \nCapital Expenditures and Investments \nWe continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the \ncenter of growth trends for the future. During the year ended December 31, 2022, these investments included $23.1 billion for \ncapital expenditures, inclusive of approximately $6.2 billion in C-Band related capital expenditures. See ""Cash Flows Used in \nInvesting Activities"" and ""Liquidity and Capital Resources"" for additional information. We believe that our investments aimed at \nexpanding our portfolio of products and services will provide our customers with an efficient, reliable infrastructure for competing \nin the information economy. \nGlobal Network and Technology \nWe are focusing our capital spending on adding capacity and density to our 4G Long-Term Evolution (LTE) network, while also \nbuilding our next generation 5G network. We are densifying our networks by utilizing small cell technology, in-building solutions \nand distributed antenna systems. Network densification enables us to add capacity to address increasing mobile video \nconsumption and the growing demand for IoT products and services on our 4G LTE and 5G networks. Over the past several \nyears, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and \nmobile 5G wireless services. 5G technology enables higher throughput and lower latency than the 4G LTE technology and allows \nour networks to handle more traffic as the number of internet-connected devices grows. In January 2022, we began deploying C-\nBand spectrum, which has been built out to cover approximately 189 million POPs in the U.S. as of December 31, 2022. We \nexpect to continue deploying C-Band spectrum across the continental U.S. as more and more of the spectrum becomes \navailable for our use. We use low and mid-band spectrum and dynamic spectrum sharing (DSS) technology, to allow 5G service \nto run simultaneously with 4G LTE on multiple spectrum bands. With DSS, whenever customers move outside Verizons \nmillimeter wave and C-Band coverage areas, their 5G-enabled devices will remain on 5G technology using the lower spectrum \nbands where this network is available. This allows us to more fully and effectively utilize our current spectrum resources to serve \nboth 4G and 5G customers. \nTo compensate for the shrinking market for traditional copper-based products, we continue to build fiber-based networks \nsupporting data, video and advanced business services - areas where demand for reliable high-speed connections is growing. \nWe are transforming the architecture of our networks into our Intelligent Edge Network, providing improved efficiency and \nvirtualization, increased automation and opportunities for edge computing services that will support our fiber-based and radio \naccess network technologies. We expect that this new architecture will simplify operations by eliminating legacy network \nelements, speed the deployment of 5G wireless technology and create new opportunities in the business market in a cost-\nefficient manner. \nConsolidated Results of Operations \nIn this section, we discuss our overall results of operations and highlight special items that are not included in our segment \nresults. In ""Segment Results of Operations,"" we review the performance of our two reportable segments in more detail. A detailed \ndiscussion of 2020 items and year-over-year comparisons between 2021 and 2020 that are not included in this Form 10-K can \nbe found in the ""Management\'s Discussion and Analysis of Financial Condition and Results of Operations"" in our Annual Report \non Form 10-K for the year ended December 31, 2021. \nConsolidated Operating Revenues \n(dollars in millions) \nIncrease/(Decrease) \nYears Ended December 31,\n2022\n2021 \n2022 vs. 2021 \nConsumer\n$ 103,506 \n$ 95,300 $ \n8,206 \n 8.6 % \nBusiness\n31,072 \n31,042 \n30 \n 0.1 \nCorporate and other\n2,510 \n7,722 \n(5,212) \n (67.5) \nEliminations\n(253)\n(451)\n198 \n 43.9 \nConsolidated Operating Revenues\n$ 136,835 \n$ 133,613 $ \n3,222 \n 2.4 \nConsolidated operating revenues increased during 2022 compared to 2021, due to increases in our Consumer and Business \nsegments, partially offset by a decrease in Corporate and other. \n 23 \n Verizon 2022 Annual Report on Form 10-K\n'}]","Consolidated Balance Sheets 
Verizon Communications Inc. and Subsidiaries 
(dollars in millions, except per share amounts) 
At December 31,
2022
2021 
Assets 
Current assets 
Cash and cash equivalents
$ 
2,605 
$ 
2,921 
Accounts receivable
 
25,332 
 
24,742 
Less Allowance for credit losses
 
826 
 
896 
Accounts receivable, net 
 
24,506 
 
23,846 
Inventories
 
2,388 
 
3,055 
Prepaid expenses and other
 
8,358 
 
6,906 
Total current assets
 
37,857 
 
36,728 
Property, plant and equipment
 
307,689 
 
289,897 
Less Accumulated depreciation
 
200,255 
 
190,201 
Property, plant and equipment, net
 
107,434 
 
99,696 
Investments in unconsolidated businesses
 
1,071 
 
1,061 
Wireless licenses
 
149,796 
 
147,619 
Goodwill
 
28,671 
 
28,603 
Other intangible assets, net
 
11,461 
 
11,677 
Operating lease right-of-use assets
 
26,130 
 
27,883 
Other assets
 
17,260 
 
13,329 
Total assets
$ 
379,680 
$ 
366,596 Consolidated Operating Revenues 
(dollars in millions) 
Increase/(Decrease) 
Years Ended December 31,
2022
2021 
2022 vs. 2021 
Consumer
$ 103,506 
$ 95,300 $ 
8,206 
 8.6 % 
Business
31,072 
31,042 
30 
 0.1 
Corporate and other
2,510 
7,722 
(5,212) 
 (67.5) 
Eliminations
(253)
(451)
198 
 43.9 
Consolidated Operating Revenues
$ 136,835 
$ 133,613 $ 
3,222 
 2.4"
Which region had the worst topline performance for MGM during FY2022?,MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.,"[{'evidence_text': 'Las Vegas Strip Resorts \n \n \nNet revenues of $8.4 billion in the current year compared to $4.7 billion in the prior year, an \nincrease of 77%;', 'doc_name': 'MGMRESORTS_2022Q4_EARNINGS', 'evidence_page_num': 2, 'evidence_text_full_page': ' \n \nPage 3 of 15 \n \n \nAdjusted EPS \nThe following table reconciles diluted earnings per share (EPS) to Adjusted EPS (approximate EPS \nimpact shown, per share; positive adjustments represent charges to income): \nThree Months Ended December 31, \n2022 \n \n2021 \nDiluted earnings per share \n$ \n0.69 $ \n0.23 \nProperty transactions, net \n \n(2.74) \n(0.15) \nNon-operating items: \n \n \nInvestments and other \n \n(0.10) \n0.02 \nForeign currency gain on MGM China senior notes \n \n(0.02) \n \nChange in fair value of unhedged MGP swaps \n \n \n(0.01) \nIncome tax impact on net income adjustments (1) \n \n0.64 \n0.03 \nAdjusted EPS \n$ \n(1.53) $ \n0.12 \n \n(1) The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the \njurisdiction in which it occurs. \nFull Year 2022 Financial Highlights: \n \nConsolidated Results \n \n \nConsolidated net revenues of $13.1 billion in the current year compared to $9.7 billion in the \nprior year, an increase of 36%. The current year includes the operating results of The \nCosmopolitan upon its acquisition in May 2022, a full year of Aria and Vdara (collectively \n""Aria"") due to its acquisition in September 2021, and the results of The Mirage until its \ndisposition in December 2022; \n \nOperating income was $1.4 billion compared to $2.3 billion in the prior year, due to a $2.5 \nbillion increase in noncash amortization expense of the MGM Grand Paradise gaming \nsubconcession and an increase of $1.1 billion of rent expense related to triple-net operating \nleases and ground leases due primarily to The Cosmopolitan lease, the Aria lease, and VICI \nlease, partially offset by the $2.3 billion gain on REIT transactions, net and the $1.1 billion gain \non the disposition of The Mirage in the current year, and also due to the prior year results \nincluding the $1.6 billion gain on consolidation of CityCenter, net; \n \nNet income attributable to MGM Resorts of $1.5 billion in 2022, which was impacted by the \nitems affecting operating income discussed above, compared to $1.3 billion in the prior year; \n \nDiluted earnings per share of $3.49 in 2022 compared to $2.41 in 2021; \n \nAdjusted EPS loss of $2.74 in 2022, compared to Adjusted EPS loss of $0.67 in 2021; and \n \nConsolidated Adjusted EBITDAR of $3.5 billion in 2022. \n \nLas Vegas Strip Resorts \n \n \nNet revenues of $8.4 billion in the current year compared to $4.7 billion in the prior year, an \nincrease of 77%; \n \nSame-store net revenues (adjusted for acquisitions and dispositions) of $5.6 billion in the current \nyear compared to $4.0 billion in the prior year, an increase of 42%; \n \nAdjusted Property EBITDAR of $3.1 billion in the current year compared to $1.7 billion in the \nprior year, an increase of 81%; \n'}
 {'evidence_text': 'Regional Operations \n \n \nNet revenues of $3.8 billion in the current year compared to $3.4 billion in the prior year, an \nincrease of 12%;', 'doc_name': 'MGMRESORTS_2022Q4_EARNINGS', 'evidence_page_num': 3, 'evidence_text_full_page': ' \n \nPage 4 of 15 \n \n \n \nSame-Store Adjusted Property EBITDAR of $2.1 billion in the current year compared to $1.5 \nbillion in the prior year, an increase of 42%; and \n \nAdjusted Property EBITDAR margin of 37.4% in the current year compared to 36.7% in the \nprior year, an increase of 72 basis points. \n \nRegional Operations \n \n \nNet revenues of $3.8 billion in the current year compared to $3.4 billion in the prior year, an \nincrease of 12%; \n \nAdjusted Property EBITDAR of $1.3 billion in the current year compared to $1.2 billion in the \nprior year, an increase of 6%; and \n Adjusted Property EBITDAR margin of 33.9% in the current year compared to 35.9% in the \nprior year, a decrease of 197 basis points due primarily to an increase in contribution from lower-\nmargin non-gaming outlets and venues. \n \nMGM China \n \n \nNet revenues of $674 million in the current year compared to $1.2 billion in the prior year, a \ndecrease of 44%; and \n \nMGM China Adjusted Property EBITDAR loss of $203 million in the current year compared to \nAdjusted Property EBITDAR of $25 million in the prior year. \n \nAdjusted EPS \n \nThe following table reconciles EPS to Adjusted EPS (approximate EPS impact shown, per share; \npositive adjustments represent charges to income): \n \nTwelve Months Ended December 31, \n2022 \n \n2021 \nDiluted earnings per share \n$ \n3.49 $ \n2.41 \nProperty transactions, net \n \n(2.53) \n(0.15) \nPreopening and start-up expenses \n \n \n0.01 \nGain on REIT transactions, net \n \n(5.52) \n \nGain on consolidation of CityCenter, net \n \n \n(3.21) \nNon-operating items: \n \n \nForeign currency loss on MGM China senior notes \n \n \n0.02 \nInvestments and other \n \n(0.03) \n(0.06) \nChange in fair value of foreign currency contracts \n \n0.09 \n \nChange in fair value of unhedged MGP swaps \n \n(0.03) \n(0.04) \nUnconsolidated affiliate items: \n \n \nChange in fair value of CityCenter swaps \n \n \n(0.02) \nGain related to sale of Harmon land \n \n \n(0.10) \nIncome tax impact on net income adjustments (1) \n \n1.79 \n0.47 \nAdjusted EPS \n$ \n(2.74) $ \n(0.67) \n \n(1) The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the \njurisdiction in which it occurs. \n'}
 {'evidence_text': 'MGM China \n \n \nNet revenues of $674 million in the current year compared to $1.2 billion in the prior year, a \ndecrease of 44%;', 'doc_name': 'MGMRESORTS_2022Q4_EARNINGS', 'evidence_page_num': 3, 'evidence_text_full_page': ' \n \nPage 4 of 15 \n \n \n \nSame-Store Adjusted Property EBITDAR of $2.1 billion in the current year compared to $1.5 \nbillion in the prior year, an increase of 42%; and \n \nAdjusted Property EBITDAR margin of 37.4% in the current year compared to 36.7% in the \nprior year, an increase of 72 basis points. \n \nRegional Operations \n \n \nNet revenues of $3.8 billion in the current year compared to $3.4 billion in the prior year, an \nincrease of 12%; \n \nAdjusted Property EBITDAR of $1.3 billion in the current year compared to $1.2 billion in the \nprior year, an increase of 6%; and \n Adjusted Property EBITDAR margin of 33.9% in the current year compared to 35.9% in the \nprior year, a decrease of 197 basis points due primarily to an increase in contribution from lower-\nmargin non-gaming outlets and venues. \n \nMGM China \n \n \nNet revenues of $674 million in the current year compared to $1.2 billion in the prior year, a \ndecrease of 44%; and \n \nMGM China Adjusted Property EBITDAR loss of $203 million in the current year compared to \nAdjusted Property EBITDAR of $25 million in the prior year. \n \nAdjusted EPS \n \nThe following table reconciles EPS to Adjusted EPS (approximate EPS impact shown, per share; \npositive adjustments represent charges to income): \n \nTwelve Months Ended December 31, \n2022 \n \n2021 \nDiluted earnings per share \n$ \n3.49 $ \n2.41 \nProperty transactions, net \n \n(2.53) \n(0.15) \nPreopening and start-up expenses \n \n \n0.01 \nGain on REIT transactions, net \n \n(5.52) \n \nGain on consolidation of CityCenter, net \n \n \n(3.21) \nNon-operating items: \n \n \nForeign currency loss on MGM China senior notes \n \n \n0.02 \nInvestments and other \n \n(0.03) \n(0.06) \nChange in fair value of foreign currency contracts \n \n0.09 \n \nChange in fair value of unhedged MGP swaps \n \n(0.03) \n(0.04) \nUnconsolidated affiliate items: \n \n \nChange in fair value of CityCenter swaps \n \n \n(0.02) \nGain related to sale of Harmon land \n \n \n(0.10) \nIncome tax impact on net income adjustments (1) \n \n1.79 \n0.47 \nAdjusted EPS \n$ \n(2.74) $ \n(0.67) \n \n(1) The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the \njurisdiction in which it occurs. \n'}]","Las Vegas Strip Resorts 
 
 
Net revenues of $8.4 billion in the current year compared to $4.7 billion in the prior year, an 
increase of 77%; Regional Operations 
 
 
Net revenues of $3.8 billion in the current year compared to $3.4 billion in the prior year, an 
increase of 12%; MGM China 
 
 
Net revenues of $674 million in the current year compared to $1.2 billion in the prior year, a 
decrease of 44%;"
"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","[{'evidence_text': 'Pension and postretirement health care and life insurance benefits earned during the year, as well as interest on projected benefit obligations, \nare accrued.', 'doc_name': 'VERIZON_2021_10K', 'evidence_page_num': 62, 'evidence_text_full_page': 'for assets and liabilities. We record these translation adjustments in Accumulated other comprehensive loss, a separate component of Equity, \nin our consolidated balance sheets. We record exchange gains and losses resulting from the conversion of transaction currency to functional \ncurrency as a component of Other income (expense), net. \nEmployee Benefit Plans \nPension and postretirement health care and life insurance benefits earned during the year, as well as interest on projected benefit obligations, \nare accrued. Prior service costs and credits resulting from changes in plan benefits are generally amortized over the average remaining service \nperiod of the employees expected to receive benefits. Expected return on plan assets is determined by applying the return on assets \nassumption to the actual fair value of plan assets. Actuarial gains and losses are recognized in Other income (expense), net in the year in \nwhich they occur. These gains and losses are measured annually as of December 31 or upon a remeasurement event. Verizon management \nemployees no longer earn pension benefits or earn service towards the Company retiree medical subsidy. See Note 11 for additional \ninformation. \nWe recognize a pension or a postretirement plans funded status as either an asset or liability in the consolidated balance sheets. Also, we \nmeasure any unrecognized prior service costs and credits that arise during the period as a component of Accumulated other comprehensive \nincome, net of applicable income tax. \nDerivative Instruments \nWe enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. \nWe employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, forward \nstarting interest rate swaps, interest rate swaps, treasury rate locks, interest rate caps and foreign exchange forwards. We do not hold \nderivatives for trading purposes. \nWe measure all derivatives at fair value and recognize them as either assets or liabilities in our consolidated balance sheets. Our derivative \ninstruments are valued primarily using models based on readily observable market parameters for all substantial terms of our derivative \ncontracts and thus are classified as Level 2. Changes in the fair values of derivative instruments applied as economic hedges are recognized in \nearnings in the current period. For fair value hedges, the change in the fair value of the derivative instruments is recognized in earnings, along \nwith the change in the fair value of the hedged item. For cash flow hedges, the change in the fair value of the derivative instruments is \nreported in Other comprehensive income (loss) and recognized in earnings when the hedged item is recognized in earnings. For net \ninvestment hedges of certain of our foreign operations, the change in the fair value of the hedging instruments is reported in Other \ncomprehensive income (loss) as part of the cumulative translation adjustment and partially offsets the impact of foreign currency changes on \nthe value of our net investment. \nCash flows from derivatives, which are designated as accounting hedges or applied as economic hedges, are presented consistently with the \ncash flow classification of the related hedged items. See Note 9 for additional information. \nVariable Interest Entities \nVIEs are entities that lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from \nother parties, have equity investors that do not have the ability to make significant decisions relating to the entitys operations through voting \nrights, do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We \nconsolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is the party that has \nthe power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or \nthe right to receive benefits that could potentially be significant to the VIE.\n63\nVerizon 2021 Annual Report on Form 10-K\n'}
 {'evidence_text': 'Estimated Future Benefit Payments \nThe benefit payments to retirees are expected to be paid as follows: \n(dollars in millions) \nYear\nPension Benefits \nHealth Care and Life \n2022\n$ \n2,049 \n$ \n906 \n2023\n1,648 \n883 \n2024\n1,097 \n862 \n2025\n1,066 \n850 \n2026\n1,034 \n840 \n2027 to 2031\n5,097 \n4,139', 'doc_name': 'VERIZON_2021_10K', 'evidence_page_num': 93, 'evidence_text_full_page': 'fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy but are included in total \ninvestments. \nEmployer Contributions \nIn 2021, we made no discretionary contribution to our qualified pension plans, $58 million of contributions to our nonqualified pension plans \nand $885 million of contributions to our other postretirement benefit plans. No qualified pension plans contributions are expected to be made \nin 2022. Nonqualified pension plans contributions are estimated to be approximately $60 million and contributions to our other postretirement \nbenefit plans are estimated to be approximately $860 million in 2022. \nEstimated Future Benefit Payments \nThe benefit payments to retirees are expected to be paid as follows: \n(dollars in millions) \nYear\nPension Benefits \nHealth Care and Life \n2022\n$ \n2,049 \n$ \n906 \n2023\n1,648 \n883 \n2024\n1,097 \n862 \n2025\n1,066 \n850 \n2026\n1,034 \n840 \n2027 to 2031\n5,097 \n4,139 \nSavings Plan and Employee Stock Ownership Plans \nWe maintain four leveraged employee stock ownership plans (ESOP). We match a certain percentage of eligible employee contributions to \ncertain savings plans with shares of our common stock from this ESOP. At December 31, 2021, the number of allocated shares of common \nstock in this ESOP was 44 million. There were no unallocated shares of common stock in this ESOP at December 31, 2021. All leveraged \nESOP shares are included in earnings per share computations. \nTotal savings plan costs were $690 million in 2021, $730 million in 2020 and $897 million in 2019. \nSeverance Benefits \nThe following table provides an analysis of our severance liability: \n(dollars in millions) \nYear \nBeginning of \nYear \nCharged to \nExpense\nPayments\nOther\nEnd of Year \n2019\n$ \n2,156 \n$ \n260 \n$ \n(1,847) $ \n(4) $\n565 \n2020\n565 \n309 \n(248)\n(24)\n602 \n2021\n602 \n233 \n(258)\n(29)\n548 \nSeverance, Pension and Benefits (Credits) Charges \nDuring 2021, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur, we recorded \nnet pre-tax pension and benefits credits of $2.4 billion in our pension and postretirement benefit plans. The credits were recorded in Other \nincome (expense), net in our consolidated statement of income and were primarily driven by a credit of $1.1 billion due to an increase in our \ndiscount rate assumption used to determine the current year liabilities of our pension plans and postretirement benefit plans from a weighted-\naverage of 2.6% at December 31, 2020 to a weighted-average of 2.9% at December 31, 2021, a credit of $847 million due to the difference \nbetween our estimated and our actual return on assets and a credit of $453 million due to other actuarial assumption adjustments. During \n2021, we also recorded net pre-tax severance charges of $233 million in Selling, general and administrative expense in our consolidated \nstatements of income. \nDuring 2020, we recorded net pre-tax pension and benefits charges of $1.6 billion in our pension and postretirement benefit plans. The \ncharges were recorded in Other income (expense), net in our consolidated statement of income and were primarily driven by a charge of \n$3.2 billion due to a decrease in our discount rate assumption used to determine the current year liabilities of our pension plans and \npostretirement benefit plans from a weighted-average of 3.3% at December 31, 2019 to a weighted-average of 2.6% at December 31, 2020, \npartially offset by a credit of $1.6 billion due to the difference between our estimated and our actual return on assets. During 2020, we also \nrecorded net pre-tax severance charges of $309 million in Selling, general and administrative expense in our consolidated statements of \nincome. \nDuring 2019, we recorded net pre-tax pension and benefits charges of $126 million in our pension and postretirement benefit plans. The \ncharges were recorded in Other income (expense), net in our consolidated statement of income and were primarily driven by a charge of \n$4.3 billion due to a decrease in our discount rate assumption used to determine the current year liabilities of our pension plans and \npostretirement benefits plans from a weighted-average of 4.4% at December 31, 2018 to a weighted-average of 3.3% at December 31, 2019, \npartially offset by a credit of $2.3 billion due to the difference between our estimated return on assets and our actual return on assets and a \n94\nVerizon 2021 Annual Report on Form 10-K\n'}]","Pension and postretirement health care and life insurance benefits earned during the year, as well as interest on projected benefit obligations, 
are accrued. Estimated Future Benefit Payments 
The benefit payments to retirees are expected to be paid as follows: 
(dollars in millions) 
Year
Pension Benefits 
Health Care and Life 
2022
$ 
2,049 
$ 
906 
2023
1,648 
883 
2024
1,097 
862 
2025
1,066 
850 
2026
1,034 
840 
2027 to 2031
5,097 
4,139"
How much (in USD billions) did American Water Works pay out in cash dividends for FY2020? Compute or extract the answer by primarily using the details outlined in the statement of cash flows.,$0.40,"[{'evidence_text': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Statements of Cash Flows\n(In millions)\n \nFor the Years Ended December 31,\n \n2020\n2019\n2018\nCASH FLOWS FROM OPERATING ACTIVITIES\n \n \n \nNet income\n$\n709 \n$\n621 \n$\n565 \nAdjustments to reconcile to net cash flows provided by operating activities:\n \n \n \nDepreciation and amortization\n604 \n582 \n545 \nDeferred income taxes and amortization of investment tax credits\n207 \n208 \n195 \nProvision for losses on accounts receivable\n34 \n28 \n33 \nLoss (gain) on asset dispositions and purchases\n \n34 \n(20)\nImpairment charge\n \n \n57 \nPension and non-pension postretirement benefits\n(14)\n17 \n23 \nOther non-cash, net\n(20)\n(41)\n20 \nChanges in assets and liabilities:\n \n \n \nReceivables and unbilled revenues\n(97)\n(25)\n(17)\nPension and non-pension postretirement benefit contributions\n(39)\n(31)\n(22)\nAccounts payable and accrued liabilities\n(2)\n66 \n25 \nOther assets and liabilities, net\n44 \n(72)\n22 \nImpact of Freedom Industries settlement activities\n \n(4)\n(40)\nNet cash provided by operating activities\n1,426 \n1,383 \n1,386 \nCASH FLOWS FROM INVESTING ACTIVITIES\n \n \n \nCapital expenditures\n(1,822)\n(1,654)\n(1,586)\nAcquisitions, net of cash acquired\n(135)\n(235)\n(398)\nProceeds from sale of assets\n2 \n48 \n35 \nRemoval costs from property, plant and equipment retirements, net\n(106)\n(104)\n(87)\nNet cash used in investing activities\n(2,061)\n(1,945)\n(2,036)\nCASH FLOWS FROM FINANCING ACTIVITIES\n \n \n \nProceeds from long-term debt\n1,334 \n1,530 \n1,358 \nRepayments of long-term debt\n(342)\n(495)\n(526)\nProceeds from term loan\n500 \n \n \nNet short-term borrowings with maturities less than three months\n(5)\n(178)\n60 \nIssuance of common stock\n \n \n183 \nProceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $17, $11\nand $8 in 2020, 2019 and 2018, respectively\n9 \n15 \n16 \nAdvances and contributions in aid of construction, net of refunds of $24, $30 and $22 in 2020, 2019\nand 2018, respectively\n28 \n26 \n21 \nDebt issuance costs and make-whole premium on early debt redemption\n(15)\n(15)\n(22)\nDividends paid\n(389)\n(353)\n(319)\nAnti-dilutive share repurchases\n \n(36)\n(45)\nNet cash provided by financing activities\n1,120 \n494 \n726 \nNet increase (decrease) in cash, cash equivalents and restricted funds\n485 \n(68)\n76 \nCash, cash equivalents and restricted funds at beginning of period\n91 \n159 \n83 \nCash, cash equivalents and restricted funds at end of period\n$\n576 \n$\n91 \n$\n159 \nCash paid during the year for:\n \n \n \nInterest, net of capitalized amount\n$\n382 \n$\n383 \n$\n332 \nIncome taxes, net of refunds of $2, $4 and $0 in 2020, 2019 and 2018, respectively\n$\n7 \n$\n12 \n$\n38 \nNon-cash investing activity:\n \n \n \nCapital expenditures acquired on account but unpaid as of year end\n$\n221 \n$\n235 \n$\n181 \nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n84', 'doc_name': 'AMERICANWATERWORKS_2020_10K', 'evidence_page_num': 85, 'evidence_text_full_page': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Statements of Cash Flows\n(In millions)\n \nFor the Years Ended December 31,\n \n2020\n2019\n2018\nCASH FLOWS FROM OPERATING ACTIVITIES\n \n \n \nNet income\n$\n709 \n$\n621 \n$\n565 \nAdjustments to reconcile to net cash flows provided by operating activities:\n \n \n \nDepreciation and amortization\n604 \n582 \n545 \nDeferred income taxes and amortization of investment tax credits\n207 \n208 \n195 \nProvision for losses on accounts receivable\n34 \n28 \n33 \nLoss (gain) on asset dispositions and purchases\n \n34 \n(20)\nImpairment charge\n \n \n57 \nPension and non-pension postretirement benefits\n(14)\n17 \n23 \nOther non-cash, net\n(20)\n(41)\n20 \nChanges in assets and liabilities:\n \n \n \nReceivables and unbilled revenues\n(97)\n(25)\n(17)\nPension and non-pension postretirement benefit contributions\n(39)\n(31)\n(22)\nAccounts payable and accrued liabilities\n(2)\n66 \n25 \nOther assets and liabilities, net\n44 \n(72)\n22 \nImpact of Freedom Industries settlement activities\n \n(4)\n(40)\nNet cash provided by operating activities\n1,426 \n1,383 \n1,386 \nCASH FLOWS FROM INVESTING ACTIVITIES\n \n \n \nCapital expenditures\n(1,822)\n(1,654)\n(1,586)\nAcquisitions, net of cash acquired\n(135)\n(235)\n(398)\nProceeds from sale of assets\n2 \n48 \n35 \nRemoval costs from property, plant and equipment retirements, net\n(106)\n(104)\n(87)\nNet cash used in investing activities\n(2,061)\n(1,945)\n(2,036)\nCASH FLOWS FROM FINANCING ACTIVITIES\n \n \n \nProceeds from long-term debt\n1,334 \n1,530 \n1,358 \nRepayments of long-term debt\n(342)\n(495)\n(526)\nProceeds from term loan\n500 \n \n \nNet short-term borrowings with maturities less than three months\n(5)\n(178)\n60 \nIssuance of common stock\n \n \n183 \nProceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $17, $11\nand $8 in 2020, 2019 and 2018, respectively\n9 \n15 \n16 \nAdvances and contributions in aid of construction, net of refunds of $24, $30 and $22 in 2020, 2019\nand 2018, respectively\n28 \n26 \n21 \nDebt issuance costs and make-whole premium on early debt redemption\n(15)\n(15)\n(22)\nDividends paid\n(389)\n(353)\n(319)\nAnti-dilutive share repurchases\n \n(36)\n(45)\nNet cash provided by financing activities\n1,120 \n494 \n726 \nNet increase (decrease) in cash, cash equivalents and restricted funds\n485 \n(68)\n76 \nCash, cash equivalents and restricted funds at beginning of period\n91 \n159 \n83 \nCash, cash equivalents and restricted funds at end of period\n$\n576 \n$\n91 \n$\n159 \nCash paid during the year for:\n \n \n \nInterest, net of capitalized amount\n$\n382 \n$\n383 \n$\n332 \nIncome taxes, net of refunds of $2, $4 and $0 in 2020, 2019 and 2018, respectively\n$\n7 \n$\n12 \n$\n38 \nNon-cash investing activity:\n \n \n \nCapital expenditures acquired on account but unpaid as of year end\n$\n221 \n$\n235 \n$\n181 \nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n84\n'}]","Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Cash Flows
(In millions)
 
For the Years Ended December 31,
 
2020
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
709 
$
621 
$
565 
Adjustments to reconcile to net cash flows provided by operating activities:
 
 
 
Depreciation and amortization
604 
582 
545 
Deferred income taxes and amortization of investment tax credits
207 
208 
195 
Provision for losses on accounts receivable
34 
28 
33 
Loss (gain) on asset dispositions and purchases
 
34 
(20)
Impairment charge
 
 
57 
Pension and non-pension postretirement benefits
(14)
17 
23 
Other non-cash, net
(20)
(41)
20 
Changes in assets and liabilities:
 
 
 
Receivables and unbilled revenues
(97)
(25)
(17)
Pension and non-pension postretirement benefit contributions
(39)
(31)
(22)
Accounts payable and accrued liabilities
(2)
66 
25 
Other assets and liabilities, net
44 
(72)
22 
Impact of Freedom Industries settlement activities
 
(4)
(40)
Net cash provided by operating activities
1,426 
1,383 
1,386 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Capital expenditures
(1,822)
(1,654)
(1,586)
Acquisitions, net of cash acquired
(135)
(235)
(398)
Proceeds from sale of assets
2 
48 
35 
Removal costs from property, plant and equipment retirements, net
(106)
(104)
(87)
Net cash used in investing activities
(2,061)
(1,945)
(2,036)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Proceeds from long-term debt
1,334 
1,530 
1,358 
Repayments of long-term debt
(342)
(495)
(526)
Proceeds from term loan
500 
 
 
Net short-term borrowings with maturities less than three months
(5)
(178)
60 
Issuance of common stock
 
 
183 
Proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $17, $11
and $8 in 2020, 2019 and 2018, respectively
9 
15 
16 
Advances and contributions in aid of construction, net of refunds of $24, $30 and $22 in 2020, 2019
and 2018, respectively
28 
26 
21 
Debt issuance costs and make-whole premium on early debt redemption
(15)
(15)
(22)
Dividends paid
(389)
(353)
(319)
Anti-dilutive share repurchases
 
(36)
(45)
Net cash provided by financing activities
1,120 
494 
726 
Net increase (decrease) in cash, cash equivalents and restricted funds
485 
(68)
76 
Cash, cash equivalents and restricted funds at beginning of period
91 
159 
83 
Cash, cash equivalents and restricted funds at end of period
$
576 
$
91 
$
159 
Cash paid during the year for:
 
 
 
Interest, net of capitalized amount
$
382 
$
383 
$
332 
Income taxes, net of refunds of $2, $4 and $0 in 2020, 2019 and 2018, respectively
$
7 
$
12 
$
38 
Non-cash investing activity:
 
 
 
Capital expenditures acquired on account but unpaid as of year end
$
221 
$
235 
$
181 
The accompanying notes are an integral part of these Consolidated Financial Statements.
84"
"Answer the following question as if you are an equity research analyst and have lost internet connection so you do not have access to financial metric providers. According to the details clearly outlined within the P&L statement and the statement of cash flows, what is the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD?",4.2%,"[{'evidence_text': 'ITEM 8.\nFINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\nAdvanced Micro Devices, Inc.\nConsolidated Statements of Operations\n \n \nYear Ended\n \nDecember 26,\n \n2015\n \nDecember 27,\n \n2014\n \nDecember 28,\n \n2013\n \n(In millions, except per share amounts)\nNet revenue\n$\n3,991 $\n5,506 $\n5,299 \nCost of sales\n2,911 \n3,667 \n3,321 \nGross margin\n1,080 \n1,839 \n1,978 \nResearch and development\n947 \n1,072 \n1,201 \nMarketing, general and administrative\n482 \n604 \n674 \nAmortization of acquired intangible assets\n3 \n14 \n18 \nRestructuring and other special charges, net\n129 \n71 \n30 \nGoodwill impairment charge\n \n233 \n \nLegal settlements, net\n \n \n(48)\nOperating income (loss)\n(481) \n(155) \n103 \nInterest expense\n(160) \n(177) \n(177)\nOther expense, net\n(5) \n(66) \n \nLoss before income taxes\n(646) \n(398) \n(74)\nProvision for income taxes\n14 \n5 \n9 \nNet loss\n$\n(660) $\n(403) $\n(83)\nNet loss per share\n \n \n \nBasic\n$\n(0.84) $\n(0.53) $\n(0.11)\nDiluted\n$\n(0.84) $\n(0.53) $\n(0.11)\nShares used in per share calculation\n \n \n \nBasic\n783 \n768 \n754 \nDiluted\n783 \n768 \n754 \nSee accompanying notes to consolidated financial statements.\n \n54', 'doc_name': 'AMD_2015_10K', 'evidence_page_num': 55, 'evidence_text_full_page': ' \n \nITEM 8.\nFINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\nAdvanced Micro Devices, Inc.\nConsolidated Statements of Operations\n \n \nYear Ended\n \nDecember 26,\n \n2015\n \nDecember 27,\n \n2014\n \nDecember 28,\n \n2013\n \n(In millions, except per share amounts)\nNet revenue\n$\n3,991 $\n5,506 $\n5,299 \nCost of sales\n2,911 \n3,667 \n3,321 \nGross margin\n1,080 \n1,839 \n1,978 \nResearch and development\n947 \n1,072 \n1,201 \nMarketing, general and administrative\n482 \n604 \n674 \nAmortization of acquired intangible assets\n3 \n14 \n18 \nRestructuring and other special charges, net\n129 \n71 \n30 \nGoodwill impairment charge\n \n233 \n \nLegal settlements, net\n \n \n(48)\nOperating income (loss)\n(481) \n(155) \n103 \nInterest expense\n(160) \n(177) \n(177)\nOther expense, net\n(5) \n(66) \n \nLoss before income taxes\n(646) \n(398) \n(74)\nProvision for income taxes\n14 \n5 \n9 \nNet loss\n$\n(660) $\n(403) $\n(83)\nNet loss per share\n \n \n \nBasic\n$\n(0.84) $\n(0.53) $\n(0.11)\nDiluted\n$\n(0.84) $\n(0.53) $\n(0.11)\nShares used in per share calculation\n \n \n \nBasic\n783 \n768 \n754 \nDiluted\n783 \n768 \n754 \nSee accompanying notes to consolidated financial statements.\n \n54\n'}
 {'evidence_text': 'Advanced Micro Devices, Inc.\nConsolidated Statements of Cash Flows \n \nYear Ended\n \nDecember 26,\n \n2015\n \nDecember 27,\n \n2014\n \nDecember 28,\n \n2013\n \n(In millions)\nCash flows from operating activities:\n \n \n \nNet loss\n$\n(660) $\n(403) $\n(83)\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \nDepreciation and amortization\n167 \n203 \n236 \nNet loss on disposal of property, plant and equipment\n \n \n31 \nStock-based compensation expense\n63 \n81 \n91 \nNon-cash interest expense\n11 \n17 \n25 \nGoodwill impairment charge\n \n233 \n \nRestructuring and other special charges, net\n83 \n14 \n \nNet loss on debt redemptions\n \n61 \n1 \nOther\n(3) \n(13) \n(1)\nChanges in operating assets and liabilities:\n \n \n \nAccounts receivable\n280 \n7 \n(200)\nInventories\n(11) \n199 \n(322)\nPrepayments and other - GLOBALFOUNDRIES\n84 \n(113) \n \nPrepaid expenses and other assets\n(111) \n(7) \n(103)\nAccounts payables, accrued liabilities and other\n(156) \n(231) \n266 \nPayable to GLOBALFOUNDRIES\n27 \n(146) \n(89)\nNet cash used in operating activities\n(226) \n(98) \n(148)\nCash flows from investing activities:\n \n \n \nPurchases of available-for-sale securities\n(227) \n(790) \n(1,043)\nPurchases of property, plant and equipment\n(96) \n(95) \n(84)\nProceeds from sales and maturities of available-for-sale securities\n462 \n873 \n1,344 \nProceeds from sale of property, plant and equipment\n8 \n \n238 \nNet cash provided by (used in) investing activities\n147 \n(12) \n455 \nCash flows from financing activities:\n \n \n \nProceeds from borrowings, net\n100 \n1,155 \n55 \nProceeds from issuance of common stock\n5 \n4 \n3 \nRepayments of long-term debt and capital lease obligations\n(44) \n(1,115) \n(55)\nOther\n(2) \n2 \n10 \nNet cash provided by financing activities\n59 \n46 \n13 \nNet increase (decrease) in cash and cash equivalents\n(20) \n(64) \n320 \nCash and cash equivalents at beginning of year\n805 \n869 \n549 \nCash and cash equivalents at end of year\n$\n785 $\n805 $\n869 \nSupplemental disclosures of cash flow information:\n \n \n \nCash paid during the year for:\n \n \n \nInterest\n$\n149 $\n138 $\n152 \nIncome taxes\n$\n3 $\n7 $\n9 \nSee accompanying notes to consolidated financial statements.\n \n \n58', 'doc_name': 'AMD_2015_10K', 'evidence_page_num': 59, 'evidence_text_full_page': ' \n \nAdvanced Micro Devices, Inc.\nConsolidated Statements of Cash Flows \n \nYear Ended\n \nDecember 26,\n \n2015\n \nDecember 27,\n \n2014\n \nDecember 28,\n \n2013\n \n(In millions)\nCash flows from operating activities:\n \n \n \nNet loss\n$\n(660) $\n(403) $\n(83)\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \nDepreciation and amortization\n167 \n203 \n236 \nNet loss on disposal of property, plant and equipment\n \n \n31 \nStock-based compensation expense\n63 \n81 \n91 \nNon-cash interest expense\n11 \n17 \n25 \nGoodwill impairment charge\n \n233 \n \nRestructuring and other special charges, net\n83 \n14 \n \nNet loss on debt redemptions\n \n61 \n1 \nOther\n(3) \n(13) \n(1)\nChanges in operating assets and liabilities:\n \n \n \nAccounts receivable\n280 \n7 \n(200)\nInventories\n(11) \n199 \n(322)\nPrepayments and other - GLOBALFOUNDRIES\n84 \n(113) \n \nPrepaid expenses and other assets\n(111) \n(7) \n(103)\nAccounts payables, accrued liabilities and other\n(156) \n(231) \n266 \nPayable to GLOBALFOUNDRIES\n27 \n(146) \n(89)\nNet cash used in operating activities\n(226) \n(98) \n(148)\nCash flows from investing activities:\n \n \n \nPurchases of available-for-sale securities\n(227) \n(790) \n(1,043)\nPurchases of property, plant and equipment\n(96) \n(95) \n(84)\nProceeds from sales and maturities of available-for-sale securities\n462 \n873 \n1,344 \nProceeds from sale of property, plant and equipment\n8 \n \n238 \nNet cash provided by (used in) investing activities\n147 \n(12) \n455 \nCash flows from financing activities:\n \n \n \nProceeds from borrowings, net\n100 \n1,155 \n55 \nProceeds from issuance of common stock\n5 \n4 \n3 \nRepayments of long-term debt and capital lease obligations\n(44) \n(1,115) \n(55)\nOther\n(2) \n2 \n10 \nNet cash provided by financing activities\n59 \n46 \n13 \nNet increase (decrease) in cash and cash equivalents\n(20) \n(64) \n320 \nCash and cash equivalents at beginning of year\n805 \n869 \n549 \nCash and cash equivalents at end of year\n$\n785 $\n805 $\n869 \nSupplemental disclosures of cash flow information:\n \n \n \nCash paid during the year for:\n \n \n \nInterest\n$\n149 $\n138 $\n152 \nIncome taxes\n$\n3 $\n7 $\n9 \nSee accompanying notes to consolidated financial statements.\n \n \n58\n'}]","ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Advanced Micro Devices, Inc.
Consolidated Statements of Operations
 
 
Year Ended
 
December 26,
 
2015
 
December 27,
 
2014
 
December 28,
 
2013
 
(In millions, except per share amounts)
Net revenue
$
3,991 $
5,506 $
5,299 
Cost of sales
2,911 
3,667 
3,321 
Gross margin
1,080 
1,839 
1,978 
Research and development
947 
1,072 
1,201 
Marketing, general and administrative
482 
604 
674 
Amortization of acquired intangible assets
3 
14 
18 
Restructuring and other special charges, net
129 
71 
30 
Goodwill impairment charge
 
233 
 
Legal settlements, net
 
 
(48)
Operating income (loss)
(481) 
(155) 
103 
Interest expense
(160) 
(177) 
(177)
Other expense, net
(5) 
(66) 
 
Loss before income taxes
(646) 
(398) 
(74)
Provision for income taxes
14 
5 
9 
Net loss
$
(660) $
(403) $
(83)
Net loss per share
 
 
 
Basic
$
(0.84) $
(0.53) $
(0.11)
Diluted
$
(0.84) $
(0.53) $
(0.11)
Shares used in per share calculation
 
 
 
Basic
783 
768 
754 
Diluted
783 
768 
754 
See accompanying notes to consolidated financial statements.
 
54 Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows 
 
Year Ended
 
December 26,
 
2015
 
December 27,
 
2014
 
December 28,
 
2013
 
(In millions)
Cash flows from operating activities:
 
 
 
Net loss
$
(660) $
(403) $
(83)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation and amortization
167 
203 
236 
Net loss on disposal of property, plant and equipment
 
 
31 
Stock-based compensation expense
63 
81 
91 
Non-cash interest expense
11 
17 
25 
Goodwill impairment charge
 
233 
 
Restructuring and other special charges, net
83 
14 
 
Net loss on debt redemptions
 
61 
1 
Other
(3) 
(13) 
(1)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
280 
7 
(200)
Inventories
(11) 
199 
(322)
Prepayments and other - GLOBALFOUNDRIES
84 
(113) 
 
Prepaid expenses and other assets
(111) 
(7) 
(103)
Accounts payables, accrued liabilities and other
(156) 
(231) 
266 
Payable to GLOBALFOUNDRIES
27 
(146) 
(89)
Net cash used in operating activities
(226) 
(98) 
(148)
Cash flows from investing activities:
 
 
 
Purchases of available-for-sale securities
(227) 
(790) 
(1,043)
Purchases of property, plant and equipment
(96) 
(95) 
(84)
Proceeds from sales and maturities of available-for-sale securities
462 
873 
1,344 
Proceeds from sale of property, plant and equipment
8 
 
238 
Net cash provided by (used in) investing activities
147 
(12) 
455 
Cash flows from financing activities:
 
 
 
Proceeds from borrowings, net
100 
1,155 
55 
Proceeds from issuance of common stock
5 
4 
3 
Repayments of long-term debt and capital lease obligations
(44) 
(1,115) 
(55)
Other
(2) 
2 
10 
Net cash provided by financing activities
59 
46 
13 
Net increase (decrease) in cash and cash equivalents
(20) 
(64) 
320 
Cash and cash equivalents at beginning of year
805 
869 
549 
Cash and cash equivalents at end of year
$
785 $
805 $
869 
Supplemental disclosures of cash flow information:
 
 
 
Cash paid during the year for:
 
 
 
Interest
$
149 $
138 $
152 
Income taxes
$
3 $
7 $
9 
See accompanying notes to consolidated financial statements.
 
 
58"
What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?,"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","[{'evidence_text': 'On June 30, 2022, Amcor Finance (USA), Inc. (the Former Issuer) and Amcor Flexibles North America, Inc. (the Substitute Issuer),\neach a wholly-owned subsidiary of Amcor plc (the Company), entered into a (i) Second Supplemental Indenture (the Second Supplemental\nIndenture) with the Trustee (as defined below) with respect to the Indenture, dated as of April 28, 2016 (as amended and/or supplemented to\ndate, the 2016 Indenture and, together with the Second Supplemental Indenture, the 2016 Indenture), among the Former Issuer, the\nguarantors party thereto and Deutsche Bank Trust Company Americas, as trustee (the Trustee), governing the Former Issuers (a) 3.625%\nGuaranteed Senior Notes due 2026 (the 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the 2028 Notes and, together with\nthe 2026 Notes, the Existing Notes) and (ii) First Supplemental Indenture (the First Supplemental Indenture and, together with the Second\nSupplemental Indenture, the Supplemental Indentures) with the Trustee with respect to the Indenture, dated as of June 13, 2019 (as amended\nand/or supplemented to date, the 2019 Indenture and, together with the First Supplemental Indenture, the 2019 Indenture and, together with\nthe 2016 Indenture, the Indentures), among the Former Issuer, the guarantors party thereto and the Trustee, governing the Former Issuers\n(a) 3.625% Guaranteed Senior Notes due 2026 (the New 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the New 2028\nNotes and, together with the New 2026 Notes, the New Notes), in each case, relating to the substitution of the Substitute Issuer for the Former\nIssuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. As disclosed in the Companys\nCurrent Report on Form 8-K, filed with the Securities and Exchange Commission (the SEC) on June 17, 2019, the New Notes were issued in\nJune 2019 following the completion of the Former Issuers exchange offer to certain eligible holders of the Existing Notes.', 'doc_name': 'AMCOR_2022_8K_dated-2022-07-01', 'evidence_page_num': 1, 'evidence_text_full_page': ' \n \nItem 8.01\nOther Events.\n \nOn June 30, 2022, Amcor Finance (USA), Inc. (the Former Issuer) and Amcor Flexibles North America, Inc. (the Substitute Issuer),\neach a wholly-owned subsidiary of Amcor plc (the Company), entered into a (i) Second Supplemental Indenture (the Second Supplemental\nIndenture) with the Trustee (as defined below) with respect to the Indenture, dated as of April 28, 2016 (as amended and/or supplemented to\ndate, the 2016 Indenture and, together with the Second Supplemental Indenture, the 2016 Indenture), among the Former Issuer, the\nguarantors party thereto and Deutsche Bank Trust Company Americas, as trustee (the Trustee), governing the Former Issuers (a) 3.625%\nGuaranteed Senior Notes due 2026 (the 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the 2028 Notes and, together with\nthe 2026 Notes, the Existing Notes) and (ii) First Supplemental Indenture (the First Supplemental Indenture and, together with the Second\nSupplemental Indenture, the Supplemental Indentures) with the Trustee with respect to the Indenture, dated as of June 13, 2019 (as amended\nand/or supplemented to date, the 2019 Indenture and, together with the First Supplemental Indenture, the 2019 Indenture and, together with\nthe 2016 Indenture, the Indentures), among the Former Issuer, the guarantors party thereto and the Trustee, governing the Former Issuers\n(a) 3.625% Guaranteed Senior Notes due 2026 (the New 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the New 2028\nNotes and, together with the New 2026 Notes, the New Notes), in each case, relating to the substitution of the Substitute Issuer for the Former\nIssuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. As disclosed in the Companys\nCurrent Report on Form 8-K, filed with the Securities and Exchange Commission (the SEC) on June 17, 2019, the New Notes were issued in\nJune 2019 following the completion of the Former Issuers exchange offer to certain eligible holders of the Existing Notes.\n \nThe foregoing description of the Supplemental Indentures does not purport to be complete and is subject to, and qualified in its entirety\nby, the full text of the (i) 2016 Indenture, which was included as Exhibit 4.7 to the Companys Registration Statement on Form S-4 (File No. 333-\n230217), filed with the SEC on March 12, 2019 (the Registration Statement), including the supplemental indenture thereto, which was included\nas Exhibit 10.2 to the Companys Current Report on Form 8-K, filed with the SEC on June 17, 2019, (ii) form of 2026 Notes, which was included\nas Exhibit 4.8 to the Registration Statement, (iii) form of 2028 Notes, which was included as Exhibit 4.9 to the Registration Statement, (iv) 2019\nIndenture, which was included as Exhibit 10.4 to the Companys Current Report on Form 8-K, filed with the SEC on June 17, 2019, (v) Second\nSupplemental Indenture, which is included as Exhibit 4.6 hereto and incorporated herein by reference and (vi) First Supplemental Indenture,\nwhich is included as Exhibit 4.7 hereto and incorporated herein by reference.\n \nItem 9.01\nFinancial Statements and Exhibits.\n \nExhibit No. \nDescription\n4.1\n \nIndenture, dated as of April 28, 2016, among Amcor Finance (USA), Inc., Amcor Limited, Amcor UK Finance PLC and\nDeutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 to Amcor plcs Registration Statement on\nForm S-4 (File No. 333-230217), filed on March 12, 2019).\n4.2\n \nSupplemental Indenture, dated as of June 13, 2019, among Amcor Finance (USA), Inc., Amcor Limited, Amcor UK\nFinance PLC and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 10.2 to Amcor plcs Current\nReport on Form 8-K, filed on June 17, 2019).\n4.3\n \nForm of 3.625% Guaranteed Senior Notes due 2026 (incorporated by reference to Exhibit 4.8 to Amcor plcs Registration\nStatement on Form S-4 (File No. 333-230217), filed on March 12, 2019).\n4.4\n \nForm of 4.500% Guaranteed Senior Notes due 2028 (incorporated by reference to Exhibit 4.9 to Amcor plcs Registration\nStatement on Form S-4 (File No. 333-230217), filed on March 12, 2019).\n4.5\n \nIndenture, dated as of June 13, 2019, among Amcor Finance (USA), Inc., Amcor plc, Amcor Limited, Amcor Flexibles North\nAmerica, Inc. (formerly known as Bemis Company, Inc.) and Amcor UK Finance PLC and Deutsche Bank Trust Company\nAmericas (incorporated by reference to Exhibit 10.4 to Amcor plcs Current Report on Form 8-K, filed on June 17, 2019).\n4.6\n \nSecond Supplemental Indenture, dated as of June 30, 2022, among Amcor Finance (USA), Inc., Amcor Flexibles North\nAmerica, Inc. and Deutsche Bank Trust Company Americas.\n4.7\n \nFirst Supplemental Indenture, dated as of June 30, 2022, among Amcor Finance (USA), Inc., Amcor Flexibles North\nAmerica, Inc. and Deutsche Bank Trust Company Americas.\n104\n \nCover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in\nExhibit 101).\n \n \n'}]","On June 30, 2022, Amcor Finance (USA), Inc. (the Former Issuer) and Amcor Flexibles North America, Inc. (the Substitute Issuer),
each a wholly-owned subsidiary of Amcor plc (the Company), entered into a (i) Second Supplemental Indenture (the Second Supplemental
Indenture) with the Trustee (as defined below) with respect to the Indenture, dated as of April 28, 2016 (as amended and/or supplemented to
date, the 2016 Indenture and, together with the Second Supplemental Indenture, the 2016 Indenture), among the Former Issuer, the
guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee (the Trustee), governing the Former Issuers (a) 3.625%
Guaranteed Senior Notes due 2026 (the 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the 2028 Notes and, together with
the 2026 Notes, the Existing Notes) and (ii) First Supplemental Indenture (the First Supplemental Indenture and, together with the Second
Supplemental Indenture, the Supplemental Indentures) with the Trustee with respect to the Indenture, dated as of June 13, 2019 (as amended
and/or supplemented to date, the 2019 Indenture and, together with the First Supplemental Indenture, the 2019 Indenture and, together with
the 2016 Indenture, the Indentures), among the Former Issuer, the guarantors party thereto and the Trustee, governing the Former Issuers
(a) 3.625% Guaranteed Senior Notes due 2026 (the New 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the New 2028
Notes and, together with the New 2026 Notes, the New Notes), in each case, relating to the substitution of the Substitute Issuer for the Former
Issuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. As disclosed in the Companys
Current Report on Form 8-K, filed with the Securities and Exchange Commission (the SEC) on June 17, 2019, the New Notes were issued in
June 2019 following the completion of the Former Issuers exchange offer to certain eligible holders of the Existing Notes."
What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.,0,"[{'evidence_text': 'Consolidated Statements of Operations\nYears ended December 31, 2022, 2021, and 2020\n2022\n2021\n2020\n(in millions, except per share amounts)\nRevenue:\nRegulated\n$\n3,538 \n$\n2,868 \n$\n2,661 \nNon-Regulated\n9,079 \n8,273 \n6,999 \nTotal revenue\n12,617 \n11,141 \n9,660 \nCost of Sales:\nRegulated\n(3,162)\n(2,448)\n(2,235)\nNon-Regulated\n(6,907)\n(5,982)\n(4,732)\nTotal cost of sales\n(10,069)\n(8,430)\n(6,967)\nOperating margin\n2,548 \n2,711 \n2,693 \nGeneral and administrative expenses\n(207)\n(166)\n(165)\nInterest expense\n(1,117)\n(911)\n(1,038)\nInterest income\n389 \n298 \n268 \nLoss on extinguishment of debt\n(15)\n(78)\n(186)\nOther expense\n(68)\n(60)\n(53)\nOther income\n102 \n410 \n75 \nLoss on disposal and sale of business interests\n(9)\n(1,683)\n(95)\nGoodwill impairment expense\n(777)\n \n \nAsset impairment expense\n(763)\n(1,575)\n(864)\nForeign currency transaction gains (losses)\n(77)\n(10)\n55 \nOther non-operating expense\n(175)\n \n(202)\nINCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES\n(169)\n(1,064)\n488 \nIncome tax benefit (expense)\n(265)\n133 \n(216)\nNet equity in losses of affiliates\n(71)\n(24)\n(123)\nINCOME (LOSS) FROM CONTINUING OPERATIONS\n(505)\n(955)\n149 \nGain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively\n \n4 \n3 \nNET INCOME (LOSS)\n(505)\n(951)\n152 \nLess: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries\n(41)\n542 \n(106)\nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46', 'doc_name': 'AES_2022_10K', 'evidence_page_num': 131, 'evidence_text_full_page': '129 \nConsolidated Statements of Operations\nYears ended December 31, 2022, 2021, and 2020\n2022\n2021\n2020\n(in millions, except per share amounts)\nRevenue:\nRegulated\n$\n3,538 \n$\n2,868 \n$\n2,661 \nNon-Regulated\n9,079 \n8,273 \n6,999 \nTotal revenue\n12,617 \n11,141 \n9,660 \nCost of Sales:\nRegulated\n(3,162)\n(2,448)\n(2,235)\nNon-Regulated\n(6,907)\n(5,982)\n(4,732)\nTotal cost of sales\n(10,069)\n(8,430)\n(6,967)\nOperating margin\n2,548 \n2,711 \n2,693 \nGeneral and administrative expenses\n(207)\n(166)\n(165)\nInterest expense\n(1,117)\n(911)\n(1,038)\nInterest income\n389 \n298 \n268 \nLoss on extinguishment of debt\n(15)\n(78)\n(186)\nOther expense\n(68)\n(60)\n(53)\nOther income\n102 \n410 \n75 \nLoss on disposal and sale of business interests\n(9)\n(1,683)\n(95)\nGoodwill impairment expense\n(777)\n \n \nAsset impairment expense\n(763)\n(1,575)\n(864)\nForeign currency transaction gains (losses)\n(77)\n(10)\n55 \nOther non-operating expense\n(175)\n \n(202)\nINCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES\n(169)\n(1,064)\n488 \nIncome tax benefit (expense)\n(265)\n133 \n(216)\nNet equity in losses of affiliates\n(71)\n(24)\n(123)\nINCOME (LOSS) FROM CONTINUING OPERATIONS\n(505)\n(955)\n149 \nGain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively\n \n4 \n3 \nNET INCOME (LOSS)\n(505)\n(951)\n152 \nLess: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries\n(41)\n542 \n(106)\nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nAMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:\nIncome (loss) from continuing operations, net of tax\n$\n(546)\n$\n(413)\n$\n43 \nIncome from discontinued operations, net of tax\n \n4 \n3 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nBASIC EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nDILUTED EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nSee Accompanying Notes to Consolidated Financial Statements.\n'}]","Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022
2021
2020
(in millions, except per share amounts)
Revenue:
Regulated
$
3,538 
$
2,868 
$
2,661 
Non-Regulated
9,079 
8,273 
6,999 
Total revenue
12,617 
11,141 
9,660 
Cost of Sales:
Regulated
(3,162)
(2,448)
(2,235)
Non-Regulated
(6,907)
(5,982)
(4,732)
Total cost of sales
(10,069)
(8,430)
(6,967)
Operating margin
2,548 
2,711 
2,693 
General and administrative expenses
(207)
(166)
(165)
Interest expense
(1,117)
(911)
(1,038)
Interest income
389 
298 
268 
Loss on extinguishment of debt
(15)
(78)
(186)
Other expense
(68)
(60)
(53)
Other income
102 
410 
75 
Loss on disposal and sale of business interests
(9)
(1,683)
(95)
Goodwill impairment expense
(777)
 
 
Asset impairment expense
(763)
(1,575)
(864)
Foreign currency transaction gains (losses)
(77)
(10)
55 
Other non-operating expense
(175)
 
(202)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
(169)
(1,064)
488 
Income tax benefit (expense)
(265)
133 
(216)
Net equity in losses of affiliates
(71)
(24)
(123)
INCOME (LOSS) FROM CONTINUING OPERATIONS
(505)
(955)
149 
Gain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively
 
4 
3 
NET INCOME (LOSS)
(505)
(951)
152 
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries
(41)
542 
(106)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46"
What production rate changes is Boeing forecasting for FY2023?,"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","[{'evidence_text': 'We must minimize disruption caused by production changes, achieve operational stability and implement productivity improvements in order to\nmeet customer demand and maintain our profitability. We have previously announced plans to adjust production rates on several of our\ncommercial aircraft programs. The 787 program is currently producing at low rates and we expect to gradually increase to 5 per month in 2023.\nProduction of the 777X is currently paused and is expected to resume in 2023. The 737 program has experienced operational and supply chain\nchallenges stabilizing production at 31 per month. We plan to gradually increase 737 production rates based on market demand and supply\nchain capacity.', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 8, 'evidence_text_full_page': 'Table of Contents\nAirlines also are experiencing increased fuel and other costs, and the global economy is experiencing high inflation.\nOur Commercial Airplanes business depends on our ability to maintain a healthy production system, ensure every airplane in our\nproduction system conforms to our exacting specifications, achieve planned production rate targets, successfully develop and certify\nnew aircraft or new derivative aircraft, and meet or exceed stringent performance and reliability standards.\nThe commercial aircraft business is extremely complex, involving extensive coordination and integration with U.S and non-U.S. suppliers, highly-\nskilled labor performed by thousands of employees of ours and other partners, and stringent and evolving regulatory requirements and\nperformance and reliability standards. The FAA has been working to implement safety reforms such as the 2018 FAA Reauthorization Act and\nthe 2020 Aircraft Certification, Safety and Accountability Act (ACSAA). One of these, section 116 of the ACSAA prohibited the FAA from issuing a\ntype certificate to aircraft after December 27, 2022 unless the aircrafts flight crew alerting system met certain specifications. The Consolidated\nAppropriations Act, 2023 amended Section 116 of the ACSAA, such that applications for original or amended type certifications that were\nsubmitted to the FAA prior to December 27, 2020, including those of the 737-7 and 737-10, are no longer subject to the crew alerting\nspecifications of Section 116. Additionally, beginning one year after the FAA issues the type certificate for the 737-10, any new 737 MAX aircraft\nmust include certain safety enhancements to be issued an original airworthiness certification by the FAA. These enhancements are included in\nBoeings application for the certification for the 737-10, and the sufficiency of these enhancements will be determined by the FAA. Beginning\nthree years after the issuance of a type certificate for the 737-10, all previously delivered 737 MAX aircraft must be retrofitted with these safety\nenhancements. As the holder of the type certificate, Boeing is required to bear any costs of these safety enhancement retrofits. We have\nprovisioned for the estimated costs associated with the safety enhancements and do not expect those costs to be material. If we experience\ndelays in achieving certification and/or incorporating safety enhancements, future revenues, cash flows and results of operations could be\nadversely impacted. Comparable agencies in other countries may adopt similar changes. To the extent the FAA or similar regulatory agencies\noutside the U.S. implement more stringent regulations, we may incur additional compliance costs. In addition, the introduction of new aircraft\nprograms and/or derivatives, such as the 777X, 737-7 and 737-10, involves increased risks associated with meeting development, testing,\ncertification and production schedules.\nIn addition, we have experienced production quality issues, including in our supply chain, which have contributed to lower 787 deliveries,\nincluding a suspension of 787 deliveries from May 2021 to August 2022. We continue to conduct inspections and rework on built and stored 787\naircraft. A number of our customers have contractual remedies, including compensation for late deliveries or rights to reject individual airplane\ndeliveries based on delivery delays. Delays on the 737, 777X and 787 programs have resulted in, and may continue to result in, customers\nhaving the right to terminate orders, be compensated for late deliveries and/or substitute orders for other Boeing aircraft.\nWe must minimize disruption caused by production changes, achieve operational stability and implement productivity improvements in order to\nmeet customer demand and maintain our profitability. We have previously announced plans to adjust production rates on several of our\ncommercial aircraft programs. The 787 program is currently producing at low rates and we expect to gradually increase to 5 per month in 2023.\nProduction of the 777X is currently paused and is expected to resume in 2023. The 737 program has experienced operational and supply chain\nchallenges stabilizing production at 31 per month. We plan to gradually increase 737 production rates based on market demand and supply\nchain capacity. In addition, we continue to seek opportunities to reduce the costs of building our aircraft, including working with our suppliers to\nreduce supplier costs, identifying and implementing productivity improvements and optimizing how we manage inventory. If production rate\nchanges at any of our\n7\n'}]","We must minimize disruption caused by production changes, achieve operational stability and implement productivity improvements in order to
meet customer demand and maintain our profitability. We have previously announced plans to adjust production rates on several of our
commercial aircraft programs. The 787 program is currently producing at low rates and we expect to gradually increase to 5 per month in 2023.
Production of the 777X is currently paused and is expected to resume in 2023. The 737 program has experienced operational and supply chain
challenges stabilizing production at 31 per month. We plan to gradually increase 737 production rates based on market demand and supply
chain capacity."
What is Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 (in units of percents and round to one decimal place)? Give a solution to the question by using the income statement.,65.4%,"[{'evidence_text': 'Table of Contents\n62\nADOBE SYSTEMS INCORPORATED\nCONSOLIDATED STATEMENTS OF INCOME\n(In thousands, except per share data)\n \nYears Ended\n \nDecember 2,\n2016\nNovember 27,\n2015\nNovember 28,\n2014\nRevenue:\n \nSubscription\n$\n4,584,833\n$\n3,223,904\n$\n2,076,584\nProduct\n800,498\n1,125,146\n1,627,803\nServices and support\n469,099\n446,461\n442,678\nTotal revenue\n5,854,430\n4,795,511\n4,147,065\n \nCost of revenue:\nSubscription\n461,860\n409,194\n335,432\nProduct\n68,917\n90,035\n97,099\nServices and support\n289,131\n245,088\n189,549\nTotal cost of revenue\n819,908\n744,317\n622,080\n \nGross profit\n5,034,522\n4,051,194\n3,524,985\n \nOperating expenses:\nResearch and development\n975,987\n862,730\n844,353\nSales and marketing\n1,910,197\n1,683,242\n1,652,308\nGeneral and administrative\n577,710\n531,919\n543,332\nRestructuring and other charges\n(1,508)\n1,559\n19,883\nAmortization of purchased intangibles\n78,534\n68,649\n52,424\nTotal operating expenses\n3,540,920\n3,148,099\n3,112,300\n \nOperating income\n1,493,602\n903,095\n412,685\n \nNon-operating income (expense):\nInterest and other income (expense), net\n13,548\n33,909\n7,267\nInterest expense\n(70,442)\n(64,184)\n(59,732)\nInvestment gains (losses), net\n(1,570)\n961\n1,156\nTotal non-operating income (expense), net\n(58,464)\n(29,314)\n(51,309)\nIncome before income taxes\n1,435,138\n873,781\n361,376\nProvision for income taxes\n266,356\n244,230\n92,981\nNet income\n$\n1,168,782\n$\n629,551\n$\n268,395\nBasic net income per share\n$\n2.35\n$\n1.26\n$\n0.54\nShares used to compute basic net income per share\n498,345\n498,764\n497,867\nDiluted net income per share\n$\n2.32\n$\n1.24\n$\n0.53\nShares used to compute diluted net income per share\n504,299\n507,164\n508,480\n See accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'ADOBE_2016_10K', 'evidence_page_num': 61, 'evidence_text_full_page': 'Table of Contents\n62\nADOBE SYSTEMS INCORPORATED\nCONSOLIDATED STATEMENTS OF INCOME\n(In thousands, except per share data)\n \nYears Ended\n \nDecember 2,\n2016\nNovember 27,\n2015\nNovember 28,\n2014\nRevenue:\n \nSubscription\n$\n4,584,833\n$\n3,223,904\n$\n2,076,584\nProduct\n800,498\n1,125,146\n1,627,803\nServices and support\n469,099\n446,461\n442,678\nTotal revenue\n5,854,430\n4,795,511\n4,147,065\n \nCost of revenue:\nSubscription\n461,860\n409,194\n335,432\nProduct\n68,917\n90,035\n97,099\nServices and support\n289,131\n245,088\n189,549\nTotal cost of revenue\n819,908\n744,317\n622,080\n \nGross profit\n5,034,522\n4,051,194\n3,524,985\n \nOperating expenses:\nResearch and development\n975,987\n862,730\n844,353\nSales and marketing\n1,910,197\n1,683,242\n1,652,308\nGeneral and administrative\n577,710\n531,919\n543,332\nRestructuring and other charges\n(1,508)\n1,559\n19,883\nAmortization of purchased intangibles\n78,534\n68,649\n52,424\nTotal operating expenses\n3,540,920\n3,148,099\n3,112,300\n \nOperating income\n1,493,602\n903,095\n412,685\n \nNon-operating income (expense):\nInterest and other income (expense), net\n13,548\n33,909\n7,267\nInterest expense\n(70,442)\n(64,184)\n(59,732)\nInvestment gains (losses), net\n(1,570)\n961\n1,156\nTotal non-operating income (expense), net\n(58,464)\n(29,314)\n(51,309)\nIncome before income taxes\n1,435,138\n873,781\n361,376\nProvision for income taxes\n266,356\n244,230\n92,981\nNet income\n$\n1,168,782\n$\n629,551\n$\n268,395\nBasic net income per share\n$\n2.35\n$\n1.26\n$\n0.54\nShares used to compute basic net income per share\n498,345\n498,764\n497,867\nDiluted net income per share\n$\n2.32\n$\n1.24\n$\n0.53\nShares used to compute diluted net income per share\n504,299\n507,164\n508,480\n See accompanying Notes to Consolidated Financial Statements.\n'}]","Table of Contents
62
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
 
Years Ended
 
December 2,
2016
November 27,
2015
November 28,
2014
Revenue:
 
Subscription
$
4,584,833
$
3,223,904
$
2,076,584
Product
800,498
1,125,146
1,627,803
Services and support
469,099
446,461
442,678
Total revenue
5,854,430
4,795,511
4,147,065
 
Cost of revenue:
Subscription
461,860
409,194
335,432
Product
68,917
90,035
97,099
Services and support
289,131
245,088
189,549
Total cost of revenue
819,908
744,317
622,080
 
Gross profit
5,034,522
4,051,194
3,524,985
 
Operating expenses:
Research and development
975,987
862,730
844,353
Sales and marketing
1,910,197
1,683,242
1,652,308
General and administrative
577,710
531,919
543,332
Restructuring and other charges
(1,508)
1,559
19,883
Amortization of purchased intangibles
78,534
68,649
52,424
Total operating expenses
3,540,920
3,148,099
3,112,300
 
Operating income
1,493,602
903,095
412,685
 
Non-operating income (expense):
Interest and other income (expense), net
13,548
33,909
7,267
Interest expense
(70,442)
(64,184)
(59,732)
Investment gains (losses), net
(1,570)
961
1,156
Total non-operating income (expense), net
(58,464)
(29,314)
(51,309)
Income before income taxes
1,435,138
873,781
361,376
Provision for income taxes
266,356
244,230
92,981
Net income
$
1,168,782
$
629,551
$
268,395
Basic net income per share
$
2.35
$
1.26
$
0.54
Shares used to compute basic net income per share
498,345
498,764
497,867
Diluted net income per share
$
2.32
$
1.24
$
0.53
Shares used to compute diluted net income per share
504,299
507,164
508,480
 See accompanying Notes to Consolidated Financial Statements."
How much has the effective tax rate of American Express changed between FY2021 and FY2022?,The effective tax rate for American Express has changed/dropped from 24.6% in FY 2021 to 21.6% in FY 2022.,"[{'evidence_text': 'TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE\nYears Ended December 31,\nChange\nChange\n(Millions, except percentages, per share amounts and where indicated)\n2022\n2021\n2020\n2022 vs. 2021\n2021 vs. 2020\nSelected Income Statement Data\nTotal revenues net of interest expense\n$\n52,862\n$\n42,380\n$\n36,087\n$\n10,482 \n25 %\n$\n6,293 \n17 %\nProvisions for credit losses\n2,182\n(1,419)\n4,730\n3,601 \n#\n(6,149)\n#\nExpenses\n41,095\n33,110\n27,061\n7,985 \n24 \n6,049 \n22 \nPretax income\n9,585\n10,689\n4,296\n(1,104)\n(10)\n6,393 \n#\nIncome tax provision\n2,071\n2,629\n1,161\n(558)\n(21)\n1,468 \n#\nNet income\n7,514\n8,060\n3,135\n(546)\n(7)\n4,925 \n#\nEarnings per common share diluted \n$\n9.85\n$\n10.02\n$\n3.77\n$\n(0.17)\n(2)%\n$\n6.25 \n# %\nCommon Share Statistics \nCash dividends declared per common share\n$\n2.08\n$\n1.72\n$\n1.72\n$\n0.36 \n21 %\n$\n \n %\nAverage common shares outstanding:\nBasic\n751\n789\n805\n(38)\n(5)%\n(16)\n(2)%\nDiluted\n752\n790\n806\n(38)\n(5)%\n(16)\n(2)%\nSelected Metrics and Ratios\nNetwork volumes (Billions)\n$\n1,552.8\n$\n1,284.2\n$\n1,037.8\n$\n269 \n21 %\n$\n246 \n24 %\nReturn on average equity \n32.3 %\n33.7 %\n14.2 %\nNet interest income divided by average Card Member loans\n10.4 %\n10.2 %\n10.7 %\nNet interest yield on average Card Member loans\n10.6 %\n10.7 %\n11.5 %\nEffective tax rate\n21.6 %\n24.6 %\n27.0 %\nCommon Equity Tier 1\n10.3 %\n10.5 %\n13.5 %\nSelected Balance Sheet Data\nCash and cash equivalents\n$\n33,914\n$\n22,028\n$\n32,965\n$\n11,886 \n54 %\n$\n(10,937)\n(33)%\nCard Member receivables\n57,613\n53,645\n43,701\n3,968 \n7 \n9,944 \n23 \nCard Member loans\n107,964\n88,562\n73,373\n19,402 \n22 \n15,189 \n21 \nCustomer deposits\n110,239\n84,382\n86,875\n25,857 \n31 \n(2,493)\n(3)\nLong-term debt\n$\n42,573\n$\n38,675\n$\n42,952\n$\n3,898 \n10 %\n$\n(4,277)\n(10)%', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 43, 'evidence_text_full_page': ""Table of Contents\nTABLE 1: SUMMARY OF FINANCIAL PERFORMANCE\nYears Ended December 31,\nChange\nChange\n(Millions, except percentages, per share amounts and where indicated)\n2022\n2021\n2020\n2022 vs. 2021\n2021 vs. 2020\nSelected Income Statement Data\nTotal revenues net of interest expense\n$\n52,862\n$\n42,380\n$\n36,087\n$\n10,482 \n25 %\n$\n6,293 \n17 %\nProvisions for credit losses\n2,182\n(1,419)\n4,730\n3,601 \n#\n(6,149)\n#\nExpenses\n41,095\n33,110\n27,061\n7,985 \n24 \n6,049 \n22 \nPretax income\n9,585\n10,689\n4,296\n(1,104)\n(10)\n6,393 \n#\nIncome tax provision\n2,071\n2,629\n1,161\n(558)\n(21)\n1,468 \n#\nNet income\n7,514\n8,060\n3,135\n(546)\n(7)\n4,925 \n#\nEarnings per common share diluted \n$\n9.85\n$\n10.02\n$\n3.77\n$\n(0.17)\n(2)%\n$\n6.25 \n# %\nCommon Share Statistics \nCash dividends declared per common share\n$\n2.08\n$\n1.72\n$\n1.72\n$\n0.36 \n21 %\n$\n \n %\nAverage common shares outstanding:\nBasic\n751\n789\n805\n(38)\n(5)%\n(16)\n(2)%\nDiluted\n752\n790\n806\n(38)\n(5)%\n(16)\n(2)%\nSelected Metrics and Ratios\nNetwork volumes (Billions)\n$\n1,552.8\n$\n1,284.2\n$\n1,037.8\n$\n269 \n21 %\n$\n246 \n24 %\nReturn on average equity \n32.3 %\n33.7 %\n14.2 %\nNet interest income divided by average Card Member loans\n10.4 %\n10.2 %\n10.7 %\nNet interest yield on average Card Member loans\n10.6 %\n10.7 %\n11.5 %\nEffective tax rate\n21.6 %\n24.6 %\n27.0 %\nCommon Equity Tier 1\n10.3 %\n10.5 %\n13.5 %\nSelected Balance Sheet Data\nCash and cash equivalents\n$\n33,914\n$\n22,028\n$\n32,965\n$\n11,886 \n54 %\n$\n(10,937)\n(33)%\nCard Member receivables\n57,613\n53,645\n43,701\n3,968 \n7 \n9,944 \n23 \nCard Member loans\n107,964\n88,562\n73,373\n19,402 \n22 \n15,189 \n21 \nCustomer deposits\n110,239\n84,382\n86,875\n25,857 \n31 \n(2,493)\n(3)\nLong-term debt\n$\n42,573\n$\n38,675\n$\n42,952\n$\n3,898 \n10 %\n$\n(4,277)\n(10)%\n# Denotes a variance of 100 percent or more\n(a)\nRepresents net income, less (i) earnings allocated to participating share awards of $57 million, $56 million and $20 million for the years ended December 31, 2022, 2021 and 2020, respectively,\n(ii) dividends on preferred shares of $57 million, $71 million and $79 million for the years ended December 31, 2022, 2021 and 2020, respectively, and (iii) equity-related adjustments of $16\nmillion related to the redemption of preferred shares for the year ended December 31, 2021. Refer to Note 16 and Note 21 to the Consolidated Financial Statements for further details on\npreferred shares and earnings per common share (EPS), respectively.\n(b)\nOur common stock trades principally on The New York Stock Exchange under the trading symbol AXP.\n(c)\nReturn on average equity (ROE) is calculated by dividing (i) net income for the period by (ii) average shareholders' equity for the period.\n(d)\nNet interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Adjusted net interest income and\nnet interest yield on average Card Member loans are non-GAAP measures. Refer to Table 8 for a reconciliation to Net interest income divided by average Card Member loans.\n(a)\n(b)\n(c)\n (d)\n41\n""}]","TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE
Years Ended December 31,
Change
Change
(Millions, except percentages, per share amounts and where indicated)
2022
2021
2020
2022 vs. 2021
2021 vs. 2020
Selected Income Statement Data
Total revenues net of interest expense
$
52,862
$
42,380
$
36,087
$
10,482 
25 %
$
6,293 
17 %
Provisions for credit losses
2,182
(1,419)
4,730
3,601 
#
(6,149)
#
Expenses
41,095
33,110
27,061
7,985 
24 
6,049 
22 
Pretax income
9,585
10,689
4,296
(1,104)
(10)
6,393 
#
Income tax provision
2,071
2,629
1,161
(558)
(21)
1,468 
#
Net income
7,514
8,060
3,135
(546)
(7)
4,925 
#
Earnings per common share diluted 
$
9.85
$
10.02
$
3.77
$
(0.17)
(2)%
$
6.25 
# %
Common Share Statistics 
Cash dividends declared per common share
$
2.08
$
1.72
$
1.72
$
0.36 
21 %
$
 
 %
Average common shares outstanding:
Basic
751
789
805
(38)
(5)%
(16)
(2)%
Diluted
752
790
806
(38)
(5)%
(16)
(2)%
Selected Metrics and Ratios
Network volumes (Billions)
$
1,552.8
$
1,284.2
$
1,037.8
$
269 
21 %
$
246 
24 %
Return on average equity 
32.3 %
33.7 %
14.2 %
Net interest income divided by average Card Member loans
10.4 %
10.2 %
10.7 %
Net interest yield on average Card Member loans
10.6 %
10.7 %
11.5 %
Effective tax rate
21.6 %
24.6 %
27.0 %
Common Equity Tier 1
10.3 %
10.5 %
13.5 %
Selected Balance Sheet Data
Cash and cash equivalents
$
33,914
$
22,028
$
32,965
$
11,886 
54 %
$
(10,937)
(33)%
Card Member receivables
57,613
53,645
43,701
3,968 
7 
9,944 
23 
Card Member loans
107,964
88,562
73,373
19,402 
22 
15,189 
21 
Customer deposits
110,239
84,382
86,875
25,857 
31 
(2,493)
(3)
Long-term debt
$
42,573
$
38,675
$
42,952
$
3,898 
10 %
$
(4,277)
(10)%"
Has Verizon increased its debt on balance sheet between 2022 and the 2021 fiscal period?,No. Verizon's debt decreased by $229 million.,"[{'evidence_text': 'At December 31,\nMaturities \nInterest \nRates %\n2022\n2021 \nVerizon Communications\n< 5 Years\n0.75 - 5.82\n$ \n23,929 \n$ \n18,406 \n5-10 Years\n1.50 - 7.88\n42,637 \n43,225 \n> 10 Years\n1.13 - 8.95\n60,134 \n73,520 \n< 5 Years\nFloating\n(1) \n2,992 \n4,086 \n5-10 Years\nFloating\n(1) \n3,029 \n824 \nAlltel Corporation\n5-10 Years\n6.80 - 7.88\n94 \n38 \n> 10 Years\nN/A\nN/A \n58 \nOperating telephone company subsidiariesdebentures\n< 5 Years\nN/A\nN/A \n141 \n5-10 Years\n6.00 - 8.75\n475 \n375 \n> 10 Years\n5.13 - 7.38\n139 \n250 \nOther subsidiariesasset-backed debt\n< 5 Years\n0.41 - 5.72\n9,767 \n9,620 \n< 5 Years\nFloating\n(2) \n10,271 \n4,610 \nFinance lease obligations (average rate of 2.5% and 2.2% in \n2022 and 2021, respectively)\n1,732 \n1,325 \nUnamortized discount, net of premium\n(4,039) \n(4,922) \nUnamortized debt issuance costs\n(671) \n(688) \nTotal long-term debt, including current maturities\n150,489 \n150,868 \nLess long-term debt maturing within one year\n9,813 \n7,443 \nTotal long-term debt\n$ \n140,676 \n$ \n143,425 \nLong-term debt maturing within one year\n$ \n9,813 \n$ \n7,443 \nAdd commercial paper\n150 \n \nDebt maturing within one year\n9,963 \n7,443 \nAdd long-term debt\n140,676 \n143,425 \nTotal debt\n$ \n150,639 \n$ \n150,868', 'doc_name': 'VERIZON_2022_10K', 'evidence_page_num': 76, 'evidence_text_full_page': ""Note 7. Debt \nOutstanding long-term debt obligations as of December 31, 2022 and 2021 are as follows: \n(dollars in millions) \nAt December 31,\nMaturities \nInterest \nRates %\n2022\n2021 \nVerizon Communications\n< 5 Years\n0.75 - 5.82\n$ \n23,929 \n$ \n18,406 \n5-10 Years\n1.50 - 7.88\n42,637 \n43,225 \n> 10 Years\n1.13 - 8.95\n60,134 \n73,520 \n< 5 Years\nFloating\n(1) \n2,992 \n4,086 \n5-10 Years\nFloating\n(1) \n3,029 \n824 \nAlltel Corporation\n5-10 Years\n6.80 - 7.88\n94 \n38 \n> 10 Years\nN/A\nN/A \n58 \nOperating telephone company subsidiariesdebentures\n< 5 Years\nN/A\nN/A \n141 \n5-10 Years\n6.00 - 8.75\n475 \n375 \n> 10 Years\n5.13 - 7.38\n139 \n250 \nOther subsidiariesasset-backed debt\n< 5 Years\n0.41 - 5.72\n9,767 \n9,620 \n< 5 Years\nFloating\n(2) \n10,271 \n4,610 \nFinance lease obligations (average rate of 2.5% and 2.2% in \n2022 and 2021, respectively)\n1,732 \n1,325 \nUnamortized discount, net of premium\n(4,039) \n(4,922) \nUnamortized debt issuance costs\n(671) \n(688) \nTotal long-term debt, including current maturities\n150,489 \n150,868 \nLess long-term debt maturing within one year\n9,813 \n7,443 \nTotal long-term debt\n$ \n140,676 \n$ \n143,425 \nLong-term debt maturing within one year\n$ \n9,813 \n$ \n7,443 \nAdd commercial paper\n150 \n \nDebt maturing within one year\n9,963 \n7,443 \nAdd long-term debt\n140,676 \n143,425 \nTotal debt\n$ \n150,639 \n$ \n150,868 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n(1) The debt obligations bore interest at a floating rate based on the Compounded Secured Overnight Financing Rate (SOFR) for \nthe interest period or the London Interbank Offered Rate (LIBOR) plus an applicable interest margin per annum, as applicable. \nCompounded SOFR is calculated using the SOFR Index published by the Federal Reserve Bank of New York in accordance \nwith the formula set forth in the terms of the notes. The Compounded SOFR for the interest period ending in December 2022 \nwas 3.450%. The one-month and three-month LIBOR at December 31, 2022 was 4.392% and 4.767%, respectively. \n(2) The debt obligations bore interest at floating rates, including floating rates associated with SOFR for the interest period, or \nLIBOR plus an applicable interest margin per annum, as applicable. Floating rates associated with SOFR for the interest \nperiod ending in December 2022 ranged from 3.807% to 4.372%. \n \nMaturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding unamortized debt \nissuance costs, at December 31, 2022 are as follows: \nYears\n(dollars in millions) \n2023\n$ \n9,279 \n2024\n16,252 \n2025\n8,706 \n2026\n8,304 \n2027\n6,962 \nThereafter\n99,925 \n \n \n \n \n \nDuring 2022, we received $17.8 billion of proceeds from long-term borrowings, which included $10.7 billion of proceeds from \nasset-backed debt transactions. The net proceeds were primarily used for general corporate purposes including the repayment \nof debt and the funding of certain renewable energy projects. We used $13.6 billion of cash to repay, redeem and repurchase \nlong-term borrowings and finance lease obligations, including $4.9 billion to prepay and repay asset-backed, long-term \nborrowings. The net proceeds of approximately $1.0 billion from the green bond issued in 2022 are expected to be used to fund \ncertain renewable energy projects. \nDuring 2021, we received $41.4 billion of proceeds from long-term borrowings, which included $8.4 billion of proceeds from \nasset-backed debt transactions. The net proceeds were primarily used to finance the purchase of wireless licenses won in \nconnection with the FCC's auction for C-Band wireless spectrum, Auction 107, and fund certain renewable energy projects. We \n 77 \n \n Verizon 2022 Annual Report on Form 10-K\n""}]","At December 31,
Maturities 
Interest 
Rates %
2022
2021 
Verizon Communications
< 5 Years
0.75 - 5.82
$ 
23,929 
$ 
18,406 
5-10 Years
1.50 - 7.88
42,637 
43,225 
> 10 Years
1.13 - 8.95
60,134 
73,520 
< 5 Years
Floating
(1) 
2,992 
4,086 
5-10 Years
Floating
(1) 
3,029 
824 
Alltel Corporation
5-10 Years
6.80 - 7.88
94 
38 
> 10 Years
N/A
N/A 
58 
Operating telephone company subsidiariesdebentures
< 5 Years
N/A
N/A 
141 
5-10 Years
6.00 - 8.75
475 
375 
> 10 Years
5.13 - 7.38
139 
250 
Other subsidiariesasset-backed debt
< 5 Years
0.41 - 5.72
9,767 
9,620 
< 5 Years
Floating
(2) 
10,271 
4,610 
Finance lease obligations (average rate of 2.5% and 2.2% in 
2022 and 2021, respectively)
1,732 
1,325 
Unamortized discount, net of premium
(4,039) 
(4,922) 
Unamortized debt issuance costs
(671) 
(688) 
Total long-term debt, including current maturities
150,489 
150,868 
Less long-term debt maturing within one year
9,813 
7,443 
Total long-term debt
$ 
140,676 
$ 
143,425 
Long-term debt maturing within one year
$ 
9,813 
$ 
7,443 
Add commercial paper
150 
 
Debt maturing within one year
9,963 
7,443 
Add long-term debt
140,676 
143,425 
Total debt
$ 
150,639 
$ 
150,868"
"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d/b/a Yardbird Furniture","[{'evidence_text': 'Acquisitions\n \nCurrent Health Ltd.\n \nIn fiscal 2022, we acquired all of the outstanding shares of Current Health Ltd. (Current Health), a care-at-home technology platform, on November 2, 2021, for \nnet cash consideration of $389 million. The acquired assets included $351 million of goodwill that was assigned to our Best Buy Health reporting unit and was \ndeductible for income tax purposes. The acquisition is aligned with our focus in virtual care to enable people in their homes to connect seamlessly with their \nhealth care providers and is included in our Domestic reportable segment and Services revenue category. The acquisition was accounted for using the \nacquisition method of accounting for business combinations and was not material to the results of operations.\n \nTwo Peaks, LLC d/b/a Yardbird Furniture\n \nIn fiscal 2022, we acquired all of the outstanding shares of Two Peaks, LLC d/b/a Yardbird Furniture (Yardbird), a direct-to-consumer outdoor furniture company, \non November 4, 2021, for net cash consideration of $79 million. The acquired assets included $47 million of goodwill that was assigned to our Best Buy Domestic \nreporting unit and was deductible for income tax purposes. The acquisition expands our assortment in categories like outdoor living, as more and more \nconsumers look to make over or upgrade their outdoor living spaces. The acquisition was accounted for using the acquisition method of accounting for business \ncombinations and was not material to the results of our operations.', 'doc_name': 'BESTBUY_2023_10K', 'evidence_page_num': 50, 'evidence_text_full_page': 'Vendor Allowances\n \nWe receive funds from our merchandise vendors through a variety of programs and arrangements, primarily in the form of purchases-based or sales-based \nvolumes and for product advertising and placement. We recognize allowances based on purchases and sales as a reduction of cost of sales when the associated \ninventory is sold. Allowances for advertising and placement are recognized as a reduction of cost of sales ratably over the corresponding performance period. \nFunds that are determined to be a reimbursement of specific, incremental and identifiable costs incurred to sell a vendors products are recorded as an offset to \nthe related expense within SG&A when incurred.\n \nAdvertising Costs\n \nAdvertising costs, which are included in SG&A, are expensed the first time the advertisement runs. Advertising costs consist primarily of digital advertisements. \nAdvertising expenses were $864 million, $915 million and $819 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively.\n \nStock-Based Compensation\n \nWe recognize stock-based compensation expense for the fair value of our stock-based compensation awards, which is determined based on the closing market \nprice of our stock at the date of grant for time-based and performance-based share awards, and Monte-Carlo simulation for market-based share awards. \nCompensation expense is recognized on a straight-line basis over the period in which services are required, except for performance-based share awards that \nvest on a graded basis, in which case the expense is front-loaded or recognized on a graded-attribution basis. Forfeitures are expensed as incurred or upon \ntermination.\n \nComprehensive Income (Loss)\n \nComprehensive income (loss) is computed as net earnings plus certain other items that are recorded directly to shareholders equity.\n \n2. Acquisitions\n \nCurrent Health Ltd.\n \nIn fiscal 2022, we acquired all of the outstanding shares of Current Health Ltd. (Current Health), a care-at-home technology platform, on November 2, 2021, for \nnet cash consideration of $389 million. The acquired assets included $351 million of goodwill that was assigned to our Best Buy Health reporting unit and was \ndeductible for income tax purposes. The acquisition is aligned with our focus in virtual care to enable people in their homes to connect seamlessly with their \nhealth care providers and is included in our Domestic reportable segment and Services revenue category. The acquisition was accounted for using the \nacquisition method of accounting for business combinations and was not material to the results of operations.\n \nTwo Peaks, LLC d/b/a Yardbird Furniture\n \nIn fiscal 2022, we acquired all of the outstanding shares of Two Peaks, LLC d/b/a Yardbird Furniture (Yardbird), a direct-to-consumer outdoor furniture company, \non November 4, 2021, for net cash consideration of $79 million. The acquired assets included $47 million of goodwill that was assigned to our Best Buy Domestic \nreporting unit and was deductible for income tax purposes. The acquisition expands our assortment in categories like outdoor living, as more and more \nconsumers look to make over or upgrade their outdoor living spaces. The acquisition was accounted for using the acquisition method of accounting for business \ncombinations and was not material to the results of our operations.\n \n3. Restructuring\n \n \nRestructuring charges were as follows ($ in millions):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2023\n \n2022\n \n2021\nFiscal 2023 Resource Optimization Initiative\n \n \n$\n 145 \n \n$\n - \n \n$\n - \nMexico Exit and Strategic Realignment(1)\n \n \n \n 2 \n \n \n (41) \n \n \n 277 \nFiscal 2020 U.S. Retail Operating Model Changes\n \n -\n \n \n 1 \n \n \n -\n \nTotal\n \n \n \n \n \n$\n 147 \n \n$\n (40) \n \n$\n 277 \n \n(1)\nIncludes ($6) million and $23 million related to inventory markdowns recorded in Cost of sales on our Consolidated Statements of Earnings in fiscal 2022 and fiscal 2021, respectively.\n \nFiscal 2023 Resource Optimization Initiative\n \nIn light of ongoing changes in business trends, during the second quarter of fiscal 2023, we commenced an enterprise-wide initiative to better align our spending \nwith critical strategies and operations, as well as to optimize our cost structure. Charges incurred relate to employee termination benefits within our Domestic and \nInternational segments of $140 million and $5 million, respectively. We currently do not expect the remaining charges in fiscal 2024 related to this initiative to be \nmaterial to the results of our operations.\n \nAll charges incurred related to this initiative were from continuing operations and were presented within Restructuring charges on our Consolidated Statements of \nEarnings. \n \n51\n'}]","Acquisitions
 
Current Health Ltd.
 
In fiscal 2022, we acquired all of the outstanding shares of Current Health Ltd. (Current Health), a care-at-home technology platform, on November 2, 2021, for 
net cash consideration of $389 million. The acquired assets included $351 million of goodwill that was assigned to our Best Buy Health reporting unit and was 
deductible for income tax purposes. The acquisition is aligned with our focus in virtual care to enable people in their homes to connect seamlessly with their 
health care providers and is included in our Domestic reportable segment and Services revenue category. The acquisition was accounted for using the 
acquisition method of accounting for business combinations and was not material to the results of operations.
 
Two Peaks, LLC d/b/a Yardbird Furniture
 
In fiscal 2022, we acquired all of the outstanding shares of Two Peaks, LLC d/b/a Yardbird Furniture (Yardbird), a direct-to-consumer outdoor furniture company, 
on November 4, 2021, for net cash consideration of $79 million. The acquired assets included $47 million of goodwill that was assigned to our Best Buy Domestic 
reporting unit and was deductible for income tax purposes. The acquisition expands our assortment in categories like outdoor living, as more and more 
consumers look to make over or upgrade their outdoor living spaces. The acquisition was accounted for using the acquisition method of accounting for business 
combinations and was not material to the results of our operations."
What is the nature & purpose of AMCOR's restructuring liability as oF Q2 of FY2023 close?,87% of the total restructuring liability is related Employee liabilities.,"[{'evidence_text': '($ in millions)\nEmployee Costs\nFixed Asset\nRelated Costs\nOther Costs\nTotal\nRestructuring\nCosts\nLiability balance at June 30, 2022\n$\n97 \n$\n3 \n$\n18 \n$\n118 \nNet charges to earnings\n2 \n \n \n2 \nCash paid\n(16)\n(1)\n(8)\n(25)\nReversal of unused amounts\n(2)\n \n \n(2)\nLiability balance at December 31, 2022\n$\n81 \n$\n2 \n$\n10 \n$\n93', 'doc_name': 'AMCOR_2023Q2_10Q', 'evidence_page_num': 14, 'evidence_text_full_page': ""Note 6 - Restructuring\n The Company's restructuring activities in the three and six months ended December 31, 2022 were primarily comprised of restructuring\nactivities related to the Russia-Ukraine conflict and the three and six months ended December 31, 2021 included expenses related to the\nCompany's 2019 plan from the integration of acquired Bemis operations which was substantially completed at the end of fiscal year 2022.\n Restructuring and related expenses, net were $2 million and $10 million during the three months ended December 31, 2022 and 2021, and $3\nmillion and $18 million in the six months ended December 31, 2022 and 2021, respectively, and primarily relate to the Flexibles reportable\nsegment. The expenses related to restructuring activities have been presented on the unaudited condensed consolidated statements of income as\nrestructuring and other related activities, net.\n An analysis of the Company's restructuring plan liability is as follows:\n($ in millions)\nEmployee Costs\nFixed Asset\nRelated Costs\nOther Costs\nTotal\nRestructuring\nCosts\nLiability balance at June 30, 2022\n$\n97 \n$\n3 \n$\n18 \n$\n118 \nNet charges to earnings\n2 \n \n \n2 \nCash paid\n(16)\n(1)\n(8)\n(25)\nReversal of unused amounts\n(2)\n \n \n(2)\nLiability balance at December 31, 2022\n$\n81 \n$\n2 \n$\n10 \n$\n93 \n The Company expects the majority of the liability for employee, fixed assets related, and other costs as of December 31, 2022 to be paid\nwithin the next twelve months. The accruals related to restructuring activities have been recorded on the unaudited condensed consolidated\nbalance sheets under other current liabilities and other non-current liabilities.\n15\n""}]","($ in millions)
Employee Costs
Fixed Asset
Related Costs
Other Costs
Total
Restructuring
Costs
Liability balance at June 30, 2022
$
97 
$
3 
$
18 
$
118 
Net charges to earnings
2 
 
 
2 
Cash paid
(16)
(1)
(8)
(25)
Reversal of unused amounts
(2)
 
 
(2)
Liability balance at December 31, 2022
$
81 
$
2 
$
10 
$
93"
"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?",The consumer segment shrunk by 0.9% organically.,"[{'evidence_text': 'Worldwide Sales Change \nBy Business Segment\nOrganic sales\nAcquisitions\nDivestitures\nTranslation\nTotal sales change\nSafety and Industrial\n1.0 %\n \n %\n %\n(4.2) %\n(3.2) %\nTransportation and Electronics\n1.2 \n \n(0.5)\n(4.6)\n(3.9)\nHealth Care\n3.2 \n \n(1.4)\n(3.8)\n(2.0)\nConsumer\n(0.9)\n \n(0.4)\n(2.6)\n(3.9)\nTotal Company\n1.2 \n \n(0.5)\n(3.9)\n(3.2)', 'doc_name': '3M_2022_10K', 'evidence_page_num': 24, 'evidence_text_full_page': 'Table of Contents\nSales and operating income (loss) by business segment:\nThe following tables contain sales and operating income (loss) results by business segment for the years ended December 31, 2022 and 2021. Refer to the section entitled\nPerformance by Business Segment later in MD&A for additional discussion concerning 2022 versus 2021 results, including Corporate and Unallocated. Refer to Note 19 for\nadditional information on business segments.\n2022\n2021\n% change\n(Dollars in millions)\nNet Sales\n% of Total\nOperating\nIncome (Loss)\nNet Sales\n% of Total\nOperating\nIncome (Loss)\nNet Sales\nOperating Income\n(Loss)\nBusiness Segments\nSafety and Industrial\n$\n11,604\n33.9 % $\n1,199 $\n11,981\n33.9 % $\n2,466\n(3.2)%\n(51.4)%\nTransportation and Electronics\n8,902\n26.0 \n1,012\n9,262\n26.2 \n1,880\n(3.9)\n(46.2)\nHealth Care\n8,421\n24.6 \n1,815\n8,597\n24.3 \n2,037\n(2.0)\n(10.9)\nConsumer\n5,298\n15.5 \n994\n5,513\n15.6 \n1,162\n(3.9)\n(14.4)\nCorporate and Unallocated\n4\n \n1,519\n2\n \n(176)\nTotal Company\n$\n34,229 \n100.0 % $\n6,539 $\n35,355 \n100.0 % $\n7,369 \n(3.2)%\n(11.3)%\nYear ended December 31, 2022\nWorldwide Sales Change \nBy Business Segment\nOrganic sales\nAcquisitions\nDivestitures\nTranslation\nTotal sales change\nSafety and Industrial\n1.0 %\n \n %\n %\n(4.2) %\n(3.2) %\nTransportation and Electronics\n1.2 \n \n(0.5)\n(4.6)\n(3.9)\nHealth Care\n3.2 \n \n(1.4)\n(3.8)\n(2.0)\nConsumer\n(0.9)\n \n(0.4)\n(2.6)\n(3.9)\nTotal Company\n1.2 \n \n(0.5)\n(3.9)\n(3.2)\nSales by geographic area:\nPercent change information compares the years ended December 31, 2022 and 2021 with the same prior year period, unless otherwise indicated. Additional discussion of\nbusiness segment results is provided in the Performance by Business Segment section.\nYear ended December 31, 2022\nAmericas\nAsia Pacific\nEurope, Middle East\n& Africa\nOther Unallocated\nWorldwide\nNet sales (millions)\n$\n18,400 \n$\n9,901 \n$\n5,928 \n$\n \n$\n34,229 \n% of worldwide sales\n53.8 %\n28.9 %\n17.3 %\n100.0 %\nComponents of net sales change:\nOrganic sales\n2.6 \n0.3 \n(0.6)\n1.2 \nDivestitures\n(0.6)\n(0.4)\n(0.6)\n(0.5)\nTranslation\n(0.3)\n(6.5)\n(9.8)\n(3.9)\nTotal sales change\n1.7 %\n(6.6) %\n(11.0) %\n(3.2) %\nYear ended December 31, 2021\nAmericas\nAsia Pacific\nEurope, Middle East\n& Africa\nOther Unallocated\nWorldwide\nNet sales (millions)\n$\n18,097 \n$\n10,600 \n$\n6,660 \n$\n(2)\n$\n35,355 \n% of worldwide sales\n51.2 %\n30.0 %\n18.8 %\n100.0 %\nComponents of net sales change:\nOrganic sales\n9.8 \n8.5 \n6.3 \n8.8 \nDivestitures\n(0.6)\n \n(1.1)\n(0.5)\nTranslation\n0.3 \n2.3 \n3.8 \n1.6 \nTotal sales change\n9.5 %\n10.8 %\n9.0 %\n9.9 %\n25\n'}]","Worldwide Sales Change 
By Business Segment
Organic sales
Acquisitions
Divestitures
Translation
Total sales change
Safety and Industrial
1.0 %
 
 %
 %
(4.2) %
(3.2) %
Transportation and Electronics
1.2 
 
(0.5)
(4.6)
(3.9)
Health Care
3.2 
 
(1.4)
(3.8)
(2.0)
Consumer
(0.9)
 
(0.4)
(2.6)
(3.9)
Total Company
1.2 
 
(0.5)
(3.9)
(3.2)"
What are the major products and services that AMD sells as of FY22?,"AMD sells server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers; CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers; discrete GPUs, and semi-custom SoC products and development services; and embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.","[{'evidence_text': 'Overview\nWe are a global semiconductor company primarily offering:\n\nserver microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and\nAdaptive System-on-Chip (SoC) products for data centers;\n\nCPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers;\n\ndiscrete GPUs, and semi-custom SoC products and development services; and\n\nembedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.\nFrom time to time, we may also sell or license portions of our intellectual property (IP) portfolio.', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 3, 'evidence_text_full_page': 'Table of Contents\nPART I\nITEM 1. BUSINESS\nCautionary Statement Regarding Forward-Looking Statements\nThe statements in this report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-\nlooking statements are based on current expectations and beliefs and involve numerous risks and uncertainties that could cause actual results to differ\nmaterially from expectations. These forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements and should not\nbe relied upon as predictions of future events, as we cannot assure you that the events or circumstances reflected in these statements will be achieved or will\noccur. You can identify forward-looking statements by the use of forward-looking terminology including believes, expects, may, will, should, seeks,\nintends, plans, pro forma, estimates, anticipates, or the negative of these words and phrases, other variations of these words and phrases or\ncomparable terminology. The forward-looking statements relate to, among other things: possible impact of future accounting rules on AMDs consolidated\nfinancial statements; demand for AMDs products; the growth, change and competitive landscape of the markets in which AMD participates; international sales\nwill continue to be a significant portion of total sales in the foreseeable future; that AMDs cash, cash equivalents and short-term investment balances together\nwith the availability under that certain revolving credit facility (the Revolving Credit Agreement) made available to AMD and certain of its subsidiaries, our\ncommercial paper program, and our cash flows from operations will be sufficient to fund AMDs operations including capital expenditures and purchase\ncommitments over the next 12 months and beyond; AMDs ability to obtain sufficient external financing on favorable terms, or at all; AMDs expectation that\nbased on managements current knowledge, the potential liability related to AMDs current litigation will not have a material adverse effect on its financial\nposition, results of operation or cash flows; anticipated ongoing and increased costs related to enhancing and implementing information security controls; all\nunbilled accounts receivables are expected to be billed and collected within 12 months; revenue allocated to remaining performance obligations that are\nunsatisfied which will be recognized in the next 12 months; and a small number of customers will continue to account for a substantial part of AMDs revenue in\nthe future. For a discussion of the factors that could cause actual results to differ materially from the forward-looking statements, see Part I, Item 1A-Risk\nFactors and the Financial Condition section set forth in Part II, Item 7-Managements Discussion and Analysis of Financial Condition and Results of\nOperations, or MD&A, and such other risks and uncertainties as set forth below in this report or detailed in our other Securities and Exchange Commission\n(SEC) reports and filings. We assume no obligation to update forward-looking statements.\nReferences in this Annual Report on Form 10-K to AMD, we, us, management, our or the Company mean Advanced Micro Devices, Inc. and our\nconsolidated subsidiaries.\nOverview\nWe are a global semiconductor company primarily offering:\n\nserver microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and\nAdaptive System-on-Chip (SoC) products for data centers;\n\nCPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers;\n\ndiscrete GPUs, and semi-custom SoC products and development services; and\n\nembedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.\nFrom time to time, we may also sell or license portions of our intellectual property (IP) portfolio.\n1\n'}]","Overview
We are a global semiconductor company primarily offering:

server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and
Adaptive System-on-Chip (SoC) products for data centers;

CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers;

discrete GPUs, and semi-custom SoC products and development services; and

embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.
From time to time, we may also sell or license portions of our intellectual property (IP) portfolio."
"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","Cross currency swaps. Its notional value was $32,502 million.","[{'evidence_text': 'Derivative Instruments \nWe enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. \nWe employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency \nswaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold \nderivatives for trading purposes. \nThe following table sets forth the notional amounts of our outstanding derivative instruments: \n(dollars in millions) \nAt December 31,\n2021\n2020 \nInterest rate swaps\n$ \n19,779 \n$ \n17,768 \nCross currency swaps\n32,502 \n26,288 \nForward starting interest rate swaps\n1,000 \n2,000 \nForeign exchange forwards\n932 \n1,405', 'doc_name': 'VERIZON_2021_10K', 'evidence_page_num': 84, 'evidence_text_full_page': 'Certain of our equity investments do not have readily determinable fair values and are excluded from the tables above. Such investments are \nmeasured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical \nor similar investment of the same issuer and are included in Investments in unconsolidated businesses in our consolidated balance sheets. As \nof December 31, 2021 and December 31, 2020, the carrying amount of our investments without readily determinable fair values were \n$808 million and $402 million, respectively. During 2021, there were approximately $66 million of adjustments due to observable price \nchanges and insignificant impairment charges. Cumulative adjustments due to observable price changes and impairment charges were \napproximately $143 million and $63 million, respectively. \nVerizon has a liability for contingent consideration related to its acquisition of Tracfone, completed in November 2021. The fair value is \ncalculated using a probability-weighted discounted cash flow model and represents a Level 3 measurement. Level 3 instruments include \nvaluation based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other \nmarket participants. Subsequent to the acquisition date, at each reporting date, the contingent consideration liability is remeasured to fair \nvalue with changes recorded within Selling, general and administrative expense in our consolidated statements of income. \nFixed income securities consist primarily of investments in municipal bonds. The valuation of the fixed income securities are based on the \nquoted prices for similar assets in active markets or identical assets in inactive markets or models that apply inputs from observable market \ndata. The valuation determines that these securities are classified as Level 2. \nDerivative contracts are valued using models based on readily observable market parameters for all substantial terms of our derivative \ncontracts and thus are classified within Level 2. We use mid-market pricing for fair value measurements of our derivative instruments. Our \nderivative instruments are recorded on a gross basis. \nWe recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. \nFair Value of Short-term and Long-term Debt \nThe fair value of our debt is determined using various methods, including quoted prices for identical debt instruments, which is a Level 1 \nmeasurement, as well as quoted prices for similar debt instruments with comparable terms and maturities, which is a Level 2 measurement. \nThe fair value of our short-term and long-term debt, excluding finance leases, was as follows: \nFair Value \n(dollars in millions) \nCarrying \nAmount\nLevel 1\nLevel 2\nLevel 3\nTotal \nAt December 31, 2020\n$ \n127,778 \n$ \n103,967 \n$ \n52,785 \n$ \n $ \n156,752 \nAt December 31, 2021\n149,543 \n106,599 \n62,606 \n \n169,205 \nDerivative Instruments \nWe enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. \nWe employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency \nswaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold \nderivatives for trading purposes. \nThe following table sets forth the notional amounts of our outstanding derivative instruments: \n(dollars in millions) \nAt December 31,\n2021\n2020 \nInterest rate swaps\n$ \n19,779 \n$ \n17,768 \nCross currency swaps\n32,502 \n26,288 \nForward starting interest rate swaps\n1,000 \n2,000 \nForeign exchange forwards\n932 \n1,405 \n85\nVerizon 2021 Annual Report on Form 10-K\n'}]","Derivative Instruments 
We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. 
We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency 
swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold 
derivatives for trading purposes. 
The following table sets forth the notional amounts of our outstanding derivative instruments: 
(dollars in millions) 
At December 31,
2021
2020 
Interest rate swaps
$ 
19,779 
$ 
17,768 
Cross currency swaps
32,502 
26,288 
Forward starting interest rate swaps
1,000 
2,000 
Foreign exchange forwards
932 
1,405"
Are JnJ's FY2022 financials that of a high growth company?,"No, JnJ's FY2022 financials are not of a high growth company as sales grew by 1.3% in FY2022.","[{'evidence_text': ""Results of Operations\nAnalysis of Consolidated Sales\nFor discussion on results of operations and financial condition pertaining to the fiscal years 2021 and 2020 see the Companys Annual Report on Form 10-\nK for the fiscal year ended January 2, 2022, Item 7. Management's Discussion and Analysis of Results of Operations and Financial Condition.\nIn 2022, worldwide sales increased 1.3% to $94.9 billion as compared to an increase of 13.6% in 2021. These sales changes consisted of the following:\nSales increase/(decrease) due to:\n2022\n2021\nVolume\n6.9 %\n12.9 %\nPrice\n(0.8)\n(0.7)\nCurrency\n(4.8)\n1.4 \nTotal\n1.3 %\n13.6 %"", 'doc_name': 'JOHNSON_JOHNSON_2022_10K', 'evidence_page_num': 27, 'evidence_text_full_page': ""Results of Operations\nAnalysis of Consolidated Sales\nFor discussion on results of operations and financial condition pertaining to the fiscal years 2021 and 2020 see the Companys Annual Report on Form 10-\nK for the fiscal year ended January 2, 2022, Item 7. Management's Discussion and Analysis of Results of Operations and Financial Condition.\nIn 2022, worldwide sales increased 1.3% to $94.9 billion as compared to an increase of 13.6% in 2021. These sales changes consisted of the following:\nSales increase/(decrease) due to:\n2022\n2021\nVolume\n6.9 %\n12.9 %\nPrice\n(0.8)\n(0.7)\nCurrency\n(4.8)\n1.4 \nTotal\n1.3 %\n13.6 %\nThe net impact of acquisitions and divestitures on the worldwide sales growth was a negative impact of 0.1% in 2022 and a negative impact of 0.6% in\n2021.\nSales by U.S. companies were $48.6 billion in 2022 and $47.2 billion in 2021. This represents increases of 3.0% in 2022 and 9.3% in 2021. Sales by\ninternational companies were $46.4 billion in 2022 and $46.6 billion in 2021. This represents a decrease of 0.6% in 2022 and an increase of 18.2% in 2021.\nThe five-year compound annual growth rates for worldwide, U.S. and international sales were 4.4%, 4.0% and 4.9%, respectively. The ten-year\ncompound annual growth rates for worldwide, U.S. and international sales were 3.5%, 5.0% and 2.2%, respectively.\nIn 2022, sales by companies in Europe experienced a decline of 0.6% as compared to the prior year, which included operational growth of 11.0% and a\nnegative currency impact of 11.6%. Sales by companies in the Western Hemisphere, excluding the U.S., achieved growth of 6.5% as compared to the prior\nyear, which included operational growth of 10.2%, and a negative currency impact of 3.7%. Sales by companies in the Asia-Pacific, Africa region\nexperienced a decline of 2.8% as compared to the prior year, including operational growth of 6.2% and a negative currency impact of 9.0%.\nIn 2022, the Company utilized three wholesalers distributing products for all three segments that represented approximately 16.5%, 13.0% and 12.0%\nof the total consolidated revenues. In 2021, the Company had three wholesalers distributing products for all three segments that represented approximately\n14.0%, 11.0% and 11.0% of the total consolidated revenues.\nNote: values may have been rounded\n22\n""}]","Results of Operations
Analysis of Consolidated Sales
For discussion on results of operations and financial condition pertaining to the fiscal years 2021 and 2020 see the Companys Annual Report on Form 10-
K for the fiscal year ended January 2, 2022, Item 7. Management's Discussion and Analysis of Results of Operations and Financial Condition.
In 2022, worldwide sales increased 1.3% to $94.9 billion as compared to an increase of 13.6% in 2021. These sales changes consisted of the following:
Sales increase/(decrease) due to:
2022
2021
Volume
6.9 %
12.9 %
Price
(0.8)
(0.7)
Currency
(4.8)
1.4 
Total
1.3 %
13.6 %"
"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","[{'evidence_text': 'Analysis of Consolidated Earnings Before Provision for Taxes on Income\nConsolidated earnings before provision for taxes on income was $21.7 billion and $22.8 billion for the years 2022 and 2021, respectively. As a percent to\nsales, consolidated earnings before provision for taxes on income was 22.9% and 24.3%, in 2022 and 2021, respectively.\n(Dollars in billions. Percentages in chart are as a percent to total sales)\nCost of Products Sold and Selling, Marketing and Administrative Expenses:\n(Dollars in billions. Percentages in chart are as a percent to total sales)\nCost of products sold increased as a percent to sales driven by:\n\nOne-time COVID-19 vaccine manufacturing exit related costs\n\nCurrency impacts in the Pharmaceutical segment\n\nCommodity inflation in the MedTech and Consumer Health segments\npartially offset by\n\nSupply chain benefits in the Consumer Health segment\nThe intangible asset amortization expense included in cost of products sold was $4.3 billion and $4.7 billion for the fiscal years 2022 and 2021,\nrespectively.', 'doc_name': 'JOHNSON_JOHNSON_2022_10K', 'evidence_page_num': 33, 'evidence_text_full_page': 'Analysis of Consolidated Earnings Before Provision for Taxes on Income\nConsolidated earnings before provision for taxes on income was $21.7 billion and $22.8 billion for the years 2022 and 2021, respectively. As a percent to\nsales, consolidated earnings before provision for taxes on income was 22.9% and 24.3%, in 2022 and 2021, respectively.\n(Dollars in billions. Percentages in chart are as a percent to total sales)\nCost of Products Sold and Selling, Marketing and Administrative Expenses:\n(Dollars in billions. Percentages in chart are as a percent to total sales)\nCost of products sold increased as a percent to sales driven by:\n\nOne-time COVID-19 vaccine manufacturing exit related costs\n\nCurrency impacts in the Pharmaceutical segment\n\nCommodity inflation in the MedTech and Consumer Health segments\npartially offset by\n\nSupply chain benefits in the Consumer Health segment\nThe intangible asset amortization expense included in cost of products sold was $4.3 billion and $4.7 billion for the fiscal years 2022 and 2021,\nrespectively.\n28\n'}]","Analysis of Consolidated Earnings Before Provision for Taxes on Income
Consolidated earnings before provision for taxes on income was $21.7 billion and $22.8 billion for the years 2022 and 2021, respectively. As a percent to
sales, consolidated earnings before provision for taxes on income was 22.9% and 24.3%, in 2022 and 2021, respectively.
(Dollars in billions. Percentages in chart are as a percent to total sales)
Cost of Products Sold and Selling, Marketing and Administrative Expenses:
(Dollars in billions. Percentages in chart are as a percent to total sales)
Cost of products sold increased as a percent to sales driven by:

One-time COVID-19 vaccine manufacturing exit related costs

Currency impacts in the Pharmaceutical segment

Commodity inflation in the MedTech and Consumer Health segments
partially offset by

Supply chain benefits in the Consumer Health segment
The intangible asset amortization expense included in cost of products sold was $4.3 billion and $4.7 billion for the fiscal years 2022 and 2021,
respectively."
Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.,AES has converted inventory 9.5 times in FY 2022.,"[{'evidence_text': 'Consolidated Balance Sheets\nDecember 31, 2022 and 2021\n2022\n2021\n(in millions, except share and per share data)\nASSETS\nCURRENT ASSETS\nCash and cash equivalents\n$\n1,374 \n$\n943 \nRestricted cash\n536 \n304 \nShort-term investments\n730 \n232 \nAccounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively\n1,799 \n1,418 \nInventory\n1,055 \n604', 'doc_name': 'AES_2022_10K', 'evidence_page_num': 129, 'evidence_text_full_page': '128 \nConsolidated Balance Sheets\nDecember 31, 2022 and 2021\n2022\n2021\n(in millions, except share and per share data)\nASSETS\nCURRENT ASSETS\nCash and cash equivalents\n$\n1,374 \n$\n943 \nRestricted cash\n536 \n304 \nShort-term investments\n730 \n232 \nAccounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively\n1,799 \n1,418 \nInventory\n1,055 \n604 \nPrepaid expenses\n98 \n142 \nOther current assets, net of CECL allowance of $2 and $0, respectively\n1,533 \n897 \nCurrent held-for-sale assets\n518 \n816 \nTotal current assets\n7,643 \n5,356 \nNONCURRENT ASSETS\nProperty, Plant and Equipment:\nLand\n470 \n426 \nElectric generation, distribution assets and other\n26,599 \n25,552 \nAccumulated depreciation\n(8,651)\n(8,486)\nConstruction in progress\n4,621 \n2,414 \nProperty, plant and equipment, net\n23,039 \n19,906 \nOther Assets:\nInvestments in and advances to affiliates\n952 \n1,080 \nDebt service reserves and other deposits\n177 \n237 \nGoodwill\n362 \n1,177 \nOther intangible assets, net of accumulated amortization of $434 and $385, respectively\n1,841 \n1,450 \nDeferred income taxes\n319 \n409 \nLoan receivable, net of allowance of $26\n1,051 \n \nOther noncurrent assets, net of allowance of $51 and $23, respectively\n2,979 \n2,188 \nNoncurrent held-for-sale assets\n \n1,160 \nTotal other assets\n7,681 \n7,701 \nTOTAL ASSETS\n$\n38,363 \n$\n32,963 \nLIABILITIES AND EQUITY\nCURRENT LIABILITIES\nAccounts payable\n$\n1,730 \n$\n1,153 \nAccrued interest\n249 \n182 \nAccrued non-income taxes\n249 \n266 \nAccrued and other liabilities\n2,151 \n1,205 \nNon-recourse debt, including $416 and $302, respectively, related to variable interest entities\n1,758 \n1,367 \nCurrent held-for-sale liabilities\n354 \n559 \nTotal current liabilities\n6,491 \n4,732 \nNONCURRENT LIABILITIES\nRecourse debt\n3,894 \n3,729 \nNon-recourse debt, including $2,295 and $2,223, respectively, related to variable interest entities\n17,846 \n13,603 \nDeferred income taxes\n1,139 \n977 \nOther noncurrent liabilities\n3,168 \n3,358 \nNoncurrent held-for-sale liabilities\n \n740 \nTotal noncurrent liabilities\n26,047 \n22,407 \nCommitments and Contingencies (see Notes 12 and 13)\nRedeemable stock of subsidiaries\n1,321 \n1,257 \nEQUITY\nTHE AES CORPORATION STOCKHOLDERS EQUITY\nPreferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2022 and\nDecember 31, 2021)\n838 \n838 \nCommon stock ($0.01 par value, 1,200,000,000 shares authorized; 818,790,001 issued and 668,743,464 outstanding at December\n31, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)\n8 \n8 \nAdditional paid-in capital\n6,688 \n7,106 \nAccumulated deficit\n(1,635)\n(1,089)\nAccumulated other comprehensive loss\n(1,640)\n(2,220)\nTreasury stock, at cost (150,046,537 and 151,923,418 shares at December 31, 2022 and December 31, 2021, respectively)\n(1,822)\n(1,845)\nTotal AES Corporation stockholders equity\n2,437 \n2,798 \nNONCONTROLLING INTERESTS\n2,067 \n1,769 \nTotal equity\n4,504 \n4,567 \nTOTAL LIABILITIES AND EQUITY\n$\n38,363 \n$\n32,963 \nSee Accompanying Notes to Consolidated Financial Statements.\n'}
 {'evidence_text': 'Consolidated Statements of Operations\nYears ended December 31, 2022, 2021, and 2020\n2022\n2021\n2020\n(in millions, except per share amounts)\nRevenue:\nRegulated\n$\n3,538 \n$\n2,868 \n$\n2,661 \nNon-Regulated\n9,079 \n8,273 \n6,999 \nTotal revenue\n12,617 \n11,141 \n9,660 \nCost of Sales:\nRegulated\n(3,162)\n(2,448)\n(2,235)\nNon-Regulated\n(6,907)\n(5,982)\n(4,732)\nTotal cost of sales\n(10,069)\n(8,430)\n(6,967)', 'doc_name': 'AES_2022_10K', 'evidence_page_num': 131, 'evidence_text_full_page': '129 \nConsolidated Statements of Operations\nYears ended December 31, 2022, 2021, and 2020\n2022\n2021\n2020\n(in millions, except per share amounts)\nRevenue:\nRegulated\n$\n3,538 \n$\n2,868 \n$\n2,661 \nNon-Regulated\n9,079 \n8,273 \n6,999 \nTotal revenue\n12,617 \n11,141 \n9,660 \nCost of Sales:\nRegulated\n(3,162)\n(2,448)\n(2,235)\nNon-Regulated\n(6,907)\n(5,982)\n(4,732)\nTotal cost of sales\n(10,069)\n(8,430)\n(6,967)\nOperating margin\n2,548 \n2,711 \n2,693 \nGeneral and administrative expenses\n(207)\n(166)\n(165)\nInterest expense\n(1,117)\n(911)\n(1,038)\nInterest income\n389 \n298 \n268 \nLoss on extinguishment of debt\n(15)\n(78)\n(186)\nOther expense\n(68)\n(60)\n(53)\nOther income\n102 \n410 \n75 \nLoss on disposal and sale of business interests\n(9)\n(1,683)\n(95)\nGoodwill impairment expense\n(777)\n \n \nAsset impairment expense\n(763)\n(1,575)\n(864)\nForeign currency transaction gains (losses)\n(77)\n(10)\n55 \nOther non-operating expense\n(175)\n \n(202)\nINCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES\n(169)\n(1,064)\n488 \nIncome tax benefit (expense)\n(265)\n133 \n(216)\nNet equity in losses of affiliates\n(71)\n(24)\n(123)\nINCOME (LOSS) FROM CONTINUING OPERATIONS\n(505)\n(955)\n149 \nGain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively\n \n4 \n3 \nNET INCOME (LOSS)\n(505)\n(951)\n152 \nLess: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries\n(41)\n542 \n(106)\nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nAMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:\nIncome (loss) from continuing operations, net of tax\n$\n(546)\n$\n(413)\n$\n43 \nIncome from discontinued operations, net of tax\n \n4 \n3 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nBASIC EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nDILUTED EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nSee Accompanying Notes to Consolidated Financial Statements.\n'}]","Consolidated Balance Sheets
December 31, 2022 and 2021
2022
2021
(in millions, except share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
1,374 
$
943 
Restricted cash
536 
304 
Short-term investments
730 
232 
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively
1,799 
1,418 
Inventory
1,055 
604 Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022
2021
2020
(in millions, except per share amounts)
Revenue:
Regulated
$
3,538 
$
2,868 
$
2,661 
Non-Regulated
9,079 
8,273 
6,999 
Total revenue
12,617 
11,141 
9,660 
Cost of Sales:
Regulated
(3,162)
(2,448)
(2,235)
Non-Regulated
(6,907)
(5,982)
(4,732)
Total cost of sales
(10,069)
(8,430)
(6,967)"
You are an investment banker and your only resource(s) to answer the following question is (are): the statement of financial position and the cash flow statement. Here's the question: what is the FY2015 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations / total current liabilities. Round your answer to two decimal places.,0.66,"[{'evidence_text': '59\n ADOBE SYSTEMS INCORPORATED\n CONSOLIDATED BALANCE SHEETS\n(In thousands, except par value)\n \nNovember 27,\n2015\nNovember 28,\n2014\nASSETS\nCurrent assets:\n \n \nCash and cash equivalents.................................................................................................................... $\n876,560\n$\n1,117,400\nShort-term investments ........................................................................................................................\n3,111,524\n2,622,091\nTrade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively........\n672,006\n591,800\nDeferred income taxes..........................................................................................................................\n\n95,279\nPrepaid expenses and other current assets ...........................................................................................\n161,802\n175,758\nTotal current assets..........................................................................................................................\n4,821,892\n4,602,328\nProperty and equipment, net...................................................................................................................\n787,421\n785,123\nGoodwill .................................................................................................................................................\n5,366,881\n4,721,962\nPurchased and other intangibles, net.......................................................................................................\n510,007\n469,662\nInvestment in lease receivable................................................................................................................\n80,439\n80,439\nOther assets.............................................................................................................................................\n159,832\n126,315\nTotal assets...................................................................................................................................... $\n11,726,472\n$\n10,785,829\nLIABILITIES AND STOCKHOLDERS EQUITY\nCurrent liabilities:\n \n \nTrade payables...................................................................................................................................... $\n93,307\n$\n68,377\nAccrued expenses.................................................................................................................................\n678,364\n683,866\nDebt and capital lease obligations........................................................................................................\n\n603,229\nAccrued restructuring...........................................................................................................................\n1,520\n17,120\nIncome taxes payable...........................................................................................................................\n6,165\n23,920\nDeferred revenue..................................................................................................................................\n1,434,200\n1,097,923\nTotal current liabilities....................................................................................................................\n2,213,556\n2,494,435\nLong-term liabilities:\n \n \nDebt and capital lease obligations........................................................................................................\n1,907,231\n911,086\nDeferred revenue..................................................................................................................................\n51,094\n57,401\nAccrued restructuring...........................................................................................................................\n3,214\n5,194\nIncome taxes payable...........................................................................................................................\n256,129\n125,746\nDeferred income taxes..........................................................................................................................\n208,209\n342,315\nOther liabilities.....................................................................................................................................\n85,459\n73,747\nTotal liabilities................................................................................................................................\n4,724,892\n4,009,924\nCommitments and contingencies\nStockholders equity:\n \n \nPreferred stock, $0.0001 par value; 2,000 shares authorized; none issued..........................................\n\n\nCommon stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; \n 497,809 and 497,484 shares outstanding, respectively......................................................................\n61\n61\nAdditional paid-in-capital ....................................................................................................................\n4,184,883\n3,778,495\nRetained earnings.................................................................................................................................\n7,253,431\n6,924,294\nAccumulated other comprehensive income (loss) ...............................................................................\n(169,080)\n(8,094)\nTreasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances......................\n(4,267,715)\n(3,918,851)\nTotal stockholders equity...............................................................................................................\n7,001,580\n6,775,905\nTotal liabilities and stockholders equity........................................................................................ $\n11,726,472\n$\n10,785,829\nSee accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'ADOBE_2015_10K', 'evidence_page_num': 58, 'evidence_text_full_page': '59\n ADOBE SYSTEMS INCORPORATED\n CONSOLIDATED BALANCE SHEETS\n(In thousands, except par value)\n \nNovember 27,\n2015\nNovember 28,\n2014\nASSETS\nCurrent assets:\n \n \nCash and cash equivalents.................................................................................................................... $\n876,560\n$\n1,117,400\nShort-term investments ........................................................................................................................\n3,111,524\n2,622,091\nTrade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively........\n672,006\n591,800\nDeferred income taxes..........................................................................................................................\n\n95,279\nPrepaid expenses and other current assets ...........................................................................................\n161,802\n175,758\nTotal current assets..........................................................................................................................\n4,821,892\n4,602,328\nProperty and equipment, net...................................................................................................................\n787,421\n785,123\nGoodwill .................................................................................................................................................\n5,366,881\n4,721,962\nPurchased and other intangibles, net.......................................................................................................\n510,007\n469,662\nInvestment in lease receivable................................................................................................................\n80,439\n80,439\nOther assets.............................................................................................................................................\n159,832\n126,315\nTotal assets...................................................................................................................................... $\n11,726,472\n$\n10,785,829\nLIABILITIES AND STOCKHOLDERS EQUITY\nCurrent liabilities:\n \n \nTrade payables...................................................................................................................................... $\n93,307\n$\n68,377\nAccrued expenses.................................................................................................................................\n678,364\n683,866\nDebt and capital lease obligations........................................................................................................\n\n603,229\nAccrued restructuring...........................................................................................................................\n1,520\n17,120\nIncome taxes payable...........................................................................................................................\n6,165\n23,920\nDeferred revenue..................................................................................................................................\n1,434,200\n1,097,923\nTotal current liabilities....................................................................................................................\n2,213,556\n2,494,435\nLong-term liabilities:\n \n \nDebt and capital lease obligations........................................................................................................\n1,907,231\n911,086\nDeferred revenue..................................................................................................................................\n51,094\n57,401\nAccrued restructuring...........................................................................................................................\n3,214\n5,194\nIncome taxes payable...........................................................................................................................\n256,129\n125,746\nDeferred income taxes..........................................................................................................................\n208,209\n342,315\nOther liabilities.....................................................................................................................................\n85,459\n73,747\nTotal liabilities................................................................................................................................\n4,724,892\n4,009,924\nCommitments and contingencies\nStockholders equity:\n \n \nPreferred stock, $0.0001 par value; 2,000 shares authorized; none issued..........................................\n\n\nCommon stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; \n 497,809 and 497,484 shares outstanding, respectively......................................................................\n61\n61\nAdditional paid-in-capital ....................................................................................................................\n4,184,883\n3,778,495\nRetained earnings.................................................................................................................................\n7,253,431\n6,924,294\nAccumulated other comprehensive income (loss) ...............................................................................\n(169,080)\n(8,094)\nTreasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances......................\n(4,267,715)\n(3,918,851)\nTotal stockholders equity...............................................................................................................\n7,001,580\n6,775,905\nTotal liabilities and stockholders equity........................................................................................ $\n11,726,472\n$\n10,785,829\nSee accompanying Notes to Consolidated Financial Statements.\n'}
 {'evidence_text': '63\nADOBE SYSTEMS INCORPORATED\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n \nYears Ended\n \nNovember 27,\n2015\nNovember 28,\n2014\nNovember 29,\n2013\nCash flows from operating activities:\n \n \nNet income..................................................................................................................... $\n629,551\n$\n268,395\n$\n289,985\nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation, amortization and accretion.................................................................\n339,473\n313,590\n321,227\nStock-based compensation .......................................................................................\n335,859\n333,701\n328,987\nDeferred income taxes..............................................................................................\n(69,657)\n(26,089)\n29,704\nGain on the sale of property .....................................................................................\n(21,415)\n\n\nWrite down of assets held for sale............................................................................\n\n\n23,151\nUnrealized (gains) losses on investments.................................................................\n(9,210)\n(74)\n5,665\nTax benefit from stock-based compensation............................................................\n68,133\n53,225\n25,290\nExcess tax benefits from stock-based compensation................................................\n(68,153)\n(53,235)\n(40,619)\nOther non-cash items................................................................................................\n1,216\n1,889\n5,654\nChanges in operating assets and liabilities, net of acquired assets and\n assumed liabilities:\nTrade receivables, net ............................................................................................\n(79,502)\n7,928\n33,649\nPrepaid expenses and other current assets .............................................................\n(7,701)\n(1,918)\n(55,509)\nTrade payables .......................................................................................................\n22,870\n6,211\n7,132\nAccrued expenses...................................................................................................\n(5,944)\n37,544\n41,828\nAccrued restructuring.............................................................................................\n(16,620)\n8,871\n(6,949)\nIncome taxes payable.............................................................................................\n29,801\n11,006\n(58,875)\nDeferred revenue....................................................................................................\n320,801\n326,438\n201,366\nNet cash provided by operating activities.........................................................\n1,469,502\n1,287,482\n1,151,686\nCash flows from investing activities:\n \n \nPurchases of short-term investments .............................................................................\n(2,064,833)\n(2,014,186)\n(2,058,058)\nMaturities of short-term investments.............................................................................\n371,790\n272,076\n360,485\nProceeds from sales of short-term investments .............................................................\n1,176,476\n1,443,577\n1,449,961\nAcquisitions, net of cash acquired .................................................................................\n(826,004)\n(29,802)\n(704,589)\nPurchases of property and equipment............................................................................\n(184,936)\n(148,332)\n(188,358)\nProceeds from sale of property ......................................................................................\n57,779\n\n24,260\nPurchases of long-term investments, intangibles and other assets ................................\n(22,779)\n(17,572)\n(67,737)\nProceeds from sale of long-term investments................................................................\n4,149\n3,532\n6,233\nNet cash used for investing activities ...............................................................\n(1,488,358)\n(490,707)\n(1,177,803)\nCash flows from financing activities:\n \n \nPurchases of treasury stock............................................................................................\n(625,000)\n(600,000)\n(1,100,000)\nProceeds from issuance of treasury stock......................................................................\n164,270\n227,841\n598,194\nCost of issuance of treasury stock..................................................................................\n(186,373)\n(173,675)\n(97,418)\nExcess tax benefits from stock-based compensation.....................................................\n68,153\n53,235\n40,619\nProceeds from debt and capital lease obligations ..........................................................\n989,280\n\n25,703\nRepayment of debt and capital lease obligations...........................................................\n(602,189)\n(14,684)\n(25,879)\nDebt issuance costs ........................................................................................................\n(8,828)\n\n(357)\nNet cash used for financing activities...............................................................\n(200,687)\n(507,283)\n(559,138)\nEffect of foreign currency exchange rates on cash and cash equivalents.........................\n(21,297)\n(6,648)\n(5,241)\nNet increase (decrease) in cash and cash equivalents.......................................................\n(240,840)\n282,844\n(590,496)\nCash and cash equivalents at beginning of year...............................................................\n1,117,400\n834,556\n1,425,052\nCash and cash equivalents at end of year ......................................................................... $\n876,560\n$\n1,117,400\n$\n834,556\nSupplemental disclosures:\n \nCash paid for income taxes, net of refunds.................................................................... $\n203,010\n$\n20,140\n$\n129,701\nCash paid for interest ..................................................................................................... $\n56,014\n$\n68,886\n$\n64,843\nNon-cash investing activities:\nInvestment in lease receivable applied to building purchase......................................... $\n\n$\n126,800\n$\n\nIssuance of common stock and stock awards assumed in business acquisitions........... $\n677\n$\n21\n$\n1,160\nSee accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'ADOBE_2015_10K', 'evidence_page_num': 62, 'evidence_text_full_page': '63\nADOBE SYSTEMS INCORPORATED\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n \nYears Ended\n \nNovember 27,\n2015\nNovember 28,\n2014\nNovember 29,\n2013\nCash flows from operating activities:\n \n \nNet income..................................................................................................................... $\n629,551\n$\n268,395\n$\n289,985\nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation, amortization and accretion.................................................................\n339,473\n313,590\n321,227\nStock-based compensation .......................................................................................\n335,859\n333,701\n328,987\nDeferred income taxes..............................................................................................\n(69,657)\n(26,089)\n29,704\nGain on the sale of property .....................................................................................\n(21,415)\n\n\nWrite down of assets held for sale............................................................................\n\n\n23,151\nUnrealized (gains) losses on investments.................................................................\n(9,210)\n(74)\n5,665\nTax benefit from stock-based compensation............................................................\n68,133\n53,225\n25,290\nExcess tax benefits from stock-based compensation................................................\n(68,153)\n(53,235)\n(40,619)\nOther non-cash items................................................................................................\n1,216\n1,889\n5,654\nChanges in operating assets and liabilities, net of acquired assets and\n assumed liabilities:\nTrade receivables, net ............................................................................................\n(79,502)\n7,928\n33,649\nPrepaid expenses and other current assets .............................................................\n(7,701)\n(1,918)\n(55,509)\nTrade payables .......................................................................................................\n22,870\n6,211\n7,132\nAccrued expenses...................................................................................................\n(5,944)\n37,544\n41,828\nAccrued restructuring.............................................................................................\n(16,620)\n8,871\n(6,949)\nIncome taxes payable.............................................................................................\n29,801\n11,006\n(58,875)\nDeferred revenue....................................................................................................\n320,801\n326,438\n201,366\nNet cash provided by operating activities.........................................................\n1,469,502\n1,287,482\n1,151,686\nCash flows from investing activities:\n \n \nPurchases of short-term investments .............................................................................\n(2,064,833)\n(2,014,186)\n(2,058,058)\nMaturities of short-term investments.............................................................................\n371,790\n272,076\n360,485\nProceeds from sales of short-term investments .............................................................\n1,176,476\n1,443,577\n1,449,961\nAcquisitions, net of cash acquired .................................................................................\n(826,004)\n(29,802)\n(704,589)\nPurchases of property and equipment............................................................................\n(184,936)\n(148,332)\n(188,358)\nProceeds from sale of property ......................................................................................\n57,779\n\n24,260\nPurchases of long-term investments, intangibles and other assets ................................\n(22,779)\n(17,572)\n(67,737)\nProceeds from sale of long-term investments................................................................\n4,149\n3,532\n6,233\nNet cash used for investing activities ...............................................................\n(1,488,358)\n(490,707)\n(1,177,803)\nCash flows from financing activities:\n \n \nPurchases of treasury stock............................................................................................\n(625,000)\n(600,000)\n(1,100,000)\nProceeds from issuance of treasury stock......................................................................\n164,270\n227,841\n598,194\nCost of issuance of treasury stock..................................................................................\n(186,373)\n(173,675)\n(97,418)\nExcess tax benefits from stock-based compensation.....................................................\n68,153\n53,235\n40,619\nProceeds from debt and capital lease obligations ..........................................................\n989,280\n\n25,703\nRepayment of debt and capital lease obligations...........................................................\n(602,189)\n(14,684)\n(25,879)\nDebt issuance costs ........................................................................................................\n(8,828)\n\n(357)\nNet cash used for financing activities...............................................................\n(200,687)\n(507,283)\n(559,138)\nEffect of foreign currency exchange rates on cash and cash equivalents.........................\n(21,297)\n(6,648)\n(5,241)\nNet increase (decrease) in cash and cash equivalents.......................................................\n(240,840)\n282,844\n(590,496)\nCash and cash equivalents at beginning of year...............................................................\n1,117,400\n834,556\n1,425,052\nCash and cash equivalents at end of year ......................................................................... $\n876,560\n$\n1,117,400\n$\n834,556\nSupplemental disclosures:\n \nCash paid for income taxes, net of refunds.................................................................... $\n203,010\n$\n20,140\n$\n129,701\nCash paid for interest ..................................................................................................... $\n56,014\n$\n68,886\n$\n64,843\nNon-cash investing activities:\nInvestment in lease receivable applied to building purchase......................................... $\n\n$\n126,800\n$\n\nIssuance of common stock and stock awards assumed in business acquisitions........... $\n677\n$\n21\n$\n1,160\nSee accompanying Notes to Consolidated Financial Statements.\n'}]","59
 ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
 
November 27,
2015
November 28,
2014
ASSETS
Current assets:
 
 
Cash and cash equivalents.................................................................................................................... $
876,560
$
1,117,400
Short-term investments ........................................................................................................................
3,111,524
2,622,091
Trade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively........
672,006
591,800
Deferred income taxes..........................................................................................................................

95,279
Prepaid expenses and other current assets ...........................................................................................
161,802
175,758
Total current assets..........................................................................................................................
4,821,892
4,602,328
Property and equipment, net...................................................................................................................
787,421
785,123
Goodwill .................................................................................................................................................
5,366,881
4,721,962
Purchased and other intangibles, net.......................................................................................................
510,007
469,662
Investment in lease receivable................................................................................................................
80,439
80,439
Other assets.............................................................................................................................................
159,832
126,315
Total assets...................................................................................................................................... $
11,726,472
$
10,785,829
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
 
 
Trade payables...................................................................................................................................... $
93,307
$
68,377
Accrued expenses.................................................................................................................................
678,364
683,866
Debt and capital lease obligations........................................................................................................

603,229
Accrued restructuring...........................................................................................................................
1,520
17,120
Income taxes payable...........................................................................................................................
6,165
23,920
Deferred revenue..................................................................................................................................
1,434,200
1,097,923
Total current liabilities....................................................................................................................
2,213,556
2,494,435
Long-term liabilities:
 
 
Debt and capital lease obligations........................................................................................................
1,907,231
911,086
Deferred revenue..................................................................................................................................
51,094
57,401
Accrued restructuring...........................................................................................................................
3,214
5,194
Income taxes payable...........................................................................................................................
256,129
125,746
Deferred income taxes..........................................................................................................................
208,209
342,315
Other liabilities.....................................................................................................................................
85,459
73,747
Total liabilities................................................................................................................................
4,724,892
4,009,924
Commitments and contingencies
Stockholders equity:
 
 
Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued..........................................


Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; 
 497,809 and 497,484 shares outstanding, respectively......................................................................
61
61
Additional paid-in-capital ....................................................................................................................
4,184,883
3,778,495
Retained earnings.................................................................................................................................
7,253,431
6,924,294
Accumulated other comprehensive income (loss) ...............................................................................
(169,080)
(8,094)
Treasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances......................
(4,267,715)
(3,918,851)
Total stockholders equity...............................................................................................................
7,001,580
6,775,905
Total liabilities and stockholders equity........................................................................................ $
11,726,472
$
10,785,829
See accompanying Notes to Consolidated Financial Statements. 63
ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Years Ended
 
November 27,
2015
November 28,
2014
November 29,
2013
Cash flows from operating activities:
 
 
Net income..................................................................................................................... $
629,551
$
268,395
$
289,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion.................................................................
339,473
313,590
321,227
Stock-based compensation .......................................................................................
335,859
333,701
328,987
Deferred income taxes..............................................................................................
(69,657)
(26,089)
29,704
Gain on the sale of property .....................................................................................
(21,415)


Write down of assets held for sale............................................................................


23,151
Unrealized (gains) losses on investments.................................................................
(9,210)
(74)
5,665
Tax benefit from stock-based compensation............................................................
68,133
53,225
25,290
Excess tax benefits from stock-based compensation................................................
(68,153)
(53,235)
(40,619)
Other non-cash items................................................................................................
1,216
1,889
5,654
Changes in operating assets and liabilities, net of acquired assets and
 assumed liabilities:
Trade receivables, net ............................................................................................
(79,502)
7,928
33,649
Prepaid expenses and other current assets .............................................................
(7,701)
(1,918)
(55,509)
Trade payables .......................................................................................................
22,870
6,211
7,132
Accrued expenses...................................................................................................
(5,944)
37,544
41,828
Accrued restructuring.............................................................................................
(16,620)
8,871
(6,949)
Income taxes payable.............................................................................................
29,801
11,006
(58,875)
Deferred revenue....................................................................................................
320,801
326,438
201,366
Net cash provided by operating activities.........................................................
1,469,502
1,287,482
1,151,686
Cash flows from investing activities:
 
 
Purchases of short-term investments .............................................................................
(2,064,833)
(2,014,186)
(2,058,058)
Maturities of short-term investments.............................................................................
371,790
272,076
360,485
Proceeds from sales of short-term investments .............................................................
1,176,476
1,443,577
1,449,961
Acquisitions, net of cash acquired .................................................................................
(826,004)
(29,802)
(704,589)
Purchases of property and equipment............................................................................
(184,936)
(148,332)
(188,358)
Proceeds from sale of property ......................................................................................
57,779

24,260
Purchases of long-term investments, intangibles and other assets ................................
(22,779)
(17,572)
(67,737)
Proceeds from sale of long-term investments................................................................
4,149
3,532
6,233
Net cash used for investing activities ...............................................................
(1,488,358)
(490,707)
(1,177,803)
Cash flows from financing activities:
 
 
Purchases of treasury stock............................................................................................
(625,000)
(600,000)
(1,100,000)
Proceeds from issuance of treasury stock......................................................................
164,270
227,841
598,194
Cost of issuance of treasury stock..................................................................................
(186,373)
(173,675)
(97,418)
Excess tax benefits from stock-based compensation.....................................................
68,153
53,235
40,619
Proceeds from debt and capital lease obligations ..........................................................
989,280

25,703
Repayment of debt and capital lease obligations...........................................................
(602,189)
(14,684)
(25,879)
Debt issuance costs ........................................................................................................
(8,828)

(357)
Net cash used for financing activities...............................................................
(200,687)
(507,283)
(559,138)
Effect of foreign currency exchange rates on cash and cash equivalents.........................
(21,297)
(6,648)
(5,241)
Net increase (decrease) in cash and cash equivalents.......................................................
(240,840)
282,844
(590,496)
Cash and cash equivalents at beginning of year...............................................................
1,117,400
834,556
1,425,052
Cash and cash equivalents at end of year ......................................................................... $
876,560
$
1,117,400
$
834,556
Supplemental disclosures:
 
Cash paid for income taxes, net of refunds.................................................................... $
203,010
$
20,140
$
129,701
Cash paid for interest ..................................................................................................... $
56,014
$
68,886
$
64,843
Non-cash investing activities:
Investment in lease receivable applied to building purchase......................................... $

$
126,800
$

Issuance of common stock and stock awards assumed in business acquisitions........... $
677
$
21
$
1,160
See accompanying Notes to Consolidated Financial Statements."
What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) / (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) / (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) / (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.,-3.7,"[{'evidence_text': 'Table of Contents\nConsolidated Statements of Earnings\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions, Except per Share Data)\n \n \n \nFiscal Year\n \n \n \n2019\n \n2018\n \n2017\n \nNet sales\n \n $ 16,865.2 \n $ 15,740.4 \n $ 15,619.8 \nCost of sales\n \n \n11,108.4 \n \n10,304.8 \n \n10,052.0 \nSelling, general, and administrative expenses\n \n \n2,935.8 \n \n2,850.1 \n \n2,888.8 \nDivestitures loss\n \n \n30.0 \n \n- \n \n6.5 \nRestructuring, impairment, and other exit costs\n \n \n275.1 \n \n165.6 \n \n180.4 \n \n \n \n \n \n \n \n \n \n \n \n \nOperating profit\n \n \n2,515.9 \n \n2,419.9 \n \n2,492.1 \nBenefit plan non-service income\n \n \n(87.9) \n \n(89.4) \n \n(74.3) \nInterest, net\n \n \n521.8 \n \n373.7 \n \n295.1 \n \n \n \n \n \n \n \n \n \n \n \n \nEarnings before income taxes and after-tax earnings from joint ventures\n \n \n2,082.0 \n \n2,135.6 \n \n2,271.3 \nIncome taxes\n \n \n367.8 \n \n57.3 \n \n655.2 \nAfter-tax earnings from joint ventures\n \n \n72.0 \n \n84.7 \n \n85.0 \n \n \n \n \n \n \n \n \n \n \n \n \nNet earnings, including earnings attributable to redeemable and noncontrolling\ninterests\n \n \n1,786.2 \n \n2,163.0 \n \n1,701.1 \nNet earnings attributable to redeemable and noncontrolling interests\n \n \n33.5 \n \n32.0 \n \n43.6 \n \n \n \n \n \n \n \n \n \n \n \n \nNet earnings attributable to General Mills\n \n $\n1,752.7 \n $\n2,131.0 \n $\n1,657.5 \n \n \n \n \n \n \n \n \n \n \n \n \nEarnings per share - basic\n \n $\n2.92 \n $\n3.69 \n $\n2.82 \n \n \n \n \n \n \n \n \n \n \n \n \nEarnings per share - diluted\n \n $\n2.90 \n $\n3.64 \n $\n2.77 \n \n \n \n \n \n \n \n \n \n \n \n \nDividends per share\n \n $\n1.96 \n $\n1.96 \n $\n1.92 \n \n \n \n \n \n \n \n \n \n \n \n \nSee accompanying notes to consolidated financial statements.\n \n53', 'doc_name': 'GENERALMILLS_2019_10K', 'evidence_page_num': 52, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statements of Earnings\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions, Except per Share Data)\n \n \n \nFiscal Year\n \n \n \n2019\n \n2018\n \n2017\n \nNet sales\n \n $ 16,865.2 \n $ 15,740.4 \n $ 15,619.8 \nCost of sales\n \n \n11,108.4 \n \n10,304.8 \n \n10,052.0 \nSelling, general, and administrative expenses\n \n \n2,935.8 \n \n2,850.1 \n \n2,888.8 \nDivestitures loss\n \n \n30.0 \n \n- \n \n6.5 \nRestructuring, impairment, and other exit costs\n \n \n275.1 \n \n165.6 \n \n180.4 \n \n \n \n \n \n \n \n \n \n \n \n \nOperating profit\n \n \n2,515.9 \n \n2,419.9 \n \n2,492.1 \nBenefit plan non-service income\n \n \n(87.9) \n \n(89.4) \n \n(74.3) \nInterest, net\n \n \n521.8 \n \n373.7 \n \n295.1 \n \n \n \n \n \n \n \n \n \n \n \n \nEarnings before income taxes and after-tax earnings from joint ventures\n \n \n2,082.0 \n \n2,135.6 \n \n2,271.3 \nIncome taxes\n \n \n367.8 \n \n57.3 \n \n655.2 \nAfter-tax earnings from joint ventures\n \n \n72.0 \n \n84.7 \n \n85.0 \n \n \n \n \n \n \n \n \n \n \n \n \nNet earnings, including earnings attributable to redeemable and noncontrolling\ninterests\n \n \n1,786.2 \n \n2,163.0 \n \n1,701.1 \nNet earnings attributable to redeemable and noncontrolling interests\n \n \n33.5 \n \n32.0 \n \n43.6 \n \n \n \n \n \n \n \n \n \n \n \n \nNet earnings attributable to General Mills\n \n $\n1,752.7 \n $\n2,131.0 \n $\n1,657.5 \n \n \n \n \n \n \n \n \n \n \n \n \nEarnings per share - basic\n \n $\n2.92 \n $\n3.69 \n $\n2.82 \n \n \n \n \n \n \n \n \n \n \n \n \nEarnings per share - diluted\n \n $\n2.90 \n $\n3.64 \n $\n2.77 \n \n \n \n \n \n \n \n \n \n \n \n \nDividends per share\n \n $\n1.96 \n $\n1.96 \n $\n1.92 \n \n \n \n \n \n \n \n \n \n \n \n \nSee accompanying notes to consolidated financial statements.\n \n53\n'}
 {'evidence_text': 'Table of Contents\nConsolidated Balance Sheets\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions, Except Par Value)\n \n \n \nMay 26, \n 2019 \nMay 27, \n 2018 \n \nASSETS\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n \n$\n450.0 \n$\n399.0 \nReceivables\n \n \n1,679.7 \n \n1,684.2 \nInventories\n \n \n1,559.3 \n \n1,642.2 \nPrepaid expenses and other current assets\n \n \n497.5 \n \n398.3 \n \n \n \n \n \n \n \n \nTotal current assets\n \n \n4,186.5 \n \n4,123.7 \nLand, buildings, and equipment\n \n \n3,787.2 \n \n4,047.2 \nGoodwill\n \n \n13,995.8 \n \n14,065.0 \nOther intangible assets\n \n \n7,166.8 \n \n7,445.1 \nOther assets\n \n \n974.9 \n \n943.0 \n \n \n \n \n \n \n \n \nTotal assets\n \n$\n 30,111.2 \n$\n 30,624.0 \n \n \n \n \n \n \n \n \nLIABILITIES AND EQUITY\n \n \nCurrent liabilities:\n \n \nAccounts payable\n \n$\n2,854.1 \n$\n2,746.2 \nCurrent portion of long-term debt\n \n \n1,396.5 \n \n1,600.1 \nNotes payable\n \n \n1,468.7 \n \n1,549.8 \nOther current liabilities\n \n \n1,367.8 \n \n1,445.8 \n \n \n \n \n \n \n \n \nTotal current liabilities\n \n \n7,087.1 \n \n7,341.9 \nLong-term debt\n \n \n11,624.8 \n \n12,668.7 \nDeferred income taxes\n \n \n2,031.0 \n \n2,003.8 \nOther liabilities\n \n \n1,448.9 \n \n1,341.0 \n \n \n \n \n \n \n \n \nTotal liabilities\n \n \n22,191.8 \n \n23,355.4 \n \n \n \n \n \n \n \n \nRedeemable interest\n \n \n551.7 \n \n776.2 \nStockholders equity:\n \n \nCommon stock, 754.6 shares issued, $0.10 par value\n \n \n75.5 \n \n75.5 \nAdditional paid-in capital\n \n \n1,386.7 \n \n1,202.5 \nRetained earnings\n \n \n14,996.7 \n \n14,459.6 \nCommon stock in treasury, at cost, shares of 152.7 and 161.5\n \n \n(6,779.0) \n \n(7,167.5) \nAccumulated other comprehensive loss\n \n \n(2,625.4) \n \n(2,429.0) \n \n \n \n \n \n \n \n \nTotal stockholders equity\n \n \n7,054.5 \n \n6,141.1 \nNoncontrolling interests\n \n \n313.2 \n \n351.3 \n \n \n \n \n \n \n \n \nTotal equity\n \n \n7,367.7 \n \n6,492.4 \n \n \n \n \n \n \n \n \nTotal liabilities and equity\n \n$\n 30,111.2 \n$\n 30,624.0 \n \n \n \n \n \n \n \n \nSee accompanying notes to consolidated financial statements.\n \n55', 'doc_name': 'GENERALMILLS_2019_10K', 'evidence_page_num': 54, 'evidence_text_full_page': 'Table of Contents\nConsolidated Balance Sheets\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions, Except Par Value)\n \n \n \nMay 26, \n 2019 \nMay 27, \n 2018 \n \nASSETS\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n \n$\n450.0 \n$\n399.0 \nReceivables\n \n \n1,679.7 \n \n1,684.2 \nInventories\n \n \n1,559.3 \n \n1,642.2 \nPrepaid expenses and other current assets\n \n \n497.5 \n \n398.3 \n \n \n \n \n \n \n \n \nTotal current assets\n \n \n4,186.5 \n \n4,123.7 \nLand, buildings, and equipment\n \n \n3,787.2 \n \n4,047.2 \nGoodwill\n \n \n13,995.8 \n \n14,065.0 \nOther intangible assets\n \n \n7,166.8 \n \n7,445.1 \nOther assets\n \n \n974.9 \n \n943.0 \n \n \n \n \n \n \n \n \nTotal assets\n \n$\n 30,111.2 \n$\n 30,624.0 \n \n \n \n \n \n \n \n \nLIABILITIES AND EQUITY\n \n \nCurrent liabilities:\n \n \nAccounts payable\n \n$\n2,854.1 \n$\n2,746.2 \nCurrent portion of long-term debt\n \n \n1,396.5 \n \n1,600.1 \nNotes payable\n \n \n1,468.7 \n \n1,549.8 \nOther current liabilities\n \n \n1,367.8 \n \n1,445.8 \n \n \n \n \n \n \n \n \nTotal current liabilities\n \n \n7,087.1 \n \n7,341.9 \nLong-term debt\n \n \n11,624.8 \n \n12,668.7 \nDeferred income taxes\n \n \n2,031.0 \n \n2,003.8 \nOther liabilities\n \n \n1,448.9 \n \n1,341.0 \n \n \n \n \n \n \n \n \nTotal liabilities\n \n \n22,191.8 \n \n23,355.4 \n \n \n \n \n \n \n \n \nRedeemable interest\n \n \n551.7 \n \n776.2 \nStockholders equity:\n \n \nCommon stock, 754.6 shares issued, $0.10 par value\n \n \n75.5 \n \n75.5 \nAdditional paid-in capital\n \n \n1,386.7 \n \n1,202.5 \nRetained earnings\n \n \n14,996.7 \n \n14,459.6 \nCommon stock in treasury, at cost, shares of 152.7 and 161.5\n \n \n(6,779.0) \n \n(7,167.5) \nAccumulated other comprehensive loss\n \n \n(2,625.4) \n \n(2,429.0) \n \n \n \n \n \n \n \n \nTotal stockholders equity\n \n \n7,054.5 \n \n6,141.1 \nNoncontrolling interests\n \n \n313.2 \n \n351.3 \n \n \n \n \n \n \n \n \nTotal equity\n \n \n7,367.7 \n \n6,492.4 \n \n \n \n \n \n \n \n \nTotal liabilities and equity\n \n$\n 30,111.2 \n$\n 30,624.0 \n \n \n \n \n \n \n \n \nSee accompanying notes to consolidated financial statements.\n \n55\n'}]","Table of Contents
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data)
 
 
 
Fiscal Year
 
 
 
2019
 
2018
 
2017
 
Net sales
 
 $ 16,865.2 
 $ 15,740.4 
 $ 15,619.8 
Cost of sales
 
 
11,108.4 
 
10,304.8 
 
10,052.0 
Selling, general, and administrative expenses
 
 
2,935.8 
 
2,850.1 
 
2,888.8 
Divestitures loss
 
 
30.0 
 
- 
 
6.5 
Restructuring, impairment, and other exit costs
 
 
275.1 
 
165.6 
 
180.4 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit
 
 
2,515.9 
 
2,419.9 
 
2,492.1 
Benefit plan non-service income
 
 
(87.9) 
 
(89.4) 
 
(74.3) 
Interest, net
 
 
521.8 
 
373.7 
 
295.1 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and after-tax earnings from joint ventures
 
 
2,082.0 
 
2,135.6 
 
2,271.3 
Income taxes
 
 
367.8 
 
57.3 
 
655.2 
After-tax earnings from joint ventures
 
 
72.0 
 
84.7 
 
85.0 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings, including earnings attributable to redeemable and noncontrolling
interests
 
 
1,786.2 
 
2,163.0 
 
1,701.1 
Net earnings attributable to redeemable and noncontrolling interests
 
 
33.5 
 
32.0 
 
43.6 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings attributable to General Mills
 
 $
1,752.7 
 $
2,131.0 
 $
1,657.5 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share - basic
 
 $
2.92 
 $
3.69 
 $
2.82 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share - diluted
 
 $
2.90 
 $
3.64 
 $
2.77 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per share
 
 $
1.96 
 $
1.96 
 $
1.92 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
53 Table of Contents
Consolidated Balance Sheets
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except Par Value)
 
 
 
May 26, 
 2019 
May 27, 
 2018 
 
ASSETS
 
 
Current assets:
 
 
Cash and cash equivalents
 
$
450.0 
$
399.0 
Receivables
 
 
1,679.7 
 
1,684.2 
Inventories
 
 
1,559.3 
 
1,642.2 
Prepaid expenses and other current assets
 
 
497.5 
 
398.3 
 
 
 
 
 
 
 
 
Total current assets
 
 
4,186.5 
 
4,123.7 
Land, buildings, and equipment
 
 
3,787.2 
 
4,047.2 
Goodwill
 
 
13,995.8 
 
14,065.0 
Other intangible assets
 
 
7,166.8 
 
7,445.1 
Other assets
 
 
974.9 
 
943.0 
 
 
 
 
 
 
 
 
Total assets
 
$
 30,111.2 
$
 30,624.0 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
Current liabilities:
 
 
Accounts payable
 
$
2,854.1 
$
2,746.2 
Current portion of long-term debt
 
 
1,396.5 
 
1,600.1 
Notes payable
 
 
1,468.7 
 
1,549.8 
Other current liabilities
 
 
1,367.8 
 
1,445.8 
 
 
 
 
 
 
 
 
Total current liabilities
 
 
7,087.1 
 
7,341.9 
Long-term debt
 
 
11,624.8 
 
12,668.7 
Deferred income taxes
 
 
2,031.0 
 
2,003.8 
Other liabilities
 
 
1,448.9 
 
1,341.0 
 
 
 
 
 
 
 
 
Total liabilities
 
 
22,191.8 
 
23,355.4 
 
 
 
 
 
 
 
 
Redeemable interest
 
 
551.7 
 
776.2 
Stockholders equity:
 
 
Common stock, 754.6 shares issued, $0.10 par value
 
 
75.5 
 
75.5 
Additional paid-in capital
 
 
1,386.7 
 
1,202.5 
Retained earnings
 
 
14,996.7 
 
14,459.6 
Common stock in treasury, at cost, shares of 152.7 and 161.5
 
 
(6,779.0) 
 
(7,167.5) 
Accumulated other comprehensive loss
 
 
(2,625.4) 
 
(2,429.0) 
 
 
 
 
 
 
 
 
Total stockholders equity
 
 
7,054.5 
 
6,141.1 
Noncontrolling interests
 
 
313.2 
 
351.3 
 
 
 
 
 
 
 
 
Total equity
 
 
7,367.7 
 
6,492.4 
 
 
 
 
 
 
 
 
Total liabilities and equity
 
$
 30,111.2 
$
 30,624.0 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
55"
How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?,77.78,"[{'evidence_text': 'We expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception\nand through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs.', 'doc_name': 'Pfizer_2023Q2_10Q', 'evidence_page_num': 40, 'evidence_text_full_page': 'ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF\nOPERATIONS\nGENERAL\nThe following MD&A is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts\nand certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the condensed\nconsolidated financial statements and related notes in Item 1. Financial Statements in this Form 10-Q.\nReferences to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate\nchanges are part of our business, they are not within our control and because they can mask positive or negative trends in the business, we believe presenting\noperational variances excluding these foreign exchange changes provides useful information to evaluate our results.\nOVERVIEW OF OUR PERFORMANCE, OPERATING ENVIRONMENT, STRATEGY AND OUTLOOK\nOur Business and StrategyPfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies\nto people that extend and significantly improve their lives. In 2023, we are making additional investments in both R&D and SI&A to support Pfizers near- and\nlonger-term growth plans, including to support anticipated new launches, commercial launch of COVID-19 products, potential pipeline programs and recently\nacquired assets. We manage our commercial operations through a global structure consisting of two operating segments: Biopharma and Business Innovation.\nBiopharma is the only reportable segment. See Note 13A.\nWe expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception\nand through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs.\nIn the fourth quarter of 2022, we began taking steps through our Transforming to a More Focused Company restructuring program to optimize our end-to-end\nR&D operations to reduce costs and cycle times as well as to further prioritize our internal R&D portfolio in areas where our capabilities are differentiated\nwhile increasing external innovation efforts to leverage an expanding and productive biotech sector. See Note 3. For a description of savings related to this\nprogram, see the Costs and ExpensesRestructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives\nsection within MD&A.\nIn July 2023, we announced that in consideration of planned future investments in oncology, including the proposed acquisition of Seagen, we are reorganizing\nhow our R&D operations are conducted. Beginning in July 2023, discovery to early- and late-phase clinical development for oncology will be performed by a\nnew end-to-end Oncology Research and Development platform function and discovery to early- and late-phase clinical development for all remaining\ntherapeutic areas will be consolidated in the Pfizer Research and Development platform function.\nFor additional information about our business, strategy and operating environment, see the Item 1. Business section and Overview of Our Performance,\nOperating Environment, Strategy and Outlook section within MD&A of our 2022 Form 10-K.\nOur Business Development InitiativesWe are committed to strategically capitalizing on growth opportunities, primarily by advancing our own product\npipeline and maximizing the value of our existing products, but also through various business development activities. Our significant recent business\ndevelopment activities include the transactions discussed in Notes 1A and 2, including the proposed acquisition of Seagen, as well as the following:\nProposed Divestiture of Early-Stage Rare Disease Gene Therapy PortfolioIn July 2023, we entered into an agreement with Alexion, a subsidiary of\nAstraZeneca plc, under which Alexion will purchase and license the assets of our early-stage rare disease gene therapy portfolio. This agreement is consistent\nwith our previously announced strategy to pivot from viral capsid-based gene therapy approaches to harnessing new platform technologies that we believe can\nhave a transformative impact on patients, such as mRNA or in vivo gene editing. Under the terms of the agreement, Alexion will pay us total consideration of\nup to $1 billion, plus tiered royalties based on annual net sales of the assets. The transaction is expected to close in the third quarter of 2023, subject to\ncustomary closing conditions.\nAgreement with Flagship Pioneering, Inc. (Flagship)In July 2023, we and Flagship announced that we have partnered to create a new pipeline of innovative\nmedicines. Under the terms of the novel agreement, we and Flagship will each invest $50 million upfront to explore opportunities to develop 10 single-asset\nprograms by leveraging Flagships ecosystem of more than 40 human health companies and multiple biotechnology platforms. Pfizer will fund and have an\noption to acquire each selected development program. Flagship and its bioplatform companies will be eligible to receive up to $700 million in milestones and\nroyalties for each successfully commercialized program.\n38\n'}]","We expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception
and through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs."
What are major acquisitions that Ulta Beauty has done in FY2023 and FY2022?,Ulta Beauty did not make any acquisitions in FY2023 and FY2022.,"[{'evidence_text': 'Ulta Beauty, Inc.\nConsolidated Statements of Cash Flows\nFiscal year ended\nJanuary 28,\nJanuary 29,\nJanuary 30,\n(In thousands)\n2023\n \n2022\n \n2021\nOperating activities\nNet income\n$\n1,242,408\n$\n985,837\n$\n175,835\nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation and amortization\n241,372\n268,460\n297,772\nNon-cash lease expense\n301,912\n276,229\n268,071\nLong-lived asset impairment charge\n\n\n72,533\nDeferred income taxes\n15,653\n(25,666)\n(24,008)\nStock-based compensation expense\n43,044\n47,259\n27,583\nLoss on disposal of property and equipment\n6,688\n5,358\n6,827\nChange in operating assets and liabilities:\nReceivables\n34,260\n(40,573)\n(53,772)\nMerchandise inventories\n(104,233)\n(331,003)\n125,486\nPrepaid expenses and other current assets\n(19,432)\n(3,412)\n(4,363)\nIncome taxes\n(45,182)\n(35,652)\n58,916\nAccounts payable\n8,309\n66,156\n62,324\nAccrued liabilities\n48,249\n58,598\n58,599\nDeferred revenue\n41,098\n79,196\n36,848\nOperating lease liabilities\n(324,500)\n(303,914)\n(297,513)\nOther assets and liabilities\n(7,731)\n12,392\n(783)\nNet cash provided by operating activities\n1,481,915\n1,059,265\n810,355\nInvesting activities\nProceeds from short-term investments\n\n\n110,000\nCapital expenditures\n(312,126)\n(172,187)\n(151,866)\nAcquisitions, net of cash acquired\n\n\n(1,220)', 'doc_name': 'ULTABEAUTY_2023_10K', 'evidence_page_num': 56, 'evidence_text_full_page': 'Table of Contents\n54\nUlta Beauty, Inc.\nConsolidated Statements of Cash Flows\nFiscal year ended\nJanuary 28,\nJanuary 29,\nJanuary 30,\n(In thousands)\n2023\n \n2022\n \n2021\nOperating activities\nNet income\n$\n1,242,408\n$\n985,837\n$\n175,835\nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation and amortization\n241,372\n268,460\n297,772\nNon-cash lease expense\n301,912\n276,229\n268,071\nLong-lived asset impairment charge\n\n\n72,533\nDeferred income taxes\n15,653\n(25,666)\n(24,008)\nStock-based compensation expense\n43,044\n47,259\n27,583\nLoss on disposal of property and equipment\n6,688\n5,358\n6,827\nChange in operating assets and liabilities:\nReceivables\n34,260\n(40,573)\n(53,772)\nMerchandise inventories\n(104,233)\n(331,003)\n125,486\nPrepaid expenses and other current assets\n(19,432)\n(3,412)\n(4,363)\nIncome taxes\n(45,182)\n(35,652)\n58,916\nAccounts payable\n8,309\n66,156\n62,324\nAccrued liabilities\n48,249\n58,598\n58,599\nDeferred revenue\n41,098\n79,196\n36,848\nOperating lease liabilities\n(324,500)\n(303,914)\n(297,513)\nOther assets and liabilities\n(7,731)\n12,392\n(783)\nNet cash provided by operating activities\n1,481,915\n1,059,265\n810,355\nInvesting activities\nProceeds from short-term investments\n\n\n110,000\nCapital expenditures\n(312,126)\n(172,187)\n(151,866)\nAcquisitions, net of cash acquired\n\n\n(1,220)\nOther investments\n(2,458)\n(4,297)\n(5,665)\nNet cash used in investing activities\n(314,584)\n(176,484)\n(48,751)\nFinancing activities\nProceeds from long-term debt\n\n\n800,000\nPayments on long-term debt\n\n\n(800,000)\nRepurchase of common shares\n(900,033)\n(1,521,925)\n(114,895)\nStock options exercised\n46,011\n40,386\n12,229\nPurchase of treasury shares\n(6,992)\n(15,677)\n(3,353)\nDebt issuance costs\n\n\n(1,915)\nNet cash used in financing activities\n(861,014)\n(1,497,216)\n(107,934)\nEffect of exchange rate changes on cash and cash equivalents\n\n(56)\n56\nNet increase (decrease) in cash and cash equivalents\n306,317\n(614,491)\n653,726\nCash and cash equivalents at beginning of year\n431,560\n1,046,051\n392,325\nCash and cash equivalents at end of year\n$\n737,877\n$\n431,560\n$\n1,046,051\nSupplemental information\nCash paid for interest\n$\n2,138\n$\n2,132\n$\n6,987\nIncome taxes paid, net of refunds\n429,846\n370,646\n19,454\nNon-cash capital expenditures\n69,591\n39,874\n20,487\nSee accompanying notes to consolidated financial statements.\n'}]","Ulta Beauty, Inc.
Consolidated Statements of Cash Flows
Fiscal year ended
January 28,
January 29,
January 30,
(In thousands)
2023
 
2022
 
2021
Operating activities
Net income
$
1,242,408
$
985,837
$
175,835
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
241,372
268,460
297,772
Non-cash lease expense
301,912
276,229
268,071
Long-lived asset impairment charge


72,533
Deferred income taxes
15,653
(25,666)
(24,008)
Stock-based compensation expense
43,044
47,259
27,583
Loss on disposal of property and equipment
6,688
5,358
6,827
Change in operating assets and liabilities:
Receivables
34,260
(40,573)
(53,772)
Merchandise inventories
(104,233)
(331,003)
125,486
Prepaid expenses and other current assets
(19,432)
(3,412)
(4,363)
Income taxes
(45,182)
(35,652)
58,916
Accounts payable
8,309
66,156
62,324
Accrued liabilities
48,249
58,598
58,599
Deferred revenue
41,098
79,196
36,848
Operating lease liabilities
(324,500)
(303,914)
(297,513)
Other assets and liabilities
(7,731)
12,392
(783)
Net cash provided by operating activities
1,481,915
1,059,265
810,355
Investing activities
Proceeds from short-term investments


110,000
Capital expenditures
(312,126)
(172,187)
(151,866)
Acquisitions, net of cash acquired


(1,220)"
What is the FY2018 fixed asset turnover ratio for CVS Health? Fixed asset turnover ratio is defined as: FY2018 revenue / (average PP&E between FY2017 and FY2018). Round your answer to two decimal places. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the balance sheet.,17.98,"[{'evidence_text': 'ConsolidatedStatementsofOperations\n\nFortheYearsEndedDecember31,\nIn millions, except per share amounts\n2018\n\n2017\n\n2016\nRevenues:\n\n \n \nProducts\n$\n183,910 $\n180,063 $\n173,377\nPremiums\n8,184 \n3,558 \n3,069\nServices\n1,825 \n1,144 \n1,080\nNetinvestmentincome\n660 \n21 \n20\nTotalrevenues\n194,579 \n184,786 \n177,546\nOperatingcosts:\n\n \n \nCostofproductssold\n156,447 \n153,448 \n146,533\nBenefitcosts\n6,594 \n2,810 \n2,179\nGoodwillimpairments\n6,149 \n181 \n\nOperatingexpenses\n21,368 \n18,809 \n18,448\nTotaloperatingcosts\n190,558 \n175,248 \n167,160\nOperatingincome\n4,021 \n9,538 \n10,386\nInterestexpense\n2,619 \n1,062 \n1,078\nLossonearlyextinguishmentofdebt\n \n \n643\nOtherexpense(income)\n(4) \n208 \n28\nIncomebeforeincometaxprovision\n1,406 \n8,268 \n8,637\nIncometaxprovision\n2,002 \n1,637 \n3,317\nIncome(loss)fromcontinuingoperations\n(596) \n6,631 \n5,320\nLossfromdiscontinuedoperations,netoftax\n \n(8) \n(1)\nNetincome(loss)\n(596) \n6,623 \n5,319\nNet(income)lossattributabletononcontrollinginterests\n2 \n(1) \n(2)\nNetincome(loss)attributabletoCVSHealth\n$\n(594) $\n6,622 $\n5,317\n\n\n \n \nBasicearnings(loss)pershare:\n\n \n \nIncome(loss)fromcontinuingoperationsattributabletoCVSHealth\n$\n(0.57) $\n6.48 $\n4.93\nLossfromdiscontinuedoperationsattributabletoCVSHealth\n$\n $\n(0.01) $\n\nNetincome(loss)attributabletoCVSHealth\n$\n(0.57) $\n6.47 $\n4.93\nWeightedaveragebasicsharesoutstanding\n1,044 \n1,020 \n1,073\nDilutedearnings(loss)pershare:\n\n \n \nIncome(loss)fromcontinuingoperationsattributabletoCVSHealth\n$\n(0.57) $\n6.45 $\n4.91\nLossfromdiscontinuedoperationsattributabletoCVSHealth\n$\n $\n(0.01) $\n\nNetincome(loss)attributabletoCVSHealth\n$\n(0.57) $\n6.44 $\n4.90\nWeightedaveragedilutedsharesoutstanding\n1,044 \n1,024 \n1,079\nDividendsdeclaredpershare\n$\n2.00 $\n2.00 $\n1.70\n\n\n \n \nSeeaccompanyingnotestoconsolidatedfinancialstatements.\nPage38', 'doc_name': 'CVSHEALTH_2018_10K', 'evidence_page_num': 301, 'evidence_text_full_page': 'ConsolidatedStatementsofOperations\n\nFortheYearsEndedDecember31,\nIn millions, except per share amounts\n2018\n\n2017\n\n2016\nRevenues:\n\n \n \nProducts\n$\n183,910 $\n180,063 $\n173,377\nPremiums\n8,184 \n3,558 \n3,069\nServices\n1,825 \n1,144 \n1,080\nNetinvestmentincome\n660 \n21 \n20\nTotalrevenues\n194,579 \n184,786 \n177,546\nOperatingcosts:\n\n \n \nCostofproductssold\n156,447 \n153,448 \n146,533\nBenefitcosts\n6,594 \n2,810 \n2,179\nGoodwillimpairments\n6,149 \n181 \n\nOperatingexpenses\n21,368 \n18,809 \n18,448\nTotaloperatingcosts\n190,558 \n175,248 \n167,160\nOperatingincome\n4,021 \n9,538 \n10,386\nInterestexpense\n2,619 \n1,062 \n1,078\nLossonearlyextinguishmentofdebt\n \n \n643\nOtherexpense(income)\n(4) \n208 \n28\nIncomebeforeincometaxprovision\n1,406 \n8,268 \n8,637\nIncometaxprovision\n2,002 \n1,637 \n3,317\nIncome(loss)fromcontinuingoperations\n(596) \n6,631 \n5,320\nLossfromdiscontinuedoperations,netoftax\n \n(8) \n(1)\nNetincome(loss)\n(596) \n6,623 \n5,319\nNet(income)lossattributabletononcontrollinginterests\n2 \n(1) \n(2)\nNetincome(loss)attributabletoCVSHealth\n$\n(594) $\n6,622 $\n5,317\n\n\n \n \nBasicearnings(loss)pershare:\n\n \n \nIncome(loss)fromcontinuingoperationsattributabletoCVSHealth\n$\n(0.57) $\n6.48 $\n4.93\nLossfromdiscontinuedoperationsattributabletoCVSHealth\n$\n $\n(0.01) $\n\nNetincome(loss)attributabletoCVSHealth\n$\n(0.57) $\n6.47 $\n4.93\nWeightedaveragebasicsharesoutstanding\n1,044 \n1,020 \n1,073\nDilutedearnings(loss)pershare:\n\n \n \nIncome(loss)fromcontinuingoperationsattributabletoCVSHealth\n$\n(0.57) $\n6.45 $\n4.91\nLossfromdiscontinuedoperationsattributabletoCVSHealth\n$\n $\n(0.01) $\n\nNetincome(loss)attributabletoCVSHealth\n$\n(0.57) $\n6.44 $\n4.90\nWeightedaveragedilutedsharesoutstanding\n1,044 \n1,024 \n1,079\nDividendsdeclaredpershare\n$\n2.00 $\n2.00 $\n1.70\n\n\n \n \nSeeaccompanyingnotestoconsolidatedfinancialstatements.\nPage38\n'}
 {'evidence_text': 'ConsolidatedBalanceSheets\n\nAtDecember31,\nIn millions, except per share amounts\n2018\n\n2017\nAssets:\n\n \nCashandcashequivalents\n$\n4,059 $\n1,696\nInvestments\n2,522 \n111\nAccountsreceivable,net\n17,631 \n13,181\nInventories\n16,450 \n15,296\nOthercurrentassets\n4,581 \n945\nTotalcurrentassets\n45,243 \n31,229\nLong-terminvestments\n15,732 \n112\nPropertyandequipment,net\n11,349 \n10,292\nGoodwill\n78,678 \n38,451\nIntangibleassets,net\n36,524 \n13,630\nSeparateaccountsassets\n3,884 \n\nOtherassets\n5,046 \n1,417\nTotalassets\n$\n196,456 $\n95,131\n\n\n \nLiabilities:\n\n \nAccountspayable\n$\n8,925 $\n8,863\nPharmacyclaimsanddiscountspayable\n12,302 \n10,355\nHealthcarecostspayable\n5,210 \n5\nPolicyholdersfunds\n2,939 \n\nAccruedexpenses\n10,711 \n6,581\nOtherinsuranceliabilities\n1,937 \n23\nShort-termdebt\n720 \n1,276\nCurrentportionoflong-termdebt\n1,265 \n3,545\nTotalcurrentliabilities\n44,009 \n30,648\nLong-termdebt\n71,444 \n22,181\nDeferredincometaxes\n7,677 \n2,996\nSeparateaccountsliabilities\n3,884 \n\nOtherlong-terminsuranceliabilities\n8,119 \n334\nOtherlong-termliabilities\n2,780 \n1,277\nTotalliabilities\n137,913 \n57,436\nCommitmentsandcontingencies(Note16)\n\n\n\n \nShareholdersequity:\n\n\n\nCVSHealthshareholdersequity:\n\n \nPreferredstock,parvalue$0.01:0.1sharesauthorized;noneissuedoroutstanding\n \n\nCommonstock,parvalue$0.01:3,200sharesauthorized;1,720sharesissuedand1,295sharesoutstandingat\nDecember31,2018and1,712sharesissuedand1,014sharesoutstandingatDecember31,2017andcapital\nsurplus\n45,440 \n32,096\nTreasurystock,atcost:425sharesatDecember31,2018and698sharesatDecember31,2017\n(28,228) \n(37,796)\nRetainedearnings\n40,911 \n43,556\nAccumulatedothercomprehensiveincome(loss)\n102 \n(165)\nTotalCVSHealthshareholdersequity\n58,225 \n37,691\nNoncontrollinginterests\n318 \n4\nTotalshareholdersequity\n58,543 \n37,695\nTotalliabilitiesandshareholdersequity\n$\n196,456 $\n95,131\n\n\n \nSeeaccompanyingnotestoconsolidatedfinancialstatements.\nPage40', 'doc_name': 'CVSHEALTH_2018_10K', 'evidence_page_num': 303, 'evidence_text_full_page': 'ConsolidatedBalanceSheets\n\nAtDecember31,\nIn millions, except per share amounts\n2018\n\n2017\nAssets:\n\n \nCashandcashequivalents\n$\n4,059 $\n1,696\nInvestments\n2,522 \n111\nAccountsreceivable,net\n17,631 \n13,181\nInventories\n16,450 \n15,296\nOthercurrentassets\n4,581 \n945\nTotalcurrentassets\n45,243 \n31,229\nLong-terminvestments\n15,732 \n112\nPropertyandequipment,net\n11,349 \n10,292\nGoodwill\n78,678 \n38,451\nIntangibleassets,net\n36,524 \n13,630\nSeparateaccountsassets\n3,884 \n\nOtherassets\n5,046 \n1,417\nTotalassets\n$\n196,456 $\n95,131\n\n\n \nLiabilities:\n\n \nAccountspayable\n$\n8,925 $\n8,863\nPharmacyclaimsanddiscountspayable\n12,302 \n10,355\nHealthcarecostspayable\n5,210 \n5\nPolicyholdersfunds\n2,939 \n\nAccruedexpenses\n10,711 \n6,581\nOtherinsuranceliabilities\n1,937 \n23\nShort-termdebt\n720 \n1,276\nCurrentportionoflong-termdebt\n1,265 \n3,545\nTotalcurrentliabilities\n44,009 \n30,648\nLong-termdebt\n71,444 \n22,181\nDeferredincometaxes\n7,677 \n2,996\nSeparateaccountsliabilities\n3,884 \n\nOtherlong-terminsuranceliabilities\n8,119 \n334\nOtherlong-termliabilities\n2,780 \n1,277\nTotalliabilities\n137,913 \n57,436\nCommitmentsandcontingencies(Note16)\n\n\n\n \nShareholdersequity:\n\n\n\nCVSHealthshareholdersequity:\n\n \nPreferredstock,parvalue$0.01:0.1sharesauthorized;noneissuedoroutstanding\n \n\nCommonstock,parvalue$0.01:3,200sharesauthorized;1,720sharesissuedand1,295sharesoutstandingat\nDecember31,2018and1,712sharesissuedand1,014sharesoutstandingatDecember31,2017andcapital\nsurplus\n45,440 \n32,096\nTreasurystock,atcost:425sharesatDecember31,2018and698sharesatDecember31,2017\n(28,228) \n(37,796)\nRetainedearnings\n40,911 \n43,556\nAccumulatedothercomprehensiveincome(loss)\n102 \n(165)\nTotalCVSHealthshareholdersequity\n58,225 \n37,691\nNoncontrollinginterests\n318 \n4\nTotalshareholdersequity\n58,543 \n37,695\nTotalliabilitiesandshareholdersequity\n$\n196,456 $\n95,131\n\n\n \nSeeaccompanyingnotestoconsolidatedfinancialstatements.\nPage40\n'}]","ConsolidatedStatementsofOperations

FortheYearsEndedDecember31,
In millions, except per share amounts
2018

2017

2016
Revenues:

 
 
Products
$
183,910 $
180,063 $
173,377
Premiums
8,184 
3,558 
3,069
Services
1,825 
1,144 
1,080
Netinvestmentincome
660 
21 
20
Totalrevenues
194,579 
184,786 
177,546
Operatingcosts:

 
 
Costofproductssold
156,447 
153,448 
146,533
Benefitcosts
6,594 
2,810 
2,179
Goodwillimpairments
6,149 
181 

Operatingexpenses
21,368 
18,809 
18,448
Totaloperatingcosts
190,558 
175,248 
167,160
Operatingincome
4,021 
9,538 
10,386
Interestexpense
2,619 
1,062 
1,078
Lossonearlyextinguishmentofdebt
 
 
643
Otherexpense(income)
(4) 
208 
28
Incomebeforeincometaxprovision
1,406 
8,268 
8,637
Incometaxprovision
2,002 
1,637 
3,317
Income(loss)fromcontinuingoperations
(596) 
6,631 
5,320
Lossfromdiscontinuedoperations,netoftax
 
(8) 
(1)
Netincome(loss)
(596) 
6,623 
5,319
Net(income)lossattributabletononcontrollinginterests
2 
(1) 
(2)
Netincome(loss)attributabletoCVSHealth
$
(594) $
6,622 $
5,317


 
 
Basicearnings(loss)pershare:

 
 
Income(loss)fromcontinuingoperationsattributabletoCVSHealth
$
(0.57) $
6.48 $
4.93
LossfromdiscontinuedoperationsattributabletoCVSHealth
$
 $
(0.01) $

Netincome(loss)attributabletoCVSHealth
$
(0.57) $
6.47 $
4.93
Weightedaveragebasicsharesoutstanding
1,044 
1,020 
1,073
Dilutedearnings(loss)pershare:

 
 
Income(loss)fromcontinuingoperationsattributabletoCVSHealth
$
(0.57) $
6.45 $
4.91
LossfromdiscontinuedoperationsattributabletoCVSHealth
$
 $
(0.01) $

Netincome(loss)attributabletoCVSHealth
$
(0.57) $
6.44 $
4.90
Weightedaveragedilutedsharesoutstanding
1,044 
1,024 
1,079
Dividendsdeclaredpershare
$
2.00 $
2.00 $
1.70


 
 
Seeaccompanyingnotestoconsolidatedfinancialstatements.
Page38 ConsolidatedBalanceSheets

AtDecember31,
In millions, except per share amounts
2018

2017
Assets:

 
Cashandcashequivalents
$
4,059 $
1,696
Investments
2,522 
111
Accountsreceivable,net
17,631 
13,181
Inventories
16,450 
15,296
Othercurrentassets
4,581 
945
Totalcurrentassets
45,243 
31,229
Long-terminvestments
15,732 
112
Propertyandequipment,net
11,349 
10,292
Goodwill
78,678 
38,451
Intangibleassets,net
36,524 
13,630
Separateaccountsassets
3,884 

Otherassets
5,046 
1,417
Totalassets
$
196,456 $
95,131


 
Liabilities:

 
Accountspayable
$
8,925 $
8,863
Pharmacyclaimsanddiscountspayable
12,302 
10,355
Healthcarecostspayable
5,210 
5
Policyholdersfunds
2,939 

Accruedexpenses
10,711 
6,581
Otherinsuranceliabilities
1,937 
23
Short-termdebt
720 
1,276
Currentportionoflong-termdebt
1,265 
3,545
Totalcurrentliabilities
44,009 
30,648
Long-termdebt
71,444 
22,181
Deferredincometaxes
7,677 
2,996
Separateaccountsliabilities
3,884 

Otherlong-terminsuranceliabilities
8,119 
334
Otherlong-termliabilities
2,780 
1,277
Totalliabilities
137,913 
57,436
Commitmentsandcontingencies(Note16)



 
Shareholdersequity:



CVSHealthshareholdersequity:

 
Preferredstock,parvalue$0.01:0.1sharesauthorized;noneissuedoroutstanding
 

Commonstock,parvalue$0.01:3,200sharesauthorized;1,720sharesissuedand1,295sharesoutstandingat
December31,2018and1,712sharesissuedand1,014sharesoutstandingatDecember31,2017andcapital
surplus
45,440 
32,096
Treasurystock,atcost:425sharesatDecember31,2018and698sharesatDecember31,2017
(28,228) 
(37,796)
Retainedearnings
40,911 
43,556
Accumulatedothercomprehensiveincome(loss)
102 
(165)
TotalCVSHealthshareholdersequity
58,225 
37,691
Noncontrollinginterests
318 
4
Totalshareholdersequity
58,543 
37,695
Totalliabilitiesandshareholdersequity
$
196,456 $
95,131


 
Seeaccompanyingnotestoconsolidatedfinancialstatements.
Page40"
Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?,the biggest short term investment is in corporate bonds (almost 82% of the total investment),"[{'evidence_text': 'Fair value level\nJune 30, 2023\nDecember 31, 2022\n(In thousands)\nCash and cash equivalents:\nMoney market funds\nLevel 1\n$\n2,195 \n$\n12,009 \nCommercial paper and certificates of deposit\nLevel 2\n \n5,992 \nCash and cash equivalents\n2,195 \n18,001 \nShort-term investments:\nU.S. government securities\nLevel 1\n57,696 \n56,835 \nU.S. agency securities\nLevel 2\n29,049 \n9,530 \nCommercial paper and certificates of deposit\nLevel 2\n4,561 \n4,466 \nCorporate bonds\nLevel 2\n416,420 \n213,875 \nShort-term investments\n507,726 \n284,706 \nTotal debt investments\n$\n509,921 \n$\n302,707', 'doc_name': 'MGMRESORTS_2023Q2_10Q', 'evidence_page_num': 10, 'evidence_text_full_page': 'The following tables present information regarding the Companys debt investments:\nFair value level\nJune 30, 2023\nDecember 31, 2022\n(In thousands)\nCash and cash equivalents:\nMoney market funds\nLevel 1\n$\n2,195 \n$\n12,009 \nCommercial paper and certificates of deposit\nLevel 2\n \n5,992 \nCash and cash equivalents\n2,195 \n18,001 \nShort-term investments:\nU.S. government securities\nLevel 1\n57,696 \n56,835 \nU.S. agency securities\nLevel 2\n29,049 \n9,530 \nCommercial paper and certificates of deposit\nLevel 2\n4,561 \n4,466 \nCorporate bonds\nLevel 2\n416,420 \n213,875 \nShort-term investments\n507,726 \n284,706 \nTotal debt investments\n$\n509,921 \n$\n302,707 \nRestricted cash. MGM Chinas pledged cash of $87 million and $124 million as of June 30, 2023 and December 31, 2022, respectively, securing the\nbank guarantees discussed in Note 9 is restricted in use and classified within Other long-term assets, net. Such amounts plus Cash and cash equivalents on\nthe consolidated balance sheets equal Cash, cash equivalents, and restricted cash on the consolidated statements of cash flows as of June 30, 2023 and\nDecember 31, 2022.\nAccounts receivable. As of June 30, 2023 and December 31, 2022, the loss reserve on accounts receivable was $129 million and $113 million,\nrespectively.\nNote receivable. In February 2023, the secured note receivable related to the sale of Circus Circus Las Vegas and the adjacent land was repaid, prior to\nmaturity, for $170 million, which approximated its carrying value on the date of repayment. As of December 31, 2022, the carrying value of the note receivable\nwas $167 million and was recorded within Other long-term assets, net on the consolidated balance sheets.\nAccounts payable. As of June 30, 2023 and December 31, 2022, the Company had accrued $60 million and $80 million, respectively, for purchases of\nproperty and equipment within Accounts and construction payable on the consolidated balance sheets.\nRevenue recognition. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and\nthe recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with\ncustomers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations,\nwhich represents the deferred allocation of revenue relating to loyalty program incentives earned, and (3) customer advances and other, which is primarily\nfunds deposited by customers before gaming play occurs (casino front money) and advance payments on goods and services yet to be provided, such as\nadvance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue\nwithin one year of being purchased, earned, or deposited and are recorded within Other accrued liabilities on the consolidated balance sheets.\nThe following table summarizes the activity related to contract and contract-related liabilities:\n \nOutstanding Chip Liability\nLoyalty Program\nCustomer Advances and Other\n \n2023\n \n2022\n2023\n \n2022\n2023\n \n2022\n \n(In thousands)\nBalance at January 1\n$\n185,669 \n$\n176,219 \n$\n183,602 \n$\n144,465 \n$\n816,376 \n$\n640,001 \nBalance at June 30\n196,446 \n165,564 \n194,570 \n160,752 \n806,072 \n704,404 \nIncrease / (decrease)\n$\n10,777 \n$\n(10,655)\n$\n10,968 \n$\n16,287 \n$\n(10,304)\n$\n64,403 \n9\n'}]","Fair value level
June 30, 2023
December 31, 2022
(In thousands)
Cash and cash equivalents:
Money market funds
Level 1
$
2,195 
$
12,009 
Commercial paper and certificates of deposit
Level 2
 
5,992 
Cash and cash equivalents
2,195 
18,001 
Short-term investments:
U.S. government securities
Level 1
57,696 
56,835 
U.S. agency securities
Level 2
29,049 
9,530 
Commercial paper and certificates of deposit
Level 2
4,561 
4,466 
Corporate bonds
Level 2
416,420 
213,875 
Short-term investments
507,726 
284,706 
Total debt investments
$
509,921 
$
302,707"
"Are JPM's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","Since JPM is a financial institution, gross margin is not a relevant metric.","[{'evidence_text': 'Overview\nJPMorgan Chase & Co. (JPMorgan Chase or the Firm, \nNYSE: JPM), a financial holding company incorporated under \nDelaware law in 1968, is a leading financial services firm \nbased in the United States of America (U.S.), with \noperations worldwide. JPMorgan Chase had $3.7 trillion in \nassets and $292.3 billion in stockholders equity as of \nDecember 31, 2022. The Firm is a leader in investment \nbanking, financial services for consumers and small \nbusinesses, commercial banking, financial transaction \nprocessing and asset management. Under the J.P. Morgan \nand Chase brands, the Firm serves millions of customers, \npredominantly in the U.S., and many of the worlds most \nprominent corporate, institutional and government clients \nglobally.', 'doc_name': 'JPMORGAN_2022_10K', 'evidence_page_num': 2, 'evidence_text_full_page': ""Item 1. Business.\nOverview\nJPMorgan Chase & Co. (JPMorgan Chase or the Firm, \nNYSE: JPM), a financial holding company incorporated under \nDelaware law in 1968, is a leading financial services firm \nbased in the United States of America (U.S.), with \noperations worldwide. JPMorgan Chase had $3.7 trillion in \nassets and $292.3 billion in stockholders equity as of \nDecember 31, 2022. The Firm is a leader in investment \nbanking, financial services for consumers and small \nbusinesses, commercial banking, financial transaction \nprocessing and asset management. Under the J.P. Morgan \nand Chase brands, the Firm serves millions of customers, \npredominantly in the U.S., and many of the worlds most \nprominent corporate, institutional and government clients \nglobally.\nJPMorgan Chases principal bank subsidiary is JPMorgan \nChase Bank, National Association (JPMorgan Chase Bank, \nN.A.), a national banking association with U.S. branches in \n48 states and Washington, D.C. JPMorgan Chases principal \nnon-bank subsidiary is J.P. Morgan Securities LLC (J.P. \nMorgan Securities), a U.S. broker-dealer. The bank and non-\nbank subsidiaries of JPMorgan Chase operate nationally as \nwell as through overseas branches and subsidiaries, \nrepresentative offices and subsidiary foreign banks. The \nFirms principal operating subsidiaries outside the U.S. are \nJ.P. Morgan Securities plc and J.P. Morgan SE (JPMSE), \nwhich are subsidiaries of JPMorgan Chase Bank, N.A. and are \nbased in the United Kingdom (U.K.) and Germany, \nrespectively.\nThe Firms website is www.jpmorganchase.com. JPMorgan \nChase makes available on its website, free of charge, annual \nreports on Form 10-K, quarterly reports on Form 10-Q and \ncurrent reports on Form 8-K pursuant to Section 13(a) or \nSection 15(d) of the Securities Exchange Act of 1934, as \nsoon as reasonably practicable after it electronically files or \nfurnishes such material to the U.S. Securities and Exchange \nCommission (the SEC) at www.sec.gov. JPMorgan Chase \nmakes new and important information about the Firm \navailable on its website at https://www.jpmorganchase.com, \nincluding on the Investor Relations section of its website at \nhttps://www.jpmorganchase.com/ir. Information on the \nFirm's website is not incorporated by reference into this \nAnnual Report on Form 10-K for the year ended \nDecember 31, 2022 (2022 Form 10-K or Form 10-K) or \nthe Firms other filings with the SEC. The Firm has adopted, \nand posted on its website, a Code of Conduct for all \nemployees of the Firm and a Code of Ethics for its Chairman \nand Chief Executive Officer, Chief Financial Officer, Principal \nAccounting Officer and all other professionals of the Firm \nworldwide serving in a finance, accounting, treasury, tax or \ninvestor relations role. The Code of Ethics is also available in \nprint upon request to the Firms Investor Relations team. \nWithin the time period required by the SEC, JPMorgan Chase \nwill post on its website any amendment to the Code of Ethics \nand any waiver applicable to a director or executive officer.\nBusiness segments\nFor management reporting purposes, JPMorgan Chases \nactivities are organized into four major reportable business \nsegments, as well as a Corporate segment. The Firms \nconsumer business is the Consumer & Community Banking \n(CCB) segment. The Firms wholesale business segments \nare the Corporate & Investment Bank (CIB), Commercial \nBanking (CB), and Asset & Wealth Management (AWM).\nA description of the Firms business segments and the \nproducts and services they provide to their respective client \nbases is provided in the Business segment results section \nof Managements discussion and analysis of financial \ncondition and results of operations (Managements \ndiscussion and analysis or MD&A), beginning on page 46 \nand in Note 32.\nCompetition\nJPMorgan Chase and its subsidiaries and affiliates operate in \nhighly competitive environments. Competitors include other \nbanks, brokerage firms, investment banking companies, \nmerchant banks, hedge funds, commodity trading \ncompanies, private equity firms, insurance companies, \nmutual fund companies, investment managers, credit card \ncompanies, mortgage banking companies, trust companies, \nsecurities processing companies, automobile financing \ncompanies, leasing companies, e-commerce and other \ninternet-based companies, financial technology companies, \nand other companies engaged in providing similar as well as \nnew products and services. The Firms businesses generally \ncompete on the basis of the quality and variety of the Firms \nproducts and services, transaction execution, innovation, \nreputation and price. Competition also varies based on the \ntypes of clients, customers, industries and geographies \nserved. With respect to some of its geographies and \nproducts, JPMorgan Chase competes globally; with respect to \nothers, the Firm competes on a national or regional basis. \nNew competitors in the financial services industry continue \nto emerge, including firms that offer products and services \nsolely through the internet and non-financial companies that \noffer products and services that disintermediate traditional \nbanking products and services offered by financial services \nfirms such as JPMorgan Chase.\nPart I\n1\n""}]","Overview
JPMorgan Chase & Co. (JPMorgan Chase or the Firm, 
NYSE: JPM), a financial holding company incorporated under 
Delaware law in 1968, is a leading financial services firm 
based in the United States of America (U.S.), with 
operations worldwide. JPMorgan Chase had $3.7 trillion in 
assets and $292.3 billion in stockholders equity as of 
December 31, 2022. The Firm is a leader in investment 
banking, financial services for consumers and small 
businesses, commercial banking, financial transaction 
processing and asset management. Under the J.P. Morgan 
and Chase brands, the Firm serves millions of customers, 
predominantly in the U.S., and many of the worlds most 
prominent corporate, institutional and government clients 
globally."
Has MGM Resorts paid dividends to common shareholders in FY2022?,Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.,"[{'evidence_text': '. We maintained an annual\ndividend of $0.01 per share throughout 2022.', 'doc_name': 'MGMRESORTS_2022_10K', 'evidence_page_num': 31, 'evidence_text_full_page': 'PART II\nITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF\nEQUITY SECURITIES\nCommon Stock Information\nOur common stock is traded on the New York Stock Exchange (NYSE) under the symbol MGM.\nThere were approximately 3,143 record holders of our common stock as of February 22, 2023.\nDividend Policy\nWe implemented a dividend program in February 2017 pursuant to which it has paid regular quarterly dividends. In the second quarter of 2020, we\nreduced our annual dividend to $0.01 per share in light of the impact of the COVID-19 pandemic on our operations at that time. We maintained an annual\ndividend of $0.01 per share throughout 2022. On February 8, 2023, we announced that the Board of Directors has determined to suspend the ongoing dividends\nin light of our current preferred method of returning value to shareholders through our share repurchase plan. To the extent we determine to reinstate the\ndividend in the future, the amount, declaration and payment of any future dividends will be subject to the discretion of our Board of Directors who will\nevaluate our dividend policy from time to time based on factors it deems relevant, and the contractual limitations described below.\nPurchases of Equity Securities by the Issuer\nThe following table provides information about share repurchases of our common stock during the quarter ended December 31, 2022:\nPeriod\nTotal Number of\nShares Purchased\nAverage Price Paid\nper Share\nTotal Number of\nShares Purchased as\nPart of a Publicly\nAnnounced Program\nDollar Value of\nShares that May Yet\nbe Purchased Under\nthe Program\n(In thousands)\nOctober 1, 2022 October 31, 2022\n5,727,219 \n$\n31.74 \n5,727,219 \n$\n645,485 \nNovember 1, 2022 November 30, 2022\n1,259,233 \n$\n33.65 \n1,259,233 \n$\n603,108 \nDecember 1, 2022 December 31, 2022\n3,700,000 \n$\n34.61 \n3,700,000 \n$\n475,049 \nIn March 2022, we announced that the Board of Directors authorized a $2.0 billion stock repurchase plan and in February 2023, we announced that the\nBoard of Directors had authorized a $2.0 billion stock repurchase plan. Under the stock repurchase plans, we may repurchase shares from time to time in the\nopen market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common\nstock to be purchased when we might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases\nwill be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or\ndiscontinued at any time. All shares we repurchased during the quarter ended December 31, 2022 were purchased pursuant to our publicly announced stock\nrepurchase plans and have been retired.\n30\n'}]",". We maintained an annual
dividend of $0.01 per share throughout 2022."
How does Boeing's effective tax rate in FY2022 compare to FY2021?,"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","[{'evidence_text': 'The Boeing Company and Subsidiaries\nConsolidated Statements of Operations\n(Dollars in millions, except per share data)\n \n \n \nYears ended December 31,\n2022\n2021\n2020\nSales of products\n$55,893 \n$51,386 \n$47,142 \nSales of services\n10,715 \n10,900 \n11,016 \nTotal revenues\n66,608 \n62,286 \n58,158 \nCost of products\n(53,969)\n(49,954)\n(54,568)\nCost of services\n(9,109)\n(9,283)\n(9,232)\nBoeing Capital interest expense\n(28)\n(32)\n(43)\nTotal costs and expenses\n(63,106)\n(59,269)\n(63,843)\n3,502 \n3,017 \n(5,685)\n(Loss)/income from operating investments, net\n(16)\n210 \n9 \nGeneral and administrative expense\n(4,187)\n(4,157)\n(4,817)\nResearch and development expense, net\n(2,852)\n(2,249)\n(2,476)\nGain on dispositions, net\n6 \n277 \n202 \nLoss from operations\n(3,547)\n(2,902)\n(12,767)\nOther income, net\n1,058 \n551 \n447 \nInterest and debt expense\n(2,533)\n(2,682)\n(2,156)\nLoss before income taxes\n(5,022)\n(5,033)\n(14,476)\nIncome tax (expense)/benefit\n(31)\n743 \n2,535', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 54, 'evidence_text_full_page': 'Table of Contents\nThe Boeing Company and Subsidiaries\nConsolidated Statements of Operations\n(Dollars in millions, except per share data)\n \n \n \nYears ended December 31,\n2022\n2021\n2020\nSales of products\n$55,893 \n$51,386 \n$47,142 \nSales of services\n10,715 \n10,900 \n11,016 \nTotal revenues\n66,608 \n62,286 \n58,158 \nCost of products\n(53,969)\n(49,954)\n(54,568)\nCost of services\n(9,109)\n(9,283)\n(9,232)\nBoeing Capital interest expense\n(28)\n(32)\n(43)\nTotal costs and expenses\n(63,106)\n(59,269)\n(63,843)\n3,502 \n3,017 \n(5,685)\n(Loss)/income from operating investments, net\n(16)\n210 \n9 \nGeneral and administrative expense\n(4,187)\n(4,157)\n(4,817)\nResearch and development expense, net\n(2,852)\n(2,249)\n(2,476)\nGain on dispositions, net\n6 \n277 \n202 \nLoss from operations\n(3,547)\n(2,902)\n(12,767)\nOther income, net\n1,058 \n551 \n447 \nInterest and debt expense\n(2,533)\n(2,682)\n(2,156)\nLoss before income taxes\n(5,022)\n(5,033)\n(14,476)\nIncome tax (expense)/benefit\n(31)\n743 \n2,535 \nNet loss\n(5,053)\n(4,290)\n(11,941)\nLess: net loss attributable to noncontrolling interest\n(118)\n(88)\n(68)\nNet loss attributable to Boeing Shareholders\n($4,935)\n($4,202)\n($11,873)\nBasic loss per share\n($8.30)\n($7.15)\n($20.88)\nDiluted loss per share\n($8.30)\n($7.15)\n($20.88)\nSee Notes to the Consolidated Financial Statements on pages 59 - 114.\n53\n'}]","The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Dollars in millions, except per share data)
 
 
 
Years ended December 31,
2022
2021
2020
Sales of products
$55,893 
$51,386 
$47,142 
Sales of services
10,715 
10,900 
11,016 
Total revenues
66,608 
62,286 
58,158 
Cost of products
(53,969)
(49,954)
(54,568)
Cost of services
(9,109)
(9,283)
(9,232)
Boeing Capital interest expense
(28)
(32)
(43)
Total costs and expenses
(63,106)
(59,269)
(63,843)
3,502 
3,017 
(5,685)
(Loss)/income from operating investments, net
(16)
210 
9 
General and administrative expense
(4,187)
(4,157)
(4,817)
Research and development expense, net
(2,852)
(2,249)
(2,476)
Gain on dispositions, net
6 
277 
202 
Loss from operations
(3,547)
(2,902)
(12,767)
Other income, net
1,058 
551 
447 
Interest and debt expense
(2,533)
(2,682)
(2,156)
Loss before income taxes
(5,022)
(5,033)
(14,476)
Income tax (expense)/benefit
(31)
743 
2,535"
What is the FY2018 capital expenditure amount (in USD millions) for 3M? Give a response to the question by relying on the details shown in the cash flow statement.,$1577.00,"[{'evidence_text': 'Table of Contents \n3M Company and Subsidiaries\nConsolidated Statement of Cash Flow s\nYears ended December 31\n \n(Millions)\n \n2018\n \n2017\n \n2016\n \nCash Flows from Operating Activities\n \n \n \n \n \n \n \nNet income including noncontrolling interest\n \n$\n5,363 \n$\n4,869 \n$\n5,058 \nAdjustments to reconcile net income including noncontrolling interest to net cash\nprovided by operating activities\n \n \n \n \n \n \n \nDepreciation and amortization\n \n \n1,488 \n \n1,544 \n \n1,474 \nCompany pension and postretirement contributions\n \n \n(370) \n \n(967) \n \n(383) \nCompany pension and postretirement expense\n \n \n410 \n \n334 \n \n250 \nStock-based compensation expense\n \n \n302 \n \n324 \n \n298 \nGain on sale of businesses\n \n \n(545) \n \n(586) \n \n(111) \nDeferred income taxes\n \n \n(57) \n \n107 \n \n 7 \nChanges in assets and liabilities\n \n \n \n \n \n \n \nAccounts receivable\n \n \n(305) \n \n(245) \n \n(313) \nInventories\n \n \n(509) \n \n(387) \n \n57 \nAccounts payable\n \n \n408 \n \n24 \n \n148 \nAccrued income taxes (current and long-term)\n \n \n134 \n \n967 \n \n101 \nOther net\n \n \n120 \n \n256 \n \n76 \nNet cash provided by (used in) operating activities\n \n \n6,439 \n \n6,240 \n \n6,662 \n \n \n \n \n \n \n \n \nCash Flows from Investing Activities\n \n \n \n \n \n \n \nPurchases of property, plant and equipment (PP&E)\n \n \n(1,577) \n \n(1,373) \n \n(1,420) \nProceeds from sale of PP&E and other assets\n \n \n262 \n \n49 \n \n58 \nAcquisitions, net of cash acquired\n \n \n13 \n \n(2,023) \n \n(16) \nPurchases of marketable securities and investments\n \n \n(1,828) \n \n(2,152) \n \n(1,410) \nProceeds from maturities and sale of marketable securities and investments\n \n \n2,497 \n \n1,354 \n \n1,247 \nProceeds from sale of businesses, net of cash sold\n \n \n846 \n \n1,065 \n \n142 \nOther net\n \n \n 9 \n \n(6) \n \n(4) \nNet cash provided by (used in) investing activities\n \n \n222 \n \n(3,086) \n \n(1,403) \n \n \n \n \n \n \n \n \nCash Flows from Financing Activities\n \n \n \n \n \n \n \nChange in short-term debt net\n \n \n(284) \n \n578 \n \n(797) \nRepayment of debt (maturities greater than 90 days)\n \n \n(1,034) \n \n(962) \n \n(992) \nProceeds from debt (maturities greater than 90 days)\n \n \n2,251 \n \n1,987 \n \n2,832 \nPurchases of treasury stock\n \n \n(4,870) \n \n(2,068) \n \n(3,753) \nProceeds from issuance of treasury stock pursuant to stock option and benefit plans\n \n \n485 \n \n734 \n \n804 \nDividends paid to shareholders\n \n \n(3,193) \n \n(2,803) \n \n(2,678) \nOther net\n \n \n(56) \n \n(121) \n \n(42) \nNet cash provided by (used in) financing activities\n \n \n(6,701) \n \n(2,655) \n \n(4,626) \n \n \n \n \n \n \n \n \nEffect of exchange rate changes on cash and cash equivalents\n \n \n(160) \n \n156 \n \n(33) \n \n \n \n \n \n \n \n \nNet increase (decrease) in cash and cash equivalents\n \n \n(200) \n \n655 \n \n600 \nCash and cash equivalents at beginning of year\n \n \n3,053 \n \n2,398 \n \n1,798 \nCash and cash equivalents at end of period\n \n$\n2,853 \n$\n3,053 \n$\n2,398 \n \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n \n60', 'doc_name': '3M_2018_10K', 'evidence_page_num': 59, 'evidence_text_full_page': 'Table of Contents \n3M Company and Subsidiaries\nConsolidated Statement of Cash Flow s\nYears ended December 31\n \n(Millions)\n \n2018\n \n2017\n \n2016\n \nCash Flows from Operating Activities\n \n \n \n \n \n \n \nNet income including noncontrolling interest\n \n$\n5,363 \n$\n4,869 \n$\n5,058 \nAdjustments to reconcile net income including noncontrolling interest to net cash\nprovided by operating activities\n \n \n \n \n \n \n \nDepreciation and amortization\n \n \n1,488 \n \n1,544 \n \n1,474 \nCompany pension and postretirement contributions\n \n \n(370) \n \n(967) \n \n(383) \nCompany pension and postretirement expense\n \n \n410 \n \n334 \n \n250 \nStock-based compensation expense\n \n \n302 \n \n324 \n \n298 \nGain on sale of businesses\n \n \n(545) \n \n(586) \n \n(111) \nDeferred income taxes\n \n \n(57) \n \n107 \n \n 7 \nChanges in assets and liabilities\n \n \n \n \n \n \n \nAccounts receivable\n \n \n(305) \n \n(245) \n \n(313) \nInventories\n \n \n(509) \n \n(387) \n \n57 \nAccounts payable\n \n \n408 \n \n24 \n \n148 \nAccrued income taxes (current and long-term)\n \n \n134 \n \n967 \n \n101 \nOther net\n \n \n120 \n \n256 \n \n76 \nNet cash provided by (used in) operating activities\n \n \n6,439 \n \n6,240 \n \n6,662 \n \n \n \n \n \n \n \n \nCash Flows from Investing Activities\n \n \n \n \n \n \n \nPurchases of property, plant and equipment (PP&E)\n \n \n(1,577) \n \n(1,373) \n \n(1,420) \nProceeds from sale of PP&E and other assets\n \n \n262 \n \n49 \n \n58 \nAcquisitions, net of cash acquired\n \n \n13 \n \n(2,023) \n \n(16) \nPurchases of marketable securities and investments\n \n \n(1,828) \n \n(2,152) \n \n(1,410) \nProceeds from maturities and sale of marketable securities and investments\n \n \n2,497 \n \n1,354 \n \n1,247 \nProceeds from sale of businesses, net of cash sold\n \n \n846 \n \n1,065 \n \n142 \nOther net\n \n \n 9 \n \n(6) \n \n(4) \nNet cash provided by (used in) investing activities\n \n \n222 \n \n(3,086) \n \n(1,403) \n \n \n \n \n \n \n \n \nCash Flows from Financing Activities\n \n \n \n \n \n \n \nChange in short-term debt net\n \n \n(284) \n \n578 \n \n(797) \nRepayment of debt (maturities greater than 90 days)\n \n \n(1,034) \n \n(962) \n \n(992) \nProceeds from debt (maturities greater than 90 days)\n \n \n2,251 \n \n1,987 \n \n2,832 \nPurchases of treasury stock\n \n \n(4,870) \n \n(2,068) \n \n(3,753) \nProceeds from issuance of treasury stock pursuant to stock option and benefit plans\n \n \n485 \n \n734 \n \n804 \nDividends paid to shareholders\n \n \n(3,193) \n \n(2,803) \n \n(2,678) \nOther net\n \n \n(56) \n \n(121) \n \n(42) \nNet cash provided by (used in) financing activities\n \n \n(6,701) \n \n(2,655) \n \n(4,626) \n \n \n \n \n \n \n \n \nEffect of exchange rate changes on cash and cash equivalents\n \n \n(160) \n \n156 \n \n(33) \n \n \n \n \n \n \n \n \nNet increase (decrease) in cash and cash equivalents\n \n \n(200) \n \n655 \n \n600 \nCash and cash equivalents at beginning of year\n \n \n3,053 \n \n2,398 \n \n1,798 \nCash and cash equivalents at end of period\n \n$\n2,853 \n$\n3,053 \n$\n2,398 \n \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n \n60\n \n'}]","Table of Contents 
3M Company and Subsidiaries
Consolidated Statement of Cash Flow s
Years ended December 31
 
(Millions)
 
2018
 
2017
 
2016
 
Cash Flows from Operating Activities
 
 
 
 
 
 
 
Net income including noncontrolling interest
 
$
5,363 
$
4,869 
$
5,058 
Adjustments to reconcile net income including noncontrolling interest to net cash
provided by operating activities
 
 
 
 
 
 
 
Depreciation and amortization
 
 
1,488 
 
1,544 
 
1,474 
Company pension and postretirement contributions
 
 
(370) 
 
(967) 
 
(383) 
Company pension and postretirement expense
 
 
410 
 
334 
 
250 
Stock-based compensation expense
 
 
302 
 
324 
 
298 
Gain on sale of businesses
 
 
(545) 
 
(586) 
 
(111) 
Deferred income taxes
 
 
(57) 
 
107 
 
 7 
Changes in assets and liabilities
 
 
 
 
 
 
 
Accounts receivable
 
 
(305) 
 
(245) 
 
(313) 
Inventories
 
 
(509) 
 
(387) 
 
57 
Accounts payable
 
 
408 
 
24 
 
148 
Accrued income taxes (current and long-term)
 
 
134 
 
967 
 
101 
Other net
 
 
120 
 
256 
 
76 
Net cash provided by (used in) operating activities
 
 
6,439 
 
6,240 
 
6,662 
 
 
 
 
 
 
 
 
Cash Flows from Investing Activities
 
 
 
 
 
 
 
Purchases of property, plant and equipment (PP&E)
 
 
(1,577) 
 
(1,373) 
 
(1,420) 
Proceeds from sale of PP&E and other assets
 
 
262 
 
49 
 
58 
Acquisitions, net of cash acquired
 
 
13 
 
(2,023) 
 
(16) 
Purchases of marketable securities and investments
 
 
(1,828) 
 
(2,152) 
 
(1,410) 
Proceeds from maturities and sale of marketable securities and investments
 
 
2,497 
 
1,354 
 
1,247 
Proceeds from sale of businesses, net of cash sold
 
 
846 
 
1,065 
 
142 
Other net
 
 
 9 
 
(6) 
 
(4) 
Net cash provided by (used in) investing activities
 
 
222 
 
(3,086) 
 
(1,403) 
 
 
 
 
 
 
 
 
Cash Flows from Financing Activities
 
 
 
 
 
 
 
Change in short-term debt net
 
 
(284) 
 
578 
 
(797) 
Repayment of debt (maturities greater than 90 days)
 
 
(1,034) 
 
(962) 
 
(992) 
Proceeds from debt (maturities greater than 90 days)
 
 
2,251 
 
1,987 
 
2,832 
Purchases of treasury stock
 
 
(4,870) 
 
(2,068) 
 
(3,753) 
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans
 
 
485 
 
734 
 
804 
Dividends paid to shareholders
 
 
(3,193) 
 
(2,803) 
 
(2,678) 
Other net
 
 
(56) 
 
(121) 
 
(42) 
Net cash provided by (used in) financing activities
 
 
(6,701) 
 
(2,655) 
 
(4,626) 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
 
 
(160) 
 
156 
 
(33) 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
 
 
(200) 
 
655 
 
600 
Cash and cash equivalents at beginning of year
 
 
3,053 
 
2,398 
 
1,798 
Cash and cash equivalents at end of period
 
$
2,853 
$
3,053 
$
2,398 
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
 
60"
What is the quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.,Pepsico's restructuring costs in FY2022 amounted to $411 million .,"[{'evidence_text': 'Note 3 Restructuring and Impairment Charges\n2019 Multi-Year Productivity Plan\nWe publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new\ntechnology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and\ninformation systems, including deploying the right automation for each market; and simplify our organization and optimize our\nmanufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in the fourth\nquarter of 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within\nthe initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash\nexpenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and\nother employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35%\nfor other costs associated with the implementation of our initiatives.\nThe total plan pre-tax charges are expected to be incurred by division approximately as follows:\nFLNA\nQFNA\nPBNA\nLatAm\nEurope\nAMESA\nAPAC\nCorporate\nExpected pre-tax charges\n15 %\n1 %\n25 %\n10 %\n25 %\n5 %\n4 %\n15 %\nA summary of our 2019 Productivity Plan charges is as follows:\n2022\n2021\n2020\nCost of sales\n$\n33 \n$\n29 $\n30 \nSelling, general and administrative expenses\n347 \n208 \n239 \nOther pension and retiree medical benefits expense\n31 \n10 \n20 \nTotal restructuring and impairment charges\n$\n411 \n$\n247 $\n289', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 77, 'evidence_text_full_page': 'Table of Contents\nRecently Issued Accounting Pronouncements - Not Yet Adopted\nIn September 2022, the Financial Accounting Standards Board (FASB) issued guidance to enhance the transparency of supplier\nfinance programs to allow financial statement users to understand the effect on working capital, liquidity and cash flows. The\nnew guidance requires disclosure of key terms of the program, including a description of the payment terms, payment timing and\nassets pledged as security or other forms of guarantees provided to the finance provider or intermediary. Other requirements\ninclude the disclosure of the amount that remains unpaid as of the end of the reporting period, a description of where these\nobligations are presented in the balance sheet and a rollforward of the obligation during the annual period. The guidance is\neffective in the first quarter of 2023, except for the rollforward, which is effective in 2024. Early adoption is permitted. We will\nadopt the guidance when effective.\nNote 3 Restructuring and Impairment Charges\n2019 Multi-Year Productivity Plan\nWe publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new\ntechnology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and\ninformation systems, including deploying the right automation for each market; and simplify our organization and optimize our\nmanufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in the fourth\nquarter of 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within\nthe initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash\nexpenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and\nother employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35%\nfor other costs associated with the implementation of our initiatives.\nThe total plan pre-tax charges are expected to be incurred by division approximately as follows:\nFLNA\nQFNA\nPBNA\nLatAm\nEurope\nAMESA\nAPAC\nCorporate\nExpected pre-tax charges\n15 %\n1 %\n25 %\n10 %\n25 %\n5 %\n4 %\n15 %\nA summary of our 2019 Productivity Plan charges is as follows:\n2022\n2021\n2020\nCost of sales\n$\n33 \n$\n29 $\n30 \nSelling, general and administrative expenses\n347 \n208 \n239 \nOther pension and retiree medical benefits expense\n31 \n10 \n20 \nTotal restructuring and impairment charges\n$\n411 \n$\n247 $\n289 \nAfter-tax amount\n$\n334 \n$\n206 $\n231 \nImpact on net income attributable to PepsiCo per common share\n$\n(0.24)\n$\n(0.15) $\n(0.17)\n76\n'}]","Note 3 Restructuring and Impairment Charges
2019 Multi-Year Productivity Plan
We publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new
technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and
information systems, including deploying the right automation for each market; and simplify our organization and optimize our
manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in the fourth
quarter of 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within
the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash
expenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and
other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35%
for other costs associated with the implementation of our initiatives.
The total plan pre-tax charges are expected to be incurred by division approximately as follows:
FLNA
QFNA
PBNA
LatAm
Europe
AMESA
APAC
Corporate
Expected pre-tax charges
15 %
1 %
25 %
10 %
25 %
5 %
4 %
15 %
A summary of our 2019 Productivity Plan charges is as follows:
2022
2021
2020
Cost of sales
$
33 
$
29 $
30 
Selling, general and administrative expenses
347 
208 
239 
Other pension and retiree medical benefits expense
31 
10 
20 
Total restructuring and impairment charges
$
411 
$
247 $
289"
What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income / (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.,0.01,"[{'evidence_text': 'THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\nYear Ended December 31,\n2017\n \n2016\n \n2015\n(In millions except per share data)\n \n \nNET OPERATING REVENUES\n$\n35,410\n $\n41,863\n $\n44,294\nCost of goods sold\n13,256\n \n16,465\n \n17,482\nGROSS PROFIT\n22,154\n \n25,398\n \n26,812\nSelling, general and administrative expenses\n12,496\n \n15,262\n \n16,427\nOther operating charges\n2,157\n \n1,510\n \n1,657\nOPERATING INCOME\n7,501\n \n8,626\n \n8,728\nInterest income\n677\n \n642\n \n613\nInterest expense\n841\n \n733\n \n856\nEquity income (loss) net\n1,071\n \n835\n \n489\nOther income (loss) net\n(1,666) \n(1,234) \n631\nINCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES\n6,742\n \n8,136\n \n9,605\nIncome taxes from continuing operations\n5,560\n \n1,586\n \n2,239\nNET INCOME FROM CONTINUING OPERATIONS\n1,182\n \n6,550\n \n7,366\nIncome from discontinued operations (net of income taxes of $47, $0 and $0, respectively)\n101\n \n\n \n\nCONSOLIDATED NET INCOME\n1,283\n \n6,550\n \n7,366\nLess: Net income attributable to noncontrolling interests\n35\n \n23\n \n15\nNET INCOME ATTRIBUTABLE TO SHAREOWNERS OF\n THE COCA-COLA COMPANY\n$\n1,248\n $\n6,527\n $\n7,351\n \n \n \n \nBasic net income per share from continuing operations1\n$\n0.28\n $\n1.51\n $\n1.69\nBasic net income per share from discontinued operations2\n0.02\n \n\n \n\nBASIC NET INCOME PER SHARE\n$\n0.29\n3 $\n1.51\n $\n1.69\nDiluted net income per share from continuing operations1\n$\n0.27\n $\n1.49\n $\n1.67\nDiluted net income per share from discontinued operations2\n0.02\n \n\n \n\nDILUTED NET INCOME PER SHARE\n$\n0.29\n $\n1.49\n $\n1.67\nAVERAGE SHARES OUTSTANDING BASIC\n4,272\n \n4,317\n \n4,352\nEffect of dilutive securities\n52\n \n50\n \n53\nAVERAGE SHARES OUTSTANDING DILUTED\n4,324\n \n4,367\n \n4,405\n1 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling\ninterests.\n2 Calculated based on net income from discontinued operations less net income from discontinued operations attributable to noncontrolling\ninterests.\n3 Per share amounts do not add due to\nrounding.\nRefer to Notes to Consolidated Financial Statements.\n72', 'doc_name': 'COCACOLA_2017_10K', 'evidence_page_num': 73, 'evidence_text_full_page': ' \nTHE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\nYear Ended December 31,\n2017\n \n2016\n \n2015\n(In millions except per share data)\n \n \nNET OPERATING REVENUES\n$\n35,410\n $\n41,863\n $\n44,294\nCost of goods sold\n13,256\n \n16,465\n \n17,482\nGROSS PROFIT\n22,154\n \n25,398\n \n26,812\nSelling, general and administrative expenses\n12,496\n \n15,262\n \n16,427\nOther operating charges\n2,157\n \n1,510\n \n1,657\nOPERATING INCOME\n7,501\n \n8,626\n \n8,728\nInterest income\n677\n \n642\n \n613\nInterest expense\n841\n \n733\n \n856\nEquity income (loss) net\n1,071\n \n835\n \n489\nOther income (loss) net\n(1,666) \n(1,234) \n631\nINCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES\n6,742\n \n8,136\n \n9,605\nIncome taxes from continuing operations\n5,560\n \n1,586\n \n2,239\nNET INCOME FROM CONTINUING OPERATIONS\n1,182\n \n6,550\n \n7,366\nIncome from discontinued operations (net of income taxes of $47, $0 and $0, respectively)\n101\n \n\n \n\nCONSOLIDATED NET INCOME\n1,283\n \n6,550\n \n7,366\nLess: Net income attributable to noncontrolling interests\n35\n \n23\n \n15\nNET INCOME ATTRIBUTABLE TO SHAREOWNERS OF\n THE COCA-COLA COMPANY\n$\n1,248\n $\n6,527\n $\n7,351\n \n \n \n \nBasic net income per share from continuing operations1\n$\n0.28\n $\n1.51\n $\n1.69\nBasic net income per share from discontinued operations2\n0.02\n \n\n \n\nBASIC NET INCOME PER SHARE\n$\n0.29\n3 $\n1.51\n $\n1.69\nDiluted net income per share from continuing operations1\n$\n0.27\n $\n1.49\n $\n1.67\nDiluted net income per share from discontinued operations2\n0.02\n \n\n \n\nDILUTED NET INCOME PER SHARE\n$\n0.29\n $\n1.49\n $\n1.67\nAVERAGE SHARES OUTSTANDING BASIC\n4,272\n \n4,317\n \n4,352\nEffect of dilutive securities\n52\n \n50\n \n53\nAVERAGE SHARES OUTSTANDING DILUTED\n4,324\n \n4,367\n \n4,405\n1 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling\ninterests.\n2 Calculated based on net income from discontinued operations less net income from discontinued operations attributable to noncontrolling\ninterests.\n3 Per share amounts do not add due to\nrounding.\nRefer to Notes to Consolidated Financial Statements.\n72\n'}
 {'evidence_text': ""THE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\nDecember 31,\n2017\n \n2016\n(In millions except par value)\n \n \nASSETS\n \n \nCURRENT ASSETS\n \n \nCash and cash equivalents\n$\n6,006\n $\n8,555\nShort-term investments\n9,352\n \n9,595\nTOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS\n15,358\n \n18,150\nMarketable securities\n5,317\n \n4,051\nTrade accounts receivable, less allowances of $477 and $466, respectively\n3,667\n \n3,856\nInventories\n2,655\n \n2,675\nPrepaid expenses and other assets\n2,000\n \n2,481\nAssets held for sale\n219\n \n2,797\nAssets held for sale discontinued operations\n7,329\n \n\nTOTAL CURRENT ASSETS\n36,545\n \n34,010\nEQUITY METHOD INVESTMENTS\n20,856\n \n16,260\nOTHER INVESTMENTS\n1,096\n \n989\nOTHER ASSETS\n4,560\n \n4,248\nPROPERTY, PLANT AND EQUIPMENT net\n8,203\n \n10,635\nTRADEMARKS WITH INDEFINITE LIVES\n6,729\n \n6,097\nBOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES\n138\n \n3,676\nGOODWILL\n9,401\n \n10,629\nOTHER INTANGIBLE ASSETS\n368\n \n726\nTOTAL ASSETS\n$\n87,896\n $\n87,270\nLIABILITIES AND EQUITY\n \n \nCURRENT LIABILITIES\n \n \nAccounts payable and accrued expenses\n$\n8,748\n $\n9,490\nLoans and notes payable\n13,205\n \n12,498\nCurrent maturities of long-term debt\n3,298\n \n3,527\nAccrued income taxes\n410\n \n307\nLiabilities held for sale\n37\n \n710\n Liabilities held for sale discontinued operations\n1,496\n \n\nTOTAL CURRENT LIABILITIES\n27,194\n \n26,532\nLONG-TERM DEBT\n31,182\n \n29,684\nOTHER LIABILITIES\n8,021\n \n4,081\nDEFERRED INCOME TAXES\n2,522\n \n3,753\nTHE COCA-COLA COMPANY SHAREOWNERS' EQUITY\n \n \n Common stock, $0.25 par value; Authorized 11,200 shares;\n Issued 7,040 and 7,040 shares, respectively\n1,760\n \n1,760\nCapital surplus\n15,864\n \n14,993\nReinvested earnings\n60,430\n \n65,502\nAccumulated other comprehensive income (loss)\n(10,305) \n(11,205)\nTreasury stock, at cost 2,781 and 2,752 shares, respectively\n(50,677) \n(47,988)\nEQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY\n17,072\n \n23,062\nEQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS\n1,905\n \n158\nTOTAL EQUITY\n18,977\n \n23,220\nTOTAL LIABILITIES AND EQUITY\n$\n87,896\n $\n87,270\nRefer to Notes to Consolidated Financial Statements.\n74"", 'doc_name': 'COCACOLA_2017_10K', 'evidence_page_num': 75, 'evidence_text_full_page': "" \nTHE COCA-COLA COMPANY AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\nDecember 31,\n2017\n \n2016\n(In millions except par value)\n \n \nASSETS\n \n \nCURRENT ASSETS\n \n \nCash and cash equivalents\n$\n6,006\n $\n8,555\nShort-term investments\n9,352\n \n9,595\nTOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS\n15,358\n \n18,150\nMarketable securities\n5,317\n \n4,051\nTrade accounts receivable, less allowances of $477 and $466, respectively\n3,667\n \n3,856\nInventories\n2,655\n \n2,675\nPrepaid expenses and other assets\n2,000\n \n2,481\nAssets held for sale\n219\n \n2,797\nAssets held for sale discontinued operations\n7,329\n \n\nTOTAL CURRENT ASSETS\n36,545\n \n34,010\nEQUITY METHOD INVESTMENTS\n20,856\n \n16,260\nOTHER INVESTMENTS\n1,096\n \n989\nOTHER ASSETS\n4,560\n \n4,248\nPROPERTY, PLANT AND EQUIPMENT net\n8,203\n \n10,635\nTRADEMARKS WITH INDEFINITE LIVES\n6,729\n \n6,097\nBOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES\n138\n \n3,676\nGOODWILL\n9,401\n \n10,629\nOTHER INTANGIBLE ASSETS\n368\n \n726\nTOTAL ASSETS\n$\n87,896\n $\n87,270\nLIABILITIES AND EQUITY\n \n \nCURRENT LIABILITIES\n \n \nAccounts payable and accrued expenses\n$\n8,748\n $\n9,490\nLoans and notes payable\n13,205\n \n12,498\nCurrent maturities of long-term debt\n3,298\n \n3,527\nAccrued income taxes\n410\n \n307\nLiabilities held for sale\n37\n \n710\n Liabilities held for sale discontinued operations\n1,496\n \n\nTOTAL CURRENT LIABILITIES\n27,194\n \n26,532\nLONG-TERM DEBT\n31,182\n \n29,684\nOTHER LIABILITIES\n8,021\n \n4,081\nDEFERRED INCOME TAXES\n2,522\n \n3,753\nTHE COCA-COLA COMPANY SHAREOWNERS' EQUITY\n \n \n Common stock, $0.25 par value; Authorized 11,200 shares;\n Issued 7,040 and 7,040 shares, respectively\n1,760\n \n1,760\nCapital surplus\n15,864\n \n14,993\nReinvested earnings\n60,430\n \n65,502\nAccumulated other comprehensive income (loss)\n(10,305) \n(11,205)\nTreasury stock, at cost 2,781 and 2,752 shares, respectively\n(50,677) \n(47,988)\nEQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY\n17,072\n \n23,062\nEQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS\n1,905\n \n158\nTOTAL EQUITY\n18,977\n \n23,220\nTOTAL LIABILITIES AND EQUITY\n$\n87,896\n $\n87,270\nRefer to Notes to Consolidated Financial Statements.\n74\n""}]","THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2017
 
2016
 
2015
(In millions except per share data)
 
 
NET OPERATING REVENUES
$
35,410
 $
41,863
 $
44,294
Cost of goods sold
13,256
 
16,465
 
17,482
GROSS PROFIT
22,154
 
25,398
 
26,812
Selling, general and administrative expenses
12,496
 
15,262
 
16,427
Other operating charges
2,157
 
1,510
 
1,657
OPERATING INCOME
7,501
 
8,626
 
8,728
Interest income
677
 
642
 
613
Interest expense
841
 
733
 
856
Equity income (loss) net
1,071
 
835
 
489
Other income (loss) net
(1,666) 
(1,234) 
631
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
6,742
 
8,136
 
9,605
Income taxes from continuing operations
5,560
 
1,586
 
2,239
NET INCOME FROM CONTINUING OPERATIONS
1,182
 
6,550
 
7,366
Income from discontinued operations (net of income taxes of $47, $0 and $0, respectively)
101
 

 

CONSOLIDATED NET INCOME
1,283
 
6,550
 
7,366
Less: Net income attributable to noncontrolling interests
35
 
23
 
15
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
 THE COCA-COLA COMPANY
$
1,248
 $
6,527
 $
7,351
 
 
 
 
Basic net income per share from continuing operations1
$
0.28
 $
1.51
 $
1.69
Basic net income per share from discontinued operations2
0.02
 

 

BASIC NET INCOME PER SHARE
$
0.29
3 $
1.51
 $
1.69
Diluted net income per share from continuing operations1
$
0.27
 $
1.49
 $
1.67
Diluted net income per share from discontinued operations2
0.02
 

 

DILUTED NET INCOME PER SHARE
$
0.29
 $
1.49
 $
1.67
AVERAGE SHARES OUTSTANDING BASIC
4,272
 
4,317
 
4,352
Effect of dilutive securities
52
 
50
 
53
AVERAGE SHARES OUTSTANDING DILUTED
4,324
 
4,367
 
4,405
1 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling
interests.
2 Calculated based on net income from discontinued operations less net income from discontinued operations attributable to noncontrolling
interests.
3 Per share amounts do not add due to
rounding.
Refer to Notes to Consolidated Financial Statements.
72 THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2017
 
2016
(In millions except par value)
 
 
ASSETS
 
 
CURRENT ASSETS
 
 
Cash and cash equivalents
$
6,006
 $
8,555
Short-term investments
9,352
 
9,595
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
15,358
 
18,150
Marketable securities
5,317
 
4,051
Trade accounts receivable, less allowances of $477 and $466, respectively
3,667
 
3,856
Inventories
2,655
 
2,675
Prepaid expenses and other assets
2,000
 
2,481
Assets held for sale
219
 
2,797
Assets held for sale discontinued operations
7,329
 

TOTAL CURRENT ASSETS
36,545
 
34,010
EQUITY METHOD INVESTMENTS
20,856
 
16,260
OTHER INVESTMENTS
1,096
 
989
OTHER ASSETS
4,560
 
4,248
PROPERTY, PLANT AND EQUIPMENT net
8,203
 
10,635
TRADEMARKS WITH INDEFINITE LIVES
6,729
 
6,097
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES
138
 
3,676
GOODWILL
9,401
 
10,629
OTHER INTANGIBLE ASSETS
368
 
726
TOTAL ASSETS
$
87,896
 $
87,270
LIABILITIES AND EQUITY
 
 
CURRENT LIABILITIES
 
 
Accounts payable and accrued expenses
$
8,748
 $
9,490
Loans and notes payable
13,205
 
12,498
Current maturities of long-term debt
3,298
 
3,527
Accrued income taxes
410
 
307
Liabilities held for sale
37
 
710
 Liabilities held for sale discontinued operations
1,496
 

TOTAL CURRENT LIABILITIES
27,194
 
26,532
LONG-TERM DEBT
31,182
 
29,684
OTHER LIABILITIES
8,021
 
4,081
DEFERRED INCOME TAXES
2,522
 
3,753
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
 
 
 Common stock, $0.25 par value; Authorized 11,200 shares;
 Issued 7,040 and 7,040 shares, respectively
1,760
 
1,760
Capital surplus
15,864
 
14,993
Reinvested earnings
60,430
 
65,502
Accumulated other comprehensive income (loss)
(10,305) 
(11,205)
Treasury stock, at cost 2,781 and 2,752 shares, respectively
(50,677) 
(47,988)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
17,072
 
23,062
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
1,905
 
158
TOTAL EQUITY
18,977
 
23,220
TOTAL LIABILITIES AND EQUITY
$
87,896
 $
87,270
Refer to Notes to Consolidated Financial Statements.
74"
What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023,"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","[{'evidence_text': 'Twelve Months Ended June 30, 2022\nTwelve Months Ended June 30, 2023\n($ million)\nEBITDA\nEBIT\nNet \nIncome\nEPS \n(Diluted\nUS \ncents)(1)\nEBITDA\nEBIT\nNet \nIncome\nEPS \n(Diluted \nUS \ncents)(1)\nNet income attributable to Amcor\n \n805 \n \n805 \n \n805 \n \n52.9 \n \n1,048 \n \n1,048 \n \n1,048 \n \n70.5 \nNet income attributable to non-controlling \ninterests\n \n10 \n \n10 \n \n10 \n \n10 \nTax expense\n \n300 \n \n300 \n \n193 \n \n193 \nInterest expense, net\n \n135 \n \n135 \n \n259 \n \n259 \nDepreciation and amortization\n \n579 \n \n569 \nEBITDA, EBIT, Net income and EPS\n \n1,829 \n \n1,250 \n \n805 \n \n52.9 \n \n2,080 \n \n1,510 \n \n1,048 \n \n70.5 \n2019 Bemis Integration Plan\n \n37 \n \n37 \n \n37 \n \n2.5 \n \n \n \n \n \n \n \n \nNet loss on disposals(2)\n \n10 \n \n10 \n \n10 \n \n0.7 \n \n \n \n \n \n \n \n \nImpact of hyperinflation\n \n16 \n \n16 \n \n16 \n \n1.0 \n \n24 \n \n24 \n \n24 \n \n1.9 \nProperty and other losses, net(3)\n \n13 \n \n13 \n \n13 \n \n0.8 \n \n2 \n \n2 \n \n2 \n \n0.1 \nRussia-Ukraine conflict impacts(4)\n \n200 \n \n200 \n \n200 \n \n13.2 \n \n(90) \n(90) \n(90) \n(6.0) \nPension settlements\n \n8 \n \n8 \n \n8 \n \n0.5 \n \n5 \n \n5 \n \n5 \n \n0.3 \nOther\n \n4 \n \n4 \n \n4 \n \n0.3 \n \n(3) \n(3) \n(3) \n(0.3) \nAmortization of acquired intangibles (5)\n \n163 \n \n163 \n \n10.7 \n \n160 \n \n160 \n \n10.8 \nTax effect of above items \n \n(32) \n(2.1) \n \n(57) \n(4.0) \nAdjusted EBITDA, EBIT, Net income and EPS \n \n2,117 \n \n1,701 \n \n1,224 \n \n80.5 \n \n2,018 \n \n1,608 \n \n1,089 \n \n73.3', 'doc_name': 'AMCOR_2023Q4_EARNINGS', 'evidence_page_num': 11, 'evidence_text_full_page': 'Twelve Months Ended June 30, 2022\nTwelve Months Ended June 30, 2023\n($ million)\nEBITDA\nEBIT\nNet \nIncome\nEPS \n(Diluted\nUS \ncents)(1)\nEBITDA\nEBIT\nNet \nIncome\nEPS \n(Diluted \nUS \ncents)(1)\nNet income attributable to Amcor\n \n805 \n \n805 \n \n805 \n \n52.9 \n \n1,048 \n \n1,048 \n \n1,048 \n \n70.5 \nNet income attributable to non-controlling \ninterests\n \n10 \n \n10 \n \n10 \n \n10 \nTax expense\n \n300 \n \n300 \n \n193 \n \n193 \nInterest expense, net\n \n135 \n \n135 \n \n259 \n \n259 \nDepreciation and amortization\n \n579 \n \n569 \nEBITDA, EBIT, Net income and EPS\n \n1,829 \n \n1,250 \n \n805 \n \n52.9 \n \n2,080 \n \n1,510 \n \n1,048 \n \n70.5 \n2019 Bemis Integration Plan\n \n37 \n \n37 \n \n37 \n \n2.5 \n \n \n \n \n \n \n \n \nNet loss on disposals(2)\n \n10 \n \n10 \n \n10 \n \n0.7 \n \n \n \n \n \n \n \n \nImpact of hyperinflation\n \n16 \n \n16 \n \n16 \n \n1.0 \n \n24 \n \n24 \n \n24 \n \n1.9 \nProperty and other losses, net(3)\n \n13 \n \n13 \n \n13 \n \n0.8 \n \n2 \n \n2 \n \n2 \n \n0.1 \nRussia-Ukraine conflict impacts(4)\n \n200 \n \n200 \n \n200 \n \n13.2 \n \n(90) \n(90) \n(90) \n(6.0) \nPension settlements\n \n8 \n \n8 \n \n8 \n \n0.5 \n \n5 \n \n5 \n \n5 \n \n0.3 \nOther\n \n4 \n \n4 \n \n4 \n \n0.3 \n \n(3) \n(3) \n(3) \n(0.3) \nAmortization of acquired intangibles (5)\n \n163 \n \n163 \n \n10.7 \n \n160 \n \n160 \n \n10.8 \nTax effect of above items \n \n(32) \n(2.1) \n \n(57) \n(4.0) \nAdjusted EBITDA, EBIT, Net income and EPS \n \n2,117 \n \n1,701 \n \n1,224 \n \n80.5 \n \n2,018 \n \n1,608 \n \n1,089 \n \n73.3 \nReconciliation of adjusted growth to comparable constant currency growth \n% growth - Adjusted EBITDA, EBIT, Net income, and EPS\n \n(5) \n(5) \n(11) \n(9) \n% items affecting comparability(6)\n \n3 \n \n4 \n \n4 \n \n4 \n% currency impact\n \n3 \n \n2 \n \n3 \n \n3 \n% comparable constant currency growth\n \n1 \n \n1 \n \n(4) \n(2) \nAdjusted EBITDA\n \n2,117 \n \n2,018 \nInterest paid, net\n \n(119) \n \n(248) \nIncome tax paid\n \n(256) \n \n(225) \nPurchase of property, plant and equipment and \nother intangible assets\n \n(527) \n \n(526) \nProceeds from sales of property, plant and \nequipment and other intangible assets\n \n18 \n \n30 \nMovement in working capital\n \n(154) \n \n(229) \nOther\n \n(13) \n \n28 \nAdjusted Free Cash Flow\n \n1,066 \n \n848 \n(1) Calculation of diluted EPS for the twelve months ended June 30, 2023 excludes net income attributable to shares to be repurchased under \nforward contracts of $7 million, and $3 million for the twelve months ended June 30, 2022. \n(2) Includes losses on disposal of non-core businesses in fiscal year 2022.\n(3) Property and other losses, net for fiscal year 2023 includes property claims and losses, net of insurance recovery related to the closure of our \nbusiness in South Africa. Fiscal year 2022 includes business losses primarily associated with the destruction of our Durban, South Africa facility \nduring general civil unrest in July 2021, net of insurance recovery.\n(4) Includes the net gain on disposal of the Russian business in December 2022 and incremental restructuring and other costs attributable to group \nwide initiatives to offset divested earnings from the Russian business. Fiscal year 2022 includes impairment charges and restructuring and related \nexpenses.\n(5) Amortization of acquired intangible assets from business combinations.\n(6) Reflects the impact of acquired, disposed, and ceased operations. \n12\n'}]","Twelve Months Ended June 30, 2022
Twelve Months Ended June 30, 2023
($ million)
EBITDA
EBIT
Net 
Income
EPS 
(Diluted
US 
cents)(1)
EBITDA
EBIT
Net 
Income
EPS 
(Diluted 
US 
cents)(1)
Net income attributable to Amcor
 
805 
 
805 
 
805 
 
52.9 
 
1,048 
 
1,048 
 
1,048 
 
70.5 
Net income attributable to non-controlling 
interests
 
10 
 
10 
 
10 
 
10 
Tax expense
 
300 
 
300 
 
193 
 
193 
Interest expense, net
 
135 
 
135 
 
259 
 
259 
Depreciation and amortization
 
579 
 
569 
EBITDA, EBIT, Net income and EPS
 
1,829 
 
1,250 
 
805 
 
52.9 
 
2,080 
 
1,510 
 
1,048 
 
70.5 
2019 Bemis Integration Plan
 
37 
 
37 
 
37 
 
2.5 
 
 
 
 
 
 
 
 
Net loss on disposals(2)
 
10 
 
10 
 
10 
 
0.7 
 
 
 
 
 
 
 
 
Impact of hyperinflation
 
16 
 
16 
 
16 
 
1.0 
 
24 
 
24 
 
24 
 
1.9 
Property and other losses, net(3)
 
13 
 
13 
 
13 
 
0.8 
 
2 
 
2 
 
2 
 
0.1 
Russia-Ukraine conflict impacts(4)
 
200 
 
200 
 
200 
 
13.2 
 
(90) 
(90) 
(90) 
(6.0) 
Pension settlements
 
8 
 
8 
 
8 
 
0.5 
 
5 
 
5 
 
5 
 
0.3 
Other
 
4 
 
4 
 
4 
 
0.3 
 
(3) 
(3) 
(3) 
(0.3) 
Amortization of acquired intangibles (5)
 
163 
 
163 
 
10.7 
 
160 
 
160 
 
10.8 
Tax effect of above items 
 
(32) 
(2.1) 
 
(57) 
(4.0) 
Adjusted EBITDA, EBIT, Net income and EPS 
 
2,117 
 
1,701 
 
1,224 
 
80.5 
 
2,018 
 
1,608 
 
1,089 
 
73.3"
"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.",Performance is not measured through operating margin,"[{'evidence_text': 'CONSOLIDATED STATEMENTS OF INCOME\nYear Ended December 31 (Millions, except per share amounts)\n2022\n2021\n2020\nRevenues\nNon-interest revenues\nDiscount revenue\n$\n30,739 \n$\n24,563 \n$\n19,435 \nNet card fees\n6,070 \n5,195 \n4,664 \nService fees and other revenue\n4,521 \n3,316 \n2,702 \nProcessed revenue\n1,637 \n1,556 \n1,301 \nTotal non-interest revenues\n42,967 \n34,630 \n28,102 \nInterest income\nInterest on loans\n11,967 \n8,850 \n9,779 \nInterest and dividends on investment securities\n96 \n83 \n127 \nDeposits with banks and other\n595 \n100 \n177 \nTotal interest income\n12,658 \n9,033 \n10,083 \nInterest expense\nDeposits\n1,527 \n458 \n943 \nLong-term debt and other\n1,236 \n825 \n1,155 \nTotal interest expense\n2,763 \n1,283 \n2,098 \nNet interest income\n9,895 \n7,750 \n7,985 \nTotal revenues net of interest expense\n52,862 \n42,380 \n36,087 \nProvisions for credit losses\nCard Member receivables\n627 \n(73)\n1,015 \nCard Member loans\n1,514 \n(1,155)\n3,453 \nOther\n41 \n(191)\n262 \nTotal provisions for credit losses\n2,182 \n(1,419)\n4,730 \nTotal revenues net of interest expense after provisions for credit losses\n50,680 \n43,799 \n31,357 \nExpenses\nCard Member rewards\n14,002 \n11,007 \n8,041 \nBusiness development\n4,943 \n3,762 \n3,051 \nCard Member services\n2,959 \n1,993 \n1,230 \nMarketing\n5,458 \n5,291 \n3,696 \nSalaries and employee benefits\n7,252 \n6,240 \n5,718 \nOther, net\n6,481 \n4,817 \n5,325 \nTotal expenses\n41,095 \n33,110 \n27,061 \nPretax income\n9,585 \n10,689 \n4,296 \nIncome tax provision\n2,071 \n2,629 \n1,161 \nNet income\n$\n7,514 \n$\n8,060 \n$\n3,135 \nEarnings per Common Share (Note 21)\nBasic\n$\n9.86 \n$\n10.04 \n$\n3.77 \nDiluted\n$\n9.85 \n$\n10.02 \n$\n3.77 \nAverage common shares outstanding for earnings per common share:\nBasic\n751 \n789 \n805 \nDiluted\n752 \n790 \n806', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 95, 'evidence_text_full_page': 'Table of Contents\nCONSOLIDATED STATEMENTS OF INCOME\nYear Ended December 31 (Millions, except per share amounts)\n2022\n2021\n2020\nRevenues\nNon-interest revenues\nDiscount revenue\n$\n30,739 \n$\n24,563 \n$\n19,435 \nNet card fees\n6,070 \n5,195 \n4,664 \nService fees and other revenue\n4,521 \n3,316 \n2,702 \nProcessed revenue\n1,637 \n1,556 \n1,301 \nTotal non-interest revenues\n42,967 \n34,630 \n28,102 \nInterest income\nInterest on loans\n11,967 \n8,850 \n9,779 \nInterest and dividends on investment securities\n96 \n83 \n127 \nDeposits with banks and other\n595 \n100 \n177 \nTotal interest income\n12,658 \n9,033 \n10,083 \nInterest expense\nDeposits\n1,527 \n458 \n943 \nLong-term debt and other\n1,236 \n825 \n1,155 \nTotal interest expense\n2,763 \n1,283 \n2,098 \nNet interest income\n9,895 \n7,750 \n7,985 \nTotal revenues net of interest expense\n52,862 \n42,380 \n36,087 \nProvisions for credit losses\nCard Member receivables\n627 \n(73)\n1,015 \nCard Member loans\n1,514 \n(1,155)\n3,453 \nOther\n41 \n(191)\n262 \nTotal provisions for credit losses\n2,182 \n(1,419)\n4,730 \nTotal revenues net of interest expense after provisions for credit losses\n50,680 \n43,799 \n31,357 \nExpenses\nCard Member rewards\n14,002 \n11,007 \n8,041 \nBusiness development\n4,943 \n3,762 \n3,051 \nCard Member services\n2,959 \n1,993 \n1,230 \nMarketing\n5,458 \n5,291 \n3,696 \nSalaries and employee benefits\n7,252 \n6,240 \n5,718 \nOther, net\n6,481 \n4,817 \n5,325 \nTotal expenses\n41,095 \n33,110 \n27,061 \nPretax income\n9,585 \n10,689 \n4,296 \nIncome tax provision\n2,071 \n2,629 \n1,161 \nNet income\n$\n7,514 \n$\n8,060 \n$\n3,135 \nEarnings per Common Share (Note 21)\nBasic\n$\n9.86 \n$\n10.04 \n$\n3.77 \nDiluted\n$\n9.85 \n$\n10.02 \n$\n3.77 \nAverage common shares outstanding for earnings per common share:\nBasic\n751 \n789 \n805 \nDiluted\n752 \n790 \n806 \n(a)\nRepresents net income less (i) earnings allocated to participating share awards of $57 million, $56 million and $20 million for the years ended December 31, 2022, 2021 and 2020, respectively,\n(ii) dividends on preferred shares of $57 million, $71 million and $79 million for the years ended December 31, 2022, 2021 and 2020, respectively, and (iii) equity-related adjustments of\n$16 million related to the redemption of preferred shares for the year ended December 31, 2021.\nSee Notes to Consolidated Financial Statements.\n(a)\n93\n'}]","CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (Millions, except per share amounts)
2022
2021
2020
Revenues
Non-interest revenues
Discount revenue
$
30,739 
$
24,563 
$
19,435 
Net card fees
6,070 
5,195 
4,664 
Service fees and other revenue
4,521 
3,316 
2,702 
Processed revenue
1,637 
1,556 
1,301 
Total non-interest revenues
42,967 
34,630 
28,102 
Interest income
Interest on loans
11,967 
8,850 
9,779 
Interest and dividends on investment securities
96 
83 
127 
Deposits with banks and other
595 
100 
177 
Total interest income
12,658 
9,033 
10,083 
Interest expense
Deposits
1,527 
458 
943 
Long-term debt and other
1,236 
825 
1,155 
Total interest expense
2,763 
1,283 
2,098 
Net interest income
9,895 
7,750 
7,985 
Total revenues net of interest expense
52,862 
42,380 
36,087 
Provisions for credit losses
Card Member receivables
627 
(73)
1,015 
Card Member loans
1,514 
(1,155)
3,453 
Other
41 
(191)
262 
Total provisions for credit losses
2,182 
(1,419)
4,730 
Total revenues net of interest expense after provisions for credit losses
50,680 
43,799 
31,357 
Expenses
Card Member rewards
14,002 
11,007 
8,041 
Business development
4,943 
3,762 
3,051 
Card Member services
2,959 
1,993 
1,230 
Marketing
5,458 
5,291 
3,696 
Salaries and employee benefits
7,252 
6,240 
5,718 
Other, net
6,481 
4,817 
5,325 
Total expenses
41,095 
33,110 
27,061 
Pretax income
9,585 
10,689 
4,296 
Income tax provision
2,071 
2,629 
1,161 
Net income
$
7,514 
$
8,060 
$
3,135 
Earnings per Common Share (Note 21)
Basic
$
9.86 
$
10.04 
$
3.77 
Diluted
$
9.85 
$
10.02 
$
3.77 
Average common shares outstanding for earnings per common share:
Basic
751 
789 
805 
Diluted
752 
790 
806"
Was American Express able to retain card members during 2022?,Yes,"[{'evidence_text': 'Net card fees increased 17 percent year over-year, as new card acquisitions reached record levels in 2022 and Card Member\nretention remained high, demonstrating the impact of investments we have made in our premium value propositions', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 44, 'evidence_text_full_page': 'Table of Contents\nBUSINESS ENVIRONMENT\nOur results for the year demonstrate that our growth strategy is working and our business is in an even stronger position today than before the pandemic.\nSpending on our network reached record levels, and credit metrics remain below pre-pandemic levels. Our investments in product innovation, technology,\npeople and our brand has led to increased generational relevance with Millennial and Gen Z customers, record new card acquisitions, deeper relationships with\ncustomers and expanded merchant acceptance.\nFor 2022, we reported net income of $7.5 billion, or $9.85 per share, compared with net income of $8.1 billion, or $10.02 per share, a year ago. The reduction\nin net income reflected credit reserve builds and net losses in our Amex Ventures strategic investment portfolio in the current year compared with sizeable\ncredit reserve releases and significant net gains in our Amex Ventures strategic investment portfolio in the prior year.\nWorldwide network volumes for the year increased 21 percent compared to the prior year (24 percent on an FX-adjusted basis ). Billed business, which\nrepresented 86 percent of our total network volumes and is the most significant driver of our financial results, increased 23 percent year-over-year (25 percent\non an FX-adjusted basis ), demonstrating our continued ability to acquire, engage and retain high-spending, premium Card Members. U.S. Consumer billed\nbusiness grew by 24 percent year-over-year, reflecting continued strength in spending trends from our premium U.S. consumer Card Members. Billed business\nin our Commercial Services segment grew by 21 percent on a year-over-year basis, reflecting continued growth from U.S. small and mid-sized enterprise\ncustomers, as well as continued steady recovery in spending by our U.S. large and global corporate clients. International billed business grew by 23 percent\nyear-over-year (36 percent on an FX-adjusted basis ), driven by a strong recovery in spend across both consumer and commercial customers. T&E spending\nmomentum remained strong throughout the year, while year-over-year Goods & Services spending growth slowed towards the end of the year following the\nlarge pandemic recovery growth rates experienced earlier in the year. Inflation was a modest contributor to our strong billed business growth, while the\ncontinuing strengthening of the U.S. dollar, relative to the prior year, against most major currencies in which we operate, had a negative impact on our\ninternational billings.\nTotal revenues net of interest expense increased 25 percent year-over-year (27 percent on an FX-adjusted basis ), reflecting strong growth in all our revenue\nlines. Discount revenue, our largest revenue line, increased 25 percent year-over-year, driven primarily by the momentum in our Card Member spending\nvolumes throughout 2022. Net card fees increased 17 percent year over-year, as new card acquisitions reached record levels in 2022 and Card Member\nretention remained high, demonstrating the impact of investments we have made in our premium value propositions. Service fees and other revenues increased\n36 percent year-over-year, driven in part by higher travel-related revenues. Net interest income increased 28 percent versus the prior year, primarily driven by\ngrowth in Card Member loans. While the rising interest rate environment had a fairly neutral impact on our results for the full year, rising rates did have a\nmodest negative impact on net interest income towards the end of the year.\nCard Member loans increased 22 percent year-over-year, with the majority of growth coming from existing Card Members and was driven by ongoing strong\ngrowth in billed business, which began to moderate towards the end of the year as we lapped the steep phase of recovery. Provisions for credit losses increased\nversus the prior year, reflecting a reserve build of $617 million compared with a reserve release of $2.5 billion in the prior year, and are expected to increase in\n2023. While delinquency and net write-off rates continued to increase throughout the year, these metrics remain strong, supported by the premium nature of our\ncustomer base, our risk management capabilities and risk actions we took throughout the year.\nThe foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign\nexchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted revenues is a non GAAP\nmeasure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period\nwithout the variability caused by fluctuations in currency exchange rates.\n1\n1\n1\n1\n1 \n42\n'}]","Net card fees increased 17 percent year over-year, as new card acquisitions reached record levels in 2022 and Card Member
retention remained high, demonstrating the impact of investments we have made in our premium value propositions"
Are there any product categories / service categories that represent more than 20% of Boeing's revenue for FY2022?,"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","[{'evidence_text': 'The Boeing Company and Subsidiaries\nNotes to the Consolidated Financial Statements\nSummary of Business Segment Data\n(Dollars in millions)\n \nYears ended December 31,\n2022\n2021\n2020\nRevenues:\nCommercial Airplanes\n$25,867 \n$19,493 \n$16,162 \nDefense, Space & Security\n23,162 \n26,540 \n26,257 \nGlobal Services\n17,611 \n16,328 \n15,543 \nBoeing Capital\n199 \n272 \n261 \nUnallocated items, eliminations and other\n(231)\n(347)\n(65)\nTotal revenues\n$66,608 \n$62,286 \n$58,158', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 61, 'evidence_text_full_page': 'Table of Contents\nThe Boeing Company and Subsidiaries\nNotes to the Consolidated Financial Statements\nSummary of Business Segment Data\n(Dollars in millions)\n \nYears ended December 31,\n2022\n2021\n2020\nRevenues:\nCommercial Airplanes\n$25,867 \n$19,493 \n$16,162 \nDefense, Space & Security\n23,162 \n26,540 \n26,257 \nGlobal Services\n17,611 \n16,328 \n15,543 \nBoeing Capital\n199 \n272 \n261 \nUnallocated items, eliminations and other\n(231)\n(347)\n(65)\nTotal revenues\n$66,608 \n$62,286 \n$58,158 \n(Loss)/earnings from operations:\nCommercial Airplanes\n($2,370)\n($6,475)\n($13,847)\nDefense, Space & Security\n(3,544)\n1,544 \n1,539 \nGlobal Services\n2,727 \n2,017 \n450 \nBoeing Capital\n29 \n106 \n63 \nSegment operating loss\n(3,158)\n(2,808)\n(11,795)\nUnallocated items, eliminations and other\n(1,532)\n(1,267)\n(2,355)\nFAS/CAS service cost adjustment\n1,143 \n1,173 \n1,383 \nLoss from operations\n(3,547)\n(2,902)\n(12,767)\nOther income, net\n1,058 \n551 \n447 \nInterest and debt expense\n(2,533)\n(2,682)\n(2,156)\nLoss before income taxes\n(5,022)\n(5,033)\n(14,476)\nIncome tax (expense)/benefit\n(31)\n743 \n2,535 \nNet loss\n(5,053)\n(4,290)\n(11,941)\nLess: net loss attributable to noncontrolling interest\n(118)\n(88)\n(68)\nNet loss attributable to Boeing Shareholders\n($4,935)\n($4,202)\n($11,873)\nThis information is an integral part of the Notes to the Consolidated Financial Statements. See Note 22 for further segment results.\n58\n'}]","The Boeing Company and Subsidiaries
Notes to the Consolidated Financial Statements
Summary of Business Segment Data
(Dollars in millions)
 
Years ended December 31,
2022
2021
2020
Revenues:
Commercial Airplanes
$25,867 
$19,493 
$16,162 
Defense, Space & Security
23,162 
26,540 
26,257 
Global Services
17,611 
16,328 
15,543 
Boeing Capital
199 
272 
261 
Unallocated items, eliminations and other
(231)
(347)
(65)
Total revenues
$66,608 
$62,286 
$58,158"
What is the FY2022 unadjusted EBITDA less capex for PepsiCo? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization [from cash flow statement]. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows and the income statement.,$9068.00,"[{'evidence_text': 'Table of Contents\nConsolidated Statement of Income\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions except per share amounts)\n2022\n2021\n2020\nNet Revenue\n$\n86,392 $\n79,474 $\n70,372 \nCost of sales\n40,576 \n37,075 \n31,797 \nGross profit\n45,816 \n42,399 \n38,575 \nSelling, general and administrative expenses\n34,459 \n31,237 \n28,453 \nGain associated with the Juice Transaction (see Note 13)\n(3,321)\n \n \nImpairment of intangible assets (see Notes 1 and 4)\n3,166 \n \n42 \nOperating Profit\n11,512 \n11,162 \n10,080 \nOther pension and retiree medical benefits income\n132 \n522 \n117 \nNet interest expense and other\n(939)\n(1,863)\n(1,128)\nIncome before income taxes\n10,705 \n9,821 \n9,069 \nProvision for income taxes\n1,727 \n2,142 \n1,894 \nNet income\n8,978 \n7,679 \n7,175 \nLess: Net income attributable to noncontrolling interests\n68 \n61 \n55 \nNet Income Attributable to PepsiCo\n$\n8,910 $\n7,618 $\n7,120 \nNet Income Attributable to PepsiCo per Common Share\nBasic\n$\n6.45 $\n5.51 $\n5.14 \nDiluted\n$\n6.42 $\n5.49 $\n5.12 \nWeighted-average common shares outstanding\nBasic\n1,380 \n1,382 \n1,385 \nDiluted\n1,387 \n1,389 \n1,392 \nSee accompanying notes to the consolidated financial statements.\n60', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 61, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statement of Income\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions except per share amounts)\n2022\n2021\n2020\nNet Revenue\n$\n86,392 $\n79,474 $\n70,372 \nCost of sales\n40,576 \n37,075 \n31,797 \nGross profit\n45,816 \n42,399 \n38,575 \nSelling, general and administrative expenses\n34,459 \n31,237 \n28,453 \nGain associated with the Juice Transaction (see Note 13)\n(3,321)\n \n \nImpairment of intangible assets (see Notes 1 and 4)\n3,166 \n \n42 \nOperating Profit\n11,512 \n11,162 \n10,080 \nOther pension and retiree medical benefits income\n132 \n522 \n117 \nNet interest expense and other\n(939)\n(1,863)\n(1,128)\nIncome before income taxes\n10,705 \n9,821 \n9,069 \nProvision for income taxes\n1,727 \n2,142 \n1,894 \nNet income\n8,978 \n7,679 \n7,175 \nLess: Net income attributable to noncontrolling interests\n68 \n61 \n55 \nNet Income Attributable to PepsiCo\n$\n8,910 $\n7,618 $\n7,120 \nNet Income Attributable to PepsiCo per Common Share\nBasic\n$\n6.45 $\n5.51 $\n5.14 \nDiluted\n$\n6.42 $\n5.49 $\n5.12 \nWeighted-average common shares outstanding\nBasic\n1,380 \n1,382 \n1,385 \nDiluted\n1,387 \n1,389 \n1,392 \nSee accompanying notes to the consolidated financial statements.\n60\n'}
 {'evidence_text': 'Table of Contents\nConsolidated Statement of Cash Flows\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions)\n2022\n2021\n2020\nOperating Activities\nNet income\n$\n8,978 $\n7,679 $\n7,175 \nDepreciation and amortization\n2,763 \n2,710 \n2,548 \nGain associated with the Juice Transaction\n(3,321)\n \n \nImpairment and other charges\n3,618 \n \n \nOperating lease right-of-use asset amortization\n517 \n505 \n478 \nShare-based compensation expense\n343 \n301 \n264 \nRestructuring and impairment charges\n411 \n247 \n289 \nCash payments for restructuring charges\n(224)\n(256)\n(255)\nAcquisition and divestiture-related charges\n80 \n(4)\n255 \nCash payments for acquisition and divestiture-related charges\n(46)\n(176)\n(131)\nPension and retiree medical plan expenses\n419 \n123 \n408 \nPension and retiree medical plan contributions\n(384)\n(785)\n(562)\nDeferred income taxes and other tax charges and credits\n(873)\n298 \n361 \nTax expense related to the TCJ Act\n86 \n190 \n \nTax payments related to the TCJ Act\n(309)\n(309)\n(78)\nChange in assets and liabilities:\nAccounts and notes receivable\n(1,763)\n(651)\n(420)\nInventories\n(1,142)\n(582)\n(516)\nPrepaid expenses and other current assets\n118 \n159 \n26 \nAccounts payable and other current liabilities\n1,842 \n1,762 \n766 \nIncome taxes payable\n57 \n30 \n(159)\nOther, net\n(359)\n375 \n164 \nNet Cash Provided by Operating Activities\n10,811 \n11,616 \n10,613 \nInvesting Activities\nCapital spending\n(5,207)\n(4,625)\n(4,240)\nSales of property, plant and equipment\n251 \n166 \n55 \nAcquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of\nintangible and other assets\n(873)\n(61)\n(6,372)\nProceeds associated with the Juice Transaction\n3,456 \n \n \nOther divestitures, sales of investments in noncontrolled affiliates and other assets\n49 \n169 \n6 \nShort-term investments, by original maturity:\nMore than three months - purchases\n(291)\n \n(1,135)\nMore than three months - maturities\n150 \n1,135 \n \nThree months or less, net\n24 \n(58)\n27 \nOther investing, net\n11 \n5 \n40 \nNet Cash Used for Investing Activities\n(2,430)\n(3,269)\n(11,619)\n(Continued on following page)\n62', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 63, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statement of Cash Flows\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions)\n2022\n2021\n2020\nOperating Activities\nNet income\n$\n8,978 $\n7,679 $\n7,175 \nDepreciation and amortization\n2,763 \n2,710 \n2,548 \nGain associated with the Juice Transaction\n(3,321)\n \n \nImpairment and other charges\n3,618 \n \n \nOperating lease right-of-use asset amortization\n517 \n505 \n478 \nShare-based compensation expense\n343 \n301 \n264 \nRestructuring and impairment charges\n411 \n247 \n289 \nCash payments for restructuring charges\n(224)\n(256)\n(255)\nAcquisition and divestiture-related charges\n80 \n(4)\n255 \nCash payments for acquisition and divestiture-related charges\n(46)\n(176)\n(131)\nPension and retiree medical plan expenses\n419 \n123 \n408 \nPension and retiree medical plan contributions\n(384)\n(785)\n(562)\nDeferred income taxes and other tax charges and credits\n(873)\n298 \n361 \nTax expense related to the TCJ Act\n86 \n190 \n \nTax payments related to the TCJ Act\n(309)\n(309)\n(78)\nChange in assets and liabilities:\nAccounts and notes receivable\n(1,763)\n(651)\n(420)\nInventories\n(1,142)\n(582)\n(516)\nPrepaid expenses and other current assets\n118 \n159 \n26 \nAccounts payable and other current liabilities\n1,842 \n1,762 \n766 \nIncome taxes payable\n57 \n30 \n(159)\nOther, net\n(359)\n375 \n164 \nNet Cash Provided by Operating Activities\n10,811 \n11,616 \n10,613 \nInvesting Activities\nCapital spending\n(5,207)\n(4,625)\n(4,240)\nSales of property, plant and equipment\n251 \n166 \n55 \nAcquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of\nintangible and other assets\n(873)\n(61)\n(6,372)\nProceeds associated with the Juice Transaction\n3,456 \n \n \nOther divestitures, sales of investments in noncontrolled affiliates and other assets\n49 \n169 \n6 \nShort-term investments, by original maturity:\nMore than three months - purchases\n(291)\n \n(1,135)\nMore than three months - maturities\n150 \n1,135 \n \nThree months or less, net\n24 \n(58)\n27 \nOther investing, net\n11 \n5 \n40 \nNet Cash Used for Investing Activities\n(2,430)\n(3,269)\n(11,619)\n(Continued on following page)\n62\n'}]","Table of Contents
Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020
(in millions except per share amounts)
2022
2021
2020
Net Revenue
$
86,392 $
79,474 $
70,372 
Cost of sales
40,576 
37,075 
31,797 
Gross profit
45,816 
42,399 
38,575 
Selling, general and administrative expenses
34,459 
31,237 
28,453 
Gain associated with the Juice Transaction (see Note 13)
(3,321)
 
 
Impairment of intangible assets (see Notes 1 and 4)
3,166 
 
42 
Operating Profit
11,512 
11,162 
10,080 
Other pension and retiree medical benefits income
132 
522 
117 
Net interest expense and other
(939)
(1,863)
(1,128)
Income before income taxes
10,705 
9,821 
9,069 
Provision for income taxes
1,727 
2,142 
1,894 
Net income
8,978 
7,679 
7,175 
Less: Net income attributable to noncontrolling interests
68 
61 
55 
Net Income Attributable to PepsiCo
$
8,910 $
7,618 $
7,120 
Net Income Attributable to PepsiCo per Common Share
Basic
$
6.45 $
5.51 $
5.14 
Diluted
$
6.42 $
5.49 $
5.12 
Weighted-average common shares outstanding
Basic
1,380 
1,382 
1,385 
Diluted
1,387 
1,389 
1,392 
See accompanying notes to the consolidated financial statements.
60 Table of Contents
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020
(in millions)
2022
2021
2020
Operating Activities
Net income
$
8,978 $
7,679 $
7,175 
Depreciation and amortization
2,763 
2,710 
2,548 
Gain associated with the Juice Transaction
(3,321)
 
 
Impairment and other charges
3,618 
 
 
Operating lease right-of-use asset amortization
517 
505 
478 
Share-based compensation expense
343 
301 
264 
Restructuring and impairment charges
411 
247 
289 
Cash payments for restructuring charges
(224)
(256)
(255)
Acquisition and divestiture-related charges
80 
(4)
255 
Cash payments for acquisition and divestiture-related charges
(46)
(176)
(131)
Pension and retiree medical plan expenses
419 
123 
408 
Pension and retiree medical plan contributions
(384)
(785)
(562)
Deferred income taxes and other tax charges and credits
(873)
298 
361 
Tax expense related to the TCJ Act
86 
190 
 
Tax payments related to the TCJ Act
(309)
(309)
(78)
Change in assets and liabilities:
Accounts and notes receivable
(1,763)
(651)
(420)
Inventories
(1,142)
(582)
(516)
Prepaid expenses and other current assets
118 
159 
26 
Accounts payable and other current liabilities
1,842 
1,762 
766 
Income taxes payable
57 
30 
(159)
Other, net
(359)
375 
164 
Net Cash Provided by Operating Activities
10,811 
11,616 
10,613 
Investing Activities
Capital spending
(5,207)
(4,625)
(4,240)
Sales of property, plant and equipment
251 
166 
55 
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of
intangible and other assets
(873)
(61)
(6,372)
Proceeds associated with the Juice Transaction
3,456 
 
 
Other divestitures, sales of investments in noncontrolled affiliates and other assets
49 
169 
6 
Short-term investments, by original maturity:
More than three months - purchases
(291)
 
(1,135)
More than three months - maturities
150 
1,135 
 
Three months or less, net
24 
(58)
27 
Other investing, net
11 
5 
40 
Net Cash Used for Investing Activities
(2,430)
(3,269)
(11,619)
(Continued on following page)
62"
"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","Amcor completed these acquisitions during FY2023:
-100% equity interest of a flexibles manufacturing company in the Czech Republic
- 100% equity interest in a medical device packaging manufacturing site in
Shanghai, China.
-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein
packaging machines.","[{'evidence_text': ""On August 1, 2022, the Company completed the acquisition of 100% equity interest in a Czech Republic company that operates a world-class\nflexible packaging manufacturing plant. The purchase consideration of $59 million included a deferred portion of $5 million that was paid in the\nfirst quarter of fiscal year 2024. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired\nidentifiable net assets of $36 million and goodwill of $23 million. Goodwill is not deductible for tax purposes. The fair values of the identifiable\nnet assets acquired and goodwill are based on the Company's best estimate as of June 30, 2023.\n On March 17, 2023, the Company completed the acquisition of 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China. The purchase consideration of $60 million is subject to customary post-closing adjustments. The consideration includes\ncontingent consideration of $20 million, to be earned and paid in cash over the three years following the acquisition date, subject to meeting\ncertain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired\nidentifiable net assets of $21 million and goodwill of $39 million. Goodwill is not deductible for tax purposes. The fair values of the contingent\nconsideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered\npreliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the\nacquisition.\n On May 31, 2023, the Company completed the acquisition of a New Zealand based leading manufacturer of state-of-the-art, automated protein\npackaging machines. The purchase consideration of $45 million is subject to customary post-closing adjustments. The consideration includes\ncontingent consideration of $13 million, to be earned and paid in cash over the two years following the acquisition date, subject to meeting\ncertain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired\nidentifiable net assets of $9 million and goodwill of $36 million. Goodwill is deductible for tax purposes. The fair values of the contingent\nconsideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered\npreliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the\nacquisition."", 'doc_name': 'AMCOR_2023_10K', 'evidence_page_num': 63, 'evidence_text_full_page': ""Note 5 - Acquisitions and Divestitures\nYear ended June 30, 2023\nAcquisitions\n On August 1, 2022, the Company completed the acquisition of 100% equity interest in a Czech Republic company that operates a world-class\nflexible packaging manufacturing plant. The purchase consideration of $59 million included a deferred portion of $5 million that was paid in the\nfirst quarter of fiscal year 2024. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired\nidentifiable net assets of $36 million and goodwill of $23 million. Goodwill is not deductible for tax purposes. The fair values of the identifiable\nnet assets acquired and goodwill are based on the Company's best estimate as of June 30, 2023.\n On March 17, 2023, the Company completed the acquisition of 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China. The purchase consideration of $60 million is subject to customary post-closing adjustments. The consideration includes\ncontingent consideration of $20 million, to be earned and paid in cash over the three years following the acquisition date, subject to meeting\ncertain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired\nidentifiable net assets of $21 million and goodwill of $39 million. Goodwill is not deductible for tax purposes. The fair values of the contingent\nconsideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered\npreliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the\nacquisition.\n On May 31, 2023, the Company completed the acquisition of a New Zealand based leading manufacturer of state-of-the-art, automated protein\npackaging machines. The purchase consideration of $45 million is subject to customary post-closing adjustments. The consideration includes\ncontingent consideration of $13 million, to be earned and paid in cash over the two years following the acquisition date, subject to meeting\ncertain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired\nidentifiable net assets of $9 million and goodwill of $36 million. Goodwill is deductible for tax purposes. The fair values of the contingent\nconsideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered\npreliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the\nacquisition.\n The fair value estimates for all three acquisitions were based on income, market, and cost valuation methods. Pro forma information related to\nthese acquisitions has not been presented, as the effect of the acquisitions on the Company's consolidated financial statements was not material.\nDisposal of Russian business\n On December 23, 2022, the Company completed the sale of its Russian business after receiving all necessary regulatory approvals and cash\nproceeds, including receipt of closing cash balances. The sale follows the Companys previously announced plan to pursue the orderly sale of its\nRussian business. The total net cash consideration received, excluding disposed cash and items settled net, was $365 million and resulted in a\npre-tax net gain of $215 million. The carrying value of the Russian business had previously been impaired by $90 million in the quarter ended\nJune 30, 2022. The impairment charge was based on the Company's best estimate of the fair value of its Russian business, which considered the\nwide range of indicative bids received and uncertain regulatory environment. The net pre-tax gain on disposal of the Russian business has been\nrecorded as restructuring, impairment, and other related activities, net within the consolidated statements of income. The Russian business had a\nnet carrying value of $252 million, including allocated goodwill of $46 million and accumulated other comprehensive losses of $73 million,\nprimarily attributed to foreign currency translation adjustments.\nYear ended June 30, 2022\n During the third quarter of fiscal year 2022, the Company completed the disposal of non-core assets in the Flexibles reporting segment. The\nCompany recorded an expense of $10 million during the fiscal year ended June 30, 2022, to adjust the long-lived assets to their fair value less\ncost to sell.\n64\n""}]","On August 1, 2022, the Company completed the acquisition of 100% equity interest in a Czech Republic company that operates a world-class
flexible packaging manufacturing plant. The purchase consideration of $59 million included a deferred portion of $5 million that was paid in the
first quarter of fiscal year 2024. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $36 million and goodwill of $23 million. Goodwill is not deductible for tax purposes. The fair values of the identifiable
net assets acquired and goodwill are based on the Company's best estimate as of June 30, 2023.
 On March 17, 2023, the Company completed the acquisition of 100% equity interest in a medical device packaging manufacturing site in
Shanghai, China. The purchase consideration of $60 million is subject to customary post-closing adjustments. The consideration includes
contingent consideration of $20 million, to be earned and paid in cash over the three years following the acquisition date, subject to meeting
certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $21 million and goodwill of $39 million. Goodwill is not deductible for tax purposes. The fair values of the contingent
consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered
preliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the
acquisition.
 On May 31, 2023, the Company completed the acquisition of a New Zealand based leading manufacturer of state-of-the-art, automated protein
packaging machines. The purchase consideration of $45 million is subject to customary post-closing adjustments. The consideration includes
contingent consideration of $13 million, to be earned and paid in cash over the two years following the acquisition date, subject to meeting
certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $9 million and goodwill of $36 million. Goodwill is deductible for tax purposes. The fair values of the contingent
consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered
preliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the
acquisition."
What industry does AMCOR primarily operate in?,Amcor is a global leader in packaging production for various use cases.,"[{'evidence_text': 'Today, we are a global leader in developing and producing responsible\npackaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products', 'doc_name': 'AMCOR_2023_10K', 'evidence_page_num': 4, 'evidence_text_full_page': 'PART I\nItem 1. - Business\nThe Company\n Amcor plc (ARBN 630 385 278) is a public limited company incorporated under the Laws of the Bailiwick of Jersey. Our history dates back\nmore than 150 years, with origins in both Australia and the USA. Today, we are a global leader in developing and producing responsible\npackaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Our innovation excellence and global\npackaging expertise enables us to solve packaging challenges around the world every day, producing packaging that is more functional,\nappealing, and cost effective for our customers and their consumers and importantly, more sustainable for the environment.\nSustainability\n Sustainability is central to our business and one of our most exciting opportunities for growth. Working daily to embed sustainability deeper\ninto everything we do, Amcor has been a leader in the industry in promoting sustainability. We aspire to improve the quality of lives, protect\necosystems, and preserve natural resources for future generations by offering a unique range of responsible packaging solutions, leveraging our\nglobal scale, reach, and expertise to meet our customers growing sustainability expectations. In January 2018, we became the worlds first\npackaging company to pledge that all our packaging would be designed to be recycled, compostable, or reusable by 2025 and also committed to\nincreasing the amount of recycled content we use. We are delivering against these commitments and continue to lead in the development of a\nresponsible packaging value chain through our innovations and partnerships. We have identified a clear path to meeting our sustainability\nambitions and those of our customers by focusing on the three elements of responsible packaging product innovation, consumer participation,\nand infrastructure development.\nDifferentiated Solutions\n Our product portfolio is diverse and dynamic due to our constant innovation and close partnerships with our customers. Behind every one of\nour products stands a unique combination of technical know-how, business experience, and expertise. We work closely with our customers to\nidentify feasible, high-performance, responsible packaging solutions based on their unique needs. Where solutions do not currently exist, we\nwork to innovate new ones. We invest approximately $100 million every year in our industry-leading research and development capabilities,\nbringing together the best in packaging design, science, manufacturing, and people.\nExpertise across Packaging Materials\n We believe that we are uniquely positioned to offer a variety of packaging solutions with a wide, differentiated portfolio of products. Our\npackaging expertise covers all main packaging materials including paper, metal, plastic, recycled, and bio-based materials and the sustainable use\nof recyclable plastics. Our expertise and track record translate across many innovative solutions that customers can explore with ease and\nconvenience to meet their growing packaging needs, while improving environmental impact.\nBusiness Strategy\nStrategy\n Our business strategy consists of three components: a focused portfolio, differentiated capabilities, and our aspiration to be THE leading global\npackaging company. To fulfill our aspiration, we are determined to win for our customers, employees, shareholders, and the environment.\nFocused portfolio\n Our portfolio of businesses share certain important characteristics:\n\nA focus on primary packaging for fast-moving consumer goods,\n\ngood industry structure,\n\nattractive relative growth, and\n\nmultiple paths for us to win through our leadership position, scale, and ability to differentiate our product offering through innovation.\n5\n'}]","Today, we are a global leader in developing and producing responsible
packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products"
"Has AMCOR's quick ratio improved or declined between FY2023 and FY2022? If the quick ratio is not something that a financial analyst would ask about a company like this, then state that and explain why.",The quick ratio has slightly improved from 0.67 times to 0.69 times between FY 2023 and FY 2022.(3.4% jump),"[{'evidence_text': ""Amcor plc and Subsidiaries\nConsolidated Balance Sheets\n($ in millions, except share and per share data)\nAs of June 30,\n2023\n2022\nAssets\nCurrent assets:\nCash and cash equivalents\n$\n689 \n$\n775 \nTrade receivables, net of allowance for credit losses of $21 and $25, respectively\n1,875 \n1,935 \nInventories, net\nRaw materials and supplies\n992 \n1,114 \nWork in process and finished goods\n1,221 \n1,325 \nPrepaid expenses and other current assets\n531 \n512 \nAssets held for sale, net\n \n192 \nTotal current assets\n5,308 \n5,853 \nNon-current assets:\nProperty, plant, and equipment, net\n3,762 \n3,646 \nOperating lease assets\n533 \n560 \nDeferred tax assets\n134 \n130 \nOther intangible assets, net\n1,524 \n1,657 \nGoodwill\n5,366 \n5,285 \nEmployee benefit assets\n67 \n89 \nOther non-current assets\n309 \n206 \nTotal non-current assets\n11,695 \n11,573 \nTotal assets\n$\n17,003 \n$\n17,426 \nLiabilities\nCurrent liabilities:\nCurrent portion of long-term debt\n$\n13 \n$\n14 \nShort-term debt\n80 \n136 \nTrade payables\n2,690 \n3,073 \nAccrued employee costs\n396 \n471 \nOther current liabilities\n1,297 \n1,344 \nLiabilities held for sale\n \n65 \nTotal current liabilities\n4,476 \n5,103 \nNon-current liabilities:\nLong-term debt, less current portion\n6,653 \n6,340 \nOperating lease liabilities\n463 \n493 \nDeferred tax liabilities\n616 \n677 \nEmployee benefit obligations\n224 \n201 \nOther non-current liabilities\n481 \n471 \nTotal non-current liabilities\n8,437 \n8,182 \nTotal liabilities\n$\n12,913 \n$\n13,285 \nCommitments and contingencies (See Note 20)\nShareholders' Equity\nAmcor plc shareholders equity:\nOrdinary shares ($0.01 par value):\nAuthorized (9,000 million shares)\nIssued (1,448 and 1,489 million shares, respectively)\n$\n14 \n$\n15 \nAdditional paid-in capital\n4,021 \n4,431 \nRetained earnings\n865 \n534 \nAccumulated other comprehensive loss\n(862)\n(880)\nTreasury shares (1 and 2 million shares, respectively)\n(12)\n(18)\nTotal Amcor plc shareholders' equity\n4,026 \n4,082 \nNon-controlling interests\n64 \n59 \nTotal shareholders' equity\n4,090 \n4,141 \nTotal liabilities and shareholders' equity\n$\n17,003 \n$\n17,426 \nSee accompanying notes to consolidated financial statements.\n5"", 'doc_name': 'AMCOR_2023_10K', 'evidence_page_num': 51, 'evidence_text_full_page': ""Amcor plc and Subsidiaries\nConsolidated Balance Sheets\n($ in millions, except share and per share data)\nAs of June 30,\n2023\n2022\nAssets\nCurrent assets:\nCash and cash equivalents\n$\n689 \n$\n775 \nTrade receivables, net of allowance for credit losses of $21 and $25, respectively\n1,875 \n1,935 \nInventories, net\nRaw materials and supplies\n992 \n1,114 \nWork in process and finished goods\n1,221 \n1,325 \nPrepaid expenses and other current assets\n531 \n512 \nAssets held for sale, net\n \n192 \nTotal current assets\n5,308 \n5,853 \nNon-current assets:\nProperty, plant, and equipment, net\n3,762 \n3,646 \nOperating lease assets\n533 \n560 \nDeferred tax assets\n134 \n130 \nOther intangible assets, net\n1,524 \n1,657 \nGoodwill\n5,366 \n5,285 \nEmployee benefit assets\n67 \n89 \nOther non-current assets\n309 \n206 \nTotal non-current assets\n11,695 \n11,573 \nTotal assets\n$\n17,003 \n$\n17,426 \nLiabilities\nCurrent liabilities:\nCurrent portion of long-term debt\n$\n13 \n$\n14 \nShort-term debt\n80 \n136 \nTrade payables\n2,690 \n3,073 \nAccrued employee costs\n396 \n471 \nOther current liabilities\n1,297 \n1,344 \nLiabilities held for sale\n \n65 \nTotal current liabilities\n4,476 \n5,103 \nNon-current liabilities:\nLong-term debt, less current portion\n6,653 \n6,340 \nOperating lease liabilities\n463 \n493 \nDeferred tax liabilities\n616 \n677 \nEmployee benefit obligations\n224 \n201 \nOther non-current liabilities\n481 \n471 \nTotal non-current liabilities\n8,437 \n8,182 \nTotal liabilities\n$\n12,913 \n$\n13,285 \nCommitments and contingencies (See Note 20)\nShareholders' Equity\nAmcor plc shareholders equity:\nOrdinary shares ($0.01 par value):\nAuthorized (9,000 million shares)\nIssued (1,448 and 1,489 million shares, respectively)\n$\n14 \n$\n15 \nAdditional paid-in capital\n4,021 \n4,431 \nRetained earnings\n865 \n534 \nAccumulated other comprehensive loss\n(862)\n(880)\nTreasury shares (1 and 2 million shares, respectively)\n(12)\n(18)\nTotal Amcor plc shareholders' equity\n4,026 \n4,082 \nNon-controlling interests\n64 \n59 \nTotal shareholders' equity\n4,090 \n4,141 \nTotal liabilities and shareholders' equity\n$\n17,003 \n$\n17,426 \nSee accompanying notes to consolidated financial statements.\n52\n""}]","Amcor plc and Subsidiaries
Consolidated Balance Sheets
($ in millions, except share and per share data)
As of June 30,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
689 
$
775 
Trade receivables, net of allowance for credit losses of $21 and $25, respectively
1,875 
1,935 
Inventories, net
Raw materials and supplies
992 
1,114 
Work in process and finished goods
1,221 
1,325 
Prepaid expenses and other current assets
531 
512 
Assets held for sale, net
 
192 
Total current assets
5,308 
5,853 
Non-current assets:
Property, plant, and equipment, net
3,762 
3,646 
Operating lease assets
533 
560 
Deferred tax assets
134 
130 
Other intangible assets, net
1,524 
1,657 
Goodwill
5,366 
5,285 
Employee benefit assets
67 
89 
Other non-current assets
309 
206 
Total non-current assets
11,695 
11,573 
Total assets
$
17,003 
$
17,426 
Liabilities
Current liabilities:
Current portion of long-term debt
$
13 
$
14 
Short-term debt
80 
136 
Trade payables
2,690 
3,073 
Accrued employee costs
396 
471 
Other current liabilities
1,297 
1,344 
Liabilities held for sale
 
65 
Total current liabilities
4,476 
5,103 
Non-current liabilities:
Long-term debt, less current portion
6,653 
6,340 
Operating lease liabilities
463 
493 
Deferred tax liabilities
616 
677 
Employee benefit obligations
224 
201 
Other non-current liabilities
481 
471 
Total non-current liabilities
8,437 
8,182 
Total liabilities
$
12,913 
$
13,285 
Commitments and contingencies (See Note 20)
Shareholders' Equity
Amcor plc shareholders equity:
Ordinary shares ($0.01 par value):
Authorized (9,000 million shares)
Issued (1,448 and 1,489 million shares, respectively)
$
14 
$
15 
Additional paid-in capital
4,021 
4,431 
Retained earnings
865 
534 
Accumulated other comprehensive loss
(862)
(880)
Treasury shares (1 and 2 million shares, respectively)
(12)
(18)
Total Amcor plc shareholders' equity
4,026 
4,082 
Non-controlling interests
64 
59 
Total shareholders' equity
4,090 
4,141 
Total liabilities and shareholders' equity
$
17,003 
$
17,426 
See accompanying notes to consolidated financial statements.
5"
Which of JPM's business segments had the lowest net revenue in 2021 Q1?,Corporate. Its net revenue was -$473 million.,"[{'evidence_text': 'Segment results managed basis\nThe following tables summarize the Firms results by segment for the periods indicated.\nThree months ended March 31,\nConsumer & Community Banking\nCorporate & Investment Bank\nCommercial Banking\n(in millions, except ratios)\n2021\n2020\nChange\n2021\n2020\nChange\n2021\n2020\nChange\nTotal net revenue\n$ 12,517 \n$ 13,287 \n (6) %\n$ 14,605 \n$ 10,003 \n 46 %\n$ \n2,393 \n$ \n2,165 \n 11 %\nTotal noninterest expense\n \n7,202 \n \n7,269 \n (1) \n \n7,104 \n \n5,955 \n 19 \n \n969 \n \n986 \n (2) \nPre-provision profit/(loss)\n \n5,315 \n \n6,018 \n (12) \n \n7,501 \n \n4,048 \n 85 \n \n1,424 \n \n1,179 \n 21 \nProvision for credit losses\n \n(3,602) \n \n5,772 \nNM\n \n(331) \n \n1,401 \nNM\n \n(118) \n \n1,010 \nNM\nNet income/(loss)\n \n6,728 \n \n197 \nNM\n \n5,740 \n \n1,985 \n 189 \n \n1,168 \n \n139 \nNM\nReturn on equity (ROE)\n \n54 % \n1 %\n 27 %\n 9 %\n 19 %\n 2 %\nThree months ended March 31,\nAsset & Wealth Management\nCorporate\nTotal\n(in millions, except ratios)\n2021\n2020\nChange\n2021\n2020\nChange\n2021\n2020\nChange\nTotal net revenue\n$ \n4,077 \n$ \n3,389 \n 20 %\n$ \n(473) $ \n166 \nNM\n$ 33,119 \n$ 29,010 \n 14 %\nTotal noninterest expense\n \n2,574 \n \n2,435 \n 6 \n \n876 \n146 \n 500 \n \n18,725 \n \n16,791 \n 12 \nPre-provision profit/(loss)\n \n1,503 \n \n954 \n 58 \n \n(1,349) \n20 \nNM\n \n14,394 \n \n12,219 \n 18 \nProvision for credit losses\n \n(121) \n \n94 \nNM\n \n16 \n8 \n 100 \n \n(4,156) \n \n8,285 \nNM\nNet income/(loss)\n \n1,244 \n \n669 \n 86 \n \n(580) \n(125) \n (364) \n \n14,300 \n \n2,865 \n 399 \nROE\n \n35 % \n25 %\nNM\nNM\n 23 %\n 4 %', 'doc_name': 'JPMORGAN_2021Q1_10Q', 'evidence_page_num': 18, 'evidence_text_full_page': 'Segment results managed basis\nThe following tables summarize the Firms results by segment for the periods indicated.\nThree months ended March 31,\nConsumer & Community Banking\nCorporate & Investment Bank\nCommercial Banking\n(in millions, except ratios)\n2021\n2020\nChange\n2021\n2020\nChange\n2021\n2020\nChange\nTotal net revenue\n$ 12,517 \n$ 13,287 \n (6) %\n$ 14,605 \n$ 10,003 \n 46 %\n$ \n2,393 \n$ \n2,165 \n 11 %\nTotal noninterest expense\n \n7,202 \n \n7,269 \n (1) \n \n7,104 \n \n5,955 \n 19 \n \n969 \n \n986 \n (2) \nPre-provision profit/(loss)\n \n5,315 \n \n6,018 \n (12) \n \n7,501 \n \n4,048 \n 85 \n \n1,424 \n \n1,179 \n 21 \nProvision for credit losses\n \n(3,602) \n \n5,772 \nNM\n \n(331) \n \n1,401 \nNM\n \n(118) \n \n1,010 \nNM\nNet income/(loss)\n \n6,728 \n \n197 \nNM\n \n5,740 \n \n1,985 \n 189 \n \n1,168 \n \n139 \nNM\nReturn on equity (ROE)\n \n54 % \n1 %\n 27 %\n 9 %\n 19 %\n 2 %\nThree months ended March 31,\nAsset & Wealth Management\nCorporate\nTotal\n(in millions, except ratios)\n2021\n2020\nChange\n2021\n2020\nChange\n2021\n2020\nChange\nTotal net revenue\n$ \n4,077 \n$ \n3,389 \n 20 %\n$ \n(473) $ \n166 \nNM\n$ 33,119 \n$ 29,010 \n 14 %\nTotal noninterest expense\n \n2,574 \n \n2,435 \n 6 \n \n876 \n146 \n 500 \n \n18,725 \n \n16,791 \n 12 \nPre-provision profit/(loss)\n \n1,503 \n \n954 \n 58 \n \n(1,349) \n20 \nNM\n \n14,394 \n \n12,219 \n 18 \nProvision for credit losses\n \n(121) \n \n94 \nNM\n \n16 \n8 \n 100 \n \n(4,156) \n \n8,285 \nNM\nNet income/(loss)\n \n1,244 \n \n669 \n 86 \n \n(580) \n(125) \n (364) \n \n14,300 \n \n2,865 \n 399 \nROE\n \n35 % \n25 %\nNM\nNM\n 23 %\n 4 %\nThe following sections provide a comparative discussion of the Firms results by segment as of or for the three months ended \nMarch31, 2021 versus the corresponding periods in the prior year, unless otherwise specified.\n19\n'}]","Segment results managed basis
The following tables summarize the Firms results by segment for the periods indicated.
Three months ended March 31,
Consumer & Community Banking
Corporate & Investment Bank
Commercial Banking
(in millions, except ratios)
2021
2020
Change
2021
2020
Change
2021
2020
Change
Total net revenue
$ 12,517 
$ 13,287 
 (6) %
$ 14,605 
$ 10,003 
 46 %
$ 
2,393 
$ 
2,165 
 11 %
Total noninterest expense
 
7,202 
 
7,269 
 (1) 
 
7,104 
 
5,955 
 19 
 
969 
 
986 
 (2) 
Pre-provision profit/(loss)
 
5,315 
 
6,018 
 (12) 
 
7,501 
 
4,048 
 85 
 
1,424 
 
1,179 
 21 
Provision for credit losses
 
(3,602) 
 
5,772 
NM
 
(331) 
 
1,401 
NM
 
(118) 
 
1,010 
NM
Net income/(loss)
 
6,728 
 
197 
NM
 
5,740 
 
1,985 
 189 
 
1,168 
 
139 
NM
Return on equity (ROE)
 
54 % 
1 %
 27 %
 9 %
 19 %
 2 %
Three months ended March 31,
Asset & Wealth Management
Corporate
Total
(in millions, except ratios)
2021
2020
Change
2021
2020
Change
2021
2020
Change
Total net revenue
$ 
4,077 
$ 
3,389 
 20 %
$ 
(473) $ 
166 
NM
$ 33,119 
$ 29,010 
 14 %
Total noninterest expense
 
2,574 
 
2,435 
 6 
 
876 
146 
 500 
 
18,725 
 
16,791 
 12 
Pre-provision profit/(loss)
 
1,503 
 
954 
 58 
 
(1,349) 
20 
NM
 
14,394 
 
12,219 
 18 
Provision for credit losses
 
(121) 
 
94 
NM
 
16 
8 
 100 
 
(4,156) 
 
8,285 
NM
Net income/(loss)
 
1,244 
 
669 
 86 
 
(580) 
(125) 
 (364) 
 
14,300 
 
2,865 
 399 
ROE
 
35 % 
25 %
NM
NM
 23 %
 4 %"
What are the geographies that American Express primarily operates in as of 2022?,"United States, EMEA, APAC, and LACC","[{'evidence_text': '(Millions)\nUnited States\nEMEA\nAPAC\nLACC\nOther Unallocated\nConsolidated\n2022\nTotal revenues net of interest expense\n$\n41,396 \n$\n4,871 \n$\n3,835 \n$\n2,917 \n$\n(157)\n$\n52,862 \nPretax income (loss) from continuing operations\n10,383 \n550 \n376 \n500 \n(2,224)\n9,585 \n2021\nTotal revenues net of interest expense\n$\n33,103 \n$\n3,643 \n$\n3,418 \n$\n2,238 \n$\n(22)\n$\n42,380 \nPretax income (loss) from continuing operations\n10,325 \n460 \n420 \n494 \n(1,010)\n10,689 \n2020\nTotal revenues net of interest expense\n$\n28,263 \n$\n3,087 \n$\n3,271 \n$\n2,019 \n$\n(553)\n$\n36,087 \nPretax income (loss) from continuing operations\n5,422 \n187 \n328 \n273 \n(1,914)\n4,296', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 154, 'evidence_text_full_page': 'Table of Contents\nGEOGRAPHIC OPERATIONS\nThe following table presents our total revenues net of interest expense and pretax income (loss) from continuing operations in different geographic regions\nbased, in part, upon internal allocations, which necessarily involve managements judgment.\nEffective for the first quarter of 2022, we changed the way in which we allocate certain overhead expenses by geographic region. As a result, prior period\npretax income (loss) from continuing operations by geography has been recast to conform to current period presentation; there was no impact at a consolidated\nlevel.\n(Millions)\nUnited States\nEMEA\nAPAC\nLACC\nOther Unallocated\nConsolidated\n2022\nTotal revenues net of interest expense\n$\n41,396 \n$\n4,871 \n$\n3,835 \n$\n2,917 \n$\n(157)\n$\n52,862 \nPretax income (loss) from continuing operations\n10,383 \n550 \n376 \n500 \n(2,224)\n9,585 \n2021\nTotal revenues net of interest expense\n$\n33,103 \n$\n3,643 \n$\n3,418 \n$\n2,238 \n$\n(22)\n$\n42,380 \nPretax income (loss) from continuing operations\n10,325 \n460 \n420 \n494 \n(1,010)\n10,689 \n2020\nTotal revenues net of interest expense\n$\n28,263 \n$\n3,087 \n$\n3,271 \n$\n2,019 \n$\n(553)\n$\n36,087 \nPretax income (loss) from continuing operations\n5,422 \n187 \n328 \n273 \n(1,914)\n4,296 \n(a)\nEMEA represents Europe, the Middle East and Africa; APAC represents Asia Pacific, Australia and New Zealand; and LACC represents Latin America, Canada and the Caribbean.\n(b)\nOther Unallocated includes net costs which are not directly allocated to specific geographic regions, including costs related to the net negative interest spread on excess liquidity funding and\nexecutive office operations expenses.\n(a)\n(a)\n(a)\n(b)\n152\n'}]","(Millions)
United States
EMEA
APAC
LACC
Other Unallocated
Consolidated
2022
Total revenues net of interest expense
$
41,396 
$
4,871 
$
3,835 
$
2,917 
$
(157)
$
52,862 
Pretax income (loss) from continuing operations
10,383 
550 
376 
500 
(2,224)
9,585 
2021
Total revenues net of interest expense
$
33,103 
$
3,643 
$
3,418 
$
2,238 
$
(22)
$
42,380 
Pretax income (loss) from continuing operations
10,325 
460 
420 
494 
(1,010)
10,689 
2020
Total revenues net of interest expense
$
28,263 
$
3,087 
$
3,271 
$
2,019 
$
(553)
$
36,087 
Pretax income (loss) from continuing operations
5,422 
187 
328 
273 
(1,914)
4,296"
"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?",They could receive $66.56 per share.,"[{'evidence_text': 'The Firm grew TBVPS, ending the first quarter of 2021 at \n$66.56, up 10% versus the prior year.', 'doc_name': 'JPMORGAN_2021Q1_10Q', 'evidence_page_num': 5, 'evidence_text_full_page': 'Selected capital-related metrics\n The Firms CET1 capital was $206 billion, and the \nStandardized and Advanced CET1 ratios were 13.1% and \n13.7%, respectively.\n The Firms SLR was 6.7%, and without the temporary \nexclusions of U.S. Treasury securities and deposits at \nFederal Reserve Banks, 5.5%.\n The Firm grew TBVPS, ending the first quarter of 2021 at \n$66.56, up 10% versus the prior year.\nPre-provision profit, ROTCE and TBVPS are non-GAAP \nfinancial measures. Refer to Explanation and Reconciliation \nof the Firms Use of Non-GAAP Financial Measures on pages \n16-17 for a further discussion of each of these measures.\nBusiness segment highlights\nSelected business metrics for each of the Firms four LOBs \nare presented below for the first quarter of 2021.\nCCB\nROE \n54%\n Average deposits up 32%; client investment \nassets up 44% \n Average loans down 7%; debit and credit card \nsales volume up 9%\n Active mobile customers up 9%\nCIB\nROE \n27%\n Global Investment Banking wallet share of \n9.0% in 1Q21\n Total Markets revenue of $9.1 billion, up 25%, \nwith Fixed Income Markets up 15% and Equity \nMarkets up 47%\nCB\nROE \n19%\n Gross Investment Banking revenue of $1.1 \nbillion, up 65%\n Average loans down 2%; average deposits up \n54%\nAWM\nROE\n 35%\n Assets under management (AUM) of $2.8 \ntrillion, up 28%\n Average loans up 18%; average deposits up \n43%\nRefer to the Business Segment Results on pages 18-34 for a \ndetailed discussion of results by business segment.\nCredit provided and capital raised\nJPMorgan Chase continues to support consumers, \nbusinesses and communities around the globe. The Firm \nprovided new and renewed credit and raised capital for \nwholesale and consumer clients during the first three \nmonths of 2021, consisting of:\n$804 billion\nTotal credit provided and capital raised \n(including loans and commitments)(a)\n$69\nbillion\nCredit for consumers\n$4\nbillion\nCredit for U.S. small businesses\n$300 \nbillion\nCredit for corporations\n$417 \nbillion\nCapital raised for corporate clients and \nnon-U.S. government entities\n$14\n billion\nCredit and capital raised for nonprofit \nand U.S. government entities(b)\n$10 billion\nLoans under the Small Business \nAdministrations Paycheck Protection\nProgram\n(a) Excludes loans under the SBAs PPP.\n(b) Includes states, municipalities, hospitals and universities.\n6\n'}]","The Firm grew TBVPS, ending the first quarter of 2021 at 
$66.56, up 10% versus the prior year."
"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","Among the three, cash flow from operations was the highest for Nike in FY2023.","[{'evidence_text': 'NIKE, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\nYEAR ENDED MAY 31,\n(Dollars in millions)\n2023\n2022\n2021\nCash provided (used) by operations:\nNet income\n$ \n5,070 $ \n6,046 $ \n5,727 \nAdjustments to reconcile net income to net cash provided (used) by operations:\nDepreciation\n \n703 \n717 \n744 \nDeferred income taxes\n \n(117) \n(650) \n(385) \nStock-based compensation\n \n755 \n638 \n611 \nAmortization, impairment and other\n \n156 \n123 \n53 \nNet foreign currency adjustments\n \n(213) \n(26) \n(138) \nChanges in certain working capital components and other assets and liabilities:\n(Increase) decrease in accounts receivable\n \n489 \n(504) \n(1,606) \n(Increase) decrease in inventories\n \n(133) \n(1,676) \n507 \n(Increase) decrease in prepaid expenses, operating lease right-of-use assets and \nother current and non-current assets\n \n(644) \n(845) \n(182) \nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities \nand other current and non-current liabilities\n \n(225) \n1,365 \n1,326 \nCash provided (used) by operations\n \n5,841 \n5,188 \n6,657 \nCash provided (used) by investing activities:\nPurchases of short-term investments\n \n(6,059) \n(12,913) \n(9,961) \nMaturities of short-term investments\n \n3,356 \n8,199 \n4,236 \nSales of short-term investments\n \n4,184 \n3,967 \n2,449 \nAdditions to property, plant and equipment\n \n(969) \n(758) \n(695) \nOther investing activities\n \n52 \n(19) \n171 \nCash provided (used) by investing activities\n \n564 \n(1,524) \n(3,800) \nCash provided (used) by financing activities:\nIncrease (decrease) in notes payable, net\n \n(4) \n15 \n(52) \nRepayment of borrowings\n \n(500) \n \n(197) \nProceeds from exercise of stock options and other stock issuances\n \n651 \n1,151 \n1,172 \nRepurchase of common stock\n \n(5,480) \n(4,014) \n(608) \nDividends common and preferred\n \n(2,012) \n(1,837) \n(1,638) \nOther financing activities\n \n(102) \n(151) \n(136) \nCash provided (used) by financing activities\n \n(7,447) \n(4,836) \n(1,459) \nEffect of exchange rate changes on cash and equivalents\n \n(91) \n(143) \n143 \nNet increase (decrease) in cash and equivalents\n \n(1,133) \n(1,315) \n1,541 \nCash and equivalents, beginning of year\n \n8,574 \n9,889 \n8,348 \nCASH AND EQUIVALENTS, END OF YEAR\n$ \n7,441 $ \n8,574 $ \n9,889', 'doc_name': 'NIKE_2023_10K', 'evidence_page_num': 61, 'evidence_text_full_page': 'NIKE, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\nYEAR ENDED MAY 31,\n(Dollars in millions)\n2023\n2022\n2021\nCash provided (used) by operations:\nNet income\n$ \n5,070 $ \n6,046 $ \n5,727 \nAdjustments to reconcile net income to net cash provided (used) by operations:\nDepreciation\n \n703 \n717 \n744 \nDeferred income taxes\n \n(117) \n(650) \n(385) \nStock-based compensation\n \n755 \n638 \n611 \nAmortization, impairment and other\n \n156 \n123 \n53 \nNet foreign currency adjustments\n \n(213) \n(26) \n(138) \nChanges in certain working capital components and other assets and liabilities:\n(Increase) decrease in accounts receivable\n \n489 \n(504) \n(1,606) \n(Increase) decrease in inventories\n \n(133) \n(1,676) \n507 \n(Increase) decrease in prepaid expenses, operating lease right-of-use assets and \nother current and non-current assets\n \n(644) \n(845) \n(182) \nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities \nand other current and non-current liabilities\n \n(225) \n1,365 \n1,326 \nCash provided (used) by operations\n \n5,841 \n5,188 \n6,657 \nCash provided (used) by investing activities:\nPurchases of short-term investments\n \n(6,059) \n(12,913) \n(9,961) \nMaturities of short-term investments\n \n3,356 \n8,199 \n4,236 \nSales of short-term investments\n \n4,184 \n3,967 \n2,449 \nAdditions to property, plant and equipment\n \n(969) \n(758) \n(695) \nOther investing activities\n \n52 \n(19) \n171 \nCash provided (used) by investing activities\n \n564 \n(1,524) \n(3,800) \nCash provided (used) by financing activities:\nIncrease (decrease) in notes payable, net\n \n(4) \n15 \n(52) \nRepayment of borrowings\n \n(500) \n \n(197) \nProceeds from exercise of stock options and other stock issuances\n \n651 \n1,151 \n1,172 \nRepurchase of common stock\n \n(5,480) \n(4,014) \n(608) \nDividends common and preferred\n \n(2,012) \n(1,837) \n(1,638) \nOther financing activities\n \n(102) \n(151) \n(136) \nCash provided (used) by financing activities\n \n(7,447) \n(4,836) \n(1,459) \nEffect of exchange rate changes on cash and equivalents\n \n(91) \n(143) \n143 \nNet increase (decrease) in cash and equivalents\n \n(1,133) \n(1,315) \n1,541 \nCash and equivalents, beginning of year\n \n8,574 \n9,889 \n8,348 \nCASH AND EQUIVALENTS, END OF YEAR\n$ \n7,441 $ \n8,574 $ \n9,889 \nSupplemental disclosure of cash flow information:\nCash paid during the year for:\nInterest, net of capitalized interest\n$ \n347 $ \n290 $ \n293 \nIncome taxes\n \n1,517 \n1,231 \n1,177 \nNon-cash additions to property, plant and equipment\n \n211 \n160 \n179 \nDividends declared and not paid\n \n524 \n480 \n438 \nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\nNIKE, INC. \n58\n'}]","NIKE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED MAY 31,
(Dollars in millions)
2023
2022
2021
Cash provided (used) by operations:
Net income
$ 
5,070 $ 
6,046 $ 
5,727 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation
 
703 
717 
744 
Deferred income taxes
 
(117) 
(650) 
(385) 
Stock-based compensation
 
755 
638 
611 
Amortization, impairment and other
 
156 
123 
53 
Net foreign currency adjustments
 
(213) 
(26) 
(138) 
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable
 
489 
(504) 
(1,606) 
(Increase) decrease in inventories
 
(133) 
(1,676) 
507 
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and 
other current and non-current assets
 
(644) 
(845) 
(182) 
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities 
and other current and non-current liabilities
 
(225) 
1,365 
1,326 
Cash provided (used) by operations
 
5,841 
5,188 
6,657 
Cash provided (used) by investing activities:
Purchases of short-term investments
 
(6,059) 
(12,913) 
(9,961) 
Maturities of short-term investments
 
3,356 
8,199 
4,236 
Sales of short-term investments
 
4,184 
3,967 
2,449 
Additions to property, plant and equipment
 
(969) 
(758) 
(695) 
Other investing activities
 
52 
(19) 
171 
Cash provided (used) by investing activities
 
564 
(1,524) 
(3,800) 
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net
 
(4) 
15 
(52) 
Repayment of borrowings
 
(500) 
 
(197) 
Proceeds from exercise of stock options and other stock issuances
 
651 
1,151 
1,172 
Repurchase of common stock
 
(5,480) 
(4,014) 
(608) 
Dividends common and preferred
 
(2,012) 
(1,837) 
(1,638) 
Other financing activities
 
(102) 
(151) 
(136) 
Cash provided (used) by financing activities
 
(7,447) 
(4,836) 
(1,459) 
Effect of exchange rate changes on cash and equivalents
 
(91) 
(143) 
143 
Net increase (decrease) in cash and equivalents
 
(1,133) 
(1,315) 
1,541 
Cash and equivalents, beginning of year
 
8,574 
9,889 
8,348 
CASH AND EQUIVALENTS, END OF YEAR
$ 
7,441 $ 
8,574 $ 
9,889"
"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","No, American Water Works had negative working capital of -$1561M in FY 2022.","[{'evidence_text': 'American Water Works Company, Inc. and Subsidiary Companies\nConsolidated Balance Sheets\n(In millions, except share and per share data)\nDecember 31, 2022\nDecember 31, 2021\nASSETS\nProperty, plant and equipment\n$\n29,736 \n$\n27,413 \nAccumulated depreciation\n(6,513)\n(6,329)\nProperty, plant and equipment, net\n23,223 \n21,084 \nCurrent assets:\n \n \nCash and cash equivalents\n85 \n116 \nRestricted funds\n32 \n20 \nAccounts receivable, net of allowance for uncollectible accounts of $60 and $75, respectively\n334 \n271 \nIncome tax receivable\n114 \n4 \nUnbilled revenues\n275 \n248 \nMaterials and supplies\n98 \n57 \nAssets held for sale\n \n683 \nOther\n312 \n155 \nTotal current assets\n1,250 \n1,554', 'doc_name': 'AMERICANWATERWORKS_2022_10K', 'evidence_page_num': 80, 'evidence_text_full_page': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Balance Sheets\n(In millions, except share and per share data)\nDecember 31, 2022\nDecember 31, 2021\nASSETS\nProperty, plant and equipment\n$\n29,736 \n$\n27,413 \nAccumulated depreciation\n(6,513)\n(6,329)\nProperty, plant and equipment, net\n23,223 \n21,084 \nCurrent assets:\n \n \nCash and cash equivalents\n85 \n116 \nRestricted funds\n32 \n20 \nAccounts receivable, net of allowance for uncollectible accounts of $60 and $75, respectively\n334 \n271 \nIncome tax receivable\n114 \n4 \nUnbilled revenues\n275 \n248 \nMaterials and supplies\n98 \n57 \nAssets held for sale\n \n683 \nOther\n312 \n155 \nTotal current assets\n1,250 \n1,554 \nRegulatory and other long-term assets:\n \n \nRegulatory assets\n990 \n1,051 \nSeller promissory note from the sale of the Homeowner Services Group\n720 \n720 \nOperating lease right-of-use assets\n82 \n92 \nGoodwill\n1,143 \n1,139 \nPostretirement benefit assets\n \n193 \nOther\n379 \n242 \nTotal regulatory and other long-term assets\n3,314 \n3,437 \nTotal assets\n$\n27,787 \n$\n26,075 \nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n79\n'}
 {'evidence_text': ""American Water Works Company, Inc. and Subsidiary Companies\nConsolidated Balance Sheets\n(In millions, except share and per share data)\nDecember 31, 2022\nDecember 31, 2021\nCAPITALIZATION AND LIABILITIES\nCapitalization:\n \n \nCommon stock ($0.01 par value; 500,000,000 shares authorized; 187,200,539 and 186,880,413 shares\nissued, respectively)\n$\n2 \n$\n2 \nPaid-in-capital\n6,824 \n6,781 \nRetained earnings\n1,267 \n925 \nAccumulated other comprehensive loss\n(23)\n(45)\nTreasury stock, at cost (5,342,477 and 5,269,324 shares, respectively)\n(377)\n(365)\nTotal common shareholders' equity\n7,693 \n7,298 \nLong-term debt\n10,926 \n10,341 \nRedeemable preferred stock at redemption value\n3 \n3 \nTotal long-term debt\n10,929 \n10,344 \nTotal capitalization\n18,622 \n17,642 \nCurrent liabilities:\n \n \nShort-term debt\n1,175 \n584 \nCurrent portion of long-term debt\n281 \n57 \nAccounts payable\n254 \n235 \nAccrued liabilities\n706 \n701 \nAccrued taxes\n49 \n176 \nAccrued interest\n91 \n88 \nLiabilities related to assets held for sale\n \n83 \nOther\n255 \n217 \nTotal current liabilities\n2,811 \n2,141"", 'doc_name': 'AMERICANWATERWORKS_2022_10K', 'evidence_page_num': 81, 'evidence_text_full_page': ""Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Balance Sheets\n(In millions, except share and per share data)\nDecember 31, 2022\nDecember 31, 2021\nCAPITALIZATION AND LIABILITIES\nCapitalization:\n \n \nCommon stock ($0.01 par value; 500,000,000 shares authorized; 187,200,539 and 186,880,413 shares\nissued, respectively)\n$\n2 \n$\n2 \nPaid-in-capital\n6,824 \n6,781 \nRetained earnings\n1,267 \n925 \nAccumulated other comprehensive loss\n(23)\n(45)\nTreasury stock, at cost (5,342,477 and 5,269,324 shares, respectively)\n(377)\n(365)\nTotal common shareholders' equity\n7,693 \n7,298 \nLong-term debt\n10,926 \n10,341 \nRedeemable preferred stock at redemption value\n3 \n3 \nTotal long-term debt\n10,929 \n10,344 \nTotal capitalization\n18,622 \n17,642 \nCurrent liabilities:\n \n \nShort-term debt\n1,175 \n584 \nCurrent portion of long-term debt\n281 \n57 \nAccounts payable\n254 \n235 \nAccrued liabilities\n706 \n701 \nAccrued taxes\n49 \n176 \nAccrued interest\n91 \n88 \nLiabilities related to assets held for sale\n \n83 \nOther\n255 \n217 \nTotal current liabilities\n2,811 \n2,141 \nRegulatory and other long-term liabilities:\n \n \nAdvances for construction\n316 \n284 \nDeferred income taxes and investment tax credits\n2,437 \n2,421 \nRegulatory liabilities\n1,590 \n1,600 \nOperating lease liabilities\n70 \n80 \nAccrued pension expense\n235 \n285 \nOther\n202 \n180 \nTotal regulatory and other long-term liabilities\n4,850 \n4,850 \nContributions in aid of construction\n1,504 \n1,442 \nCommitments and contingencies (See Note 16)\nTotal capitalization and liabilities\n$\n27,787 \n$\n26,075 \nThe accompanying notes are an integral part of these Consolidated Financial Statements. \n80\n""}]","American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022
December 31, 2021
ASSETS
Property, plant and equipment
$
29,736 
$
27,413 
Accumulated depreciation
(6,513)
(6,329)
Property, plant and equipment, net
23,223 
21,084 
Current assets:
 
 
Cash and cash equivalents
85 
116 
Restricted funds
32 
20 
Accounts receivable, net of allowance for uncollectible accounts of $60 and $75, respectively
334 
271 
Income tax receivable
114 
4 
Unbilled revenues
275 
248 
Materials and supplies
98 
57 
Assets held for sale
 
683 
Other
312 
155 
Total current assets
1,250 
1,554 American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022
December 31, 2021
CAPITALIZATION AND LIABILITIES
Capitalization:
 
 
Common stock ($0.01 par value; 500,000,000 shares authorized; 187,200,539 and 186,880,413 shares
issued, respectively)
$
2 
$
2 
Paid-in-capital
6,824 
6,781 
Retained earnings
1,267 
925 
Accumulated other comprehensive loss
(23)
(45)
Treasury stock, at cost (5,342,477 and 5,269,324 shares, respectively)
(377)
(365)
Total common shareholders' equity
7,693 
7,298 
Long-term debt
10,926 
10,341 
Redeemable preferred stock at redemption value
3 
3 
Total long-term debt
10,929 
10,344 
Total capitalization
18,622 
17,642 
Current liabilities:
 
 
Short-term debt
1,175 
584 
Current portion of long-term debt
281 
57 
Accounts payable
254 
235 
Accrued liabilities
706 
701 
Accrued taxes
49 
176 
Accrued interest
91 
88 
Liabilities related to assets held for sale
 
83 
Other
255 
217 
Total current liabilities
2,811 
2,141"
"In 2022 Q2, which of JPM's business segments had the highest net income?",Corporate & Investment Bank. Its net income was $3725 million.,"[{'evidence_text': 'Segment results managed basis\nThe following tables summarize the Firms results by segment for the periods indicated.\nThree months ended June 30,\nConsumer & Community Banking\nCorporate & Investment Bank\nCommercial Banking\n(in millions, except ratios)\n2022\n2021\nChange\n2022\n2021\nChange\n2022\n2021\nChange\nTotal net revenue\n$ \n12,614 $ \n12,760 \n (1) %\n$ 11,947 \n$ \n13,214 \n (10) %\n$ \n2,683 \n$ \n2,483 \n 8 %\nTotal noninterest expense\n \n7,723 \n7,062 \n 9 \n \n6,745 \n \n6,523 \n 3 \n \n1,156 \n \n981 \n 18 \nPre-provision profit/(loss)\n \n4,891 \n5,698 \n (14) \n \n5,202 \n \n6,691 \n (22) \n \n1,527 \n \n1,502 \n 2 \nProvision for credit losses\n \n761 \n(1,868) \nNM\n \n59 \n \n(79) \nNM\n \n209 \n \n(377) \nNM\nNet income/(loss)\n \n3,100 \n5,645 \n(a)\n (45) \n \n3,725 \n \n5,020 \n(a)\n (26) \n \n994 \n \n1,422 \n(a)\n (30) \nReturn on equity (ROE)\n 24 %\n 44 %\n 14 %\n 23 %\n 15 %\n 23 %\nThree months ended June 30,\nAsset & Wealth Management\nCorporate\nTotal\n(in millions, except ratios)\n2022\n2021\nChange\n2022\n2021\nChange\n2022\n2021\nChange\nTotal net revenue\n$ \n4,306 \n$ \n4,107 \n 5 %\n$ \n80 $ (1,169) \nNM\n$ 31,630 \n$ \n31,395 \n 1 %\nTotal noninterest expense\n \n2,919 \n \n2,586 \n 13 \n \n206 \n515 \n (60) \n \n18,749 \n \n17,667 \n 6 \nPre-provision profit/(loss)\n \n1,387 \n \n1,521 \n (9) \n \n(126) \n(1,684) \n 93 \n \n12,881 \n \n13,728 \n (6) \nProvision for credit losses\n \n44 \n \n(10) \nNM\n \n28 \n49 \n (43) \n \n1,101 \n \n(2,285) \nNM\nNet income/(loss)\n \n1,004 \n \n1,156 \n(a)\n (13) \n \n(174) \n(1,295) \n(a)\n 87 \n \n8,649 \n \n11,948 \n (28) \nROE\n \n23 % \n32 %\nNM\nNM\n 13 %\n 18 %', 'doc_name': 'JPMORGAN_2022Q2_10Q', 'evidence_page_num': 20, 'evidence_text_full_page': 'Segment results managed basis\nThe following tables summarize the Firms results by segment for the periods indicated.\nThree months ended June 30,\nConsumer & Community Banking\nCorporate & Investment Bank\nCommercial Banking\n(in millions, except ratios)\n2022\n2021\nChange\n2022\n2021\nChange\n2022\n2021\nChange\nTotal net revenue\n$ \n12,614 $ \n12,760 \n (1) %\n$ 11,947 \n$ \n13,214 \n (10) %\n$ \n2,683 \n$ \n2,483 \n 8 %\nTotal noninterest expense\n \n7,723 \n7,062 \n 9 \n \n6,745 \n \n6,523 \n 3 \n \n1,156 \n \n981 \n 18 \nPre-provision profit/(loss)\n \n4,891 \n5,698 \n (14) \n \n5,202 \n \n6,691 \n (22) \n \n1,527 \n \n1,502 \n 2 \nProvision for credit losses\n \n761 \n(1,868) \nNM\n \n59 \n \n(79) \nNM\n \n209 \n \n(377) \nNM\nNet income/(loss)\n \n3,100 \n5,645 \n(a)\n (45) \n \n3,725 \n \n5,020 \n(a)\n (26) \n \n994 \n \n1,422 \n(a)\n (30) \nReturn on equity (ROE)\n 24 %\n 44 %\n 14 %\n 23 %\n 15 %\n 23 %\nThree months ended June 30,\nAsset & Wealth Management\nCorporate\nTotal\n(in millions, except ratios)\n2022\n2021\nChange\n2022\n2021\nChange\n2022\n2021\nChange\nTotal net revenue\n$ \n4,306 \n$ \n4,107 \n 5 %\n$ \n80 $ (1,169) \nNM\n$ 31,630 \n$ \n31,395 \n 1 %\nTotal noninterest expense\n \n2,919 \n \n2,586 \n 13 \n \n206 \n515 \n (60) \n \n18,749 \n \n17,667 \n 6 \nPre-provision profit/(loss)\n \n1,387 \n \n1,521 \n (9) \n \n(126) \n(1,684) \n 93 \n \n12,881 \n \n13,728 \n (6) \nProvision for credit losses\n \n44 \n \n(10) \nNM\n \n28 \n49 \n (43) \n \n1,101 \n \n(2,285) \nNM\nNet income/(loss)\n \n1,004 \n \n1,156 \n(a)\n (13) \n \n(174) \n(1,295) \n(a)\n 87 \n \n8,649 \n \n11,948 \n (28) \nROE\n \n23 % \n32 %\nNM\nNM\n 13 %\n 18 %\nSix months ended June 30,\nConsumer & Community Banking\nCorporate & Investment Bank\nCommercial Banking\n(in millions, except ratios)\n2022\n2021\nChange\n2022\n2021\nChange\n2022\n2021\nChange\nTotal net revenue\n$ \n24,843 $ \n25,277 \n (2) %\n$ 25,476 \n$ \n27,819 \n (8) %\n$ \n5,081 \n$ \n4,876 \n 4 %\nTotal noninterest expense\n \n15,443 \n14,264 \n 8 \n \n14,043 \n \n13,627 \n 3 \n \n2,285 \n \n1,950 \n 17 \nPre-provision profit/(loss)\n \n9,400 \n11,013 \n (15) \n \n11,433 \n \n14,192 \n (19) \n \n2,796 \n \n2,926 \n (4) \nProvision for credit losses\n \n1,439 \n(5,470) \nNM\n \n504 \n \n(410) \nNM\n \n366 \n \n(495) \nNM\nNet income/(loss)\n \n5,995 \n12,432 \n(a)\n (52) \n \n8,110 \n \n10,944 \n(a)\n (26) \n \n1,844 \n \n2,603 \n(a)\n (29) \nROE\n 23 %\n 49 %\n 15 %\n 26 %\n(a)\n 14 %\n 21 %\nSix months ended June 30,\nAsset & Wealth Management\nCorporate\nTotal\n(in millions, except ratios)\n2022\n2021\nChange\n2022\n2021\nChange\n2022\n2021\nChange\nTotal net revenue\n$ \n8,621 \n$ \n8,184 \n 5 %\n$ \n(801) $ (1,642) \n 51 %\n$ 63,220 \n$ \n64,514 \n (2) %\nTotal noninterest expense\n \n5,779 \n \n5,160 \n 12 \n \n390 \n1,391 \n (72) \n \n37,940 \n \n36,392 \n 4 \nPre-provision profit/(loss)\n \n2,842 \n \n3,024 \n (6) \n \n(1,191) \n(3,033) \n 61 \n \n25,280 \n \n28,122 \n (10) \nProvision for credit losses\n \n198 \n \n(131) \nNM\n \n57 \n65 \n (12) \n \n2,564 \n \n(6,441) \nNM\nNet income/(loss)\n \n2,012 \n \n2,416 \n(a)\n (17) \n \n(1,030) \n(2,147) \n(a)\n 52 \n \n16,931 \n \n26,248 \n (35) \nROE\n \n23 % \n34 %\nNM\nNM\n 13 %\n 21 %\n(a) In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-\nperiod amounts have been revised to conform with the current presentation.\nThe following sections provide a comparative discussion of the Firms results by segment as of or for the three and six months \nended June 30, 2022 versus the corresponding period in the prior year, unless otherwise specified.\n21\n'}]","Segment results managed basis
The following tables summarize the Firms results by segment for the periods indicated.
Three months ended June 30,
Consumer & Community Banking
Corporate & Investment Bank
Commercial Banking
(in millions, except ratios)
2022
2021
Change
2022
2021
Change
2022
2021
Change
Total net revenue
$ 
12,614 $ 
12,760 
 (1) %
$ 11,947 
$ 
13,214 
 (10) %
$ 
2,683 
$ 
2,483 
 8 %
Total noninterest expense
 
7,723 
7,062 
 9 
 
6,745 
 
6,523 
 3 
 
1,156 
 
981 
 18 
Pre-provision profit/(loss)
 
4,891 
5,698 
 (14) 
 
5,202 
 
6,691 
 (22) 
 
1,527 
 
1,502 
 2 
Provision for credit losses
 
761 
(1,868) 
NM
 
59 
 
(79) 
NM
 
209 
 
(377) 
NM
Net income/(loss)
 
3,100 
5,645 
(a)
 (45) 
 
3,725 
 
5,020 
(a)
 (26) 
 
994 
 
1,422 
(a)
 (30) 
Return on equity (ROE)
 24 %
 44 %
 14 %
 23 %
 15 %
 23 %
Three months ended June 30,
Asset & Wealth Management
Corporate
Total
(in millions, except ratios)
2022
2021
Change
2022
2021
Change
2022
2021
Change
Total net revenue
$ 
4,306 
$ 
4,107 
 5 %
$ 
80 $ (1,169) 
NM
$ 31,630 
$ 
31,395 
 1 %
Total noninterest expense
 
2,919 
 
2,586 
 13 
 
206 
515 
 (60) 
 
18,749 
 
17,667 
 6 
Pre-provision profit/(loss)
 
1,387 
 
1,521 
 (9) 
 
(126) 
(1,684) 
 93 
 
12,881 
 
13,728 
 (6) 
Provision for credit losses
 
44 
 
(10) 
NM
 
28 
49 
 (43) 
 
1,101 
 
(2,285) 
NM
Net income/(loss)
 
1,004 
 
1,156 
(a)
 (13) 
 
(174) 
(1,295) 
(a)
 87 
 
8,649 
 
11,948 
 (28) 
ROE
 
23 % 
32 %
NM
NM
 13 %
 18 %"
What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.,$5466.00,"[{'evidence_text': 'Table of Contents\nNETFLIX, INC.\nCONSOLIDATED BALANCE SHEETS\n(in thousands, except share and per share data)\n \n \n \nAs of December 31,\n \n \n2017\n \n2016\nAssets\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n $\n2,822,795 $\n1,467,576\nShort-term investments\n \n \n266,206\nCurrent content assets, net\n \n4,310,934 \n3,726,307\nOther current assets\n \n536,245 \n260,202\nTotal current assets\n \n7,669,974 \n5,720,291\nNon-current content assets, net\n \n10,371,055 \n7,274,501\nProperty and equipment, net\n \n319,404 \n250,395\nOther non-current assets\n \n652,309 \n341,423\nTotal assets\n $\n19,012,742 $\n13,586,610\nLiabilities and Stockholders Equity\n \n \nCurrent liabilities:\n \n \nCurrent content liabilities\n $\n4,173,041 $\n3,632,711\nAccounts payable\n \n359,555 \n312,842\nAccrued expenses\n \n315,094 \n197,632\nDeferred revenue\n \n618,622 \n443,472\nTotal current liabilities\n \n5,466,312 \n4,586,657\nNon-current content liabilities\n \n3,329,796 \n2,894,654\nLong-term debt\n \n6,499,432 \n3,364,311\nOther non-current liabilities\n \n135,246 \n61,188\nTotal liabilities\n \n15,430,786 \n10,906,810\nCommitments and contingencies (Note 5)\n \n \nStockholders equity:\n \n \nPreferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2017 and 2016; no shares\nissued and outstanding at December 31, 2017 and 2016\n \n \n\nCommon stock, $0.001 par value; 4,990,000,000 shares authorized at December 31, 2017 and December 31,\n2016, respectively; 433,392,686 and 430,054,212 issued and outstanding at December 31, 2017 and\nDecember 31, 2016, respectively\n \n1,871,396 \n1,599,762\nAccumulated other comprehensive loss\n \n(20,557) \n(48,565)\nRetained earnings\n \n1,731,117 \n1,128,603\nTotal stockholders equity\n \n3,581,956 \n2,679,800\nTotal liabilities and stockholders equity\n $\n19,012,742 $\n13,586,610\nSee accompanying notes to consolidated financial statements.\n43', 'doc_name': 'NETFLIX_2017_10K', 'evidence_page_num': 44, 'evidence_text_full_page': 'Table of Contents\nNETFLIX, INC.\nCONSOLIDATED BALANCE SHEETS\n(in thousands, except share and per share data)\n \n \n \nAs of December 31,\n \n \n2017\n \n2016\nAssets\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n $\n2,822,795 $\n1,467,576\nShort-term investments\n \n \n266,206\nCurrent content assets, net\n \n4,310,934 \n3,726,307\nOther current assets\n \n536,245 \n260,202\nTotal current assets\n \n7,669,974 \n5,720,291\nNon-current content assets, net\n \n10,371,055 \n7,274,501\nProperty and equipment, net\n \n319,404 \n250,395\nOther non-current assets\n \n652,309 \n341,423\nTotal assets\n $\n19,012,742 $\n13,586,610\nLiabilities and Stockholders Equity\n \n \nCurrent liabilities:\n \n \nCurrent content liabilities\n $\n4,173,041 $\n3,632,711\nAccounts payable\n \n359,555 \n312,842\nAccrued expenses\n \n315,094 \n197,632\nDeferred revenue\n \n618,622 \n443,472\nTotal current liabilities\n \n5,466,312 \n4,586,657\nNon-current content liabilities\n \n3,329,796 \n2,894,654\nLong-term debt\n \n6,499,432 \n3,364,311\nOther non-current liabilities\n \n135,246 \n61,188\nTotal liabilities\n \n15,430,786 \n10,906,810\nCommitments and contingencies (Note 5)\n \n \nStockholders equity:\n \n \nPreferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2017 and 2016; no shares\nissued and outstanding at December 31, 2017 and 2016\n \n \n\nCommon stock, $0.001 par value; 4,990,000,000 shares authorized at December 31, 2017 and December 31,\n2016, respectively; 433,392,686 and 430,054,212 issued and outstanding at December 31, 2017 and\nDecember 31, 2016, respectively\n \n1,871,396 \n1,599,762\nAccumulated other comprehensive loss\n \n(20,557) \n(48,565)\nRetained earnings\n \n1,731,117 \n1,128,603\nTotal stockholders equity\n \n3,581,956 \n2,679,800\nTotal liabilities and stockholders equity\n $\n19,012,742 $\n13,586,610\nSee accompanying notes to consolidated financial statements.\n43\n'}]","Table of Contents
NETFLIX, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
 
 
 
As of December 31,
 
 
2017
 
2016
Assets
 
 
Current assets:
 
 
Cash and cash equivalents
 $
2,822,795 $
1,467,576
Short-term investments
 
 
266,206
Current content assets, net
 
4,310,934 
3,726,307
Other current assets
 
536,245 
260,202
Total current assets
 
7,669,974 
5,720,291
Non-current content assets, net
 
10,371,055 
7,274,501
Property and equipment, net
 
319,404 
250,395
Other non-current assets
 
652,309 
341,423
Total assets
 $
19,012,742 $
13,586,610
Liabilities and Stockholders Equity
 
 
Current liabilities:
 
 
Current content liabilities
 $
4,173,041 $
3,632,711
Accounts payable
 
359,555 
312,842
Accrued expenses
 
315,094 
197,632
Deferred revenue
 
618,622 
443,472
Total current liabilities
 
5,466,312 
4,586,657
Non-current content liabilities
 
3,329,796 
2,894,654
Long-term debt
 
6,499,432 
3,364,311
Other non-current liabilities
 
135,246 
61,188
Total liabilities
 
15,430,786 
10,906,810
Commitments and contingencies (Note 5)
 
 
Stockholders equity:
 
 
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2017 and 2016; no shares
issued and outstanding at December 31, 2017 and 2016
 
 

Common stock, $0.001 par value; 4,990,000,000 shares authorized at December 31, 2017 and December 31,
2016, respectively; 433,392,686 and 430,054,212 issued and outstanding at December 31, 2017 and
December 31, 2016, respectively
 
1,871,396 
1,599,762
Accumulated other comprehensive loss
 
(20,557) 
(48,565)
Retained earnings
 
1,731,117 
1,128,603
Total stockholders equity
 
3,581,956 
2,679,800
Total liabilities and stockholders equity
 $
19,012,742 $
13,586,610
See accompanying notes to consolidated financial statements.
43"
What drove revenue change as of the FY22 for AMD?,"In 2022, AMD reported Higher sales of their EPYC server processors, higher semi-custom product sales, and the inclusion of Xilinx embedded product sales","[{'evidence_text': 'Net\nrevenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. The increase in net revenue was driven by a 64%\nincrease in Data Center segment revenue primarily due to higher sales of our EPYC server processors, a 21% increase in Gaming segment revenue\nprimarily due to higher semi-custom product sales, and a significant increase in Embedded segment revenue from the prior year period driven by the inclusion\nof Xilinx embedded product sales.', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 42, 'evidence_text_full_page': 'Table of Contents\nITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nThe following discussion should be read in conjunction with the consolidated financial statements as of December 31, 2022 and December 25, 2021 and for\neach of the three years in the period ended December 31, 2022 and related notes, which are included in this Annual Report on Form 10-K as well as with the\nother sections of this Annual Report on Form 10-K, Part II, Item 8: Financial Statements and Supplementary Data.\nIntroduction\nIn this section, we will describe the general financial condition and the results of operations of Advanced Micro Devices, Inc. and its wholly-owned subsidiaries\n(collectively, us, our or AMD), including a discussion of our results of operations for 2022 compared to 2021, an analysis of changes in our financial\ncondition and a discussion of our off-balance sheet arrangements. Discussions of 2020 items and year-to-year comparisons between 2021 and 2020 that are\nnot included in this Form 10-K can be found in Managements Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of\nour Annual Report on Form 10-K for the fiscal year ended December 25, 2021.\nOverview\n2022 was a transformative year for AMD as we took several major steps that scaled and reshaped our business. In February 2022, we completed our strategic\nacquisition of Xilinx, Inc. (Xilinx) which expanded our technology and product portfolio to include adaptable hardware platforms that enable hardware\nacceleration and rapid innovation across a variety of technologies and established AMD in multiple embedded markets where we have traditionally not had a\nsignificant presence. We now offer Field Programmable Gate Arrays (FPGAs), Adaptive SoCs, and Adaptive Compute Acceleration Platform (ACAP) products.\nWith the acquisition of Xilinx, we have access to a new set of markets and customers, further strengthening and diversifying our business model. In May 2022,\nwe expanded our data center solutions capabilities with the acquisition of Pensando Systems, Inc. (Pensando). We now offer high-performance data\nprocessing units (DPUs) and a software stack that complements our existing products. With the Xilinx and Pensando acquisitions, we are well positioned to\nprovide the industrys broadest set of leadership compute engines and accelerators to help enable best performance, security, flexibility and total cost of\nownership for leading-edge data centers.\nOur 2022 financial results reflect the strength of our diversified business model despite the challenging PC market conditions in the second half of 2022. Net\nrevenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. The increase in net revenue was driven by a 64%\nincrease in Data Center segment revenue primarily due to higher sales of our EPYC server processors, a 21% increase in Gaming segment revenue\nprimarily due to higher semi-custom product sales, and a significant increase in Embedded segment revenue from the prior year period driven by the inclusion\nof Xilinx embedded product sales. This growth was partially offset by a 10% decrease in Client segment revenue primarily due to lower processor shipments\ndriven by a weak PC market and significant inventory correction actions across the PC supply chain. Gross margin, as a percentage of net revenue for 2022,\nwas 45%, compared to 48% in 2021. The decrease in gross margin was primarily due to amortization of intangible assets associated with the Xilinx acquisition.\nOperating income for 2022 was $1.3 billion compared to operating income of $3.6 billion for 2021. The decrease in operating income was primarily driven by\namortization of intangible assets associated with the Xilinx acquisition. Net income for 2022 was $1.3 billion compared to $3.2 billion in the prior year. The\ndecrease in net income was primarily driven by lower operating income.\nCash, cash equivalents and short-term investments as of December 31, 2022 were $5.9 billion, compared to $3.6 billion at the end of 2021. Our aggregate\nprincipal amount of total debt as of December 31, 2022 was $2.5 billion, compared to $313 million as of December 25, 2021.\nWe took several actions in 2022 to strengthen our financial position. In June 2022, we issued $1.0 billion in aggregate principal amount of senior notes,\nconsisting of $500 million in aggregate principal amount of 3.924% Senior Notes due 2032 (3.924% Notes) and $500 million in aggregate principal amount of\n4.393% Senior Notes due 2052 (4.393% Notes). The 3.924% Notes will mature on June 1, 2032 and bear interest at a rate of 3.924% per annum, and the\n4.393% Notes will mature on June 1, 2052 and bear interest at a rate of 4.393% per annum. The 3.924% Notes and the 4.393% Notes are senior unsecured\nobligations.\n40\n'}]","Net
revenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. The increase in net revenue was driven by a 64%
increase in Data Center segment revenue primarily due to higher sales of our EPYC server processors, a 21% increase in Gaming segment revenue
primarily due to higher semi-custom product sales, and a significant increase in Embedded segment revenue from the prior year period driven by the inclusion
of Xilinx embedded product sales."
What drove the reduction in SG&A expense as a percent of net sales in FY2023?,"Lower marketing expenses and leverage of incentive compensation due to higher sales. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","[{'evidence_text': 'For the Full Year of Fiscal 2022\nNet sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,\nprimarily due to the favorable impact from the continued resilience of the beauty\ncategory, retail price increases, the impact of new brands and product innovation,\nincreased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.\nComparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,\ndriven by a 10.8% increase in transactions and a 4.3% increase in average ticket.\nGross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As\na percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal\n2021, primarily due to leverage of fixed costs, strong growth in other revenue, and\nfavorable channel mix shifts, partially offset by higher inventory shrink and lower\nmerchandise margin.\nSG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal\n2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to\n23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of\nincentive compensation due to higher sales, partially offset by deleverage of corporate\noverhead due to strategic investments and deleverage of store payroll and benefits\ndue to wage investments.', 'doc_name': 'ULTABEAUTY_2023Q4_EARNINGS', 'evidence_page_num': 1, 'evidence_text_full_page': 'Comparable sales (sales for stores open at least 14 months and e-commerce sales)\nincreased 15.6% compared to an increase of 21.4% in the fourth quarter of fiscal 2021,\ndriven by a 13.6% increase in transactions and a 1.8% increase in average ticket.\nGross profit increased 18.0% to $1.2 billion compared to $1.0 billion in the fourth\nquarter of fiscal 2021. As a percentage of net sales, gross profit of 37.6% was flat\ncompared to the fourth quarter of fiscal 2021, primarily due to leverage of fixed costs,\nfavorable channel mix shifts, and strong growth in other revenue, offset by higher\ninventory shrink.\nSelling, general and administrative (SG&A) expenses increased 17.3% to $762.7\nmillion compared to $650.0 million in the fourth quarter of fiscal 2021. As a percentage\nof net sales, SG&A expenses decreased to 23.6% compared to 23.8% in the fourth\nquarter of fiscal 2021, primarily due to leverage of marketing expenses and incentive\ncompensation due to higher sales, partially offset by deleverage of store payroll and\nbenefits due to wage investments and deleverage in corporate overhead due to\nstrategic investments.\nOperating income increased 19.2% to $447.6 million, or 13.9% of net sales, compared\nto $375.6 million, or 13.8% of net sales, in the fourth quarter of fiscal 2021.\nThe tax rate increased to 24.6% compared to 22.9% in the fourth quarter of fiscal\n2021.\nNet income increased 17.8% to $340.8 million compared to $289.4 million in the fourth\nquarter of fiscal 2021.\nDiluted earnings per share increased 23.5% to $6.68, including a $0.02 benefit due to\nincome tax accounting for stock-based compensation, compared to $5.41 including a\n$0.05 benefit due to income tax accounting for stock-based compensation, in the fourth\nquarter of fiscal 2021.\nFor the Full Year of Fiscal 2022\nNet sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,\nprimarily due to the favorable impact from the continued resilience of the beauty\ncategory, retail price increases, the impact of new brands and product innovation,\nincreased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.\nComparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,\ndriven by a 10.8% increase in transactions and a 4.3% increase in average ticket.\nGross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As\na percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal\n2021, primarily due to leverage of fixed costs, strong growth in other revenue, and\nfavorable channel mix shifts, partially offset by higher inventory shrink and lower\nmerchandise margin.\nSG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal\n2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to\n23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of\nincentive compensation due to higher sales, partially offset by deleverage of corporate\noverhead due to strategic investments and deleverage of store payroll and benefits\ndue to wage investments.\nOperating income increased 26.3% to $1.6 billion, or 16.1% of net sales, compared to\n$1.3 billion, or 15.0% of net sales, in fiscal 2021.\nThe tax rate increased to 24.4% compared to 23.9% in fiscal 2021.\nNet income increased 26.0% to $1.2 billion compared to $985.8 million in fiscal 2021.\n'}]","For the Full Year of Fiscal 2022
Net sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,
primarily due to the favorable impact from the continued resilience of the beauty
category, retail price increases, the impact of new brands and product innovation,
increased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.
Comparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,
driven by a 10.8% increase in transactions and a 4.3% increase in average ticket.
Gross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As
a percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal
2021, primarily due to leverage of fixed costs, strong growth in other revenue, and
favorable channel mix shifts, partially offset by higher inventory shrink and lower
merchandise margin.
SG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal
2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to
23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of
incentive compensation due to higher sales, partially offset by deleverage of corporate
overhead due to strategic investments and deleverage of store payroll and benefits
due to wage investments."
What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.,$5818.00,"[{'evidence_text': 'Table of Contents\nLockheed Martin Corporation\nConsolidated Balance Sheets\n(in millions, except par value)\n \n \nDecember 31,\n2021\n2020\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,604 \n$\n3,160 \nReceivables, net\n1,963 \n1,978 \nContract assets\n10,579 \n9,545 \nInventories\n2,981 \n3,545 \nOther current assets\n688 \n1,150 \nTotal current assets\n19,815 \n19,378 \nProperty, plant and equipment, net\n7,597 \n7,213 \nGoodwill\n10,813 \n10,806 \nIntangible assets, net\n2,706 \n3,012 \nDeferred income taxes\n2,290 \n3,475 \nOther noncurrent assets\n7,652 \n6,826 \nTotal assets\n$\n50,873 \n$\n50,710 \nLiabilities and equity\nCurrent liabilities\nAccounts payable\n$\n780 \n$\n880 \nSalaries, benefits and payroll taxes\n3,108 \n3,163 \nContract liabilities\n8,107 \n7,545 \nCurrent maturities of long-term debt\n6 \n500 \nOther current liabilities\n1,996 \n1,845 \nTotal current liabilities\n13,997 \n13,933 \nLong-term debt, net\n11,670 \n11,669 \nAccrued pension liabilities\n8,319 \n12,874 \nOther noncurrent liabilities\n5,928 \n6,196 \nTotal liabilities\n39,914 \n44,672 \nStockholders equity\nCommon stock, $1 par value per share\n271 \n279 \nAdditional paid-in capital\n94 \n221 \nRetained earnings\n21,600 \n21,636 \nAccumulated other comprehensive loss\n(11,006)\n(16,121)\nTotal stockholders equity\n10,959 \n6,015 \nNoncontrolling interests in subsidiary\n \n23 \nTotal equity\n10,959 \n6,038 \nTotal liabilities and equity\n$\n50,873 \n$\n50,710 \nThe accompanying notes are an integral part of these consolidated financial statements.\n68', 'doc_name': 'LOCKHEEDMARTIN_2021_10K', 'evidence_page_num': 67, 'evidence_text_full_page': 'Table of Contents\nLockheed Martin Corporation\nConsolidated Balance Sheets\n(in millions, except par value)\n \n \nDecember 31,\n2021\n2020\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,604 \n$\n3,160 \nReceivables, net\n1,963 \n1,978 \nContract assets\n10,579 \n9,545 \nInventories\n2,981 \n3,545 \nOther current assets\n688 \n1,150 \nTotal current assets\n19,815 \n19,378 \nProperty, plant and equipment, net\n7,597 \n7,213 \nGoodwill\n10,813 \n10,806 \nIntangible assets, net\n2,706 \n3,012 \nDeferred income taxes\n2,290 \n3,475 \nOther noncurrent assets\n7,652 \n6,826 \nTotal assets\n$\n50,873 \n$\n50,710 \nLiabilities and equity\nCurrent liabilities\nAccounts payable\n$\n780 \n$\n880 \nSalaries, benefits and payroll taxes\n3,108 \n3,163 \nContract liabilities\n8,107 \n7,545 \nCurrent maturities of long-term debt\n6 \n500 \nOther current liabilities\n1,996 \n1,845 \nTotal current liabilities\n13,997 \n13,933 \nLong-term debt, net\n11,670 \n11,669 \nAccrued pension liabilities\n8,319 \n12,874 \nOther noncurrent liabilities\n5,928 \n6,196 \nTotal liabilities\n39,914 \n44,672 \nStockholders equity\nCommon stock, $1 par value per share\n271 \n279 \nAdditional paid-in capital\n94 \n221 \nRetained earnings\n21,600 \n21,636 \nAccumulated other comprehensive loss\n(11,006)\n(16,121)\nTotal stockholders equity\n10,959 \n6,015 \nNoncontrolling interests in subsidiary\n \n23 \nTotal equity\n10,959 \n6,038 \nTotal liabilities and equity\n$\n50,873 \n$\n50,710 \nThe accompanying notes are an integral part of these consolidated financial statements.\n68\n'}]","Table of Contents
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
 
 
December 31,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
3,604 
$
3,160 
Receivables, net
1,963 
1,978 
Contract assets
10,579 
9,545 
Inventories
2,981 
3,545 
Other current assets
688 
1,150 
Total current assets
19,815 
19,378 
Property, plant and equipment, net
7,597 
7,213 
Goodwill
10,813 
10,806 
Intangible assets, net
2,706 
3,012 
Deferred income taxes
2,290 
3,475 
Other noncurrent assets
7,652 
6,826 
Total assets
$
50,873 
$
50,710 
Liabilities and equity
Current liabilities
Accounts payable
$
780 
$
880 
Salaries, benefits and payroll taxes
3,108 
3,163 
Contract liabilities
8,107 
7,545 
Current maturities of long-term debt
6 
500 
Other current liabilities
1,996 
1,845 
Total current liabilities
13,997 
13,933 
Long-term debt, net
11,670 
11,669 
Accrued pension liabilities
8,319 
12,874 
Other noncurrent liabilities
5,928 
6,196 
Total liabilities
39,914 
44,672 
Stockholders equity
Common stock, $1 par value per share
271 
279 
Additional paid-in capital
94 
221 
Retained earnings
21,600 
21,636 
Accumulated other comprehensive loss
(11,006)
(16,121)
Total stockholders equity
10,959 
6,015 
Noncontrolling interests in subsidiary
 
23 
Total equity
10,959 
6,038 
Total liabilities and equity
$
50,873 
$
50,710 
The accompanying notes are an integral part of these consolidated financial statements.
68"
"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","[{'evidence_text': 'The Boeing Company and Subsidiaries\nConsolidated Statements of Operations\n(Dollars in millions, except per share data)\n \n \n \nYears ended December 31,\n2022\n2021\n2020\nSales of products\n$55,893 \n$51,386 \n$47,142 \nSales of services\n10,715 \n10,900 \n11,016 \nTotal revenues\n66,608 \n62,286 \n58,158 \nCost of products\n(53,969)\n(49,954)\n(54,568)\nCost of services\n(9,109)\n(9,283)\n(9,232)\nBoeing Capital interest expense\n(28)\n(32)\n(43)\nTotal costs and expenses\n(63,106)\n(59,269)\n(63,843)\n3,502 \n3,017 \n(5,685)', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 54, 'evidence_text_full_page': 'Table of Contents\nThe Boeing Company and Subsidiaries\nConsolidated Statements of Operations\n(Dollars in millions, except per share data)\n \n \n \nYears ended December 31,\n2022\n2021\n2020\nSales of products\n$55,893 \n$51,386 \n$47,142 \nSales of services\n10,715 \n10,900 \n11,016 \nTotal revenues\n66,608 \n62,286 \n58,158 \nCost of products\n(53,969)\n(49,954)\n(54,568)\nCost of services\n(9,109)\n(9,283)\n(9,232)\nBoeing Capital interest expense\n(28)\n(32)\n(43)\nTotal costs and expenses\n(63,106)\n(59,269)\n(63,843)\n3,502 \n3,017 \n(5,685)\n(Loss)/income from operating investments, net\n(16)\n210 \n9 \nGeneral and administrative expense\n(4,187)\n(4,157)\n(4,817)\nResearch and development expense, net\n(2,852)\n(2,249)\n(2,476)\nGain on dispositions, net\n6 \n277 \n202 \nLoss from operations\n(3,547)\n(2,902)\n(12,767)\nOther income, net\n1,058 \n551 \n447 \nInterest and debt expense\n(2,533)\n(2,682)\n(2,156)\nLoss before income taxes\n(5,022)\n(5,033)\n(14,476)\nIncome tax (expense)/benefit\n(31)\n743 \n2,535 \nNet loss\n(5,053)\n(4,290)\n(11,941)\nLess: net loss attributable to noncontrolling interest\n(118)\n(88)\n(68)\nNet loss attributable to Boeing Shareholders\n($4,935)\n($4,202)\n($11,873)\nBasic loss per share\n($8.30)\n($7.15)\n($20.88)\nDiluted loss per share\n($8.30)\n($7.15)\n($20.88)\nSee Notes to the Consolidated Financial Statements on pages 59 - 114.\n53\n'}]","The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Dollars in millions, except per share data)
 
 
 
Years ended December 31,
2022
2021
2020
Sales of products
$55,893 
$51,386 
$47,142 
Sales of services
10,715 
10,900 
11,016 
Total revenues
66,608 
62,286 
58,158 
Cost of products
(53,969)
(49,954)
(54,568)
Cost of services
(9,109)
(9,283)
(9,232)
Boeing Capital interest expense
(28)
(32)
(43)
Total costs and expenses
(63,106)
(59,269)
(63,843)
3,502 
3,017 
(5,685)"
We want to calculate a financial metric. Please help us compute it by basing your answers off of the cash flow statement and the income statement. Here's the question: what is the FY2022 retention ratio (using total cash dividends paid and net income attributable to shareholders) for General Mills? Round answer to two decimal places.,0.54,"[{'evidence_text': '45\nConsolidated Statements of Earnings\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions, Except per Share Data)\nFiscal Year\n2022\n2021\n2020\nNet sales\n$\n18,992.8\n$\n18,127.0\n$\n17,626.6\nCost of sales\n12,590.6\n11,678.7\n11,496.7\nSelling, general, and administrative expenses\n3,147.0\n3,079.6\n3,151.6\nDivestitures (gain) loss\n(194.1)\n53.5\n-\nRestructuring, impairment, and other exit (recoveries) costs\n(26.5)\n170.4\n24.4\nOperating profit\n3,475.8\n3,144.8\n2,953.9\nBenefit plan non-service income\n(113.4)\n(132.9)\n(112.8)\nInterest, net\n379.6\n420.3\n466.5\nEarnings before income taxes and after-tax earnings from joint ventures\n3,209.6\n2,857.4\n2,600.2\nIncome taxes\n586.3\n629.1\n480.5\nAfter-tax earnings from joint ventures\n111.7\n117.7\n91.1\nNet earnings, including earnings attributable to redeemable and \n noncontrolling interests\n2,735.0\n2,346.0\n2,210.8\nNet earnings attributable to redeemable and noncontrolling interests\n27.7\n6.2\n29.6\nNet earnings attributable to General Mills\n$\n2,707.3\n$\n2,339.8\n$\n2,181.2\nEarnings per share basic\n$\n4.46\n$\n3.81\n$\n3.59\nEarnings per share diluted\n$\n4.42\n$\n3.78\n$\n3.56\nDividends per share\n$\n2.04\n$\n2.02\n$\n1.96\nSee accompanying notes to consolidated financial statements.', 'doc_name': 'GENERALMILLS_2022_10K', 'evidence_page_num': 44, 'evidence_text_full_page': ' \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n45\nConsolidated Statements of Earnings\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions, Except per Share Data)\nFiscal Year\n2022\n2021\n2020\nNet sales\n$\n18,992.8\n$\n18,127.0\n$\n17,626.6\nCost of sales\n12,590.6\n11,678.7\n11,496.7\nSelling, general, and administrative expenses\n3,147.0\n3,079.6\n3,151.6\nDivestitures (gain) loss\n(194.1)\n53.5\n-\nRestructuring, impairment, and other exit (recoveries) costs\n(26.5)\n170.4\n24.4\nOperating profit\n3,475.8\n3,144.8\n2,953.9\nBenefit plan non-service income\n(113.4)\n(132.9)\n(112.8)\nInterest, net\n379.6\n420.3\n466.5\nEarnings before income taxes and after-tax earnings from joint ventures\n3,209.6\n2,857.4\n2,600.2\nIncome taxes\n586.3\n629.1\n480.5\nAfter-tax earnings from joint ventures\n111.7\n117.7\n91.1\nNet earnings, including earnings attributable to redeemable and \n noncontrolling interests\n2,735.0\n2,346.0\n2,210.8\nNet earnings attributable to redeemable and noncontrolling interests\n27.7\n6.2\n29.6\nNet earnings attributable to General Mills\n$\n2,707.3\n$\n2,339.8\n$\n2,181.2\nEarnings per share basic\n$\n4.46\n$\n3.81\n$\n3.59\nEarnings per share diluted\n$\n4.42\n$\n3.78\n$\n3.56\nDividends per share\n$\n2.04\n$\n2.02\n$\n1.96\nSee accompanying notes to consolidated financial statements.\n'}
 {'evidence_text': '49\nConsolidated Statements of Cash Flows\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions)\nFiscal Year\n2022\n2021 \n2020 \nCash Flows - Operating Activities\nNet earnings, including earnings attributable to redeemable and noncontrolling interests\n$\n2,735.0\n$\n2,346.0\n$\n2,210.8\nAdjustments to reconcile net earnings to net cash provided by operating activities:\nDepreciation and amortization\n570.3\n601.3\n594.7\nAfter-tax earnings from joint ventures\n(111.7)\n(117.7)\n(91.1)\nDistributions of earnings from joint ventures\n107.5\n95.2\n76.5\nStock-based compensation\n98.7\n89.9\n94.9\nDeferred income taxes\n62.2\n118.8\n(29.6)\nPension and other postretirement benefit plan contributions\n(31.3)\n(33.4)\n(31.1)\nPension and other postretirement benefit plan costs\n(30.1)\n(33.6)\n(32.3)\nDivestitures (gain) loss\n(194.1)\n53.5\n-\nRestructuring, impairment, and other exit (recoveries) costs\n(117.1)\n150.9\n43.6\nChanges in current assets and liabilities, excluding the effects of acquisition and divestitures\n277.4\n(155.9)\n793.9\nOther, net\n(50.7)\n(131.8)\n45.9\nNet cash provided by operating activities\n3,316.1\n2,983.2\n3,676.2\nCash Flows - Investing Activities\nPurchases of land, buildings, and equipment\n(568.7)\n(530.8)\n(460.8)\nAcquisition\n(1,201.3)\n-\n-\nInvestments in affiliates, net\n15.4\n15.5\n(48.0)\nProceeds from disposal of land, buildings, and equipment\n3.3\n2.7\n1.7\nProceeds from divestitures, net of cash divested\n74.1\n2.9\n-\nOther, net\n(13.5)\n(3.1)\n20.9\nNet cash used by investing activities\n(1,690.7)\n(512.8)\n(486.2)\nCash Flows - Financing Activities\nChange in notes payable\n551.4\n71.7\n(1,158.6)\nIssuance of long-term debt\n2,203.7\n1,576.5\n1,638.1\nPayment of long-term debt\n(3,140.9)\n(2,609.0)\n(1,396.7)\nDebt exchange participation incentive cash payment\n-\n(201.4)\n-\nProceeds from common stock issued on exercised options\n161.7\n74.3\n263.4\nPurchases of common stock for treasury\n(876.8)\n(301.4)\n(3.4)\nDividends paid\n(1,244.5)\n(1,246.4)\n(1,195.8)\nDistributions to noncontrolling and redeemable interest holders\n(129.8)\n(48.9)\n(72.5)\nOther, net\n(28.0)\n(30.9)\n(16.0)\nNet cash used by financing activities\n(2,503.2)\n(2,715.5)\n(1,941.5)\nEffect of exchange rate changes on cash and cash equivalents\n(58.0)\n72.5\n(20.7)\n(Decrease) increase in cash and cash equivalents\n(935.8)\n(172.6)\n1,227.8\nCash and cash equivalents - beginning of year\n1,505.2\n1,677.8\n450.0\nCash and cash equivalents - end of year\n$\n569.4\n$\n1,505.2\n$\n1,677.8\nCash flow from changes in current assets and liabilities, excluding the effects of acquisition and\n divestitures:\nReceivables\n$\n(166.3)\n$\n27.9\n$\n37.9\nInventories\n(85.8)\n(354.7)\n103.1\nPrepaid expenses and other current assets\n(35.3)\n(42.7)\n94.2\nAccounts payable\n456.7\n343.1\n392.5\nOther current liabilities\n108.1\n(129.5)\n166.2\nChanges in current assets and liabilities\n$\n277.4\n$\n(155.9)\n$\n793.9\nSee accompanying notes to consolidated financial statements.', 'doc_name': 'GENERALMILLS_2022_10K', 'evidence_page_num': 48, 'evidence_text_full_page': ' \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n49\nConsolidated Statements of Cash Flows\nGENERAL MILLS, INC. AND SUBSIDIARIES\n(In Millions)\nFiscal Year\n2022\n2021 \n2020 \nCash Flows - Operating Activities\nNet earnings, including earnings attributable to redeemable and noncontrolling interests\n$\n2,735.0\n$\n2,346.0\n$\n2,210.8\nAdjustments to reconcile net earnings to net cash provided by operating activities:\nDepreciation and amortization\n570.3\n601.3\n594.7\nAfter-tax earnings from joint ventures\n(111.7)\n(117.7)\n(91.1)\nDistributions of earnings from joint ventures\n107.5\n95.2\n76.5\nStock-based compensation\n98.7\n89.9\n94.9\nDeferred income taxes\n62.2\n118.8\n(29.6)\nPension and other postretirement benefit plan contributions\n(31.3)\n(33.4)\n(31.1)\nPension and other postretirement benefit plan costs\n(30.1)\n(33.6)\n(32.3)\nDivestitures (gain) loss\n(194.1)\n53.5\n-\nRestructuring, impairment, and other exit (recoveries) costs\n(117.1)\n150.9\n43.6\nChanges in current assets and liabilities, excluding the effects of acquisition and divestitures\n277.4\n(155.9)\n793.9\nOther, net\n(50.7)\n(131.8)\n45.9\nNet cash provided by operating activities\n3,316.1\n2,983.2\n3,676.2\nCash Flows - Investing Activities\nPurchases of land, buildings, and equipment\n(568.7)\n(530.8)\n(460.8)\nAcquisition\n(1,201.3)\n-\n-\nInvestments in affiliates, net\n15.4\n15.5\n(48.0)\nProceeds from disposal of land, buildings, and equipment\n3.3\n2.7\n1.7\nProceeds from divestitures, net of cash divested\n74.1\n2.9\n-\nOther, net\n(13.5)\n(3.1)\n20.9\nNet cash used by investing activities\n(1,690.7)\n(512.8)\n(486.2)\nCash Flows - Financing Activities\nChange in notes payable\n551.4\n71.7\n(1,158.6)\nIssuance of long-term debt\n2,203.7\n1,576.5\n1,638.1\nPayment of long-term debt\n(3,140.9)\n(2,609.0)\n(1,396.7)\nDebt exchange participation incentive cash payment\n-\n(201.4)\n-\nProceeds from common stock issued on exercised options\n161.7\n74.3\n263.4\nPurchases of common stock for treasury\n(876.8)\n(301.4)\n(3.4)\nDividends paid\n(1,244.5)\n(1,246.4)\n(1,195.8)\nDistributions to noncontrolling and redeemable interest holders\n(129.8)\n(48.9)\n(72.5)\nOther, net\n(28.0)\n(30.9)\n(16.0)\nNet cash used by financing activities\n(2,503.2)\n(2,715.5)\n(1,941.5)\nEffect of exchange rate changes on cash and cash equivalents\n(58.0)\n72.5\n(20.7)\n(Decrease) increase in cash and cash equivalents\n(935.8)\n(172.6)\n1,227.8\nCash and cash equivalents - beginning of year\n1,505.2\n1,677.8\n450.0\nCash and cash equivalents - end of year\n$\n569.4\n$\n1,505.2\n$\n1,677.8\nCash flow from changes in current assets and liabilities, excluding the effects of acquisition and\n divestitures:\nReceivables\n$\n(166.3)\n$\n27.9\n$\n37.9\nInventories\n(85.8)\n(354.7)\n103.1\nPrepaid expenses and other current assets\n(35.3)\n(42.7)\n94.2\nAccounts payable\n456.7\n343.1\n392.5\nOther current liabilities\n108.1\n(129.5)\n166.2\nChanges in current assets and liabilities\n$\n277.4\n$\n(155.9)\n$\n793.9\nSee accompanying notes to consolidated financial statements.\n'}]","45
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data)
Fiscal Year
2022
2021
2020
Net sales
$
18,992.8
$
18,127.0
$
17,626.6
Cost of sales
12,590.6
11,678.7
11,496.7
Selling, general, and administrative expenses
3,147.0
3,079.6
3,151.6
Divestitures (gain) loss
(194.1)
53.5
-
Restructuring, impairment, and other exit (recoveries) costs
(26.5)
170.4
24.4
Operating profit
3,475.8
3,144.8
2,953.9
Benefit plan non-service income
(113.4)
(132.9)
(112.8)
Interest, net
379.6
420.3
466.5
Earnings before income taxes and after-tax earnings from joint ventures
3,209.6
2,857.4
2,600.2
Income taxes
586.3
629.1
480.5
After-tax earnings from joint ventures
111.7
117.7
91.1
Net earnings, including earnings attributable to redeemable and 
 noncontrolling interests
2,735.0
2,346.0
2,210.8
Net earnings attributable to redeemable and noncontrolling interests
27.7
6.2
29.6
Net earnings attributable to General Mills
$
2,707.3
$
2,339.8
$
2,181.2
Earnings per share basic
$
4.46
$
3.81
$
3.59
Earnings per share diluted
$
4.42
$
3.78
$
3.56
Dividends per share
$
2.04
$
2.02
$
1.96
See accompanying notes to consolidated financial statements. 49
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions)
Fiscal Year
2022
2021 
2020 
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests
$
2,735.0
$
2,346.0
$
2,210.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
570.3
601.3
594.7
After-tax earnings from joint ventures
(111.7)
(117.7)
(91.1)
Distributions of earnings from joint ventures
107.5
95.2
76.5
Stock-based compensation
98.7
89.9
94.9
Deferred income taxes
62.2
118.8
(29.6)
Pension and other postretirement benefit plan contributions
(31.3)
(33.4)
(31.1)
Pension and other postretirement benefit plan costs
(30.1)
(33.6)
(32.3)
Divestitures (gain) loss
(194.1)
53.5
-
Restructuring, impairment, and other exit (recoveries) costs
(117.1)
150.9
43.6
Changes in current assets and liabilities, excluding the effects of acquisition and divestitures
277.4
(155.9)
793.9
Other, net
(50.7)
(131.8)
45.9
Net cash provided by operating activities
3,316.1
2,983.2
3,676.2
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(568.7)
(530.8)
(460.8)
Acquisition
(1,201.3)
-
-
Investments in affiliates, net
15.4
15.5
(48.0)
Proceeds from disposal of land, buildings, and equipment
3.3
2.7
1.7
Proceeds from divestitures, net of cash divested
74.1
2.9
-
Other, net
(13.5)
(3.1)
20.9
Net cash used by investing activities
(1,690.7)
(512.8)
(486.2)
Cash Flows - Financing Activities
Change in notes payable
551.4
71.7
(1,158.6)
Issuance of long-term debt
2,203.7
1,576.5
1,638.1
Payment of long-term debt
(3,140.9)
(2,609.0)
(1,396.7)
Debt exchange participation incentive cash payment
-
(201.4)
-
Proceeds from common stock issued on exercised options
161.7
74.3
263.4
Purchases of common stock for treasury
(876.8)
(301.4)
(3.4)
Dividends paid
(1,244.5)
(1,246.4)
(1,195.8)
Distributions to noncontrolling and redeemable interest holders
(129.8)
(48.9)
(72.5)
Other, net
(28.0)
(30.9)
(16.0)
Net cash used by financing activities
(2,503.2)
(2,715.5)
(1,941.5)
Effect of exchange rate changes on cash and cash equivalents
(58.0)
72.5
(20.7)
(Decrease) increase in cash and cash equivalents
(935.8)
(172.6)
1,227.8
Cash and cash equivalents - beginning of year
1,505.2
1,677.8
450.0
Cash and cash equivalents - end of year
$
569.4
$
1,505.2
$
1,677.8
Cash flow from changes in current assets and liabilities, excluding the effects of acquisition and
 divestitures:
Receivables
$
(166.3)
$
27.9
$
37.9
Inventories
(85.8)
(354.7)
103.1
Prepaid expenses and other current assets
(35.3)
(42.7)
94.2
Accounts payable
456.7
343.1
392.5
Other current liabilities
108.1
(129.5)
166.2
Changes in current assets and liabilities
$
277.4
$
(155.9)
$
793.9
See accompanying notes to consolidated financial statements."
"Based on the information provided primarily in the statement of income, what is the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart? Answer in units of percents and round to one decimal place.",0.2%,"[{'evidence_text': 'WalmartInc.\nConsolidatedStatementsofIncome\n \n \nFiscalYearsEndedJanuary31,\n(Amounts in millions, except per share data)\n \n2019\n \n2018\n \n2017\nRevenues:\n \n \n \nNet sales\n $\n510,329\n $\n495,761\n $\n481,317\nMembership and other income\n \n4,076\n \n4,582\n \n4,556\nTotal revenues\n \n514,405\n \n500,343\n \n485,873\nCostsandexpenses:\n \n \n \nCost of sales\n \n385,301\n \n373,396\n \n361,256\nOperating, selling, general and administrative expenses\n \n107,147\n \n106,510\n \n101,853\nOperatingincome\n \n21,957\n \n20,437\n \n22,764\nInterest:\n \n \n \nDebt\n \n1,975\n \n1,978\n \n2,044\nCapital lease and financing obligations\n \n371\n \n352\n \n323\nInterest income\n \n(217) \n(152) \n(100)\nInterest, net\n \n2,129\n \n2,178\n \n2,267\nLoss on extinguishment of debt\n \n\n \n3,136\n \n\nOther (gains) and losses\n \n8,368\n \n\n \n\nIncomebeforeincometaxes\n \n11,460\n \n15,123\n \n20,497\nProvision for income taxes\n \n4,281\n \n4,600\n \n6,204\nConsolidatednetincome\n \n7,179\n \n10,523\n \n14,293\nConsolidatednetincomeattributabletononcontrollinginterest\n \n(509) \n(661) \n(650)\nConsolidatednetincomeattributabletoWalmart\n $\n6,670\n $\n9,862\n $\n13,643\n \n \n \n \nNetincomepercommonshare:\n \n \n \nBasicnetincomepercommonshareattributabletoWalmart\n $\n2.28\n $\n3.29\n $\n4.40\nDilutednetincomepercommonshareattributabletoWalmart\n \n2.26\n \n3.28\n \n4.38\n \n \n \n \nWeighted-averagecommonsharesoutstanding:\n \n \n \nBasic\n \n2,929\n \n2,995\n \n3,101\nDiluted\n \n2,945\n \n3,010\n \n3,112\n \n \n \n \nDividendsdeclaredpercommonshare\n $\n2.08\n $\n2.04\n $\n2.00\nSee accompanying notes.\n48', 'doc_name': 'WALMART_2019_10K', 'evidence_page_num': 47, 'evidence_text_full_page': 'WalmartInc.\nConsolidatedStatementsofIncome\n \n \nFiscalYearsEndedJanuary31,\n(Amounts in millions, except per share data)\n \n2019\n \n2018\n \n2017\nRevenues:\n \n \n \nNet sales\n $\n510,329\n $\n495,761\n $\n481,317\nMembership and other income\n \n4,076\n \n4,582\n \n4,556\nTotal revenues\n \n514,405\n \n500,343\n \n485,873\nCostsandexpenses:\n \n \n \nCost of sales\n \n385,301\n \n373,396\n \n361,256\nOperating, selling, general and administrative expenses\n \n107,147\n \n106,510\n \n101,853\nOperatingincome\n \n21,957\n \n20,437\n \n22,764\nInterest:\n \n \n \nDebt\n \n1,975\n \n1,978\n \n2,044\nCapital lease and financing obligations\n \n371\n \n352\n \n323\nInterest income\n \n(217) \n(152) \n(100)\nInterest, net\n \n2,129\n \n2,178\n \n2,267\nLoss on extinguishment of debt\n \n\n \n3,136\n \n\nOther (gains) and losses\n \n8,368\n \n\n \n\nIncomebeforeincometaxes\n \n11,460\n \n15,123\n \n20,497\nProvision for income taxes\n \n4,281\n \n4,600\n \n6,204\nConsolidatednetincome\n \n7,179\n \n10,523\n \n14,293\nConsolidatednetincomeattributabletononcontrollinginterest\n \n(509) \n(661) \n(650)\nConsolidatednetincomeattributabletoWalmart\n $\n6,670\n $\n9,862\n $\n13,643\n \n \n \n \nNetincomepercommonshare:\n \n \n \nBasicnetincomepercommonshareattributabletoWalmart\n $\n2.28\n $\n3.29\n $\n4.40\nDilutednetincomepercommonshareattributabletoWalmart\n \n2.26\n \n3.28\n \n4.38\n \n \n \n \nWeighted-averagecommonsharesoutstanding:\n \n \n \nBasic\n \n2,929\n \n2,995\n \n3,101\nDiluted\n \n2,945\n \n3,010\n \n3,112\n \n \n \n \nDividendsdeclaredpercommonshare\n $\n2.08\n $\n2.04\n $\n2.00\nSee accompanying notes.\n48\n'}]","WalmartInc.
ConsolidatedStatementsofIncome
 
 
FiscalYearsEndedJanuary31,
(Amounts in millions, except per share data)
 
2019
 
2018
 
2017
Revenues:
 
 
 
Net sales
 $
510,329
 $
495,761
 $
481,317
Membership and other income
 
4,076
 
4,582
 
4,556
Total revenues
 
514,405
 
500,343
 
485,873
Costsandexpenses:
 
 
 
Cost of sales
 
385,301
 
373,396
 
361,256
Operating, selling, general and administrative expenses
 
107,147
 
106,510
 
101,853
Operatingincome
 
21,957
 
20,437
 
22,764
Interest:
 
 
 
Debt
 
1,975
 
1,978
 
2,044
Capital lease and financing obligations
 
371
 
352
 
323
Interest income
 
(217) 
(152) 
(100)
Interest, net
 
2,129
 
2,178
 
2,267
Loss on extinguishment of debt
 

 
3,136
 

Other (gains) and losses
 
8,368
 

 

Incomebeforeincometaxes
 
11,460
 
15,123
 
20,497
Provision for income taxes
 
4,281
 
4,600
 
6,204
Consolidatednetincome
 
7,179
 
10,523
 
14,293
Consolidatednetincomeattributabletononcontrollinginterest
 
(509) 
(661) 
(650)
ConsolidatednetincomeattributabletoWalmart
 $
6,670
 $
9,862
 $
13,643
 
 
 
 
Netincomepercommonshare:
 
 
 
BasicnetincomepercommonshareattributabletoWalmart
 $
2.28
 $
3.29
 $
4.40
DilutednetincomepercommonshareattributabletoWalmart
 
2.26
 
3.28
 
4.38
 
 
 
 
Weighted-averagecommonsharesoutstanding:
 
 
 
Basic
 
2,929
 
2,995
 
3,101
Diluted
 
2,945
 
3,010
 
3,112
 
 
 
 
Dividendsdeclaredpercommonshare
 $
2.08
 $
2.04
 $
2.00
See accompanying notes.
48"
Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?,"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","[{'evidence_text': 'July 29, 2023\n \nJuly 30, 2022\n \nJuly 29, 2023\n \nJuly 30, 2022\nOperating income\n$\n 348 \n $\n 371 \n $\n 659 \n $\n 833 \n% of revenue\n \n 3.6 % \n 3.6 % \n 3.5 % \n 4.0 %\nIntangible asset amortization(1)\n \n 21 \n \n 22 \n \n 41 \n \n 44 \nRestructuring charges(2)\n \n (7) \n \n 34 \n \n (16) \n \n 35 \nNon-GAAP operating income\n$\n 362 \n $\n 427 \n $\n 684 \n $\n 912 \n% of revenue\n \n 3.8 % \n 4.1 % \n 3.6 % \n 4.3 %\n \n \n \n \n \n \n \n \n \nEffective tax rate\n \n 26.1 % \n 15.6 % \n 24.8 % \n 20.5 %\nIntangible asset amortization(1)\n \n (0.4)% \n 0.4 % \n 0.4 % \n 0.2 %\nRestructuring charges(2)\n \n 0.4 % \n 0.7 % \n (0.1)% \n 0.1 %\nLoss on investments\n \n 0.5 % \n -% \n -% \n -%\nNon-GAAP effective tax rate\n \n 26.6 % \n 16.7 % \n 25.1 % \n 20.8 %\n \n \n \n \n \n \n \n \n \nDiluted EPS\n$\n 1.25 \n $\n 1.35 \n $\n 2.36 \n $\n 2.85 \nIntangible asset amortization(1)\n \n 0.10 \n \n 0.10 \n \n 0.18 \n \n 0.19 \nRestructuring charges(2)\n \n (0.03) \n \n 0.15 \n \n (0.07) \n \n 0.15 \nLoss on investments\n \n - \n \n - \n \n 0.02 \n \n - \nGain on sale of subsidiary, net(3)\n \n (0.10) \n \n - \n \n (0.10) \n \n - \nIncome tax impact of non-GAAP adjustments(4)\n \n - \n \n (0.06) \n \n (0.02) \n \n (0.08) \nNon-GAAP diluted EPS\n$\n 1.22 \n $\n 1.54 \n $\n 2.37 \n $\n 3.11 \nFor additional information regarding the nature of charges discussed below, refer to Note 1, Basis of Presentation, Note 2, Restructuring, and Note 3, Goodwill and Intangible Assets, of the Notes to \nCondensed Consolidated Financial Statements, included in this Quarterly Report on Form 10-Q.\n(1)\nRepresents the non-cash amortization of definite-lived intangible assets associated with acquisitions, including customer relationships, tradenames and developed technology assets.\n(2)\nRepresents charges related to employee termination benefits and subsequent adjustments from higher-than-expected employee retention related to previously planned organizational changes.\n(3)\nRepresents the gain on sale of a Mexico subsidiary subsequent to our exit from operations in Mexico.\n(4)\nThe non-GAAP adjustments primarily relate to the U.S. and Mexico. As such, the forecasted annual income tax charge on the U.S. non-GAAP adjustments is calculated using the statutory tax rate of \n24.5%. There is no forecasted annual income tax benefit for Mexico non-GAAP items, as there is no forecasted annual tax expense on the income in the calculation of GAAP income tax expense.\n \nOur non-GAAP operating income rates decreased in the second quarter and first six months of fiscal 2024, primarily due to unfavorable SG&A rates, partially \noffset by favorable gross profit rates.\n \nOur non-GAAP effective tax rate increased in the second quarter of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters. Our non-\nGAAP effective tax rate increased in the first six months of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters and decreased tax \nbenefits from stock-based compensation, partially offset by the impact of lower pre-tax earnings.\n \nOur non-GAAP diluted EPS decreased in the second quarter and first six months of fiscal 2024, primarily due to the decreases in non-GAAP operating income.\n \nLiquidity and Capital Resources\n \nWe closely manage our liquidity and capital resources. Our liquidity requirements depend on key variables, including the level of investment required to support \nour business strategies, the performance of our business, capital expenditures, dividends, credit facilities, short-term borrowing arrangements and working capital \nmanagement. We modify our approach to managing these variables as changes in our operating environment arise. For example, capital expenditures and share \nrepurchases are a component of our cash flow and capital management strategy, which, to a large extent, we can adjust in response to economic and other \nchanges in our business environment. We have a disciplined approach to capital allocation, which focuses on investing in key priorities that support our strategy.\n \nCash and cash equivalents were as follows ($ in millions):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nJuly 29, 2023\n \nJanuary 28, 2023\n \nJuly 30, 2022\nCash and cash equivalents\n \n $\n 1,093 $\n 1,874 $\n 840', 'doc_name': 'BESTBUY_2024Q2_10Q', 'evidence_page_num': 19, 'evidence_text_full_page': ' \nTable of Contents\n \nConsolidated Non-GAAP Financial Measures\n \nReconciliations of operating income, effective tax rate and diluted EPS (GAAP financial measures) to non-GAAP operating income, non-GAAP effective tax rate \nand non-GAAP diluted EPS (non-GAAP financial measures) were as follows ($ in millions, except per share amounts):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nThree Months Ended\n \nSix Months Ended\n \nJuly 29, 2023\n \nJuly 30, 2022\n \nJuly 29, 2023\n \nJuly 30, 2022\nOperating income\n$\n 348 \n $\n 371 \n $\n 659 \n $\n 833 \n% of revenue\n \n 3.6 % \n 3.6 % \n 3.5 % \n 4.0 %\nIntangible asset amortization(1)\n \n 21 \n \n 22 \n \n 41 \n \n 44 \nRestructuring charges(2)\n \n (7) \n \n 34 \n \n (16) \n \n 35 \nNon-GAAP operating income\n$\n 362 \n $\n 427 \n $\n 684 \n $\n 912 \n% of revenue\n \n 3.8 % \n 4.1 % \n 3.6 % \n 4.3 %\n \n \n \n \n \n \n \n \n \nEffective tax rate\n \n 26.1 % \n 15.6 % \n 24.8 % \n 20.5 %\nIntangible asset amortization(1)\n \n (0.4)% \n 0.4 % \n 0.4 % \n 0.2 %\nRestructuring charges(2)\n \n 0.4 % \n 0.7 % \n (0.1)% \n 0.1 %\nLoss on investments\n \n 0.5 % \n -% \n -% \n -%\nNon-GAAP effective tax rate\n \n 26.6 % \n 16.7 % \n 25.1 % \n 20.8 %\n \n \n \n \n \n \n \n \n \nDiluted EPS\n$\n 1.25 \n $\n 1.35 \n $\n 2.36 \n $\n 2.85 \nIntangible asset amortization(1)\n \n 0.10 \n \n 0.10 \n \n 0.18 \n \n 0.19 \nRestructuring charges(2)\n \n (0.03) \n \n 0.15 \n \n (0.07) \n \n 0.15 \nLoss on investments\n \n - \n \n - \n \n 0.02 \n \n - \nGain on sale of subsidiary, net(3)\n \n (0.10) \n \n - \n \n (0.10) \n \n - \nIncome tax impact of non-GAAP adjustments(4)\n \n - \n \n (0.06) \n \n (0.02) \n \n (0.08) \nNon-GAAP diluted EPS\n$\n 1.22 \n $\n 1.54 \n $\n 2.37 \n $\n 3.11 \nFor additional information regarding the nature of charges discussed below, refer to Note 1, Basis of Presentation, Note 2, Restructuring, and Note 3, Goodwill and Intangible Assets, of the Notes to \nCondensed Consolidated Financial Statements, included in this Quarterly Report on Form 10-Q.\n(1)\nRepresents the non-cash amortization of definite-lived intangible assets associated with acquisitions, including customer relationships, tradenames and developed technology assets.\n(2)\nRepresents charges related to employee termination benefits and subsequent adjustments from higher-than-expected employee retention related to previously planned organizational changes.\n(3)\nRepresents the gain on sale of a Mexico subsidiary subsequent to our exit from operations in Mexico.\n(4)\nThe non-GAAP adjustments primarily relate to the U.S. and Mexico. As such, the forecasted annual income tax charge on the U.S. non-GAAP adjustments is calculated using the statutory tax rate of \n24.5%. There is no forecasted annual income tax benefit for Mexico non-GAAP items, as there is no forecasted annual tax expense on the income in the calculation of GAAP income tax expense.\n \nOur non-GAAP operating income rates decreased in the second quarter and first six months of fiscal 2024, primarily due to unfavorable SG&A rates, partially \noffset by favorable gross profit rates.\n \nOur non-GAAP effective tax rate increased in the second quarter of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters. Our non-\nGAAP effective tax rate increased in the first six months of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters and decreased tax \nbenefits from stock-based compensation, partially offset by the impact of lower pre-tax earnings.\n \nOur non-GAAP diluted EPS decreased in the second quarter and first six months of fiscal 2024, primarily due to the decreases in non-GAAP operating income.\n \nLiquidity and Capital Resources\n \nWe closely manage our liquidity and capital resources. Our liquidity requirements depend on key variables, including the level of investment required to support \nour business strategies, the performance of our business, capital expenditures, dividends, credit facilities, short-term borrowing arrangements and working capital \nmanagement. We modify our approach to managing these variables as changes in our operating environment arise. For example, capital expenditures and share \nrepurchases are a component of our cash flow and capital management strategy, which, to a large extent, we can adjust in response to economic and other \nchanges in our business environment. We have a disciplined approach to capital allocation, which focuses on investing in key priorities that support our strategy.\n \nCash and cash equivalents were as follows ($ in millions):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nJuly 29, 2023\n \nJanuary 28, 2023\n \nJuly 30, 2022\nCash and cash equivalents\n \n $\n 1,093 $\n 1,874 $\n 840 \n \nThe decrease in cash and cash equivalents from January 28, 2023, was primarily due to the timing and volume of inventory purchases and payments, dividend \npayments and capital expenditures, partially offset by earnings. \n \n20\n'}]","July 29, 2023
 
July 30, 2022
 
July 29, 2023
 
July 30, 2022
Operating income
$
 348 
 $
 371 
 $
 659 
 $
 833 
% of revenue
 
 3.6 % 
 3.6 % 
 3.5 % 
 4.0 %
Intangible asset amortization(1)
 
 21 
 
 22 
 
 41 
 
 44 
Restructuring charges(2)
 
 (7) 
 
 34 
 
 (16) 
 
 35 
Non-GAAP operating income
$
 362 
 $
 427 
 $
 684 
 $
 912 
% of revenue
 
 3.8 % 
 4.1 % 
 3.6 % 
 4.3 %
 
 
 
 
 
 
 
 
 
Effective tax rate
 
 26.1 % 
 15.6 % 
 24.8 % 
 20.5 %
Intangible asset amortization(1)
 
 (0.4)% 
 0.4 % 
 0.4 % 
 0.2 %
Restructuring charges(2)
 
 0.4 % 
 0.7 % 
 (0.1)% 
 0.1 %
Loss on investments
 
 0.5 % 
 -% 
 -% 
 -%
Non-GAAP effective tax rate
 
 26.6 % 
 16.7 % 
 25.1 % 
 20.8 %
 
 
 
 
 
 
 
 
 
Diluted EPS
$
 1.25 
 $
 1.35 
 $
 2.36 
 $
 2.85 
Intangible asset amortization(1)
 
 0.10 
 
 0.10 
 
 0.18 
 
 0.19 
Restructuring charges(2)
 
 (0.03) 
 
 0.15 
 
 (0.07) 
 
 0.15 
Loss on investments
 
 - 
 
 - 
 
 0.02 
 
 - 
Gain on sale of subsidiary, net(3)
 
 (0.10) 
 
 - 
 
 (0.10) 
 
 - 
Income tax impact of non-GAAP adjustments(4)
 
 - 
 
 (0.06) 
 
 (0.02) 
 
 (0.08) 
Non-GAAP diluted EPS
$
 1.22 
 $
 1.54 
 $
 2.37 
 $
 3.11 
For additional information regarding the nature of charges discussed below, refer to Note 1, Basis of Presentation, Note 2, Restructuring, and Note 3, Goodwill and Intangible Assets, of the Notes to 
Condensed Consolidated Financial Statements, included in this Quarterly Report on Form 10-Q.
(1)
Represents the non-cash amortization of definite-lived intangible assets associated with acquisitions, including customer relationships, tradenames and developed technology assets.
(2)
Represents charges related to employee termination benefits and subsequent adjustments from higher-than-expected employee retention related to previously planned organizational changes.
(3)
Represents the gain on sale of a Mexico subsidiary subsequent to our exit from operations in Mexico.
(4)
The non-GAAP adjustments primarily relate to the U.S. and Mexico. As such, the forecasted annual income tax charge on the U.S. non-GAAP adjustments is calculated using the statutory tax rate of 
24.5%. There is no forecasted annual income tax benefit for Mexico non-GAAP items, as there is no forecasted annual tax expense on the income in the calculation of GAAP income tax expense.
 
Our non-GAAP operating income rates decreased in the second quarter and first six months of fiscal 2024, primarily due to unfavorable SG&A rates, partially 
offset by favorable gross profit rates.
 
Our non-GAAP effective tax rate increased in the second quarter of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters. Our non-
GAAP effective tax rate increased in the first six months of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters and decreased tax 
benefits from stock-based compensation, partially offset by the impact of lower pre-tax earnings.
 
Our non-GAAP diluted EPS decreased in the second quarter and first six months of fiscal 2024, primarily due to the decreases in non-GAAP operating income.
 
Liquidity and Capital Resources
 
We closely manage our liquidity and capital resources. Our liquidity requirements depend on key variables, including the level of investment required to support 
our business strategies, the performance of our business, capital expenditures, dividends, credit facilities, short-term borrowing arrangements and working capital 
management. We modify our approach to managing these variables as changes in our operating environment arise. For example, capital expenditures and share 
repurchases are a component of our cash flow and capital management strategy, which, to a large extent, we can adjust in response to economic and other 
changes in our business environment. We have a disciplined approach to capital allocation, which focuses on investing in key priorities that support our strategy.
 
Cash and cash equivalents were as follows ($ in millions):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
July 29, 2023
 
January 28, 2023
 
July 30, 2022
Cash and cash equivalents
 
 $
 1,093 $
 1,874 $
 840"
"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","[{'evidence_text': '3M Company and Subsidiaries\nConsolidated Balance Sheet\n(Unaudited)\n(Dollars in millions, except per share amount)\nJune 30, 2023\nDecember 31, 2022\nAssets\nCurrent assets\nCash and cash equivalents\n$\n4,258 \n$\n3,655 \nMarketable securities current\n56 \n238 \nAccounts receivable net of allowances of $160 and $174\n4,947 \n4,532 \nInventories\nFinished goods\n2,526 \n2,497 \nWork in process\n1,527 \n1,606 \nRaw materials and supplies\n1,227 \n1,269 \nTotal inventories\n5,280 \n5,372 \nPrepaids\n674 \n435 \nOther current assets\n539 \n456 \nTotal current assets\n15,754 \n14,688 \nProperty, plant and equipment\n26,459 \n25,998 \nLess: Accumulated depreciation\n(17,248)\n(16,820)\nProperty, plant and equipment net\n9,211 \n9,178 \nOperating lease right of use assets\n812 \n829 \nGoodwill\n12,869 \n12,790 \nIntangible assets net\n4,470 \n4,699 \nOther assets\n5,764 \n4,271 \nTotal assets\n$\n48,880 \n$\n46,455 \nLiabilities\nCurrent liabilities\nShort-term borrowings and current portion of long-term debt\n$\n3,033 \n$\n1,938 \nAccounts payable\n3,231 \n3,183 \nAccrued payroll\n785 \n692 \nAccrued income taxes\n172 \n259 \nOperating lease liabilities current\n244 \n261 \nOther current liabilities\n3,471 \n3,190 \nTotal current liabilities\n10,936 \n9,523', 'doc_name': '3M_2023Q2_10Q', 'evidence_page_num': 4, 'evidence_text_full_page': 'Table of Contents\n3M Company and Subsidiaries\nConsolidated Balance Sheet\n(Unaudited)\n(Dollars in millions, except per share amount)\nJune 30, 2023\nDecember 31, 2022\nAssets\nCurrent assets\nCash and cash equivalents\n$\n4,258 \n$\n3,655 \nMarketable securities current\n56 \n238 \nAccounts receivable net of allowances of $160 and $174\n4,947 \n4,532 \nInventories\nFinished goods\n2,526 \n2,497 \nWork in process\n1,527 \n1,606 \nRaw materials and supplies\n1,227 \n1,269 \nTotal inventories\n5,280 \n5,372 \nPrepaids\n674 \n435 \nOther current assets\n539 \n456 \nTotal current assets\n15,754 \n14,688 \nProperty, plant and equipment\n26,459 \n25,998 \nLess: Accumulated depreciation\n(17,248)\n(16,820)\nProperty, plant and equipment net\n9,211 \n9,178 \nOperating lease right of use assets\n812 \n829 \nGoodwill\n12,869 \n12,790 \nIntangible assets net\n4,470 \n4,699 \nOther assets\n5,764 \n4,271 \nTotal assets\n$\n48,880 \n$\n46,455 \nLiabilities\nCurrent liabilities\nShort-term borrowings and current portion of long-term debt\n$\n3,033 \n$\n1,938 \nAccounts payable\n3,231 \n3,183 \nAccrued payroll\n785 \n692 \nAccrued income taxes\n172 \n259 \nOperating lease liabilities current\n244 \n261 \nOther current liabilities\n3,471 \n3,190 \nTotal current liabilities\n10,936 \n9,523 \nLong-term debt\n12,954 \n14,001 \nPension and postretirement benefits\n1,912 \n1,966 \nOperating lease liabilities\n570 \n580 \nOther liabilities\n14,651 \n5,615 \nTotal liabilities\n41,023 \n31,685 \nCommitments and contingencies (Note 14)\nEquity\n3M Company shareholders equity:\nCommon stock par value, $.01 par value; 944,033,056 shares issued\n9 \n9 \nShares outstanding - June 30, 2023: 551,992,430\nShares outstanding - December 31, 2022: 549,245,105\nAdditional paid-in capital\n6,858 \n6,691 \nRetained earnings\n40,290 \n47,950 \nTreasury stock, at cost:\n(32,926)\n(33,255)\nShares at June 30, 2023: 392,040,626\nShares at December 31, 2022: 394,787,951\nAccumulated other comprehensive income (loss)\n(6,433)\n(6,673)\nTotal 3M Company shareholders equity\n7,798 \n14,722 \nNoncontrolling interest\n59 \n48 \nTotal equity\n7,857 \n14,770 \nTotal liabilities and equity\n$\n48,880 \n$\n46,455 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n5\n'}]","3M Company and Subsidiaries
Consolidated Balance Sheet
(Unaudited)
(Dollars in millions, except per share amount)
June 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
4,258 
$
3,655 
Marketable securities current
56 
238 
Accounts receivable net of allowances of $160 and $174
4,947 
4,532 
Inventories
Finished goods
2,526 
2,497 
Work in process
1,527 
1,606 
Raw materials and supplies
1,227 
1,269 
Total inventories
5,280 
5,372 
Prepaids
674 
435 
Other current assets
539 
456 
Total current assets
15,754 
14,688 
Property, plant and equipment
26,459 
25,998 
Less: Accumulated depreciation
(17,248)
(16,820)
Property, plant and equipment net
9,211 
9,178 
Operating lease right of use assets
812 
829 
Goodwill
12,869 
12,790 
Intangible assets net
4,470 
4,699 
Other assets
5,764 
4,271 
Total assets
$
48,880 
$
46,455 
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt
$
3,033 
$
1,938 
Accounts payable
3,231 
3,183 
Accrued payroll
785 
692 
Accrued income taxes
172 
259 
Operating lease liabilities current
244 
261 
Other current liabilities
3,471 
3,190 
Total current liabilities
10,936 
9,523"
Did JnJ's net earnings as a percent of sales increase in Q2 of FY2023 compared to Q2 of FY2022?,"Yes, net earnings as a percent of sales increased from 20% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","[{'evidence_text': 'Johnson & Johnson and Subsidiaries\n \nCondensed Consolidated Statement of Earnings \n \n(Unaudited; in Millions Except Per Share Figures)\nPercent\nPercent\nPercent\nIncrease\nAmount\nto Sales\nAmount\nto Sales\n(Decrease)\nSales to customers\n25,530\n$ \n 100.0\n24,020\n$ \n 100.0\n6.3\nCost of products sold\n 8,212\n32.2\n \n7,919\n \n33.0\n \n3.7\nGross Profit\n17,318\n \n67.8\n \n16,101\n \n67.0\n \n7.6\nSelling, marketing and administrative expenses\n 6,665\n26.1\n \n6,226\n \n25.9\n \n7.1\nResearch and development expense\n 3,829\n15.0\n \n3,703\n \n15.4\n \n3.4\nInterest (income) expense, net\n(23)\n \n (0.1)\n(26)\n \n (0.1)\n \nOther (income) expense, net*\n(60)\n \n (0.2)\n273\n \n1.1\n \n \nRestructuring\n 145\n0.5\n \n85\n \n0.4\n \n \nEarnings before provision for taxes on income\n 6,762\n26.5\n \n5,840\n \n24.3\n \n15.8\nProvision for taxes on income\n 1,618\n6.4\n \n1,026\n \n4.3\n \n57.7\nNet earnings\n5,144\n$ \n20.1\n \n4,814\n$ \n20.0\n \n6.9', 'doc_name': 'JOHNSON_JOHNSON_2023Q2_EARNINGS', 'evidence_page_num': 9, 'evidence_text_full_page': ""Johnson & Johnson and Subsidiaries\n \nCondensed Consolidated Statement of Earnings \n \n(Unaudited; in Millions Except Per Share Figures)\nPercent\nPercent\nPercent\nIncrease\nAmount\nto Sales\nAmount\nto Sales\n(Decrease)\nSales to customers\n25,530\n$ \n 100.0\n24,020\n$ \n 100.0\n6.3\nCost of products sold\n 8,212\n32.2\n \n7,919\n \n33.0\n \n3.7\nGross Profit\n17,318\n \n67.8\n \n16,101\n \n67.0\n \n7.6\nSelling, marketing and administrative expenses\n 6,665\n26.1\n \n6,226\n \n25.9\n \n7.1\nResearch and development expense\n 3,829\n15.0\n \n3,703\n \n15.4\n \n3.4\nInterest (income) expense, net\n(23)\n \n (0.1)\n(26)\n \n (0.1)\n \nOther (income) expense, net*\n(60)\n \n (0.2)\n273\n \n1.1\n \n \nRestructuring\n 145\n0.5\n \n85\n \n0.4\n \n \nEarnings before provision for taxes on income\n 6,762\n26.5\n \n5,840\n \n24.3\n \n15.8\nProvision for taxes on income\n 1,618\n6.4\n \n1,026\n \n4.3\n \n57.7\nNet earnings\n5,144\n$ \n20.1\n \n4,814\n$ \n20.0\n \n6.9\nNet earnings per share (Diluted)\n$ 1.96\n1.80\n$ \n8.9\nAverage shares outstanding (Diluted)\n2,625.7\n2,667.9\nEffective tax rate\n23.9 %\n17.6 %\nAdjusted earnings before provision for taxes and net earnings (1)\nEarnings before provision for taxes on income\n8,824\n$ \n34.6\n8,171\n$ \n34.0\n8.0\nNet earnings \n7,358\n$ \n28.8\n6,912\n$ \n28.8\n6.5\nNet earnings per share (Diluted)\n$ 2.80\n2.59\n$ \n8.1\nEffective tax rate\n16.6 %\n15.4 %\n(1) See Reconciliation of Non-GAAP Financial Measures.\nSECOND QUARTER\n2023\n2022\n* Fiscal second quarter Other (income) expense, net includes $37 million related to the Company's 10.4% non-controlling interest in Kenvue, Inc. from the time of the initial public \noffering on May 8, 2023 through the end of the fiscal second quarter. \n""}]","Johnson & Johnson and Subsidiaries
 
Condensed Consolidated Statement of Earnings 
 
(Unaudited; in Millions Except Per Share Figures)
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
25,530
$ 
 100.0
24,020
$ 
 100.0
6.3
Cost of products sold
 8,212
32.2
 
7,919
 
33.0
 
3.7
Gross Profit
17,318
 
67.8
 
16,101
 
67.0
 
7.6
Selling, marketing and administrative expenses
 6,665
26.1
 
6,226
 
25.9
 
7.1
Research and development expense
 3,829
15.0
 
3,703
 
15.4
 
3.4
Interest (income) expense, net
(23)
 
 (0.1)
(26)
 
 (0.1)
 
Other (income) expense, net*
(60)
 
 (0.2)
273
 
1.1
 
 
Restructuring
 145
0.5
 
85
 
0.4
 
 
Earnings before provision for taxes on income
 6,762
26.5
 
5,840
 
24.3
 
15.8
Provision for taxes on income
 1,618
6.4
 
1,026
 
4.3
 
57.7
Net earnings
5,144
$ 
20.1
 
4,814
$ 
20.0
 
6.9"
Has Microsoft increased its debt on balance sheet between FY2023 and the FY2022 period?,No. Microsoft decreased its debt by $2.5bn in FY 2023 vs FY 2022.,"[{'evidence_text': 'BALANCE SHEETS \n \n(In millions)\n \n \n \n \n \n \n \n \n \nJune 30,\n \n2023 \n2022 \n \n \n \nAssets\n \n \n \nCurrent assets:\n \n \n \nCash and cash equivalents\n $\n34,704 $\n13,931 \nShort-term investments\n \n76,558 \n90,826 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal cash, cash equivalents, and short-term investments\n \n111,262 \n104,757 \nAccounts receivable, net of allowance for doubtful accounts of $650 and $633\n \n48,688 \n44,261 \nInventories\n \n2,500 \n3,742 \nOther current assets\n \n21,807 \n16,924 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal current assets\n \n184,257 \n169,684 \nProperty and equipment, net of accumulated depreciation of $68,251 and $59,660\n \n95,641 \n74,398 \nOperating lease right-of-use assets\n \n14,346 \n13,148 \nEquity investments\n \n9,879 \n6,891 \nGoodwill\n \n67,886 \n67,524 \nIntangible assets, net\n \n9,366 \n11,298 \nOther long-term assets\n \n30,601 \n21,897 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal assets\n $\n411,976 $\n364,840 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLiabilities and stockholders equity\n \n \n \nCurrent liabilities:\n \n \n \nAccounts payable\n $\n18,095 $\n19,000 \nCurrent portion of long-term debt\n \n5,247 \n2,749 \nAccrued compensation\n \n11,009 \n10,661 \nShort-term income taxes\n \n4,152 \n4,067 \nShort-term unearned revenue\n \n50,901 \n45,538 \nOther current liabilities\n \n14,745 \n13,067 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal current liabilities\n \n104,149 \n95,082 \nLong-term debt\n \n41,990 \n47,032 \nLong-term income taxes\n \n25,560 \n26,069 \nLong-term unearned revenue\n \n2,912 \n2,870 \nDeferred income taxes\n \n433 \n230 \nOperating lease liabilities\n \n12,728 \n11,489 \nOther long-term liabilities\n \n17,981 \n15,526 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal liabilities\n \n205,753 \n198,298 \n \n \n \n \n \n \n \n \n \n \n \n \nCommitments and contingencies\n \n \n \nStockholders equity:\n \n \n \nCommon stock and paid-in capital shares authorized 24,000; outstanding 7,432 and 7,464\n \n93,718 \n86,939 \nRetained earnings\n \n118,848 \n84,281 \nAccumulated other comprehensive loss\n \n(6,343) \n(4,678)\n \n \n \n \n \n \n \n \n \n \n \n \nTotal stockholders equity\n \n206,223 \n166,542 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal liabilities and stockholders equity\n $\n411,976 $\n364,8', 'doc_name': 'MICROSOFT_2023_10K', 'evidence_page_num': 59, 'evidence_text_full_page': 'PART II\nItem 8\n \nBALANCE SHEETS \n \n(In millions)\n \n \n \n \n \n \n \n \n \nJune 30,\n \n2023 \n2022 \n \n \n \nAssets\n \n \n \nCurrent assets:\n \n \n \nCash and cash equivalents\n $\n34,704 $\n13,931 \nShort-term investments\n \n76,558 \n90,826 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nTotal cash, cash equivalents, and short-term investments\n \n111,262 \n104,757 \nAccounts receivable, net of allowance for doubtful accounts of $650 and $633\n \n48,688 \n44,261 \nInventories\n \n2,500 \n3,742 \nOther current assets\n \n21,807 \n16,924 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal current assets\n \n184,257 \n169,684 \nProperty and equipment, net of accumulated depreciation of $68,251 and $59,660\n \n95,641 \n74,398 \nOperating lease right-of-use assets\n \n14,346 \n13,148 \nEquity investments\n \n9,879 \n6,891 \nGoodwill\n \n67,886 \n67,524 \nIntangible assets, net\n \n9,366 \n11,298 \nOther long-term assets\n \n30,601 \n21,897 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal assets\n $\n411,976 $\n364,840 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLiabilities and stockholders equity\n \n \n \nCurrent liabilities:\n \n \n \nAccounts payable\n $\n18,095 $\n19,000 \nCurrent portion of long-term debt\n \n5,247 \n2,749 \nAccrued compensation\n \n11,009 \n10,661 \nShort-term income taxes\n \n4,152 \n4,067 \nShort-term unearned revenue\n \n50,901 \n45,538 \nOther current liabilities\n \n14,745 \n13,067 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal current liabilities\n \n104,149 \n95,082 \nLong-term debt\n \n41,990 \n47,032 \nLong-term income taxes\n \n25,560 \n26,069 \nLong-term unearned revenue\n \n2,912 \n2,870 \nDeferred income taxes\n \n433 \n230 \nOperating lease liabilities\n \n12,728 \n11,489 \nOther long-term liabilities\n \n17,981 \n15,526 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal liabilities\n \n205,753 \n198,298 \n \n \n \n \n \n \n \n \n \n \n \n \nCommitments and contingencies\n \n \n \nStockholders equity:\n \n \n \nCommon stock and paid-in capital shares authorized 24,000; outstanding 7,432 and 7,464\n \n93,718 \n86,939 \nRetained earnings\n \n118,848 \n84,281 \nAccumulated other comprehensive loss\n \n(6,343) \n(4,678)\n \n \n \n \n \n \n \n \n \n \n \n \nTotal stockholders equity\n \n206,223 \n166,542 \n \n \n \n \n \n \n \n \n \n \n \n \nTotal liabilities and stockholders equity\n $\n411,976 $\n364,840 \n \n \n \n \n \n \n \n \n \n \nRefer to accompanying notes. \n60\n'}]","BALANCE SHEETS 
 
(In millions)
 
 
 
 
 
 
 
 
 
June 30,
 
2023 
2022 
 
 
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
 $
34,704 $
13,931 
Short-term investments
 
76,558 
90,826 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total cash, cash equivalents, and short-term investments
 
111,262 
104,757 
Accounts receivable, net of allowance for doubtful accounts of $650 and $633
 
48,688 
44,261 
Inventories
 
2,500 
3,742 
Other current assets
 
21,807 
16,924 
 
 
 
 
 
 
 
 
 
 
 
 
Total current assets
 
184,257 
169,684 
Property and equipment, net of accumulated depreciation of $68,251 and $59,660
 
95,641 
74,398 
Operating lease right-of-use assets
 
14,346 
13,148 
Equity investments
 
9,879 
6,891 
Goodwill
 
67,886 
67,524 
Intangible assets, net
 
9,366 
11,298 
Other long-term assets
 
30,601 
21,897 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 $
411,976 $
364,840 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
 $
18,095 $
19,000 
Current portion of long-term debt
 
5,247 
2,749 
Accrued compensation
 
11,009 
10,661 
Short-term income taxes
 
4,152 
4,067 
Short-term unearned revenue
 
50,901 
45,538 
Other current liabilities
 
14,745 
13,067 
 
 
 
 
 
 
 
 
 
 
 
 
Total current liabilities
 
104,149 
95,082 
Long-term debt
 
41,990 
47,032 
Long-term income taxes
 
25,560 
26,069 
Long-term unearned revenue
 
2,912 
2,870 
Deferred income taxes
 
433 
230 
Operating lease liabilities
 
12,728 
11,489 
Other long-term liabilities
 
17,981 
15,526 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
 
205,753 
198,298 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and contingencies
 
 
 
Stockholders equity:
 
 
 
Common stock and paid-in capital shares authorized 24,000; outstanding 7,432 and 7,464
 
93,718 
86,939 
Retained earnings
 
118,848 
84,281 
Accumulated other comprehensive loss
 
(6,343) 
(4,678)
 
 
 
 
 
 
 
 
 
 
 
 
Total stockholders equity
 
206,223 
166,542 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and stockholders equity
 $
411,976 $
364,8"
What is the year end FY2019 total amount of inventories for Best Buy? Answer in USD millions. Base your judgments on the information provided primarily in the balance sheet.,$5409.00,"[{'evidence_text': ""Table of Contents\nConsolidated Balance Sheets\n$ in millions, except per share and share amounts\n\n\nFebruary 2, 2019\n\nFebruary 3, 2018\nAssets\n \n \nCurrent assets\n \n \nCashandcashequivalents\n $\n1,980 $\n1,101\nShort-terminvestments\n\n \n2,032\nReceivables,net\n\n1,015 \n1,049\nMerchandiseinventories\n\n5,409 \n5,209\nOthercurrentassets\n\n466 \n438\nTotalcurrentassets\n\n8,870 \n9,829\nProperty and equipment\n \n \nLandandbuildings\n\n637 \n623\nLeaseholdimprovements\n\n2,119 \n2,327\nFixturesandequipment\n\n5,865 \n5,410\nPropertyundercapitalandfinancingleases\n\n579 \n340\nGrosspropertyandequipment\n\n9,200 \n8,700\nLessaccumulateddepreciation\n\n6,690 \n6,279\nNetpropertyandequipment\n\n2,510 \n2,421\nGoodwill\n\n915 \n425\nOther assets\n\n606 \n374\nTotal assets\n $\n12,901 $\n13,049\n\n \n \nLiabilities and equity\n \n \nCurrent liabilities\n \n \nAccountspayable\n $\n5,257 $\n4,873\nUnredeemedgiftcardliabilities\n\n290 \n385\nDeferredrevenue\n\n446 \n453\nAccruedcompensationandrelatedexpenses\n\n482 \n561\nAccruedliabilities\n\n982 \n1,001\nCurrentportionoflong-termdebt\n\n56 \n544\nTotalcurrentliabilities\n\n7,513 \n7,817\nLong-term liabilities\n\n750 \n809\nLong-term debt\n\n1,332 \n811\nContingencies and commitments (Note 13)\n\n\nEquity\n \n \nBestBuyCo.,Inc.Shareholders'Equity\n \n \nPreferredstock,$1.00parvalue:Authorized400,000shares;Issuedandoutstandingnone\n\n \n\nCommonstock,$0.10parvalue:Authorized1.0billionshares;Issuedandoutstanding265,703,000and\n282,988,000shares,respectively\n\n27 \n28\nAdditionalpaid-incapital\n\n \n\nRetainedearnings\n\n2,985 \n3,270\nAccumulatedothercomprehensiveincome\n\n294 \n314\nTotalequity\n\n3,306 \n3,612\nTotal liabilities and equity\n $\n12,901 $\n13,049\nSeeNotestoConsolidatedFinancialStatements.\n50"", 'doc_name': 'BESTBUY_2019_10K', 'evidence_page_num': 51, 'evidence_text_full_page': ""Table of Contents\nConsolidated Balance Sheets\n$ in millions, except per share and share amounts\n\n\nFebruary 2, 2019\n\nFebruary 3, 2018\nAssets\n \n \nCurrent assets\n \n \nCashandcashequivalents\n $\n1,980 $\n1,101\nShort-terminvestments\n\n \n2,032\nReceivables,net\n\n1,015 \n1,049\nMerchandiseinventories\n\n5,409 \n5,209\nOthercurrentassets\n\n466 \n438\nTotalcurrentassets\n\n8,870 \n9,829\nProperty and equipment\n \n \nLandandbuildings\n\n637 \n623\nLeaseholdimprovements\n\n2,119 \n2,327\nFixturesandequipment\n\n5,865 \n5,410\nPropertyundercapitalandfinancingleases\n\n579 \n340\nGrosspropertyandequipment\n\n9,200 \n8,700\nLessaccumulateddepreciation\n\n6,690 \n6,279\nNetpropertyandequipment\n\n2,510 \n2,421\nGoodwill\n\n915 \n425\nOther assets\n\n606 \n374\nTotal assets\n $\n12,901 $\n13,049\n\n \n \nLiabilities and equity\n \n \nCurrent liabilities\n \n \nAccountspayable\n $\n5,257 $\n4,873\nUnredeemedgiftcardliabilities\n\n290 \n385\nDeferredrevenue\n\n446 \n453\nAccruedcompensationandrelatedexpenses\n\n482 \n561\nAccruedliabilities\n\n982 \n1,001\nCurrentportionoflong-termdebt\n\n56 \n544\nTotalcurrentliabilities\n\n7,513 \n7,817\nLong-term liabilities\n\n750 \n809\nLong-term debt\n\n1,332 \n811\nContingencies and commitments (Note 13)\n\n\nEquity\n \n \nBestBuyCo.,Inc.Shareholders'Equity\n \n \nPreferredstock,$1.00parvalue:Authorized400,000shares;Issuedandoutstandingnone\n\n \n\nCommonstock,$0.10parvalue:Authorized1.0billionshares;Issuedandoutstanding265,703,000and\n282,988,000shares,respectively\n\n27 \n28\nAdditionalpaid-incapital\n\n \n\nRetainedearnings\n\n2,985 \n3,270\nAccumulatedothercomprehensiveincome\n\n294 \n314\nTotalequity\n\n3,306 \n3,612\nTotal liabilities and equity\n $\n12,901 $\n13,049\nSeeNotestoConsolidatedFinancialStatements.\n50\n""}]","Table of Contents
Consolidated Balance Sheets
$ in millions, except per share and share amounts


February 2, 2019

February 3, 2018
Assets
 
 
Current assets
 
 
Cashandcashequivalents
 $
1,980 $
1,101
Short-terminvestments

 
2,032
Receivables,net

1,015 
1,049
Merchandiseinventories

5,409 
5,209
Othercurrentassets

466 
438
Totalcurrentassets

8,870 
9,829
Property and equipment
 
 
Landandbuildings

637 
623
Leaseholdimprovements

2,119 
2,327
Fixturesandequipment

5,865 
5,410
Propertyundercapitalandfinancingleases

579 
340
Grosspropertyandequipment

9,200 
8,700
Lessaccumulateddepreciation

6,690 
6,279
Netpropertyandequipment

2,510 
2,421
Goodwill

915 
425
Other assets

606 
374
Total assets
 $
12,901 $
13,049

 
 
Liabilities and equity
 
 
Current liabilities
 
 
Accountspayable
 $
5,257 $
4,873
Unredeemedgiftcardliabilities

290 
385
Deferredrevenue

446 
453
Accruedcompensationandrelatedexpenses

482 
561
Accruedliabilities

982 
1,001
Currentportionoflong-termdebt

56 
544
Totalcurrentliabilities

7,513 
7,817
Long-term liabilities

750 
809
Long-term debt

1,332 
811
Contingencies and commitments (Note 13)


Equity
 
 
BestBuyCo.,Inc.Shareholders'Equity
 
 
Preferredstock,$1.00parvalue:Authorized400,000shares;Issuedandoutstandingnone

 

Commonstock,$0.10parvalue:Authorized1.0billionshares;Issuedandoutstanding265,703,000and
282,988,000shares,respectively

27 
28
Additionalpaid-incapital

 

Retainedearnings

2,985 
3,270
Accumulatedothercomprehensiveincome

294 
314
Totalequity

3,306 
3,612
Total liabilities and equity
 $
12,901 $
13,049
SeeNotestoConsolidatedFinancialStatements.
50"
"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","In 2022, AMD brought in the most cashflow from Operations","[{'evidence_text': 'Advanced Micro Devices, Inc.\nConsolidated Statements of Cash Flows\nYear Ended\nDecember 31,\n2022\nDecember 25,\n2021\nDecember 26,\n2020\n(In millions)\nCash flows from operating activities:\nNet income\n$\n1,320 \n$\n3,162 \n$\n2,490 \nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation and amortization\n4,174 \n407 \n312 \nStock-based compensation\n1,081 \n379 \n274 \nAmortization of debt discount and issuance costs\n \n5 \n14 \nAmortization of operating lease right-of-use assets\n88 \n56 \n42 \nAmortization of inventory fair value adjustment\n189 \n \n \nLoss on debt redemption, repurchase and conversion\n \n7 \n54 \nLoss on sale or disposal of property and equipment\n16 \n34 \n33 \nDeferred income taxes\n(1,505)\n308 \n(1,223)\n(Gains) losses on equity investments, net\n62 \n(56)\n(2)\nOther\n(14)\n(7)\n8 \nChanges in operating assets and liabilities:\nAccounts receivable, net\n(1,091)\n(640)\n(219)\nInventories\n(1,401)\n(556)\n(417)\nReceivables from related parties\n(13)\n8 \n10 \nPrepaid expenses and other assets\n(1,197)\n(920)\n(231)\nPayables to related parties\n379 \n7 \n(135)\nAccounts payable\n931 \n801 \n(513)\nAccrued liabilities and other\n546 \n526 \n574 \nNet cash provided by operating activities\n3,565 \n3,521 \n1,071 \nCash flows from investing activities:\nPurchases of property and equipment\n(450)\n(301)\n(294)\nPurchases of short-term investments\n(2,667)\n(2,056)\n(850)\nProceeds from maturity of short-term investments\n4,310 \n1,678 \n192 \nCash received from acquisition of Xilinx\n2,366 \n \n \nAcquisition of Pensando, net of cash acquired\n(1,544)\n \n \nOther\n(16)\n(7)\n \nNet cash provided by (used in) investing activities\n1,999 \n(686)\n(952)\nCash flows from financing activities:\nProceeds from debt, net of issuance costs\n991 \n \n200 \nRepayment of debt\n(312)\n \n(200)\nProceeds from sales of common stock through employee equity plans\n167 \n104 \n85 \nRepurchases of common stock\n(3,702)\n(1,762)\n \nCommon stock repurchases for tax withholding on employee equity plans\n(406)\n(237)\n(78)\nOther\n(2)\n \n(1)\nNet cash (used in) provided by financing activities\n(3,264)\n(1,895)\n6 \nNet increase in cash and cash equivalents\n2,300 \n940 \n125 \nCash and cash equivalents at beginning of year\n2,535 \n1,595 \n1,470 \nCash and cash equivalents at end of year\n$\n4,835 \n$\n2,535 \n$\n1,595', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 57, 'evidence_text_full_page': 'Table of Contents\nAdvanced Micro Devices, Inc.\nConsolidated Statements of Cash Flows\nYear Ended\nDecember 31,\n2022\nDecember 25,\n2021\nDecember 26,\n2020\n(In millions)\nCash flows from operating activities:\nNet income\n$\n1,320 \n$\n3,162 \n$\n2,490 \nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation and amortization\n4,174 \n407 \n312 \nStock-based compensation\n1,081 \n379 \n274 \nAmortization of debt discount and issuance costs\n \n5 \n14 \nAmortization of operating lease right-of-use assets\n88 \n56 \n42 \nAmortization of inventory fair value adjustment\n189 \n \n \nLoss on debt redemption, repurchase and conversion\n \n7 \n54 \nLoss on sale or disposal of property and equipment\n16 \n34 \n33 \nDeferred income taxes\n(1,505)\n308 \n(1,223)\n(Gains) losses on equity investments, net\n62 \n(56)\n(2)\nOther\n(14)\n(7)\n8 \nChanges in operating assets and liabilities:\nAccounts receivable, net\n(1,091)\n(640)\n(219)\nInventories\n(1,401)\n(556)\n(417)\nReceivables from related parties\n(13)\n8 \n10 \nPrepaid expenses and other assets\n(1,197)\n(920)\n(231)\nPayables to related parties\n379 \n7 \n(135)\nAccounts payable\n931 \n801 \n(513)\nAccrued liabilities and other\n546 \n526 \n574 \nNet cash provided by operating activities\n3,565 \n3,521 \n1,071 \nCash flows from investing activities:\nPurchases of property and equipment\n(450)\n(301)\n(294)\nPurchases of short-term investments\n(2,667)\n(2,056)\n(850)\nProceeds from maturity of short-term investments\n4,310 \n1,678 \n192 \nCash received from acquisition of Xilinx\n2,366 \n \n \nAcquisition of Pensando, net of cash acquired\n(1,544)\n \n \nOther\n(16)\n(7)\n \nNet cash provided by (used in) investing activities\n1,999 \n(686)\n(952)\nCash flows from financing activities:\nProceeds from debt, net of issuance costs\n991 \n \n200 \nRepayment of debt\n(312)\n \n(200)\nProceeds from sales of common stock through employee equity plans\n167 \n104 \n85 \nRepurchases of common stock\n(3,702)\n(1,762)\n \nCommon stock repurchases for tax withholding on employee equity plans\n(406)\n(237)\n(78)\nOther\n(2)\n \n(1)\nNet cash (used in) provided by financing activities\n(3,264)\n(1,895)\n6 \nNet increase in cash and cash equivalents\n2,300 \n940 \n125 \nCash and cash equivalents at beginning of year\n2,535 \n1,595 \n1,470 \nCash and cash equivalents at end of year\n$\n4,835 \n$\n2,535 \n$\n1,595 \n55\n'}]","Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows
Year Ended
December 31,
2022
December 25,
2021
December 26,
2020
(In millions)
Cash flows from operating activities:
Net income
$
1,320 
$
3,162 
$
2,490 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
4,174 
407 
312 
Stock-based compensation
1,081 
379 
274 
Amortization of debt discount and issuance costs
 
5 
14 
Amortization of operating lease right-of-use assets
88 
56 
42 
Amortization of inventory fair value adjustment
189 
 
 
Loss on debt redemption, repurchase and conversion
 
7 
54 
Loss on sale or disposal of property and equipment
16 
34 
33 
Deferred income taxes
(1,505)
308 
(1,223)
(Gains) losses on equity investments, net
62 
(56)
(2)
Other
(14)
(7)
8 
Changes in operating assets and liabilities:
Accounts receivable, net
(1,091)
(640)
(219)
Inventories
(1,401)
(556)
(417)
Receivables from related parties
(13)
8 
10 
Prepaid expenses and other assets
(1,197)
(920)
(231)
Payables to related parties
379 
7 
(135)
Accounts payable
931 
801 
(513)
Accrued liabilities and other
546 
526 
574 
Net cash provided by operating activities
3,565 
3,521 
1,071 
Cash flows from investing activities:
Purchases of property and equipment
(450)
(301)
(294)
Purchases of short-term investments
(2,667)
(2,056)
(850)
Proceeds from maturity of short-term investments
4,310 
1,678 
192 
Cash received from acquisition of Xilinx
2,366 
 
 
Acquisition of Pensando, net of cash acquired
(1,544)
 
 
Other
(16)
(7)
 
Net cash provided by (used in) investing activities
1,999 
(686)
(952)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs
991 
 
200 
Repayment of debt
(312)
 
(200)
Proceeds from sales of common stock through employee equity plans
167 
104 
85 
Repurchases of common stock
(3,702)
(1,762)
 
Common stock repurchases for tax withholding on employee equity plans
(406)
(237)
(78)
Other
(2)
 
(1)
Net cash (used in) provided by financing activities
(3,264)
(1,895)
6 
Net increase in cash and cash equivalents
2,300 
940 
125 
Cash and cash equivalents at beginning of year
2,535 
1,595 
1,470 
Cash and cash equivalents at end of year
$
4,835 
$
2,535 
$
1,595"
Were there any board member nominees who had substantially more votes against joining than the other nominees?,"Yes, his name is Richard A. Johnson","[{'evidence_text': 'Proposal 1. With respect to the proposal to elect ten nominees to the Board of Directors (the Board), each for a one-year term expiring at the\nannual meeting of shareholders to be held in 2023, the votes were cast for the proposal as set forth below:\n \nName\n \nVotes For\nVotes Against\nAbstentions\nBroker Non-Votes\nVirginia C. Drosos\n \n59,657,810\n294,935\n \n10,714,238\n \n6,884,223\nAlan D. Feldman\n \n54,760,830\n5,184,437\n \n10,721,716\n \n6,884,223\nRichard A. Johnson\n \n54,484,293\n16,105,005\n \n77,685\n \n6,884,223\nGuillermo G. Marmol\n \n54,193,921\n5,753,395\n \n10,719,667\n \n6,884,223\nDarlene Nicosia\n \n55,123,930\n4,827,808\n \n10,715,245\n \n6,884,223\nSteven Oakland\n \n55,421,657\n4,524,393\n \n10,720,933\n \n6,884,223\nUlice Payne, Jr.\n \n54,993,396\n4,950,917\n \n10,722,670\n \n6,884,223\nKimberly Underhill\n \n55,046,260\n4,906,500\n \n10,714,223\n \n6,884,223\nTristan Walker\n \n55,528,794\n4,419,340\n \n10,718,849\n \n6,884,223\nDona D. Young\n \n53,876,257\n6,074,467\n \n10,716,259\n \n6,884,223\nBased on the votes set forth above, each of the ten nominees to the Board was duly elected.', 'doc_name': 'FOOTLOCKER_2022_8K_dated-2022-05-20', 'evidence_page_num': 1, 'evidence_text_full_page': ' \n \n \n \nItem 5.07.\n Submission of Matters to a Vote of Security Holders.\n \nAt Foot Locker, Inc.s (the Company) annual meeting of shareholders held on May 18, 2022 (the Annual Meeting), shareholders voted on the\nfour proposals set forth below. For more information on the proposals, please see the 2022 Proxy Statement, the relevant portions of which are incorporated\nherein by reference.\n \nAs of March 21, 2022, the Companys record date for the Annual Meeting, there were a total of 96,089,997 shares of common stock, $0.01 par\nvalue per share (Common Stock), outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 77,551,206 shares of Common Stock\nwere represented in person or by proxy and, therefore, a quorum was present.\n \nProposal 1. With respect to the proposal to elect ten nominees to the Board of Directors (the Board), each for a one-year term expiring at the\nannual meeting of shareholders to be held in 2023, the votes were cast for the proposal as set forth below:\n \nName\n \nVotes For\nVotes Against\nAbstentions\nBroker Non-Votes\nVirginia C. Drosos\n \n59,657,810\n294,935\n \n10,714,238\n \n6,884,223\nAlan D. Feldman\n \n54,760,830\n5,184,437\n \n10,721,716\n \n6,884,223\nRichard A. Johnson\n \n54,484,293\n16,105,005\n \n77,685\n \n6,884,223\nGuillermo G. Marmol\n \n54,193,921\n5,753,395\n \n10,719,667\n \n6,884,223\nDarlene Nicosia\n \n55,123,930\n4,827,808\n \n10,715,245\n \n6,884,223\nSteven Oakland\n \n55,421,657\n4,524,393\n \n10,720,933\n \n6,884,223\nUlice Payne, Jr.\n \n54,993,396\n4,950,917\n \n10,722,670\n \n6,884,223\nKimberly Underhill\n \n55,046,260\n4,906,500\n \n10,714,223\n \n6,884,223\nTristan Walker\n \n55,528,794\n4,419,340\n \n10,718,849\n \n6,884,223\nDona D. Young\n \n53,876,257\n6,074,467\n \n10,716,259\n \n6,884,223\nBased on the votes set forth above, each of the ten nominees to the Board was duly elected.\n \nProposal 2. With respect to the proposal to approve, on an advisory basis, the Companys named executive officers (NEOs) compensation, the\nvotes were cast for the proposal as set forth below:\n \nVotes For\n \nVotes Against\n \nAbstentions\n \nBroker Non-Votes\n57,172,731\n \n13,324,080\n \n170,172\n \n6,884,223\n \nBased on the votes set forth above, the NEOs compensation was approved.\n \nProposal 3. With respect to the proposal, on an advisory basis, whether the shareholder vote to approve the NEOs compensation should occur\nevery 1, 2, or 3 years, the votes were cast for the proposal as set forth below:\n \nVotes For\n1 Year\n \nVotes For\n2 Years\n \nVotes For\n3 Years\n \nAbstentions\n \nBroker Non-Votes\n66,076,265\n \n43,060\n \n4,352,683\n \n194,975\n \n6,884,223\n \nBased on the votes set forth above, the Company will include an annual advisory shareholder vote to approve the NEOs compensation in its\nproxy materials until the next required frequency vote, which is expected to be held at the annual meeting of shareholders to be held in 2028.\n \nProposal 4. With respect to the proposal to ratify the appointment of KPMG LLP as the Companys independent registered public accounting firm\nfor the 2022 fiscal year, the votes were cast for the proposal as set forth below:\n \nVotes For\n \nVotes Against\n \nAbstentions\n \n75,612,318\n \n1,854,695\n \n84,193\n \n \n \nBased on the votes set forth above, the appointment of KPMG LLP as the Companys independent registered public accounting firm for the 2022\nfiscal year was duly ratified.\n \n \n \n'}]","Proposal 1. With respect to the proposal to elect ten nominees to the Board of Directors (the Board), each for a one-year term expiring at the
annual meeting of shareholders to be held in 2023, the votes were cast for the proposal as set forth below:
 
Name
 
Votes For
Votes Against
Abstentions
Broker Non-Votes
Virginia C. Drosos
 
59,657,810
294,935
 
10,714,238
 
6,884,223
Alan D. Feldman
 
54,760,830
5,184,437
 
10,721,716
 
6,884,223
Richard A. Johnson
 
54,484,293
16,105,005
 
77,685
 
6,884,223
Guillermo G. Marmol
 
54,193,921
5,753,395
 
10,719,667
 
6,884,223
Darlene Nicosia
 
55,123,930
4,827,808
 
10,715,245
 
6,884,223
Steven Oakland
 
55,421,657
4,524,393
 
10,720,933
 
6,884,223
Ulice Payne, Jr.
 
54,993,396
4,950,917
 
10,722,670
 
6,884,223
Kimberly Underhill
 
55,046,260
4,906,500
 
10,714,223
 
6,884,223
Tristan Walker
 
55,528,794
4,419,340
 
10,718,849
 
6,884,223
Dona D. Young
 
53,876,257
6,074,467
 
10,716,259
 
6,884,223
Based on the votes set forth above, each of the ten nominees to the Board was duly elected."
"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS’s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","[{'evidence_text': 'Usual and Customary Pricing Litigation\nThe Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Companys retail\npharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process.', 'doc_name': 'CVSHEALTH_2022_10K', 'evidence_page_num': 172, 'evidence_text_full_page': 'to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved\nfor several years. The Company also may be named from time to time in qui tam actions initiated by private third parties that could also be separately pursued\nby a governmental body. The results of legal proceedings, including government investigations, are often uncertain and difficult to predict, and the costs\nincurred in these matters can be substantial, regardless of the outcome.\nThe Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably\nestimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that\nwould make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and reasonably estimable, the Company\ndoes not establish an accrued liability. None of the Companys accruals for outstanding legal matters are material individually or in the aggregate to the\nCompanys financial condition.\nExcept as otherwise noted, the Company cannot predict with certainty the timing or outcome of the legal matters described below, and the Company is unable\nto reasonably estimate a possible loss or range of possible loss in excess of amounts already accrued for these matters. The Company believes that its defenses\nand assertions in pending legal proceedings have merit and does not believe that any of these pending matters, after consideration of applicable reserves and\nrights to indemnification, will have a material adverse effect on the Companys financial position. Substantial unanticipated verdicts, fines and rulings,\nhowever, do sometimes occur, which could result in judgments against the Company, entry into settlements or a revision to its expectations regarding the\noutcome of certain matters, and such developments could have a material adverse effect on its results of operations. In addition, as a result of governmental\ninvestigations or proceedings, the Company may be subject to damages, civil or criminal fines or penalties, or other sanctions including possible suspension or\nloss of licensure and/or exclusion from participating in government programs. The outcome of such governmental investigations of proceedings could be\nmaterial to the Company.\nUsual and Customary Pricing Litigation\nThe Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Companys retail\npharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These actions\nare brought by a number of different types of plaintiffs, including plan members, private payors, government payors, and shareholders based on different legal\ntheories. Some of these cases are brought as putative class actions, and in some instances, classes have been certified. In October 2022, one of the litigating\nshareholders made a litigation demand to the Board related to these and other issues after his amended derivative complaint was dismissed for failing to\ndemonstrate demand futility. The Company is defending itself against these claims.\nPBM Litigation and Investigations\nThe Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its PBM practices.\nThe Company is facing multiple lawsuits, including by state Attorneys General, governmental subdivisions and several putative class actions, regarding drug\npricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs under a variety of legal\ntheories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products. The Company is\ndefending itself against these claims. The Company has also received subpoenas, civil investigative demands (CIDs), and other requests for documents and\ninformation from, and is being investigated by, the FTC and Attorneys General of several states and the District of Columbia regarding its PBM practices,\nincluding pricing and rebates. The Company has been providing documents and information in response to these subpoenas, CIDs, and requests for\ninformation.\nUnited States ex rel. Behnke v. CVS Caremark Corporation, et al. (U.S. District Court for the Eastern District of Pennsylvania). In April 2018, the Court\nunsealed a complaint filed in February 2014. The government has declined to intervene in this case. The relator alleges that the Company submitted, or caused\nto be submitted, to Part D of the Medicare program Prescription Drug Event data and/or Direct and Indirect Remuneration reports that misrepresented true\nprices paid by the Companys PBM to pharmacies for drugs dispensed to Part D beneficiaries with prescription benefits administered by the Companys PBM.\nThe Company is defending itself against these claims.\n171\n'}
 {'evidence_text': 'The Company is facing multiple lawsuits, including by state Attorneys General, governmental subdivisions and several putative class actions, regarding drug\npricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs under a variety of legal\ntheories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products.', 'doc_name': 'CVSHEALTH_2022_10K', 'evidence_page_num': 172, 'evidence_text_full_page': 'to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved\nfor several years. The Company also may be named from time to time in qui tam actions initiated by private third parties that could also be separately pursued\nby a governmental body. The results of legal proceedings, including government investigations, are often uncertain and difficult to predict, and the costs\nincurred in these matters can be substantial, regardless of the outcome.\nThe Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably\nestimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that\nwould make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and reasonably estimable, the Company\ndoes not establish an accrued liability. None of the Companys accruals for outstanding legal matters are material individually or in the aggregate to the\nCompanys financial condition.\nExcept as otherwise noted, the Company cannot predict with certainty the timing or outcome of the legal matters described below, and the Company is unable\nto reasonably estimate a possible loss or range of possible loss in excess of amounts already accrued for these matters. The Company believes that its defenses\nand assertions in pending legal proceedings have merit and does not believe that any of these pending matters, after consideration of applicable reserves and\nrights to indemnification, will have a material adverse effect on the Companys financial position. Substantial unanticipated verdicts, fines and rulings,\nhowever, do sometimes occur, which could result in judgments against the Company, entry into settlements or a revision to its expectations regarding the\noutcome of certain matters, and such developments could have a material adverse effect on its results of operations. In addition, as a result of governmental\ninvestigations or proceedings, the Company may be subject to damages, civil or criminal fines or penalties, or other sanctions including possible suspension or\nloss of licensure and/or exclusion from participating in government programs. The outcome of such governmental investigations of proceedings could be\nmaterial to the Company.\nUsual and Customary Pricing Litigation\nThe Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Companys retail\npharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These actions\nare brought by a number of different types of plaintiffs, including plan members, private payors, government payors, and shareholders based on different legal\ntheories. Some of these cases are brought as putative class actions, and in some instances, classes have been certified. In October 2022, one of the litigating\nshareholders made a litigation demand to the Board related to these and other issues after his amended derivative complaint was dismissed for failing to\ndemonstrate demand futility. The Company is defending itself against these claims.\nPBM Litigation and Investigations\nThe Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its PBM practices.\nThe Company is facing multiple lawsuits, including by state Attorneys General, governmental subdivisions and several putative class actions, regarding drug\npricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs under a variety of legal\ntheories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products. The Company is\ndefending itself against these claims. The Company has also received subpoenas, civil investigative demands (CIDs), and other requests for documents and\ninformation from, and is being investigated by, the FTC and Attorneys General of several states and the District of Columbia regarding its PBM practices,\nincluding pricing and rebates. The Company has been providing documents and information in response to these subpoenas, CIDs, and requests for\ninformation.\nUnited States ex rel. Behnke v. CVS Caremark Corporation, et al. (U.S. District Court for the Eastern District of Pennsylvania). In April 2018, the Court\nunsealed a complaint filed in February 2014. The government has declined to intervene in this case. The relator alleges that the Company submitted, or caused\nto be submitted, to Part D of the Medicare program Prescription Drug Event data and/or Direct and Indirect Remuneration reports that misrepresented true\nprices paid by the Companys PBM to pharmacies for drugs dispensed to Part D beneficiaries with prescription benefits administered by the Companys PBM.\nThe Company is defending itself against these claims.\n171\n'}
 {'evidence_text': 'In December 2022, the Company agreed to a formal settlement agreement, the financial amounts of which were agreed to in principle in October 2022, with a\nleadership group of a number of state Attorneys General and the Plaintiffs Executive Committee (PEC). The agreement would resolve substantially all\nopioid claims against Company entities by states and political subdivisions, but not private plaintiffs. The maximum amount payable by the Company under the\nsettlement would be approximately $4.3 billion in opioid remediation and $625 million in attorneys fees and costs and additional remediation. The amounts\nwould be payable over 10 years, beginning in 2023.', 'doc_name': 'CVSHEALTH_2022_10K', 'evidence_page_num': 173, 'evidence_text_full_page': 'Controlled Substances Litigation, Audits and Subpoenas\nIn December 2017, the U.S. Judicial Panel on Multidistrict Litigation consolidated numerous cases filed against various defendants by plaintiffs such as\ncounties, cities, hospitals, Indian tribes and third-party payors, alleging claims beginning as far back as the early 2000s generally concerning the impacts of\nwidespread prescription opioid abuse. The consolidated multidistrict litigation captioned In re National Prescription Opiate Litigation (MDL No. 2804) is\npending in the U.S. District Court for the Northern District of Ohio. This multidistrict litigation presumptively includes hundreds of relevant federal court cases\nthat name the Company as a defendant. A significant number of similar cases that name the Company as a defendant in some capacity are pending in state\ncourts.\nIn addition, the Company has been named as a defendant in similar cases brought by certain state Attorneys General. The Company is defending itself against\nall such claims. Additionally, the Company has received subpoenas, CIDs, and/or other requests for information regarding opioids from state Attorneys General\nand insurance and other regulators of several U.S. jurisdictions. The Company has been cooperating with the government with respect to these subpoenas,\nCIDs, and other requests for information.\nIn November 2021, the Company was among the chain pharmacies found liable by a jury in a trial in federal court in Ohio; in August 2022, the court issued a\njudgment jointly against the three defendants in the amount of $651 million to be paid over 15 years, and also ordered certain injunctive relief. The Company is\nappealing the judgment and has not accrued a liability for this matter. In March 2022, CVS Health Corporation and CVS Pharmacy, Inc. entered into a\nsettlement agreement with the State of Florida to resolve claims related to opioid medications dating back more than a decade. Under the terms of the\nsettlement agreement, CVS Health Corporation settled all opioid claims against it and its subsidiaries by the State of Florida for $484 million, which is to be\npaid over a period of 18 years. During the three months ended March 31, 2022, the Company recorded a $484 million liability associated with this legal\nsettlement. In August 2022, CVS Pharmacy, Inc. entered into an agreement with the State of New Mexico to settle all opioid claims against it and its parents\nand subsidiaries by the State of New Mexico and participating subdivisions. In September 2022, CVS Pharmacy, Inc. entered into an agreement with the State\nof West Virginia to settle all opioid claims against it and its parents and subsidiaries by the State of West Virginia and participating subdivisions. Also in\nSeptember 2022, CVS Pharmacy, Inc. entered into an agreement with the Cherokee Nation to settle all opioid claims against it and its parents and subsidiaries\nby the Cherokee Nation.\nIn December 2022, the Company agreed to a formal settlement agreement, the financial amounts of which were agreed to in principle in October 2022, with a\nleadership group of a number of state Attorneys General and the Plaintiffs Executive Committee (PEC). The agreement would resolve substantially all\nopioid claims against Company entities by states and political subdivisions, but not private plaintiffs. The maximum amount payable by the Company under the\nsettlement would be approximately $4.3 billion in opioid remediation and $625 million in attorneys fees and costs and additional remediation. The amounts\nwould be payable over 10 years, beginning in 2023. The agreement also contains injunctive terms relating to the dispensing of opioid medications. The\nsettlement agreement is available at nationalopioidsettlement.com.\nUnder the settlement agreement, before the Company determines whether to enter into any final settlement, it will assess the number and identities of the\ngovernmental entities that will participate in any such settlement. The settlement agreement contemplates that if certain governmental entities do not agree to\nthe settlement, but the Company nonetheless concludes that there is sufficient participation to warrant going forward with the settlement, there would be a\ncorresponding reduction in the amount due from the Company to account for the governmental entities that did not agree. Those non-participating\ngovernmental entities would be entitled to pursue their claims against the Company and other defendants. Private plaintiff litigation will also continue.\nThe Company has been informed that 45 states, the District of Columbia, and all eligible United States territories have elected to join the settlement. Three\nstates were the subject of earlier settlements. The Company has elected to proceed with the settlement process based on that level of participation. The\nsettlement process will progress to the period during which subdivisions may elect to join.\nIn December 2022, the Company also agreed to a formal settlement agreement with a leadership group representing tribes throughout the United States. The\nagreement would resolve substantially all opioid claims against Company entities by such tribes. The maximum amount payable by the Company under the\nsettlement would be $113 million in opioid remediation and $18 million in attorneys fees and costs. The amounts would be payable over 10 years, beginning\nin 2023. The agreement is contingent upon sufficient participation by tribes.\n172\n'}]","Usual and Customary Pricing Litigation
The Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Companys retail
pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. The Company is facing multiple lawsuits, including by state Attorneys General, governmental subdivisions and several putative class actions, regarding drug
pricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs under a variety of legal
theories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products. In December 2022, the Company agreed to a formal settlement agreement, the financial amounts of which were agreed to in principle in October 2022, with a
leadership group of a number of state Attorneys General and the Plaintiffs Executive Committee (PEC). The agreement would resolve substantially all
opioid claims against Company entities by states and political subdivisions, but not private plaintiffs. The maximum amount payable by the Company under the
settlement would be approximately $4.3 billion in opioid remediation and $625 million in attorneys fees and costs and additional remediation. The amounts
would be payable over 10 years, beginning in 2023."
"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.",The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition,"[{'evidence_text': 'Operating income for 2022 was $1.3 billion compared to operating income of $3.6 billion for 2021. The decrease in operating income was primarily driven by\namortization of intangible assets associated with the Xilinx acquisition.', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 42, 'evidence_text_full_page': 'Table of Contents\nITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nThe following discussion should be read in conjunction with the consolidated financial statements as of December 31, 2022 and December 25, 2021 and for\neach of the three years in the period ended December 31, 2022 and related notes, which are included in this Annual Report on Form 10-K as well as with the\nother sections of this Annual Report on Form 10-K, Part II, Item 8: Financial Statements and Supplementary Data.\nIntroduction\nIn this section, we will describe the general financial condition and the results of operations of Advanced Micro Devices, Inc. and its wholly-owned subsidiaries\n(collectively, us, our or AMD), including a discussion of our results of operations for 2022 compared to 2021, an analysis of changes in our financial\ncondition and a discussion of our off-balance sheet arrangements. Discussions of 2020 items and year-to-year comparisons between 2021 and 2020 that are\nnot included in this Form 10-K can be found in Managements Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of\nour Annual Report on Form 10-K for the fiscal year ended December 25, 2021.\nOverview\n2022 was a transformative year for AMD as we took several major steps that scaled and reshaped our business. In February 2022, we completed our strategic\nacquisition of Xilinx, Inc. (Xilinx) which expanded our technology and product portfolio to include adaptable hardware platforms that enable hardware\nacceleration and rapid innovation across a variety of technologies and established AMD in multiple embedded markets where we have traditionally not had a\nsignificant presence. We now offer Field Programmable Gate Arrays (FPGAs), Adaptive SoCs, and Adaptive Compute Acceleration Platform (ACAP) products.\nWith the acquisition of Xilinx, we have access to a new set of markets and customers, further strengthening and diversifying our business model. In May 2022,\nwe expanded our data center solutions capabilities with the acquisition of Pensando Systems, Inc. (Pensando). We now offer high-performance data\nprocessing units (DPUs) and a software stack that complements our existing products. With the Xilinx and Pensando acquisitions, we are well positioned to\nprovide the industrys broadest set of leadership compute engines and accelerators to help enable best performance, security, flexibility and total cost of\nownership for leading-edge data centers.\nOur 2022 financial results reflect the strength of our diversified business model despite the challenging PC market conditions in the second half of 2022. Net\nrevenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. The increase in net revenue was driven by a 64%\nincrease in Data Center segment revenue primarily due to higher sales of our EPYC server processors, a 21% increase in Gaming segment revenue\nprimarily due to higher semi-custom product sales, and a significant increase in Embedded segment revenue from the prior year period driven by the inclusion\nof Xilinx embedded product sales. This growth was partially offset by a 10% decrease in Client segment revenue primarily due to lower processor shipments\ndriven by a weak PC market and significant inventory correction actions across the PC supply chain. Gross margin, as a percentage of net revenue for 2022,\nwas 45%, compared to 48% in 2021. The decrease in gross margin was primarily due to amortization of intangible assets associated with the Xilinx acquisition.\nOperating income for 2022 was $1.3 billion compared to operating income of $3.6 billion for 2021. The decrease in operating income was primarily driven by\namortization of intangible assets associated with the Xilinx acquisition. Net income for 2022 was $1.3 billion compared to $3.2 billion in the prior year. The\ndecrease in net income was primarily driven by lower operating income.\nCash, cash equivalents and short-term investments as of December 31, 2022 were $5.9 billion, compared to $3.6 billion at the end of 2021. Our aggregate\nprincipal amount of total debt as of December 31, 2022 was $2.5 billion, compared to $313 million as of December 25, 2021.\nWe took several actions in 2022 to strengthen our financial position. In June 2022, we issued $1.0 billion in aggregate principal amount of senior notes,\nconsisting of $500 million in aggregate principal amount of 3.924% Senior Notes due 2032 (3.924% Notes) and $500 million in aggregate principal amount of\n4.393% Senior Notes due 2052 (4.393% Notes). The 3.924% Notes will mature on June 1, 2032 and bear interest at a rate of 3.924% per annum, and the\n4.393% Notes will mature on June 1, 2052 and bear interest at a rate of 4.393% per annum. The 3.924% Notes and the 4.393% Notes are senior unsecured\nobligations.\n40\n'}]","Operating income for 2022 was $1.3 billion compared to operating income of $3.6 billion for 2021. The decrease in operating income was primarily driven by
amortization of intangible assets associated with the Xilinx acquisition."
"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the statement of income, what is Nike's three year average of cost of goods sold as a % of revenue from FY2016 to FY2018? Answer in units of percents and round to one decimal place.",55.1%,"[{'evidence_text': 'Table of Contents\nNIKE, Inc. Consolidated Statements of Income\n \n \n \nYear Ended May 31,\n(In millions, except per share data)\n \n2018\n \n2017\n \n2016\nRevenues\n $\n36,397\n $\n34,350 $\n32,376\nCost of sales\n \n20,441\n \n19,038 \n17,405\nGross profit\n \n15,956\n \n15,312 \n14,971\nDemand creation expense\n \n3,577\n \n3,341 \n3,278\nOperating overhead expense\n \n7,934\n \n7,222 \n7,191\nTotal selling and administrative expense\n \n11,511\n \n10,563 \n10,469\nInterest expense (income), net\n \n54\n \n59 \n19\nOther expense (income), net\n \n66\n \n(196) \n(140)\nIncome before income taxes\n \n4,325\n \n4,886 \n4,623\nIncome tax expense\n \n2,392\n \n646 \n863\nNET INCOME\n $\n1,933\n $\n4,240 $\n3,760\n \n \n \n \nEarnings per common share:\n \n \n \nBasic\n $\n1.19\n $\n2.56 $\n2.21\nDiluted\n $\n1.17\n $\n2.51 $\n2.16\n \n \n \n \nDividends declared per common share\n $\n0.78\n $\n0.70 $\n0.62\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n44', 'doc_name': 'NIKE_2018_10K', 'evidence_page_num': 45, 'evidence_text_full_page': 'Table of Contents\nNIKE, Inc. Consolidated Statements of Income\n \n \n \nYear Ended May 31,\n(In millions, except per share data)\n \n2018\n \n2017\n \n2016\nRevenues\n $\n36,397\n $\n34,350 $\n32,376\nCost of sales\n \n20,441\n \n19,038 \n17,405\nGross profit\n \n15,956\n \n15,312 \n14,971\nDemand creation expense\n \n3,577\n \n3,341 \n3,278\nOperating overhead expense\n \n7,934\n \n7,222 \n7,191\nTotal selling and administrative expense\n \n11,511\n \n10,563 \n10,469\nInterest expense (income), net\n \n54\n \n59 \n19\nOther expense (income), net\n \n66\n \n(196) \n(140)\nIncome before income taxes\n \n4,325\n \n4,886 \n4,623\nIncome tax expense\n \n2,392\n \n646 \n863\nNET INCOME\n $\n1,933\n $\n4,240 $\n3,760\n \n \n \n \nEarnings per common share:\n \n \n \nBasic\n $\n1.19\n $\n2.56 $\n2.21\nDiluted\n $\n1.17\n $\n2.51 $\n2.16\n \n \n \n \nDividends declared per common share\n $\n0.78\n $\n0.70 $\n0.62\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n44\n'}]","Table of Contents
NIKE, Inc. Consolidated Statements of Income
 
 
 
Year Ended May 31,
(In millions, except per share data)
 
2018
 
2017
 
2016
Revenues
 $
36,397
 $
34,350 $
32,376
Cost of sales
 
20,441
 
19,038 
17,405
Gross profit
 
15,956
 
15,312 
14,971
Demand creation expense
 
3,577
 
3,341 
3,278
Operating overhead expense
 
7,934
 
7,222 
7,191
Total selling and administrative expense
 
11,511
 
10,563 
10,469
Interest expense (income), net
 
54
 
59 
19
Other expense (income), net
 
66
 
(196) 
(140)
Income before income taxes
 
4,325
 
4,886 
4,623
Income tax expense
 
2,392
 
646 
863
NET INCOME
 $
1,933
 $
4,240 $
3,760
 
 
 
 
Earnings per common share:
 
 
 
Basic
 $
1.19
 $
2.56 $
2.21
Diluted
 $
1.17
 $
2.51 $
2.16
 
 
 
 
Dividends declared per common share
 $
0.78
 $
0.70 $
0.62
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
44"
Does 3M maintain a stable trend of dividend distribution?,"Yes, not only they distribute the dividends on a routine basis, 3M has also been increasing the per share dividend for consecutive 65 years","[{'evidence_text': 'This marked the 65th consecutive\nyear of dividend increases for 3M.', 'doc_name': '3M_2023Q2_10Q', 'evidence_page_num': 61, 'evidence_text_full_page': ""Table of Contents\nFinancial condition:\nRefer to the section entitled Financial Condition and Liquidity later in MD&A for a discussion of items impacting cash flows.\nIn November 2018, 3Ms Board of Directors replaced the Companys February 2016 repurchase program with a new repurchase program. This new program authorizes the\nrepurchase of up to $10 billion of 3Ms outstanding common stock, with no pre-established end date. In the first six months of 2023, the Company purchased $29 million of its\nown stock, compared to $773 million of stock purchases in the first six months of 2022. As of June 30, 2023, approximately $4.2 billion remained available under the\nauthorization. In February 2023, 3Ms Board of Directors declared a first-quarter 2023 dividend of $1.50 per share, an increase of 1 percent. This marked the 65th consecutive\nyear of dividend increases for 3M. In May 2023, 3M's Board of Directors declared a second-quarter 2023 dividend of $1.50 per share.\nRESULTS OF OPERATIONS\nNet Sales:\nRefer to the preceding Overview section and the Performance by Business Segment section later in MD&A for additional discussion of sales change.\nOperating Expenses:\nThree months ended\nJune 30,\nSix months ended\nJune 30,\n(Percent of net sales)\n2023\n2022\nChange\n2023\n2022\nChange\nCost of sales\n55.3 %\n58.5 %\n(3.2)%\n56.4 %\n56.6 %\n(0.2)%\nSelling, general and administrative expenses (SG&A)\n146.6 \n34.7 \n111.9 \n85.0 \n27.9 \n57.1 \nResearch, development and related expenses (R&D)\n5.7 \n5.5 \n0.2 \n5.8 \n5.5 \n0.3 \nOperating income (loss) margin\n(107.6)%\n1.3 %\n(108.9)%\n(47.2)%\n10.0 %\n(57.2)%\nStock compensation expense was $41 million and $47 million for the second quarter of 2023 and 2022, respectively, and was $176 million and $182 million for the six months\nended June 30, 2023 and 2022, respectively, which impacts cost of sales; selling, general and administrative expenses (SG&A); and research, development and related expenses\n(R&D). The Companys annual stock option and restricted stock unit grant is made in February. Accounting rules require recognition of expense under a non-substantive\nvesting period approach, requiring compensation expense recognition when an employee is eligible to retire. This retiree-eligible population represents 35 percent of the annual\ngrant stock-based compensation expense; therefore, higher stock-based compensation expense is recognized in the first quarter each year.\n3M expects global defined benefit pension and postretirement service cost expense in 2023 to decrease by approximately $160 million pre-tax when compared to 2022, which\nimpacts cost of sales, SG&A, and R&D. The year-on-year decrease in defined benefit pension and postretirement service cost expense for the second quarter and first six\nmonths of 2023 was approximately $38 million and $80 million, respectively.\nFor total year 2022, the Company recognized consolidated defined benefit pre-tax pension and postretirement service cost expense of $426 million and a benefit of $248\nmillion related to all non-service pension and postretirement net benefit costs (after settlements, curtailments, special termination benefits and other) for a total consolidated\ndefined benefit pre-tax pension and postretirement expense of $178 million.\nFor total year 2023, defined benefit pension and postretirement service cost expense is anticipated to total approximately $270 million while non-service pension and\npostretirement net benefit cost is anticipated to be a benefit of approximately $125 million, for a total consolidated defined benefit pre-tax pension and postretirement expense\nof approximately $145 million, a decrease in expense of approximately $30 million compared to 2022.\nThe Company is continuing the ongoing deployment of an enterprise resource planning (ERP) system on a worldwide basis, with these investments impacting cost of sales,\nSG&A, and R&D.\nCost of Sales:\nCost of sales, measured as a percent of sales, decreased in the second quarter and first six months of 2023 when compared to the same period last year. Decreases were\nprimarily due to lower year-on-year net costs for significant litigation to address certain PFAS-related matters at 3M's Zwijndrecht, Belgium site, higher selling prices, spending\ndiscipline and restructuring benefits. These decreases were partially offset by higher raw materials and energy costs; manufacturing productivity headwinds; investments in\ngrowth, productivity and sustainability; and restructuring charges.\n62\n""}]","This marked the 65th consecutive
year of dividend increases for 3M."
What was the largest liability in American Express's Balance Sheet in 2022?,Customer deposits,"[{'evidence_text': 'CONSOLIDATED BALANCE SHEETS\nDecember 31 (Millions, except share data)\n2022\n2021\nAssets\nCash and cash equivalents\nCash and due from banks (includes restricted cash of consolidated variable interest entities: 2022, $5; 2021, $11)\n$\n5,510 \n$\n1,292 \nInterest-bearing deposits in other banks (includes securities purchased under resale agreements: 2022, $318; 2021, $463)\n28,097 \n20,548 \nShort-term investment securities (includes restricted investments of consolidated variable interest entities: 2022, $54; 2021, $32)\n307 \n188 \nTotal cash and cash equivalents\n33,914 \n22,028 \nCard Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2022, $5,193; 2021,\n$5,175), less reserves for credit losses: 2022, $229; 2021, $64\n57,384 \n53,581 \nCard Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2022, $28,461; 2021, $26,587),\nless reserves for credit losses: 2022, $3,747; 2021, $3,305\n104,217 \n85,257 \nOther loans, less reserves for credit losses: 2022, $59; 2021, $52\n5,357 \n2,859 \nInvestment securities\n4,578 \n2,591 \nPremises and equipment, less accumulated depreciation and amortization: 2022, $9,850; 2021, $8,602\n5,215 \n4,988 \nOther assets, less reserves for credit losses: 2022, $22; 2021, $25\n17,689 \n17,244 \nTotal assets\n$\n228,354 \n$\n188,548 \nLiabilities and Shareholders Equity\nLiabilities\nCustomer deposits\n$\n110,239 \n$\n84,382 \nAccounts payable\n12,133 \n10,574 \nShort-term borrowings\n1,348 \n2,243 \nLong-term debt (includes debt issued by consolidated variable interest entities: 2022, $12,662; 2021, $13,803)\n42,573 \n38,675 \nOther liabilities\n37,350 \n30,497 \nTotal liabilities\n$\n203,643 \n$\n166,371 \nContingencies and Commitments (Note 12)\nShareholders Equity\nPreferred shares, $1.66\n par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2022 and 2021 (Note\n16)\n \n \nCommon shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 743 million shares as of December 31, 2022 and 761\nmillion shares as of December 31, 2021\n149 \n153 \nAdditional paid-in capital\n11,493 \n11,495 \nRetained earnings\n16,279 \n13,474 \nAccumulated other comprehensive income (loss)\n(3,210)\n(2,945)\nTotal shareholders equity\n24,711 \n22,177 \nTotal liabilities and shareholders equity\n$\n228,354 \n$\n188,548', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 97, 'evidence_text_full_page': 'Table of Contents\nCONSOLIDATED BALANCE SHEETS\nDecember 31 (Millions, except share data)\n2022\n2021\nAssets\nCash and cash equivalents\nCash and due from banks (includes restricted cash of consolidated variable interest entities: 2022, $5; 2021, $11)\n$\n5,510 \n$\n1,292 \nInterest-bearing deposits in other banks (includes securities purchased under resale agreements: 2022, $318; 2021, $463)\n28,097 \n20,548 \nShort-term investment securities (includes restricted investments of consolidated variable interest entities: 2022, $54; 2021, $32)\n307 \n188 \nTotal cash and cash equivalents\n33,914 \n22,028 \nCard Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2022, $5,193; 2021,\n$5,175), less reserves for credit losses: 2022, $229; 2021, $64\n57,384 \n53,581 \nCard Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2022, $28,461; 2021, $26,587),\nless reserves for credit losses: 2022, $3,747; 2021, $3,305\n104,217 \n85,257 \nOther loans, less reserves for credit losses: 2022, $59; 2021, $52\n5,357 \n2,859 \nInvestment securities\n4,578 \n2,591 \nPremises and equipment, less accumulated depreciation and amortization: 2022, $9,850; 2021, $8,602\n5,215 \n4,988 \nOther assets, less reserves for credit losses: 2022, $22; 2021, $25\n17,689 \n17,244 \nTotal assets\n$\n228,354 \n$\n188,548 \nLiabilities and Shareholders Equity\nLiabilities\nCustomer deposits\n$\n110,239 \n$\n84,382 \nAccounts payable\n12,133 \n10,574 \nShort-term borrowings\n1,348 \n2,243 \nLong-term debt (includes debt issued by consolidated variable interest entities: 2022, $12,662; 2021, $13,803)\n42,573 \n38,675 \nOther liabilities\n37,350 \n30,497 \nTotal liabilities\n$\n203,643 \n$\n166,371 \nContingencies and Commitments (Note 12)\nShareholders Equity\nPreferred shares, $1.66\n par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2022 and 2021 (Note\n16)\n \n \nCommon shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 743 million shares as of December 31, 2022 and 761\nmillion shares as of December 31, 2021\n149 \n153 \nAdditional paid-in capital\n11,493 \n11,495 \nRetained earnings\n16,279 \n13,474 \nAccumulated other comprehensive income (loss)\n(3,210)\n(2,945)\nTotal shareholders equity\n24,711 \n22,177 \nTotal liabilities and shareholders equity\n$\n228,354 \n$\n188,548 \nSee Notes to Consolidated Financial Statements.\n2/3\n95\n'}]","CONSOLIDATED BALANCE SHEETS
December 31 (Millions, except share data)
2022
2021
Assets
Cash and cash equivalents
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2022, $5; 2021, $11)
$
5,510 
$
1,292 
Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2022, $318; 2021, $463)
28,097 
20,548 
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2022, $54; 2021, $32)
307 
188 
Total cash and cash equivalents
33,914 
22,028 
Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2022, $5,193; 2021,
$5,175), less reserves for credit losses: 2022, $229; 2021, $64
57,384 
53,581 
Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2022, $28,461; 2021, $26,587),
less reserves for credit losses: 2022, $3,747; 2021, $3,305
104,217 
85,257 
Other loans, less reserves for credit losses: 2022, $59; 2021, $52
5,357 
2,859 
Investment securities
4,578 
2,591 
Premises and equipment, less accumulated depreciation and amortization: 2022, $9,850; 2021, $8,602
5,215 
4,988 
Other assets, less reserves for credit losses: 2022, $22; 2021, $25
17,689 
17,244 
Total assets
$
228,354 
$
188,548 
Liabilities and Shareholders Equity
Liabilities
Customer deposits
$
110,239 
$
84,382 
Accounts payable
12,133 
10,574 
Short-term borrowings
1,348 
2,243 
Long-term debt (includes debt issued by consolidated variable interest entities: 2022, $12,662; 2021, $13,803)
42,573 
38,675 
Other liabilities
37,350 
30,497 
Total liabilities
$
203,643 
$
166,371 
Contingencies and Commitments (Note 12)
Shareholders Equity
Preferred shares, $1.66
 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2022 and 2021 (Note
16)
 
 
Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 743 million shares as of December 31, 2022 and 761
million shares as of December 31, 2021
149 
153 
Additional paid-in capital
11,493 
11,495 
Retained earnings
16,279 
13,474 
Accumulated other comprehensive income (loss)
(3,210)
(2,945)
Total shareholders equity
24,711 
22,177 
Total liabilities and shareholders equity
$
228,354 
$
188,548"
"Based on the information provided primarily in the balance sheet and the statement of income, what is FY2020 days payable outstanding (DPO) for Corning? DPO is defined as: 365 * (average accounts payable between FY2019 and FY2020) / (FY2020 COGS + change in inventory between FY2019 and FY2020). Round your answer to two decimal places.",63.86,"[{'evidence_text': 'Index\n\n\n\n\n\n\nConsolidated Statements of Income\nCorning Incorporated and Subsidiary Companies\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYearendedDecember31,\n(Inmillions,exceptpershareamounts)\n2020\n\n2019\n\n2018\nNetsales\n$\n 11,303 \n$\n11,503 $\n11,290\nCostofsales\n\n 7,772 \n\n7,468 \n6,829\n\n\n\n\n\n\n \nGrossmargin\n\n 3,531 \n\n4,035 \n4,461\n\n\n\n\n\n\n \nOperatingexpenses:\n\n\n\n\n\n \nSelling,generalandadministrativeexpenses\n\n 1,747 \n\n1,585 \n1,799\nResearch,developmentandengineeringexpenses\n\n 1,154 \n\n1,031 \n993\nAmortizationofpurchasedintangibles\n\n 121 \n\n113 \n94\n\n\n\n\n\n\n \nOperatingincome\n\n 509 \n\n1,306 \n1,575\n\n\n\n\n\n\n \nEquityin(losses)earningsofaffiliatedcompanies(Note3)\n\n (25)\n\n17 \n390\nInterestincome\n\n 15 \n\n21 \n38\nInterestexpense\n\n (276)\n\n(221) \n(191)\nTranslatedearningscontract(loss)gain,net(Note15)\n\n (38)\n\n248 \n(93)\nTransaction-relatedgain,net(Note4)\n\n 498 \n\n\n \nOtherexpense,net\n\n (60)\n\n(155) \n(216)\n\n\n\n\n\n\n \nIncomebeforeincometaxes\n\n 623 \n\n1,216 \n1,503\nProvisionforincometaxes(Note8)\n\n (111)\n\n(256) \n(437)\n\n\n\n\n\n\n \nNetincomeattributabletoCorningIncorporated\n$\n 512 \n$\n960 $\n1,066\n\n\n\n\n\n\n \nEarningspercommonshareattributableto\nCorningIncorporated:\n\n\n\n\n\n \nBasic(Note18)\n$\n 0.54 \n$\n1.11 $\n1.19\nDiluted(Note18)\n$\n 0.54 \n$\n1.07 $\n1.13\n\nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n\n70', 'doc_name': 'CORNING_2020_10K', 'evidence_page_num': 69, 'evidence_text_full_page': 'Index\n\n\n\n\n\n\nConsolidated Statements of Income\nCorning Incorporated and Subsidiary Companies\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYearendedDecember31,\n(Inmillions,exceptpershareamounts)\n2020\n\n2019\n\n2018\nNetsales\n$\n 11,303 \n$\n11,503 $\n11,290\nCostofsales\n\n 7,772 \n\n7,468 \n6,829\n\n\n\n\n\n\n \nGrossmargin\n\n 3,531 \n\n4,035 \n4,461\n\n\n\n\n\n\n \nOperatingexpenses:\n\n\n\n\n\n \nSelling,generalandadministrativeexpenses\n\n 1,747 \n\n1,585 \n1,799\nResearch,developmentandengineeringexpenses\n\n 1,154 \n\n1,031 \n993\nAmortizationofpurchasedintangibles\n\n 121 \n\n113 \n94\n\n\n\n\n\n\n \nOperatingincome\n\n 509 \n\n1,306 \n1,575\n\n\n\n\n\n\n \nEquityin(losses)earningsofaffiliatedcompanies(Note3)\n\n (25)\n\n17 \n390\nInterestincome\n\n 15 \n\n21 \n38\nInterestexpense\n\n (276)\n\n(221) \n(191)\nTranslatedearningscontract(loss)gain,net(Note15)\n\n (38)\n\n248 \n(93)\nTransaction-relatedgain,net(Note4)\n\n 498 \n\n\n \nOtherexpense,net\n\n (60)\n\n(155) \n(216)\n\n\n\n\n\n\n \nIncomebeforeincometaxes\n\n 623 \n\n1,216 \n1,503\nProvisionforincometaxes(Note8)\n\n (111)\n\n(256) \n(437)\n\n\n\n\n\n\n \nNetincomeattributabletoCorningIncorporated\n$\n 512 \n$\n960 $\n1,066\n\n\n\n\n\n\n \nEarningspercommonshareattributableto\nCorningIncorporated:\n\n\n\n\n\n \nBasic(Note18)\n$\n 0.54 \n$\n1.11 $\n1.19\nDiluted(Note18)\n$\n 0.54 \n$\n1.07 $\n1.13\n\nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n\n70\n'}
 {'evidence_text': 'Index\n\n\n\n\nConsolidated Balance Sheets\nCorning Incorporated and Subsidiary Companies\n\n\n\n\n\n\n\n\n\n\n\n\n\nDecember31,\n(Inmillions,exceptshareandpershareamounts)\n2020\n\n2019\n\n\n\n\n\n\nAssets\n\n\n \n\n\n\n \nCurrentassets:\n\n\n \nCashandcashequivalents\n$\n 2,672 $\n2,434\nTradeaccountsreceivable,netofdoubtfulaccounts-$46and$41\n\n 2,133 \n1,836\nInventories,net(Note6)\n\n 2,438 \n2,320\nOthercurrentassets(Note11and15)\n\n 761 \n873\nTotalcurrentassets\n\n 8,004 \n7,463\n\n\n\n \nProperty,plantandequipment,netofaccumulateddepreciation-\n$13,663and$12,995(Note9)\n\n 15,742 \n15,337\nGoodwill,net(Note10)\n\n 2,460 \n1,935\nOtherintangibleassets,net(Note10)\n\n 1,308 \n1,185\nDeferredincometaxes(Note8)\n\n 1,121 \n1,157\nOtherassets(Note11and15)\n\n 2,140 \n1,821\n\n\n\n \nTotal Assets \n$\n 30,775 $\n28,898\n\n\n\n \nLiabilities and Equity\n\n\n \n\n\n\n \nCurrentliabilities:\n\n\n \nCurrentportionoflong-termdebtandshort-termborrowings(Note12)\n$\n 156 $\n11\nAccountspayable\n\n 1,174 \n1,587\nOtheraccruedliabilities(Note11and14)\n\n 2,437 \n1,923\nTotalcurrentliabilities\n\n 3,767 \n3,521\n\n\n\n \nLong-termdebt(Note12)\n\n 7,816 \n7,729\nPostretirementbenefitsotherthanpensions(Note13)\n\n 727 \n671\nOtherliabilities(Note11and14)\n\n 5,017 \n3,980\nTotalliabilities\n\n 17,327 \n15,901\n\n\n\n \nCommitments,contingenciesandguarantees(Note14)\n \n \nShareholdersequity(Note17):\n\n\n \nConvertiblepreferredstock,SeriesAParvalue$100pershare;\nSharesauthorized3,100;Sharesissued:2,300\n\n 2,300 \n2,300\nCommonstockParvalue$0.50pershare;Sharesauthorized:3.8billion;\nSharesissued:1,726millionand1,718million\n\n 863 \n859\nAdditionalpaid-incapitalcommonstock\n\n 14,642 \n14,323\nRetainedearnings\n\n 16,120 \n16,408\nTreasurystock,atcost;sharesheld:961millionand956million\n\n (19,928) \n(19,812)\nAccumulatedothercomprehensiveloss\n\n (740) \n(1,171)\nTotalCorningIncorporatedshareholdersequity\n\n 13,257 \n12,907\nNoncontrollinginterests\n\n 191 \n90\nTotalequity\n\n 13,448 \n12,997\n\n\n\n \nTotal Liabilities and Equity\n$\n 30,775 $\n28,898\n\nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n72', 'doc_name': 'CORNING_2020_10K', 'evidence_page_num': 71, 'evidence_text_full_page': 'Index\n\n\n\n\nConsolidated Balance Sheets\nCorning Incorporated and Subsidiary Companies\n\n\n\n\n\n\n\n\n\n\n\n\n\nDecember31,\n(Inmillions,exceptshareandpershareamounts)\n2020\n\n2019\n\n\n\n\n\n\nAssets\n\n\n \n\n\n\n \nCurrentassets:\n\n\n \nCashandcashequivalents\n$\n 2,672 $\n2,434\nTradeaccountsreceivable,netofdoubtfulaccounts-$46and$41\n\n 2,133 \n1,836\nInventories,net(Note6)\n\n 2,438 \n2,320\nOthercurrentassets(Note11and15)\n\n 761 \n873\nTotalcurrentassets\n\n 8,004 \n7,463\n\n\n\n \nProperty,plantandequipment,netofaccumulateddepreciation-\n$13,663and$12,995(Note9)\n\n 15,742 \n15,337\nGoodwill,net(Note10)\n\n 2,460 \n1,935\nOtherintangibleassets,net(Note10)\n\n 1,308 \n1,185\nDeferredincometaxes(Note8)\n\n 1,121 \n1,157\nOtherassets(Note11and15)\n\n 2,140 \n1,821\n\n\n\n \nTotal Assets \n$\n 30,775 $\n28,898\n\n\n\n \nLiabilities and Equity\n\n\n \n\n\n\n \nCurrentliabilities:\n\n\n \nCurrentportionoflong-termdebtandshort-termborrowings(Note12)\n$\n 156 $\n11\nAccountspayable\n\n 1,174 \n1,587\nOtheraccruedliabilities(Note11and14)\n\n 2,437 \n1,923\nTotalcurrentliabilities\n\n 3,767 \n3,521\n\n\n\n \nLong-termdebt(Note12)\n\n 7,816 \n7,729\nPostretirementbenefitsotherthanpensions(Note13)\n\n 727 \n671\nOtherliabilities(Note11and14)\n\n 5,017 \n3,980\nTotalliabilities\n\n 17,327 \n15,901\n\n\n\n \nCommitments,contingenciesandguarantees(Note14)\n \n \nShareholdersequity(Note17):\n\n\n \nConvertiblepreferredstock,SeriesAParvalue$100pershare;\nSharesauthorized3,100;Sharesissued:2,300\n\n 2,300 \n2,300\nCommonstockParvalue$0.50pershare;Sharesauthorized:3.8billion;\nSharesissued:1,726millionand1,718million\n\n 863 \n859\nAdditionalpaid-incapitalcommonstock\n\n 14,642 \n14,323\nRetainedearnings\n\n 16,120 \n16,408\nTreasurystock,atcost;sharesheld:961millionand956million\n\n (19,928) \n(19,812)\nAccumulatedothercomprehensiveloss\n\n (740) \n(1,171)\nTotalCorningIncorporatedshareholdersequity\n\n 13,257 \n12,907\nNoncontrollinginterests\n\n 191 \n90\nTotalequity\n\n 13,448 \n12,997\n\n\n\n \nTotal Liabilities and Equity\n$\n 30,775 $\n28,898\n\nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n72\n'}]","Index






Consolidated Statements of Income
Corning Incorporated and Subsidiary Companies



















YearendedDecember31,
(Inmillions,exceptpershareamounts)
2020

2019

2018
Netsales
$
 11,303 
$
11,503 $
11,290
Costofsales

 7,772 

7,468 
6,829






 
Grossmargin

 3,531 

4,035 
4,461






 
Operatingexpenses:





 
Selling,generalandadministrativeexpenses

 1,747 

1,585 
1,799
Research,developmentandengineeringexpenses

 1,154 

1,031 
993
Amortizationofpurchasedintangibles

 121 

113 
94






 
Operatingincome

 509 

1,306 
1,575






 
Equityin(losses)earningsofaffiliatedcompanies(Note3)

 (25)

17 
390
Interestincome

 15 

21 
38
Interestexpense

 (276)

(221) 
(191)
Translatedearningscontract(loss)gain,net(Note15)

 (38)

248 
(93)
Transaction-relatedgain,net(Note4)

 498 


 
Otherexpense,net

 (60)

(155) 
(216)






 
Incomebeforeincometaxes

 623 

1,216 
1,503
Provisionforincometaxes(Note8)

 (111)

(256) 
(437)






 
NetincomeattributabletoCorningIncorporated
$
 512 
$
960 $
1,066






 
Earningspercommonshareattributableto
CorningIncorporated:





 
Basic(Note18)
$
 0.54 
$
1.11 $
1.19
Diluted(Note18)
$
 0.54 
$
1.07 $
1.13

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

70 Index




Consolidated Balance Sheets
Corning Incorporated and Subsidiary Companies













December31,
(Inmillions,exceptshareandpershareamounts)
2020

2019






Assets


 



 
Currentassets:


 
Cashandcashequivalents
$
 2,672 $
2,434
Tradeaccountsreceivable,netofdoubtfulaccounts-$46and$41

 2,133 
1,836
Inventories,net(Note6)

 2,438 
2,320
Othercurrentassets(Note11and15)

 761 
873
Totalcurrentassets

 8,004 
7,463



 
Property,plantandequipment,netofaccumulateddepreciation-
$13,663and$12,995(Note9)

 15,742 
15,337
Goodwill,net(Note10)

 2,460 
1,935
Otherintangibleassets,net(Note10)

 1,308 
1,185
Deferredincometaxes(Note8)

 1,121 
1,157
Otherassets(Note11and15)

 2,140 
1,821



 
Total Assets 
$
 30,775 $
28,898



 
Liabilities and Equity


 



 
Currentliabilities:


 
Currentportionoflong-termdebtandshort-termborrowings(Note12)
$
 156 $
11
Accountspayable

 1,174 
1,587
Otheraccruedliabilities(Note11and14)

 2,437 
1,923
Totalcurrentliabilities

 3,767 
3,521



 
Long-termdebt(Note12)

 7,816 
7,729
Postretirementbenefitsotherthanpensions(Note13)

 727 
671
Otherliabilities(Note11and14)

 5,017 
3,980
Totalliabilities

 17,327 
15,901



 
Commitments,contingenciesandguarantees(Note14)
 
 
Shareholdersequity(Note17):


 
Convertiblepreferredstock,SeriesAParvalue$100pershare;
Sharesauthorized3,100;Sharesissued:2,300

 2,300 
2,300
CommonstockParvalue$0.50pershare;Sharesauthorized:3.8billion;
Sharesissued:1,726millionand1,718million

 863 
859
Additionalpaid-incapitalcommonstock

 14,642 
14,323
Retainedearnings

 16,120 
16,408
Treasurystock,atcost;sharesheld:961millionand956million

 (19,928) 
(19,812)
Accumulatedothercomprehensiveloss

 (740) 
(1,171)
TotalCorningIncorporatedshareholdersequity

 13,257 
12,907
Noncontrollinginterests

 191 
90
Totalequity

 13,448 
12,997



 
Total Liabilities and Equity
$
 30,775 $
28,898

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.
72"
"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?",Yes. It decreased.,"[{'evidence_text': 'Average total VaR decreased by $7 million for the three \nmonths ended June 30, 2023, compared with the same \nperiod in the prior year predominantly driven by risk \nreductions impacting Credit Portfolio VaR as well as fixed \nincome', 'doc_name': 'JPMORGAN_2023Q2_10Q', 'evidence_page_num': 84, 'evidence_text_full_page': ""The table below shows the results of the Firms Risk Management VaR measure using a 95% confidence level. VaR can vary \nsignificantly as positions change, market volatility fluctuates, and diversification benefits change.\nTotal VaR\nThree months ended\nJune 30, 2023\nMarch 31, 2023\nJune 30, 2022\n(in millions)\n Avg.\nMin\nMax\n Avg.\nMin\nMax\n Avg.\nMin\nMax\nCIB trading VaR by risk type\nFixed income\n$ 57 \n$ 50 \n$ 66 \n$ 56 \n$ 45 \n$ 71 \n$ 60 \n$ 48 \n$ 79 \nForeign exchange\n \n12 \n \n7 \n 24 \n \n10 \n \n6 \n \n17 \n \n8 \n \n4 \n 13 \nEquities\n \n8 \n \n5 \n 11 \n \n7 \n \n5 \n \n10 \n 11 \n \n7 \n 15 \nCommodities and other\n \n12 \n \n8 \n 17 \n \n15 \n \n11 \n \n19 \n 14 \n \n12 \n 17 \nDiversification benefit to CIB trading VaR(a)\n (48) \n NM\n NM\n (44) \nNM\nNM\n (43) \nNM\nNM\nCIB trading VaR\n \n41 \n \n31 \n 50 \n \n44 \n \n34 \n \n55 \n 50 \n \n38 \n 66 \nCredit Portfolio VaR(b)\n \n14 \n \n11 \n 18 \n \n11 \n \n8 \n \n17 \n 17 \n \n6 \n 31 \n(e)\nDiversification benefit to CIB VaR(a)\n (11) \n NM\n NM\n (10) \nNM\nNM\n (15) \nNM\nNM\nCIB VaR\n \n44 \n \n34 \n 55 \n \n45 \n \n35 \n \n58 \n 52 \n \n38 \n 70 \nCCB VaR\n \n9 \n(d) \n6 \n 14 \n \n11 \n \n6 \n \n15 \n \n5 \n(d) \n4 \n \n6 \nCorporate and other LOB VaR(c)\n \n13 \n \n11 \n 15 \n \n15 \n \n13 \n \n17 \n 10 \n \n9 \n 11 \nDiversification benefit to other VaR(a)\n \n(7) \n NM\n NM\n \n(8) \nNM\nNM\n \n(3) \nNM\nNM\nOther VaR\n \n15 \n \n13 \n 19 \n \n18 \n \n14 \n \n22 \n 12 \n \n10 \n 14 \nDiversification benefit to CIB and other VaR(a)\n (12) \n NM\n NM\n (16) \nNM\nNM\n (10) \nNM\nNM\nTotal VaR\n$ 47 \n$ 36 \n$ 56 \n$ 47 \n$ 37 \n$ 57 \n$ 54 \n$ 41 \n$ 71 \n(a) Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature \nof VaR due to imperfect correlation across LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as \nthe maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.\n(b) Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions \nrevenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, in line with the Firm's \ninternal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening \nof the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now \nreflected in other sensitivity-based measures.\n(c) Corporate and other LOB VaR includes a legacy private equity position in Corporate which is publicly traded.\n(d) The increase in CCB VaR is driven by interest rate volatility impacting Home Lending warehouse loans, MSR, and related hedges.\n(e) For the period ended June 30, 2022, maximum Credit Portfolio VaR remained elevated due to the effects of nickel price increases and the associated \nvolatility in the nickel market which occurred during the first quarter of 2022.\nQuarter over quarter results\nAverage total VaR was flat for the three months ended \nJune 30, 2023, when compared with March 31, 2023, \nreflecting increases in fixed income offset by market volatility \nrelating to commodities rolling out of the one-year historical \nlook-back period. \nYear over year results\nAverage total VaR decreased by $7 million for the three \nmonths ended June 30, 2023, compared with the same \nperiod in the prior year predominantly driven by risk \nreductions impacting Credit Portfolio VaR as well as fixed \nincome.\nThe following graph presents daily Risk Management VaR for the five trailing quarters.\nDaily Risk Management VaR\n$ millions\n0\n50\n100\nSecond Quarter\n2022\nThird Quarter\n2022\nFourth Quarter\n2022\nFirst Quarter\n2023\nSecond Quarter\n2023\n85\n""}]","Average total VaR decreased by $7 million for the three 
months ended June 30, 2023, compared with the same 
period in the prior year predominantly driven by risk 
reductions impacting Credit Portfolio VaR as well as fixed 
income"
What are the geographies that Pepsico primarily operates in as of FY2022?,"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","[{'evidence_text': 'Forward-Looking Statements\nThis Annual Report on Form 10-K contains statements reflecting our views about our future performance that constitute\nforward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act).\nStatements that constitute forward-looking statements within the meaning of the Reform Act are generally identified through the\ninclusion of words such as aim, anticipate, believe, drive, estimate, expect, expressed confidence, forecast,\nfuture, goal, guidance, intend, may, objective, outlook, plan, position, potential, project, seek,\nshould, strategy, target, will or similar statements or variations of such words and other similar expressions. All\nstatements addressing our future operating performance, and statements addressing events and developments that we expect or\nanticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking\nstatements are based on currently available information, operating plans and projections about future events and trends. They\ninherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such\nforward-looking statement. These risks and uncertainties include, but are not limited to, those described in Item 1A. Risk\nFactors and Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations Our Business\n Our Business Risks. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak\nonly as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of\nnew information, future events or otherwise. The discussion of risks in this report is by no means all-inclusive but is designed to\nhighlight what we believe are important factors to consider when evaluating our future performance.\nPART I\nItem 1. Business.\nWhen used in this report, the terms we, us, our, PepsiCo and the Company mean PepsiCo, Inc. and its consolidated\nsubsidiaries, collectively. Certain terms used in this Annual Report on Form 10-K are defined in the Glossary included in Item 7.\nof this report.\nCompany Overview\nWe were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. We are a leading global beverage and\nconvenient food company with a complementary portfolio of brands, including Lays, Doritos, Cheetos, Gatorade, Pepsi-Cola,\nMountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other third\nparties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers\nin more than 200 countries and territories.\nOur Operations\nWe are organized into seven reportable segments (also referred to as divisions), as follows:\n1) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and\nCanada;\n2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta\nand other branded food, in the United States and Canada;\n3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada;\n4) Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America;\n5) Europe, which includes all of our beverage and convenient food businesses in Europe;', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 3, 'evidence_text_full_page': 'Table of Contents\nForward-Looking Statements\nThis Annual Report on Form 10-K contains statements reflecting our views about our future performance that constitute\nforward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act).\nStatements that constitute forward-looking statements within the meaning of the Reform Act are generally identified through the\ninclusion of words such as aim, anticipate, believe, drive, estimate, expect, expressed confidence, forecast,\nfuture, goal, guidance, intend, may, objective, outlook, plan, position, potential, project, seek,\nshould, strategy, target, will or similar statements or variations of such words and other similar expressions. All\nstatements addressing our future operating performance, and statements addressing events and developments that we expect or\nanticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking\nstatements are based on currently available information, operating plans and projections about future events and trends. They\ninherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such\nforward-looking statement. These risks and uncertainties include, but are not limited to, those described in Item 1A. Risk\nFactors and Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations Our Business\n Our Business Risks. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak\nonly as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of\nnew information, future events or otherwise. The discussion of risks in this report is by no means all-inclusive but is designed to\nhighlight what we believe are important factors to consider when evaluating our future performance.\nPART I\nItem 1. Business.\nWhen used in this report, the terms we, us, our, PepsiCo and the Company mean PepsiCo, Inc. and its consolidated\nsubsidiaries, collectively. Certain terms used in this Annual Report on Form 10-K are defined in the Glossary included in Item 7.\nof this report.\nCompany Overview\nWe were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. We are a leading global beverage and\nconvenient food company with a complementary portfolio of brands, including Lays, Doritos, Cheetos, Gatorade, Pepsi-Cola,\nMountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other third\nparties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers\nin more than 200 countries and territories.\nOur Operations\nWe are organized into seven reportable segments (also referred to as divisions), as follows:\n1) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and\nCanada;\n2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta\nand other branded food, in the United States and Canada;\n3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada;\n4) Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America;\n5) Europe, which includes all of our beverage and convenient food businesses in Europe;\n2\n'}
 {'evidence_text': '6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in\nAfrica, the Middle East and South Asia; and\n7) Asia Pacific, Australia and New Zealand and China Region (APAC), which includes all of our beverage and convenient\nfood businesses in Asia Pacific, Australia and New Zealand, and China region.', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 4, 'evidence_text_full_page': 'Table of Contents\n6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in\nAfrica, the Middle East and South Asia; and\n7) Asia Pacific, Australia and New Zealand and China Region (APAC), which includes all of our beverage and convenient\nfood businesses in Asia Pacific, Australia and New Zealand, and China region.\nFrito-Lay North America\nEither independently or in conjunction with third parties, FLNA makes, markets, distributes and sells branded convenient\nfoods. These foods include branded dips, Cheetos cheese-flavored snacks, Doritos tortilla chips, Fritos corn chips, Lays potato\nchips, Ruffles potato chips and Tostitos tortilla chips. FLNAs branded products are sold to independent distributors and retailers.\nIn addition, FLNAs joint venture with Strauss Group makes, markets, distributes and sells Sabra refrigerated dips and spreads.\nQuaker Foods North America\nEither independently or in conjunction with third parties, QFNA makes, markets, distributes and sells branded convenient foods,\nwhich include cereals, rice, pasta and other branded products. QFNAs products include Capn Crunch cereal, Life cereal, Pearl\nMilling Company syrups and mixes, Quaker Chewy granola bars, Quaker grits, Quaker oatmeal, Quaker rice cakes, Quaker\nSimply Granola and Rice-A-Roni side dishes. QFNAs branded products are sold to independent distributors and retailers.\nPepsiCo Beverages North America\nEither independently or in conjunction with third parties, PBNA makes, markets and sells beverage concentrates, fountain syrups\nand finished goods under various beverage brands including Aquafina, Diet Mountain Dew, Diet Pepsi, Gatorade, Gatorade Zero,\nMountain Dew, Pepsi and Propel. PBNA operates its own bottling plants and distribution facilities and sells branded finished\ngoods directly to independent distributors and retailers. PBNA also sells concentrate and finished goods for our brands to\nauthorized and independent bottlers, who in turn sell our branded finished goods to independent distributors and retailers in\ncertain markets. PBNA also, either independently or in conjunction with third parties, makes, markets, distributes and sells ready-\nto-drink tea and coffee products through joint ventures with Unilever (under the Lipton brand name) and Starbucks, respectively.\nFurther, PBNA manufactures and distributes certain brands licensed from Keurig Dr Pepper Inc., including Crush, Dr Pepper and\nSchweppes, and certain juice brands licensed from Dole Food Company, Inc. and Ocean Spray Cranberries, Inc. In 2022, PBNA\nbegan to distribute Hard MTN Dew, an alcoholic beverage manufactured and owned by the Boston Beer Company. In the first\nquarter of 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners, while retaining a 39%\nnoncontrolling interest in a newly formed joint venture, Tropicana Brands Group (TBG), operating across North America and\nEurope (Juice Transaction). In the United States, PepsiCo acts as the exclusive distributor for TBGs portfolio of brands for\nsmall-format and foodservice customers with chilled direct-store-delivery (DSD). See Note 13 to our consolidated financial\nstatements for further information.\nLatin America\nEither independently or in conjunction with third parties, LatAm makes, markets, distributes and sells a number of convenient\nfood brands including Cheetos, Doritos, Emperador, Lays, Marias Gamesa, Ruffles, Sabritas, Saladitas and Tostitos, as well as\nmany Quaker-branded convenient foods. LatAm also, either independently or in conjunction with third parties, makes, markets,\ndistributes and sells beverage concentrates, fountain syrups and finished goods under various beverage brands including 7UP,\nDiet 7UP, Gatorade, H2oh!, Manzanita Sol, Mirinda, Pepsi, Pepsi Black, San Carlos and Toddy. These branded products are sold\nto authorized and independent bottlers, independent distributors and retailers. LatAm\n3\n'}]","Forward-Looking Statements
This Annual Report on Form 10-K contains statements reflecting our views about our future performance that constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act).
Statements that constitute forward-looking statements within the meaning of the Reform Act are generally identified through the
inclusion of words such as aim, anticipate, believe, drive, estimate, expect, expressed confidence, forecast,
future, goal, guidance, intend, may, objective, outlook, plan, position, potential, project, seek,
should, strategy, target, will or similar statements or variations of such words and other similar expressions. All
statements addressing our future operating performance, and statements addressing events and developments that we expect or
anticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking
statements are based on currently available information, operating plans and projections about future events and trends. They
inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such
forward-looking statement. These risks and uncertainties include, but are not limited to, those described in Item 1A. Risk
Factors and Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations Our Business
 Our Business Risks. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak
only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of
new information, future events or otherwise. The discussion of risks in this report is by no means all-inclusive but is designed to
highlight what we believe are important factors to consider when evaluating our future performance.
PART I
Item 1. Business.
When used in this report, the terms we, us, our, PepsiCo and the Company mean PepsiCo, Inc. and its consolidated
subsidiaries, collectively. Certain terms used in this Annual Report on Form 10-K are defined in the Glossary included in Item 7.
of this report.
Company Overview
We were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. We are a leading global beverage and
convenient food company with a complementary portfolio of brands, including Lays, Doritos, Cheetos, Gatorade, Pepsi-Cola,
Mountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other third
parties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers
in more than 200 countries and territories.
Our Operations
We are organized into seven reportable segments (also referred to as divisions), as follows:
1) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and
Canada;
2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta
and other branded food, in the United States and Canada;
3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada;
4) Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America;
5) Europe, which includes all of our beverage and convenient food businesses in Europe; 6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in
Africa, the Middle East and South Asia; and
7) Asia Pacific, Australia and New Zealand and China Region (APAC), which includes all of our beverage and convenient
food businesses in Asia Pacific, Australia and New Zealand, and China region."
"According to the information provided in the statement of cash flows, what is the FY2020 free cash flow (FCF) for General Mills? FCF here is defined as: (cash from operations - capex). Answer in USD millions.",$3215.00,"[{'evidence_text': '52 \n \nConsolidated Statements of Cash Flows \nGENERAL MILLS, INC. AND SUBSIDIARIES \n(In Millions) \n \nFiscal Year \n \n2020 \n2019 \n2018 \nCash Flows - Operating Activities \n \n \n \n \nNet earnings, including earnings attributable to redeemable and noncontrolling interests $ \n2,210.8 $ \n1,786.2 $ \n2,163.0 \nAdjustments to reconcile net earnings to net cash provided by operating activities: \n \n \n \n \n \n \nDepreciation and amortization \n \n594.7 \n620.1 \n618.8 \nAfter-tax earnings from joint ventures \n \n(91.1) \n(72.0) \n(84.7)\nDistributions of earnings from joint ventures \n \n76.5 \n86.7 \n113.2 \nStock-based compensation \n \n94.9 \n84.9 \n77.0 \nDeferred income taxes \n \n(29.6) \n93.5 \n(504.3)\nPension and other postretirement benefit plan contributions \n \n(31.1) \n(28.8) \n(31.8)\nPension and other postretirement benefit plan costs \n \n(32.3) \n6.1 \n4.6 \nDivestitures loss \n \n- \n30.0 \n- \nRestructuring, impairment, and other exit costs \n \n43.6 \n235.7 \n126.0 \nChanges in current assets and liabilities, excluding the effects of acquisitions \n and divestitures \n \n793.9 \n(7.5) \n542.1 \nOther, net \n \n45.9 \n(27.9) \n(182.9)\nNet cash provided by operating activities \n \n3,676.2 \n2,807.0 \n2,841.0 \nCash Flows - Investing Activities \n \n \n \n \n \n \nPurchases of land, buildings, and equipment \n \n(460.8) \n(537.6) \n(622.7)\nAcquisition, net of cash acquired \n \n- \n- \n(8,035.8)\nInvestments in affiliates, net \n \n(48.0) \n0.1 \n(17.3)\nProceeds from disposal of land, buildings, and equipment \n \n1.7 \n14.3 \n1.4 \nProceeds from divestitures \n \n- \n26.4 \n- \nOther, net \n \n20.9 \n(59.7) \n(11.0)\nNet cash used by investing activities \n \n(486.2) \n(556.5) \n(8,685.4)\nCash Flows - Financing Activities \n \n \n \n \n \n \nChange in notes payable \n \n(1,158.6) \n(66.3) \n327.5 \nIssuance of long-term debt \n \n1,638.1 \n339.1 \n6,550.0 \nPayment of long-term debt \n \n(1,396.7) \n(1,493.8) \n(600.1)\nProceeds from common stock issued on exercised options \n \n263.4 \n241.4 \n99.3 \nProceeds from common stock issued \n \n- \n- \n969.9 \nPurchases of common stock for treasury \n \n(3.4) \n(1.1) \n(601.6)\nDividends paid \n \n(1,195.8) \n(1,181.7) \n(1,139.7)\nInvestments in redeemable interest \n \n- \n55.7 \n- \nDistributions to noncontrolling and redeemable interest holders \n \n(72.5) \n(38.5) \n(51.8)\nOther, net \n \n(16.0) \n(31.2) \n(108.0)\nNet cash (used) provided by financing activities \n \n(1,941.5) \n(2,176.4) \n5,445.5 \nEffect of exchange rate changes on cash and cash equivalents \n \n(20.7) \n(23.1) \n31.8 \nIncrease (decrease) in cash and cash equivalents \n \n1,227.8 \n \n51.0 \n \n(367.1)\nCash and cash equivalents - beginning of year \n \n450.0 \n399.0 \n766.1 \nCash and cash equivalents - end of year \n$ \n1,677.8 $ \n450.0 $ \n399.0 \nCash flow from changes in current assets and liabilities, excluding the effects of \n acquisitions and divestitures: \n \n \n \n \n \n \nReceivables \n$ \n37.9 $ \n(42.7) $ \n(122.7)\nInventories \n \n103.1 \n53.7 \n15.6 \nPrepaid expenses and other current assets \n \n94.2 \n(114.3) \n(10.7)\nAccounts payable \n \n392.5 \n162.4 \n575.3 \nOther current liabilities \n \n166.2 \n(66.6) \n84.6 \nChanges in current assets and liabilities \n$ \n793.9 $ \n(7.5) $ \n542.1 \nSee accompanying notes to consolidated financial statements.', 'doc_name': 'GENERALMILLS_2020_10K', 'evidence_page_num': 51, 'evidence_text_full_page': ' \n52 \n \nConsolidated Statements of Cash Flows \nGENERAL MILLS, INC. AND SUBSIDIARIES \n(In Millions) \n \nFiscal Year \n \n2020 \n2019 \n2018 \nCash Flows - Operating Activities \n \n \n \n \nNet earnings, including earnings attributable to redeemable and noncontrolling interests $ \n2,210.8 $ \n1,786.2 $ \n2,163.0 \nAdjustments to reconcile net earnings to net cash provided by operating activities: \n \n \n \n \n \n \nDepreciation and amortization \n \n594.7 \n620.1 \n618.8 \nAfter-tax earnings from joint ventures \n \n(91.1) \n(72.0) \n(84.7)\nDistributions of earnings from joint ventures \n \n76.5 \n86.7 \n113.2 \nStock-based compensation \n \n94.9 \n84.9 \n77.0 \nDeferred income taxes \n \n(29.6) \n93.5 \n(504.3)\nPension and other postretirement benefit plan contributions \n \n(31.1) \n(28.8) \n(31.8)\nPension and other postretirement benefit plan costs \n \n(32.3) \n6.1 \n4.6 \nDivestitures loss \n \n- \n30.0 \n- \nRestructuring, impairment, and other exit costs \n \n43.6 \n235.7 \n126.0 \nChanges in current assets and liabilities, excluding the effects of acquisitions \n and divestitures \n \n793.9 \n(7.5) \n542.1 \nOther, net \n \n45.9 \n(27.9) \n(182.9)\nNet cash provided by operating activities \n \n3,676.2 \n2,807.0 \n2,841.0 \nCash Flows - Investing Activities \n \n \n \n \n \n \nPurchases of land, buildings, and equipment \n \n(460.8) \n(537.6) \n(622.7)\nAcquisition, net of cash acquired \n \n- \n- \n(8,035.8)\nInvestments in affiliates, net \n \n(48.0) \n0.1 \n(17.3)\nProceeds from disposal of land, buildings, and equipment \n \n1.7 \n14.3 \n1.4 \nProceeds from divestitures \n \n- \n26.4 \n- \nOther, net \n \n20.9 \n(59.7) \n(11.0)\nNet cash used by investing activities \n \n(486.2) \n(556.5) \n(8,685.4)\nCash Flows - Financing Activities \n \n \n \n \n \n \nChange in notes payable \n \n(1,158.6) \n(66.3) \n327.5 \nIssuance of long-term debt \n \n1,638.1 \n339.1 \n6,550.0 \nPayment of long-term debt \n \n(1,396.7) \n(1,493.8) \n(600.1)\nProceeds from common stock issued on exercised options \n \n263.4 \n241.4 \n99.3 \nProceeds from common stock issued \n \n- \n- \n969.9 \nPurchases of common stock for treasury \n \n(3.4) \n(1.1) \n(601.6)\nDividends paid \n \n(1,195.8) \n(1,181.7) \n(1,139.7)\nInvestments in redeemable interest \n \n- \n55.7 \n- \nDistributions to noncontrolling and redeemable interest holders \n \n(72.5) \n(38.5) \n(51.8)\nOther, net \n \n(16.0) \n(31.2) \n(108.0)\nNet cash (used) provided by financing activities \n \n(1,941.5) \n(2,176.4) \n5,445.5 \nEffect of exchange rate changes on cash and cash equivalents \n \n(20.7) \n(23.1) \n31.8 \nIncrease (decrease) in cash and cash equivalents \n \n1,227.8 \n \n51.0 \n \n(367.1)\nCash and cash equivalents - beginning of year \n \n450.0 \n399.0 \n766.1 \nCash and cash equivalents - end of year \n$ \n1,677.8 $ \n450.0 $ \n399.0 \nCash flow from changes in current assets and liabilities, excluding the effects of \n acquisitions and divestitures: \n \n \n \n \n \n \nReceivables \n$ \n37.9 $ \n(42.7) $ \n(122.7)\nInventories \n \n103.1 \n53.7 \n15.6 \nPrepaid expenses and other current assets \n \n94.2 \n(114.3) \n(10.7)\nAccounts payable \n \n392.5 \n162.4 \n575.3 \nOther current liabilities \n \n166.2 \n(66.6) \n84.6 \nChanges in current assets and liabilities \n$ \n793.9 $ \n(7.5) $ \n542.1 \nSee accompanying notes to consolidated financial statements. \n \n \n \n \n'}]","52 
 
Consolidated Statements of Cash Flows 
GENERAL MILLS, INC. AND SUBSIDIARIES 
(In Millions) 
 
Fiscal Year 
 
2020 
2019 
2018 
Cash Flows - Operating Activities 
 
 
 
 
Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 
2,210.8 $ 
1,786.2 $ 
2,163.0 
Adjustments to reconcile net earnings to net cash provided by operating activities: 
 
 
 
 
 
 
Depreciation and amortization 
 
594.7 
620.1 
618.8 
After-tax earnings from joint ventures 
 
(91.1) 
(72.0) 
(84.7)
Distributions of earnings from joint ventures 
 
76.5 
86.7 
113.2 
Stock-based compensation 
 
94.9 
84.9 
77.0 
Deferred income taxes 
 
(29.6) 
93.5 
(504.3)
Pension and other postretirement benefit plan contributions 
 
(31.1) 
(28.8) 
(31.8)
Pension and other postretirement benefit plan costs 
 
(32.3) 
6.1 
4.6 
Divestitures loss 
 
- 
30.0 
- 
Restructuring, impairment, and other exit costs 
 
43.6 
235.7 
126.0 
Changes in current assets and liabilities, excluding the effects of acquisitions 
 and divestitures 
 
793.9 
(7.5) 
542.1 
Other, net 
 
45.9 
(27.9) 
(182.9)
Net cash provided by operating activities 
 
3,676.2 
2,807.0 
2,841.0 
Cash Flows - Investing Activities 
 
 
 
 
 
 
Purchases of land, buildings, and equipment 
 
(460.8) 
(537.6) 
(622.7)
Acquisition, net of cash acquired 
 
- 
- 
(8,035.8)
Investments in affiliates, net 
 
(48.0) 
0.1 
(17.3)
Proceeds from disposal of land, buildings, and equipment 
 
1.7 
14.3 
1.4 
Proceeds from divestitures 
 
- 
26.4 
- 
Other, net 
 
20.9 
(59.7) 
(11.0)
Net cash used by investing activities 
 
(486.2) 
(556.5) 
(8,685.4)
Cash Flows - Financing Activities 
 
 
 
 
 
 
Change in notes payable 
 
(1,158.6) 
(66.3) 
327.5 
Issuance of long-term debt 
 
1,638.1 
339.1 
6,550.0 
Payment of long-term debt 
 
(1,396.7) 
(1,493.8) 
(600.1)
Proceeds from common stock issued on exercised options 
 
263.4 
241.4 
99.3 
Proceeds from common stock issued 
 
- 
- 
969.9 
Purchases of common stock for treasury 
 
(3.4) 
(1.1) 
(601.6)
Dividends paid 
 
(1,195.8) 
(1,181.7) 
(1,139.7)
Investments in redeemable interest 
 
- 
55.7 
- 
Distributions to noncontrolling and redeemable interest holders 
 
(72.5) 
(38.5) 
(51.8)
Other, net 
 
(16.0) 
(31.2) 
(108.0)
Net cash (used) provided by financing activities 
 
(1,941.5) 
(2,176.4) 
5,445.5 
Effect of exchange rate changes on cash and cash equivalents 
 
(20.7) 
(23.1) 
31.8 
Increase (decrease) in cash and cash equivalents 
 
1,227.8 
 
51.0 
 
(367.1)
Cash and cash equivalents - beginning of year 
 
450.0 
399.0 
766.1 
Cash and cash equivalents - end of year 
$ 
1,677.8 $ 
450.0 $ 
399.0 
Cash flow from changes in current assets and liabilities, excluding the effects of 
 acquisitions and divestitures: 
 
 
 
 
 
 
Receivables 
$ 
37.9 $ 
(42.7) $ 
(122.7)
Inventories 
 
103.1 
53.7 
15.6 
Prepaid expenses and other current assets 
 
94.2 
(114.3) 
(10.7)
Accounts payable 
 
392.5 
162.4 
575.3 
Other current liabilities 
 
166.2 
(66.6) 
84.6 
Changes in current assets and liabilities 
$ 
793.9 $ 
(7.5) $ 
542.1 
See accompanying notes to consolidated financial statements."
"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?",Developed Rest of the World,"[{'evidence_text': 'The following summarizes revenues by geographic area:\n \nThree Months Ended\nSix Months Ended\n(MILLIONS)\nJuly 2,\n2023\nJuly 3,\n2022\n%\nChange\nJuly 2,\n2023\nJuly 3,\n2022\n%\nChange\nUnited States\n$\n6,185 \n$\n11,222 \n(45)\n$\n14,692 \n$\n20,140 \n(27)\nDeveloped Europe\n2,415 \n5,480 \n(56)\n5,236 \n11,569 \n(55)\nDeveloped Rest of World\n1,305 \n5,034 \n(74)\n3,778 \n8,320 \n(55)\nEmerging Markets\n2,828 \n6,006 \n(53)\n7,308 \n13,373 \n(45)\nRevenues\n$\n12,734 \n$\n27,742 \n(54)\n$\n31,015 \n$\n53,402 \n(42)', 'doc_name': 'Pfizer_2023Q2_10Q', 'evidence_page_num': 37, 'evidence_text_full_page': 'PFIZER INC. AND SUBSIDIARY COMPANIES.\nNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS\n(UNAUDITED)\nSegment AssetsWe manage our assets on a total company basis, not by operating segment, as our operating assets are shared or commingled. Therefore, our\nchief operating decision maker does not regularly review any asset information by operating segment and, accordingly, we do not report asset information by\noperating segment. Total assets were $220 billion as of July 2, 2023 and $197 billion as of December 31, 2022.\nSelected Income Statement Information\nThe following provides selected income statement information by reportable segment:\nThree Months Ended\nSix Months Ended\n \nRevenues\nEarnings\nRevenues\nEarnings\n(MILLIONS)\nJuly 2,\n2023\nJuly 3,\n2022\nJuly 2,\n2023\nJuly 3,\n2022\nJuly 2,\n2023\nJuly 3,\n2022\nJuly 2,\n2023\nJuly 3,\n2022\nReportable Segment:\nBiopharma\n$\n12,418 \n$\n27,425 \n$\n7,003 \n$\n17,166 \n$\n30,389 \n$\n52,748 \n$\n17,939 \n$\n30,557 \nOther business activities\n316 \n317 \n(2,871)\n(3,384)\n626 \n655 \n(5,605)\n(5,812)\nReconciling Items:\nAmortization of intangible assets\n(1,184)\n(822)\n(2,287)\n(1,657)\nAcquisition-related items\n(387)\n(82)\n(550)\n(269)\nCertain significant items\n(293)\n(1,431)\n(958)\n(2,322)\n$\n12,734 \n$\n27,742 \n$\n2,269 \n$\n11,447 \n$\n31,015 \n$\n53,402 \n$\n8,539 \n$\n20,497 \nIncome from continuing operations before provision/(benefit) for taxes on income. Biopharmas earnings include dividend income from our investment in ViiV of $91 million in the second quarter\nof 2023 and $69 million in the second quarter of 2022, and $183 million in the first six months of 2023 and $125 million in the first six months of 2022. In connection with the organizational\nchanges effective in the third quarter of 2022, certain functions transferred between Biopharma and corporate enabling functions and certain activities were realigned within the GPD organization.\nWe have reclassified $58 million of costs in the second quarter of 2022 and $105 million in the first six months of 2022 from corporate enabling functions, which are included in Other business\nactivities, to Biopharma to conform to the current period presentation.\nOther business activities include revenues and costs associated with Business Innovation and costs that we do not allocate to our operating segments, per above, including acquired IPR&D\nexpenses in the periods presented. Earnings in the second quarter and first six months of 2023 include approximately $140 million and $260 million, respectively, of write-offs to Cost of sales of\ninventory related to COVID-19 products that exceeded or were expected to exceed their approved shelf-lives prior to being used. Earnings in the second quarter and first six months of 2022\nincluded a $450 million write-off to Cost of sales of inventory related to COVID-19 products that exceeded or were expected to exceed their approved shelf-lives prior to being used.\nCertain significant items are substantive and/or unusual, and in some cases recurring, items (as noted above). Earnings in the second quarter and first six months of 2022 included, among other\nitems, net losses on equity securities of $539 million and $1.2 billion, respectively, recorded in Other (income)/deductionsnet. See Note 4.\nB. Geographic Information\nThe following summarizes revenues by geographic area:\n \nThree Months Ended\nSix Months Ended\n(MILLIONS)\nJuly 2,\n2023\nJuly 3,\n2022\n%\nChange\nJuly 2,\n2023\nJuly 3,\n2022\n%\nChange\nUnited States\n$\n6,185 \n$\n11,222 \n(45)\n$\n14,692 \n$\n20,140 \n(27)\nDeveloped Europe\n2,415 \n5,480 \n(56)\n5,236 \n11,569 \n(55)\nDeveloped Rest of World\n1,305 \n5,034 \n(74)\n3,778 \n8,320 \n(55)\nEmerging Markets\n2,828 \n6,006 \n(53)\n7,308 \n13,373 \n(45)\nRevenues\n$\n12,734 \n$\n27,742 \n(54)\n$\n31,015 \n$\n53,402 \n(42)\nIn May 2023, we and our collaboration partner, BioNTech, amended our contract with the EC to deliver COVID-19 vaccines to the EU. The amended\nagreement includes rephasing of delivery of doses annually through 2026 and an aggregate volume reduction, providing additional flexibility for EU member\nstates. The EC will maintain access to future adapted COVID-19 vaccines and the ability to donate doses, in alignment with the original agreement. See Note\n13C.\nC. Other Revenue Information\nSignificant CustomersFor information on our significant wholesale customers, see Note 17C in our 2022 Form 10-K. Additionally, revenues from the U.S.\ngovernment represented 1% and 9% of total revenues for the three and six months ended July 2, 2023, respectively, and 26% and 22% of total revenues for the\nthree and six months ended July 3, 2022, respectively. Accounts receivable from the U.S. government represented less than 1% and 4% of total trade accounts\nreceivable as of July 2, 2023 and December 31, 2022, respectively. Revenues and accounts receivable from the U.S. government primarily represent sales of\nPaxlovid and Comirnaty.\n(a)\n(a)\n(b)\n(c)\n(a)\n(b)\n(c)\n35\n'}]","The following summarizes revenues by geographic area:
 
Three Months Ended
Six Months Ended
(MILLIONS)
July 2,
2023
July 3,
2022
%
Change
July 2,
2023
July 3,
2022
%
Change
United States
$
6,185 
$
11,222 
(45)
$
14,692 
$
20,140 
(27)
Developed Europe
2,415 
5,480 
(56)
5,236 
11,569 
(55)
Developed Rest of World
1,305 
5,034 
(74)
3,778 
8,320 
(55)
Emerging Markets
2,828 
6,006 
(53)
7,308 
13,373 
(45)
Revenues
$
12,734 
$
27,742 
(54)
$
31,015 
$
53,402 
(42)"
"As of Q2'2023, is Pfizer spinning off any large business segments?","Yes, it's spinning off Upjohn.","[{'evidence_text': 'We expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception\nand through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs.', 'doc_name': 'Pfizer_2023Q2_10Q', 'evidence_page_num': 40, 'evidence_text_full_page': 'ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF\nOPERATIONS\nGENERAL\nThe following MD&A is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts\nand certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the condensed\nconsolidated financial statements and related notes in Item 1. Financial Statements in this Form 10-Q.\nReferences to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate\nchanges are part of our business, they are not within our control and because they can mask positive or negative trends in the business, we believe presenting\noperational variances excluding these foreign exchange changes provides useful information to evaluate our results.\nOVERVIEW OF OUR PERFORMANCE, OPERATING ENVIRONMENT, STRATEGY AND OUTLOOK\nOur Business and StrategyPfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies\nto people that extend and significantly improve their lives. In 2023, we are making additional investments in both R&D and SI&A to support Pfizers near- and\nlonger-term growth plans, including to support anticipated new launches, commercial launch of COVID-19 products, potential pipeline programs and recently\nacquired assets. We manage our commercial operations through a global structure consisting of two operating segments: Biopharma and Business Innovation.\nBiopharma is the only reportable segment. See Note 13A.\nWe expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception\nand through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs.\nIn the fourth quarter of 2022, we began taking steps through our Transforming to a More Focused Company restructuring program to optimize our end-to-end\nR&D operations to reduce costs and cycle times as well as to further prioritize our internal R&D portfolio in areas where our capabilities are differentiated\nwhile increasing external innovation efforts to leverage an expanding and productive biotech sector. See Note 3. For a description of savings related to this\nprogram, see the Costs and ExpensesRestructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives\nsection within MD&A.\nIn July 2023, we announced that in consideration of planned future investments in oncology, including the proposed acquisition of Seagen, we are reorganizing\nhow our R&D operations are conducted. Beginning in July 2023, discovery to early- and late-phase clinical development for oncology will be performed by a\nnew end-to-end Oncology Research and Development platform function and discovery to early- and late-phase clinical development for all remaining\ntherapeutic areas will be consolidated in the Pfizer Research and Development platform function.\nFor additional information about our business, strategy and operating environment, see the Item 1. Business section and Overview of Our Performance,\nOperating Environment, Strategy and Outlook section within MD&A of our 2022 Form 10-K.\nOur Business Development InitiativesWe are committed to strategically capitalizing on growth opportunities, primarily by advancing our own product\npipeline and maximizing the value of our existing products, but also through various business development activities. Our significant recent business\ndevelopment activities include the transactions discussed in Notes 1A and 2, including the proposed acquisition of Seagen, as well as the following:\nProposed Divestiture of Early-Stage Rare Disease Gene Therapy PortfolioIn July 2023, we entered into an agreement with Alexion, a subsidiary of\nAstraZeneca plc, under which Alexion will purchase and license the assets of our early-stage rare disease gene therapy portfolio. This agreement is consistent\nwith our previously announced strategy to pivot from viral capsid-based gene therapy approaches to harnessing new platform technologies that we believe can\nhave a transformative impact on patients, such as mRNA or in vivo gene editing. Under the terms of the agreement, Alexion will pay us total consideration of\nup to $1 billion, plus tiered royalties based on annual net sales of the assets. The transaction is expected to close in the third quarter of 2023, subject to\ncustomary closing conditions.\nAgreement with Flagship Pioneering, Inc. (Flagship)In July 2023, we and Flagship announced that we have partnered to create a new pipeline of innovative\nmedicines. Under the terms of the novel agreement, we and Flagship will each invest $50 million upfront to explore opportunities to develop 10 single-asset\nprograms by leveraging Flagships ecosystem of more than 40 human health companies and multiple biotechnology platforms. Pfizer will fund and have an\noption to acquire each selected development program. Flagship and its bioplatform companies will be eligible to receive up to $700 million in milestones and\nroyalties for each successfully commercialized program.\n38\n'}]","We expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception
and through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs."
How did JnJ's US sales growth compare to international sales growth in FY2022?,US sales increased 3.0% vs international sales decline of 0.6%.,"[{'evidence_text': 'REGIONAL SALES RESULTS \n \nQ4 \n \n% Change \n($ in Millions) \n2022 \n2021 \nReported \nOperational1,2 \nCurrency \nAdjusted \nOperational1,3 \nU.S. \n$12,516 \n$12,163 \n2.9% \n2.9 \n- \n2.7 \nInternational \n11,190 \n12,641 \n(11.5) \n(1.1) \n(10.4) \n(1.0) \nWorldwide \n$23,706 \n$24,804 \n(4.4)% \n0.9 \n(5.3) \n0.8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFull Year \n \n% Change \n($ in Millions) \n2022 \n2021 \nReported \nOperational1,2 \nCurrency \nAdjusted \nOperational1,3 \nU.S. \n$48,580 \n$47,156 \n3.0% \n3.0 \n- \n3.0 \nInternational \n46,363 \n46,619 \n(0.6)% \n9.1 \n(9.7) \n9.3 \nWorldwide \n$94,943 \n$93,775 \n1.3% \n6.1 \n(4.8) \n6.2', 'doc_name': 'JOHNSON_JOHNSON_2022Q4_EARNINGS', 'evidence_page_num': 1, 'evidence_text_full_page': ' \n \nQ4 \n \nFull Year \nNon-GAAP* ($ in Millions, except EPS) \n2022 \n2021 \n% Change \n \n2022 \n2021 \n% Change \nOperational Sales1,2 \n \n \n0.9% \n \n \n \n6.1% \nAdjusted Operational Sales1,3 \n \n \n0.8% \n \n \n \n6.2% \nAdjusted Net Earnings1,4 \n$6,218 \n$5,678 \n9.5% \n \n$27,038 \n$26,195 \n3.2% \nAdjusted EPS (diluted)1,4 \n$2.35 \n$2.13 \n10.3% \n \n$10.15 \n$9.80 \n3.6% \n \n 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules \n 2 Excludes the impact of translational currency \n 3 Excludes the net impact of acquisitions and divestitures and translational currency \n 4 Excludes intangible amortization expense and special items \n Note: values may have been rounded \n \nREGIONAL SALES RESULTS \n \nQ4 \n \n% Change \n($ in Millions) \n2022 \n2021 \nReported \nOperational1,2 \nCurrency \nAdjusted \nOperational1,3 \nU.S. \n$12,516 \n$12,163 \n2.9% \n2.9 \n- \n2.7 \nInternational \n11,190 \n12,641 \n(11.5) \n(1.1) \n(10.4) \n(1.0) \nWorldwide \n$23,706 \n$24,804 \n(4.4)% \n0.9 \n(5.3) \n0.8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFull Year \n \n% Change \n($ in Millions) \n2022 \n2021 \nReported \nOperational1,2 \nCurrency \nAdjusted \nOperational1,3 \nU.S. \n$48,580 \n$47,156 \n3.0% \n3.0 \n- \n3.0 \nInternational \n46,363 \n46,619 \n(0.6)% \n9.1 \n(9.7) \n9.3 \nWorldwide \n$94,943 \n$93,775 \n1.3% \n6.1 \n(4.8) \n6.2 \n \n 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules \n 2 Excludes the impact of translational currency \n 3 Excludes the net impact of acquisitions and divestitures and translational currency \n Note: Values may have been rounded \n \nSEGMENT SALES RESULTS \n \nQ4 \n \n% Change \n($ in Millions) \n2022 \n2021 \nReported \nOperational1,2 \nCurrency \nAdjusted \nOperational1,3 \n \nConsumer Health4 \n$3,767 \n$3,728 \n1.0% \n6.4 \n(5.4) \n6.4 \n \nPharmaceutical4 \n13,163 \n14,217 \n(7.4) \n(2.5) \n(4.9) \n(2.3) \n \nMedTech \n6,776 \n6,859 \n(1.2) \n4.9 \n(6.1) \n4.4 \n \nWorldwide \n$23,706 \n$24,804 \n(4.4)% \n0.9 \n(5.3) \n0.8 \n \n \n \n \n \n \n \n \n \n'}]","REGIONAL SALES RESULTS 
 
Q4 
 
% Change 
($ in Millions) 
2022 
2021 
Reported 
Operational1,2 
Currency 
Adjusted 
Operational1,3 
U.S. 
$12,516 
$12,163 
2.9% 
2.9 
- 
2.7 
International 
11,190 
12,641 
(11.5) 
(1.1) 
(10.4) 
(1.0) 
Worldwide 
$23,706 
$24,804 
(4.4)% 
0.9 
(5.3) 
0.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Full Year 
 
% Change 
($ in Millions) 
2022 
2021 
Reported 
Operational1,2 
Currency 
Adjusted 
Operational1,3 
U.S. 
$48,580 
$47,156 
3.0% 
3.0 
- 
3.0 
International 
46,363 
46,619 
(0.6)% 
9.1 
(9.7) 
9.3 
Worldwide 
$94,943 
$93,775 
1.3% 
6.1 
(4.8) 
6.2"
What is the FY2019 fixed asset turnover ratio for Activision Blizzard? Fixed asset turnover ratio is defined as: FY2019 revenue / (average PP&E between FY2018 and FY2019). Round your answer to two decimal places. Base your judgments on the information provided primarily in the statement of income and the statement of financial position.,24.26,"[{'evidence_text': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\n(Amounts in millions, except share data)\n \nAt December 31, 2019\n \nAt December 31, 2018\nAssets\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n$\n5,794\n $\n4,225\nAccounts receivable, net of allowances of $132 and $190, at December 31, 2019 and December 31, 2018, respectively\n848\n \n1,035\nInventories, net\n32\n \n43\nSoftware development\n322\n \n264\nOther current assets\n296\n \n539\nTotal current assets\n7,292\n \n6,106\nSoftware development\n54\n \n65\nProperty and equipment, net\n253\n \n282\nDeferred income taxes, net\n1,293\n \n458\nOther assets\n658\n \n482\nIntangible assets, net\n531\n \n735\nGoodwill\n9,764\n \n9,762\nTotal assets\n$\n19,845\n $\n17,890\n \n \n \nLiabilities and Shareholders Equity\n \n \nCurrent liabilities:\n \n \nAccounts payable\n$\n292\n $\n253\nDeferred revenues\n1,375\n \n1,493\nAccrued expenses and other liabilities\n1,248\n \n896\nTotal current liabilities\n2,915\n \n2,642\nLong-term debt, net\n2,675\n \n2,671\nDeferred income taxes, net\n505\n \n18\nOther liabilities\n945\n \n1,167\nTotal liabilities\n7,040\n \n6,498\nCommitments and contingencies (Note 23)\n \nShareholders equity:\n \n \n \nCommon stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,197,436,644 and 1,192,093,991 shares issued at\nDecember 31, 2019 and December 31, 2018, respectively\n\n \n\nAdditional paid-in capital\n11,174\n \n10,963\nLess: Treasury stock, at cost, 428,676,471 shares at December 31, 2019 and December 31, 2018\n(5,563) \n(5,563)\nRetained earnings\n7,813\n \n6,593\nAccumulated other comprehensive loss\n(619) \n(601)\nTotal shareholders equity\n12,805\n \n11,392\nTotal liabilities and shareholders equity\n$\n19,845\n $\n17,890\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-4', 'doc_name': 'ACTIVISIONBLIZZARD_2019_10K', 'evidence_page_num': 68, 'evidence_text_full_page': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\n(Amounts in millions, except share data)\n \nAt December 31, 2019\n \nAt December 31, 2018\nAssets\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n$\n5,794\n $\n4,225\nAccounts receivable, net of allowances of $132 and $190, at December 31, 2019 and December 31, 2018, respectively\n848\n \n1,035\nInventories, net\n32\n \n43\nSoftware development\n322\n \n264\nOther current assets\n296\n \n539\nTotal current assets\n7,292\n \n6,106\nSoftware development\n54\n \n65\nProperty and equipment, net\n253\n \n282\nDeferred income taxes, net\n1,293\n \n458\nOther assets\n658\n \n482\nIntangible assets, net\n531\n \n735\nGoodwill\n9,764\n \n9,762\nTotal assets\n$\n19,845\n $\n17,890\n \n \n \nLiabilities and Shareholders Equity\n \n \nCurrent liabilities:\n \n \nAccounts payable\n$\n292\n $\n253\nDeferred revenues\n1,375\n \n1,493\nAccrued expenses and other liabilities\n1,248\n \n896\nTotal current liabilities\n2,915\n \n2,642\nLong-term debt, net\n2,675\n \n2,671\nDeferred income taxes, net\n505\n \n18\nOther liabilities\n945\n \n1,167\nTotal liabilities\n7,040\n \n6,498\nCommitments and contingencies (Note 23)\n \nShareholders equity:\n \n \n \nCommon stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,197,436,644 and 1,192,093,991 shares issued at\nDecember 31, 2019 and December 31, 2018, respectively\n\n \n\nAdditional paid-in capital\n11,174\n \n10,963\nLess: Treasury stock, at cost, 428,676,471 shares at December 31, 2019 and December 31, 2018\n(5,563) \n(5,563)\nRetained earnings\n7,813\n \n6,593\nAccumulated other comprehensive loss\n(619) \n(601)\nTotal shareholders equity\n12,805\n \n11,392\nTotal liabilities and shareholders equity\n$\n19,845\n $\n17,890\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-4\n'}
 {'evidence_text': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(Amounts in millions, except per share data)\n \nFor the Years Ended December 31,\n \n2019\n \n2018\n \n2017\nNet revenues\n \n \n \n \nProduct sales\n$\n1,975\n $\n2,255 $\n2,110\nSubscription, licensing, and other revenues\n4,514\n \n5,245 \n4,907\nTotal net revenues\n6,489\n \n7,500 \n7,017\n \n \n \n \nCosts and expenses\n \n \n \n \nCost of revenuesproduct sales:\n \n \n \nProduct costs\n656\n \n719 \n733\nSoftware royalties, amortization, and intellectual property licenses\n240\n \n371 \n300\nCost of revenuessubscription, licensing, and other revenues:\n \n \n \nGame operations and distribution costs\n965\n \n1,028 \n984\nSoftware royalties, amortization, and intellectual property licenses\n233\n \n399 \n484\nProduct development\n998\n \n1,101 \n1,069\nSales and marketing\n926\n \n1,062 \n1,378\nGeneral and administrative\n732\n \n822 \n745\nRestructuring and related costs\n132\n \n10 \n15\nTotal costs and expenses\n4,882\n \n5,512 \n5,708\n \n \n \n \nOperating income\n1,607\n \n1,988 \n1,309\nInterest and other expense (income), net (Note 18)\n(26) \n71 \n146\nLoss on extinguishment of debt\n\n \n40 \n12\nIncome before income tax expense\n1,633\n \n1,877 \n1,151\nIncome tax expense\n130\n \n29 \n878\nNet income\n$\n1,503\n $\n1,848 $\n273\n \n \n \n \nEarnings per common share\n \n \n \n \nBasic\n$\n1.96\n $\n2.43 $\n0.36\nDiluted\n$\n1.95\n $\n2.40 $\n0.36\n \n \n \n \nWeighted-average number of shares outstanding\n \n \n \n \nBasic\n767\n \n762 \n754\nDiluted\n771\n \n771 \n766\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-5', 'doc_name': 'ACTIVISIONBLIZZARD_2019_10K', 'evidence_page_num': 69, 'evidence_text_full_page': 'Table of Contents\nACTIVISION BLIZZARD, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(Amounts in millions, except per share data)\n \nFor the Years Ended December 31,\n \n2019\n \n2018\n \n2017\nNet revenues\n \n \n \n \nProduct sales\n$\n1,975\n $\n2,255 $\n2,110\nSubscription, licensing, and other revenues\n4,514\n \n5,245 \n4,907\nTotal net revenues\n6,489\n \n7,500 \n7,017\n \n \n \n \nCosts and expenses\n \n \n \n \nCost of revenuesproduct sales:\n \n \n \nProduct costs\n656\n \n719 \n733\nSoftware royalties, amortization, and intellectual property licenses\n240\n \n371 \n300\nCost of revenuessubscription, licensing, and other revenues:\n \n \n \nGame operations and distribution costs\n965\n \n1,028 \n984\nSoftware royalties, amortization, and intellectual property licenses\n233\n \n399 \n484\nProduct development\n998\n \n1,101 \n1,069\nSales and marketing\n926\n \n1,062 \n1,378\nGeneral and administrative\n732\n \n822 \n745\nRestructuring and related costs\n132\n \n10 \n15\nTotal costs and expenses\n4,882\n \n5,512 \n5,708\n \n \n \n \nOperating income\n1,607\n \n1,988 \n1,309\nInterest and other expense (income), net (Note 18)\n(26) \n71 \n146\nLoss on extinguishment of debt\n\n \n40 \n12\nIncome before income tax expense\n1,633\n \n1,877 \n1,151\nIncome tax expense\n130\n \n29 \n878\nNet income\n$\n1,503\n $\n1,848 $\n273\n \n \n \n \nEarnings per common share\n \n \n \n \nBasic\n$\n1.96\n $\n2.43 $\n0.36\nDiluted\n$\n1.95\n $\n2.40 $\n0.36\n \n \n \n \nWeighted-average number of shares outstanding\n \n \n \n \nBasic\n767\n \n762 \n754\nDiluted\n771\n \n771 \n766\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\nF-5\n'}]","Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
 
At December 31, 2019
 
At December 31, 2018
Assets
 
 
Current assets:
 
 
Cash and cash equivalents
$
5,794
 $
4,225
Accounts receivable, net of allowances of $132 and $190, at December 31, 2019 and December 31, 2018, respectively
848
 
1,035
Inventories, net
32
 
43
Software development
322
 
264
Other current assets
296
 
539
Total current assets
7,292
 
6,106
Software development
54
 
65
Property and equipment, net
253
 
282
Deferred income taxes, net
1,293
 
458
Other assets
658
 
482
Intangible assets, net
531
 
735
Goodwill
9,764
 
9,762
Total assets
$
19,845
 $
17,890
 
 
 
Liabilities and Shareholders Equity
 
 
Current liabilities:
 
 
Accounts payable
$
292
 $
253
Deferred revenues
1,375
 
1,493
Accrued expenses and other liabilities
1,248
 
896
Total current liabilities
2,915
 
2,642
Long-term debt, net
2,675
 
2,671
Deferred income taxes, net
505
 
18
Other liabilities
945
 
1,167
Total liabilities
7,040
 
6,498
Commitments and contingencies (Note 23)
 
Shareholders equity:
 
 
 
Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,197,436,644 and 1,192,093,991 shares issued at
December 31, 2019 and December 31, 2018, respectively

 

Additional paid-in capital
11,174
 
10,963
Less: Treasury stock, at cost, 428,676,471 shares at December 31, 2019 and December 31, 2018
(5,563) 
(5,563)
Retained earnings
7,813
 
6,593
Accumulated other comprehensive loss
(619) 
(601)
Total shareholders equity
12,805
 
11,392
Total liabilities and shareholders equity
$
19,845
 $
17,890
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-4 Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Net revenues
 
 
 
 
Product sales
$
1,975
 $
2,255 $
2,110
Subscription, licensing, and other revenues
4,514
 
5,245 
4,907
Total net revenues
6,489
 
7,500 
7,017
 
 
 
 
Costs and expenses
 
 
 
 
Cost of revenuesproduct sales:
 
 
 
Product costs
656
 
719 
733
Software royalties, amortization, and intellectual property licenses
240
 
371 
300
Cost of revenuessubscription, licensing, and other revenues:
 
 
 
Game operations and distribution costs
965
 
1,028 
984
Software royalties, amortization, and intellectual property licenses
233
 
399 
484
Product development
998
 
1,101 
1,069
Sales and marketing
926
 
1,062 
1,378
General and administrative
732
 
822 
745
Restructuring and related costs
132
 
10 
15
Total costs and expenses
4,882
 
5,512 
5,708
 
 
 
 
Operating income
1,607
 
1,988 
1,309
Interest and other expense (income), net (Note 18)
(26) 
71 
146
Loss on extinguishment of debt

 
40 
12
Income before income tax expense
1,633
 
1,877 
1,151
Income tax expense
130
 
29 
878
Net income
$
1,503
 $
1,848 $
273
 
 
 
 
Earnings per common share
 
 
 
 
Basic
$
1.96
 $
2.43 $
0.36
Diluted
$
1.95
 $
2.40 $
0.36
 
 
 
 
Weighted-average number of shares outstanding
 
 
 
 
Basic
767
 
762 
754
Diluted
771
 
771 
766
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-5"
"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.",No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.,"[{'evidence_text': 'ADOBE INC.\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions, except per share data)\n \nYears Ended\n \nDecember 2,\n2022\nDecember 3,\n2021\nNovember 27,\n2020\nRevenue:\n \nSubscription\n$ \n16,388 $ \n14,573 $ \n11,626 \nProduct\n \n532 \n555 \n507 \nServices and other\n \n686 \n657 \n735 \nTotal revenue\n \n17,606 \n15,785 \n12,868 \n \nCost of revenue:\nSubscription\n \n1,646 \n1,374 \n1,108 \nProduct\n \n35 \n41 \n36 \nServices and other\n \n484 \n450 \n578 \nTotal cost of revenue\n \n2,165 \n1,865 \n1,722 \n \nGross profit\n \n15,441 \n13,920 \n11,146 \n \nOperating expenses:\nResearch and development\n \n2,987 \n2,540 \n2,188 \nSales and marketing\n \n4,968 \n4,321 \n3,591 \nGeneral and administrative\n \n1,219 \n1,085 \n968 \nAmortization of intangibles\n \n169 \n172 \n162 \nTotal operating expenses\n \n9,343 \n8,118 \n6,909 \n \nOperating income\n \n6,098 \n5,802 \n4,237', 'doc_name': 'ADOBE_2022_10K', 'evidence_page_num': 53, 'evidence_text_full_page': 'ADOBE INC.\nCONSOLIDATED STATEMENTS OF INCOME\n(In millions, except per share data)\n \nYears Ended\n \nDecember 2,\n2022\nDecember 3,\n2021\nNovember 27,\n2020\nRevenue:\n \nSubscription\n$ \n16,388 $ \n14,573 $ \n11,626 \nProduct\n \n532 \n555 \n507 \nServices and other\n \n686 \n657 \n735 \nTotal revenue\n \n17,606 \n15,785 \n12,868 \n \nCost of revenue:\nSubscription\n \n1,646 \n1,374 \n1,108 \nProduct\n \n35 \n41 \n36 \nServices and other\n \n484 \n450 \n578 \nTotal cost of revenue\n \n2,165 \n1,865 \n1,722 \n \nGross profit\n \n15,441 \n13,920 \n11,146 \n \nOperating expenses:\nResearch and development\n \n2,987 \n2,540 \n2,188 \nSales and marketing\n \n4,968 \n4,321 \n3,591 \nGeneral and administrative\n \n1,219 \n1,085 \n968 \nAmortization of intangibles\n \n169 \n172 \n162 \nTotal operating expenses\n \n9,343 \n8,118 \n6,909 \n \nOperating income\n \n6,098 \n5,802 \n4,237 \n \nNon-operating income (expense):\nInterest expense\n \n(112) \n(113) \n(116) \nInvestment gains (losses), net\n \n(19) \n16 \n13 \nOther income (expense), net\n \n41 \n \n42 \nTotal non-operating income (expense), net\n \n(90) \n(97) \n(61) \nIncome before income taxes\n \n6,008 \n5,705 \n4,176 \nProvision for (benefit from) income taxes\n \n1,252 \n883 \n(1,084) \nNet income\n$ \n4,756 $ \n4,822 $ \n5,260 \nBasic net income per share\n$ \n10.13 $ \n10.10 $ \n10.94 \nShares used to compute basic net income per share\n \n470 \n477 \n481 \nDiluted net income per share\n$ \n10.10 $ \n10.02 $ \n10.83 \nShares used to compute diluted net income per share\n \n471 \n481 \n485 \nSee accompanying Notes to Consolidated Financial Statements.\nTable of Contents\n54\n'}]","ADOBE INC.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
 
Years Ended
 
December 2,
2022
December 3,
2021
November 27,
2020
Revenue:
 
Subscription
$ 
16,388 $ 
14,573 $ 
11,626 
Product
 
532 
555 
507 
Services and other
 
686 
657 
735 
Total revenue
 
17,606 
15,785 
12,868 
 
Cost of revenue:
Subscription
 
1,646 
1,374 
1,108 
Product
 
35 
41 
36 
Services and other
 
484 
450 
578 
Total cost of revenue
 
2,165 
1,865 
1,722 
 
Gross profit
 
15,441 
13,920 
11,146 
 
Operating expenses:
Research and development
 
2,987 
2,540 
2,188 
Sales and marketing
 
4,968 
4,321 
3,591 
General and administrative
 
1,219 
1,085 
968 
Amortization of intangibles
 
169 
172 
162 
Total operating expenses
 
9,343 
8,118 
6,909 
 
Operating income
 
6,098 
5,802 
4,237"
What is the FY2021 capital expenditure amount (in USD billions) for PepsiCo? Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows.,$4.60,"[{'evidence_text': 'Table of Contents\nConsolidated Statement of Cash Flows\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019\n(in millions)\n2021\n2020\n2019\nOperating Activities\nNet income\n$\n7,679 $\n7,175 $\n7,353 \nDepreciation and amortization\n2,710 \n2,548 \n2,432 \nOperating lease right-of-use asset amortization\n505 \n478 \n412 \nShare-based compensation expense\n301 \n264 \n237 \nRestructuring and impairment charges\n247 \n289 \n370 \nCash payments for restructuring charges\n(256)\n(255)\n(350)\nAcquisition and divestiture-related charges\n(4)\n255 \n55 \nCash payments for acquisition and divestiture-related charges\n(176)\n(131)\n(10)\nPension and retiree medical plan expenses\n123 \n408 \n519 \nPension and retiree medical plan contributions\n(785)\n(562)\n(716)\nDeferred income taxes and other tax charges and credits\n298 \n361 \n453 \nTax expense/(benefit) related to the TCJ Act\n190 \n \n(8)\nTax payments related to the TCJ Act\n(309)\n(78)\n(423)\nChange in assets and liabilities:\nAccounts and notes receivable\n(651)\n(420)\n(650)\nInventories\n(582)\n(516)\n(190)\nPrepaid expenses and other current assets\n159 \n26 \n(87)\nAccounts payable and other current liabilities\n1,762 \n766 \n735 \nIncome taxes payable\n30 \n(159)\n(287)\nOther, net\n375 \n164 \n(196)\nNet Cash Provided by Operating Activities\n11,616 \n10,613 \n9,649 \nInvesting Activities\nCapital spending\n(4,625)\n(4,240)\n(4,232)\nSales of property, plant and equipment\n166 \n55 \n170 \nAcquisitions, net of cash acquired, and investments in noncontrolled affiliates\n(61)\n(6,372)\n(2,717)\nDivestitures and sales of investments in noncontrolled affiliates\n169 \n6 \n253 \nShort-term investments, by original maturity:\nMore than three months - purchases\n \n(1,135)\n \nMore than three months - maturities\n1,135 \n \n16 \nMore than three months - sales\n \n \n62 \nThree months or less, net\n(58)\n27 \n19 \nOther investing, net\n5 \n40 \n(8)\nNet Cash Used for Investing Activities\n(3,269)\n(11,619)\n(6,437)\n(Continued on following page)\n61', 'doc_name': 'PEPSICO_2021_10K', 'evidence_page_num': 62, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statement of Cash Flows\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019\n(in millions)\n2021\n2020\n2019\nOperating Activities\nNet income\n$\n7,679 $\n7,175 $\n7,353 \nDepreciation and amortization\n2,710 \n2,548 \n2,432 \nOperating lease right-of-use asset amortization\n505 \n478 \n412 \nShare-based compensation expense\n301 \n264 \n237 \nRestructuring and impairment charges\n247 \n289 \n370 \nCash payments for restructuring charges\n(256)\n(255)\n(350)\nAcquisition and divestiture-related charges\n(4)\n255 \n55 \nCash payments for acquisition and divestiture-related charges\n(176)\n(131)\n(10)\nPension and retiree medical plan expenses\n123 \n408 \n519 \nPension and retiree medical plan contributions\n(785)\n(562)\n(716)\nDeferred income taxes and other tax charges and credits\n298 \n361 \n453 \nTax expense/(benefit) related to the TCJ Act\n190 \n \n(8)\nTax payments related to the TCJ Act\n(309)\n(78)\n(423)\nChange in assets and liabilities:\nAccounts and notes receivable\n(651)\n(420)\n(650)\nInventories\n(582)\n(516)\n(190)\nPrepaid expenses and other current assets\n159 \n26 \n(87)\nAccounts payable and other current liabilities\n1,762 \n766 \n735 \nIncome taxes payable\n30 \n(159)\n(287)\nOther, net\n375 \n164 \n(196)\nNet Cash Provided by Operating Activities\n11,616 \n10,613 \n9,649 \nInvesting Activities\nCapital spending\n(4,625)\n(4,240)\n(4,232)\nSales of property, plant and equipment\n166 \n55 \n170 \nAcquisitions, net of cash acquired, and investments in noncontrolled affiliates\n(61)\n(6,372)\n(2,717)\nDivestitures and sales of investments in noncontrolled affiliates\n169 \n6 \n253 \nShort-term investments, by original maturity:\nMore than three months - purchases\n \n(1,135)\n \nMore than three months - maturities\n1,135 \n \n16 \nMore than three months - sales\n \n \n62 \nThree months or less, net\n(58)\n27 \n19 \nOther investing, net\n5 \n40 \n(8)\nNet Cash Used for Investing Activities\n(3,269)\n(11,619)\n(6,437)\n(Continued on following page)\n61\n'}]","Table of Contents
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019
(in millions)
2021
2020
2019
Operating Activities
Net income
$
7,679 $
7,175 $
7,353 
Depreciation and amortization
2,710 
2,548 
2,432 
Operating lease right-of-use asset amortization
505 
478 
412 
Share-based compensation expense
301 
264 
237 
Restructuring and impairment charges
247 
289 
370 
Cash payments for restructuring charges
(256)
(255)
(350)
Acquisition and divestiture-related charges
(4)
255 
55 
Cash payments for acquisition and divestiture-related charges
(176)
(131)
(10)
Pension and retiree medical plan expenses
123 
408 
519 
Pension and retiree medical plan contributions
(785)
(562)
(716)
Deferred income taxes and other tax charges and credits
298 
361 
453 
Tax expense/(benefit) related to the TCJ Act
190 
 
(8)
Tax payments related to the TCJ Act
(309)
(78)
(423)
Change in assets and liabilities:
Accounts and notes receivable
(651)
(420)
(650)
Inventories
(582)
(516)
(190)
Prepaid expenses and other current assets
159 
26 
(87)
Accounts payable and other current liabilities
1,762 
766 
735 
Income taxes payable
30 
(159)
(287)
Other, net
375 
164 
(196)
Net Cash Provided by Operating Activities
11,616 
10,613 
9,649 
Investing Activities
Capital spending
(4,625)
(4,240)
(4,232)
Sales of property, plant and equipment
166 
55 
170 
Acquisitions, net of cash acquired, and investments in noncontrolled affiliates
(61)
(6,372)
(2,717)
Divestitures and sales of investments in noncontrolled affiliates
169 
6 
253 
Short-term investments, by original maturity:
More than three months - purchases
 
(1,135)
 
More than three months - maturities
1,135 
 
16 
More than three months - sales
 
 
62 
Three months or less, net
(58)
27 
19 
Other investing, net
5 
40 
(8)
Net Cash Used for Investing Activities
(3,269)
(11,619)
(6,437)
(Continued on following page)
61"
"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?",The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.,"[{'evidence_text': '(8) The shareholder proposal regarding a congruency report on net-zero emissions policies was defeated:\nFor\n19,718,780\nAgainst\n977,228,788', 'doc_name': 'PEPSICO_2023_8K_dated-2023-05-05', 'evidence_page_num': 3, 'evidence_text_full_page': '(4) The shareholders approved, on an advisory basis, the holding of an advisory vote on the compensation of PepsiCos named executive officers every\nyear:\nOne Year\n994,856,204\nTwo Years\n4,331,004\nThree Years\n17,603,165\nAbstain\n3,357,516\nBroker Non-Votes\n172,969,325\nIn light of the voting results on this advisory vote, and consistent with its recommendation to shareholders, PepsiCos Board of Directors has decided that\nPepsiCo will hold an advisory vote on the compensation of PepsiCos named executive officers every year.\n(5) The shareholder proposal regarding independent Board Chair was defeated:\nFor\n250,838,697\nAgainst\n746,982,272\nAbstain\n22,326,920\nBroker Non-Votes\n172,969,325\n(6) The shareholder proposal regarding a global transparency report was defeated:\nFor\n185,034,699\nAgainst\n814,416,953\nAbstain\n20,696,237\nBroker Non-Votes\n172,969,325\n(7) The shareholder proposal regarding a report on impacts of reproductive healthcare legislation was defeated:\nFor\n158,917,578\nAgainst\n830,627,354\nAbstain\n30,602,957\nBroker Non-Votes\n172,969,325\n(8) The shareholder proposal regarding a congruency report on net-zero emissions policies was defeated:\nFor\n19,718,780\nAgainst\n977,228,788\nAbstain\n23,200,321\nBroker Non-Votes\n172,969,325\n'}]","(8) The shareholder proposal regarding a congruency report on net-zero emissions policies was defeated:
For
19,718,780
Against
977,228,788"
"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: 
-Decrease in gross Margin
-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring
charges","[{'evidence_text': 'SG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant\nlitigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately\n$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring\ncharges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost\nmanagement.', 'doc_name': '3M_2022_10K', 'evidence_page_num': 26, 'evidence_text_full_page': ""Table of Contents\nRESULTS OF OPERATIONS\nNet Sales:\nRefer to the preceding Overview section and the Performance by Business Segment section later in MD&A for additional discussion of sales change.\nOperating Expenses:\n(Percent of net sales)\n2022\n2021\nChange\nCost of sales\n56.2 %\n53.2 %\n3.0 %\nSelling, general and administrative expenses (SG&A)\n26.5 \n20.4 \n6.1 \nResearch, development and related expenses (R&D)\n5.4 \n5.6 \n(0.2)\nGain on business divestitures\n(8.0)\n \n(8.0)\nGoodwill impairment expense\n0.8 \n \n0.8 \nOperating income margin\n19.1 %\n20.8 %\n(1.7)%\nThe Company is continuing the ongoing deployment of an enterprise resource planning (ERP) system on a worldwide basis, with these investments impacting cost of sales,\nSG&A, and R&D.\nCost of Sales:\nCost of sales, measured as a percent of sales, increased in 2022 when compared to the same period last year. Increases were primarily due to 2022 special item costs for\nsignificant litigation from additional commitments to address PFAS-related matters at 3M's Zwijndrecht, Belgium site (discussed in Note 16), higher raw materials and logistics\ncosts, manufacturing productivity headwinds which were further magnified by the shutdown of certain operations in Belgium and progress on restarting previously-idled\noperations, and investments in growth, productivity and sustainability. On a percent of sales basis, these increases were partially offset by increases in selling prices.\nSelling, General and Administrative Expenses:\nSG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant\nlitigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately\n$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring\ncharges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost\nmanagement.\nResearch, Development and Related Expenses:\nR&D, measured as a percent of sales, decreased in 2022 when compared to the same period last year. 3M continues to invest in a range of R&D activities from application\ndevelopment, product and manufacturing support, product development and technology development aimed at disruptive innovations.\nGain on Business Divestitures:\nIn the third quarter of 2022, 3M recorded a pre-tax gain of $2.7 billion ($2.7 billion after tax) related to the split-off and combination of its Food Safety business with Neogen\nCorporation. Refer to Note 3 for further details.\nGoodwill Impairment Expense:\nAs a result of 3M's commitment to exit per- and polyfluoroalkyl substance (PFAS) manufacturing, 3M recorded a goodwill impairment charge related to the Advanced\nMaterials reporting unit (within the Transportation and Electronics business). Refer to Note 15 for further details.\n27\n""}]","SG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant
litigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately
$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring
charges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost
management."
"Based on the information provided primarily in the statement of financial position and the statement of income, what is AES's FY2022 return on assets (ROA)? ROA is defined as: FY2022 net income / (average total assets between FY2021 and FY2022). Round your answer to two decimal places.",-0.02,"[{'evidence_text': '128 \nConsolidated Balance Sheets\nDecember 31, 2022 and 2021\n2022\n2021\n(in millions, except share and per share data)\nASSETS\nCURRENT ASSETS\nCash and cash equivalents\n$\n1,374 \n$\n943 \nRestricted cash\n536 \n304 \nShort-term investments\n730 \n232 \nAccounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively\n1,799 \n1,418 \nInventory\n1,055 \n604 \nPrepaid expenses\n98 \n142 \nOther current assets, net of CECL allowance of $2 and $0, respectively\n1,533 \n897 \nCurrent held-for-sale assets\n518 \n816 \nTotal current assets\n7,643 \n5,356 \nNONCURRENT ASSETS\nProperty, Plant and Equipment:\nLand\n470 \n426 \nElectric generation, distribution assets and other\n26,599 \n25,552 \nAccumulated depreciation\n(8,651)\n(8,486)\nConstruction in progress\n4,621 \n2,414 \nProperty, plant and equipment, net\n23,039 \n19,906 \nOther Assets:\nInvestments in and advances to affiliates\n952 \n1,080 \nDebt service reserves and other deposits\n177 \n237 \nGoodwill\n362 \n1,177 \nOther intangible assets, net of accumulated amortization of $434 and $385, respectively\n1,841 \n1,450 \nDeferred income taxes\n319 \n409 \nLoan receivable, net of allowance of $26\n1,051 \n \nOther noncurrent assets, net of allowance of $51 and $23, respectively\n2,979 \n2,188 \nNoncurrent held-for-sale assets\n \n1,160 \nTotal other assets\n7,681 \n7,701 \nTOTAL ASSETS\n$\n38,363 \n$\n32,963 \nLIABILITIES AND EQUITY\nCURRENT LIABILITIES\nAccounts payable\n$\n1,730 \n$\n1,153 \nAccrued interest\n249 \n182 \nAccrued non-income taxes\n249 \n266 \nAccrued and other liabilities\n2,151 \n1,205 \nNon-recourse debt, including $416 and $302, respectively, related to variable interest entities\n1,758 \n1,367 \nCurrent held-for-sale liabilities\n354 \n559 \nTotal current liabilities\n6,491 \n4,732 \nNONCURRENT LIABILITIES\nRecourse debt\n3,894 \n3,729 \nNon-recourse debt, including $2,295 and $2,223, respectively, related to variable interest entities\n17,846 \n13,603 \nDeferred income taxes\n1,139 \n977 \nOther noncurrent liabilities\n3,168 \n3,358 \nNoncurrent held-for-sale liabilities\n \n740 \nTotal noncurrent liabilities\n26,047 \n22,407 \nCommitments and Contingencies (see Notes 12 and 13)\nRedeemable stock of subsidiaries\n1,321 \n1,257 \nEQUITY\nTHE AES CORPORATION STOCKHOLDERS EQUITY\nPreferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2022 and\nDecember 31, 2021)\n838 \n838 \nCommon stock ($0.01 par value, 1,200,000,000 shares authorized; 818,790,001 issued and 668,743,464 outstanding at December\n31, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)\n8 \n8 \nAdditional paid-in capital\n6,688 \n7,106 \nAccumulated deficit\n(1,635)\n(1,089)\nAccumulated other comprehensive loss\n(1,640)\n(2,220)\nTreasury stock, at cost (150,046,537 and 151,923,418 shares at December 31, 2022 and December 31, 2021, respectively)\n(1,822)\n(1,845)\nTotal AES Corporation stockholders equity\n2,437 \n2,798 \nNONCONTROLLING INTERESTS\n2,067 \n1,769 \nTotal equity\n4,504 \n4,567 \nTOTAL LIABILITIES AND EQUITY\n$\n38,363 \n$\n32,963 \nSee Accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'AES_2022_10K', 'evidence_page_num': 129, 'evidence_text_full_page': '128 \nConsolidated Balance Sheets\nDecember 31, 2022 and 2021\n2022\n2021\n(in millions, except share and per share data)\nASSETS\nCURRENT ASSETS\nCash and cash equivalents\n$\n1,374 \n$\n943 \nRestricted cash\n536 \n304 \nShort-term investments\n730 \n232 \nAccounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively\n1,799 \n1,418 \nInventory\n1,055 \n604 \nPrepaid expenses\n98 \n142 \nOther current assets, net of CECL allowance of $2 and $0, respectively\n1,533 \n897 \nCurrent held-for-sale assets\n518 \n816 \nTotal current assets\n7,643 \n5,356 \nNONCURRENT ASSETS\nProperty, Plant and Equipment:\nLand\n470 \n426 \nElectric generation, distribution assets and other\n26,599 \n25,552 \nAccumulated depreciation\n(8,651)\n(8,486)\nConstruction in progress\n4,621 \n2,414 \nProperty, plant and equipment, net\n23,039 \n19,906 \nOther Assets:\nInvestments in and advances to affiliates\n952 \n1,080 \nDebt service reserves and other deposits\n177 \n237 \nGoodwill\n362 \n1,177 \nOther intangible assets, net of accumulated amortization of $434 and $385, respectively\n1,841 \n1,450 \nDeferred income taxes\n319 \n409 \nLoan receivable, net of allowance of $26\n1,051 \n \nOther noncurrent assets, net of allowance of $51 and $23, respectively\n2,979 \n2,188 \nNoncurrent held-for-sale assets\n \n1,160 \nTotal other assets\n7,681 \n7,701 \nTOTAL ASSETS\n$\n38,363 \n$\n32,963 \nLIABILITIES AND EQUITY\nCURRENT LIABILITIES\nAccounts payable\n$\n1,730 \n$\n1,153 \nAccrued interest\n249 \n182 \nAccrued non-income taxes\n249 \n266 \nAccrued and other liabilities\n2,151 \n1,205 \nNon-recourse debt, including $416 and $302, respectively, related to variable interest entities\n1,758 \n1,367 \nCurrent held-for-sale liabilities\n354 \n559 \nTotal current liabilities\n6,491 \n4,732 \nNONCURRENT LIABILITIES\nRecourse debt\n3,894 \n3,729 \nNon-recourse debt, including $2,295 and $2,223, respectively, related to variable interest entities\n17,846 \n13,603 \nDeferred income taxes\n1,139 \n977 \nOther noncurrent liabilities\n3,168 \n3,358 \nNoncurrent held-for-sale liabilities\n \n740 \nTotal noncurrent liabilities\n26,047 \n22,407 \nCommitments and Contingencies (see Notes 12 and 13)\nRedeemable stock of subsidiaries\n1,321 \n1,257 \nEQUITY\nTHE AES CORPORATION STOCKHOLDERS EQUITY\nPreferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2022 and\nDecember 31, 2021)\n838 \n838 \nCommon stock ($0.01 par value, 1,200,000,000 shares authorized; 818,790,001 issued and 668,743,464 outstanding at December\n31, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)\n8 \n8 \nAdditional paid-in capital\n6,688 \n7,106 \nAccumulated deficit\n(1,635)\n(1,089)\nAccumulated other comprehensive loss\n(1,640)\n(2,220)\nTreasury stock, at cost (150,046,537 and 151,923,418 shares at December 31, 2022 and December 31, 2021, respectively)\n(1,822)\n(1,845)\nTotal AES Corporation stockholders equity\n2,437 \n2,798 \nNONCONTROLLING INTERESTS\n2,067 \n1,769 \nTotal equity\n4,504 \n4,567 \nTOTAL LIABILITIES AND EQUITY\n$\n38,363 \n$\n32,963 \nSee Accompanying Notes to Consolidated Financial Statements.\n'}
 {'evidence_text': '129 \nConsolidated Statements of Operations\nYears ended December 31, 2022, 2021, and 2020\n2022\n2021\n2020\n(in millions, except per share amounts)\nRevenue:\nRegulated\n$\n3,538 \n$\n2,868 \n$\n2,661 \nNon-Regulated\n9,079 \n8,273 \n6,999 \nTotal revenue\n12,617 \n11,141 \n9,660 \nCost of Sales:\nRegulated\n(3,162)\n(2,448)\n(2,235)\nNon-Regulated\n(6,907)\n(5,982)\n(4,732)\nTotal cost of sales\n(10,069)\n(8,430)\n(6,967)\nOperating margin\n2,548 \n2,711 \n2,693 \nGeneral and administrative expenses\n(207)\n(166)\n(165)\nInterest expense\n(1,117)\n(911)\n(1,038)\nInterest income\n389 \n298 \n268 \nLoss on extinguishment of debt\n(15)\n(78)\n(186)\nOther expense\n(68)\n(60)\n(53)\nOther income\n102 \n410 \n75 \nLoss on disposal and sale of business interests\n(9)\n(1,683)\n(95)\nGoodwill impairment expense\n(777)\n \n \nAsset impairment expense\n(763)\n(1,575)\n(864)\nForeign currency transaction gains (losses)\n(77)\n(10)\n55 \nOther non-operating expense\n(175)\n \n(202)\nINCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES\n(169)\n(1,064)\n488 \nIncome tax benefit (expense)\n(265)\n133 \n(216)\nNet equity in losses of affiliates\n(71)\n(24)\n(123)\nINCOME (LOSS) FROM CONTINUING OPERATIONS\n(505)\n(955)\n149 \nGain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively\n \n4 \n3 \nNET INCOME (LOSS)\n(505)\n(951)\n152 \nLess: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries\n(41)\n542 \n(106)\nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nAMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:\nIncome (loss) from continuing operations, net of tax\n$\n(546)\n$\n(413)\n$\n43 \nIncome from discontinued operations, net of tax\n \n4 \n3 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nBASIC EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nDILUTED EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nSee Accompanying Notes to Consolidated Financial Statements.', 'doc_name': 'AES_2022_10K', 'evidence_page_num': 131, 'evidence_text_full_page': '129 \nConsolidated Statements of Operations\nYears ended December 31, 2022, 2021, and 2020\n2022\n2021\n2020\n(in millions, except per share amounts)\nRevenue:\nRegulated\n$\n3,538 \n$\n2,868 \n$\n2,661 \nNon-Regulated\n9,079 \n8,273 \n6,999 \nTotal revenue\n12,617 \n11,141 \n9,660 \nCost of Sales:\nRegulated\n(3,162)\n(2,448)\n(2,235)\nNon-Regulated\n(6,907)\n(5,982)\n(4,732)\nTotal cost of sales\n(10,069)\n(8,430)\n(6,967)\nOperating margin\n2,548 \n2,711 \n2,693 \nGeneral and administrative expenses\n(207)\n(166)\n(165)\nInterest expense\n(1,117)\n(911)\n(1,038)\nInterest income\n389 \n298 \n268 \nLoss on extinguishment of debt\n(15)\n(78)\n(186)\nOther expense\n(68)\n(60)\n(53)\nOther income\n102 \n410 \n75 \nLoss on disposal and sale of business interests\n(9)\n(1,683)\n(95)\nGoodwill impairment expense\n(777)\n \n \nAsset impairment expense\n(763)\n(1,575)\n(864)\nForeign currency transaction gains (losses)\n(77)\n(10)\n55 \nOther non-operating expense\n(175)\n \n(202)\nINCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES\n(169)\n(1,064)\n488 \nIncome tax benefit (expense)\n(265)\n133 \n(216)\nNet equity in losses of affiliates\n(71)\n(24)\n(123)\nINCOME (LOSS) FROM CONTINUING OPERATIONS\n(505)\n(955)\n149 \nGain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively\n \n4 \n3 \nNET INCOME (LOSS)\n(505)\n(951)\n152 \nLess: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries\n(41)\n542 \n(106)\nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nAMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:\nIncome (loss) from continuing operations, net of tax\n$\n(546)\n$\n(413)\n$\n43 \nIncome from discontinued operations, net of tax\n \n4 \n3 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION\n$\n(546)\n$\n(409)\n$\n46 \nBASIC EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nDILUTED EARNINGS PER SHARE:\nIncome (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax\n$\n(0.82)\n$\n(0.62)\n$\n0.06 \nIncome from discontinued operations attributable to The AES Corporation common stockholders, net of tax\n \n0.01 \n0.01 \nNET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS\n$\n(0.82)\n$\n(0.61)\n$\n0.07 \nSee Accompanying Notes to Consolidated Financial Statements.\n'}]","128 
Consolidated Balance Sheets
December 31, 2022 and 2021
2022
2021
(in millions, except share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
1,374 
$
943 
Restricted cash
536 
304 
Short-term investments
730 
232 
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively
1,799 
1,418 
Inventory
1,055 
604 
Prepaid expenses
98 
142 
Other current assets, net of CECL allowance of $2 and $0, respectively
1,533 
897 
Current held-for-sale assets
518 
816 
Total current assets
7,643 
5,356 
NONCURRENT ASSETS
Property, Plant and Equipment:
Land
470 
426 
Electric generation, distribution assets and other
26,599 
25,552 
Accumulated depreciation
(8,651)
(8,486)
Construction in progress
4,621 
2,414 
Property, plant and equipment, net
23,039 
19,906 
Other Assets:
Investments in and advances to affiliates
952 
1,080 
Debt service reserves and other deposits
177 
237 
Goodwill
362 
1,177 
Other intangible assets, net of accumulated amortization of $434 and $385, respectively
1,841 
1,450 
Deferred income taxes
319 
409 
Loan receivable, net of allowance of $26
1,051 
 
Other noncurrent assets, net of allowance of $51 and $23, respectively
2,979 
2,188 
Noncurrent held-for-sale assets
 
1,160 
Total other assets
7,681 
7,701 
TOTAL ASSETS
$
38,363 
$
32,963 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,730 
$
1,153 
Accrued interest
249 
182 
Accrued non-income taxes
249 
266 
Accrued and other liabilities
2,151 
1,205 
Non-recourse debt, including $416 and $302, respectively, related to variable interest entities
1,758 
1,367 
Current held-for-sale liabilities
354 
559 
Total current liabilities
6,491 
4,732 
NONCURRENT LIABILITIES
Recourse debt
3,894 
3,729 
Non-recourse debt, including $2,295 and $2,223, respectively, related to variable interest entities
17,846 
13,603 
Deferred income taxes
1,139 
977 
Other noncurrent liabilities
3,168 
3,358 
Noncurrent held-for-sale liabilities
 
740 
Total noncurrent liabilities
26,047 
22,407 
Commitments and Contingencies (see Notes 12 and 13)
Redeemable stock of subsidiaries
1,321 
1,257 
EQUITY
THE AES CORPORATION STOCKHOLDERS EQUITY
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2022 and
December 31, 2021)
838 
838 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,790,001 issued and 668,743,464 outstanding at December
31, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)
8 
8 
Additional paid-in capital
6,688 
7,106 
Accumulated deficit
(1,635)
(1,089)
Accumulated other comprehensive loss
(1,640)
(2,220)
Treasury stock, at cost (150,046,537 and 151,923,418 shares at December 31, 2022 and December 31, 2021, respectively)
(1,822)
(1,845)
Total AES Corporation stockholders equity
2,437 
2,798 
NONCONTROLLING INTERESTS
2,067 
1,769 
Total equity
4,504 
4,567 
TOTAL LIABILITIES AND EQUITY
$
38,363 
$
32,963 
See Accompanying Notes to Consolidated Financial Statements. 129 
Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022
2021
2020
(in millions, except per share amounts)
Revenue:
Regulated
$
3,538 
$
2,868 
$
2,661 
Non-Regulated
9,079 
8,273 
6,999 
Total revenue
12,617 
11,141 
9,660 
Cost of Sales:
Regulated
(3,162)
(2,448)
(2,235)
Non-Regulated
(6,907)
(5,982)
(4,732)
Total cost of sales
(10,069)
(8,430)
(6,967)
Operating margin
2,548 
2,711 
2,693 
General and administrative expenses
(207)
(166)
(165)
Interest expense
(1,117)
(911)
(1,038)
Interest income
389 
298 
268 
Loss on extinguishment of debt
(15)
(78)
(186)
Other expense
(68)
(60)
(53)
Other income
102 
410 
75 
Loss on disposal and sale of business interests
(9)
(1,683)
(95)
Goodwill impairment expense
(777)
 
 
Asset impairment expense
(763)
(1,575)
(864)
Foreign currency transaction gains (losses)
(77)
(10)
55 
Other non-operating expense
(175)
 
(202)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
(169)
(1,064)
488 
Income tax benefit (expense)
(265)
133 
(216)
Net equity in losses of affiliates
(71)
(24)
(123)
INCOME (LOSS) FROM CONTINUING OPERATIONS
(505)
(955)
149 
Gain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively
 
4 
3 
NET INCOME (LOSS)
(505)
(951)
152 
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries
(41)
542 
(106)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46 
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income (loss) from continuing operations, net of tax
$
(546)
$
(413)
$
43 
Income from discontinued operations, net of tax
 
4 
3 
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46 
BASIC EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
(0.82)
$
(0.62)
$
0.06 
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax
 
0.01 
0.01 
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
(0.82)
$
(0.61)
$
0.07 
DILUTED EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
(0.82)
$
(0.62)
$
0.06 
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax
 
0.01 
0.01 
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
(0.82)
$
(0.61)
$
0.07 
See Accompanying Notes to Consolidated Financial Statements."
Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?,There are none,"[{'evidence_text': 'Registrants telephone number, including area code: (212) 640-2000\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading Symbol(s)\nName of each exchange on which registered\nCommon Shares (par value $0.20 per Share)\nAXP\nNew York Stock Exchange\nSecurities registered pursuant to section 12(g) of the Act: None', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 0, 'evidence_text_full_page': ""UNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nForm 10-K\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the fiscal year ended December 31, 2022\nOR\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the transition period from to \n Commission File No. 1-7657\nAmerican Express Company\n(Exact name of registrant as specified in its charter)\nNew York\n13-4922250\n(State or other jurisdiction of incorporation or organization)\n(I.R.S. Employer Identification No.)\n200 Vesey Street\nNew York, New York\n10285\n(Address of principal executive offices)\n(Zip Code)\nRegistrants telephone number, including area code: (212) 640-2000\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading Symbol(s)\nName of each exchange on which registered\nCommon Shares (par value $0.20 per Share)\nAXP\nNew York Stock Exchange\nSecurities registered pursuant to section 12(g) of the Act: None\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No o\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No \nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or\nfor such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No o\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this\nchapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the\ndefinitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.\nLarge accelerated filer \nAccelerated filer o\nNon-accelerated filer o\nSmaller reporting company \nEmerging growth company \nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\nstandards provided pursuant to Section 13(a) of the Exchange Act. o\nIndicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under\nsection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. \nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an\nerror to previously issued financial statements. o\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's\nexecutive officers during the relevant recovery period pursuant to 240.10D-1(b). o\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No \nAs of June 30, 2022, the aggregate market value of the registrants voting shares held by non-affiliates of the registrant was approximately $104.0 billion based on the closing sale price as\nreported on the New York Stock Exchange.\nAs of February 2, 2023, there were 744,192,702 common shares of the registrant outstanding.\nDOCUMENTS INCORPORATED BY REFERENCE\nPart III: Portions of Registrants Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on May 2,\n2023.\n""}]","Registrants telephone number, including area code: (212) 640-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares (par value $0.20 per Share)
AXP
New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act: None"
How much has the effective tax rate of Corning changed between FY2021 and FY2022?,The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.,"[{'evidence_text': 'RESULTS OF OPERATIONS\n \nThe following table presents selected highlights from our operations (in millions):\n \n \n \nYear ended December 31,\n \n% change\n \n \n \n2022\n \n2021\n \n22 vs. 21\n \n \n \n \n \n \nNet sales\n $\n14,189 $\n14,082 \n1%\n \n \n \n \n \nGross margin\n $\n4,506 $\n5,063 \n(11%)\n(gross margin %)\n \n32% \n36% \n \n \n \n \n \n \nSelling, general and administrative expenses\n $\n1,898 $\n1,827 \n4%\n(as a % of net sales)\n \n13% \n13% \n \n \n \n \n \n \nResearch, development and engineering expenses\n $\n1,047 $\n995 \n5%\n(as a % of net sales)\n \n7% \n7% \n \n \n \n \n \n \nTranslated earnings contract gain, net\n $\n351 $\n354 \n(1%)\n(as a % of net sales)\n \n2% \n3% \n \n \n \n \n \n \nIncome before income taxes\n $\n1,797 $\n2,426 \n(26%)\n(as a % of net sales)\n \n13% \n17% \n \n \n \n \n \n \nProvision for income taxes\n $\n(411) $\n(491) \n16%\nEffective tax rate\n \n23% \n20% \n \n \n \n \n \n \nNet income attributable to Corning Incorporated\n $\n1,316 $\n1,906 \n(31%)\n(as a % of net sales)\n \n9% \n14% \n \n \n \n \n \n \nComprehensive income attributable to Corning Incorporated\n $\n661 $\n1,471 \n(55%)', 'doc_name': 'CORNING_2022_10K', 'evidence_page_num': 23, 'evidence_text_full_page': 'Table of Contents\n \n2022 Results\n \nNet sales for the year ended December 31, 2022 were $14.2 billion, a net increase of $107 million, or 1%, when compared to the year ended December 31, 2021. This is\ndriven by 15% growth in segment net sales in Optical Communications of $674 million and 34% growth in Hemlock and Emerging Growth Businesses of $419 million,\nwhich helped offset a $394 million decrease in Display Technologies. In addition, movements in foreign exchange rates adversely impacted Cornings consolidated net\nsales by $616 million for the year ended December 31, 2022, when compared to the same period in 2021.\n \nFor the year ended December 31, 2022, we generated net income attributable to Corning Incorporated of $1,316 million, or $1.54 per diluted share, compared to net\nincome attributable to Corning Incorporated of $1,906 million, or $1.28 per diluted share, for the year ended December 31, 2021. When compared to 2021, the $590\nmillion decrease was primarily driven by a $238 million increase in severance, accelerated depreciation, asset write-offs and other related charges, a $50 million increase\nin litigation, regulatory and other legal matters and a $120 million adverse impact from foreign currency translation.\n \nDiluted earnings per share for the year ended December 31, 2022 increased by $0.26 per diluted share, or 20%, when compared to the year ended December 31, 2021,\nprimarily driven by the immediate repurchase and retirement of 35 million common shares which resulted in an $803 million one-time reduction to net income available\nto common shareholders in 2021, partially offset by the decrease in net income attributable to Corning Incorporated as described above. Refer to Note 16 (Shareholders\nEquity) and Note 17 (Earnings per Common Share) in the accompanying notes to the consolidated financial statements for additional information.\n \n2023 Corporate Outlook\n \nFor the first quarter 2023, we anticipate core sales in the range of $3.2 billion to $3.4 billion.\n \n \nRESULTS OF OPERATIONS\n \nThe following table presents selected highlights from our operations (in millions):\n \n \n \nYear ended December 31,\n \n% change\n \n \n \n2022\n \n2021\n \n22 vs. 21\n \n \n \n \n \n \nNet sales\n $\n14,189 $\n14,082 \n1%\n \n \n \n \n \nGross margin\n $\n4,506 $\n5,063 \n(11%)\n(gross margin %)\n \n32% \n36% \n \n \n \n \n \n \nSelling, general and administrative expenses\n $\n1,898 $\n1,827 \n4%\n(as a % of net sales)\n \n13% \n13% \n \n \n \n \n \n \nResearch, development and engineering expenses\n $\n1,047 $\n995 \n5%\n(as a % of net sales)\n \n7% \n7% \n \n \n \n \n \n \nTranslated earnings contract gain, net\n $\n351 $\n354 \n(1%)\n(as a % of net sales)\n \n2% \n3% \n \n \n \n \n \n \nIncome before income taxes\n $\n1,797 $\n2,426 \n(26%)\n(as a % of net sales)\n \n13% \n17% \n \n \n \n \n \n \nProvision for income taxes\n $\n(411) $\n(491) \n16%\nEffective tax rate\n \n23% \n20% \n \n \n \n \n \n \nNet income attributable to Corning Incorporated\n $\n1,316 $\n1,906 \n(31%)\n(as a % of net sales)\n \n9% \n14% \n \n \n \n \n \n \nComprehensive income attributable to Corning Incorporated\n $\n661 $\n1,471 \n(55%)\n \n24\n'}]","RESULTS OF OPERATIONS
 
The following table presents selected highlights from our operations (in millions):
 
 
 
Year ended December 31,
 
% change
 
 
 
2022
 
2021
 
22 vs. 21
 
 
 
 
 
 
Net sales
 $
14,189 $
14,082 
1%
 
 
 
 
 
Gross margin
 $
4,506 $
5,063 
(11%)
(gross margin %)
 
32% 
36% 
 
 
 
 
 
 
Selling, general and administrative expenses
 $
1,898 $
1,827 
4%
(as a % of net sales)
 
13% 
13% 
 
 
 
 
 
 
Research, development and engineering expenses
 $
1,047 $
995 
5%
(as a % of net sales)
 
7% 
7% 
 
 
 
 
 
 
Translated earnings contract gain, net
 $
351 $
354 
(1%)
(as a % of net sales)
 
2% 
3% 
 
 
 
 
 
 
Income before income taxes
 $
1,797 $
2,426 
(26%)
(as a % of net sales)
 
13% 
17% 
 
 
 
 
 
 
Provision for income taxes
 $
(411) $
(491) 
16%
Effective tax rate
 
23% 
20% 
 
 
 
 
 
 
Net income attributable to Corning Incorporated
 $
1,316 $
1,906 
(31%)
(as a % of net sales)
 
9% 
14% 
 
 
 
 
 
 
Comprehensive income attributable to Corning Incorporated
 $
661 $
1,471 
(55%)"
Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?,There are none,"[{'evidence_text': 'UNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, DC 20549\nFORM 10-K\n Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\nFor the fiscal year ended January 28, 2023\nor\n Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\nFor the transition period from _____________ to _____________\nCommission File Number: 001-33764\nULTA BEAUTY, INC.\n(Exact name of registrant as specified in its charter)\nDelaware\n(State or other jurisdiction of\nincorporation or organization)\n38-4022268\n(I.R.S. Employer\nIdentification No.)\n1000 Remington Blvd., Suite 120\nBolingbrook, Illinois\n(Address of principal executive offices)\n60440\n(Zip code)\nRegistrants telephone number, including area code: (630) 410-4800\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading symbol\nName of each exchange on which registered\nCommon stock, par value $0.01 per share\nULTA\nThe NASDAQ Global Select Market\nSecurities registered pursuant to Section 12(g) of the Act: None', 'doc_name': 'ULTABEAUTY_2023_10K', 'evidence_page_num': 0, 'evidence_text_full_page': 'Table of Contents\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, DC 20549\nFORM 10-K\n Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\nFor the fiscal year ended January 28, 2023\nor\n Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\nFor the transition period from _____________ to _____________\nCommission File Number: 001-33764\nULTA BEAUTY, INC.\n(Exact name of registrant as specified in its charter)\nDelaware\n(State or other jurisdiction of\nincorporation or organization)\n38-4022268\n(I.R.S. Employer\nIdentification No.)\n1000 Remington Blvd., Suite 120\nBolingbrook, Illinois\n(Address of principal executive offices)\n60440\n(Zip code)\nRegistrants telephone number, including area code: (630) 410-4800\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading symbol\nName of each exchange on which registered\nCommon stock, par value $0.01 per share\nULTA\nThe NASDAQ Global Select Market\nSecurities registered pursuant to Section 12(g) of the Act: None\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934\nduring the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing\nrequirements for the past 90 days. Yes No\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of\nRegulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such\nfiles). Yes No\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or\nemerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth\ncompany in Rule 12b-2 of the Exchange Act.:\nLarge accelerated filer \nAccelerated filer \nNon-accelerated filer \nSmaller reporting company \nEmerging growth company \nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new\nor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \nIndicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness of its internal control\nover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or\nissued its audit report. \nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the \nfiling reflect the correction of an error to previously issued financial statements. \nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received\nby any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b). \n'}]","UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
 Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 28, 2023
or
 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________ to _____________
Commission File Number: 001-33764
ULTA BEAUTY, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
38-4022268
(I.R.S. Employer
Identification No.)
1000 Remington Blvd., Suite 120
Bolingbrook, Illinois
(Address of principal executive offices)
60440
(Zip code)
Registrants telephone number, including area code: (630) 410-4800
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common stock, par value $0.01 per share
ULTA
The NASDAQ Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None"
Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?,"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:
-1.500% Notes due 2026 (Trading Symbol: MMM26)
-1.750% Notes due 2030 (Trading Symbol: MMM30)
-1.500% Notes due 2031 (Trading Symbol: MMM31)","[{'evidence_text': 'Title of each class\nTrading Symbol(s)\nName of each exchange on which registered\nCommon Stock, Par Value $.01 Per Share\nMMM\nNew York Stock Exchange\nMMM\nChicago Stock Exchange, Inc.\n1.500% Notes due 2026\nMMM26\nNew York Stock Exchange\n1.750% Notes due 2030\nMMM30\nNew York Stock Exchange\n1.500% Notes due 2031\nMMM31\nNew York Stock Exchange', 'doc_name': '3M_2023Q2_10Q', 'evidence_page_num': 0, 'evidence_text_full_page': 'Table of Contents\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWASHINGTON, D.C. 20549\nFORM 10-Q\n QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the quarterly period ended June 30, 2023\nor\no TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the transition period from __________ to __________\nCommission file number: 1-3285\n3M COMPANY\n(Exact name of registrant as specified in its charter)\nDelaware\n41-0417775\n(State or other jurisdiction of incorporation)\n(IRS Employer Identification No.)\n3M Center, St. Paul, Minnesota\n55144-1000\n(Address of Principal Executive Offices)\n(Zip Code)\n(Registrants Telephone Number, Including Area Code) (651) 733-1110\nNot Applicable\n(Former Name or Former Address, if Changed Since Last Report)\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading Symbol(s)\nName of each exchange on which registered\nCommon Stock, Par Value $.01 Per Share\nMMM\nNew York Stock Exchange\nMMM\nChicago Stock Exchange, Inc.\n1.500% Notes due 2026\nMMM26\nNew York Stock Exchange\n1.750% Notes due 2030\nMMM30\nNew York Stock Exchange\n1.500% Notes due 2031\nMMM31\nNew York Stock Exchange\nNote: The common stock of the Registrant is also traded on the SIX Swiss Exchange.\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or\nfor such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No \nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this\nchapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No \nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the\ndefinitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.:\nLarge accelerated filer\n\nAccelerated filer\n\nNon-accelerated filer\n\nSmaller reporting company\n\nEmerging growth company\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\nstandards provided pursuant to Section 13(a) of the Exchange Act. \nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No \nIndicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.\nClass\nOutstanding at June 30, 2023\nCommon Stock, $0.01 par value per share\n551,992,430 shares\n1\n'}]","Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $.01 Per Share
MMM
New York Stock Exchange
MMM
Chicago Stock Exchange, Inc.
1.500% Notes due 2026
MMM26
New York Stock Exchange
1.750% Notes due 2030
MMM30
New York Stock Exchange
1.500% Notes due 2031
MMM31
New York Stock Exchange"
We want to calculate a financial metric. Please help us compute it by basing your answers off of the statement of income and the statement of cash flows. Here's the question: what is the FY2015 unadjusted EBITDA % margin for Netflix? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement).,5.4%,"[{'evidence_text': 'Table of Contents\nNETFLIX, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in thousands, except per share data)\n \n \n \nYear ended December 31,\n \n \n2015\n \n2014\n \n2013\nRevenues\n $\n6,779,511 $\n5,504,656 $\n4,374,562\nCost of revenues\n \n4,591,476 \n3,752,760 \n3,117,203\nMarketing\n \n824,092 \n607,186 \n469,942\nTechnology and development\n \n650,788 \n472,321 \n378,769\nGeneral and administrative\n \n407,329 \n269,741 \n180,301\nOperating income\n \n305,826 \n402,648 \n228,347\nOther income (expense):\n \n \n \nInterest expense\n \n(132,716) \n(50,219) \n(29,142)\nInterest and other income (expense)\n \n(31,225) \n(3,060) \n(3,002)\nLoss on extinguishment of debt\n \n \n \n(25,129)\nIncome before income taxes\n \n141,885 \n349,369 \n171,074\nProvision for income taxes\n \n19,244 \n82,570 \n58,671\nNet income\n $\n122,641 $\n266,799 $\n112,403\nEarnings per share:\n \n \n \nBasic\n $\n0.29 $\n0.63 $\n0.28\nDiluted\n $\n0.28 $\n0.62 $\n0.26\nWeighted-average common shares outstanding:\n \n \n \nBasic\n \n425,889 \n420,544 \n407,385\nDiluted\n \n436,456 \n431,894 \n425,327\nSee accompanying notes to consolidated financial statements.\n38', 'doc_name': 'NETFLIX_2015_10K', 'evidence_page_num': 39, 'evidence_text_full_page': 'Table of Contents\nNETFLIX, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in thousands, except per share data)\n \n \n \nYear ended December 31,\n \n \n2015\n \n2014\n \n2013\nRevenues\n $\n6,779,511 $\n5,504,656 $\n4,374,562\nCost of revenues\n \n4,591,476 \n3,752,760 \n3,117,203\nMarketing\n \n824,092 \n607,186 \n469,942\nTechnology and development\n \n650,788 \n472,321 \n378,769\nGeneral and administrative\n \n407,329 \n269,741 \n180,301\nOperating income\n \n305,826 \n402,648 \n228,347\nOther income (expense):\n \n \n \nInterest expense\n \n(132,716) \n(50,219) \n(29,142)\nInterest and other income (expense)\n \n(31,225) \n(3,060) \n(3,002)\nLoss on extinguishment of debt\n \n \n \n(25,129)\nIncome before income taxes\n \n141,885 \n349,369 \n171,074\nProvision for income taxes\n \n19,244 \n82,570 \n58,671\nNet income\n $\n122,641 $\n266,799 $\n112,403\nEarnings per share:\n \n \n \nBasic\n $\n0.29 $\n0.63 $\n0.28\nDiluted\n $\n0.28 $\n0.62 $\n0.26\nWeighted-average common shares outstanding:\n \n \n \nBasic\n \n425,889 \n420,544 \n407,385\nDiluted\n \n436,456 \n431,894 \n425,327\nSee accompanying notes to consolidated financial statements.\n38\n'}
 {'evidence_text': 'Table of Contents\nNETFLIX, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(in thousands)\n \n \nYear Ended December 31,\n \n \n2015\n \n2014\n \n2013\nCash flows from operating activities:\n \n \n \nNet income\n $\n122,641 $\n266,799 $\n112,403\nAdjustments to reconcile net income to net cash (used in) provided by operating activities:\n \n \n \nAdditions to streaming content assets\n \n(5,771,652) \n(3,773,019) \n(3,030,701)\nChange in streaming content liabilities\n \n1,162,413 \n593,125 \n673,785\nAmortization of streaming content assets\n \n3,405,382 \n2,656,279 \n2,121,981\nAmortization of DVD content assets\n \n79,380 \n71,491 \n71,325\nDepreciation and amortization of property, equipment and intangibles\n \n62,283 \n54,028 \n48,374\nStock-based compensation expense\n \n124,725 \n115,239 \n73,100\nExcess tax benefits from stock-based compensation\n \n(80,471) \n(89,341) \n(81,663)\nOther non-cash items\n \n31,628 \n15,282 \n5,332\nLoss on extinguishment of debt\n \n \n \n25,129\nDeferred taxes\n \n(58,655) \n(30,063) \n(22,044)\nChanges in operating assets and liabilities:\n \n \n \nOther current assets\n \n18,693 \n(9,198) \n43,177\nAccounts payable\n \n51,615 \n83,812 \n18,374\nAccrued expenses\n \n48,810 \n55,636 \n1,941\nDeferred revenue\n \n72,135 \n58,819 \n46,295\nOther non-current assets and liabilities\n \n(18,366) \n(52,406) \n(8,977)\nNet cash (used in) provided by operating activities\n \n(749,439) \n16,483 \n97,831\nCash flows from investing activities:\n \n \n \nAcquisition of DVD content assets\n \n(77,958) \n(74,790) \n(65,927)\nPurchases of property and equipment\n \n(91,248) \n(69,726) \n(54,143)\nOther assets\n \n(1,912) \n1,334 \n5,939\nPurchases of short-term investments\n \n(371,915) \n(426,934) \n(550,264)\nProceeds from sale of short-term investments\n \n259,079 \n385,300 \n347,502\nProceeds from maturities of short-term investments\n \n104,762 \n141,950 \n60,925\nNet cash used in investing activities\n \n(179,192) \n(42,866) \n(255,968)\nCash flows from financing activities:\n \n \n \nProceeds from issuance of common stock\n \n77,980 \n60,544 \n124,557\nProceeds from issuance of debt\n \n1,500,000 \n400,000 \n500,000\nIssuance costs\n \n(17,629) \n(7,080) \n(9,414)\nRedemption of debt\n \n \n \n(219,362)\nExcess tax benefits from stock-based compensation\n \n80,471 \n89,341 \n81,663\nPrincipal payments of lease financing obligations\n \n(545) \n(1,093) \n(1,180)\nNet cash provided by financing activities\n \n1,640,277 \n541,712 \n476,264\nEffect of exchange rate changes on cash and cash equivalents\n \n(15,924) \n(6,686) \n(3,453)\nNet increase in cash and cash equivalents\n \n695,722 \n508,643 \n314,674\nCash and cash equivalents, beginning of year\n \n1,113,608 \n604,965 \n290,291\nCash and cash equivalents, end of year\n $\n1,809,330 $\n1,113,608 $\n604,965\nSupplemental disclosure:\n \n \n \nIncome taxes paid\n $\n27,658 $\n50,573 $\n7,465\nInterest paid\n \n111,761 \n41,085 \n19,114\nInvesting activities included in liabilities\n \n18,824 \n23,802 \n11,508\nSee accompanying notes to consolidated financial statements.\n40', 'doc_name': 'NETFLIX_2015_10K', 'evidence_page_num': 41, 'evidence_text_full_page': 'Table of Contents\nNETFLIX, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(in thousands)\n \n \nYear Ended December 31,\n \n \n2015\n \n2014\n \n2013\nCash flows from operating activities:\n \n \n \nNet income\n $\n122,641 $\n266,799 $\n112,403\nAdjustments to reconcile net income to net cash (used in) provided by operating activities:\n \n \n \nAdditions to streaming content assets\n \n(5,771,652) \n(3,773,019) \n(3,030,701)\nChange in streaming content liabilities\n \n1,162,413 \n593,125 \n673,785\nAmortization of streaming content assets\n \n3,405,382 \n2,656,279 \n2,121,981\nAmortization of DVD content assets\n \n79,380 \n71,491 \n71,325\nDepreciation and amortization of property, equipment and intangibles\n \n62,283 \n54,028 \n48,374\nStock-based compensation expense\n \n124,725 \n115,239 \n73,100\nExcess tax benefits from stock-based compensation\n \n(80,471) \n(89,341) \n(81,663)\nOther non-cash items\n \n31,628 \n15,282 \n5,332\nLoss on extinguishment of debt\n \n \n \n25,129\nDeferred taxes\n \n(58,655) \n(30,063) \n(22,044)\nChanges in operating assets and liabilities:\n \n \n \nOther current assets\n \n18,693 \n(9,198) \n43,177\nAccounts payable\n \n51,615 \n83,812 \n18,374\nAccrued expenses\n \n48,810 \n55,636 \n1,941\nDeferred revenue\n \n72,135 \n58,819 \n46,295\nOther non-current assets and liabilities\n \n(18,366) \n(52,406) \n(8,977)\nNet cash (used in) provided by operating activities\n \n(749,439) \n16,483 \n97,831\nCash flows from investing activities:\n \n \n \nAcquisition of DVD content assets\n \n(77,958) \n(74,790) \n(65,927)\nPurchases of property and equipment\n \n(91,248) \n(69,726) \n(54,143)\nOther assets\n \n(1,912) \n1,334 \n5,939\nPurchases of short-term investments\n \n(371,915) \n(426,934) \n(550,264)\nProceeds from sale of short-term investments\n \n259,079 \n385,300 \n347,502\nProceeds from maturities of short-term investments\n \n104,762 \n141,950 \n60,925\nNet cash used in investing activities\n \n(179,192) \n(42,866) \n(255,968)\nCash flows from financing activities:\n \n \n \nProceeds from issuance of common stock\n \n77,980 \n60,544 \n124,557\nProceeds from issuance of debt\n \n1,500,000 \n400,000 \n500,000\nIssuance costs\n \n(17,629) \n(7,080) \n(9,414)\nRedemption of debt\n \n \n \n(219,362)\nExcess tax benefits from stock-based compensation\n \n80,471 \n89,341 \n81,663\nPrincipal payments of lease financing obligations\n \n(545) \n(1,093) \n(1,180)\nNet cash provided by financing activities\n \n1,640,277 \n541,712 \n476,264\nEffect of exchange rate changes on cash and cash equivalents\n \n(15,924) \n(6,686) \n(3,453)\nNet increase in cash and cash equivalents\n \n695,722 \n508,643 \n314,674\nCash and cash equivalents, beginning of year\n \n1,113,608 \n604,965 \n290,291\nCash and cash equivalents, end of year\n $\n1,809,330 $\n1,113,608 $\n604,965\nSupplemental disclosure:\n \n \n \nIncome taxes paid\n $\n27,658 $\n50,573 $\n7,465\nInterest paid\n \n111,761 \n41,085 \n19,114\nInvesting activities included in liabilities\n \n18,824 \n23,802 \n11,508\nSee accompanying notes to consolidated financial statements.\n40\n'}]","Table of Contents
NETFLIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Revenues
 $
6,779,511 $
5,504,656 $
4,374,562
Cost of revenues
 
4,591,476 
3,752,760 
3,117,203
Marketing
 
824,092 
607,186 
469,942
Technology and development
 
650,788 
472,321 
378,769
General and administrative
 
407,329 
269,741 
180,301
Operating income
 
305,826 
402,648 
228,347
Other income (expense):
 
 
 
Interest expense
 
(132,716) 
(50,219) 
(29,142)
Interest and other income (expense)
 
(31,225) 
(3,060) 
(3,002)
Loss on extinguishment of debt
 
 
 
(25,129)
Income before income taxes
 
141,885 
349,369 
171,074
Provision for income taxes
 
19,244 
82,570 
58,671
Net income
 $
122,641 $
266,799 $
112,403
Earnings per share:
 
 
 
Basic
 $
0.29 $
0.63 $
0.28
Diluted
 $
0.28 $
0.62 $
0.26
Weighted-average common shares outstanding:
 
 
 
Basic
 
425,889 
420,544 
407,385
Diluted
 
436,456 
431,894 
425,327
See accompanying notes to consolidated financial statements.
38 Table of Contents
NETFLIX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Cash flows from operating activities:
 
 
 
Net income
 $
122,641 $
266,799 $
112,403
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 
 
 
Additions to streaming content assets
 
(5,771,652) 
(3,773,019) 
(3,030,701)
Change in streaming content liabilities
 
1,162,413 
593,125 
673,785
Amortization of streaming content assets
 
3,405,382 
2,656,279 
2,121,981
Amortization of DVD content assets
 
79,380 
71,491 
71,325
Depreciation and amortization of property, equipment and intangibles
 
62,283 
54,028 
48,374
Stock-based compensation expense
 
124,725 
115,239 
73,100
Excess tax benefits from stock-based compensation
 
(80,471) 
(89,341) 
(81,663)
Other non-cash items
 
31,628 
15,282 
5,332
Loss on extinguishment of debt
 
 
 
25,129
Deferred taxes
 
(58,655) 
(30,063) 
(22,044)
Changes in operating assets and liabilities:
 
 
 
Other current assets
 
18,693 
(9,198) 
43,177
Accounts payable
 
51,615 
83,812 
18,374
Accrued expenses
 
48,810 
55,636 
1,941
Deferred revenue
 
72,135 
58,819 
46,295
Other non-current assets and liabilities
 
(18,366) 
(52,406) 
(8,977)
Net cash (used in) provided by operating activities
 
(749,439) 
16,483 
97,831
Cash flows from investing activities:
 
 
 
Acquisition of DVD content assets
 
(77,958) 
(74,790) 
(65,927)
Purchases of property and equipment
 
(91,248) 
(69,726) 
(54,143)
Other assets
 
(1,912) 
1,334 
5,939
Purchases of short-term investments
 
(371,915) 
(426,934) 
(550,264)
Proceeds from sale of short-term investments
 
259,079 
385,300 
347,502
Proceeds from maturities of short-term investments
 
104,762 
141,950 
60,925
Net cash used in investing activities
 
(179,192) 
(42,866) 
(255,968)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of common stock
 
77,980 
60,544 
124,557
Proceeds from issuance of debt
 
1,500,000 
400,000 
500,000
Issuance costs
 
(17,629) 
(7,080) 
(9,414)
Redemption of debt
 
 
 
(219,362)
Excess tax benefits from stock-based compensation
 
80,471 
89,341 
81,663
Principal payments of lease financing obligations
 
(545) 
(1,093) 
(1,180)
Net cash provided by financing activities
 
1,640,277 
541,712 
476,264
Effect of exchange rate changes on cash and cash equivalents
 
(15,924) 
(6,686) 
(3,453)
Net increase in cash and cash equivalents
 
695,722 
508,643 
314,674
Cash and cash equivalents, beginning of year
 
1,113,608 
604,965 
290,291
Cash and cash equivalents, end of year
 $
1,809,330 $
1,113,608 $
604,965
Supplemental disclosure:
 
 
 
Income taxes paid
 $
27,658 $
50,573 $
7,465
Interest paid
 
111,761 
41,085 
19,114
Investing activities included in liabilities
 
18,824 
23,802 
11,508
See accompanying notes to consolidated financial statements.
40"
"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue / (average total assets between FY2019 and FY2020). Round your answer to two decimal places.",1.33,"[{'evidence_text': 'Table of Contents\nLockheed Martin Corporation\nConsolidated Statements of Earnings\n(in millions, except per share data)\n \n \nYears Ended December 31,\n2020\n2019\n2018\nNet sales\nProducts\n$\n54,928 \n$\n50,053 \n$\n45,005 \nServices\n10,470 \n9,759 \n8,757 \nTotal net sales\n65,398 \n59,812 \n53,762 \nCost of sales\nProducts\n(48,996)\n(44,589)\n(40,293)\nServices\n(9,371)\n(8,731)\n(7,738)\nSeverance charges\n(27)\n \n(96)\nOther unallocated, net\n1,650 \n1,875 \n1,639 \nTotal cost of sales\n(56,744)\n(51,445)\n(46,488)\nGross profit\n8,654 \n8,367 \n7,274 \nOther (expense) income, net\n(10)\n178 \n60 \nOperating profit\n8,644 \n8,545 \n7,334 \nInterest expense\n(591)\n(653)\n(668)\nOther non-operating income (expense), net\n182 \n(651)\n(828)\nEarnings from continuing operations before income taxes\n8,235 \n7,241 \n5,838 \nIncome tax expense\n(1,347)\n(1,011)\n(792)\nNet earnings from continuing operations\n6,888 \n6,230 \n5,046 \nNet loss from discontinued operations\n(55)\n \n \nNet earnings\n$\n6,833 \n$\n6,230 \n$\n5,046 \n \nEarnings (loss) per common share\nBasic\nContinuing operations\n$\n24.60 \n$\n22.09 \n$\n17.74 \nDiscontinued operations\n(0.20)\n \n \nBasic earnings per common share\n$\n24.40 \n$\n22.09 \n$\n17.74 \nDiluted\nContinuing operations\n$\n24.50 \n$\n21.95 \n$\n17.59 \nDiscontinued operations\n(0.20)\n \n \nDiluted earnings per common share\n$\n24.30 \n$\n21.95 \n$\n17.59 \nThe accompanying notes are an integral part of these consolidated financial statements.\n67', 'doc_name': 'LOCKHEEDMARTIN_2020_10K', 'evidence_page_num': 66, 'evidence_text_full_page': 'Table of Contents\nLockheed Martin Corporation\nConsolidated Statements of Earnings\n(in millions, except per share data)\n \n \nYears Ended December 31,\n2020\n2019\n2018\nNet sales\nProducts\n$\n54,928 \n$\n50,053 \n$\n45,005 \nServices\n10,470 \n9,759 \n8,757 \nTotal net sales\n65,398 \n59,812 \n53,762 \nCost of sales\nProducts\n(48,996)\n(44,589)\n(40,293)\nServices\n(9,371)\n(8,731)\n(7,738)\nSeverance charges\n(27)\n \n(96)\nOther unallocated, net\n1,650 \n1,875 \n1,639 \nTotal cost of sales\n(56,744)\n(51,445)\n(46,488)\nGross profit\n8,654 \n8,367 \n7,274 \nOther (expense) income, net\n(10)\n178 \n60 \nOperating profit\n8,644 \n8,545 \n7,334 \nInterest expense\n(591)\n(653)\n(668)\nOther non-operating income (expense), net\n182 \n(651)\n(828)\nEarnings from continuing operations before income taxes\n8,235 \n7,241 \n5,838 \nIncome tax expense\n(1,347)\n(1,011)\n(792)\nNet earnings from continuing operations\n6,888 \n6,230 \n5,046 \nNet loss from discontinued operations\n(55)\n \n \nNet earnings\n$\n6,833 \n$\n6,230 \n$\n5,046 \n \nEarnings (loss) per common share\nBasic\nContinuing operations\n$\n24.60 \n$\n22.09 \n$\n17.74 \nDiscontinued operations\n(0.20)\n \n \nBasic earnings per common share\n$\n24.40 \n$\n22.09 \n$\n17.74 \nDiluted\nContinuing operations\n$\n24.50 \n$\n21.95 \n$\n17.59 \nDiscontinued operations\n(0.20)\n \n \nDiluted earnings per common share\n$\n24.30 \n$\n21.95 \n$\n17.59 \nThe accompanying notes are an integral part of these consolidated financial statements.\n67\n'}
 {'evidence_text': 'Table of Contents\nLockheed Martin Corporation\nConsolidated Balance Sheets\n(in millions, except par value)\n \n \nDecember 31,\n2020\n2019\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,160 \n$\n1,514 \nReceivables, net\n1,978 \n2,337 \nContract assets\n9,545 \n9,094 \nInventories\n3,545 \n3,619 \nOther current assets\n1,150 \n531 \nTotal current assets\n19,378 \n17,095 \nProperty, plant and equipment, net\n7,213 \n6,591 \nGoodwill\n10,806 \n10,604 \nIntangible assets, net\n3,012 \n3,213 \nDeferred income taxes\n3,475 \n3,319 \nOther noncurrent assets\n6,826 \n6,706 \nTotal assets\n$\n50,710 \n$\n47,528 \nLiabilities and equity\nCurrent liabilities\nAccounts payable\n$\n880 \n$\n1,281 \nContract liabilities\n7,545 \n7,054 \nSalaries, benefits and payroll taxes\n3,163 \n2,466 \nCurrent maturities of long-term debt\n500 \n1,250 \nOther current liabilities\n1,845 \n1,921 \nTotal current liabilities\n13,933 \n13,972 \nLong-term debt, net\n11,669 \n11,404 \nAccrued pension liabilities\n12,874 \n13,234 \nOther noncurrent liabilities\n6,196 \n5,747 \nTotal liabilities\n44,672 \n44,357 \nStockholders equity\nCommon stock, $1 par value per share\n279 \n280 \nAdditional paid-in capital\n221 \n \nRetained earnings\n21,636 \n18,401 \nAccumulated other comprehensive loss\n(16,121)\n(15,554)\nTotal stockholders equity\n6,015 \n3,127 \nNoncontrolling interests in subsidiary\n23 \n44 \nTotal equity\n6,038 \n3,171 \nTotal liabilities and equity\n$\n50,710 \n$\n47,528 \nThe accompanying notes are an integral part of these consolidated financial statements.\n69', 'doc_name': 'LOCKHEEDMARTIN_2020_10K', 'evidence_page_num': 68, 'evidence_text_full_page': 'Table of Contents\nLockheed Martin Corporation\nConsolidated Balance Sheets\n(in millions, except par value)\n \n \nDecember 31,\n2020\n2019\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,160 \n$\n1,514 \nReceivables, net\n1,978 \n2,337 \nContract assets\n9,545 \n9,094 \nInventories\n3,545 \n3,619 \nOther current assets\n1,150 \n531 \nTotal current assets\n19,378 \n17,095 \nProperty, plant and equipment, net\n7,213 \n6,591 \nGoodwill\n10,806 \n10,604 \nIntangible assets, net\n3,012 \n3,213 \nDeferred income taxes\n3,475 \n3,319 \nOther noncurrent assets\n6,826 \n6,706 \nTotal assets\n$\n50,710 \n$\n47,528 \nLiabilities and equity\nCurrent liabilities\nAccounts payable\n$\n880 \n$\n1,281 \nContract liabilities\n7,545 \n7,054 \nSalaries, benefits and payroll taxes\n3,163 \n2,466 \nCurrent maturities of long-term debt\n500 \n1,250 \nOther current liabilities\n1,845 \n1,921 \nTotal current liabilities\n13,933 \n13,972 \nLong-term debt, net\n11,669 \n11,404 \nAccrued pension liabilities\n12,874 \n13,234 \nOther noncurrent liabilities\n6,196 \n5,747 \nTotal liabilities\n44,672 \n44,357 \nStockholders equity\nCommon stock, $1 par value per share\n279 \n280 \nAdditional paid-in capital\n221 \n \nRetained earnings\n21,636 \n18,401 \nAccumulated other comprehensive loss\n(16,121)\n(15,554)\nTotal stockholders equity\n6,015 \n3,127 \nNoncontrolling interests in subsidiary\n23 \n44 \nTotal equity\n6,038 \n3,171 \nTotal liabilities and equity\n$\n50,710 \n$\n47,528 \nThe accompanying notes are an integral part of these consolidated financial statements.\n69\n'}]","Table of Contents
Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
 
 
Years Ended December 31,
2020
2019
2018
Net sales
Products
$
54,928 
$
50,053 
$
45,005 
Services
10,470 
9,759 
8,757 
Total net sales
65,398 
59,812 
53,762 
Cost of sales
Products
(48,996)
(44,589)
(40,293)
Services
(9,371)
(8,731)
(7,738)
Severance charges
(27)
 
(96)
Other unallocated, net
1,650 
1,875 
1,639 
Total cost of sales
(56,744)
(51,445)
(46,488)
Gross profit
8,654 
8,367 
7,274 
Other (expense) income, net
(10)
178 
60 
Operating profit
8,644 
8,545 
7,334 
Interest expense
(591)
(653)
(668)
Other non-operating income (expense), net
182 
(651)
(828)
Earnings from continuing operations before income taxes
8,235 
7,241 
5,838 
Income tax expense
(1,347)
(1,011)
(792)
Net earnings from continuing operations
6,888 
6,230 
5,046 
Net loss from discontinued operations
(55)
 
 
Net earnings
$
6,833 
$
6,230 
$
5,046 
 
Earnings (loss) per common share
Basic
Continuing operations
$
24.60 
$
22.09 
$
17.74 
Discontinued operations
(0.20)
 
 
Basic earnings per common share
$
24.40 
$
22.09 
$
17.74 
Diluted
Continuing operations
$
24.50 
$
21.95 
$
17.59 
Discontinued operations
(0.20)
 
 
Diluted earnings per common share
$
24.30 
$
21.95 
$
17.59 
The accompanying notes are an integral part of these consolidated financial statements.
67 Table of Contents
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
 
 
December 31,
2020
2019
Assets
Current assets
Cash and cash equivalents
$
3,160 
$
1,514 
Receivables, net
1,978 
2,337 
Contract assets
9,545 
9,094 
Inventories
3,545 
3,619 
Other current assets
1,150 
531 
Total current assets
19,378 
17,095 
Property, plant and equipment, net
7,213 
6,591 
Goodwill
10,806 
10,604 
Intangible assets, net
3,012 
3,213 
Deferred income taxes
3,475 
3,319 
Other noncurrent assets
6,826 
6,706 
Total assets
$
50,710 
$
47,528 
Liabilities and equity
Current liabilities
Accounts payable
$
880 
$
1,281 
Contract liabilities
7,545 
7,054 
Salaries, benefits and payroll taxes
3,163 
2,466 
Current maturities of long-term debt
500 
1,250 
Other current liabilities
1,845 
1,921 
Total current liabilities
13,933 
13,972 
Long-term debt, net
11,669 
11,404 
Accrued pension liabilities
12,874 
13,234 
Other noncurrent liabilities
6,196 
5,747 
Total liabilities
44,672 
44,357 
Stockholders equity
Common stock, $1 par value per share
279 
280 
Additional paid-in capital
221 
 
Retained earnings
21,636 
18,401 
Accumulated other comprehensive loss
(16,121)
(15,554)
Total stockholders equity
6,015 
3,127 
Noncontrolling interests in subsidiary
23 
44 
Total equity
6,038 
3,171 
Total liabilities and equity
$
50,710 
$
47,528 
The accompanying notes are an integral part of these consolidated financial statements.
69"
Is 3M a capital-intensive business based on FY2022 data?,"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:
CAPEX/Revenue Ratio: 5.1%
Fixed assets/Total Assets: 20%
Return on Assets= 12.4%","[{'evidence_text': '3M Company and Subsidiaries\nConsolidated Statement of Income\nYears ended December 31\n(Millions, except per share amounts)\n2022\n2021\n2020\nNet sales\n$\n34,229 $\n35,355 $\n32,184', 'doc_name': '3M_2022_10K', 'evidence_page_num': 47, 'evidence_text_full_page': 'Table of Contents\n3M Company and Subsidiaries\nConsolidated Statement of Income\nYears ended December 31\n(Millions, except per share amounts)\n2022\n2021\n2020\nNet sales\n$\n34,229 $\n35,355 $\n32,184 \nOperating expenses\nCost of sales\n19,232 \n18,795 \n16,605 \nSelling, general and administrative expenses\n9,049 \n7,197 \n6,929 \nResearch, development and related expenses\n1,862 \n1,994 \n1,878 \nGain on business divestitures\n(2,724)\n \n(389)\nGoodwill impairment expense\n271 \n \n \nTotal operating expenses\n27,690 \n27,986 \n25,023 \nOperating income\n6,539 \n7,369 \n7,161 \nOther expense (income), net\n147 \n165 \n366 \nIncome before income taxes\n6,392 \n7,204 \n6,795 \nProvision for income taxes\n612 \n1,285 \n1,337 \nIncome of consolidated group\n5,780 \n5,919 \n5,458 \nIncome (loss) from unconsolidated subsidiaries, net of taxes\n11 \n10 \n(5)\nNet income including noncontrolling interest\n5,791 \n5,929 \n5,453 \nLess: Net income (loss) attributable to noncontrolling interest\n14 \n8 \n4 \nNet income attributable to 3M\n$\n5,777 $\n5,921 $\n5,449 \nWeighted average 3M common shares outstanding basic\n566.0 \n579.0 \n577.6 \nEarnings per share attributable to 3M common shareholders basic\n$\n10.21 $\n10.23 $\n9.43 \nWeighted average 3M common shares outstanding diluted\n567.6 \n585.3 \n582.2 \nEarnings per share attributable to 3M common shareholders diluted\n$\n10.18 $\n10.12 $\n9.36 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n48\n'}
 {'evidence_text': '3M Company and Subsidiaries\nConsolidated Balance Sheet\nAt December 31\n(Dollars in millions, except per share amount)\n2022\n2021\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,655 $\n4,564 \nMarketable securities current\n238 \n201 \nAccounts receivable net of allowances of $174 and $189\n4,532 \n4,660 \nInventories\nFinished goods\n2,497 \n2,196 \nWork in process\n1,606 \n1,577 \nRaw materials and supplies\n1,269 \n1,212 \nTotal inventories\n5,372 \n4,985 \nPrepaids\n435 \n654 \nOther current assets\n456 \n339 \nTotal current assets\n14,688 \n15,403 \nProperty, plant and equipment\n25,998 \n27,213 \nLess: Accumulated depreciation\n(16,820)\n(17,784)\nProperty, plant and equipment net\n9,178 \n9,429 \nOperating lease right of use assets\n829 \n858 \nGoodwill\n12,790 \n13,486 \nIntangible assets net\n4,699 \n5,288 \nOther assets\n4,271 \n2,608 \nTotal assets\n$\n46,455 $\n47,072', 'doc_name': '3M_2022_10K', 'evidence_page_num': 49, 'evidence_text_full_page': 'Table of Contents\n3M Company and Subsidiaries\nConsolidated Balance Sheet\nAt December 31\n(Dollars in millions, except per share amount)\n2022\n2021\nAssets\nCurrent assets\nCash and cash equivalents\n$\n3,655 $\n4,564 \nMarketable securities current\n238 \n201 \nAccounts receivable net of allowances of $174 and $189\n4,532 \n4,660 \nInventories\nFinished goods\n2,497 \n2,196 \nWork in process\n1,606 \n1,577 \nRaw materials and supplies\n1,269 \n1,212 \nTotal inventories\n5,372 \n4,985 \nPrepaids\n435 \n654 \nOther current assets\n456 \n339 \nTotal current assets\n14,688 \n15,403 \nProperty, plant and equipment\n25,998 \n27,213 \nLess: Accumulated depreciation\n(16,820)\n(17,784)\nProperty, plant and equipment net\n9,178 \n9,429 \nOperating lease right of use assets\n829 \n858 \nGoodwill\n12,790 \n13,486 \nIntangible assets net\n4,699 \n5,288 \nOther assets\n4,271 \n2,608 \nTotal assets\n$\n46,455 $\n47,072 \nLiabilities\nCurrent liabilities\nShort-term borrowings and current portion of long-term debt\n$\n1,938 $\n1,307 \nAccounts payable\n3,183 \n2,994 \nAccrued payroll\n692 \n1,020 \nAccrued income taxes\n259 \n260 \nOperating lease liabilities current\n261 \n263 \nOther current liabilities\n3,190 \n3,191 \nTotal current liabilities\n9,523 \n9,035 \nLong-term debt\n14,001 \n16,056 \nPension and postretirement benefits\n1,966 \n2,870 \nOperating lease liabilities\n580 \n591 \nOther liabilities\n5,615 \n3,403 \nTotal liabilities\n31,685 \n31,955 \nCommitments and contingencies (Note 16)\nEquity\n3M Company shareholders equity:\nCommon stock par value, $.01 par value; 944,033,056 shares issued\n9 \n9 \nShares outstanding - December 31, 2022: 549,245,105\nShares outstanding - December 31, 2021: 571,845,478\nAdditional paid-in capital\n6,691 \n6,429 \nRetained earnings\n47,950 \n45,821 \nTreasury stock, at cost:\n(33,255)\n(30,463)\nAccumulated other comprehensive income (loss)\n(6,673)\n(6,750)\nTotal 3M Company shareholders equity\n14,722 \n15,046 \nNoncontrolling interest\n48 \n71 \nTotal equity\n14,770 \n15,117 \nTotal liabilities and equity\n$\n46,455 $\n47,072 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n50\n'}
 {'evidence_text': '3M Company and Subsidiaries\nConsolidated Statement of Cash Flows\nYears ended December 31\n(Millions)\n2022\n2021\n2020\nCash Flows from Operating Activities\nNet income including noncontrolling interest\n$\n5,791 $\n5,929 $\n5,453 \nAdjustments to reconcile net income including noncontrolling interest to net cash provided by operating\nactivities\nDepreciation and amortization\n1,831 \n1,915 \n1,911 \nLong-lived and indefinite-lived asset impairment expense\n618 \n \n6 \nGoodwill impairment expense\n271 \n \n \nCompany pension and postretirement contributions\n(158)\n(180)\n(156)\nCompany pension and postretirement expense\n178 \n206 \n322 \nStock-based compensation expense\n263 \n274 \n262 \nGain on business divestitures\n(2,724)\n \n(389)\nDeferred income taxes\n(663)\n(166)\n(165)\nChanges in assets and liabilities\nAccounts receivable\n(105)\n(122)\n165 \nInventories\n(629)\n(903)\n(91)\nAccounts payable\n111 \n518 \n252 \nAccrued income taxes (current and long-term)\n(47)\n(244)\n132 \nOther net\n854 \n227 \n411 \nNet cash provided by (used in) operating activities\n5,591 \n7,454 \n8,113 \nCash Flows from Investing Activities\nPurchases of property, plant and equipment (PP&E)\n(1,749)\n(1,603)\n(1,501)', 'doc_name': '3M_2022_10K', 'evidence_page_num': 51, 'evidence_text_full_page': 'Table of Contents\n3M Company and Subsidiaries\nConsolidated Statement of Cash Flows\nYears ended December 31\n(Millions)\n2022\n2021\n2020\nCash Flows from Operating Activities\nNet income including noncontrolling interest\n$\n5,791 $\n5,929 $\n5,453 \nAdjustments to reconcile net income including noncontrolling interest to net cash provided by operating\nactivities\nDepreciation and amortization\n1,831 \n1,915 \n1,911 \nLong-lived and indefinite-lived asset impairment expense\n618 \n \n6 \nGoodwill impairment expense\n271 \n \n \nCompany pension and postretirement contributions\n(158)\n(180)\n(156)\nCompany pension and postretirement expense\n178 \n206 \n322 \nStock-based compensation expense\n263 \n274 \n262 \nGain on business divestitures\n(2,724)\n \n(389)\nDeferred income taxes\n(663)\n(166)\n(165)\nChanges in assets and liabilities\nAccounts receivable\n(105)\n(122)\n165 \nInventories\n(629)\n(903)\n(91)\nAccounts payable\n111 \n518 \n252 \nAccrued income taxes (current and long-term)\n(47)\n(244)\n132 \nOther net\n854 \n227 \n411 \nNet cash provided by (used in) operating activities\n5,591 \n7,454 \n8,113 \nCash Flows from Investing Activities\nPurchases of property, plant and equipment (PP&E)\n(1,749)\n(1,603)\n(1,501)\nProceeds from sale of PP&E and other assets\n200 \n51 \n128 \nAcquisitions, net of cash acquired\n \n \n(25)\nPurchases of marketable securities and investments\n(1,250)\n(2,202)\n(1,579)\nProceeds from maturities and sale of marketable securities and investments\n1,261 \n2,406 \n1,811 \nProceeds from sale of businesses, net of cash sold\n13 \n \n576 \nCash payment from Food Safety business split-off, net of divested cash\n478 \n \n \nOther net\n1 \n31 \n10 \nNet cash provided by (used in) investing activities\n(1,046)\n(1,317)\n(580)\nCash Flows from Financing Activities\nChange in short-term debt net\n340 \n(2)\n(143)\nRepayment of debt (maturities greater than 90 days)\n(1,179)\n(1,144)\n(3,482)\nProceeds from debt (maturities greater than 90 days)\n1 \n1 \n1,750 \nPurchases of treasury stock\n(1,464)\n(2,199)\n(368)\nProceeds from issuance of treasury stock pursuant to stock option and benefit plans\n381 \n639 \n429 \nDividends paid to shareholders\n(3,369)\n(3,420)\n(3,388)\nOther net\n(60)\n(20)\n(98)\nNet cash provided by (used in) financing activities\n(5,350)\n(6,145)\n(5,300)\nEffect of exchange rate changes on cash and cash equivalents\n(104)\n(62)\n48 \nNet increase (decrease) in cash and cash equivalents\n(909)\n(70)\n2,281 \nCash and cash equivalents at beginning of year\n4,564 \n4,634 \n2,353 \nCash and cash equivalents at end of period\n$\n3,655 $\n4,564 $\n4,634 \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n52\n'}]","3M Company and Subsidiaries
Consolidated Statement of Income
Years ended December 31
(Millions, except per share amounts)
2022
2021
2020
Net sales
$
34,229 $
35,355 $
32,184 3M Company and Subsidiaries
Consolidated Balance Sheet
At December 31
(Dollars in millions, except per share amount)
2022
2021
Assets
Current assets
Cash and cash equivalents
$
3,655 $
4,564 
Marketable securities current
238 
201 
Accounts receivable net of allowances of $174 and $189
4,532 
4,660 
Inventories
Finished goods
2,497 
2,196 
Work in process
1,606 
1,577 
Raw materials and supplies
1,269 
1,212 
Total inventories
5,372 
4,985 
Prepaids
435 
654 
Other current assets
456 
339 
Total current assets
14,688 
15,403 
Property, plant and equipment
25,998 
27,213 
Less: Accumulated depreciation
(16,820)
(17,784)
Property, plant and equipment net
9,178 
9,429 
Operating lease right of use assets
829 
858 
Goodwill
12,790 
13,486 
Intangible assets net
4,699 
5,288 
Other assets
4,271 
2,608 
Total assets
$
46,455 $
47,072 3M Company and Subsidiaries
Consolidated Statement of Cash Flows
Years ended December 31
(Millions)
2022
2021
2020
Cash Flows from Operating Activities
Net income including noncontrolling interest
$
5,791 $
5,929 $
5,453 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating
activities
Depreciation and amortization
1,831 
1,915 
1,911 
Long-lived and indefinite-lived asset impairment expense
618 
 
6 
Goodwill impairment expense
271 
 
 
Company pension and postretirement contributions
(158)
(180)
(156)
Company pension and postretirement expense
178 
206 
322 
Stock-based compensation expense
263 
274 
262 
Gain on business divestitures
(2,724)
 
(389)
Deferred income taxes
(663)
(166)
(165)
Changes in assets and liabilities
Accounts receivable
(105)
(122)
165 
Inventories
(629)
(903)
(91)
Accounts payable
111 
518 
252 
Accrued income taxes (current and long-term)
(47)
(244)
132 
Other net
854 
227 
411 
Net cash provided by (used in) operating activities
5,591 
7,454 
8,113 
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E)
(1,749)
(1,603)
(1,501)"
Who are the primary customers of Boeing as of FY2022?,Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.,"[{'evidence_text': 'We derive a significant portion of our revenues from a limited number of commercial airlines.', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 7, 'evidence_text_full_page': 'Table of Contents\nForward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to\nbe accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to\npredict. Many factors, including those set forth in the Risk Factors section below and other important factors disclosed in this report and from\ntime to time in our other filings with the SEC, could cause actual results to differ materially and adversely from these forward-looking statements.\nAny forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-\nlooking statement whether as a result of new information, future events or otherwise, except as required by law.\nItem 1A. Risk Factors\nAn investment in our common stock or debt securities involves risks and uncertainties and our actual results and future trends may differ\nmaterially from our past or projected future performance. We urge investors to consider carefully the risk factors described below in evaluating\nthe information contained in this report.\nRisks Related to Our Business and Operations\nWe depend heavily on commercial airlines, subjecting us to unique risks.\nMarket conditions have a significant impact on demand for our commercial aircraft and related services. The commercial aircraft market is\npredominantly driven by long-term trends in airline passenger and cargo traffic. The principal factors underlying long-term traffic growth are\nsustained economic growth and political stability both in developed and emerging markets. Demand for our commercial aircraft is further\ninfluenced by airline profitability, availability of aircraft financing, world trade policies, government-to-government relations, technological\nadvances, price and other competitive factors, fuel prices, terrorism, pandemics, epidemics and environmental regulations. Historically, the\nairline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost\ncompetitive. Significant deterioration in the global economic environment, the airline industry generally or the financial stability of one or more of\nour major customers could result in fewer new orders for aircraft or services, or could cause customers to seek to postpone or cancel contractual\norders and/or payments to us, which could result in lower revenues, profitability and cash flows and a reduction in our contractual backlog. In\naddition, because our commercial aircraft backlog consists of aircraft scheduled for delivery over a period of several years, any of these\nmacroeconomic, industry or customer impacts could unexpectedly affect deliveries over a long period.\nWe enter into firm fixed-price aircraft sales contracts with indexed price escalation clauses, which could subject us to losses if we have cost\noverruns or if increases in our costs exceed the applicable escalation rate. Commercial aircraft sales contracts are often entered into years\nbefore the aircraft are delivered. In order to help account for economic fluctuations between the contract date and delivery date, aircraft pricing\ngenerally consists of a fixed amount as modified by price escalation formulas derived from labor, commodity and other price indices. Our\nrevenue estimates are based on current expectations with respect to these escalation formulas, but the actual escalation amounts are outside of\nour control. Escalation factors can fluctuate significantly from period to period. Changes in escalation amounts can significantly impact revenues\nand operating margins in our Commercial Airplanes business.\nWe derive a significant portion of our revenues from a limited number of commercial airlines. We can make no assurance that any customer will\nexercise purchase options, fulfill existing purchase commitments or purchase additional products or services from us. In addition, fleet decisions,\nairline consolidations or financial challenges involving any of our major commercial airline customers could significantly reduce our revenues and\nlimit our opportunity to generate profits from those customers.\n6\n'}
 {'evidence_text': 'We derive a substantial portion of our revenue from the U.S. government', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 9, 'evidence_text_full_page': 'Table of Contents\ncommercial aircraft assembly facilities are delayed or create significant disruption to our production system, or if our suppliers cannot timely\ndeliver components to us at the cost and rates necessary to achieve our targets, we may be unable to meet delivery schedules and/or the\nfinancial performance of one or more of our programs may suffer.\nOperational challenges impacting the production system for one or more of our commercial aircraft programs could result in additional production\ndelays and/or failure to meet customer demand for new aircraft, either of which would negatively impact our revenues and operating margins.\nOur commercial aircraft production system is extremely complex. Operational issues, including delays or defects in supplier components, failure\nto meet internal performance plans, or delays or failures to achieve required regulatory approval, could result in additional out-of-sequence work\nand increased production costs, as well as delayed deliveries to customers, impacts to aircraft performance and/or increased warranty or fleet\nsupport costs. We and our suppliers are experiencing supply chain disruptions as a result of the lingering impacts of COVID-19, global supply\nchain constraints, and labor instability. We and our suppliers are also experiencing inflationary pressures. We continue to monitor the health and\nstability of the supply chain as we ramp up production. These factors have reduced overall productivity and adversely impacted our financial\nposition, results of operations and cash flows.\nIf our commercial aircraft fail to satisfy performance and reliability requirements and/or potentially required sustainability standards, we could\nface additional costs and/or lower revenues. Developing and manufacturing commercial aircraft that meet or exceed our performance and\nreliability standards and/or potentially required sustainability standards, as well as those of customers and regulatory agencies, can be costly\nand technologically challenging. These challenges are particularly significant with newer aircraft programs. Any failure of any Boeing aircraft to\nsatisfy performance or reliability requirements could result in disruption to our operations, higher costs and/or lower revenues.\nChanges in levels of U.S. government defense spending or acquisition priorities could negatively impact our financial position and\nresults of operations.\nWe derive a substantial portion of our revenue from the U.S. government, primarily from defense related programs with the United States\nDepartment of Defense (U.S. DoD). Levels of U.S. defense spending are very difficult to predict and may be impacted by numerous factors such\nas the evolving nature of the national security threat environment, U.S. national security strategy, U.S. foreign policy, the domestic political\nenvironment, macroeconomic conditions and the ability of the U.S. government to enact relevant legislation such as authorization and\nappropriations bills.\nThe timeliness of FY24 and future appropriations for government departments and agencies remains a recurrent risk. A lapse in appropriations\nfor government departments or agencies would result in a full or partial government shutdown, which could impact the Companys operations.\nAlternatively, Congress may fund government departments and agencies with one or more Continuing Resolutions; however, this would restrict\nthe execution of certain program activities and delay new programs or competitions. In addition, long-term uncertainty remains with respect to\noverall levels of defense spending in FY24 and beyond. U.S. government discretionary spending, including defense spending, is likely to\ncontinue to be subject to pressure.\nThere continues to be uncertainty with respect to future acquisition priorities and program-level appropriations for the U.S. DoD and other\ngovernment agencies (including NASA), including changes to national security and defense priorities, and tension between modernization\ninvestments, sustainment investments, and investments in new technologies or emergent capabilities. Future investment priority changes or\nbudget cuts, including changes associated with the authorizations and appropriations process, could result in reductions, cancellations, and/or\ndelays of existing contracts or programs, or future program opportunities. Any of these impacts could have a material effect on the results of the\nCompanys financial position, results of operations and/or cash flows.\n8\n'}
 {'evidence_text': 'In 2022, 40% of our revenues were earned pursuant to U.S. government contracts', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 13, 'evidence_text_full_page': 'Table of Contents\nguarantees, partner performance and indemnifications. Consolidations of joint ventures could also impact our reported results of operations or\nfinancial position. While we believe that we have established appropriate and adequate procedures and processes to mitigate these risks, there\nis no assurance that these transactions will be successful. We also may make strategic divestitures from time to time. These transactions may\nresult in continued financial involvement in the divested businesses, such as through guarantees or other financial arrangements, following the\ntransaction. Nonperformance by those divested businesses could affect our future financial results through additional payment obligations,\nhigher costs or asset write-downs.\nRisks Related to Our Contracts\nWe conduct a significant portion of our business pursuant to U.S. government contracts, which are subject to unique risks.\nIn 2022, 40% of our revenues were earned pursuant to U.S. government contracts, which include FMS through the U.S. government. Business\nconducted pursuant to such contracts is subject to extensive procurement regulations and other unique risks.\nOur sales to the U.S. government are subject to extensive procurement regulations, and changes to those regulations could increase our costs.\nNew procurement regulations or climate or cyber-related contractual disclosures, or changes to existing requirements, could increase our\ncompliance costs or otherwise have a material impact on the operating margins of our BDS and BGS businesses. These requirements may also\nresult in withheld payments and/or reduced future business if we fail to comply. For example, proposals to raise domestic content thresholds for\nour U.S. government contracts could have negative impacts on our business. Compliance costs attributable to current and potential future\nprocurement regulations such as these could negatively impact our financial position, results of operations and/or cash flows.\nThe U.S. government may modify, curtail or terminate one or more of our contracts. The U.S. government contracting party may modify, curtail or\nterminate its contracts and subcontracts with us, without prior notice and either at its convenience or for default based on performance. In\naddition, funding pursuant to our U.S. government contracts may be reduced or withheld as part of the U.S. Congressional appropriations\nprocess due to fiscal constraints, changes in U.S. national security strategy and/or priorities or other reasons. Further uncertainty with respect to\nongoing programs could also result in the event that the U.S. government finances its operations through temporary funding measures such as\ncontinuing resolutions rather than full-year appropriations. Any loss or anticipated loss or reduction of expected funding and/or modification,\ncurtailment or termination of one or more large programs could have a material adverse effect on our financial position, results of operations\nand/or cash flows.\nWe are subject to U.S. government inquiries and investigations, including periodic audits of costs that we determine are reimbursable under U.S.\ngovernment contracts. U.S. government agencies, including the Defense Contract Audit Agency and the Defense Contract Management Agency,\nroutinely audit government contractors. These agencies review our performance under contracts, cost structure and compliance with applicable\nlaws, regulations and standards, as well as the adequacy of and our compliance with our internal control systems and policies. Any costs found\nto be misclassified or inaccurately allocated to a specific contract will be deemed non-reimbursable, and to the extent already reimbursed, must\nbe refunded. Any inadequacies in our systems and policies could result in withholds on billed receivables, penalties and reduced future business.\nFurthermore, if any audit, inquiry or investigation uncovers improper or illegal activities, we could be subject to civil and criminal penalties and\nadministrative sanctions, including termination of contracts, forfeiture of profits, suspension of payments, fines and suspension or debarment\nfrom doing business with the U.S. government. We also\n12\n'}]","We derive a significant portion of our revenues from a limited number of commercial airlines. We derive a substantial portion of our revenue from the U.S. government In 2022, 40% of our revenues were earned pursuant to U.S. government contracts"
Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?,"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","[{'evidence_text': 'iscal 2024 was primarily driven by comparable sales declines in appliances, home theater, \ncomputing and mobile phones, partially offset by comparable sales growth in gaming. Online revenue of $2.8 billion and $5.5 billion in the second quarter and \nfirst six months of fiscal 2024 decreased 7.1% and 9.7% on a comparable basis, respectively. These decreases in revenue were primarily due to the reasons \ndescribed above and within the Consolidated Results section, above.\n \nDomestic segment stores open at the beginning and end of the second quarters of fiscal 2024 and fiscal 2023 were as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFiscal 2024\n \nFiscal 2023\n \nTotal Stores at \nBeginning of \nSecond Quarter \nStores \nOpened\n \nStores \nClosed\n \nTotal Stores at \nEnd of Second \nQuarter\n \nTotal Stores at \nBeginning of \nSecond Quarter \nStores \nOpened\n \nStores \nClosed\n \nTotal Stores at \nEnd of Second \nQuarter\nBest Buy\n \n 908 \n - \n (1) \n 907 \n 931 \n 1 \n (2) \n 930 \nOutlet Centers\n \n 20 \n 1 \n (1) \n 20 \n 16 \n 2 \n - \n 18 \nPacific Sales\n \n 20 \n - \n - \n 20 \n 21 \n - \n - \n 21 \nYardbird\n \n 18 \n 4 \n - \n 22 \n 9 \n 4 \n - \n 13 \nTotal\n \n 966 \n 5 \n (2) \n 969 \n 977 \n 7 \n (2) \n 982', 'doc_name': 'BESTBUY_2024Q2_10Q', 'evidence_page_num': 16, 'evidence_text_full_page': ' \nTable of Contents\n \nSegment Performance Summary\n \nDomestic Segment\n \nSelected financial data for the Domestic segment was as follows ($ in millions):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nThree Months Ended\n \nSix Months Ended\n \nJuly 29, 2023\n \nJuly 30, 2022\n \nJuly 29, 2023\n \nJuly 30, 2022\nRevenue\n$\n 8,890 \n $\n 9,569 \n $\n 17,691 \n $\n 19,463 \nRevenue % change\n \n (7.1)% \n (13.1)% \n (9.1)% \n (10.9)%\nComparable sales % change(1)\n \n (6.3)% \n (12.7)% \n (8.4)% \n (10.6)%\nGross profit\n$\n 2,052 \n $\n 2,109 \n $\n 4,044 \n $\n 4,279 \nGross profit as a % of revenue\n \n 23.1 % \n 22.0 % \n 22.9 % \n 22.0 %\nSG&A\n$\n 1,730 \n $\n 1,732 \n $\n 3,440 \n $\n 3,473 \nSG&A as a % of revenue\n \n 19.5 % \n 18.1 % \n 19.4 % \n 17.8 %\nRestructuring charges\n$\n (7) \n $\n 34 \n $\n (15) \n $\n 34 \nOperating income\n$\n 329 \n $\n 343 \n $\n 619 \n $\n 772 \nOperating income as a % of revenue\n \n 3.7 % \n 3.6 % \n 3.5 % \n 4.0 %\nSelected Online Revenue Data\n \n \n \n \n \n \n \n \nTotal online revenue\n$\n 2,763 \n $\n 2,975 \n $\n 5,451 \n $\n 6,034 \nOnline revenue as a % of total segment revenue\n \n 31.1 % \n 31.0 % \n 30.8 % \n 31.0 %\nComparable online sales % change(1)\n \n (7.1)% \n (14.7)% \n (9.7)% \n (14.8)%\n(1)\nComparable online sales are included in the comparable sales calculation.\n \nThe decrease in revenue in the second quarter and first six months of fiscal 2024 was primarily driven by comparable sales declines in appliances, home theater, \ncomputing and mobile phones, partially offset by comparable sales growth in gaming. Online revenue of $2.8 billion and $5.5 billion in the second quarter and \nfirst six months of fiscal 2024 decreased 7.1% and 9.7% on a comparable basis, respectively. These decreases in revenue were primarily due to the reasons \ndescribed above and within the Consolidated Results section, above.\n \nDomestic segment stores open at the beginning and end of the second quarters of fiscal 2024 and fiscal 2023 were as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFiscal 2024\n \nFiscal 2023\n \nTotal Stores at \nBeginning of \nSecond Quarter \nStores \nOpened\n \nStores \nClosed\n \nTotal Stores at \nEnd of Second \nQuarter\n \nTotal Stores at \nBeginning of \nSecond Quarter \nStores \nOpened\n \nStores \nClosed\n \nTotal Stores at \nEnd of Second \nQuarter\nBest Buy\n \n 908 \n - \n (1) \n 907 \n 931 \n 1 \n (2) \n 930 \nOutlet Centers\n \n 20 \n 1 \n (1) \n 20 \n 16 \n 2 \n - \n 18 \nPacific Sales\n \n 20 \n - \n - \n 20 \n 21 \n - \n - \n 21 \nYardbird\n \n 18 \n 4 \n - \n 22 \n 9 \n 4 \n - \n 13 \nTotal\n \n 966 \n 5 \n (2) \n 969 \n 977 \n 7 \n (2) \n 982 \n \nWe continuously monitor store performance as part of a market-driven, omnichannel strategy. As we approach the expiration of leases, we evaluate various \noptions for each location, including whether a store should remain open. We currently expect to close a total of 20 to 30 Best Buy stores and open approximately \n5 Outlet Centers in fiscal 2024.\n \nDomestic segment revenue mix percentages and comparable sales percentage changes by revenue category were as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nRevenue Mix\n \n \n \nComparable Sales\n \n \n \nThree Months Ended\n \n \n \nThree Months Ended\n \n \nJuly 29, 2023\n \nJuly 30, 2022\n \nJuly 29, 2023\n \nJuly 30, 2022\nComputing and Mobile Phones\n \n 41 % \n \n 42 % \n \n (6.4)% \n \n (16.6)%\nConsumer Electronics\n \n 30 % \n \n 30 % \n \n (5.7)% \n \n (14.7)%\nAppliances\n \n 16 % \n \n 17 % \n \n (16.1)% \n \n (1.2)%\nEntertainment\n \n 6 % \n \n 5 % \n \n 9.0 % \n \n (9.2)%\nServices\n \n 6 % \n \n 5 % \n \n 7.6 % \n \n (8.5)%\nOther\n \n 1 % \n \n 1 % \n \n 2.4 % \n \n 15.6 \nTotal\n \n 100 % \n \n 100 % \n \n (6.3)% \n \n (12.7)%\n \n17\n'}]","iscal 2024 was primarily driven by comparable sales declines in appliances, home theater, 
computing and mobile phones, partially offset by comparable sales growth in gaming. Online revenue of $2.8 billion and $5.5 billion in the second quarter and 
first six months of fiscal 2024 decreased 7.1% and 9.7% on a comparable basis, respectively. These decreases in revenue were primarily due to the reasons 
described above and within the Consolidated Results section, above.
 
Domestic segment stores open at the beginning and end of the second quarters of fiscal 2024 and fiscal 2023 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2024
 
Fiscal 2023
 
Total Stores at 
Beginning of 
Second Quarter 
Stores 
Opened
 
Stores 
Closed
 
Total Stores at 
End of Second 
Quarter
 
Total Stores at 
Beginning of 
Second Quarter 
Stores 
Opened
 
Stores 
Closed
 
Total Stores at 
End of Second 
Quarter
Best Buy
 
 908 
 - 
 (1) 
 907 
 931 
 1 
 (2) 
 930 
Outlet Centers
 
 20 
 1 
 (1) 
 20 
 16 
 2 
 - 
 18 
Pacific Sales
 
 20 
 - 
 - 
 20 
 21 
 - 
 - 
 21 
Yardbird
 
 18 
 4 
 - 
 22 
 9 
 4 
 - 
 13 
Total
 
 966 
 5 
 (2) 
 969 
 977 
 7 
 (2) 
 982"
"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","$400,000,000 increase.","[{'evidence_text': 'Effective May 26, 2023, PepsiCo terminated the $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among\nPepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 Five Year Credit Agreement). There were no\noutstanding borrowings under the 2022 Five Year Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line\nsubfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on\nMay 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year\nCredit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo\nmay, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023\nFive Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit\nAgreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used\nfor general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties\nand events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have\nengaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates.', 'doc_name': 'PEPSICO_2023_8K_dated-2023-05-30', 'evidence_page_num': 1, 'evidence_text_full_page': '\n\nItem 8.01.\nOther Events.\n\nEffective May 26, 2023, PepsiCo, Inc. (PepsiCo) terminated the $3,800,000,000 364 day unsecured revolving credit agreement, dated as of\nMay 27, 2022, among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 364 Day Credit\nAgreement). There were no outstanding borrowings under the 2022 364 Day Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 364 day unsecured revolving credit agreement (the 2023 364 Day Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 364 Day Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, subject to customary terms and conditions,\nand expires on May 24, 2024. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the\n2023 364 Day Credit Agreement, increase the commitments under the 2023 364 Day Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or\nEuros. PepsiCo may request renewal of the 2023 364 Day Credit Agreement for an additional 364 day period or convert any amounts outstanding into a\nterm loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. Subject to\ncertain conditions stated in the 2023 364 Day Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under\nthe 2023 364 Day Credit Agreement at any time during the term of the 2023 364 Day Credit Agreement. Funds borrowed under the 2023 364 Day Credit\nAgreement may be used for general corporate purposes of PepsiCo and its subsidiaries. The 2023 364 Day Credit Agreement contains customary\nrepresentations and warranties and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 364 Day Credit\nAgreement and their affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo\nand its affiliates.\n\nEffective May 26, 2023, PepsiCo terminated the $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among\nPepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 Five Year Credit Agreement). There were no\noutstanding borrowings under the 2022 Five Year Credit Agreement at the time of its termination.\n\nOn May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit\nAgreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement\nenables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line\nsubfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on\nMay 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year\nCredit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo\nmay, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023\nFive Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit\nAgreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used\nfor general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties\nand events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have\nengaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates.\n\nThe foregoing descriptions of the 2023 364 Day Credit Agreement and 2023 Five Year Credit Agreement do not purport to be complete and are\nqualified in their entirety by reference to the full text of the 2023 364 Day Credit Agreement and the 2023 Five Year Credit Agreement, as applicable,\nwhich are filed as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and incorporated by reference herein.\n\n1\n'}]","Effective May 26, 2023, PepsiCo terminated the $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among
PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the 2022 Five Year Credit Agreement). There were no
outstanding borrowings under the 2022 Five Year Credit Agreement at the time of its termination.

On May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit
Agreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement
enables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line
subfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on
May 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year
Credit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo
may, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023
Five Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit
Agreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used
for general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties
and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have
engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates."
"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","[{'evidence_text': 'Consolidated Statements of Earnings\n$ and shares in millions, except per share amounts\n \n \n \n \n \n \n \n \n \n \n \n \n \nFiscal Years Ended\nJanuary 28, 2023\n \nJanuary 29, 2022\n \nJanuary 30, 2021\nRevenue\n$\n 46,298 \n \n$\n 51,761 \n \n$\n 47,262 \nCost of sales\n \n 36,386 \n \n \n 40,121 \n \n \n 36,689 \nGross profit\n \n 9,912 \n \n \n 11,640 \n \n \n 10,573 \nSelling, general and administrative expenses\n \n 7,970 \n \n \n 8,635 \n \n \n 7,928 \nRestructuring charges\n \n 147 \n \n \n (34) \n \n \n 254 \nOperating income\n \n 1,795 \n \n \n 3,039 \n \n \n 2,391 \nOther income (expense):\n \n \n \n \n \n \n \n \n \n \n \nInvestment income and other\n \n 28 \n \n \n 10 \n \n \n 38 \nInterest expense\n \n (35) \n \n \n (25) \n \n \n (52) \nEarnings before income tax expense and equity in income of affiliates\n \n 1,788 \n \n \n 3,024 \n \n \n 2,377 \nIncome tax expense\n \n 370 \n \n \n 574 \n \n \n 579 \nEquity in income of affiliates\n \n 1 \n \n \n 4 \n \n \n - \nNet earnings\n$\n 1,419 \n \n$\n 2,454 \n \n$\n 1,798', 'doc_name': 'BESTBUY_2023_10K', 'evidence_page_num': 39, 'evidence_text_full_page': ' \nConsolidated Statements of Earnings\n$ and shares in millions, except per share amounts\n \n \n \n \n \n \n \n \n \n \n \n \n \nFiscal Years Ended\nJanuary 28, 2023\n \nJanuary 29, 2022\n \nJanuary 30, 2021\nRevenue\n$\n 46,298 \n \n$\n 51,761 \n \n$\n 47,262 \nCost of sales\n \n 36,386 \n \n \n 40,121 \n \n \n 36,689 \nGross profit\n \n 9,912 \n \n \n 11,640 \n \n \n 10,573 \nSelling, general and administrative expenses\n \n 7,970 \n \n \n 8,635 \n \n \n 7,928 \nRestructuring charges\n \n 147 \n \n \n (34) \n \n \n 254 \nOperating income\n \n 1,795 \n \n \n 3,039 \n \n \n 2,391 \nOther income (expense):\n \n \n \n \n \n \n \n \n \n \n \nInvestment income and other\n \n 28 \n \n \n 10 \n \n \n 38 \nInterest expense\n \n (35) \n \n \n (25) \n \n \n (52) \nEarnings before income tax expense and equity in income of affiliates\n \n 1,788 \n \n \n 3,024 \n \n \n 2,377 \nIncome tax expense\n \n 370 \n \n \n 574 \n \n \n 579 \nEquity in income of affiliates\n \n 1 \n \n \n 4 \n \n \n - \nNet earnings\n$\n 1,419 \n \n$\n 2,454 \n \n$\n 1,798 \n \n \n \n \n \n \n \n \n \n \n \n \nBasic earnings per share\n$\n 6.31 \n \n$\n 9.94 \n \n$\n 6.93 \nDiluted earnings per share\n$\n 6.29 \n \n$\n 9.84 \n \n$\n 6.84 \n \n \n \n \n \n \n \n \n \n \n \n \nWeighted-average common shares outstanding:\n \n \n \n \n \n \n \n \n \n \n \nBasic\n \n 224.8 \n \n \n 246.8 \n \n \n 259.6 \nDiluted\n \n 225.7 \n \n \n 249.3 \n \n \n 263.0 \n \nSee Notes to Consolidated Financial Statements.\n \n \n40\n'}]","Consolidated Statements of Earnings
$ and shares in millions, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended
January 28, 2023
 
January 29, 2022
 
January 30, 2021
Revenue
$
 46,298 
 
$
 51,761 
 
$
 47,262 
Cost of sales
 
 36,386 
 
 
 40,121 
 
 
 36,689 
Gross profit
 
 9,912 
 
 
 11,640 
 
 
 10,573 
Selling, general and administrative expenses
 
 7,970 
 
 
 8,635 
 
 
 7,928 
Restructuring charges
 
 147 
 
 
 (34) 
 
 
 254 
Operating income
 
 1,795 
 
 
 3,039 
 
 
 2,391 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Investment income and other
 
 28 
 
 
 10 
 
 
 38 
Interest expense
 
 (35) 
 
 
 (25) 
 
 
 (52) 
Earnings before income tax expense and equity in income of affiliates
 
 1,788 
 
 
 3,024 
 
 
 2,377 
Income tax expense
 
 370 
 
 
 574 
 
 
 579 
Equity in income of affiliates
 
 1 
 
 
 4 
 
 
 - 
Net earnings
$
 1,419 
 
$
 2,454 
 
$
 1,798"
"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.",$16525.00,"[{'evidence_text': ""Table of Contents\nNIKE, INC.\nCONSOLIDATED BALANCE SHEETS\n \nMAY 31,\n(Dollars in millions)\n2019\n2018\nASSETS\n \n \nCurrent assets:\n \n \nCash and equivalents\n$\n4,466\n$\n4,249\nShort-term investments\n197\n996\nAccounts receivable, net\n4,272\n3,498\nInventories\n5,622\n5,261\nPrepaid expenses and other current assets\n1,968\n1,130\nTotal current assets\n16,525\n15,134\nProperty, plant and equipment, net\n4,744\n4,454\nIdentifiable intangible assets, net\n283\n285\nGoodwill\n154\n154\nDeferred income taxes and other assets\n2,011\n2,509\nTOTAL ASSETS\n$\n23,717\n$\n22,536\nLIABILITIES AND SHAREHOLDERS' EQUITY\n \n \nCurrent liabilities:\n \n \nCurrent portion of long-term debt\n$\n6\n$\n6\nNotes payable\n9\n336\nAccounts payable\n2,612\n2,279\nAccrued liabilities\n5,010\n3,269\nIncome taxes payable\n229\n150\nTotal current liabilities\n7,866\n6,040\nLong-term debt\n3,464\n3,468\nDeferred income taxes and other liabilities\n3,347\n3,216\nCommitments and contingencies (Note 18)\nRedeemable preferred stock\n\n\nShareholders' equity:\n \n \nCommon stock at stated value:\n \n \nClass A convertible 315 and 329 shares outstanding\n\n\nClass B 1,253 and 1,272 shares outstanding\n3\n3\nCapital in excess of stated value\n7,163\n6,384\nAccumulated other comprehensive income (loss)\n231\n(92)\nRetained earnings\n1,643\n3,517\nTotal shareholders' equity\n9,040\n9,812\nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY\n$\n23,717\n$\n22,536\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n52 NIKE, INC."", 'doc_name': 'NIKE_2019_10K', 'evidence_page_num': 53, 'evidence_text_full_page': ""Table of Contents\nNIKE, INC.\nCONSOLIDATED BALANCE SHEETS\n \nMAY 31,\n(Dollars in millions)\n2019\n2018\nASSETS\n \n \nCurrent assets:\n \n \nCash and equivalents\n$\n4,466\n$\n4,249\nShort-term investments\n197\n996\nAccounts receivable, net\n4,272\n3,498\nInventories\n5,622\n5,261\nPrepaid expenses and other current assets\n1,968\n1,130\nTotal current assets\n16,525\n15,134\nProperty, plant and equipment, net\n4,744\n4,454\nIdentifiable intangible assets, net\n283\n285\nGoodwill\n154\n154\nDeferred income taxes and other assets\n2,011\n2,509\nTOTAL ASSETS\n$\n23,717\n$\n22,536\nLIABILITIES AND SHAREHOLDERS' EQUITY\n \n \nCurrent liabilities:\n \n \nCurrent portion of long-term debt\n$\n6\n$\n6\nNotes payable\n9\n336\nAccounts payable\n2,612\n2,279\nAccrued liabilities\n5,010\n3,269\nIncome taxes payable\n229\n150\nTotal current liabilities\n7,866\n6,040\nLong-term debt\n3,464\n3,468\nDeferred income taxes and other liabilities\n3,347\n3,216\nCommitments and contingencies (Note 18)\nRedeemable preferred stock\n\n\nShareholders' equity:\n \n \nCommon stock at stated value:\n \n \nClass A convertible 315 and 329 shares outstanding\n\n\nClass B 1,253 and 1,272 shares outstanding\n3\n3\nCapital in excess of stated value\n7,163\n6,384\nAccumulated other comprehensive income (loss)\n231\n(92)\nRetained earnings\n1,643\n3,517\nTotal shareholders' equity\n9,040\n9,812\nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY\n$\n23,717\n$\n22,536\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n52 NIKE, INC.\n""}]","Table of Contents
NIKE, INC.
CONSOLIDATED BALANCE SHEETS
 
MAY 31,
(Dollars in millions)
2019
2018
ASSETS
 
 
Current assets:
 
 
Cash and equivalents
$
4,466
$
4,249
Short-term investments
197
996
Accounts receivable, net
4,272
3,498
Inventories
5,622
5,261
Prepaid expenses and other current assets
1,968
1,130
Total current assets
16,525
15,134
Property, plant and equipment, net
4,744
4,454
Identifiable intangible assets, net
283
285
Goodwill
154
154
Deferred income taxes and other assets
2,011
2,509
TOTAL ASSETS
$
23,717
$
22,536
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
Current liabilities:
 
 
Current portion of long-term debt
$
6
$
6
Notes payable
9
336
Accounts payable
2,612
2,279
Accrued liabilities
5,010
3,269
Income taxes payable
229
150
Total current liabilities
7,866
6,040
Long-term debt
3,464
3,468
Deferred income taxes and other liabilities
3,347
3,216
Commitments and contingencies (Note 18)
Redeemable preferred stock


Shareholders' equity:
 
 
Common stock at stated value:
 
 
Class A convertible 315 and 329 shares outstanding


Class B 1,253 and 1,272 shares outstanding
3
3
Capital in excess of stated value
7,163
6,384
Accumulated other comprehensive income (loss)
231
(92)
Retained earnings
1,643
3,517
Total shareholders' equity
9,040
9,812
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
23,717
$
22,536
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
52 NIKE, INC."
"Basing your judgments off of the cash flow statement and the income statement, what is American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) in USD millions?",$1832.00,"[{'evidence_text': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Statements of Operations\n(In millions, except per share data)\n \nFor the Years Ended December 31,\n \n2021\n2020\n2019\nOperating revenues\n$\n3,930 \n$\n3,777 \n$\n3,610 \nOperating expenses:\n \n \n \nOperation and maintenance\n1,777 \n1,622 \n1,544 \nDepreciation and amortization\n636 \n604 \n582 \nGeneral taxes\n321 \n303 \n280 \nOther\n \n \n(10)\nTotal operating expenses, net\n2,734 \n2,529 \n2,396 \nOperating income\n1,196 \n1,248 \n1,214 \nOther income (expense):\n \n \n \nInterest expense\n(403)\n(397)\n(386)\nInterest income\n4 \n2 \n4 \nNon-operating benefit costs, net\n78 \n49 \n16 \nGain or (loss) on sale of businesses\n747 \n \n(44)\nOther, net\n18 \n22 \n29 \nTotal other income (expense)\n444 \n(324)\n(381)\nIncome before income taxes\n1,640 \n924 \n833 \nProvision for income taxes\n377 \n215 \n212 \nNet income attributable to common shareholders\n$\n1,263 \n$\n709 \n$\n621 \nBasic earnings per share: (a)\n\n\n\nNet income attributable to common shareholders\n$\n6.96 \n$\n3.91 \n$\n3.44 \nDiluted earnings per share: (a)\n\n\n\nNet income attributable to common shareholders\n$\n6.95 \n$\n3.91 \n$\n3.43 \nWeighted average common shares outstanding:\n \n \n \nBasic\n182 \n181 \n181 \nDiluted\n182 \n182 \n181 \n(a)\nAmounts may not calculate due to rounding.\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n84', 'doc_name': 'AMERICANWATERWORKS_2021_10K', 'evidence_page_num': 85, 'evidence_text_full_page': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Statements of Operations\n(In millions, except per share data)\n \nFor the Years Ended December 31,\n \n2021\n2020\n2019\nOperating revenues\n$\n3,930 \n$\n3,777 \n$\n3,610 \nOperating expenses:\n \n \n \nOperation and maintenance\n1,777 \n1,622 \n1,544 \nDepreciation and amortization\n636 \n604 \n582 \nGeneral taxes\n321 \n303 \n280 \nOther\n \n \n(10)\nTotal operating expenses, net\n2,734 \n2,529 \n2,396 \nOperating income\n1,196 \n1,248 \n1,214 \nOther income (expense):\n \n \n \nInterest expense\n(403)\n(397)\n(386)\nInterest income\n4 \n2 \n4 \nNon-operating benefit costs, net\n78 \n49 \n16 \nGain or (loss) on sale of businesses\n747 \n \n(44)\nOther, net\n18 \n22 \n29 \nTotal other income (expense)\n444 \n(324)\n(381)\nIncome before income taxes\n1,640 \n924 \n833 \nProvision for income taxes\n377 \n215 \n212 \nNet income attributable to common shareholders\n$\n1,263 \n$\n709 \n$\n621 \nBasic earnings per share: (a)\n\n\n\nNet income attributable to common shareholders\n$\n6.96 \n$\n3.91 \n$\n3.44 \nDiluted earnings per share: (a)\n\n\n\nNet income attributable to common shareholders\n$\n6.95 \n$\n3.91 \n$\n3.43 \nWeighted average common shares outstanding:\n \n \n \nBasic\n182 \n181 \n181 \nDiluted\n182 \n182 \n181 \n(a)\nAmounts may not calculate due to rounding.\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n84\n'}
 {'evidence_text': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Statements of Cash Flows\n(In millions)\n \nFor the Years Ended December 31,\n \n2021\n2020\n2019\nCASH FLOWS FROM OPERATING ACTIVITIES\n \n \n \nNet income\n$\n1,263 \n$\n709 \n$\n621 \nAdjustments to reconcile to net cash flows provided by operating activities:\n \n \n \nDepreciation and amortization\n636 \n604 \n582 \nDeferred income taxes and amortization of investment tax credits\n230 \n207 \n208 \nProvision for losses on accounts receivable\n37 \n34 \n28 \n(Gain) or loss on sale of businesses\n(747)\n \n34 \nPension and non-pension postretirement benefits\n(41)\n(14)\n17 \nOther non-cash, net\n(23)\n(20)\n(41)\nChanges in assets and liabilities:\n \n \n \nReceivables and unbilled revenues\n(74)\n(97)\n(25)\nPension and non-pension postretirement benefit contributions\n(40)\n(39)\n(31)\nAccounts payable and accrued liabilities\n66 \n(2)\n66 \nOther assets and liabilities, net\n134 \n44 \n(76)\nNet cash provided by operating activities\n1,441 \n1,426 \n1,383 \nCASH FLOWS FROM INVESTING ACTIVITIES\n \n \n \nCapital expenditures\n(1,764)\n(1,822)\n(1,654)\nAcquisitions, net of cash acquired\n(135)\n(135)\n(235)\nProceeds from sale of assets, net of cash on hand\n472 \n2 \n48 \nRemoval costs from property, plant and equipment retirements, net\n(109)\n(106)\n(104)\nNet cash used in investing activities\n(1,536)\n(2,061)\n(1,945)\nCASH FLOWS FROM FINANCING ACTIVITIES\n \n \n \nProceeds from long-term debt\n1,118 \n1,334 \n1,530 \nRepayments of long-term debt\n(372)\n(342)\n(495)\n(Repayments of) proceeds from term loan\n(500)\n500 \n \nNet short-term borrowings with maturities less than three months\n(198)\n(5)\n(178)\n(Remittances) proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $18, $17 and $11 in\n2021, 2020 and 2019, respectively\n(1)\n9 \n15 \nAdvances and contributions in aid of construction, net of refunds of $25, $24 and $30 in 2021, 2020 and 2019, respectively\n62 \n28 \n26 \nDebt issuance costs and make-whole premium on early debt redemption\n(26)\n(15)\n(15)\nDividends paid\n(428)\n(389)\n(353)\nAnti-dilutive share repurchases\n \n \n(36)\nNet cash (used in) provided by financing activities\n(345)\n1,120 \n494 \nNet (decrease) increase in cash, cash equivalents and restricted funds\n(440)\n485 \n(68)\nCash, cash equivalents and restricted funds at beginning of period\n576 \n91 \n159 \nCash, cash equivalents and restricted funds at end of period\n$\n136 \n$\n576 \n$\n91 \nCash paid during the year for:\n \n \n \nInterest, net of capitalized amount\n$\n389 \n$\n382 \n$\n383 \nIncome taxes, net of refunds of $6, $2 and $4 in 2021, 2020 and 2019, respectively\n$\n1 \n$\n7 \n$\n12 \nNon-cash investing activity:\n \n \n \nCapital expenditures acquired on account but unpaid as of year end\n$\n292 \n$\n221 \n$\n235 \nSeller promissory note from the sale of the Homeowner Services Group\n$\n720 \n$\n \n$\n \nContingent cash payment from the sale of the Homeowner Services Group\n$\n75 \n$\n \n$\n \nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n86', 'doc_name': 'AMERICANWATERWORKS_2021_10K', 'evidence_page_num': 87, 'evidence_text_full_page': 'Table of Contents\nAmerican Water Works Company, Inc. and Subsidiary Companies\nConsolidated Statements of Cash Flows\n(In millions)\n \nFor the Years Ended December 31,\n \n2021\n2020\n2019\nCASH FLOWS FROM OPERATING ACTIVITIES\n \n \n \nNet income\n$\n1,263 \n$\n709 \n$\n621 \nAdjustments to reconcile to net cash flows provided by operating activities:\n \n \n \nDepreciation and amortization\n636 \n604 \n582 \nDeferred income taxes and amortization of investment tax credits\n230 \n207 \n208 \nProvision for losses on accounts receivable\n37 \n34 \n28 \n(Gain) or loss on sale of businesses\n(747)\n \n34 \nPension and non-pension postretirement benefits\n(41)\n(14)\n17 \nOther non-cash, net\n(23)\n(20)\n(41)\nChanges in assets and liabilities:\n \n \n \nReceivables and unbilled revenues\n(74)\n(97)\n(25)\nPension and non-pension postretirement benefit contributions\n(40)\n(39)\n(31)\nAccounts payable and accrued liabilities\n66 \n(2)\n66 \nOther assets and liabilities, net\n134 \n44 \n(76)\nNet cash provided by operating activities\n1,441 \n1,426 \n1,383 \nCASH FLOWS FROM INVESTING ACTIVITIES\n \n \n \nCapital expenditures\n(1,764)\n(1,822)\n(1,654)\nAcquisitions, net of cash acquired\n(135)\n(135)\n(235)\nProceeds from sale of assets, net of cash on hand\n472 \n2 \n48 \nRemoval costs from property, plant and equipment retirements, net\n(109)\n(106)\n(104)\nNet cash used in investing activities\n(1,536)\n(2,061)\n(1,945)\nCASH FLOWS FROM FINANCING ACTIVITIES\n \n \n \nProceeds from long-term debt\n1,118 \n1,334 \n1,530 \nRepayments of long-term debt\n(372)\n(342)\n(495)\n(Repayments of) proceeds from term loan\n(500)\n500 \n \nNet short-term borrowings with maturities less than three months\n(198)\n(5)\n(178)\n(Remittances) proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $18, $17 and $11 in\n2021, 2020 and 2019, respectively\n(1)\n9 \n15 \nAdvances and contributions in aid of construction, net of refunds of $25, $24 and $30 in 2021, 2020 and 2019, respectively\n62 \n28 \n26 \nDebt issuance costs and make-whole premium on early debt redemption\n(26)\n(15)\n(15)\nDividends paid\n(428)\n(389)\n(353)\nAnti-dilutive share repurchases\n \n \n(36)\nNet cash (used in) provided by financing activities\n(345)\n1,120 \n494 \nNet (decrease) increase in cash, cash equivalents and restricted funds\n(440)\n485 \n(68)\nCash, cash equivalents and restricted funds at beginning of period\n576 \n91 \n159 \nCash, cash equivalents and restricted funds at end of period\n$\n136 \n$\n576 \n$\n91 \nCash paid during the year for:\n \n \n \nInterest, net of capitalized amount\n$\n389 \n$\n382 \n$\n383 \nIncome taxes, net of refunds of $6, $2 and $4 in 2021, 2020 and 2019, respectively\n$\n1 \n$\n7 \n$\n12 \nNon-cash investing activity:\n \n \n \nCapital expenditures acquired on account but unpaid as of year end\n$\n292 \n$\n221 \n$\n235 \nSeller promissory note from the sale of the Homeowner Services Group\n$\n720 \n$\n \n$\n \nContingent cash payment from the sale of the Homeowner Services Group\n$\n75 \n$\n \n$\n \nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n86\n'}]","Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Operations
(In millions, except per share data)
 
For the Years Ended December 31,
 
2021
2020
2019
Operating revenues
$
3,930 
$
3,777 
$
3,610 
Operating expenses:
 
 
 
Operation and maintenance
1,777 
1,622 
1,544 
Depreciation and amortization
636 
604 
582 
General taxes
321 
303 
280 
Other
 
 
(10)
Total operating expenses, net
2,734 
2,529 
2,396 
Operating income
1,196 
1,248 
1,214 
Other income (expense):
 
 
 
Interest expense
(403)
(397)
(386)
Interest income
4 
2 
4 
Non-operating benefit costs, net
78 
49 
16 
Gain or (loss) on sale of businesses
747 
 
(44)
Other, net
18 
22 
29 
Total other income (expense)
444 
(324)
(381)
Income before income taxes
1,640 
924 
833 
Provision for income taxes
377 
215 
212 
Net income attributable to common shareholders
$
1,263 
$
709 
$
621 
Basic earnings per share: (a)



Net income attributable to common shareholders
$
6.96 
$
3.91 
$
3.44 
Diluted earnings per share: (a)



Net income attributable to common shareholders
$
6.95 
$
3.91 
$
3.43 
Weighted average common shares outstanding:
 
 
 
Basic
182 
181 
181 
Diluted
182 
182 
181 
(a)
Amounts may not calculate due to rounding.
The accompanying notes are an integral part of these Consolidated Financial Statements.
84 Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Cash Flows
(In millions)
 
For the Years Ended December 31,
 
2021
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
1,263 
$
709 
$
621 
Adjustments to reconcile to net cash flows provided by operating activities:
 
 
 
Depreciation and amortization
636 
604 
582 
Deferred income taxes and amortization of investment tax credits
230 
207 
208 
Provision for losses on accounts receivable
37 
34 
28 
(Gain) or loss on sale of businesses
(747)
 
34 
Pension and non-pension postretirement benefits
(41)
(14)
17 
Other non-cash, net
(23)
(20)
(41)
Changes in assets and liabilities:
 
 
 
Receivables and unbilled revenues
(74)
(97)
(25)
Pension and non-pension postretirement benefit contributions
(40)
(39)
(31)
Accounts payable and accrued liabilities
66 
(2)
66 
Other assets and liabilities, net
134 
44 
(76)
Net cash provided by operating activities
1,441 
1,426 
1,383 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Capital expenditures
(1,764)
(1,822)
(1,654)
Acquisitions, net of cash acquired
(135)
(135)
(235)
Proceeds from sale of assets, net of cash on hand
472 
2 
48 
Removal costs from property, plant and equipment retirements, net
(109)
(106)
(104)
Net cash used in investing activities
(1,536)
(2,061)
(1,945)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Proceeds from long-term debt
1,118 
1,334 
1,530 
Repayments of long-term debt
(372)
(342)
(495)
(Repayments of) proceeds from term loan
(500)
500 
 
Net short-term borrowings with maturities less than three months
(198)
(5)
(178)
(Remittances) proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $18, $17 and $11 in
2021, 2020 and 2019, respectively
(1)
9 
15 
Advances and contributions in aid of construction, net of refunds of $25, $24 and $30 in 2021, 2020 and 2019, respectively
62 
28 
26 
Debt issuance costs and make-whole premium on early debt redemption
(26)
(15)
(15)
Dividends paid
(428)
(389)
(353)
Anti-dilutive share repurchases
 
 
(36)
Net cash (used in) provided by financing activities
(345)
1,120 
494 
Net (decrease) increase in cash, cash equivalents and restricted funds
(440)
485 
(68)
Cash, cash equivalents and restricted funds at beginning of period
576 
91 
159 
Cash, cash equivalents and restricted funds at end of period
$
136 
$
576 
$
91 
Cash paid during the year for:
 
 
 
Interest, net of capitalized amount
$
389 
$
382 
$
383 
Income taxes, net of refunds of $6, $2 and $4 in 2021, 2020 and 2019, respectively
$
1 
$
7 
$
12 
Non-cash investing activity:
 
 
 
Capital expenditures acquired on account but unpaid as of year end
$
292 
$
221 
$
235 
Seller promissory note from the sale of the Homeowner Services Group
$
720 
$
 
$
 
Contingent cash payment from the sale of the Homeowner Services Group
$
75 
$
 
$
 
The accompanying notes are an integral part of these Consolidated Financial Statements.
86"
What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?,"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","[{'evidence_text': 'Balance Sheet\nCash and cash equivalents at the end of the fourth quarter of fiscal 2022 were $737.9\nmillion.\nMerchandise inventories, net at the end of the fourth quarter of fiscal 2022 totaled $1.6\nbillion compared to $1.5 billion at the end of the fourth quarter of fiscal 2021. The $104.2\nmillion increase was primarily due to the opening of 47 new stores since January 29, 2022,\ninventory to support new brand launches and brand expansions, and inventory cost\nincreases.', 'doc_name': 'ULTABEAUTY_2023Q4_EARNINGS', 'evidence_page_num': 2, 'evidence_text_full_page': 'Diluted earnings per share increased 33.5% to $24.01, including a $0.07 benefit due to\nincome tax accounting for stock-based compensation, compared to $17.98 including a\n$0.13 benefit due to income tax accounting for stock-based compensation, in fiscal\n2021.\nBalance Sheet\nCash and cash equivalents at the end of the fourth quarter of fiscal 2022 were $737.9\nmillion.\nMerchandise inventories, net at the end of the fourth quarter of fiscal 2022 totaled $1.6\nbillion compared to $1.5 billion at the end of the fourth quarter of fiscal 2021. The $104.2\nmillion increase was primarily due to the opening of 47 new stores since January 29, 2022,\ninventory to support new brand launches and brand expansions, and inventory cost\nincreases.\nShare Repurchase Program\nDuring the fourth quarter of fiscal 2022, the Company repurchased 722,457 shares of its\ncommon stock at a cost of $328.1 million. During fiscal 2022, the Company repurchased 2.2\nmillion shares of its common stock at a cost of $900.0 million. As of January 28, 2023, $1.1\nbillion remained available under the $2.0 billion share repurchase program announced in\nMarch 2022.\nStore Update\nReal estate activity in the fourth quarter of fiscal 2022 included 12 new stores located in\nGarden Grove, CA; Glendale, AZ; Hartsdale, NY; Hollister, CA; Indianapolis, IN; Liverpool,\nNY; Nanuet, NY; Oklahoma City, OK; Richmond, TX; Rock Springs, WY; Tullahoma, TN;\nand Woburn, MA. In addition, the Company relocated one store and remodeled 12 stores.\nDuring fiscal 2022, the Company opened 47 new stores, relocated 12 stores, and remodeled\n20 stores.\nAt the end of the fourth quarter of fiscal 2022, the Company operated 1,355 stores totaling\n14.2 million square feet.\nFiscal 2023 Outlook\nFor fiscal 2023, the Company plans to:\n \n \n \n \n \nFY23 Outlook\nNet sales\n \n \n$10.95 billion to $11.05 billion\nComparable sales\n \n \n4% to 5%\nNew stores, net\n \n \n25-30\nRemodel and relocation projects\n \n \n20-30\nOperating margin\n \n \n14.7% to 15.0%\nDiluted earnings per share\n \n \n$24.70 to $25.40\nShare repurchases\n \n \napproximately $900 million\nEffective tax rate\n \n \napproximately 24.6%\nCapital expenditures\n \n \n$400 million to $475 million\nDepreciation and amortization expense\n \n \n$245 million to $250 million\n'}]","Balance Sheet
Cash and cash equivalents at the end of the fourth quarter of fiscal 2022 were $737.9
million.
Merchandise inventories, net at the end of the fourth quarter of fiscal 2022 totaled $1.6
billion compared to $1.5 billion at the end of the fourth quarter of fiscal 2021. The $104.2
million increase was primarily due to the opening of 47 new stores since January 29, 2022,
inventory to support new brand launches and brand expansions, and inventory cost
increases."
Has Boeing reported any materially important ongoing legal battles from FY2022?,Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.,"[{'evidence_text': 'Multiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019\naccident of Ethiopian Airlines Flight 302.', 'doc_name': 'BOEING_2022_10K', 'evidence_page_num': 112, 'evidence_text_full_page': 'Table of Contents\nbased upon current information, that the outcome of any such legal proceeding, claim, or government dispute and investigation will not have a\nmaterial effect on our financial position, results of operations or cash flows. Where it is reasonably possible that we will incur losses in excess of\nrecorded amounts in connection with any of the matters set forth below, we will disclose either the amount or range of reasonably possible\nlosses in excess of such amounts or, where no such amount or range can be reasonably estimated, the reasons why no such estimate can be\nmade.\nMultiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019\naccident of Ethiopian Airlines Flight 302. During 2021, we entered into (i) a Deferred Prosecution Agreement with the U.S. Department of Justice\nthat resolved the Department of Justices previously disclosed investigation into us regarding the evaluation of the 737 MAX by the Federal\nAviation Administration (FAA) as well as (ii) a proposed settlement with plaintiffs in a shareholder derivative lawsuit that resulted in the Company\nreceiving $219 in the second quarter of 2022. In September 2022, we settled a previously disclosed investigation by the Securities and\nExchange Commission related to the 737 MAX accidents and consented to a civil penalty, which resulted in an earnings charge of $200 that was\npaid in October 2022. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that we may incur as a result of\nany remaining pending lawsuits or other matters related to the accidents and the 737 MAX.\nDuring 2019, we entered into agreements with Embraer S.A. (Embraer) to establish joint ventures that included the commercial aircraft and\nservices operations of Embraer, of which we were expected to acquire an 80 percent ownership stake for $4,200, as well as a joint venture to\npromote and develop new markets for the C-390 Millennium. In 2020, we exercised our contractual right to terminate these agreements based\non Embraers failure to meet certain required closing conditions. Embraer has disputed our right to terminate the agreements, and the dispute is\ncurrently in arbitration. We cannot reasonably estimate a range of loss, if any, that may result from the arbitration, which we currently expect to\nbe completed in late 2023 or early 2024.\nNote 22 Segment and Revenue Information\nOur primary profitability measurements to review a segments operating results are Earnings/(loss) from operations and operating margins. We\noperate in four reportable segments: BCA, BDS, BGS and BCC. All other activities fall within Unallocated items, eliminations and other. See\npage 58 for the Summary of Business Segment Data, which is an integral part of this note.\nBCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial\naircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer.\nBDS engages in the research, development, production and modification of the following products and related services: manned and unmanned\nmilitary aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space\nexploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred.\nBGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and\ngovernment customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue\non commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other\ncontracts is generally recognized over the contract term (over time) as costs are incurred.\nBCC facilitates, arranges, structures and provides selective financing solutions for our customers.\n109\n'}]","Multiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019
accident of Ethiopian Airlines Flight 302."
What is FY2018 days payable outstanding (DPO) for Walmart? DPO is defined as: 365 * (average accounts payable between FY2017 and FY2018) / (FY2018 COGS + change in inventory between FY2017 and FY2018). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the statement of financial position and the P&L statement.,42.69,"[{'evidence_text': 'Walmart Inc.\nConsolidated Statements of Income\n \n \nFiscal Years Ended January 31,\n(Amounts in millions, except per share data)\n \n2018\n \n2017\n \n2016\nRevenues:\n \n \n \nNet sales\n $\n495,761\n $\n481,317 $\n478,614\nMembership and other income\n \n4,582\n \n4,556 \n3,516\nTotal revenues\n \n500,343\n \n485,873 \n482,130\nCosts and expenses:\n \n \n \nCost of sales\n \n373,396\n \n361,256 \n360,984\nOperating, selling, general and administrative expenses\n \n106,510\n \n101,853 \n97,041\nOperating income\n \n20,437\n \n22,764 \n24,105\nInterest:\n \n \n \nDebt\n \n1,978\n \n2,044 \n2,027\nCapital lease and financing obligations\n \n352\n \n323 \n521\nInterest income\n \n(152) \n(100) \n(81)\nInterest, net\n \n2,178\n \n2,267 \n2,467\nLoss on extinguishment of debt\n \n3,136\n \n \n\nIncome before income taxes\n \n15,123\n \n20,497 \n21,638\nProvision for income taxes\n \n4,600\n \n6,204 \n6,558\nConsolidated net income\n \n10,523\n \n14,293 \n15,080\nConsolidated net income attributable to noncontrolling interest\n \n(661) \n(650) \n(386)\nConsolidated net income attributable to Walmart\n $\n9,862\n $\n13,643 $\n14,694\n \n \n \n \nNet income per common share:\n \n \n \nBasic net income per common share attributable to Walmart\n $\n3.29\n $\n4.40 $\n4.58\nDiluted net income per common share attributable to Walmart\n \n3.28\n \n4.38 \n4.57\n \n \n \n \nWeighted-average common shares outstanding:\n \n \n \nBasic\n \n2,995\n \n3,101 \n3,207\nDiluted\n \n3,010\n \n3,112 \n3,217\n \n \n \n \nDividends declared per common share\n $\n2.04\n $\n2.00 $\n1.96\nSee accompanying notes.\n55', 'doc_name': 'WALMART_2018_10K', 'evidence_page_num': 56, 'evidence_text_full_page': 'Walmart Inc.\nConsolidated Statements of Income\n \n \nFiscal Years Ended January 31,\n(Amounts in millions, except per share data)\n \n2018\n \n2017\n \n2016\nRevenues:\n \n \n \nNet sales\n $\n495,761\n $\n481,317 $\n478,614\nMembership and other income\n \n4,582\n \n4,556 \n3,516\nTotal revenues\n \n500,343\n \n485,873 \n482,130\nCosts and expenses:\n \n \n \nCost of sales\n \n373,396\n \n361,256 \n360,984\nOperating, selling, general and administrative expenses\n \n106,510\n \n101,853 \n97,041\nOperating income\n \n20,437\n \n22,764 \n24,105\nInterest:\n \n \n \nDebt\n \n1,978\n \n2,044 \n2,027\nCapital lease and financing obligations\n \n352\n \n323 \n521\nInterest income\n \n(152) \n(100) \n(81)\nInterest, net\n \n2,178\n \n2,267 \n2,467\nLoss on extinguishment of debt\n \n3,136\n \n \n\nIncome before income taxes\n \n15,123\n \n20,497 \n21,638\nProvision for income taxes\n \n4,600\n \n6,204 \n6,558\nConsolidated net income\n \n10,523\n \n14,293 \n15,080\nConsolidated net income attributable to noncontrolling interest\n \n(661) \n(650) \n(386)\nConsolidated net income attributable to Walmart\n $\n9,862\n $\n13,643 $\n14,694\n \n \n \n \nNet income per common share:\n \n \n \nBasic net income per common share attributable to Walmart\n $\n3.29\n $\n4.40 $\n4.58\nDiluted net income per common share attributable to Walmart\n \n3.28\n \n4.38 \n4.57\n \n \n \n \nWeighted-average common shares outstanding:\n \n \n \nBasic\n \n2,995\n \n3,101 \n3,207\nDiluted\n \n3,010\n \n3,112 \n3,217\n \n \n \n \nDividends declared per common share\n $\n2.04\n $\n2.00 $\n1.96\nSee accompanying notes.\n55\n'}
 {'evidence_text': ""Walmart Inc.\nConsolidated Balance Sheets\n \n \nAs of January 31,\n(Amounts in millions)\n \n2018\n \n2017\nASSETS\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n $\n6,756\n $\n6,867\nReceivables, net\n \n5,614\n \n5,835\nInventories\n \n43,783\n \n43,046\nPrepaid expenses and other\n \n3,511\n \n1,941\nTotal current assets\n \n59,664\n \n57,689\nProperty and equipment:\n \n \nProperty and equipment\n \n185,154\n \n179,492\nLess accumulated depreciation\n \n(77,479) \n(71,782)\nProperty and equipment, net\n \n107,675\n \n107,710\nProperty under capital lease and financing obligations:\n \n \nProperty under capital lease and financing obligations\n \n12,703\n \n11,637\nLess accumulated amortization\n \n(5,560) \n(5,169)\nProperty under capital lease and financing obligations, net\n \n7,143\n \n6,468\n \n \n \nGoodwill\n \n18,242\n \n17,037\nOther assets and deferred charges\n \n11,798\n \n9,921\nTotal assets\n $\n204,522\n $\n198,825\n \n \n \nLIABILITIES AND EQUITY\n \n \nCurrent liabilities:\n \n \nShort-term borrowings\n $\n5,257\n $\n1,099\nAccounts payable\n \n46,092\n \n41,433\nAccrued liabilities\n \n22,122\n \n20,654\nAccrued income taxes\n \n645\n \n921\nLong-term debt due within one year\n \n3,738\n \n2,256\nCapital lease and financing obligations due within one year\n \n667\n \n565\nTotal current liabilities\n \n78,521\n \n66,928\n \n \n \nLong-term debt\n \n30,045\n \n36,015\nLong-term capital lease and financing obligations\n \n6,780\n \n6,003\nDeferred income taxes and other\n \n8,354\n \n9,344\n \n \n \nCommitments and contingencies\n \n \n \n \n \nEquity:\n \n \nCommon stock\n \n295\n \n305\nCapital in excess of par value\n \n2,648\n \n2,371\nRetained earnings\n \n85,107\n \n89,354\nAccumulated other comprehensive loss\n \n(10,181) \n(14,232)\nTotal Walmart shareholders' equity\n \n77,869\n \n77,798\nNoncontrolling interest\n \n2,953\n \n2,737\nTotal equity\n \n80,822\n \n80,535\nTotal liabilities and equity\n $\n204,522\n $\n198,825\nSee accompanying notes.\n57"", 'doc_name': 'WALMART_2018_10K', 'evidence_page_num': 58, 'evidence_text_full_page': ""Walmart Inc.\nConsolidated Balance Sheets\n \n \nAs of January 31,\n(Amounts in millions)\n \n2018\n \n2017\nASSETS\n \n \nCurrent assets:\n \n \nCash and cash equivalents\n $\n6,756\n $\n6,867\nReceivables, net\n \n5,614\n \n5,835\nInventories\n \n43,783\n \n43,046\nPrepaid expenses and other\n \n3,511\n \n1,941\nTotal current assets\n \n59,664\n \n57,689\nProperty and equipment:\n \n \nProperty and equipment\n \n185,154\n \n179,492\nLess accumulated depreciation\n \n(77,479) \n(71,782)\nProperty and equipment, net\n \n107,675\n \n107,710\nProperty under capital lease and financing obligations:\n \n \nProperty under capital lease and financing obligations\n \n12,703\n \n11,637\nLess accumulated amortization\n \n(5,560) \n(5,169)\nProperty under capital lease and financing obligations, net\n \n7,143\n \n6,468\n \n \n \nGoodwill\n \n18,242\n \n17,037\nOther assets and deferred charges\n \n11,798\n \n9,921\nTotal assets\n $\n204,522\n $\n198,825\n \n \n \nLIABILITIES AND EQUITY\n \n \nCurrent liabilities:\n \n \nShort-term borrowings\n $\n5,257\n $\n1,099\nAccounts payable\n \n46,092\n \n41,433\nAccrued liabilities\n \n22,122\n \n20,654\nAccrued income taxes\n \n645\n \n921\nLong-term debt due within one year\n \n3,738\n \n2,256\nCapital lease and financing obligations due within one year\n \n667\n \n565\nTotal current liabilities\n \n78,521\n \n66,928\n \n \n \nLong-term debt\n \n30,045\n \n36,015\nLong-term capital lease and financing obligations\n \n6,780\n \n6,003\nDeferred income taxes and other\n \n8,354\n \n9,344\n \n \n \nCommitments and contingencies\n \n \n \n \n \nEquity:\n \n \nCommon stock\n \n295\n \n305\nCapital in excess of par value\n \n2,648\n \n2,371\nRetained earnings\n \n85,107\n \n89,354\nAccumulated other comprehensive loss\n \n(10,181) \n(14,232)\nTotal Walmart shareholders' equity\n \n77,869\n \n77,798\nNoncontrolling interest\n \n2,953\n \n2,737\nTotal equity\n \n80,822\n \n80,535\nTotal liabilities and equity\n $\n204,522\n $\n198,825\nSee accompanying notes.\n57\n""}]","Walmart Inc.
Consolidated Statements of Income
 
 
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
 
2018
 
2017
 
2016
Revenues:
 
 
 
Net sales
 $
495,761
 $
481,317 $
478,614
Membership and other income
 
4,582
 
4,556 
3,516
Total revenues
 
500,343
 
485,873 
482,130
Costs and expenses:
 
 
 
Cost of sales
 
373,396
 
361,256 
360,984
Operating, selling, general and administrative expenses
 
106,510
 
101,853 
97,041
Operating income
 
20,437
 
22,764 
24,105
Interest:
 
 
 
Debt
 
1,978
 
2,044 
2,027
Capital lease and financing obligations
 
352
 
323 
521
Interest income
 
(152) 
(100) 
(81)
Interest, net
 
2,178
 
2,267 
2,467
Loss on extinguishment of debt
 
3,136
 
 

Income before income taxes
 
15,123
 
20,497 
21,638
Provision for income taxes
 
4,600
 
6,204 
6,558
Consolidated net income
 
10,523
 
14,293 
15,080
Consolidated net income attributable to noncontrolling interest
 
(661) 
(650) 
(386)
Consolidated net income attributable to Walmart
 $
9,862
 $
13,643 $
14,694
 
 
 
 
Net income per common share:
 
 
 
Basic net income per common share attributable to Walmart
 $
3.29
 $
4.40 $
4.58
Diluted net income per common share attributable to Walmart
 
3.28
 
4.38 
4.57
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
Basic
 
2,995
 
3,101 
3,207
Diluted
 
3,010
 
3,112 
3,217
 
 
 
 
Dividends declared per common share
 $
2.04
 $
2.00 $
1.96
See accompanying notes.
55 Walmart Inc.
Consolidated Balance Sheets
 
 
As of January 31,
(Amounts in millions)
 
2018
 
2017
ASSETS
 
 
Current assets:
 
 
Cash and cash equivalents
 $
6,756
 $
6,867
Receivables, net
 
5,614
 
5,835
Inventories
 
43,783
 
43,046
Prepaid expenses and other
 
3,511
 
1,941
Total current assets
 
59,664
 
57,689
Property and equipment:
 
 
Property and equipment
 
185,154
 
179,492
Less accumulated depreciation
 
(77,479) 
(71,782)
Property and equipment, net
 
107,675
 
107,710
Property under capital lease and financing obligations:
 
 
Property under capital lease and financing obligations
 
12,703
 
11,637
Less accumulated amortization
 
(5,560) 
(5,169)
Property under capital lease and financing obligations, net
 
7,143
 
6,468
 
 
 
Goodwill
 
18,242
 
17,037
Other assets and deferred charges
 
11,798
 
9,921
Total assets
 $
204,522
 $
198,825
 
 
 
LIABILITIES AND EQUITY
 
 
Current liabilities:
 
 
Short-term borrowings
 $
5,257
 $
1,099
Accounts payable
 
46,092
 
41,433
Accrued liabilities
 
22,122
 
20,654
Accrued income taxes
 
645
 
921
Long-term debt due within one year
 
3,738
 
2,256
Capital lease and financing obligations due within one year
 
667
 
565
Total current liabilities
 
78,521
 
66,928
 
 
 
Long-term debt
 
30,045
 
36,015
Long-term capital lease and financing obligations
 
6,780
 
6,003
Deferred income taxes and other
 
8,354
 
9,344
 
 
 
Commitments and contingencies
 
 
 
 
 
Equity:
 
 
Common stock
 
295
 
305
Capital in excess of par value
 
2,648
 
2,371
Retained earnings
 
85,107
 
89,354
Accumulated other comprehensive loss
 
(10,181) 
(14,232)
Total Walmart shareholders' equity
 
77,869
 
77,798
Noncontrolling interest
 
2,953
 
2,737
Total equity
 
80,822
 
80,535
Total liabilities and equity
 $
204,522
 $
198,825
See accompanying notes.
57"
Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?,Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.,"[{'evidence_text': 'On August 19, 2022, Foot Locker, Inc. (the Company), issued a press release announcing that, as part of a planned succession process, Richard\nA. Johnson will step down as President and Chief Executive Officer of the Company, effective September 1, 2022. Mary N. Dillon, 61, former Executive\nChair and Chief Executive Officer of Ulta Beauty, Inc., has been appointed President and Chief Executive Officer and a member of the Companys Board\nof Directors (the Board) and the Executive Committee of the Board, each effective September 1, 2022. A copy of the press release is furnished as Exhibit\n99.1, which is incorporated herein by reference.', 'doc_name': 'FOOTLOCKER_2022_8K_dated_2022-08-19', 'evidence_page_num': 1, 'evidence_text_full_page': ' \n Item 5.02.\nDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory\nArrangements of Certain Officers.\n \nOn August 19, 2022, Foot Locker, Inc. (the Company), issued a press release announcing that, as part of a planned succession process, Richard\nA. Johnson will step down as President and Chief Executive Officer of the Company, effective September 1, 2022. Mary N. Dillon, 61, former Executive\nChair and Chief Executive Officer of Ulta Beauty, Inc., has been appointed President and Chief Executive Officer and a member of the Companys Board\nof Directors (the Board) and the Executive Committee of the Board, each effective September 1, 2022. A copy of the press release is furnished as Exhibit\n99.1, which is incorporated herein by reference.\n \nMs. Dillon served as Executive Chair of the Board of Directors of Ulta Beauty, Inc. from June 2021 through June 2022. She previously served as\nChief Executive Officer and a member of the Board of Directors of Ulta from July 2013 through June 2021. Prior to Ulta, she served as President and Chief\nExecutive Officer and a member of the Board of Directors of United States Cellular Corporation from 2010 through 2013; and Global Chief Marketing\nOfficer and Executive Vice President of McDonalds Corporation from 2005 through 2010. Previously, Ms. Dillon held several positions of increasing\nresponsibility at PepsiCo Corporation, including as President of the Quaker Foods division from 2004 through 2005 and as Vice President of Marketing for\nGatorade and Quaker Foods from 2002 through 2004. Ms. Dillon also currently serves on the Board of Directors of each of Starbucks Corporation and\nKKR & Co. Inc. and previously served on the Board of Directors of Target Corporation. Ms. Dillon has no family relationship with any of the Companys\ndirectors or executive officers. Ms. Dillon has no direct or indirect material interest in any related party transaction required to be disclosed pursuant to\nItem 404(a) of Regulation S-K.\n \nOn August 17, 2022, the Company entered into a letter agreement (the letter agreement) with Mr. Johnson regarding the transition of his\nservices until his retirement from the Company on a date to be mutually agreed between the Companys Non-Executive Chair and Mr. Johnson, which will\nbe no earlier than April 1, 2023 and no later than April 15, 2023 (the retirement date). The letter agreement provides that he will serve as Executive\nChairman of the Board from September 1, 2022 until January 31, 2023 and will serve as Senior Advisor to the Company thereafter through the retirement\ndate. Pursuant to the letter agreement, Mr. Johnson will remain eligible for a bonus under the Companys annual bonus plan for the 2022 fiscal year. During\nhis term as Senior Advisor, Mr. Johnsons annual base salary will be reduced to fifty percent (50%) of his base salary in effect as of August 19, 2022. In\naddition, Mr. Johnson will no longer be eligible receive annual equity awards or to participate in the annual bonus plan for the 2023 fiscal year. Except as\nmodified by the letter agreement, the provisions of Mr. Johnsons previously-disclosed employment agreement remain materially unchanged. The\nforegoing description of the letter agreement is a summary of certain terms only and is qualified in its entirety by the full text of the letter agreement filed\nas Exhibit 10.1 hereto, which is incorporated herein by reference.\n \nIn connection with the Ms. Dillons appointment by the Board, the Company entered into an employment agreement with Ms. Dillon, dated\nAugust 16, 2022 (the Employment Agreement), which provides for an employment term commencing August 19, 2022 through January 31, 2026 (or the\nlast day of the Companys 2025 fiscal year if such date does not fall on January 31, 2026), and her appointment as President and Chief Executive Officer of\nthe Company, effective September 1, 2022. The employment term will automatically be extended for additional one-year terms unless either party provides\n180 days notice of non-renewal. Ms. Dillon will receive a base salary of not less than $1,300,000 annually and will be entitled to participate in all bonus,\nincentive, and equity plans maintained by the Company for senior executives. Ms. Dillons annual bonus opportunity at target under the Companys annual\nbonus plan will be 200% of her then-current base salary, prorated with regard to the 2022 fiscal year. Within 30 days of her commencement of employment\nwith the Company, Ms. Dillon will also be provided with a cash sign-on bonus equal to $250,000.\n \nThe Employment Agreement provides that Ms. Dillon will be granted certain employment inducement awards, effective August 24, 2022, as\nfollows: (i) a restricted stock unit award (RSUs) with a grant date fair value equal to $2,000,000 (which will vest on the third anniversary of her\ncommencement date), (ii) a transformation grant of performance share units (PSUs) with a grant date fair value equal to $5,000,000 (which will vest based\non three years of continued employment and the achievement of performance metrics as determined by the Human Capital and Compensation Committee),\nand (iii) an annual $8,000,000 grant, pro-rated in respect of the Companys current fiscal year, consisting of PSUs (60%), RSUs (20%), and non-qualified\nstock options (20%) generally consistent with the terms applicable to other senior executives of the Company. These awards will be granted outside of the\nCompanys\n \n \n'}]","On August 19, 2022, Foot Locker, Inc. (the Company), issued a press release announcing that, as part of a planned succession process, Richard
A. Johnson will step down as President and Chief Executive Officer of the Company, effective September 1, 2022. Mary N. Dillon, 61, former Executive
Chair and Chief Executive Officer of Ulta Beauty, Inc., has been appointed President and Chief Executive Officer and a member of the Companys Board
of Directors (the Board) and the Executive Committee of the Board, each effective September 1, 2022. A copy of the press release is furnished as Exhibit
99.1, which is incorporated herein by reference."
"We need to calculate a financial metric by using information only provided within the balance sheet. Please answer the following question: what is Boeing's year end FY2018 net property, plant, and equipment (in USD millions)?",$12645.00,"[{'evidence_text': 'Table of Contents\nThe Boeing Company and Subsidiaries\nConsolidated Statements of Financial Position \n(Dollarsinmillions,exceptpersharedata)\n\n \nDecember 31,\n2018\n\n2017\nAssets\n\n \nCash and cash equivalents\n$7,637\n\n$8,813\nShort-term and other investments\n927\n\n1,179\nAccounts receivable, net\n3,879\n\n2,894\nUnbilled receivables, net\n10,025\n\n8,194\nCurrent portion of customer financing, net\n460\n\n309\nInventories\n62,567\n\n61,388\nOther current assets\n2,335\n\n2,417\nTotal current assets\n87,830\n\n85,194\nCustomer financing, net\n2,418\n\n2,756\nProperty, plant and equipment, net\n12,645\n\n12,672\nGoodwill\n7,840\n\n5,559\nAcquired intangible assets, net\n3,429\n\n2,573\nDeferred income taxes\n284\n\n321\nInvestments\n1,087\n\n1,260\nOther assets, net of accumulated amortization of $503 and $482\n1,826\n\n2,027\nTotal assets\n$117,359\n\n$112,362\nLiabilities and equity\n\n \nAccounts payable\n$12,916\n\n$12,202\nAccrued liabilities\n14,808\n\n13,069\nAdvances and progress billings\n50,676\n\n48,042\nShort-term debt and current portion of long-term debt\n3,190\n\n1,335\nTotal current liabilities\n81,590\n\n74,648\nDeferred income taxes\n1,736\n\n2,188\nAccrued retiree health care\n4,584\n\n5,545\nAccrued pension plan liability, net\n15,323\n\n16,471\nOther long-term liabilities\n3,059\n\n2,015\nLong-term debt\n10,657\n\n9,782\nShareholders equity:\n\n \nCommon stock, par value $5.00 1,200,000,000 shares authorized; 1,012,261,159 shares issued\n5,061\n\n5,061\nAdditional paid-in capital\n6,768\n\n6,804\nTreasury stock, at cost\n(52,348) \n(43,454)\nRetained earnings\n55,941\n\n49,618\nAccumulated other comprehensive loss\n(15,083) \n(16,373)\nTotal shareholders equity\n339\n\n1,656\nNoncontrolling interests\n71\n\n57\nTotal equity\n410\n\n1,713\nTotal liabilities and equity\n$117,359\n\n$112,362\nSee Notes to the Consolidated Financial Statements on pages 54 113 .\n50', 'doc_name': 'BOEING_2018_10K', 'evidence_page_num': 51, 'evidence_text_full_page': 'Table of Contents\nThe Boeing Company and Subsidiaries\nConsolidated Statements of Financial Position \n(Dollarsinmillions,exceptpersharedata)\n\n \nDecember 31,\n2018\n\n2017\nAssets\n\n \nCash and cash equivalents\n$7,637\n\n$8,813\nShort-term and other investments\n927\n\n1,179\nAccounts receivable, net\n3,879\n\n2,894\nUnbilled receivables, net\n10,025\n\n8,194\nCurrent portion of customer financing, net\n460\n\n309\nInventories\n62,567\n\n61,388\nOther current assets\n2,335\n\n2,417\nTotal current assets\n87,830\n\n85,194\nCustomer financing, net\n2,418\n\n2,756\nProperty, plant and equipment, net\n12,645\n\n12,672\nGoodwill\n7,840\n\n5,559\nAcquired intangible assets, net\n3,429\n\n2,573\nDeferred income taxes\n284\n\n321\nInvestments\n1,087\n\n1,260\nOther assets, net of accumulated amortization of $503 and $482\n1,826\n\n2,027\nTotal assets\n$117,359\n\n$112,362\nLiabilities and equity\n\n \nAccounts payable\n$12,916\n\n$12,202\nAccrued liabilities\n14,808\n\n13,069\nAdvances and progress billings\n50,676\n\n48,042\nShort-term debt and current portion of long-term debt\n3,190\n\n1,335\nTotal current liabilities\n81,590\n\n74,648\nDeferred income taxes\n1,736\n\n2,188\nAccrued retiree health care\n4,584\n\n5,545\nAccrued pension plan liability, net\n15,323\n\n16,471\nOther long-term liabilities\n3,059\n\n2,015\nLong-term debt\n10,657\n\n9,782\nShareholders equity:\n\n \nCommon stock, par value $5.00 1,200,000,000 shares authorized; 1,012,261,159 shares issued\n5,061\n\n5,061\nAdditional paid-in capital\n6,768\n\n6,804\nTreasury stock, at cost\n(52,348) \n(43,454)\nRetained earnings\n55,941\n\n49,618\nAccumulated other comprehensive loss\n(15,083) \n(16,373)\nTotal shareholders equity\n339\n\n1,656\nNoncontrolling interests\n71\n\n57\nTotal equity\n410\n\n1,713\nTotal liabilities and equity\n$117,359\n\n$112,362\nSee Notes to the Consolidated Financial Statements on pages 54 113 .\n50\n'}]","Table of Contents
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position 
(Dollarsinmillions,exceptpersharedata)

 
December 31,
2018

2017
Assets

 
Cash and cash equivalents
$7,637

$8,813
Short-term and other investments
927

1,179
Accounts receivable, net
3,879

2,894
Unbilled receivables, net
10,025

8,194
Current portion of customer financing, net
460

309
Inventories
62,567

61,388
Other current assets
2,335

2,417
Total current assets
87,830

85,194
Customer financing, net
2,418

2,756
Property, plant and equipment, net
12,645

12,672
Goodwill
7,840

5,559
Acquired intangible assets, net
3,429

2,573
Deferred income taxes
284

321
Investments
1,087

1,260
Other assets, net of accumulated amortization of $503 and $482
1,826

2,027
Total assets
$117,359

$112,362
Liabilities and equity

 
Accounts payable
$12,916

$12,202
Accrued liabilities
14,808

13,069
Advances and progress billings
50,676

48,042
Short-term debt and current portion of long-term debt
3,190

1,335
Total current liabilities
81,590

74,648
Deferred income taxes
1,736

2,188
Accrued retiree health care
4,584

5,545
Accrued pension plan liability, net
15,323

16,471
Other long-term liabilities
3,059

2,015
Long-term debt
10,657

9,782
Shareholders equity:

 
Common stock, par value $5.00 1,200,000,000 shares authorized; 1,012,261,159 shares issued
5,061

5,061
Additional paid-in capital
6,768

6,804
Treasury stock, at cost
(52,348) 
(43,454)
Retained earnings
55,941

49,618
Accumulated other comprehensive loss
(15,083) 
(16,373)
Total shareholders equity
339

1,656
Noncontrolling interests
71

57
Total equity
410

1,713
Total liabilities and equity
$117,359

$112,362
See Notes to the Consolidated Financial Statements on pages 54 113 .
50"
"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?",JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.,"[{'evidence_text': ""Exhibit 99.1\nJohnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue\nSeparation\n\nCompany expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and\nAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine\n\nCompany expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of\n12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-\npoint\n\nCompany reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit\nof approximately 73.5 million shares or $0.28 benefit to EPS\n\nCompany secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%\nof equity stake in Kenvue\n\nCompany maintains its quarterly dividend of $1.19 per share\nNew Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and\n2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The\nCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance\nfound in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.\nThe completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering\ntransformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly\nproud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-\nterm value for all of our stakeholders.\nAs previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &\nJohnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its\nConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of\n2023."", 'doc_name': 'JOHNSON_JOHNSON_2023_8K_dated-2023-08-30', 'evidence_page_num': 3, 'evidence_text_full_page': ""Exhibit 99.1\nJohnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue\nSeparation\n\nCompany expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and\nAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine\n\nCompany expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of\n12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-\npoint\n\nCompany reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit\nof approximately 73.5 million shares or $0.28 benefit to EPS\n\nCompany secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%\nof equity stake in Kenvue\n\nCompany maintains its quarterly dividend of $1.19 per share\nNew Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and\n2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The\nCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance\nfound in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.\nThe completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering\ntransformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly\nproud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-\nterm value for all of our stakeholders.\nAs previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &\nJohnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its\nConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of\n2023.\n""}]","Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue
Separation

Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and
Adjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine

Company expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of
12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-
point

Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit
of approximately 73.5 million shares or $0.28 benefit to EPS

Company secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%
of equity stake in Kenvue

Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and
2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The
Company has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance
found in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.
The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering
transformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly
proud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-
term value for all of our stakeholders.
As previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &
Johnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its
Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of
2023."
"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.",Performance is not measured through gross margin,"[{'evidence_text': 'CONSOLIDATED STATEMENTS OF INCOME\nYear Ended December 31 (Millions, except per share amounts)\n2022\n2021\n2020\nRevenues\nNon-interest revenues\nDiscount revenue\n$\n30,739 \n$\n24,563 \n$\n19,435 \nNet card fees\n6,070 \n5,195 \n4,664 \nService fees and other revenue\n4,521 \n3,316 \n2,702 \nProcessed revenue\n1,637 \n1,556 \n1,301 \nTotal non-interest revenues\n42,967 \n34,630 \n28,102 \nInterest income\nInterest on loans\n11,967 \n8,850 \n9,779 \nInterest and dividends on investment securities\n96 \n83 \n127 \nDeposits with banks and other\n595 \n100 \n177 \nTotal interest income\n12,658 \n9,033 \n10,083 \nInterest expense\nDeposits\n1,527 \n458 \n943 \nLong-term debt and other\n1,236 \n825 \n1,155 \nTotal interest expense\n2,763 \n1,283 \n2,098 \nNet interest income\n9,895 \n7,750 \n7,985 \nTotal revenues net of interest expense\n52,862 \n42,380 \n36,087 \nProvisions for credit losses\nCard Member receivables\n627 \n(73)\n1,015 \nCard Member loans\n1,514 \n(1,155)\n3,453 \nOther\n41 \n(191)\n262 \nTotal provisions for credit losses\n2,182 \n(1,419)\n4,730 \nTotal revenues net of interest expense after provisions for credit losses\n50,680 \n43,799 \n31,357 \nExpenses\nCard Member rewards\n14,002 \n11,007 \n8,041 \nBusiness development\n4,943 \n3,762 \n3,051 \nCard Member services\n2,959 \n1,993 \n1,230 \nMarketing\n5,458 \n5,291 \n3,696 \nSalaries and employee benefits\n7,252 \n6,240 \n5,718 \nOther, net\n6,481 \n4,817 \n5,325 \nTotal expenses\n41,095 \n33,110 \n27,061 \nPretax income\n9,585 \n10,689 \n4,296 \nIncome tax provision\n2,071 \n2,629 \n1,161 \nNet income\n$\n7,514 \n$\n8,060 \n$\n3,135 \nEarnings per Common Share (Note 21)\nBasic\n$\n9.86 \n$\n10.04 \n$\n3.77 \nDiluted\n$\n9.85 \n$\n10.02 \n$\n3.77 \nAverage common shares outstanding for earnings per common share:\nBasic\n751 \n789 \n805 \nDiluted\n752 \n790 \n806', 'doc_name': 'AMERICANEXPRESS_2022_10K', 'evidence_page_num': 95, 'evidence_text_full_page': 'Table of Contents\nCONSOLIDATED STATEMENTS OF INCOME\nYear Ended December 31 (Millions, except per share amounts)\n2022\n2021\n2020\nRevenues\nNon-interest revenues\nDiscount revenue\n$\n30,739 \n$\n24,563 \n$\n19,435 \nNet card fees\n6,070 \n5,195 \n4,664 \nService fees and other revenue\n4,521 \n3,316 \n2,702 \nProcessed revenue\n1,637 \n1,556 \n1,301 \nTotal non-interest revenues\n42,967 \n34,630 \n28,102 \nInterest income\nInterest on loans\n11,967 \n8,850 \n9,779 \nInterest and dividends on investment securities\n96 \n83 \n127 \nDeposits with banks and other\n595 \n100 \n177 \nTotal interest income\n12,658 \n9,033 \n10,083 \nInterest expense\nDeposits\n1,527 \n458 \n943 \nLong-term debt and other\n1,236 \n825 \n1,155 \nTotal interest expense\n2,763 \n1,283 \n2,098 \nNet interest income\n9,895 \n7,750 \n7,985 \nTotal revenues net of interest expense\n52,862 \n42,380 \n36,087 \nProvisions for credit losses\nCard Member receivables\n627 \n(73)\n1,015 \nCard Member loans\n1,514 \n(1,155)\n3,453 \nOther\n41 \n(191)\n262 \nTotal provisions for credit losses\n2,182 \n(1,419)\n4,730 \nTotal revenues net of interest expense after provisions for credit losses\n50,680 \n43,799 \n31,357 \nExpenses\nCard Member rewards\n14,002 \n11,007 \n8,041 \nBusiness development\n4,943 \n3,762 \n3,051 \nCard Member services\n2,959 \n1,993 \n1,230 \nMarketing\n5,458 \n5,291 \n3,696 \nSalaries and employee benefits\n7,252 \n6,240 \n5,718 \nOther, net\n6,481 \n4,817 \n5,325 \nTotal expenses\n41,095 \n33,110 \n27,061 \nPretax income\n9,585 \n10,689 \n4,296 \nIncome tax provision\n2,071 \n2,629 \n1,161 \nNet income\n$\n7,514 \n$\n8,060 \n$\n3,135 \nEarnings per Common Share (Note 21)\nBasic\n$\n9.86 \n$\n10.04 \n$\n3.77 \nDiluted\n$\n9.85 \n$\n10.02 \n$\n3.77 \nAverage common shares outstanding for earnings per common share:\nBasic\n751 \n789 \n805 \nDiluted\n752 \n790 \n806 \n(a)\nRepresents net income less (i) earnings allocated to participating share awards of $57 million, $56 million and $20 million for the years ended December 31, 2022, 2021 and 2020, respectively,\n(ii) dividends on preferred shares of $57 million, $71 million and $79 million for the years ended December 31, 2022, 2021 and 2020, respectively, and (iii) equity-related adjustments of\n$16 million related to the redemption of preferred shares for the year ended December 31, 2021.\nSee Notes to Consolidated Financial Statements.\n(a)\n93\n'}]","CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (Millions, except per share amounts)
2022
2021
2020
Revenues
Non-interest revenues
Discount revenue
$
30,739 
$
24,563 
$
19,435 
Net card fees
6,070 
5,195 
4,664 
Service fees and other revenue
4,521 
3,316 
2,702 
Processed revenue
1,637 
1,556 
1,301 
Total non-interest revenues
42,967 
34,630 
28,102 
Interest income
Interest on loans
11,967 
8,850 
9,779 
Interest and dividends on investment securities
96 
83 
127 
Deposits with banks and other
595 
100 
177 
Total interest income
12,658 
9,033 
10,083 
Interest expense
Deposits
1,527 
458 
943 
Long-term debt and other
1,236 
825 
1,155 
Total interest expense
2,763 
1,283 
2,098 
Net interest income
9,895 
7,750 
7,985 
Total revenues net of interest expense
52,862 
42,380 
36,087 
Provisions for credit losses
Card Member receivables
627 
(73)
1,015 
Card Member loans
1,514 
(1,155)
3,453 
Other
41 
(191)
262 
Total provisions for credit losses
2,182 
(1,419)
4,730 
Total revenues net of interest expense after provisions for credit losses
50,680 
43,799 
31,357 
Expenses
Card Member rewards
14,002 
11,007 
8,041 
Business development
4,943 
3,762 
3,051 
Card Member services
2,959 
1,993 
1,230 
Marketing
5,458 
5,291 
3,696 
Salaries and employee benefits
7,252 
6,240 
5,718 
Other, net
6,481 
4,817 
5,325 
Total expenses
41,095 
33,110 
27,061 
Pretax income
9,585 
10,689 
4,296 
Income tax provision
2,071 
2,629 
1,161 
Net income
$
7,514 
$
8,060 
$
3,135 
Earnings per Common Share (Note 21)
Basic
$
9.86 
$
10.04 
$
3.77 
Diluted
$
9.85 
$
10.02 
$
3.77 
Average common shares outstanding for earnings per common share:
Basic
751 
789 
805 
Diluted
752 
790 
806"
"Using the cash flow statement, answer the following question to the best of your abilities: how much did Block (formerly known as Square) generate in cash flow from operating activities in FY2020? Answer in USD millions.",$382.00,"[{'evidence_text': 'SQUARE, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\nYear Ended December 31,\n2020\n2019\n2018\nCash flows from operating activities:\nNetincome(loss)\n$\n213,105\n$\n375,446\n$\n(38,453)\nAdjustmentstoreconcilenetlosstonetcashprovidedbyoperatingactivities:\nDepreciationandamortization\n84,212\n75,598\n60,961\nNon-cashinterestandother\n76,129\n33,478\n28,512\nLossonextinguishmentoflong-termdebt\n6,651\n\n5,047\nNon-cashleaseexpense\n70,253\n29,696\n\nShare-basedcompensation\n397,800\n297,863\n216,881\nReplacementstockawardsissuedinconnectionwithacquisition\n\n\n899\nGainonsaleofassetgroup\n\n(373,445)\n\nLoss(gain)onrevaluationofequityinvestment\n(295,297)\n12,326\n(20,342)\nTransactionandloanlosses\n177,670\n126,959\n88,077\nChangeindeferredincometaxes\n(8,016)\n(1,376)\n(646)\nChangesinoperatingassetsandliabilities:\nSettlementsreceivable\n(473,871)\n(248,271)\n245,795\nCustomerfunds\n(1,151,536)\n(204,208)\n(131,004)\nPurchaseofloansheldforsale\n(1,837,137)\n(2,266,738)\n(1,609,611)\nSalesandprincipalpaymentsofloansheldforsale\n1,505,406\n2,168,682\n1,579,834\nCustomerspayable\n1,733,138\n523,795\n15,597\nSettlementspayable\n143,528\n41,697\n(60,651)\nCharge-offstoaccruedtransactionlosses\n(73,613)\n(78,325)\n(58,192)\nOtherassetsandliabilities\n(186,819)\n(47,478)\n(27,624)\nNetcashprovidedbyoperatingactivities\n381,603\n465,699\n295,080\nCash flows from investing activities:\nPurchaseofmarketabledebtsecurities\n(1,322,362)\n(992,583)\n(1,000,346)\nProceedsfrommaturitiesofmarketabledebtsecurities\n607,134\n430,888\n197,454\nProceedsfromsaleofmarketabledebtsecurities\n585,427\n548,619\n171,992\nPurchaseofmarketabledebtsecuritiesfromcustomerfunds\n(642,252)\n(311,499)\n(148,096)\nProceedsfrommaturitiesofmarketabledebtsecuritiesfromcustomerfunds\n382,887\n158,055\n\nProceedsfromsaleofmarketabledebtsecuritiesfromcustomerfunds\n51,430\n17,493\n48,334\nPurchaseofpropertyandequipment\n(138,402)\n(62,498)\n(61,203)\nPurchaseofotherinvestments\n(51,277)\n(15,250)\n\nProceedsfromsaleofequityinvestment\n\n33,016\n\nPurchaseofintangibleassets\n\n\n(1,584)\nProceedsfromsaleofassetgroup\n\n309,324\n\nBusinesscombinations,netofcashacquired\n(79,221)\n(20,372)\n(112,399)\nNetcashprovidedby(usedin)investingactivities:\n(606,636)\n95,193\n(905,848)\nCash flows from financing activities:\nProceedsfromissuanceofconvertibleseniornotes,net\n2,116,544\n\n855,663\nPurchaseofconvertibleseniornotehedges\n(338,145)\n\n(172,586)\nProceedsfromissuanceofwarrants\n232,095\n\n112,125\nPrincipalpaymentonconversionofseniornotes\n\n\n(219,384)\nProceedsfromPPPLiquidityFacilityadvances\n464,094\n\n\nProceedsfromtheexerciseofstockoptionsandpurchasesundertheemployeestockpurchaseplan,net\n161,985\n118,514\n133,850\nPaymentsfortaxwithholdingrelatedtovestingofrestrictedstockunits\n(314,019)\n(212,264)\n(189,124)\nOtherfinancingactivities\n(7,359)\n(5,124)\n(4,789)\nNetcashprovidedby(usedin)financingactivities\n2,315,195\n(98,874)\n515,755\nEffectofforeignexchangerateoncashandcashequivalents\n12,995\n3,841\n(7,221)\nNetincrease(decrease)incash,cashequivalentsandrestrictedcash\n2,103,157\n465,859\n(102,234)\nCash,cashequivalentsandrestrictedcash,beginningoftheyear\n1,098,706\n632,847\n735,081\nCash,cashequivalentsandrestrictedcash,endoftheyear\n$\n3,201,863\n$\n1,098,706\n$\n632,847\nSeeaccompanyingnotestoconsolidatedfinancialstatements.\n89', 'doc_name': 'BLOCK_2020_10K', 'evidence_page_num': 89, 'evidence_text_full_page': 'SQUARE, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\nYear Ended December 31,\n2020\n2019\n2018\nCash flows from operating activities:\nNetincome(loss)\n$\n213,105\n$\n375,446\n$\n(38,453)\nAdjustmentstoreconcilenetlosstonetcashprovidedbyoperatingactivities:\nDepreciationandamortization\n84,212\n75,598\n60,961\nNon-cashinterestandother\n76,129\n33,478\n28,512\nLossonextinguishmentoflong-termdebt\n6,651\n\n5,047\nNon-cashleaseexpense\n70,253\n29,696\n\nShare-basedcompensation\n397,800\n297,863\n216,881\nReplacementstockawardsissuedinconnectionwithacquisition\n\n\n899\nGainonsaleofassetgroup\n\n(373,445)\n\nLoss(gain)onrevaluationofequityinvestment\n(295,297)\n12,326\n(20,342)\nTransactionandloanlosses\n177,670\n126,959\n88,077\nChangeindeferredincometaxes\n(8,016)\n(1,376)\n(646)\nChangesinoperatingassetsandliabilities:\nSettlementsreceivable\n(473,871)\n(248,271)\n245,795\nCustomerfunds\n(1,151,536)\n(204,208)\n(131,004)\nPurchaseofloansheldforsale\n(1,837,137)\n(2,266,738)\n(1,609,611)\nSalesandprincipalpaymentsofloansheldforsale\n1,505,406\n2,168,682\n1,579,834\nCustomerspayable\n1,733,138\n523,795\n15,597\nSettlementspayable\n143,528\n41,697\n(60,651)\nCharge-offstoaccruedtransactionlosses\n(73,613)\n(78,325)\n(58,192)\nOtherassetsandliabilities\n(186,819)\n(47,478)\n(27,624)\nNetcashprovidedbyoperatingactivities\n381,603\n465,699\n295,080\nCash flows from investing activities:\nPurchaseofmarketabledebtsecurities\n(1,322,362)\n(992,583)\n(1,000,346)\nProceedsfrommaturitiesofmarketabledebtsecurities\n607,134\n430,888\n197,454\nProceedsfromsaleofmarketabledebtsecurities\n585,427\n548,619\n171,992\nPurchaseofmarketabledebtsecuritiesfromcustomerfunds\n(642,252)\n(311,499)\n(148,096)\nProceedsfrommaturitiesofmarketabledebtsecuritiesfromcustomerfunds\n382,887\n158,055\n\nProceedsfromsaleofmarketabledebtsecuritiesfromcustomerfunds\n51,430\n17,493\n48,334\nPurchaseofpropertyandequipment\n(138,402)\n(62,498)\n(61,203)\nPurchaseofotherinvestments\n(51,277)\n(15,250)\n\nProceedsfromsaleofequityinvestment\n\n33,016\n\nPurchaseofintangibleassets\n\n\n(1,584)\nProceedsfromsaleofassetgroup\n\n309,324\n\nBusinesscombinations,netofcashacquired\n(79,221)\n(20,372)\n(112,399)\nNetcashprovidedby(usedin)investingactivities:\n(606,636)\n95,193\n(905,848)\nCash flows from financing activities:\nProceedsfromissuanceofconvertibleseniornotes,net\n2,116,544\n\n855,663\nPurchaseofconvertibleseniornotehedges\n(338,145)\n\n(172,586)\nProceedsfromissuanceofwarrants\n232,095\n\n112,125\nPrincipalpaymentonconversionofseniornotes\n\n\n(219,384)\nProceedsfromPPPLiquidityFacilityadvances\n464,094\n\n\nProceedsfromtheexerciseofstockoptionsandpurchasesundertheemployeestockpurchaseplan,net\n161,985\n118,514\n133,850\nPaymentsfortaxwithholdingrelatedtovestingofrestrictedstockunits\n(314,019)\n(212,264)\n(189,124)\nOtherfinancingactivities\n(7,359)\n(5,124)\n(4,789)\nNetcashprovidedby(usedin)financingactivities\n2,315,195\n(98,874)\n515,755\nEffectofforeignexchangerateoncashandcashequivalents\n12,995\n3,841\n(7,221)\nNetincrease(decrease)incash,cashequivalentsandrestrictedcash\n2,103,157\n465,859\n(102,234)\nCash,cashequivalentsandrestrictedcash,beginningoftheyear\n1,098,706\n632,847\n735,081\nCash,cashequivalentsandrestrictedcash,endoftheyear\n$\n3,201,863\n$\n1,098,706\n$\n632,847\nSeeaccompanyingnotestoconsolidatedfinancialstatements.\n89\n'}]","SQUARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2020
2019
2018
Cash flows from operating activities:
Netincome(loss)
$
213,105
$
375,446
$
(38,453)
Adjustmentstoreconcilenetlosstonetcashprovidedbyoperatingactivities:
Depreciationandamortization
84,212
75,598
60,961
Non-cashinterestandother
76,129
33,478
28,512
Lossonextinguishmentoflong-termdebt
6,651

5,047
Non-cashleaseexpense
70,253
29,696

Share-basedcompensation
397,800
297,863
216,881
Replacementstockawardsissuedinconnectionwithacquisition


899
Gainonsaleofassetgroup

(373,445)

Loss(gain)onrevaluationofequityinvestment
(295,297)
12,326
(20,342)
Transactionandloanlosses
177,670
126,959
88,077
Changeindeferredincometaxes
(8,016)
(1,376)
(646)
Changesinoperatingassetsandliabilities:
Settlementsreceivable
(473,871)
(248,271)
245,795
Customerfunds
(1,151,536)
(204,208)
(131,004)
Purchaseofloansheldforsale
(1,837,137)
(2,266,738)
(1,609,611)
Salesandprincipalpaymentsofloansheldforsale
1,505,406
2,168,682
1,579,834
Customerspayable
1,733,138
523,795
15,597
Settlementspayable
143,528
41,697
(60,651)
Charge-offstoaccruedtransactionlosses
(73,613)
(78,325)
(58,192)
Otherassetsandliabilities
(186,819)
(47,478)
(27,624)
Netcashprovidedbyoperatingactivities
381,603
465,699
295,080
Cash flows from investing activities:
Purchaseofmarketabledebtsecurities
(1,322,362)
(992,583)
(1,000,346)
Proceedsfrommaturitiesofmarketabledebtsecurities
607,134
430,888
197,454
Proceedsfromsaleofmarketabledebtsecurities
585,427
548,619
171,992
Purchaseofmarketabledebtsecuritiesfromcustomerfunds
(642,252)
(311,499)
(148,096)
Proceedsfrommaturitiesofmarketabledebtsecuritiesfromcustomerfunds
382,887
158,055

Proceedsfromsaleofmarketabledebtsecuritiesfromcustomerfunds
51,430
17,493
48,334
Purchaseofpropertyandequipment
(138,402)
(62,498)
(61,203)
Purchaseofotherinvestments
(51,277)
(15,250)

Proceedsfromsaleofequityinvestment

33,016

Purchaseofintangibleassets


(1,584)
Proceedsfromsaleofassetgroup

309,324

Businesscombinations,netofcashacquired
(79,221)
(20,372)
(112,399)
Netcashprovidedby(usedin)investingactivities:
(606,636)
95,193
(905,848)
Cash flows from financing activities:
Proceedsfromissuanceofconvertibleseniornotes,net
2,116,544

855,663
Purchaseofconvertibleseniornotehedges
(338,145)

(172,586)
Proceedsfromissuanceofwarrants
232,095

112,125
Principalpaymentonconversionofseniornotes


(219,384)
ProceedsfromPPPLiquidityFacilityadvances
464,094


Proceedsfromtheexerciseofstockoptionsandpurchasesundertheemployeestockpurchaseplan,net
161,985
118,514
133,850
Paymentsfortaxwithholdingrelatedtovestingofrestrictedstockunits
(314,019)
(212,264)
(189,124)
Otherfinancingactivities
(7,359)
(5,124)
(4,789)
Netcashprovidedby(usedin)financingactivities
2,315,195
(98,874)
515,755
Effectofforeignexchangerateoncashandcashequivalents
12,995
3,841
(7,221)
Netincrease(decrease)incash,cashequivalentsandrestrictedcash
2,103,157
465,859
(102,234)
Cash,cashequivalentsandrestrictedcash,beginningoftheyear
1,098,706
632,847
735,081
Cash,cashequivalentsandrestrictedcash,endoftheyear
$
3,201,863
$
1,098,706
$
632,847
Seeaccompanyingnotestoconsolidatedfinancialstatements.
89"
"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","[{'evidence_text': ""Exhibit 99.1\nJohnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue\nSeparation\n\nCompany expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and\nAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine\n\nCompany expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of\n12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-\npoint\n\nCompany reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit\nof approximately 73.5 million shares or $0.28 benefit to EPS\n\nCompany secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%\nof equity stake in Kenvue\n\nCompany maintains its quarterly dividend of $1.19 per share\nNew Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and\n2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The\nCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance\nfound in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.\nThe completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering\ntransformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly\nproud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-\nterm value for all of our stakeholders.\nAs previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &\nJohnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its\nConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of\n2023"", 'doc_name': 'JOHNSON_JOHNSON_2023_8K_dated-2023-08-30', 'evidence_page_num': 3, 'evidence_text_full_page': ""Exhibit 99.1\nJohnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue\nSeparation\n\nCompany expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and\nAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine\n\nCompany expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of\n12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-\npoint\n\nCompany reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit\nof approximately 73.5 million shares or $0.28 benefit to EPS\n\nCompany secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%\nof equity stake in Kenvue\n\nCompany maintains its quarterly dividend of $1.19 per share\nNew Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and\n2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The\nCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance\nfound in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.\nThe completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering\ntransformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly\nproud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-\nterm value for all of our stakeholders.\nAs previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &\nJohnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its\nConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of\n2023.\n""}]","Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue
Separation

Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and
Adjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine

Company expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of
12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-
point

Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit
of approximately 73.5 million shares or $0.28 benefit to EPS

Company secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%
of equity stake in Kenvue

Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and
2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The
Company has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance
found in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.
The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering
transformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly
proud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-
term value for all of our stakeholders.
As previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &
Johnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its
Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of
2023"
"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.",2.8%,"[{'evidence_text': 'Table of Contents\nConsolidated Statements of Earnings\n$ and shares in millions, except per share amounts\nFiscal Years Ended\n\nJanuary 28, 2017 \nJanuary 30, 2016 \nJanuary 31, 2015\nRevenue\n $\n39,403\n $\n39,528\n $\n40,339\nCostofgoodssold\n\n29,963\n\n30,334\n\n31,292\nRestructuringchargescostofgoodssold\n\n\n\n3\n\n\nGrossprofit\n\n9,440\n\n9,191\n\n9,047\nSelling,generalandadministrativeexpenses\n\n7,547\n\n7,618\n\n7,592\nRestructuringcharges\n\n39\n\n198\n\n5\nOperatingincome\n\n1,854\n\n1,375\n\n1,450\nOtherincome(expense)\n \n \n \nGainonsaleofinvestments\n\n3\n\n2\n\n13\nInvestmentincomeandother\n\n31\n\n13\n\n14\nInterestexpense\n\n(72) \n(80) \n(90)\nEarningsfromcontinuingoperationsbeforeincometaxexpense\n\n1,816\n\n1,310\n\n1,387\nIncometaxexpense\n\n609\n\n503\n\n141\nNetearningsfromcontinuingoperations\n\n1,207\n\n807\n\n1,246\nGain(loss)fromdiscontinuedoperations(Note2),netoftaxexpenseof$7,$1and$0\n\n21\n\n90\n\n(11)\nNetearningsincludingnoncontrollinginterests\n\n1,228\n\n897\n\n1,235\nNetearningsfromdiscontinuedoperationsattributabletononcontrollinginterests\n\n\n\n\n\n(2)\nNetearningsattributabletoBestBuyCo.,Inc.shareholders\n $\n1,228\n $\n897\n $\n1,233\n\n \n \n \nBasicearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders\n \n \n \nContinuingoperations\n $\n3.79\n $\n2.33\n $\n3.57\nDiscontinuedoperations\n\n0.07\n\n0.26\n\n(0.04)\nBasicearningspershare\n $\n3.86\n $\n2.59\n $\n3.53\n\n \n \n \nDilutedearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders\n \n \n \nContinuingoperations\n $\n3.74\n $\n2.30\n $\n3.53\nDiscontinuedoperations\n\n0.07\n\n0.26\n\n(0.04)\nDilutedearningspershare\n $\n3.81\n $\n2.56\n $\n3.49\n\n \n \n \nWeighted-averagecommonsharesoutstanding\n \n \n \nBasic\n\n318.5\n\n346.5\n\n349.5\nDiluted\n\n322.6\n\n350.7\n\n353.6\nSeeNotestoConsolidatedFinancialStatements.\n54', 'doc_name': 'BESTBUY_2017_10K', 'evidence_page_num': 55, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statements of Earnings\n$ and shares in millions, except per share amounts\nFiscal Years Ended\n\nJanuary 28, 2017 \nJanuary 30, 2016 \nJanuary 31, 2015\nRevenue\n $\n39,403\n $\n39,528\n $\n40,339\nCostofgoodssold\n\n29,963\n\n30,334\n\n31,292\nRestructuringchargescostofgoodssold\n\n\n\n3\n\n\nGrossprofit\n\n9,440\n\n9,191\n\n9,047\nSelling,generalandadministrativeexpenses\n\n7,547\n\n7,618\n\n7,592\nRestructuringcharges\n\n39\n\n198\n\n5\nOperatingincome\n\n1,854\n\n1,375\n\n1,450\nOtherincome(expense)\n \n \n \nGainonsaleofinvestments\n\n3\n\n2\n\n13\nInvestmentincomeandother\n\n31\n\n13\n\n14\nInterestexpense\n\n(72) \n(80) \n(90)\nEarningsfromcontinuingoperationsbeforeincometaxexpense\n\n1,816\n\n1,310\n\n1,387\nIncometaxexpense\n\n609\n\n503\n\n141\nNetearningsfromcontinuingoperations\n\n1,207\n\n807\n\n1,246\nGain(loss)fromdiscontinuedoperations(Note2),netoftaxexpenseof$7,$1and$0\n\n21\n\n90\n\n(11)\nNetearningsincludingnoncontrollinginterests\n\n1,228\n\n897\n\n1,235\nNetearningsfromdiscontinuedoperationsattributabletononcontrollinginterests\n\n\n\n\n\n(2)\nNetearningsattributabletoBestBuyCo.,Inc.shareholders\n $\n1,228\n $\n897\n $\n1,233\n\n \n \n \nBasicearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders\n \n \n \nContinuingoperations\n $\n3.79\n $\n2.33\n $\n3.57\nDiscontinuedoperations\n\n0.07\n\n0.26\n\n(0.04)\nBasicearningspershare\n $\n3.86\n $\n2.59\n $\n3.53\n\n \n \n \nDilutedearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders\n \n \n \nContinuingoperations\n $\n3.74\n $\n2.30\n $\n3.53\nDiscontinuedoperations\n\n0.07\n\n0.26\n\n(0.04)\nDilutedearningspershare\n $\n3.81\n $\n2.56\n $\n3.49\n\n \n \n \nWeighted-averagecommonsharesoutstanding\n \n \n \nBasic\n\n318.5\n\n346.5\n\n349.5\nDiluted\n\n322.6\n\n350.7\n\n353.6\nSeeNotestoConsolidatedFinancialStatements.\n54\n'}]","Table of Contents
Consolidated Statements of Earnings
$ and shares in millions, except per share amounts
Fiscal Years Ended

January 28, 2017 
January 30, 2016 
January 31, 2015
Revenue
 $
39,403
 $
39,528
 $
40,339
Costofgoodssold

29,963

30,334

31,292
Restructuringchargescostofgoodssold



3


Grossprofit

9,440

9,191

9,047
Selling,generalandadministrativeexpenses

7,547

7,618

7,592
Restructuringcharges

39

198

5
Operatingincome

1,854

1,375

1,450
Otherincome(expense)
 
 
 
Gainonsaleofinvestments

3

2

13
Investmentincomeandother

31

13

14
Interestexpense

(72) 
(80) 
(90)
Earningsfromcontinuingoperationsbeforeincometaxexpense

1,816

1,310

1,387
Incometaxexpense

609

503

141
Netearningsfromcontinuingoperations

1,207

807

1,246
Gain(loss)fromdiscontinuedoperations(Note2),netoftaxexpenseof$7,$1and$0

21

90

(11)
Netearningsincludingnoncontrollinginterests

1,228

897

1,235
Netearningsfromdiscontinuedoperationsattributabletononcontrollinginterests





(2)
NetearningsattributabletoBestBuyCo.,Inc.shareholders
 $
1,228
 $
897
 $
1,233

 
 
 
Basicearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders
 
 
 
Continuingoperations
 $
3.79
 $
2.33
 $
3.57
Discontinuedoperations

0.07

0.26

(0.04)
Basicearningspershare
 $
3.86
 $
2.59
 $
3.53

 
 
 
Dilutedearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders
 
 
 
Continuingoperations
 $
3.74
 $
2.30
 $
3.53
Discontinuedoperations

0.07

0.26

(0.04)
Dilutedearningspershare
 $
3.81
 $
2.56
 $
3.49

 
 
 
Weighted-averagecommonsharesoutstanding
 
 
 
Basic

318.5

346.5

349.5
Diluted

322.6

350.7

353.6
SeeNotestoConsolidatedFinancialStatements.
54"
Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?,"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","[{'evidence_text': '2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable \nforeign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding \nCOVID-19 Vaccine of 4.6%* \n 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 \nincreasing by 10.3%* \n__________________________________________________________________________________________ \n 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial \nexecution partially offset by unfavorable foreign exchange. Operational growth of 6.1%* \n 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 \nincreasing by 3.6%* \n__________________________________________________________________________________________ \n Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and \nadjusted operational EPS of $10.50, reflecting growth of 3.5%*', 'doc_name': 'JOHNSON_JOHNSON_2022Q4_EARNINGS', 'evidence_page_num': 0, 'evidence_text_full_page': ' \n \n \n \nFOR IMMEDIATE RELEASE \n \n 2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable \nforeign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding \nCOVID-19 Vaccine of 4.6%* \n 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 \nincreasing by 10.3%* \n__________________________________________________________________________________________ \n 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial \nexecution partially offset by unfavorable foreign exchange. Operational growth of 6.1%* \n 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 \nincreasing by 3.6%* \n__________________________________________________________________________________________ \n Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and \nadjusted operational EPS of $10.50, reflecting growth of 3.5%* \nNew Brunswick, N.J. (January 24, 2023) Johnson & Johnson (NYSE: JNJ) today announced results for fourth-\nquarter and full year 2022. Our full year 2022 results reflect the continued strength and stability of our three \nbusiness segments, despite macroeconomic challenges, said Joaquin Duato, Chairman of the Board and Chief \nExecutive Officer. I am inspired by our employees who make a difference in the health and lives of people around \nthe world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, \nwhile also investing strategically to deliver long-term value. \n \nOVERALL FINANCIAL RESULTS \n \n \nQ4 \n \nFull Year \n($ in Millions, except EPS) \n2022 \n2021 \n% Change \n \n2022 \n2021 \n% Change \nReported Sales \n$23,706 \n$24,804 \n(4.4)% \n \n$94,943 \n$93,775 \n1.3% \nNet Earnings \n$3,520 \n$4,736 \n(25.7)% \n \n$17,941 \n$20,878 \n(14.1)% \nEPS (diluted) \n$1.33 \n$1.77 \n(24.9)% \n \n$6.73 \n$7.81 \n(13.8)% \n \n \n \n \n \n \n \n \n'}]","2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable 
foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding 
COVID-19 Vaccine of 4.6%* 
 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 
increasing by 10.3%* 
__________________________________________________________________________________________ 
 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial 
execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%* 
 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 
increasing by 3.6%* 
__________________________________________________________________________________________ 
 Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and 
adjusted operational EPS of $10.50, reflecting growth of 3.5%*"
What was MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator?,"As adjusted EBIT is negative, coverage ratio is zero","[{'evidence_text': 'dited) \n \nThree months ended \n \nTwelve months ended \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \nNet income attributable to MGM Resorts International \n$ \n284,002 $ \n131,013 $ \n1,473,093 $ \n1,254,370 \nPlus: Net loss attributable to noncontrolling interests \n \n(604,016) \n(14,926) \n(1,266,362) \n(45,981) \nNet income (loss) \n \n(320,014) \n116,087 \n206,731 \n1,208,389 \nProvision for income taxes \n \n285,937 \n31,152 \n697,068 \n253,415 \nIncome (loss) before income taxes \n \n(34,077) \n147,239 \n903,799 \n1,461,804 \nNon-operating (income) expense \n \n \n \n \nInterest expense, net of amounts capitalized \n \n137,132 \n201,477 \n594,954 \n799,593 \nOther, net \n \n(104,951) \n20,131 \n(59,381) \n17,302 \n \n \n32,181 \n221,608 \n535,573 \n816,895 \nOperating income (loss) \n \n(1,896) \n368,847 \n1,439,372 \n2,278,699 \nPreopening and start-up expenses \n \n504 \n3,452 \n1,876 \n5,094 \nProperty transactions, net \n \n(1,060,701) \n(68,578) \n(1,036,997) \n(67,736) \nDepreciation and amortization \n \n1,421,637 \n297,031 \n3,482,050 \n1,150,610 \nGain on REIT transactions, net \n \n \n \n(2,277,747) \n \nGain on consolidation of CityCenter, net \n \n \n \n \n(1,562,329) \nTriple-net operating lease and ground lease rent expense \n \n600,467 \n262,307 \n1,950,566 \n833,158 \nGain related to sale of Harmon land - unconsolidated affiliate \n \n \n \n \n(49,755) \nIncome from unconsolidated affiliates related to real estate \nventures \n \n(2,704) \n(41,651) \n(61,866) \n(166,658) \nAdjusted EBITDAR \n$ \n957,307 \n $ \n3,497,254', 'doc_name': 'MGMRESORTS_2022Q4_EARNINGS', 'evidence_page_num': 13, 'evidence_text_full_page': ' \n \n \nPage 14 of 15 \n \n \nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES \nRECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR \n(In thousands) \n(Unaudited) \n \nThree months ended \n \nTwelve months ended \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \nNet income attributable to MGM Resorts International \n$ \n284,002 $ \n131,013 $ \n1,473,093 $ \n1,254,370 \nPlus: Net loss attributable to noncontrolling interests \n \n(604,016) \n(14,926) \n(1,266,362) \n(45,981) \nNet income (loss) \n \n(320,014) \n116,087 \n206,731 \n1,208,389 \nProvision for income taxes \n \n285,937 \n31,152 \n697,068 \n253,415 \nIncome (loss) before income taxes \n \n(34,077) \n147,239 \n903,799 \n1,461,804 \nNon-operating (income) expense \n \n \n \n \nInterest expense, net of amounts capitalized \n \n137,132 \n201,477 \n594,954 \n799,593 \nOther, net \n \n(104,951) \n20,131 \n(59,381) \n17,302 \n \n \n32,181 \n221,608 \n535,573 \n816,895 \nOperating income (loss) \n \n(1,896) \n368,847 \n1,439,372 \n2,278,699 \nPreopening and start-up expenses \n \n504 \n3,452 \n1,876 \n5,094 \nProperty transactions, net \n \n(1,060,701) \n(68,578) \n(1,036,997) \n(67,736) \nDepreciation and amortization \n \n1,421,637 \n297,031 \n3,482,050 \n1,150,610 \nGain on REIT transactions, net \n \n \n \n(2,277,747) \n \nGain on consolidation of CityCenter, net \n \n \n \n \n(1,562,329) \nTriple-net operating lease and ground lease rent expense \n \n600,467 \n262,307 \n1,950,566 \n833,158 \nGain related to sale of Harmon land - unconsolidated affiliate \n \n \n \n \n(49,755) \nIncome from unconsolidated affiliates related to real estate \nventures \n \n(2,704) \n(41,651) \n(61,866) \n(166,658) \nAdjusted EBITDAR \n$ \n957,307 \n $ \n3,497,254 \n \n \nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES \nRECONCILIATIONS OF LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY \nEBITDAR TO TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED \nLAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR \n(In thousands) \n(Unaudited) \n \nThree months ended \n \nTwelve months ended \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \nLas Vegas Strip Resorts net revenues \n$ \n2,297,282 $ \n1,806,686 $ \n8,398,372 $ \n4,737,185 \nHold adjustment(1) \n \n(2,984) \n(9,854) \n(6,122) \n(27,482) \nTable Games Hold Adjusted Las Vegas Strip Resorts Net Revenues $ \n2,294,298 $ \n1,796,832 $ \n8,392,250 $ \n4,709,703 \n \n \n \n \n \nLas Vegas Strip Resorts Adjusted Property EBITDAR \n$ \n877,052 $ \n698,739 $ \n3,142,308 $ \n1,738,211 \nHold adjustment(2) \n \n(2,638) \n(8,520) \n(5,105) \n(23,574) \nTable Games Hold Adjusted Las Vegas Strip Resorts Adjusted \nProperty EBITDAR \n$ \n874,414 $ \n690,219 $ \n3,137,203 $ \n1,714,637 \n \n(1) Represents the estimated incremental table games win or loss had the win percentage equaled the mid-point of the expected normal range of 25.0% to \n35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat. Amounts include estimated discounts and other incentives related to increases or decreases in \ntable games win. \n(2) Includes estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental table games \nwin or loss calculated in (1) above. \n'}]","dited) 
 
Three months ended 
 
Twelve months ended 
 
December 31, 
2022 
 
December 31, 
2021 
 
December 31, 
2022 
 
December 31, 
2021 
Net income attributable to MGM Resorts International 
$ 
284,002 $ 
131,013 $ 
1,473,093 $ 
1,254,370 
Plus: Net loss attributable to noncontrolling interests 
 
(604,016) 
(14,926) 
(1,266,362) 
(45,981) 
Net income (loss) 
 
(320,014) 
116,087 
206,731 
1,208,389 
Provision for income taxes 
 
285,937 
31,152 
697,068 
253,415 
Income (loss) before income taxes 
 
(34,077) 
147,239 
903,799 
1,461,804 
Non-operating (income) expense 
 
 
 
 
Interest expense, net of amounts capitalized 
 
137,132 
201,477 
594,954 
799,593 
Other, net 
 
(104,951) 
20,131 
(59,381) 
17,302 
 
 
32,181 
221,608 
535,573 
816,895 
Operating income (loss) 
 
(1,896) 
368,847 
1,439,372 
2,278,699 
Preopening and start-up expenses 
 
504 
3,452 
1,876 
5,094 
Property transactions, net 
 
(1,060,701) 
(68,578) 
(1,036,997) 
(67,736) 
Depreciation and amortization 
 
1,421,637 
297,031 
3,482,050 
1,150,610 
Gain on REIT transactions, net 
 
 
 
(2,277,747) 
 
Gain on consolidation of CityCenter, net 
 
 
 
 
(1,562,329) 
Triple-net operating lease and ground lease rent expense 
 
600,467 
262,307 
1,950,566 
833,158 
Gain related to sale of Harmon land - unconsolidated affiliate 
 
 
 
 
(49,755) 
Income from unconsolidated affiliates related to real estate 
ventures 
 
(2,704) 
(41,651) 
(61,866) 
(166,658) 
Adjusted EBITDAR 
$ 
957,307 
 $ 
3,497,254"
What is the FY2022 unadjusted EBITDA % margin for PepsiCo? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement). Give a response to the question by relying on the details shown in the statement of cash flows and the P&L statement.,16.5%,"[{'evidence_text': 'Table of Contents\nConsolidated Statement of Income\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions except per share amounts)\n2022\n2021\n2020\nNet Revenue\n$\n86,392 $\n79,474 $\n70,372 \nCost of sales\n40,576 \n37,075 \n31,797 \nGross profit\n45,816 \n42,399 \n38,575 \nSelling, general and administrative expenses\n34,459 \n31,237 \n28,453 \nGain associated with the Juice Transaction (see Note 13)\n(3,321)\n \n \nImpairment of intangible assets (see Notes 1 and 4)\n3,166 \n \n42 \nOperating Profit\n11,512 \n11,162 \n10,080 \nOther pension and retiree medical benefits income\n132 \n522 \n117 \nNet interest expense and other\n(939)\n(1,863)\n(1,128)\nIncome before income taxes\n10,705 \n9,821 \n9,069 \nProvision for income taxes\n1,727 \n2,142 \n1,894 \nNet income\n8,978 \n7,679 \n7,175 \nLess: Net income attributable to noncontrolling interests\n68 \n61 \n55 \nNet Income Attributable to PepsiCo\n$\n8,910 $\n7,618 $\n7,120 \nNet Income Attributable to PepsiCo per Common Share\nBasic\n$\n6.45 $\n5.51 $\n5.14 \nDiluted\n$\n6.42 $\n5.49 $\n5.12 \nWeighted-average common shares outstanding\nBasic\n1,380 \n1,382 \n1,385 \nDiluted\n1,387 \n1,389 \n1,392 \nSee accompanying notes to the consolidated financial statements.\n60', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 61, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statement of Income\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions except per share amounts)\n2022\n2021\n2020\nNet Revenue\n$\n86,392 $\n79,474 $\n70,372 \nCost of sales\n40,576 \n37,075 \n31,797 \nGross profit\n45,816 \n42,399 \n38,575 \nSelling, general and administrative expenses\n34,459 \n31,237 \n28,453 \nGain associated with the Juice Transaction (see Note 13)\n(3,321)\n \n \nImpairment of intangible assets (see Notes 1 and 4)\n3,166 \n \n42 \nOperating Profit\n11,512 \n11,162 \n10,080 \nOther pension and retiree medical benefits income\n132 \n522 \n117 \nNet interest expense and other\n(939)\n(1,863)\n(1,128)\nIncome before income taxes\n10,705 \n9,821 \n9,069 \nProvision for income taxes\n1,727 \n2,142 \n1,894 \nNet income\n8,978 \n7,679 \n7,175 \nLess: Net income attributable to noncontrolling interests\n68 \n61 \n55 \nNet Income Attributable to PepsiCo\n$\n8,910 $\n7,618 $\n7,120 \nNet Income Attributable to PepsiCo per Common Share\nBasic\n$\n6.45 $\n5.51 $\n5.14 \nDiluted\n$\n6.42 $\n5.49 $\n5.12 \nWeighted-average common shares outstanding\nBasic\n1,380 \n1,382 \n1,385 \nDiluted\n1,387 \n1,389 \n1,392 \nSee accompanying notes to the consolidated financial statements.\n60\n'}
 {'evidence_text': 'Table of Contents\nConsolidated Statement of Cash Flows\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions)\n2022\n2021\n2020\nOperating Activities\nNet income\n$\n8,978 $\n7,679 $\n7,175 \nDepreciation and amortization\n2,763 \n2,710 \n2,548 \nGain associated with the Juice Transaction\n(3,321)\n \n \nImpairment and other charges\n3,618 \n \n \nOperating lease right-of-use asset amortization\n517 \n505 \n478 \nShare-based compensation expense\n343 \n301 \n264 \nRestructuring and impairment charges\n411 \n247 \n289 \nCash payments for restructuring charges\n(224)\n(256)\n(255)\nAcquisition and divestiture-related charges\n80 \n(4)\n255 \nCash payments for acquisition and divestiture-related charges\n(46)\n(176)\n(131)\nPension and retiree medical plan expenses\n419 \n123 \n408 \nPension and retiree medical plan contributions\n(384)\n(785)\n(562)\nDeferred income taxes and other tax charges and credits\n(873)\n298 \n361 \nTax expense related to the TCJ Act\n86 \n190 \n \nTax payments related to the TCJ Act\n(309)\n(309)\n(78)\nChange in assets and liabilities:\nAccounts and notes receivable\n(1,763)\n(651)\n(420)\nInventories\n(1,142)\n(582)\n(516)\nPrepaid expenses and other current assets\n118 \n159 \n26 \nAccounts payable and other current liabilities\n1,842 \n1,762 \n766 \nIncome taxes payable\n57 \n30 \n(159)\nOther, net\n(359)\n375 \n164 \nNet Cash Provided by Operating Activities\n10,811 \n11,616 \n10,613 \nInvesting Activities\nCapital spending\n(5,207)\n(4,625)\n(4,240)\nSales of property, plant and equipment\n251 \n166 \n55 \nAcquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of\nintangible and other assets\n(873)\n(61)\n(6,372)\nProceeds associated with the Juice Transaction\n3,456 \n \n \nOther divestitures, sales of investments in noncontrolled affiliates and other assets\n49 \n169 \n6 \nShort-term investments, by original maturity:\nMore than three months - purchases\n(291)\n \n(1,135)\nMore than three months - maturities\n150 \n1,135 \n \nThree months or less, net\n24 \n(58)\n27 \nOther investing, net\n11 \n5 \n40 \nNet Cash Used for Investing Activities\n(2,430)\n(3,269)\n(11,619)\n(Continued on following page)\n62', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 63, 'evidence_text_full_page': 'Table of Contents\nConsolidated Statement of Cash Flows\nPepsiCo, Inc. and Subsidiaries\nFiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020\n(in millions)\n2022\n2021\n2020\nOperating Activities\nNet income\n$\n8,978 $\n7,679 $\n7,175 \nDepreciation and amortization\n2,763 \n2,710 \n2,548 \nGain associated with the Juice Transaction\n(3,321)\n \n \nImpairment and other charges\n3,618 \n \n \nOperating lease right-of-use asset amortization\n517 \n505 \n478 \nShare-based compensation expense\n343 \n301 \n264 \nRestructuring and impairment charges\n411 \n247 \n289 \nCash payments for restructuring charges\n(224)\n(256)\n(255)\nAcquisition and divestiture-related charges\n80 \n(4)\n255 \nCash payments for acquisition and divestiture-related charges\n(46)\n(176)\n(131)\nPension and retiree medical plan expenses\n419 \n123 \n408 \nPension and retiree medical plan contributions\n(384)\n(785)\n(562)\nDeferred income taxes and other tax charges and credits\n(873)\n298 \n361 \nTax expense related to the TCJ Act\n86 \n190 \n \nTax payments related to the TCJ Act\n(309)\n(309)\n(78)\nChange in assets and liabilities:\nAccounts and notes receivable\n(1,763)\n(651)\n(420)\nInventories\n(1,142)\n(582)\n(516)\nPrepaid expenses and other current assets\n118 \n159 \n26 \nAccounts payable and other current liabilities\n1,842 \n1,762 \n766 \nIncome taxes payable\n57 \n30 \n(159)\nOther, net\n(359)\n375 \n164 \nNet Cash Provided by Operating Activities\n10,811 \n11,616 \n10,613 \nInvesting Activities\nCapital spending\n(5,207)\n(4,625)\n(4,240)\nSales of property, plant and equipment\n251 \n166 \n55 \nAcquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of\nintangible and other assets\n(873)\n(61)\n(6,372)\nProceeds associated with the Juice Transaction\n3,456 \n \n \nOther divestitures, sales of investments in noncontrolled affiliates and other assets\n49 \n169 \n6 \nShort-term investments, by original maturity:\nMore than three months - purchases\n(291)\n \n(1,135)\nMore than three months - maturities\n150 \n1,135 \n \nThree months or less, net\n24 \n(58)\n27 \nOther investing, net\n11 \n5 \n40 \nNet Cash Used for Investing Activities\n(2,430)\n(3,269)\n(11,619)\n(Continued on following page)\n62\n'}]","Table of Contents
Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020
(in millions except per share amounts)
2022
2021
2020
Net Revenue
$
86,392 $
79,474 $
70,372 
Cost of sales
40,576 
37,075 
31,797 
Gross profit
45,816 
42,399 
38,575 
Selling, general and administrative expenses
34,459 
31,237 
28,453 
Gain associated with the Juice Transaction (see Note 13)
(3,321)
 
 
Impairment of intangible assets (see Notes 1 and 4)
3,166 
 
42 
Operating Profit
11,512 
11,162 
10,080 
Other pension and retiree medical benefits income
132 
522 
117 
Net interest expense and other
(939)
(1,863)
(1,128)
Income before income taxes
10,705 
9,821 
9,069 
Provision for income taxes
1,727 
2,142 
1,894 
Net income
8,978 
7,679 
7,175 
Less: Net income attributable to noncontrolling interests
68 
61 
55 
Net Income Attributable to PepsiCo
$
8,910 $
7,618 $
7,120 
Net Income Attributable to PepsiCo per Common Share
Basic
$
6.45 $
5.51 $
5.14 
Diluted
$
6.42 $
5.49 $
5.12 
Weighted-average common shares outstanding
Basic
1,380 
1,382 
1,385 
Diluted
1,387 
1,389 
1,392 
See accompanying notes to the consolidated financial statements.
60 Table of Contents
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020
(in millions)
2022
2021
2020
Operating Activities
Net income
$
8,978 $
7,679 $
7,175 
Depreciation and amortization
2,763 
2,710 
2,548 
Gain associated with the Juice Transaction
(3,321)
 
 
Impairment and other charges
3,618 
 
 
Operating lease right-of-use asset amortization
517 
505 
478 
Share-based compensation expense
343 
301 
264 
Restructuring and impairment charges
411 
247 
289 
Cash payments for restructuring charges
(224)
(256)
(255)
Acquisition and divestiture-related charges
80 
(4)
255 
Cash payments for acquisition and divestiture-related charges
(46)
(176)
(131)
Pension and retiree medical plan expenses
419 
123 
408 
Pension and retiree medical plan contributions
(384)
(785)
(562)
Deferred income taxes and other tax charges and credits
(873)
298 
361 
Tax expense related to the TCJ Act
86 
190 
 
Tax payments related to the TCJ Act
(309)
(309)
(78)
Change in assets and liabilities:
Accounts and notes receivable
(1,763)
(651)
(420)
Inventories
(1,142)
(582)
(516)
Prepaid expenses and other current assets
118 
159 
26 
Accounts payable and other current liabilities
1,842 
1,762 
766 
Income taxes payable
57 
30 
(159)
Other, net
(359)
375 
164 
Net Cash Provided by Operating Activities
10,811 
11,616 
10,613 
Investing Activities
Capital spending
(5,207)
(4,625)
(4,240)
Sales of property, plant and equipment
251 
166 
55 
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of
intangible and other assets
(873)
(61)
(6,372)
Proceeds associated with the Juice Transaction
3,456 
 
 
Other divestitures, sales of investments in noncontrolled affiliates and other assets
49 
169 
6 
Short-term investments, by original maturity:
More than three months - purchases
(291)
 
(1,135)
More than three months - maturities
150 
1,135 
 
Three months or less, net
24 
(58)
27 
Other investing, net
11 
5 
40 
Net Cash Used for Investing Activities
(2,430)
(3,269)
(11,619)
(Continued on following page)
62"
What is Amcor's year end FY2020 net AR (in USD millions)? Address the question by adopting the perspective of a financial analyst who can only use the details shown within the balance sheet.,$1616.00,"[{'evidence_text': ""Amcor plc and Subsidiaries\nConsolidated Balance Sheet\n(in millions)\nAs of June 30,\n2020\n2019\nAssets\nCurrent assets:\nCash and cash equivalents\n$\n742.6 \n$\n601.6 \nTrade receivables, net\n1,615.9 \n1,864.3 \nInventories, net\n1,831.9 \n1,953.8 \nPrepaid expenses and other current assets\n344.3 \n374.3 \nAssets held for sale\n \n416.1 \nTotal current assets\n4,534.7 \n5,210.1 \nNon-current assets:\nInvestments in affiliated companies\n77.7 \n98.9 \nProperty, plant and equipment, net\n3,614.8 \n3,975.0 \nOperating lease assets\n525.3 \n \nDeferred tax assets\n135.4 \n190.9 \nOther intangible assets, net\n1,994.3 \n2,306.8 \nGoodwill\n5,339.3 \n5,156.0 \nEmployee benefit assets\n43.4 \n40.2 \nOther non-current assets\n177.2 \n187.1 \nTotal non-current assets\n11,907.4 \n11,954.9 \nTotal assets\n$\n16,442.1 \n$\n17,165.0 \nLiabilities\nCurrent liabilities:\nCurrent portion of long-term debt\n$\n11.1 \n$\n5.4 \nShort-term debt\n195.2 \n788.8 \nTrade payables\n2,170.8 \n2,303.4 \nAccrued employee costs\n476.5 \n378.4 \nOther current liabilities\n1,120.0 \n1,044.9 \nLiabilities held for sale\n \n20.9 \nTotal current liabilities\n3,973.6 \n4,541.8 \nNon-current liabilities:\nLong-term debt, less current portion\n6,028.4 \n5,309.0 \nOperating lease liabilities\n465.7 \n \nDeferred tax liabilities\n672.4 \n1,011.7 \nEmployee benefit obligations\n391.7 \n386.8 \nOther non-current liabilities\n223.2 \n241.0 \nTotal non-current liabilities\n7,781.4 \n6,948.5 \nTotal liabilities\n11,755.0 \n11,490.3 \nCommitments and contingencies (See Note 19)\nShareholders' Equity\nAmcor plc shareholders equity:\nOrdinary shares ($0.01 par value):\nAuthorized (9,000.0 shares)\nIssued (1,568.5 and 1,625.9 shares, respectively)\n15.7 \n16.3 \nAdditional paid-in capital\n5,480.0 \n6,007.5 \nRetained earnings\n246.5 \n323.7 \nAccumulated other comprehensive income (loss)\n(1,049.3)\n(722.4)\nTreasury shares (6.7 and 1.4 shares, respectively)\n(67.0)\n(16.1)\nTotal Amcor plc shareholders' equity\n4,625.9 \n5,609.0 \nNon-controlling interest\n61.2 \n65.7 \nTotal shareholders' equity\n4,687.1 \n5,674.7 \nTotal liabilities and shareholders' equity\n$\n16,442.1 \n$\n17,165.0 \nSee accompanying notes to consolidated financial statements.\n50"", 'doc_name': 'AMCOR_2020_10K', 'evidence_page_num': 49, 'evidence_text_full_page': ""Amcor plc and Subsidiaries\nConsolidated Balance Sheet\n(in millions)\nAs of June 30,\n2020\n2019\nAssets\nCurrent assets:\nCash and cash equivalents\n$\n742.6 \n$\n601.6 \nTrade receivables, net\n1,615.9 \n1,864.3 \nInventories, net\n1,831.9 \n1,953.8 \nPrepaid expenses and other current assets\n344.3 \n374.3 \nAssets held for sale\n \n416.1 \nTotal current assets\n4,534.7 \n5,210.1 \nNon-current assets:\nInvestments in affiliated companies\n77.7 \n98.9 \nProperty, plant and equipment, net\n3,614.8 \n3,975.0 \nOperating lease assets\n525.3 \n \nDeferred tax assets\n135.4 \n190.9 \nOther intangible assets, net\n1,994.3 \n2,306.8 \nGoodwill\n5,339.3 \n5,156.0 \nEmployee benefit assets\n43.4 \n40.2 \nOther non-current assets\n177.2 \n187.1 \nTotal non-current assets\n11,907.4 \n11,954.9 \nTotal assets\n$\n16,442.1 \n$\n17,165.0 \nLiabilities\nCurrent liabilities:\nCurrent portion of long-term debt\n$\n11.1 \n$\n5.4 \nShort-term debt\n195.2 \n788.8 \nTrade payables\n2,170.8 \n2,303.4 \nAccrued employee costs\n476.5 \n378.4 \nOther current liabilities\n1,120.0 \n1,044.9 \nLiabilities held for sale\n \n20.9 \nTotal current liabilities\n3,973.6 \n4,541.8 \nNon-current liabilities:\nLong-term debt, less current portion\n6,028.4 \n5,309.0 \nOperating lease liabilities\n465.7 \n \nDeferred tax liabilities\n672.4 \n1,011.7 \nEmployee benefit obligations\n391.7 \n386.8 \nOther non-current liabilities\n223.2 \n241.0 \nTotal non-current liabilities\n7,781.4 \n6,948.5 \nTotal liabilities\n11,755.0 \n11,490.3 \nCommitments and contingencies (See Note 19)\nShareholders' Equity\nAmcor plc shareholders equity:\nOrdinary shares ($0.01 par value):\nAuthorized (9,000.0 shares)\nIssued (1,568.5 and 1,625.9 shares, respectively)\n15.7 \n16.3 \nAdditional paid-in capital\n5,480.0 \n6,007.5 \nRetained earnings\n246.5 \n323.7 \nAccumulated other comprehensive income (loss)\n(1,049.3)\n(722.4)\nTreasury shares (6.7 and 1.4 shares, respectively)\n(67.0)\n(16.1)\nTotal Amcor plc shareholders' equity\n4,625.9 \n5,609.0 \nNon-controlling interest\n61.2 \n65.7 \nTotal shareholders' equity\n4,687.1 \n5,674.7 \nTotal liabilities and shareholders' equity\n$\n16,442.1 \n$\n17,165.0 \nSee accompanying notes to consolidated financial statements.\n50\n""}]","Amcor plc and Subsidiaries
Consolidated Balance Sheet
(in millions)
As of June 30,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
742.6 
$
601.6 
Trade receivables, net
1,615.9 
1,864.3 
Inventories, net
1,831.9 
1,953.8 
Prepaid expenses and other current assets
344.3 
374.3 
Assets held for sale
 
416.1 
Total current assets
4,534.7 
5,210.1 
Non-current assets:
Investments in affiliated companies
77.7 
98.9 
Property, plant and equipment, net
3,614.8 
3,975.0 
Operating lease assets
525.3 
 
Deferred tax assets
135.4 
190.9 
Other intangible assets, net
1,994.3 
2,306.8 
Goodwill
5,339.3 
5,156.0 
Employee benefit assets
43.4 
40.2 
Other non-current assets
177.2 
187.1 
Total non-current assets
11,907.4 
11,954.9 
Total assets
$
16,442.1 
$
17,165.0 
Liabilities
Current liabilities:
Current portion of long-term debt
$
11.1 
$
5.4 
Short-term debt
195.2 
788.8 
Trade payables
2,170.8 
2,303.4 
Accrued employee costs
476.5 
378.4 
Other current liabilities
1,120.0 
1,044.9 
Liabilities held for sale
 
20.9 
Total current liabilities
3,973.6 
4,541.8 
Non-current liabilities:
Long-term debt, less current portion
6,028.4 
5,309.0 
Operating lease liabilities
465.7 
 
Deferred tax liabilities
672.4 
1,011.7 
Employee benefit obligations
391.7 
386.8 
Other non-current liabilities
223.2 
241.0 
Total non-current liabilities
7,781.4 
6,948.5 
Total liabilities
11,755.0 
11,490.3 
Commitments and contingencies (See Note 19)
Shareholders' Equity
Amcor plc shareholders equity:
Ordinary shares ($0.01 par value):
Authorized (9,000.0 shares)
Issued (1,568.5 and 1,625.9 shares, respectively)
15.7 
16.3 
Additional paid-in capital
5,480.0 
6,007.5 
Retained earnings
246.5 
323.7 
Accumulated other comprehensive income (loss)
(1,049.3)
(722.4)
Treasury shares (6.7 and 1.4 shares, respectively)
(67.0)
(16.1)
Total Amcor plc shareholders' equity
4,625.9 
5,609.0 
Non-controlling interest
61.2 
65.7 
Total shareholders' equity
4,687.1 
5,674.7 
Total liabilities and shareholders' equity
$
16,442.1 
$
17,165.0 
See accompanying notes to consolidated financial statements.
50"
What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.,101.5%,"[{'evidence_text': 'SQUARE, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(In thousands, except per share data)\nYear Ended December 31,\n2020\n2019\n2018\nRevenue:\nTransaction-basedrevenue\n$\n3,294,978\n$\n3,081,074\n$\n2,471,451\nSubscriptionandservices-basedrevenue\n1,539,403\n1,031,456\n591,706\nHardwarerevenue\n91,654\n84,505\n68,503\nBitcoinrevenue\n4,571,543\n516,465\n166,517\nTotalnetrevenue\n9,497,578\n4,713,500\n3,298,177\nCostofrevenue:\nTransaction-basedcosts\n1,911,848\n1,937,971\n1,558,562\nSubscriptionandservices-basedcosts\n222,712\n234,270\n169,884\nHardwarecosts\n143,901\n136,385\n94,114\nBitcoincosts\n4,474,534\n508,239\n164,827\nAmortizationofacquiredtechnology\n11,174\n6,950\n7,090\nTotalcostofrevenue\n6,764,169\n2,823,815\n1,994,477\nGrossprofit\n2,733,409\n1,889,685\n1,303,700\nOperatingexpenses:\nProductdevelopment\n881,826\n670,606\n497,479\nSalesandmarketing\n1,109,670\n624,832\n411,151\nGeneralandadministrative\n579,203\n436,250\n339,245\nTransactionandloanlosses\n177,670\n126,959\n88,077\nAmortizationofacquiredcustomerassets\n3,855\n4,481\n4,362\nTotaloperatingexpenses\n2,752,224\n1,863,128\n1,340,314\nOperatingincome(loss)\n(18,815)\n26,557\n(36,614)\nGainonsaleofassetgroup\n\n(373,445)\n\nInterestexpense,net\n56,943\n21,516\n17,982\nOtherexpense(income),net\n(291,725)\n273\n(18,469)\nIncome(loss)beforeincometax\n215,967\n378,213\n(36,127)\nProvisionforincometaxes\n2,862\n2,767\n2,326\nNetincome(loss)\n$\n213,105\n$\n375,446\n$\n(38,453)\nNetincome(loss)pershare:\nBasic\n$\n0.48\n$\n0.88\n$\n(0.09)\nDiluted\n$\n0.44\n$\n0.81\n$\n(0.09)\nWeighted-averagesharesusedtocomputenetincome(loss)pershare:\nBasic\n443,126\n424,999\n405,731\nDiluted\n482,167\n466,076\n405,731\nSeeaccompanyingnotestoconsolidatedfinancialstatements.\n85', 'doc_name': 'BLOCK_2020_10K', 'evidence_page_num': 85, 'evidence_text_full_page': 'SQUARE, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(In thousands, except per share data)\nYear Ended December 31,\n2020\n2019\n2018\nRevenue:\nTransaction-basedrevenue\n$\n3,294,978\n$\n3,081,074\n$\n2,471,451\nSubscriptionandservices-basedrevenue\n1,539,403\n1,031,456\n591,706\nHardwarerevenue\n91,654\n84,505\n68,503\nBitcoinrevenue\n4,571,543\n516,465\n166,517\nTotalnetrevenue\n9,497,578\n4,713,500\n3,298,177\nCostofrevenue:\nTransaction-basedcosts\n1,911,848\n1,937,971\n1,558,562\nSubscriptionandservices-basedcosts\n222,712\n234,270\n169,884\nHardwarecosts\n143,901\n136,385\n94,114\nBitcoincosts\n4,474,534\n508,239\n164,827\nAmortizationofacquiredtechnology\n11,174\n6,950\n7,090\nTotalcostofrevenue\n6,764,169\n2,823,815\n1,994,477\nGrossprofit\n2,733,409\n1,889,685\n1,303,700\nOperatingexpenses:\nProductdevelopment\n881,826\n670,606\n497,479\nSalesandmarketing\n1,109,670\n624,832\n411,151\nGeneralandadministrative\n579,203\n436,250\n339,245\nTransactionandloanlosses\n177,670\n126,959\n88,077\nAmortizationofacquiredcustomerassets\n3,855\n4,481\n4,362\nTotaloperatingexpenses\n2,752,224\n1,863,128\n1,340,314\nOperatingincome(loss)\n(18,815)\n26,557\n(36,614)\nGainonsaleofassetgroup\n\n(373,445)\n\nInterestexpense,net\n56,943\n21,516\n17,982\nOtherexpense(income),net\n(291,725)\n273\n(18,469)\nIncome(loss)beforeincometax\n215,967\n378,213\n(36,127)\nProvisionforincometaxes\n2,862\n2,767\n2,326\nNetincome(loss)\n$\n213,105\n$\n375,446\n$\n(38,453)\nNetincome(loss)pershare:\nBasic\n$\n0.48\n$\n0.88\n$\n(0.09)\nDiluted\n$\n0.44\n$\n0.81\n$\n(0.09)\nWeighted-averagesharesusedtocomputenetincome(loss)pershare:\nBasic\n443,126\n424,999\n405,731\nDiluted\n482,167\n466,076\n405,731\nSeeaccompanyingnotestoconsolidatedfinancialstatements.\n85\n'}]","SQUARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2020
2019
2018
Revenue:
Transaction-basedrevenue
$
3,294,978
$
3,081,074
$
2,471,451
Subscriptionandservices-basedrevenue
1,539,403
1,031,456
591,706
Hardwarerevenue
91,654
84,505
68,503
Bitcoinrevenue
4,571,543
516,465
166,517
Totalnetrevenue
9,497,578
4,713,500
3,298,177
Costofrevenue:
Transaction-basedcosts
1,911,848
1,937,971
1,558,562
Subscriptionandservices-basedcosts
222,712
234,270
169,884
Hardwarecosts
143,901
136,385
94,114
Bitcoincosts
4,474,534
508,239
164,827
Amortizationofacquiredtechnology
11,174
6,950
7,090
Totalcostofrevenue
6,764,169
2,823,815
1,994,477
Grossprofit
2,733,409
1,889,685
1,303,700
Operatingexpenses:
Productdevelopment
881,826
670,606
497,479
Salesandmarketing
1,109,670
624,832
411,151
Generalandadministrative
579,203
436,250
339,245
Transactionandloanlosses
177,670
126,959
88,077
Amortizationofacquiredcustomerassets
3,855
4,481
4,362
Totaloperatingexpenses
2,752,224
1,863,128
1,340,314
Operatingincome(loss)
(18,815)
26,557
(36,614)
Gainonsaleofassetgroup

(373,445)

Interestexpense,net
56,943
21,516
17,982
Otherexpense(income),net
(291,725)
273
(18,469)
Income(loss)beforeincometax
215,967
378,213
(36,127)
Provisionforincometaxes
2,862
2,767
2,326
Netincome(loss)
$
213,105
$
375,446
$
(38,453)
Netincome(loss)pershare:
Basic
$
0.48
$
0.88
$
(0.09)
Diluted
$
0.44
$
0.81
$
(0.09)
Weighted-averagesharesusedtocomputenetincome(loss)pershare:
Basic
443,126
424,999
405,731
Diluted
482,167
466,076
405,731
Seeaccompanyingnotestoconsolidatedfinancialstatements.
85"
"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.",No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.,"[{'evidence_text': 'Consolidated Balance Sheets \nVerizon Communications Inc. and Subsidiaries \n(dollars in millions, except per share amounts) \nAt December 31,\n2022\n2021 \nAssets \nCurrent assets \nCash and cash equivalents\n$ \n2,605 \n$ \n2,921 \nAccounts receivable\n \n25,332 \n \n24,742 \nLess Allowance for credit losses\n \n826 \n \n896 \nAccounts receivable, net \n \n24,506 \n \n23,846 \nInventories\n \n2,388 \n \n3,055 \nPrepaid expenses and other\n \n8,358 \n \n6,906 \nTotal current assets\n \n37,857 \n \n36,728 \nProperty, plant and equipment\n \n307,689 \n \n289,897 \nLess Accumulated depreciation\n \n200,255 \n \n190,201 \nProperty, plant and equipment, net\n \n107,434 \n \n99,696 \nInvestments in unconsolidated businesses\n \n1,071 \n \n1,061 \nWireless licenses\n \n149,796 \n \n147,619 \nGoodwill\n \n28,671 \n \n28,603 \nOther intangible assets, net\n \n11,461 \n \n11,677 \nOperating lease right-of-use assets\n \n26,130 \n \n27,883 \nOther assets\n \n17,260 \n \n13,329 \nTotal assets\n$ \n379,680 \n$ \n366,596 \nLiabilities and Equity \nCurrent liabilities \nDebt maturing within one year\n$ \n9,963 \n$ \n7,443 \nAccounts payable and accrued liabilities\n \n23,977 \n \n24,833 \nCurrent operating lease liabilities\n \n4,134 \n \n3,859 \nOther current liabilities\n \n12,097 \n \n11,025 \nTotal current liabilities\n \n \n \n \n \n \n50,171 \n \n \n \n \n \n \n \n47,160', 'doc_name': 'VERIZON_2022_10K', 'evidence_page_num': 55, 'evidence_text_full_page': 'Consolidated Balance Sheets \nVerizon Communications Inc. and Subsidiaries \n(dollars in millions, except per share amounts) \nAt December 31,\n2022\n2021 \nAssets \nCurrent assets \nCash and cash equivalents\n$ \n2,605 \n$ \n2,921 \nAccounts receivable\n \n25,332 \n \n24,742 \nLess Allowance for credit losses\n \n826 \n \n896 \nAccounts receivable, net \n \n24,506 \n \n23,846 \nInventories\n \n2,388 \n \n3,055 \nPrepaid expenses and other\n \n8,358 \n \n6,906 \nTotal current assets\n \n37,857 \n \n36,728 \nProperty, plant and equipment\n \n307,689 \n \n289,897 \nLess Accumulated depreciation\n \n200,255 \n \n190,201 \nProperty, plant and equipment, net\n \n107,434 \n \n99,696 \nInvestments in unconsolidated businesses\n \n1,071 \n \n1,061 \nWireless licenses\n \n149,796 \n \n147,619 \nGoodwill\n \n28,671 \n \n28,603 \nOther intangible assets, net\n \n11,461 \n \n11,677 \nOperating lease right-of-use assets\n \n26,130 \n \n27,883 \nOther assets\n \n17,260 \n \n13,329 \nTotal assets\n$ \n379,680 \n$ \n366,596 \nLiabilities and Equity \nCurrent liabilities \nDebt maturing within one year\n$ \n9,963 \n$ \n7,443 \nAccounts payable and accrued liabilities\n \n23,977 \n \n24,833 \nCurrent operating lease liabilities\n \n4,134 \n \n3,859 \nOther current liabilities\n \n12,097 \n \n11,025 \nTotal current liabilities\n \n \n \n \n \n \n50,171 \n \n \n \n \n \n \n \n47,160 \nLong-term debt\n140,676 \n143,425 \nEmployee benefit obligations\n12,974 \n15,410 \nDeferred income taxes\n43,441 \n40,685 \nNon-current operating lease liabilities\n21,558 \n23,203 \nOther liabilities\n18,397 \n13,513 \nTotal long-term liabilities\n \n237,046 \n236,236 \nCommitments and Contingencies (Note 16) \nEquity \nSeries preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nCommon stock ($0.10 par value; 6,250,000,000 shares authorized in each period; \n4,291,433,646 shares issued in each period)\n429 \n429 \nAdditional paid in capital\n13,420 \n13,861 \nRetained earnings\n82,380 \n71,993 \nAccumulated other comprehensive loss\n(1,865) \n(927) \nCommon stock in treasury, at cost (91,572,258 and 93,634,725 shares outstanding)\n(4,013) \n(4,104) \nDeferred compensation employee stock ownership plans (ESOPs) and other\n793 \n538 \nNoncontrolling interests\n1,319 \n1,410 \nTotal equity\n92,463 \n83,200 \nTotal liabilities and equity\n$ \n379,680 \n$ \n366,596 \nSee Notes to Consolidated Financial Statements\nVerizon 2022 Annual Report on Form 10-K 56 \n'}]","Consolidated Balance Sheets 
Verizon Communications Inc. and Subsidiaries 
(dollars in millions, except per share amounts) 
At December 31,
2022
2021 
Assets 
Current assets 
Cash and cash equivalents
$ 
2,605 
$ 
2,921 
Accounts receivable
 
25,332 
 
24,742 
Less Allowance for credit losses
 
826 
 
896 
Accounts receivable, net 
 
24,506 
 
23,846 
Inventories
 
2,388 
 
3,055 
Prepaid expenses and other
 
8,358 
 
6,906 
Total current assets
 
37,857 
 
36,728 
Property, plant and equipment
 
307,689 
 
289,897 
Less Accumulated depreciation
 
200,255 
 
190,201 
Property, plant and equipment, net
 
107,434 
 
99,696 
Investments in unconsolidated businesses
 
1,071 
 
1,061 
Wireless licenses
 
149,796 
 
147,619 
Goodwill
 
28,671 
 
28,603 
Other intangible assets, net
 
11,461 
 
11,677 
Operating lease right-of-use assets
 
26,130 
 
27,883 
Other assets
 
17,260 
 
13,329 
Total assets
$ 
379,680 
$ 
366,596 
Liabilities and Equity 
Current liabilities 
Debt maturing within one year
$ 
9,963 
$ 
7,443 
Accounts payable and accrued liabilities
 
23,977 
 
24,833 
Current operating lease liabilities
 
4,134 
 
3,859 
Other current liabilities
 
12,097 
 
11,025 
Total current liabilities
 
 
 
 
 
 
50,171 
 
 
 
 
 
 
 
47,160"
"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?",Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.,"[{'evidence_text': 'We are very pleased with our performance and business momentum as our categories and \ngeographies remained resilient during the first quarter. Given our strong start to the year, we \nnow expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and \ncore constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and \nCEO Ramon Laguarta.', 'doc_name': 'PEPSICO_2023Q1_EARNINGS', 'evidence_page_num': 0, 'evidence_text_full_page': 'PepsiCo Reports First-Quarter 2023 Results; Raises Full-Year \nGuidance\nReported (GAAP) First-Quarter 2023 Results\nFirst-Quarter\nNet revenue growth\n10.2%\nForeign exchange impact on net revenue\n(2.5)%\nEarnings per share (EPS)\n$1.40\nEPS change\n(54)%\nForeign exchange impact on EPS\n(2)%\nOrganic/Core (non-GAAP)1 First-Quarter 2023 Results\nFirst-Quarter\nOrganic revenue growth\n14.3%\nCore EPS\n$1.50\nCore constant currency EPS change\n18%\nPURCHASE, N.Y. - April 25, 2023 - PepsiCo, Inc. (NASDAQ: PEP) today reported results for \nthe first quarter 2023. \nWe are very pleased with our performance and business momentum as our categories and \ngeographies remained resilient during the first quarter. Given our strong start to the year, we \nnow expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and \ncore constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and \nCEO Ramon Laguarta.\nLaguarta continued, Our results demonstrate that the investments we have made to become an \neven Faster, even Stronger, and even Better organization by Winning with pep+ are laying the \nfoundation for durable and sustainable growth. We remain committed to our strategic agenda \nand will continue to invest in our people, brands, supply chain, go-to-market systems, and \ndigitization initiatives to build competitive advantages and win in the marketplace.\n1 Please refer to the Glossary for the definitions of non-GAAP financial measures, including Organic revenue growth, Core and Constant currency, \nand to Guidance and Outlook for additional information regarding PepsiCos full-year 2023 financial guidance. PepsiCo provides guidance on a non-\nGAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and \ncommodity mark-to-market net impacts. Please refer to PepsiCos Quarterly Report on Form 10-Q for the 12 weeks ended March 25, 2023 (Q1 2023 \nForm 10-Q) filed with the Securities and Exchange Commission (SEC) for additional information regarding PepsiCos financial results.\n1\n'}]","We are very pleased with our performance and business momentum as our categories and 
geographies remained resilient during the first quarter. Given our strong start to the year, we 
now expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and 
core constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and 
CEO Ramon Laguarta."
Did AMD report customer concentration in FY22?,"Yes, one customer accounted for 16% of consolidated net revenue","[{'evidence_text': 'One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products\nfrom our Gaming segment. A loss of this customer would have a material adverse effect on our business.', 'doc_name': 'AMD_2022_10K', 'evidence_page_num': 11, 'evidence_text_full_page': 'Table of Contents\nWe also work with our customers to create differentiated products that leverage our CPU, GPU and APU technology. Certain customers pay us non-recurring\nengineering fees for design and development services and a purchase price for the resulting products.\nOne customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products\nfrom our Gaming segment. A loss of this customer would have a material adverse effect on our business.\nOriginal Equipment Manufacturers\nWe focus on three types of OEM partners: multi-nationals, selected regional accounts and selected global and local system integrators, who target commercial\nand consumer end customers of all sizes. Large multi-nationals and regional accounts are the core of our OEM partners business; however, we are\nincreasingly focused on the VAR channel which resells OEM systems to the mid-market and the small and medium business (SMB) segments. Additionally, we\nhave increased our focus on global system integrators, which resell OEM systems, coupled with their software and services solutions into Enterprise, high\nperformance computing (HPC) and Cloud Service Provider Customers. Our OEM customers include numerous foreign and domestic manufacturers of servers\nand workstations, desktops, notebooks, PC motherboards and game consoles.\nThird-Party Distributors\nOur authorized channel distributors resell to sub-distributors and OEMs, ODMs, and other customers. Typically, distributors handle a wide variety of products,\nand may include products from other manufacturers that compete with our products. Distributors typically maintain an inventory of our products. In most\ninstances, our agreements with distributors protect their inventory of our products against price reductions and provide certain return rights with respect to any\nproduct that we have removed from our price book or otherwise subject to discontinuation. In addition, some agreements with our distributors may contain\nstandard stock rotation provisions permitting limited product returns.\nAdd-in-Board (AIB) Manufacturers and System Integrators\nWe offer component-level graphics and chipset products to AIB manufacturers who in turn build and sell board-level products using our technology to system\nintegrators (SIs), retail buyers and sub distributors. Our agreements with AIBs protect their inventory of our products against price reductions. We also sell\ndirectly to our SI customers. SIs typically sell from positions of regional or product-based strength in the market. They usually operate on short design cycles\nand can respond quickly with new technologies. SIs often use discrete graphics solutions as a means to differentiate their products and add value to their\ncustomers.\nCompetition in Data Center Segment\nIn Data Center, we compete against Intel Corporation (Intel) with our FPGA, Adaptive SoC, CPU and DPU server products and NVIDIA Corporation (NVIDIA)\nwith our CPU, GPU and DPU server products. A variety of companies provide or have developed ARM-based microprocessors and platforms. ARM-based\ndesigns are being used in the server market, which could lead to further growth and development of the ARM ecosystem.\nCompetition in Client Segment\nThe markets in which we participate are highly competitive. Our primary competitor in the supply of CPUs is Intel. A variety of companies provide or have\ndeveloped ARM-based microprocessors and platforms. ARM-based designs are being used in the PC market, which could lead to further growth and\ndevelopment of the ARM ecosystem.\n9\n'}]","One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products
from our Gaming segment. A loss of this customer would have a material adverse effect on our business."
What percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023?,"36%. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","[{'evidence_text': 'Share Repurchase Program\nDuring the fourth quarter of fiscal 2022, the Company repurchased 722,457 shares of its\ncommon stock at a cost of $328.1 million. During fiscal 2022, the Company repurchased 2.2\nmillion shares of its common stock at a cost of $900.0 million. As of January 28, 2023, $1.1\nbillion remained available under the $2.0 billion share repurchase program announced in\nMarch 2022.', 'doc_name': 'ULTABEAUTY_2023Q4_EARNINGS', 'evidence_page_num': 2, 'evidence_text_full_page': 'Diluted earnings per share increased 33.5% to $24.01, including a $0.07 benefit due to\nincome tax accounting for stock-based compensation, compared to $17.98 including a\n$0.13 benefit due to income tax accounting for stock-based compensation, in fiscal\n2021.\nBalance Sheet\nCash and cash equivalents at the end of the fourth quarter of fiscal 2022 were $737.9\nmillion.\nMerchandise inventories, net at the end of the fourth quarter of fiscal 2022 totaled $1.6\nbillion compared to $1.5 billion at the end of the fourth quarter of fiscal 2021. The $104.2\nmillion increase was primarily due to the opening of 47 new stores since January 29, 2022,\ninventory to support new brand launches and brand expansions, and inventory cost\nincreases.\nShare Repurchase Program\nDuring the fourth quarter of fiscal 2022, the Company repurchased 722,457 shares of its\ncommon stock at a cost of $328.1 million. During fiscal 2022, the Company repurchased 2.2\nmillion shares of its common stock at a cost of $900.0 million. As of January 28, 2023, $1.1\nbillion remained available under the $2.0 billion share repurchase program announced in\nMarch 2022.\nStore Update\nReal estate activity in the fourth quarter of fiscal 2022 included 12 new stores located in\nGarden Grove, CA; Glendale, AZ; Hartsdale, NY; Hollister, CA; Indianapolis, IN; Liverpool,\nNY; Nanuet, NY; Oklahoma City, OK; Richmond, TX; Rock Springs, WY; Tullahoma, TN;\nand Woburn, MA. In addition, the Company relocated one store and remodeled 12 stores.\nDuring fiscal 2022, the Company opened 47 new stores, relocated 12 stores, and remodeled\n20 stores.\nAt the end of the fourth quarter of fiscal 2022, the Company operated 1,355 stores totaling\n14.2 million square feet.\nFiscal 2023 Outlook\nFor fiscal 2023, the Company plans to:\n \n \n \n \n \nFY23 Outlook\nNet sales\n \n \n$10.95 billion to $11.05 billion\nComparable sales\n \n \n4% to 5%\nNew stores, net\n \n \n25-30\nRemodel and relocation projects\n \n \n20-30\nOperating margin\n \n \n14.7% to 15.0%\nDiluted earnings per share\n \n \n$24.70 to $25.40\nShare repurchases\n \n \napproximately $900 million\nEffective tax rate\n \n \napproximately 24.6%\nCapital expenditures\n \n \n$400 million to $475 million\nDepreciation and amortization expense\n \n \n$245 million to $250 million\n'}]","Share Repurchase Program
During the fourth quarter of fiscal 2022, the Company repurchased 722,457 shares of its
common stock at a cost of $328.1 million. During fiscal 2022, the Company repurchased 2.2
million shares of its common stock at a cost of $900.0 million. As of January 28, 2023, $1.1
billion remained available under the $2.0 billion share repurchase program announced in
March 2022."
Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.,$8.70,"[{'evidence_text': 'Table of Contents \n3M Company and Subsidiaries\nConsolidated Balance Shee t\nAt December 31\n \n \n \nDecember 31,\n \nDecember 31,\n \n(Dollars in millions, except per share amount)\n \n2018\n \n2017\n \nAssets\n \n \n \n \n \nCurrent assets\n \n \n \n \n \nCash and cash equivalents\n \n$\n2,853 \n$\n3,053 \nMarketable securities current\n \n \n380 \n \n1,076 \nAccounts receivable net of allowances of $95 and $103\n \n \n5,020 \n \n4,911 \nInventories\n \n \n \n \n \nFinished goods\n \n \n2,120 \n \n1,915 \nWork in process\n \n \n1,292 \n \n1,218 \nRaw materials and supplies\n \n \n954 \n \n901 \nTotal inventories\n \n \n4,366 \n \n4,034 \nPrepaids\n \n \n741 \n \n937 \nOther current assets\n \n \n349 \n \n266 \nTotal current assets\n \n \n13,709 \n \n14,277 \nProperty, plant and equipment\n \n \n24,873 \n \n24,914 \nLess: Accumulated depreciation\n \n \n(16,135) \n \n(16,048) \nProperty, plant and equipment net\n \n \n8,738 \n \n8,866 \nGoodwill\n \n \n10,051 \n \n10,513 \nIntangible assets net\n \n \n2,657 \n \n2,936 \nOther assets\n \n \n1,345 \n \n1,395 \nTotal assets\n \n$\n36,500 \n$\n37,987 \nLiabilities\n \n \n \n \n \nCurrent liabilities\n \n \n \n \n \nShort-term borrowings and current portion of long-term debt\n \n$\n1,211 \n$\n1,853 \nAccounts payable\n \n \n2,266 \n \n1,945 \nAccrued payroll\n \n \n749 \n \n870 \nAccrued income taxes\n \n \n243 \n \n310 \nOther current liabilities\n \n \n2,775 \n \n2,709 \nTotal current liabilities\n \n \n7,244 \n \n7,687 \n \n \n \n \n \n \nLong-term debt\n \n \n13,411 \n \n12,096 \nPension and postretirement benefits\n \n \n2,987 \n \n3,620 \nOther liabilities\n \n \n3,010 \n \n2,962 \nTotal liabilities\n \n$\n26,652 \n$\n26,365 \nCommitments and contingencies (Note 16)\n \n \n \n \n \nEquity\n \n \n \n \n \n3M Company shareholders equity:\n \n \n \n \n \nCommon stock par value, $.01 par value\n \n$\n 9 \n$\n 9 \nShares outstanding - 2018: 576,575,168\n \n \n \n \n \nShares outstanding - 2017: 594,884,237\n \n \n \n \n \nAdditional paid-in capital\n \n \n5,643 \n \n5,352 \nRetained earnings\n \n \n40,636 \n \n39,115 \nTreasury stock\n \n \n(29,626) \n \n(25,887) \nAccumulated other comprehensive income (loss)\n \n \n(6,866) \n \n(7,026) \nTotal 3M Company shareholders equity\n \n \n9,796 \n \n11,563 \nNoncontrolling interest\n \n \n52 \n \n59 \nTotal equity\n \n$\n9,848 \n$\n11,622 \nTotal liabilities and equity\n \n$\n36,500 \n$\n37,987 \n \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n58', 'doc_name': '3M_2018_10K', 'evidence_page_num': 57, 'evidence_text_full_page': 'Table of Contents \n3M Company and Subsidiaries\nConsolidated Balance Shee t\nAt December 31\n \n \n \nDecember 31,\n \nDecember 31,\n \n(Dollars in millions, except per share amount)\n \n2018\n \n2017\n \nAssets\n \n \n \n \n \nCurrent assets\n \n \n \n \n \nCash and cash equivalents\n \n$\n2,853 \n$\n3,053 \nMarketable securities current\n \n \n380 \n \n1,076 \nAccounts receivable net of allowances of $95 and $103\n \n \n5,020 \n \n4,911 \nInventories\n \n \n \n \n \nFinished goods\n \n \n2,120 \n \n1,915 \nWork in process\n \n \n1,292 \n \n1,218 \nRaw materials and supplies\n \n \n954 \n \n901 \nTotal inventories\n \n \n4,366 \n \n4,034 \nPrepaids\n \n \n741 \n \n937 \nOther current assets\n \n \n349 \n \n266 \nTotal current assets\n \n \n13,709 \n \n14,277 \nProperty, plant and equipment\n \n \n24,873 \n \n24,914 \nLess: Accumulated depreciation\n \n \n(16,135) \n \n(16,048) \nProperty, plant and equipment net\n \n \n8,738 \n \n8,866 \nGoodwill\n \n \n10,051 \n \n10,513 \nIntangible assets net\n \n \n2,657 \n \n2,936 \nOther assets\n \n \n1,345 \n \n1,395 \nTotal assets\n \n$\n36,500 \n$\n37,987 \nLiabilities\n \n \n \n \n \nCurrent liabilities\n \n \n \n \n \nShort-term borrowings and current portion of long-term debt\n \n$\n1,211 \n$\n1,853 \nAccounts payable\n \n \n2,266 \n \n1,945 \nAccrued payroll\n \n \n749 \n \n870 \nAccrued income taxes\n \n \n243 \n \n310 \nOther current liabilities\n \n \n2,775 \n \n2,709 \nTotal current liabilities\n \n \n7,244 \n \n7,687 \n \n \n \n \n \n \nLong-term debt\n \n \n13,411 \n \n12,096 \nPension and postretirement benefits\n \n \n2,987 \n \n3,620 \nOther liabilities\n \n \n3,010 \n \n2,962 \nTotal liabilities\n \n$\n26,652 \n$\n26,365 \nCommitments and contingencies (Note 16)\n \n \n \n \n \nEquity\n \n \n \n \n \n3M Company shareholders equity:\n \n \n \n \n \nCommon stock par value, $.01 par value\n \n$\n 9 \n$\n 9 \nShares outstanding - 2018: 576,575,168\n \n \n \n \n \nShares outstanding - 2017: 594,884,237\n \n \n \n \n \nAdditional paid-in capital\n \n \n5,643 \n \n5,352 \nRetained earnings\n \n \n40,636 \n \n39,115 \nTreasury stock\n \n \n(29,626) \n \n(25,887) \nAccumulated other comprehensive income (loss)\n \n \n(6,866) \n \n(7,026) \nTotal 3M Company shareholders equity\n \n \n9,796 \n \n11,563 \nNoncontrolling interest\n \n \n52 \n \n59 \nTotal equity\n \n$\n9,848 \n$\n11,622 \nTotal liabilities and equity\n \n$\n36,500 \n$\n37,987 \n \nThe accompanying Notes to Consolidated Financial Statements are an integral part of this statement.\n58\n \n'}]","Table of Contents 
3M Company and Subsidiaries
Consolidated Balance Shee t
At December 31
 
 
 
December 31,
 
December 31,
 
(Dollars in millions, except per share amount)
 
2018
 
2017
 
Assets
 
 
 
 
 
Current assets
 
 
 
 
 
Cash and cash equivalents
 
$
2,853 
$
3,053 
Marketable securities current
 
 
380 
 
1,076 
Accounts receivable net of allowances of $95 and $103
 
 
5,020 
 
4,911 
Inventories
 
 
 
 
 
Finished goods
 
 
2,120 
 
1,915 
Work in process
 
 
1,292 
 
1,218 
Raw materials and supplies
 
 
954 
 
901 
Total inventories
 
 
4,366 
 
4,034 
Prepaids
 
 
741 
 
937 
Other current assets
 
 
349 
 
266 
Total current assets
 
 
13,709 
 
14,277 
Property, plant and equipment
 
 
24,873 
 
24,914 
Less: Accumulated depreciation
 
 
(16,135) 
 
(16,048) 
Property, plant and equipment net
 
 
8,738 
 
8,866 
Goodwill
 
 
10,051 
 
10,513 
Intangible assets net
 
 
2,657 
 
2,936 
Other assets
 
 
1,345 
 
1,395 
Total assets
 
$
36,500 
$
37,987 
Liabilities
 
 
 
 
 
Current liabilities
 
 
 
 
 
Short-term borrowings and current portion of long-term debt
 
$
1,211 
$
1,853 
Accounts payable
 
 
2,266 
 
1,945 
Accrued payroll
 
 
749 
 
870 
Accrued income taxes
 
 
243 
 
310 
Other current liabilities
 
 
2,775 
 
2,709 
Total current liabilities
 
 
7,244 
 
7,687 
 
 
 
 
 
 
Long-term debt
 
 
13,411 
 
12,096 
Pension and postretirement benefits
 
 
2,987 
 
3,620 
Other liabilities
 
 
3,010 
 
2,962 
Total liabilities
 
$
26,652 
$
26,365 
Commitments and contingencies (Note 16)
 
 
 
 
 
Equity
 
 
 
 
 
3M Company shareholders equity:
 
 
 
 
 
Common stock par value, $.01 par value
 
$
 9 
$
 9 
Shares outstanding - 2018: 576,575,168
 
 
 
 
 
Shares outstanding - 2017: 594,884,237
 
 
 
 
 
Additional paid-in capital
 
 
5,643 
 
5,352 
Retained earnings
 
 
40,636 
 
39,115 
Treasury stock
 
 
(29,626) 
 
(25,887) 
Accumulated other comprehensive income (loss)
 
 
(6,866) 
 
(7,026) 
Total 3M Company shareholders equity
 
 
9,796 
 
11,563 
Noncontrolling interest
 
 
52 
 
59 
Total equity
 
$
9,848 
$
11,622 
Total liabilities and equity
 
$
36,500 
$
37,987 
 
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
58"
"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?",Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn),"[{'evidence_text': 'Consolidated Statements of Cash Flows\n$ in millions\n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFiscal Years Ended\nJanuary 28, 2023\n \nJanuary 29, 2022\n \nJanuary 30, 2021\nOperating activities\n \n \n \n \n \n \n \n \n \n \n \nNet earnings\n$\n 1,419 \n \n$\n 2,454 \n \n$\n 1,798 \n \nAdjustments to reconcile net earnings to total cash provided by operating activities:\n \n \n \n \n \n \n \n \nDepreciation and amortization\n \n 918 \n \n \n 869 \n \n \n 839 \nRestructuring charges\n \n 147 \n \n \n (34) \n \n \n 254 \nStock-based compensation\n \n 138 \n \n \n 141 \n \n \n 135 \nDeferred income taxes\n \n 51 \n \n \n 14 \n \n \n (36) \nOther, net\n \n 12 \n \n \n 11 \n \n \n 3 \nChanges in operating assets and liabilities, net of acquired assets and liabilities:\n \n \n \n \n \n \n \n \n \nReceivables\n \n (103) \n \n \n 17 \n \n \n 73 \nMerchandise inventories\n \n 809 \n \n \n (328) \n \n \n (435) \nOther assets\n \n (21) \n \n \n (14) \n \n \n (51) \nAccounts payable\n \n (1,099) \n \n \n (201) \n \n \n 1,676 \nIncome taxes\n \n 36 \n \n \n (156) \n \n \n 173 \nOther liabilities\n \n (483) \n \n \n 479 \n \n \n 498 \nTotal cash provided by operating activities\n \n 1,824 \n \n \n 3,252 \n \n \n 4,927 \nInvesting activities\n \n \n \n \n \n \n \n \n \n \n \nAdditions to property and equipment, net of $35, $46 and $32, respectively, of non-cash \ncapital expenditures\n \n (930) \n \n \n (737) \n \n \n (713) \nPurchases of investments\n \n (46) \n \n \n (233) \n \n \n (620) \nSales of investments\n \n 7 \n \n \n 66 \n \n \n 546 \nAcquisitions, net of cash acquired\n \n - \n \n \n (468) \n \n \n - \nOther, net\n \n 7 \n \n \n - \n \n \n (1) \nTotal cash used in investing activities\n \n (962) \n \n \n (1,372) \n \n \n (788) \nFinancing activities\n \n \n \n \n \n \n \n \n \n \n \nRepurchase of common stock\n \n (1,014) \n \n \n (3,502) \n \n \n (312) \nIssuance of common stock\n \n 16 \n \n \n 29 \n \n \n 28 \nDividends paid\n \n (789) \n \n \n (688) \n \n \n (568) \nBorrowings of debt\n \n - \n \n \n - \n \n \n 1,892 \nRepayments of debt\n \n (19) \n \n \n (133) \n \n \n (1,916) \nOther, net\n \n - \n \n \n (3) \n \n \n - \nTotal cash used in financing activities\n \n (1,806) \n \n \n (4,297) \n \n \n (876) \n \n \n \n \n \n \n \n \n \n \n \n \nEffect of exchange rate changes on cash\n \n (8) \n \n \n (3) \n \n \n 7 \nIncrease (decrease) in cash, cash equivalents and restricted cash\n \n (952) \n \n \n (2,420) \n \n \n 3,270 \nCash, cash equivalents and restricted cash at beginning of period\n \n 3,205 \n \n \n 5,625 \n \n \n 2,355 \nCash, cash equivalents and restricted cash at end of period\n$\n 2,253 \n \n$\n 3,205 \n \n$\n 5,625', 'doc_name': 'BESTBUY_2023_10K', 'evidence_page_num': 41, 'evidence_text_full_page': ' \nConsolidated Statements of Cash Flows\n$ in millions\n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFiscal Years Ended\nJanuary 28, 2023\n \nJanuary 29, 2022\n \nJanuary 30, 2021\nOperating activities\n \n \n \n \n \n \n \n \n \n \n \nNet earnings\n$\n 1,419 \n \n$\n 2,454 \n \n$\n 1,798 \n \nAdjustments to reconcile net earnings to total cash provided by operating activities:\n \n \n \n \n \n \n \n \nDepreciation and amortization\n \n 918 \n \n \n 869 \n \n \n 839 \nRestructuring charges\n \n 147 \n \n \n (34) \n \n \n 254 \nStock-based compensation\n \n 138 \n \n \n 141 \n \n \n 135 \nDeferred income taxes\n \n 51 \n \n \n 14 \n \n \n (36) \nOther, net\n \n 12 \n \n \n 11 \n \n \n 3 \nChanges in operating assets and liabilities, net of acquired assets and liabilities:\n \n \n \n \n \n \n \n \n \nReceivables\n \n (103) \n \n \n 17 \n \n \n 73 \nMerchandise inventories\n \n 809 \n \n \n (328) \n \n \n (435) \nOther assets\n \n (21) \n \n \n (14) \n \n \n (51) \nAccounts payable\n \n (1,099) \n \n \n (201) \n \n \n 1,676 \nIncome taxes\n \n 36 \n \n \n (156) \n \n \n 173 \nOther liabilities\n \n (483) \n \n \n 479 \n \n \n 498 \nTotal cash provided by operating activities\n \n 1,824 \n \n \n 3,252 \n \n \n 4,927 \nInvesting activities\n \n \n \n \n \n \n \n \n \n \n \nAdditions to property and equipment, net of $35, $46 and $32, respectively, of non-cash \ncapital expenditures\n \n (930) \n \n \n (737) \n \n \n (713) \nPurchases of investments\n \n (46) \n \n \n (233) \n \n \n (620) \nSales of investments\n \n 7 \n \n \n 66 \n \n \n 546 \nAcquisitions, net of cash acquired\n \n - \n \n \n (468) \n \n \n - \nOther, net\n \n 7 \n \n \n - \n \n \n (1) \nTotal cash used in investing activities\n \n (962) \n \n \n (1,372) \n \n \n (788) \nFinancing activities\n \n \n \n \n \n \n \n \n \n \n \nRepurchase of common stock\n \n (1,014) \n \n \n (3,502) \n \n \n (312) \nIssuance of common stock\n \n 16 \n \n \n 29 \n \n \n 28 \nDividends paid\n \n (789) \n \n \n (688) \n \n \n (568) \nBorrowings of debt\n \n - \n \n \n - \n \n \n 1,892 \nRepayments of debt\n \n (19) \n \n \n (133) \n \n \n (1,916) \nOther, net\n \n - \n \n \n (3) \n \n \n - \nTotal cash used in financing activities\n \n (1,806) \n \n \n (4,297) \n \n \n (876) \n \n \n \n \n \n \n \n \n \n \n \n \nEffect of exchange rate changes on cash\n \n (8) \n \n \n (3) \n \n \n 7 \nIncrease (decrease) in cash, cash equivalents and restricted cash\n \n (952) \n \n \n (2,420) \n \n \n 3,270 \nCash, cash equivalents and restricted cash at beginning of period\n \n 3,205 \n \n \n 5,625 \n \n \n 2,355 \nCash, cash equivalents and restricted cash at end of period\n$\n 2,253 \n \n$\n 3,205 \n \n$\n 5,625 \n \n \n \n \n \n \n \n \n \n \n \n \n \nSupplemental cash flow information\n \n \n \n \n \n \n \n \n \n \n \nIncome taxes paid\n$\n 283 \n \n$\n 716 \n \n$\n 442 \nInterest paid\n$\n 31 \n \n$\n 22 \n \n$\n 50 \n \nSee Notes to Consolidated Financial Statements.\n \n \n42\n'}]","Consolidated Statements of Cash Flows
$ in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended
January 28, 2023
 
January 29, 2022
 
January 30, 2021
Operating activities
 
 
 
 
 
 
 
 
 
 
 
Net earnings
$
 1,419 
 
$
 2,454 
 
$
 1,798 
 
Adjustments to reconcile net earnings to total cash provided by operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 918 
 
 
 869 
 
 
 839 
Restructuring charges
 
 147 
 
 
 (34) 
 
 
 254 
Stock-based compensation
 
 138 
 
 
 141 
 
 
 135 
Deferred income taxes
 
 51 
 
 
 14 
 
 
 (36) 
Other, net
 
 12 
 
 
 11 
 
 
 3 
Changes in operating assets and liabilities, net of acquired assets and liabilities:
 
 
 
 
 
 
 
 
 
Receivables
 
 (103) 
 
 
 17 
 
 
 73 
Merchandise inventories
 
 809 
 
 
 (328) 
 
 
 (435) 
Other assets
 
 (21) 
 
 
 (14) 
 
 
 (51) 
Accounts payable
 
 (1,099) 
 
 
 (201) 
 
 
 1,676 
Income taxes
 
 36 
 
 
 (156) 
 
 
 173 
Other liabilities
 
 (483) 
 
 
 479 
 
 
 498 
Total cash provided by operating activities
 
 1,824 
 
 
 3,252 
 
 
 4,927 
Investing activities
 
 
 
 
 
 
 
 
 
 
 
Additions to property and equipment, net of $35, $46 and $32, respectively, of non-cash 
capital expenditures
 
 (930) 
 
 
 (737) 
 
 
 (713) 
Purchases of investments
 
 (46) 
 
 
 (233) 
 
 
 (620) 
Sales of investments
 
 7 
 
 
 66 
 
 
 546 
Acquisitions, net of cash acquired
 
 - 
 
 
 (468) 
 
 
 - 
Other, net
 
 7 
 
 
 - 
 
 
 (1) 
Total cash used in investing activities
 
 (962) 
 
 
 (1,372) 
 
 
 (788) 
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Repurchase of common stock
 
 (1,014) 
 
 
 (3,502) 
 
 
 (312) 
Issuance of common stock
 
 16 
 
 
 29 
 
 
 28 
Dividends paid
 
 (789) 
 
 
 (688) 
 
 
 (568) 
Borrowings of debt
 
 - 
 
 
 - 
 
 
 1,892 
Repayments of debt
 
 (19) 
 
 
 (133) 
 
 
 (1,916) 
Other, net
 
 - 
 
 
 (3) 
 
 
 - 
Total cash used in financing activities
 
 (1,806) 
 
 
 (4,297) 
 
 
 (876) 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
 
 (8) 
 
 
 (3) 
 
 
 7 
Increase (decrease) in cash, cash equivalents and restricted cash
 
 (952) 
 
 
 (2,420) 
 
 
 3,270 
Cash, cash equivalents and restricted cash at beginning of period
 
 3,205 
 
 
 5,625 
 
 
 2,355 
Cash, cash equivalents and restricted cash at end of period
$
 2,253 
 
$
 3,205 
 
$
 5,625"
Did Pfizer grow its PPNE between FY20 and FY21?,"Yes, change in PPNE was positive year over year","[{'evidence_text': 'As of December 31,\n(MILLIONS, EXCEPT PER COMMON SHARE DATA)\n2021\n2020\nAssets\nCash and cash equivalents\n$\n1,944 \n$\n1,786 \nShort-term investments\n29,125 \n10,437 \nTrade accounts receivable, less allowance for doubtful accounts: 2021$492; 2020$508\n11,479 \n7,913 \nInventories\n9,059 \n8,020 \nCurrent tax assets\n4,266 \n3,264 \nOther current assets\n3,820 \n3,646 \nTotal current assets\n59,693 \n35,067 \nEquity-method investments\n16,472 \n16,856 \nLong-term investments\n5,054 \n3,406 \nProperty, plant and equipment\n14,882 \n13,745', 'doc_name': 'PFIZER_2021_10K', 'evidence_page_num': 58, 'evidence_text_full_page': 'Consolidated Balance Sheets\nPfizer Inc. and Subsidiary Companies\nAs of December 31,\n(MILLIONS, EXCEPT PER COMMON SHARE DATA)\n2021\n2020\nAssets\nCash and cash equivalents\n$\n1,944 \n$\n1,786 \nShort-term investments\n29,125 \n10,437 \nTrade accounts receivable, less allowance for doubtful accounts: 2021$492; 2020$508\n11,479 \n7,913 \nInventories\n9,059 \n8,020 \nCurrent tax assets\n4,266 \n3,264 \nOther current assets\n3,820 \n3,646 \nTotal current assets\n59,693 \n35,067 \nEquity-method investments\n16,472 \n16,856 \nLong-term investments\n5,054 \n3,406 \nProperty, plant and equipment\n14,882 \n13,745 \nIdentifiable intangible assets\n25,146 \n28,337 \nGoodwill\n49,208 \n49,556 \nNoncurrent deferred tax assets and other noncurrent tax assets\n3,341 \n2,383 \nOther noncurrent assets\n7,679 \n4,879 \nTotal assets\n$\n181,476 \n$\n154,229 \nLiabilities and Equity\n \n \nShort-term borrowings, including current portion of long-term debt: 2021$1,636; 2020$2,002\n$\n2,241 \n$\n2,703 \nTrade accounts payable\n5,578 \n4,283 \nDividends payable\n2,249 \n2,162 \nIncome taxes payable\n1,266 \n1,049 \nAccrued compensation and related items\n3,332 \n3,049 \nDeferred revenues\n3,067 \n1,113 \nOther current liabilities\n24,939 \n11,561 \nTotal current liabilities\n42,671 \n25,920 \nLong-term debt\n36,195 \n37,133 \nPension benefit obligations\n3,489 \n4,766 \nPostretirement benefit obligations\n235 \n645 \nNoncurrent deferred tax liabilities\n349 \n4,063 \nOther taxes payable\n11,331 \n11,560 \nOther noncurrent liabilities\n9,743 \n6,669 \nTotal liabilities\n104,013 \n90,756 \nCommitments and Contingencies\nPreferred stock, no par value, at stated value; 27 shares authorized; no shares issued or outstanding at December 31, 2021 and\nDecember 31, 2020\n \n \nCommon stock, $0.05 par value; 12,000 shares authorized; issued: 20219,471; 20209,407\n473 \n470 \nAdditional paid-in capital\n90,591 \n88,674 \nTreasury stock, shares at cost: 20213,851; 20203,840\n(111,361)\n(110,988)\nRetained earnings\n103,394 \n90,392 \nAccumulated other comprehensive loss\n(5,897)\n(5,310)\nTotal Pfizer Inc. shareholders equity\n77,201 \n63,238 \nEquity attributable to noncontrolling interests\n262 \n235 \nTotal equity\n77,462 \n63,473 \nTotal liabilities and equity\n$\n181,476 \n$\n154,229 \nSee Accompanying Notes.\nPfizer Inc.\n2021 Form 10-K\n53\n'}]","As of December 31,
(MILLIONS, EXCEPT PER COMMON SHARE DATA)
2021
2020
Assets
Cash and cash equivalents
$
1,944 
$
1,786 
Short-term investments
29,125 
10,437 
Trade accounts receivable, less allowance for doubtful accounts: 2021$492; 2020$508
11,479 
7,913 
Inventories
9,059 
8,020 
Current tax assets
4,266 
3,264 
Other current assets
3,820 
3,646 
Total current assets
59,693 
35,067 
Equity-method investments
16,472 
16,856 
Long-term investments
5,054 
3,406 
Property, plant and equipment
14,882 
13,745"
"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.",$303.00,"[{'evidence_text': ""MGMRESORTSINTERNATIONALANDSUBSIDIARIES\nCONSOLIDATEDBALANCESHEETS\n(Inthousands,exceptsharedata)\n \n \n\nDecember31,\n\n\n\n2018\n\n\n2017\n\nASSETS\n\nCurrentassets\n \n \n \n \nCash and cash equivalents\n $\n1,526,762 \n $\n1,499,995 \nAccounts receivable, net\n \n657,206 \n \n542,273 \nInventories\n \n110,831 \n \n102,292 \nIncome tax receivable\n \n28,431 \n \n42,551 \nPrepaid expenses and other\n \n203,548 \n \n189,244 \nTotal current assets\n \n2,526,778 \n \n2,376,355 \n \n \n \n \n \nPropertyandequipment,net\n \n20,729,888 \n \n19,635,459 \n \n \n \n \n \nOtherassets\n \n \n \n \nInvestments in and advances to unconsolidated affiliates\n \n732,867 \n \n1,033,297 \nGoodwill\n \n1,821,392 \n \n1,806,531 \nOther intangible assets, net\n \n3,944,463 \n \n3,877,960 \nOther long-term assets, net\n \n455,318 \n \n430,440 \nTotal other assets\n \n6,954,040 \n \n7,148,228 \n \n $\n30,210,706 \n $\n29,160,042 \nLIABILITIESANDSTOCKHOLDERS'EQUITY\n\nCurrentliabilities\n \n \n \n \nAccounts payable\n $\n302,578 \n $\n255,028 \nConstruction payable\n \n311,793 \n \n474,807 \nCurrent portion of long-term debt\n \n43,411 \n \n158,042 \nAccrued interest on long-term debt\n \n140,046 \n \n135,785 \nOther accrued liabilities\n \n2,151,054 \n \n2,114,635 \nTotal current liabilities\n \n2,948,882 \n \n3,138,297 \n \n \n \n \n \nDeferredincometaxes,net\n \n1,342,538 \n \n1,295,375 \nLong-termdebt,net\n \n15,088,005 \n \n12,751,052 \nOtherlong-termobligations\n \n259,240 \n \n284,416 \nCommitmentsandcontingencies(Note11)\n \n \n \n \nRedeemablenoncontrollinginterests\n \n102,250 \n \n79,778 \nStockholders'equity\n \n \n \n \nCommon stock, $.01 par value: authorized 1,000,000,000 shares, issued and\n outstanding 527,479,528 and 566,275,789 shares\n \n5,275 \n \n5,663 \nCapital in excess of par value\n \n4,092,085 \n \n5,357,709 \nRetained earnings\n \n2,423,479 \n \n2,217,299 \nAccumulated other comprehensive loss\n \n(8,556)\n \n(3,610)\nTotal MGM Resorts International stockholders' equity\n \n6,512,283 \n \n7,577,061 \nNoncontrolling interests\n \n3,957,508 \n \n4,034,063 \nTotal stockholders' equity\n \n10,469,791 \n \n11,611,124 \n \n $\n30,210,706 \n $\n29,160,042\n \n \nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n \n \n55"", 'doc_name': 'MGMRESORTS_2018_10K', 'evidence_page_num': 56, 'evidence_text_full_page': "" \nMGMRESORTSINTERNATIONALANDSUBSIDIARIES\nCONSOLIDATEDBALANCESHEETS\n(Inthousands,exceptsharedata)\n \n \n\nDecember31,\n\n\n\n2018\n\n\n2017\n\nASSETS\n\nCurrentassets\n \n \n \n \nCash and cash equivalents\n $\n1,526,762 \n $\n1,499,995 \nAccounts receivable, net\n \n657,206 \n \n542,273 \nInventories\n \n110,831 \n \n102,292 \nIncome tax receivable\n \n28,431 \n \n42,551 \nPrepaid expenses and other\n \n203,548 \n \n189,244 \nTotal current assets\n \n2,526,778 \n \n2,376,355 \n \n \n \n \n \nPropertyandequipment,net\n \n20,729,888 \n \n19,635,459 \n \n \n \n \n \nOtherassets\n \n \n \n \nInvestments in and advances to unconsolidated affiliates\n \n732,867 \n \n1,033,297 \nGoodwill\n \n1,821,392 \n \n1,806,531 \nOther intangible assets, net\n \n3,944,463 \n \n3,877,960 \nOther long-term assets, net\n \n455,318 \n \n430,440 \nTotal other assets\n \n6,954,040 \n \n7,148,228 \n \n $\n30,210,706 \n $\n29,160,042 \nLIABILITIESANDSTOCKHOLDERS'EQUITY\n\nCurrentliabilities\n \n \n \n \nAccounts payable\n $\n302,578 \n $\n255,028 \nConstruction payable\n \n311,793 \n \n474,807 \nCurrent portion of long-term debt\n \n43,411 \n \n158,042 \nAccrued interest on long-term debt\n \n140,046 \n \n135,785 \nOther accrued liabilities\n \n2,151,054 \n \n2,114,635 \nTotal current liabilities\n \n2,948,882 \n \n3,138,297 \n \n \n \n \n \nDeferredincometaxes,net\n \n1,342,538 \n \n1,295,375 \nLong-termdebt,net\n \n15,088,005 \n \n12,751,052 \nOtherlong-termobligations\n \n259,240 \n \n284,416 \nCommitmentsandcontingencies(Note11)\n \n \n \n \nRedeemablenoncontrollinginterests\n \n102,250 \n \n79,778 \nStockholders'equity\n \n \n \n \nCommon stock, $.01 par value: authorized 1,000,000,000 shares, issued and\n outstanding 527,479,528 and 566,275,789 shares\n \n5,275 \n \n5,663 \nCapital in excess of par value\n \n4,092,085 \n \n5,357,709 \nRetained earnings\n \n2,423,479 \n \n2,217,299 \nAccumulated other comprehensive loss\n \n(8,556)\n \n(3,610)\nTotal MGM Resorts International stockholders' equity\n \n6,512,283 \n \n7,577,061 \nNoncontrolling interests\n \n3,957,508 \n \n4,034,063 \nTotal stockholders' equity\n \n10,469,791 \n \n11,611,124 \n \n $\n30,210,706 \n $\n29,160,042\n \n \nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n \n \n55\n""}]","MGMRESORTSINTERNATIONALANDSUBSIDIARIES
CONSOLIDATEDBALANCESHEETS
(Inthousands,exceptsharedata)
 
 

December31,



2018


2017

ASSETS

Currentassets
 
 
 
 
Cash and cash equivalents
 $
1,526,762 
 $
1,499,995 
Accounts receivable, net
 
657,206 
 
542,273 
Inventories
 
110,831 
 
102,292 
Income tax receivable
 
28,431 
 
42,551 
Prepaid expenses and other
 
203,548 
 
189,244 
Total current assets
 
2,526,778 
 
2,376,355 
 
 
 
 
 
Propertyandequipment,net
 
20,729,888 
 
19,635,459 
 
 
 
 
 
Otherassets
 
 
 
 
Investments in and advances to unconsolidated affiliates
 
732,867 
 
1,033,297 
Goodwill
 
1,821,392 
 
1,806,531 
Other intangible assets, net
 
3,944,463 
 
3,877,960 
Other long-term assets, net
 
455,318 
 
430,440 
Total other assets
 
6,954,040 
 
7,148,228 
 
 $
30,210,706 
 $
29,160,042 
LIABILITIESANDSTOCKHOLDERS'EQUITY

Currentliabilities
 
 
 
 
Accounts payable
 $
302,578 
 $
255,028 
Construction payable
 
311,793 
 
474,807 
Current portion of long-term debt
 
43,411 
 
158,042 
Accrued interest on long-term debt
 
140,046 
 
135,785 
Other accrued liabilities
 
2,151,054 
 
2,114,635 
Total current liabilities
 
2,948,882 
 
3,138,297 
 
 
 
 
 
Deferredincometaxes,net
 
1,342,538 
 
1,295,375 
Long-termdebt,net
 
15,088,005 
 
12,751,052 
Otherlong-termobligations
 
259,240 
 
284,416 
Commitmentsandcontingencies(Note11)
 
 
 
 
Redeemablenoncontrollinginterests
 
102,250 
 
79,778 
Stockholders'equity
 
 
 
 
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and
 outstanding 527,479,528 and 566,275,789 shares
 
5,275 
 
5,663 
Capital in excess of par value
 
4,092,085 
 
5,357,709 
Retained earnings
 
2,423,479 
 
2,217,299 
Accumulated other comprehensive loss
 
(8,556)
 
(3,610)
Total MGM Resorts International stockholders' equity
 
6,512,283 
 
7,577,061 
Noncontrolling interests
 
3,957,508 
 
4,034,063 
Total stockholders' equity
 
10,469,791 
 
11,611,124 
 
 $
30,210,706 
 $
29,160,042
 
 
Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.
 
 
55"
What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) / (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.,6.25,"[{'evidence_text': 'The Kraft Heinz Company\nConsolidated Statements of Income\n(in millions, except per share data)\n \nDecember 28, 2019 December 29, 2018 December 30, 2017\nNet sales\n$\n24,977\n $\n26,268 $\n26,076\nCost of products sold\n16,830\n \n17,347 \n17,043\nGross profit\n8,147\n \n8,921 \n9,033\nSelling, general and administrative expenses, excluding impairment losses\n3,178\n \n3,190 \n2,927\nGoodwill impairment losses\n1,197\n \n7,008 \n\nIntangible asset impairment losses\n702\n \n8,928 \n49\nSelling, general and administrative expenses\n5,077\n \n19,126 \n2,976\nOperating income/(loss)\n3,070\n \n(10,205) \n6,057\nInterest expense\n1,361\n \n1,284 \n1,234\nOther expense/(income)\n(952) \n(168) \n(627)\nIncome/(loss) before income taxes\n2,661\n \n(11,321) \n5,450\nProvision for/(benefit from) income taxes\n728\n \n(1,067) \n(5,482)\nNet income/(loss)\n1,933\n \n(10,254) \n10,932\nNet income/(loss) attributable to noncontrolling interest\n(2) \n(62) \n(9)\nNet income/(loss) attributable to common shareholders\n$\n1,935\n $\n(10,192) $\n10,941\nPer share data applicable to common shareholders:\n \n \n \nBasic earnings/(loss)\n$\n1.59\n $\n(8.36) $\n8.98\nDiluted earnings/(loss)\n1.58\n \n(8.36) \n8.91\nSee accompanying notes to the consolidated financial statements.\n45', 'doc_name': 'KRAFTHEINZ_2019_10K', 'evidence_page_num': 49, 'evidence_text_full_page': 'The Kraft Heinz Company\nConsolidated Statements of Income\n(in millions, except per share data)\n \nDecember 28, 2019 December 29, 2018 December 30, 2017\nNet sales\n$\n24,977\n $\n26,268 $\n26,076\nCost of products sold\n16,830\n \n17,347 \n17,043\nGross profit\n8,147\n \n8,921 \n9,033\nSelling, general and administrative expenses, excluding impairment losses\n3,178\n \n3,190 \n2,927\nGoodwill impairment losses\n1,197\n \n7,008 \n\nIntangible asset impairment losses\n702\n \n8,928 \n49\nSelling, general and administrative expenses\n5,077\n \n19,126 \n2,976\nOperating income/(loss)\n3,070\n \n(10,205) \n6,057\nInterest expense\n1,361\n \n1,284 \n1,234\nOther expense/(income)\n(952) \n(168) \n(627)\nIncome/(loss) before income taxes\n2,661\n \n(11,321) \n5,450\nProvision for/(benefit from) income taxes\n728\n \n(1,067) \n(5,482)\nNet income/(loss)\n1,933\n \n(10,254) \n10,932\nNet income/(loss) attributable to noncontrolling interest\n(2) \n(62) \n(9)\nNet income/(loss) attributable to common shareholders\n$\n1,935\n $\n(10,192) $\n10,941\nPer share data applicable to common shareholders:\n \n \n \nBasic earnings/(loss)\n$\n1.59\n $\n(8.36) $\n8.98\nDiluted earnings/(loss)\n1.58\n \n(8.36) \n8.91\nSee accompanying notes to the consolidated financial statements.\n45\n'}
 {'evidence_text': ""The Kraft Heinz Company\nConsolidated Balance Sheets\n(in millions, except per share data)\n \nDecember 28, 2019 December 29, 2018\nASSETS\n \n \nCash and cash equivalents\n$\n2,279 $\n1,130\nTrade receivables (net of allowances of $33 at December 28, 2019 and $24 at December 29, 2018)\n1,973 \n2,129\nIncome taxes receivable\n173 \n152\nInventories\n2,721 \n2,667\nPrepaid expenses\n384 \n400\nOther current assets\n445 \n1,221\nAssets held for sale\n122 \n1,376\nTotal current assets\n8,097 \n9,075\nProperty, plant and equipment, net\n7,055 \n7,078\nGoodwill\n35,546 \n36,503\nIntangible assets, net\n48,652 \n49,468\nOther non-current assets\n2,100 \n1,337\nTOTAL ASSETS\n$\n101,450 $\n103,461\nLIABILITIES AND EQUITY\n \n \nCommercial paper and other short-term debt\n$\n6 $\n21\nCurrent portion of long-term debt\n1,022 \n377\nTrade payables\n4,003 \n4,153\nAccrued marketing\n647 \n722\nInterest payable\n384 \n408\nOther current liabilities\n1,804 \n1,767\nLiabilities held for sale\n9 \n55\nTotal current liabilities\n7,875 \n7,503\nLong-term debt\n28,216 \n30,770\nDeferred income taxes\n11,878 \n12,202\nAccrued postemployment costs\n273 \n306\nOther non-current liabilities\n1,459 \n902\nTOTAL LIABILITIES\n49,701 \n51,683\nCommitments and Contingencies (Note 17)\n \nRedeemable noncontrolling interest\n \n3\nEquity:\n \n \nCommon stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019;\n1,224 shares issued and 1,220 shares outstanding at December 29, 2018)\n12 \n12\nAdditional paid-in capital\n56,828 \n58,723\nRetained earnings/(deficit)\n(3,060) \n(4,853)\nAccumulated other comprehensive income/(losses)\n(1,886) \n(1,943)\nTreasury stock, at cost (3 shares at December 28, 2019 and 4 shares at December 29, 2018)\n(271) \n(282)\nTotal shareholders' equity\n51,623 \n51,657\nNoncontrolling interest\n126 \n118\nTOTAL EQUITY\n51,749 \n51,775\nTOTAL LIABILITIES AND EQUITY\n$\n101,450 $\n103,461\nSee accompanying notes to the consolidated financial statements.\n47"", 'doc_name': 'KRAFTHEINZ_2019_10K', 'evidence_page_num': 51, 'evidence_text_full_page': ""The Kraft Heinz Company\nConsolidated Balance Sheets\n(in millions, except per share data)\n \nDecember 28, 2019 December 29, 2018\nASSETS\n \n \nCash and cash equivalents\n$\n2,279 $\n1,130\nTrade receivables (net of allowances of $33 at December 28, 2019 and $24 at December 29, 2018)\n1,973 \n2,129\nIncome taxes receivable\n173 \n152\nInventories\n2,721 \n2,667\nPrepaid expenses\n384 \n400\nOther current assets\n445 \n1,221\nAssets held for sale\n122 \n1,376\nTotal current assets\n8,097 \n9,075\nProperty, plant and equipment, net\n7,055 \n7,078\nGoodwill\n35,546 \n36,503\nIntangible assets, net\n48,652 \n49,468\nOther non-current assets\n2,100 \n1,337\nTOTAL ASSETS\n$\n101,450 $\n103,461\nLIABILITIES AND EQUITY\n \n \nCommercial paper and other short-term debt\n$\n6 $\n21\nCurrent portion of long-term debt\n1,022 \n377\nTrade payables\n4,003 \n4,153\nAccrued marketing\n647 \n722\nInterest payable\n384 \n408\nOther current liabilities\n1,804 \n1,767\nLiabilities held for sale\n9 \n55\nTotal current liabilities\n7,875 \n7,503\nLong-term debt\n28,216 \n30,770\nDeferred income taxes\n11,878 \n12,202\nAccrued postemployment costs\n273 \n306\nOther non-current liabilities\n1,459 \n902\nTOTAL LIABILITIES\n49,701 \n51,683\nCommitments and Contingencies (Note 17)\n \nRedeemable noncontrolling interest\n \n3\nEquity:\n \n \nCommon stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019;\n1,224 shares issued and 1,220 shares outstanding at December 29, 2018)\n12 \n12\nAdditional paid-in capital\n56,828 \n58,723\nRetained earnings/(deficit)\n(3,060) \n(4,853)\nAccumulated other comprehensive income/(losses)\n(1,886) \n(1,943)\nTreasury stock, at cost (3 shares at December 28, 2019 and 4 shares at December 29, 2018)\n(271) \n(282)\nTotal shareholders' equity\n51,623 \n51,657\nNoncontrolling interest\n126 \n118\nTOTAL EQUITY\n51,749 \n51,775\nTOTAL LIABILITIES AND EQUITY\n$\n101,450 $\n103,461\nSee accompanying notes to the consolidated financial statements.\n47\n""}]","The Kraft Heinz Company
Consolidated Statements of Income
(in millions, except per share data)
 
December 28, 2019 December 29, 2018 December 30, 2017
Net sales
$
24,977
 $
26,268 $
26,076
Cost of products sold
16,830
 
17,347 
17,043
Gross profit
8,147
 
8,921 
9,033
Selling, general and administrative expenses, excluding impairment losses
3,178
 
3,190 
2,927
Goodwill impairment losses
1,197
 
7,008 

Intangible asset impairment losses
702
 
8,928 
49
Selling, general and administrative expenses
5,077
 
19,126 
2,976
Operating income/(loss)
3,070
 
(10,205) 
6,057
Interest expense
1,361
 
1,284 
1,234
Other expense/(income)
(952) 
(168) 
(627)
Income/(loss) before income taxes
2,661
 
(11,321) 
5,450
Provision for/(benefit from) income taxes
728
 
(1,067) 
(5,482)
Net income/(loss)
1,933
 
(10,254) 
10,932
Net income/(loss) attributable to noncontrolling interest
(2) 
(62) 
(9)
Net income/(loss) attributable to common shareholders
$
1,935
 $
(10,192) $
10,941
Per share data applicable to common shareholders:
 
 
 
Basic earnings/(loss)
$
1.59
 $
(8.36) $
8.98
Diluted earnings/(loss)
1.58
 
(8.36) 
8.91
See accompanying notes to the consolidated financial statements.
45 The Kraft Heinz Company
Consolidated Balance Sheets
(in millions, except per share data)
 
December 28, 2019 December 29, 2018
ASSETS
 
 
Cash and cash equivalents
$
2,279 $
1,130
Trade receivables (net of allowances of $33 at December 28, 2019 and $24 at December 29, 2018)
1,973 
2,129
Income taxes receivable
173 
152
Inventories
2,721 
2,667
Prepaid expenses
384 
400
Other current assets
445 
1,221
Assets held for sale
122 
1,376
Total current assets
8,097 
9,075
Property, plant and equipment, net
7,055 
7,078
Goodwill
35,546 
36,503
Intangible assets, net
48,652 
49,468
Other non-current assets
2,100 
1,337
TOTAL ASSETS
$
101,450 $
103,461
LIABILITIES AND EQUITY
 
 
Commercial paper and other short-term debt
$
6 $
21
Current portion of long-term debt
1,022 
377
Trade payables
4,003 
4,153
Accrued marketing
647 
722
Interest payable
384 
408
Other current liabilities
1,804 
1,767
Liabilities held for sale
9 
55
Total current liabilities
7,875 
7,503
Long-term debt
28,216 
30,770
Deferred income taxes
11,878 
12,202
Accrued postemployment costs
273 
306
Other non-current liabilities
1,459 
902
TOTAL LIABILITIES
49,701 
51,683
Commitments and Contingencies (Note 17)
 
Redeemable noncontrolling interest
 
3
Equity:
 
 
Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019;
1,224 shares issued and 1,220 shares outstanding at December 29, 2018)
12 
12
Additional paid-in capital
56,828 
58,723
Retained earnings/(deficit)
(3,060) 
(4,853)
Accumulated other comprehensive income/(losses)
(1,886) 
(1,943)
Treasury stock, at cost (3 shares at December 28, 2019 and 4 shares at December 29, 2018)
(271) 
(282)
Total shareholders' equity
51,623 
51,657
Noncontrolling interest
126 
118
TOTAL EQUITY
51,749 
51,775
TOTAL LIABILITIES AND EQUITY
$
101,450 $
103,461
See accompanying notes to the consolidated financial statements.
47"
"When primarily referencing the income statement and the statement of financial position, what is the FY2021 inventory turnover ratio for Nike? Inventory turnover ratio is defined as: (FY2021 COGS) / (average inventory between FY2020 and FY2021). Round your answer to two decimal places.",3.46,"[{'evidence_text': 'Table of Contents\nNIKE, INC.\nCONSOLIDATED STATEMENTS OF INCOME\nYEAR ENDED MAY 31,\n(In millions, except per share data)\n2021\n2020\n2019\nRevenues\n$\n44,538 $\n37,403 $\n39,117 \nCost of sales\n24,576 \n21,162 \n21,643 \nGross profit\n19,962 \n16,241 \n17,474 \nDemand creation expense\n3,114 \n3,592 \n3,753 \nOperating overhead expense\n9,911 \n9,534 \n8,949 \nTotal selling and administrative expense\n13,025 \n13,126 \n12,702 \nInterest expense (income), net\n262 \n89 \n49 \nOther (income) expense, net\n14 \n139 \n(78)\nIncome before income taxes\n6,661 \n2,887 \n4,801 \nIncome tax expense\n934 \n348 \n772 \nNET INCOME\n$\n5,727 $\n2,539 $\n4,029 \nEarnings per common share:\nBasic\n$\n3.64 $\n1.63 $\n2.55 \nDiluted\n$\n3.56 $\n1.60 $\n2.49 \nWeighted average common shares outstanding:\nBasic\n1,573.0 \n1,558.8 \n1,579.7 \nDiluted\n1,609.4 \n1,591.6 \n1,618.4 \nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n2021 FORM 10-K 57', 'doc_name': 'NIKE_2021_10K', 'evidence_page_num': 58, 'evidence_text_full_page': 'Table of Contents\nNIKE, INC.\nCONSOLIDATED STATEMENTS OF INCOME\nYEAR ENDED MAY 31,\n(In millions, except per share data)\n2021\n2020\n2019\nRevenues\n$\n44,538 $\n37,403 $\n39,117 \nCost of sales\n24,576 \n21,162 \n21,643 \nGross profit\n19,962 \n16,241 \n17,474 \nDemand creation expense\n3,114 \n3,592 \n3,753 \nOperating overhead expense\n9,911 \n9,534 \n8,949 \nTotal selling and administrative expense\n13,025 \n13,126 \n12,702 \nInterest expense (income), net\n262 \n89 \n49 \nOther (income) expense, net\n14 \n139 \n(78)\nIncome before income taxes\n6,661 \n2,887 \n4,801 \nIncome tax expense\n934 \n348 \n772 \nNET INCOME\n$\n5,727 $\n2,539 $\n4,029 \nEarnings per common share:\nBasic\n$\n3.64 $\n1.63 $\n2.55 \nDiluted\n$\n3.56 $\n1.60 $\n2.49 \nWeighted average common shares outstanding:\nBasic\n1,573.0 \n1,558.8 \n1,579.7 \nDiluted\n1,609.4 \n1,591.6 \n1,618.4 \nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n2021 FORM 10-K 57\n'}
 {'evidence_text': ""Table of Contents\nNIKE, INC.\nCONSOLIDATED BALANCE SHEETS\nMAY 31,\n(In millions)\n2021\n2020\nASSETS\nCurrent assets:\nCash and equivalents\n$\n9,889 $\n8,348 \nShort-term investments\n3,587 \n439 \nAccounts receivable, net\n4,463 \n2,749 \nInventories\n6,854 \n7,367 \nPrepaid expenses and other current assets\n1,498 \n1,653 \nTotal current assets\n26,291 \n20,556 \nProperty, plant and equipment, net\n4,904 \n4,866 \nOperating lease right-of-use assets, net\n3,113 \n3,097 \nIdentifiable intangible assets, net\n269 \n274 \nGoodwill\n242 \n223 \nDeferred income taxes and other assets\n2,921 \n2,326 \nTOTAL ASSETS\n$\n37,740 $\n31,342 \nLIABILITIES AND SHAREHOLDERS' EQUITY\nCurrent liabilities:\nCurrent portion of long-term debt\n$\n $\n3 \nNotes payable\n2 \n248 \nAccounts payable\n2,836 \n2,248 \nCurrent portion of operating lease liabilities\n467 \n445 \nAccrued liabilities\n6,063 \n5,184 \nIncome taxes payable\n306 \n156 \nTotal current liabilities\n9,674 \n8,284 \nLong-term debt\n9,413 \n9,406 \nOperating lease liabilities\n2,931 \n2,913 \nDeferred income taxes and other liabilities\n2,955 \n2,684 \nCommitments and contingencies (Note 18)\nRedeemable preferred stock\n \n \nShareholders' equity:\nCommon stock at stated value:\nClass A convertible 305 and 315 shares outstanding\n \n \nClass B 1,273 and 1,243 shares outstanding\n3 \n3 \nCapital in excess of stated value\n9,965 \n8,299 \nAccumulated other comprehensive income (loss)\n(380)\n(56)\nRetained earnings (deficit)\n3,179 \n(191)\nTotal shareholders' equity\n12,767 \n8,055 \nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY\n$\n37,740 $\n31,342 \nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n2021 FORM 10-K 59"", 'doc_name': 'NIKE_2021_10K', 'evidence_page_num': 60, 'evidence_text_full_page': ""Table of Contents\nNIKE, INC.\nCONSOLIDATED BALANCE SHEETS\nMAY 31,\n(In millions)\n2021\n2020\nASSETS\nCurrent assets:\nCash and equivalents\n$\n9,889 $\n8,348 \nShort-term investments\n3,587 \n439 \nAccounts receivable, net\n4,463 \n2,749 \nInventories\n6,854 \n7,367 \nPrepaid expenses and other current assets\n1,498 \n1,653 \nTotal current assets\n26,291 \n20,556 \nProperty, plant and equipment, net\n4,904 \n4,866 \nOperating lease right-of-use assets, net\n3,113 \n3,097 \nIdentifiable intangible assets, net\n269 \n274 \nGoodwill\n242 \n223 \nDeferred income taxes and other assets\n2,921 \n2,326 \nTOTAL ASSETS\n$\n37,740 $\n31,342 \nLIABILITIES AND SHAREHOLDERS' EQUITY\nCurrent liabilities:\nCurrent portion of long-term debt\n$\n $\n3 \nNotes payable\n2 \n248 \nAccounts payable\n2,836 \n2,248 \nCurrent portion of operating lease liabilities\n467 \n445 \nAccrued liabilities\n6,063 \n5,184 \nIncome taxes payable\n306 \n156 \nTotal current liabilities\n9,674 \n8,284 \nLong-term debt\n9,413 \n9,406 \nOperating lease liabilities\n2,931 \n2,913 \nDeferred income taxes and other liabilities\n2,955 \n2,684 \nCommitments and contingencies (Note 18)\nRedeemable preferred stock\n \n \nShareholders' equity:\nCommon stock at stated value:\nClass A convertible 305 and 315 shares outstanding\n \n \nClass B 1,273 and 1,243 shares outstanding\n3 \n3 \nCapital in excess of stated value\n9,965 \n8,299 \nAccumulated other comprehensive income (loss)\n(380)\n(56)\nRetained earnings (deficit)\n3,179 \n(191)\nTotal shareholders' equity\n12,767 \n8,055 \nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY\n$\n37,740 $\n31,342 \nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\n2021 FORM 10-K 59\n""}]","Table of Contents
NIKE, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEAR ENDED MAY 31,
(In millions, except per share data)
2021
2020
2019
Revenues
$
44,538 $
37,403 $
39,117 
Cost of sales
24,576 
21,162 
21,643 
Gross profit
19,962 
16,241 
17,474 
Demand creation expense
3,114 
3,592 
3,753 
Operating overhead expense
9,911 
9,534 
8,949 
Total selling and administrative expense
13,025 
13,126 
12,702 
Interest expense (income), net
262 
89 
49 
Other (income) expense, net
14 
139 
(78)
Income before income taxes
6,661 
2,887 
4,801 
Income tax expense
934 
348 
772 
NET INCOME
$
5,727 $
2,539 $
4,029 
Earnings per common share:
Basic
$
3.64 $
1.63 $
2.55 
Diluted
$
3.56 $
1.60 $
2.49 
Weighted average common shares outstanding:
Basic
1,573.0 
1,558.8 
1,579.7 
Diluted
1,609.4 
1,591.6 
1,618.4 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2021 FORM 10-K 57 Table of Contents
NIKE, INC.
CONSOLIDATED BALANCE SHEETS
MAY 31,
(In millions)
2021
2020
ASSETS
Current assets:
Cash and equivalents
$
9,889 $
8,348 
Short-term investments
3,587 
439 
Accounts receivable, net
4,463 
2,749 
Inventories
6,854 
7,367 
Prepaid expenses and other current assets
1,498 
1,653 
Total current assets
26,291 
20,556 
Property, plant and equipment, net
4,904 
4,866 
Operating lease right-of-use assets, net
3,113 
3,097 
Identifiable intangible assets, net
269 
274 
Goodwill
242 
223 
Deferred income taxes and other assets
2,921 
2,326 
TOTAL ASSETS
$
37,740 $
31,342 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
 $
3 
Notes payable
2 
248 
Accounts payable
2,836 
2,248 
Current portion of operating lease liabilities
467 
445 
Accrued liabilities
6,063 
5,184 
Income taxes payable
306 
156 
Total current liabilities
9,674 
8,284 
Long-term debt
9,413 
9,406 
Operating lease liabilities
2,931 
2,913 
Deferred income taxes and other liabilities
2,955 
2,684 
Commitments and contingencies (Note 18)
Redeemable preferred stock
 
 
Shareholders' equity:
Common stock at stated value:
Class A convertible 305 and 315 shares outstanding
 
 
Class B 1,273 and 1,243 shares outstanding
3 
3 
Capital in excess of stated value
9,965 
8,299 
Accumulated other comprehensive income (loss)
(380)
(56)
Retained earnings (deficit)
3,179 
(191)
Total shareholders' equity
12,767 
8,055 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
37,740 $
31,342 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2021 FORM 10-K 59"
Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.,JnJ sold its inventory 2.7 times in FY2022.,"[{'evidence_text': 'JOHNSON & JOHNSON AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\nAt January 1, 2023 and January 2, 2022\n(Dollars in Millions Except Share and Per Share Amounts) (Note 1)\n2022\n2021\nAssets\nCurrent assets\n \n \nCash and cash equivalents (Notes 1 and 2)\n$\n14,127 \n14,487 \nMarketable securities (Notes 1 and 2)\n9,392 \n17,121 \nAccounts receivable trade, less allowances for doubtful accounts $203 (2021, $230)\n16,160 \n15,283 \nInventories (Notes 1 and 3)\n12,483 \n10,387', 'doc_name': 'JOHNSON_JOHNSON_2022_10K', 'evidence_page_num': 45, 'evidence_text_full_page': 'JOHNSON & JOHNSON AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\nAt January 1, 2023 and January 2, 2022\n(Dollars in Millions Except Share and Per Share Amounts) (Note 1)\n2022\n2021\nAssets\nCurrent assets\n \n \nCash and cash equivalents (Notes 1 and 2)\n$\n14,127 \n14,487 \nMarketable securities (Notes 1 and 2)\n9,392 \n17,121 \nAccounts receivable trade, less allowances for doubtful accounts $203 (2021, $230)\n16,160 \n15,283 \nInventories (Notes 1 and 3)\n12,483 \n10,387 \nPrepaid expenses and other receivables\n3,132 \n3,701 \nTotal current assets\n55,294 \n60,979 \nProperty, plant and equipment, net (Notes 1 and 4)\n19,803 \n18,962 \nIntangible assets, net (Notes 1 and 5)\n48,325 \n46,392 \nGoodwill (Notes 1 and 5)\n45,231 \n35,246 \nDeferred taxes on income (Note 8)\n9,123 \n10,223 \nOther assets\n9,602 \n10,216 \nTotal assets\n$\n187,378 \n182,018 \nLiabilities and Shareholders Equity\n \n \nCurrent liabilities\n \n \nLoans and notes payable (Note 7)\n$\n12,771 \n3,766 \nAccounts payable\n11,703 \n11,055 \nAccrued liabilities\n11,456 \n13,612 \nAccrued rebates, returns and promotions\n14,417 \n12,095 \nAccrued compensation and employee related obligations\n3,328 \n3,586 \nAccrued taxes on income (Note 8)\n2,127 \n1,112 \nTotal current liabilities\n55,802 \n45,226 \nLong-term debt (Note 7)\n26,888 \n29,985 \nDeferred taxes on income (Note 8)\n6,374 \n7,487 \nEmployee related obligations (Notes 9 and 10)\n6,767 \n8,898 \nLong-term taxes payable (Note 1)\n4,306 \n5,713 \nOther liabilities\n10,437 \n10,686 \nTotal liabilities\n110,574 \n107,995 \nCommitments and Contingencies (Note 19)\nShareholders equity\n \n \nPreferred stock without par value (authorized and unissued 2,000,000 shares)\n \n \nCommon stock par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued\n3,119,843,000 shares)\n3,120 \n3,120 \nAccumulated other comprehensive income (loss) (Note 13)\n(12,967)\n(13,058)\nRetained earnings\n128,345 \n123,060 \n \n118,498 \n113,122 \nLess: common stock held in treasury, at cost (Note 12) (506,246,000 shares and 490,878,000 shares)\n41,694 \n39,099 \nTotal shareholders equity\n76,804 \n74,023 \nTotal liabilities and shareholders equity\n$\n187,378 \n182,018 \nSee Notes to Consolidated Financial Statements\n40\n'}
 {'evidence_text': 'JOHNSON & JOHNSON AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF EARNINGS\n(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n2022\n2021\n2020\nSales to customers\n$\n94,943 \n93,775 \n82,584 \nCost of products sold\n31,089 \n29,855 \n28,427', 'doc_name': 'JOHNSON_JOHNSON_2022_10K', 'evidence_page_num': 46, 'evidence_text_full_page': 'JOHNSON & JOHNSON AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF EARNINGS\n(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n2022\n2021\n2020\nSales to customers\n$\n94,943 \n93,775 \n82,584 \nCost of products sold\n31,089 \n29,855 \n28,427 \nGross profit\n63,854 \n63,920 \n54,157 \nSelling, marketing and administrative expenses\n24,765 \n24,659 \n22,084 \nResearch and development expense\n14,603 \n14,714 \n12,159 \nIn-process research and development (Note 5)\n783 \n900 \n181 \nInterest income\n(490)\n(53)\n(111)\nInterest expense, net of portion capitalized (Note 4)\n276 \n183 \n201 \nOther (income) expense, net\n1,871 \n489 \n2,899 \nRestructuring (Note 20)\n321 \n252 \n247 \nEarnings before provision for taxes on income\n21,725 \n22,776 \n16,497 \nProvision for taxes on income (Note 8)\n3,784 \n1,898 \n1,783 \nNet earnings\n$\n17,941 \n20,878 \n14,714 \nNet earnings per share (Notes 1 and 15)\n Basic\n$\n6.83 \n7.93 \n5.59 \n Diluted\n$\n6.73 \n7.81 \n5.51 \nAverage shares outstanding (Notes 1 and 15)\n Basic\n2,625.2 \n2,632.1 \n2,632.8 \n Diluted\n2,663.9 \n2,674.0 \n2,670.7 \nSee Notes to Consolidated Financial Statements\n41\n'}]","JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At January 1, 2023 and January 2, 2022
(Dollars in Millions Except Share and Per Share Amounts) (Note 1)
2022
2021
Assets
Current assets
 
 
Cash and cash equivalents (Notes 1 and 2)
$
14,127 
14,487 
Marketable securities (Notes 1 and 2)
9,392 
17,121 
Accounts receivable trade, less allowances for doubtful accounts $203 (2021, $230)
16,160 
15,283 
Inventories (Notes 1 and 3)
12,483 
10,387 JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)
2022
2021
2020
Sales to customers
$
94,943 
93,775 
82,584 
Cost of products sold
31,089 
29,855 
28,427"
"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.",$59268.00,"[{'evidence_text': 'Table of Contents\nCOSTCO WHOLESALE CORPORATION\nCONSOLIDATED BALANCE SHEETS\n(amounts in millions, except par value and share data)\nAugust 29,\n2021\nAugust 30,\n2020\nASSETS\nCURRENT ASSETS\nCash and cash equivalents\n$\n11,258 \n$\n12,277 \nShort-term investments\n917 \n1,028 \nReceivables, net\n1,803 \n1,550 \nMerchandise inventories\n14,215 \n12,242 \nOther current assets\n1,312 \n1,023 \nTotal current assets\n29,505 \n28,120 \nOTHER ASSETS\nProperty and equipment, net\n23,492 \n21,807 \nOperating lease right-of-use assets\n2,890 \n2,788 \nOther long-term assets\n3,381 \n2,841 \nTOTAL ASSETS\n$\n59,268 \n$\n55,556 \nLIABILITIES AND EQUITY\nCURRENT LIABILITIES\nAccounts payable\n$\n16,278 \n$\n14,172 \nAccrued salaries and benefits\n4,090 \n3,605 \nAccrued member rewards\n1,671 \n1,393 \nDeferred membership fees\n2,042 \n1,851 \nCurrent portion of long-term debt\n799 \n95 \nOther current liabilities\n4,561 \n3,728 \nTotal current liabilities\n29,441 \n24,844 \nOTHER LIABILITIES\nLong-term debt, excluding current portion\n6,692 \n7,514 \nLong-term operating lease liabilities\n2,642 \n2,558 \nOther long-term liabilities\n2,415 \n1,935 \nTOTAL LIABILITIES\n41,190 \n36,851 \nCOMMITMENTS AND CONTINGENCIES\nEQUITY\nPreferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and\noutstanding\n \n \nCommon stock $0.01 par value; 900,000,000 shares authorized; 441,825,000 and\n441,255,000 shares issued and outstanding\n4 \n4 \nAdditional paid-in capital\n7,031 \n6,698 \nAccumulated other comprehensive loss\n(1,137)\n(1,297)\nRetained earnings\n11,666 \n12,879 \nTotal Costco stockholders equity\n17,564 \n18,284 \nNoncontrolling interests\n514 \n421 \nTOTAL EQUITY\n18,078 \n18,705 \nTOTAL LIABILITIES AND EQUITY\n$\n59,268 \n$\n55,556 \nThe accompanying notes are an integral part of these consolidated financial statements.\n38', 'doc_name': 'COSTCO_2021_10K', 'evidence_page_num': 37, 'evidence_text_full_page': 'Table of Contents\nCOSTCO WHOLESALE CORPORATION\nCONSOLIDATED BALANCE SHEETS\n(amounts in millions, except par value and share data)\nAugust 29,\n2021\nAugust 30,\n2020\nASSETS\nCURRENT ASSETS\nCash and cash equivalents\n$\n11,258 \n$\n12,277 \nShort-term investments\n917 \n1,028 \nReceivables, net\n1,803 \n1,550 \nMerchandise inventories\n14,215 \n12,242 \nOther current assets\n1,312 \n1,023 \nTotal current assets\n29,505 \n28,120 \nOTHER ASSETS\nProperty and equipment, net\n23,492 \n21,807 \nOperating lease right-of-use assets\n2,890 \n2,788 \nOther long-term assets\n3,381 \n2,841 \nTOTAL ASSETS\n$\n59,268 \n$\n55,556 \nLIABILITIES AND EQUITY\nCURRENT LIABILITIES\nAccounts payable\n$\n16,278 \n$\n14,172 \nAccrued salaries and benefits\n4,090 \n3,605 \nAccrued member rewards\n1,671 \n1,393 \nDeferred membership fees\n2,042 \n1,851 \nCurrent portion of long-term debt\n799 \n95 \nOther current liabilities\n4,561 \n3,728 \nTotal current liabilities\n29,441 \n24,844 \nOTHER LIABILITIES\nLong-term debt, excluding current portion\n6,692 \n7,514 \nLong-term operating lease liabilities\n2,642 \n2,558 \nOther long-term liabilities\n2,415 \n1,935 \nTOTAL LIABILITIES\n41,190 \n36,851 \nCOMMITMENTS AND CONTINGENCIES\nEQUITY\nPreferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and\noutstanding\n \n \nCommon stock $0.01 par value; 900,000,000 shares authorized; 441,825,000 and\n441,255,000 shares issued and outstanding\n4 \n4 \nAdditional paid-in capital\n7,031 \n6,698 \nAccumulated other comprehensive loss\n(1,137)\n(1,297)\nRetained earnings\n11,666 \n12,879 \nTotal Costco stockholders equity\n17,564 \n18,284 \nNoncontrolling interests\n514 \n421 \nTOTAL EQUITY\n18,078 \n18,705 \nTOTAL LIABILITIES AND EQUITY\n$\n59,268 \n$\n55,556 \nThe accompanying notes are an integral part of these consolidated financial statements.\n38\n'}]","Table of Contents
COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data)
August 29,
2021
August 30,
2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
11,258 
$
12,277 
Short-term investments
917 
1,028 
Receivables, net
1,803 
1,550 
Merchandise inventories
14,215 
12,242 
Other current assets
1,312 
1,023 
Total current assets
29,505 
28,120 
OTHER ASSETS
Property and equipment, net
23,492 
21,807 
Operating lease right-of-use assets
2,890 
2,788 
Other long-term assets
3,381 
2,841 
TOTAL ASSETS
$
59,268 
$
55,556 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
16,278 
$
14,172 
Accrued salaries and benefits
4,090 
3,605 
Accrued member rewards
1,671 
1,393 
Deferred membership fees
2,042 
1,851 
Current portion of long-term debt
799 
95 
Other current liabilities
4,561 
3,728 
Total current liabilities
29,441 
24,844 
OTHER LIABILITIES
Long-term debt, excluding current portion
6,692 
7,514 
Long-term operating lease liabilities
2,642 
2,558 
Other long-term liabilities
2,415 
1,935 
TOTAL LIABILITIES
41,190 
36,851 
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and
outstanding
 
 
Common stock $0.01 par value; 900,000,000 shares authorized; 441,825,000 and
441,255,000 shares issued and outstanding
4 
4 
Additional paid-in capital
7,031 
6,698 
Accumulated other comprehensive loss
(1,137)
(1,297)
Retained earnings
11,666 
12,879 
Total Costco stockholders equity
17,564 
18,284 
Noncontrolling interests
514 
421 
TOTAL EQUITY
18,078 
18,705 
TOTAL LIABILITIES AND EQUITY
$
59,268 
$
55,556 
The accompanying notes are an integral part of these consolidated financial statements.
38"
Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?,"No, Pepsico is not involved in material legal battles.","[{'evidence_text': 'Item 3. Legal Proceedings.\nWe and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations.\nWhile the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with\ncertainty, management believes that the final outcome of the foregoing will not have a material adverse effect on our financial\ncondition, results of operations or cash flows. See also Item 1. Business Regulatory Matters and Item 1A. Risk Factors.', 'doc_name': 'PEPSICO_2022_10K', 'evidence_page_num': 25, 'evidence_text_full_page': 'Table of Contents\nItem 2. Properties.\nOur principal executive office located in Purchase, New York and our facilities located in Plano, Texas, all of which we own, are\nour most significant corporate properties.\nIn connection with making, marketing, distributing and selling our products, each division utilizes manufacturing, processing,\nbottling and production plants, warehouses, distribution centers, storage facilities, offices, including division headquarters,\nresearch and development facilities and other facilities, all of which are either owned or leased.\nSignificant properties by division are as follows:\nProperty Type\nLocation\nOwned/ Leased\nFLNA\nResearch and development facility\nPlano, Texas\nOwned\nQFNA\nConvenient food plant\nCedar Rapids, Iowa\nOwned\nPBNA\nResearch and development facility\nValhalla, New York\nOwned\nPBNA\nConcentrate plant\nArlington, Texas\nOwned\nLatAm\nConvenient food plant\nCelaya, Mexico\nOwned\nLatAm\nTwo convenient food plants\nVallejo, Mexico\nOwned\nEurope\nConvenient food plant\nLeicester, United Kingdom\nLeased\nEurope\nConvenient food plant\nKashira, Russia\nOwned\nEurope\nManufacturing plant\nLehavim, Israel\nOwned\nEurope\nDairy plant\nMoscow, Russia\nOwned \nAMESA\nConvenient food plant\nRiyadh, Saudi Arabia\nOwned \nAPAC\nConvenient food plant\nWuhan, China\nOwned \nFLNA, QFNA, PBNA\nShared service center\nWinston Salem, North Carolina\nLeased\nPBNA, LatAm\nConcentrate plant\nColonia, Uruguay\nOwned \nPBNA, Europe, AMESA\nTwo concentrate plants\nCork, Ireland\nOwned\nPBNA, AMESA, APAC\nConcentrate plant\nSingapore\nOwned \nAll divisions\nShared service center\nHyderabad, India\nLeased\n(a)\nThe land on which these properties are located is leased.\nMost of our plants are owned or leased on a long-term basis. In addition to company-owned or leased properties described above,\nwe also utilize a highly distributed network of plants, warehouses and distribution centers that are owned or leased by our\ncontract manufacturers, co-packers, strategic alliances or joint ventures in which we have an equity interest. We believe that our\nproperties generally are in good operating condition and, taken as a whole, are suitable, adequate and of sufficient capacity for\nour current operations.\nItem 3. Legal Proceedings.\nWe and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations.\nWhile the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with\ncertainty, management believes that the final outcome of the foregoing will not have a material adverse effect on our financial\ncondition, results of operations or cash flows. See also Item 1. Business Regulatory Matters and Item 1A. Risk Factors.\nItem 4. Mine Safety Disclosures.\nNot applicable. \n(a)\n(a)\n(a)\n(a)\n(a)\n24\n'}]","Item 3. Legal Proceedings.
We and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations.
While the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with
certainty, management believes that the final outcome of the foregoing will not have a material adverse effect on our financial
condition, results of operations or cash flows. See also Item 1. Business Regulatory Matters and Item 1A. Risk Factors."
What is the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization from the cash flow statement. Answer in units of percents and round to one decimal place. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the cash flow statement.,6.2%,"[{'evidence_text': 'Walmart Inc.\nConsolidated Statements of Income\n \n \nFiscal Years Ended January 31,\n(Amounts in millions, except per share data)\n \n2020\n \n2019\n \n2018\nRevenues:\n \n \n \nNet sales\n $\n519,926\n $\n510,329 $\n495,761\nMembership and other income\n \n4,038\n \n4,076 \n4,582\nTotal revenues\n \n523,964\n \n514,405 \n500,343\nCosts and expenses:\n \n \n \nCost of sales\n \n394,605\n \n385,301 \n373,396\nOperating, selling, general and administrative expenses\n \n108,791\n \n107,147 \n106,510\nOperating income\n \n20,568\n \n21,957 \n20,437\nInterest:\n \n \n \nDebt\n \n2,262\n \n1,975 \n1,978\nFinance, capital lease and financing obligations\n \n337\n \n371 \n352\nInterest income\n \n(189) \n(217) \n(152)\nInterest, net\n \n2,410\n \n2,129 \n2,178\nLoss on extinguishment of debt\n \n\n \n \n3,136\nOther (gains) and losses\n \n(1,958) \n8,368 \n\nIncome before income taxes\n \n20,116\n \n11,460 \n15,123\nProvision for income taxes\n \n4,915\n \n4,281 \n4,600\nConsolidated net income\n \n15,201\n \n7,179 \n10,523\nConsolidated net income attributable to noncontrolling interest\n \n(320) \n(509) \n(661)\nConsolidated net income attributable to Walmart\n $\n14,881\n $\n6,670 $\n9,862\n \n \n \n \nNet income per common share:\n \n \n \nBasic net income per common share attributable to Walmart\n $\n5.22\n $\n2.28 $\n3.29\nDiluted net income per common share attributable to Walmart\n \n5.19\n \n2.26 \n3.28\n \n \n \n \nWeighted-average common shares outstanding:\n \n \n \nBasic\n \n2,850\n \n2,929 \n2,995\nDiluted\n \n2,868\n \n2,945 \n3,010\n \n \n \n \nDividends declared per common share\n $\n2.12\n $\n2.08 $\n2.04\nSee accompanying notes.\n50', 'doc_name': 'WALMART_2020_10K', 'evidence_page_num': 50, 'evidence_text_full_page': 'Walmart Inc.\nConsolidated Statements of Income\n \n \nFiscal Years Ended January 31,\n(Amounts in millions, except per share data)\n \n2020\n \n2019\n \n2018\nRevenues:\n \n \n \nNet sales\n $\n519,926\n $\n510,329 $\n495,761\nMembership and other income\n \n4,038\n \n4,076 \n4,582\nTotal revenues\n \n523,964\n \n514,405 \n500,343\nCosts and expenses:\n \n \n \nCost of sales\n \n394,605\n \n385,301 \n373,396\nOperating, selling, general and administrative expenses\n \n108,791\n \n107,147 \n106,510\nOperating income\n \n20,568\n \n21,957 \n20,437\nInterest:\n \n \n \nDebt\n \n2,262\n \n1,975 \n1,978\nFinance, capital lease and financing obligations\n \n337\n \n371 \n352\nInterest income\n \n(189) \n(217) \n(152)\nInterest, net\n \n2,410\n \n2,129 \n2,178\nLoss on extinguishment of debt\n \n\n \n \n3,136\nOther (gains) and losses\n \n(1,958) \n8,368 \n\nIncome before income taxes\n \n20,116\n \n11,460 \n15,123\nProvision for income taxes\n \n4,915\n \n4,281 \n4,600\nConsolidated net income\n \n15,201\n \n7,179 \n10,523\nConsolidated net income attributable to noncontrolling interest\n \n(320) \n(509) \n(661)\nConsolidated net income attributable to Walmart\n $\n14,881\n $\n6,670 $\n9,862\n \n \n \n \nNet income per common share:\n \n \n \nBasic net income per common share attributable to Walmart\n $\n5.22\n $\n2.28 $\n3.29\nDiluted net income per common share attributable to Walmart\n \n5.19\n \n2.26 \n3.28\n \n \n \n \nWeighted-average common shares outstanding:\n \n \n \nBasic\n \n2,850\n \n2,929 \n2,995\nDiluted\n \n2,868\n \n2,945 \n3,010\n \n \n \n \nDividends declared per common share\n $\n2.12\n $\n2.08 $\n2.04\nSee accompanying notes.\n50\n'}
 {'evidence_text': 'Walmart Inc.\nConsolidated Statements of Cash Flows\n \n \nFiscal Years Ended January 31,\n(Amounts in millions)\n \n2020\n \n2019\n \n2018\nCash flows from operating activities:\n \n \n \nConsolidated net income\n $\n15,201\n $\n7,179 $\n10,523\nAdjustments to reconcile consolidated net income to net cash provided by operating activities:\n \n \n \nDepreciation and amortization\n \n10,987\n \n10,678 \n10,529\nUnrealized (gains) and losses\n \n(1,886) \n3,516 \n\n(Gains) and losses for disposal of business operations\n \n15\n \n4,850 \n\nAsda pension contribution\n \n(1,036) \n \n\nDeferred income taxes\n \n320\n \n(499) \n(304)\nLoss on extinguishment of debt\n \n\n \n \n3,136\nOther operating activities\n \n1,981\n \n1,734 \n1,210\nChanges in certain assets and liabilities, net of effects of acquisitions:\n \n \n \nReceivables, net\n \n154\n \n(368) \n(1,074)\nInventories\n \n(300) \n(1,311) \n(140)\nAccounts payable\n \n(274) \n1,831 \n4,086\nAccrued liabilities\n \n186\n \n183 \n928\nAccrued income taxes\n \n(93) \n(40) \n(557)\nNet cash provided by operating activities\n \n25,255\n \n27,753 \n28,337\n \n \n \n \nCash flows from investing activities:\n \n \n \nPayments for property and equipment\n \n(10,705) \n(10,344) \n(10,051)\nProceeds from the disposal of property and equipment\n \n321\n \n519 \n378\nProceeds from the disposal of certain operations\n \n833\n \n876 \n1,046\nPayments for business acquisitions, net of cash acquired\n \n(56) \n(14,656) \n(375)\nOther investing activities\n \n479\n \n(431) \n(77)\nNet cash used in investing activities\n \n(9,128) \n(24,036) \n(9,079)\n \n \n \n \nCash flows from financing activities:\n \n \n \nNet change in short-term borrowings\n \n(4,656) \n(53) \n4,148\nProceeds from issuance of long-term debt\n \n5,492\n \n15,872 \n7,476\nRepayments of long-term debt\n \n(1,907) \n(3,784) \n(13,061)\nPremiums paid to extinguish debt\n \n\n \n \n(3,059)\nDividends paid\n \n(6,048) \n(6,102) \n(6,124)\nPurchase of Company stock\n \n(5,717) \n(7,410) \n(8,296)\nDividends paid to noncontrolling interest\n \n(555) \n(431) \n(690)\nPurchase of noncontrolling interest\n \n\n \n \n(8)\nOther financing activities\n \n(908) \n(629) \n(261)\nNet cash used in financing activities\n \n(14,299) \n(2,537) \n(19,875)\n \n \n \n \nEffect of exchange rates on cash, cash equivalents and restricted cash\n \n(69) \n(438) \n487\n \n \n \n \nNet increase (decrease) in cash, cash equivalents and restricted cash\n \n1,759\n \n742 \n(130)\nCash, cash equivalents and restricted cash at beginning of year\n \n7,756\n \n7,014 \n7,144\nCash, cash equivalents and restricted cash at end of year\n $\n9,515\n $\n7,756 $\n7,014\n \n \n \n \nSupplemental disclosure of cash flow information:\n \n \n \nIncome taxes paid\n $\n3,616\n $\n3,982 $\n6,179\nInterest paid\n \n2,464\n \n2,348 \n2,450\nSee accompanying notes.', 'doc_name': 'WALMART_2020_10K', 'evidence_page_num': 55, 'evidence_text_full_page': 'Walmart Inc.\nConsolidated Statements of Cash Flows\n \n \nFiscal Years Ended January 31,\n(Amounts in millions)\n \n2020\n \n2019\n \n2018\nCash flows from operating activities:\n \n \n \nConsolidated net income\n $\n15,201\n $\n7,179 $\n10,523\nAdjustments to reconcile consolidated net income to net cash provided by operating activities:\n \n \n \nDepreciation and amortization\n \n10,987\n \n10,678 \n10,529\nUnrealized (gains) and losses\n \n(1,886) \n3,516 \n\n(Gains) and losses for disposal of business operations\n \n15\n \n4,850 \n\nAsda pension contribution\n \n(1,036) \n \n\nDeferred income taxes\n \n320\n \n(499) \n(304)\nLoss on extinguishment of debt\n \n\n \n \n3,136\nOther operating activities\n \n1,981\n \n1,734 \n1,210\nChanges in certain assets and liabilities, net of effects of acquisitions:\n \n \n \nReceivables, net\n \n154\n \n(368) \n(1,074)\nInventories\n \n(300) \n(1,311) \n(140)\nAccounts payable\n \n(274) \n1,831 \n4,086\nAccrued liabilities\n \n186\n \n183 \n928\nAccrued income taxes\n \n(93) \n(40) \n(557)\nNet cash provided by operating activities\n \n25,255\n \n27,753 \n28,337\n \n \n \n \nCash flows from investing activities:\n \n \n \nPayments for property and equipment\n \n(10,705) \n(10,344) \n(10,051)\nProceeds from the disposal of property and equipment\n \n321\n \n519 \n378\nProceeds from the disposal of certain operations\n \n833\n \n876 \n1,046\nPayments for business acquisitions, net of cash acquired\n \n(56) \n(14,656) \n(375)\nOther investing activities\n \n479\n \n(431) \n(77)\nNet cash used in investing activities\n \n(9,128) \n(24,036) \n(9,079)\n \n \n \n \nCash flows from financing activities:\n \n \n \nNet change in short-term borrowings\n \n(4,656) \n(53) \n4,148\nProceeds from issuance of long-term debt\n \n5,492\n \n15,872 \n7,476\nRepayments of long-term debt\n \n(1,907) \n(3,784) \n(13,061)\nPremiums paid to extinguish debt\n \n\n \n \n(3,059)\nDividends paid\n \n(6,048) \n(6,102) \n(6,124)\nPurchase of Company stock\n \n(5,717) \n(7,410) \n(8,296)\nDividends paid to noncontrolling interest\n \n(555) \n(431) \n(690)\nPurchase of noncontrolling interest\n \n\n \n \n(8)\nOther financing activities\n \n(908) \n(629) \n(261)\nNet cash used in financing activities\n \n(14,299) \n(2,537) \n(19,875)\n \n \n \n \nEffect of exchange rates on cash, cash equivalents and restricted cash\n \n(69) \n(438) \n487\n \n \n \n \nNet increase (decrease) in cash, cash equivalents and restricted cash\n \n1,759\n \n742 \n(130)\nCash, cash equivalents and restricted cash at beginning of year\n \n7,756\n \n7,014 \n7,144\nCash, cash equivalents and restricted cash at end of year\n $\n9,515\n $\n7,756 $\n7,014\n \n \n \n \nSupplemental disclosure of cash flow information:\n \n \n \nIncome taxes paid\n $\n3,616\n $\n3,982 $\n6,179\nInterest paid\n \n2,464\n \n2,348 \n2,450\nSee accompanying notes.\n'}]","Walmart Inc.
Consolidated Statements of Income
 
 
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
 
2020
 
2019
 
2018
Revenues:
 
 
 
Net sales
 $
519,926
 $
510,329 $
495,761
Membership and other income
 
4,038
 
4,076 
4,582
Total revenues
 
523,964
 
514,405 
500,343
Costs and expenses:
 
 
 
Cost of sales
 
394,605
 
385,301 
373,396
Operating, selling, general and administrative expenses
 
108,791
 
107,147 
106,510
Operating income
 
20,568
 
21,957 
20,437
Interest:
 
 
 
Debt
 
2,262
 
1,975 
1,978
Finance, capital lease and financing obligations
 
337
 
371 
352
Interest income
 
(189) 
(217) 
(152)
Interest, net
 
2,410
 
2,129 
2,178
Loss on extinguishment of debt
 

 
 
3,136
Other (gains) and losses
 
(1,958) 
8,368 

Income before income taxes
 
20,116
 
11,460 
15,123
Provision for income taxes
 
4,915
 
4,281 
4,600
Consolidated net income
 
15,201
 
7,179 
10,523
Consolidated net income attributable to noncontrolling interest
 
(320) 
(509) 
(661)
Consolidated net income attributable to Walmart
 $
14,881
 $
6,670 $
9,862
 
 
 
 
Net income per common share:
 
 
 
Basic net income per common share attributable to Walmart
 $
5.22
 $
2.28 $
3.29
Diluted net income per common share attributable to Walmart
 
5.19
 
2.26 
3.28
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
Basic
 
2,850
 
2,929 
2,995
Diluted
 
2,868
 
2,945 
3,010
 
 
 
 
Dividends declared per common share
 $
2.12
 $
2.08 $
2.04
See accompanying notes.
50 Walmart Inc.
Consolidated Statements of Cash Flows
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2020
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Consolidated net income
 $
15,201
 $
7,179 $
10,523
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
 
10,987
 
10,678 
10,529
Unrealized (gains) and losses
 
(1,886) 
3,516 

(Gains) and losses for disposal of business operations
 
15
 
4,850 

Asda pension contribution
 
(1,036) 
 

Deferred income taxes
 
320
 
(499) 
(304)
Loss on extinguishment of debt
 

 
 
3,136
Other operating activities
 
1,981
 
1,734 
1,210
Changes in certain assets and liabilities, net of effects of acquisitions:
 
 
 
Receivables, net
 
154
 
(368) 
(1,074)
Inventories
 
(300) 
(1,311) 
(140)
Accounts payable
 
(274) 
1,831 
4,086
Accrued liabilities
 
186
 
183 
928
Accrued income taxes
 
(93) 
(40) 
(557)
Net cash provided by operating activities
 
25,255
 
27,753 
28,337
 
 
 
 
Cash flows from investing activities:
 
 
 
Payments for property and equipment
 
(10,705) 
(10,344) 
(10,051)
Proceeds from the disposal of property and equipment
 
321
 
519 
378
Proceeds from the disposal of certain operations
 
833
 
876 
1,046
Payments for business acquisitions, net of cash acquired
 
(56) 
(14,656) 
(375)
Other investing activities
 
479
 
(431) 
(77)
Net cash used in investing activities
 
(9,128) 
(24,036) 
(9,079)
 
 
 
 
Cash flows from financing activities:
 
 
 
Net change in short-term borrowings
 
(4,656) 
(53) 
4,148
Proceeds from issuance of long-term debt
 
5,492
 
15,872 
7,476
Repayments of long-term debt
 
(1,907) 
(3,784) 
(13,061)
Premiums paid to extinguish debt
 

 
 
(3,059)
Dividends paid
 
(6,048) 
(6,102) 
(6,124)
Purchase of Company stock
 
(5,717) 
(7,410) 
(8,296)
Dividends paid to noncontrolling interest
 
(555) 
(431) 
(690)
Purchase of noncontrolling interest
 

 
 
(8)
Other financing activities
 
(908) 
(629) 
(261)
Net cash used in financing activities
 
(14,299) 
(2,537) 
(19,875)
 
 
 
 
Effect of exchange rates on cash, cash equivalents and restricted cash
 
(69) 
(438) 
487
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
 
1,759
 
742 
(130)
Cash, cash equivalents and restricted cash at beginning of year
 
7,756
 
7,014 
7,144
Cash, cash equivalents and restricted cash at end of year
 $
9,515
 $
7,756 $
7,014
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Income taxes paid
 $
3,616
 $
3,982 $
6,179
Interest paid
 
2,464
 
2,348 
2,450
See accompanying notes."
"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?",$11588.00,"[{'evidence_text': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in millions, except per share data)\n \n \nYear Ended December 31,\n \n2017\n \n2018\n \n2019\nNet product sales\n$\n118,573 $\n141,915 $\n160,408\nNet service sales\n59,293 \n90,972 \n120,114\nTotal net sales\n177,866 \n232,887 \n280,522\nOperating expenses:\n \n \n \nCost of sales\n111,934 \n139,156 \n165,536\nFulfillment\n25,249 \n34,027 \n40,232\nTechnology and content\n22,620 \n28,837 \n35,931\nMarketing\n10,069 \n13,814 \n18,878\nGeneral and administrative\n3,674 \n4,336 \n5,203\nOther operating expense (income), net\n214 \n296 \n201\nTotal operating expenses\n173,760 \n220,466 \n265,981\nOperating income\n4,106 \n12,421 \n14,541\nInterest income\n202 \n440 \n832\nInterest expense\n(848) \n(1,417) \n(1,600)\nOther income (expense), net\n346 \n(183) \n203\nTotal non-operating income (expense)\n(300) \n(1,160) \n(565)\nIncome before income taxes\n3,806 \n11,261 \n13,976\nProvision for income taxes\n(769) \n(1,197) \n(2,374)\nEquity-method investment activity, net of tax\n(4) \n9 \n(14)\nNet income\n$\n3,033 $\n10,073 $\n11,588\nBasic earnings per share\n$\n6.32 $\n20.68 $\n23.46\nDiluted earnings per share\n$\n6.15 $\n20.14 $\n23.01\nWeighted-average shares used in computation of earnings per share:\n \n \n \nBasic\n480 \n487 \n494\nDiluted\n493 \n500 \n504\nSee accompanying notes to consolidated financial statements.\n38', 'doc_name': 'AMAZON_2019_10K', 'evidence_page_num': 37, 'evidence_text_full_page': 'Table of Contents\nAMAZON.COM, INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(in millions, except per share data)\n \n \nYear Ended December 31,\n \n2017\n \n2018\n \n2019\nNet product sales\n$\n118,573 $\n141,915 $\n160,408\nNet service sales\n59,293 \n90,972 \n120,114\nTotal net sales\n177,866 \n232,887 \n280,522\nOperating expenses:\n \n \n \nCost of sales\n111,934 \n139,156 \n165,536\nFulfillment\n25,249 \n34,027 \n40,232\nTechnology and content\n22,620 \n28,837 \n35,931\nMarketing\n10,069 \n13,814 \n18,878\nGeneral and administrative\n3,674 \n4,336 \n5,203\nOther operating expense (income), net\n214 \n296 \n201\nTotal operating expenses\n173,760 \n220,466 \n265,981\nOperating income\n4,106 \n12,421 \n14,541\nInterest income\n202 \n440 \n832\nInterest expense\n(848) \n(1,417) \n(1,600)\nOther income (expense), net\n346 \n(183) \n203\nTotal non-operating income (expense)\n(300) \n(1,160) \n(565)\nIncome before income taxes\n3,806 \n11,261 \n13,976\nProvision for income taxes\n(769) \n(1,197) \n(2,374)\nEquity-method investment activity, net of tax\n(4) \n9 \n(14)\nNet income\n$\n3,033 $\n10,073 $\n11,588\nBasic earnings per share\n$\n6.32 $\n20.68 $\n23.46\nDiluted earnings per share\n$\n6.15 $\n20.14 $\n23.01\nWeighted-average shares used in computation of earnings per share:\n \n \n \nBasic\n480 \n487 \n494\nDiluted\n493 \n500 \n504\nSee accompanying notes to consolidated financial statements.\n38\n'}]","Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
 
 
Year Ended December 31,
 
2017
 
2018
 
2019
Net product sales
$
118,573 $
141,915 $
160,408
Net service sales
59,293 
90,972 
120,114
Total net sales
177,866 
232,887 
280,522
Operating expenses:
 
 
 
Cost of sales
111,934 
139,156 
165,536
Fulfillment
25,249 
34,027 
40,232
Technology and content
22,620 
28,837 
35,931
Marketing
10,069 
13,814 
18,878
General and administrative
3,674 
4,336 
5,203
Other operating expense (income), net
214 
296 
201
Total operating expenses
173,760 
220,466 
265,981
Operating income
4,106 
12,421 
14,541
Interest income
202 
440 
832
Interest expense
(848) 
(1,417) 
(1,600)
Other income (expense), net
346 
(183) 
203
Total non-operating income (expense)
(300) 
(1,160) 
(565)
Income before income taxes
3,806 
11,261 
13,976
Provision for income taxes
(769) 
(1,197) 
(2,374)
Equity-method investment activity, net of tax
(4) 
9 
(14)
Net income
$
3,033 $
10,073 $
11,588
Basic earnings per share
$
6.32 $
20.68 $
23.46
Diluted earnings per share
$
6.15 $
20.14 $
23.01
Weighted-average shares used in computation of earnings per share:
 
 
 
Basic
480 
487 
494
Diluted
493 
500 
504
See accompanying notes to consolidated financial statements.
38"
"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.",10.3%,"[{'evidence_text': ""TableofContents\n\n\nConsolidated Statements of Income \nCorning Incorporated and Subsidiary Companies\n\n\n\n\nYearendedDecember31,\n\n(Inmillions,exceptpershareamounts)\n\n2021\n \n2020\n \n2019\n\nNetsales\n $\n14,082 $\n11,303 $\n11,503\nCostofsales\n \n9,019 \n7,772 \n7,468\n\n \n \n \n\nGrossmargin\n \n5,063 \n3,531 \n4,035\n\n \n \n \n\nOperatingexpenses:\n \n \n \n\nSelling,generalandadministrativeexpenses\n \n1,827 \n1,747 \n1,585\nResearch,developmentandengineeringexpenses\n \n995 \n1,154 \n1,031\nAmortizationofpurchasedintangibles\n \n129 \n121 \n113\n\n \n \n \n\nOperatingincome\n \n2,112 \n509 \n1,306\n\n \n \n \n\nEquityinearnings(losses)ofaffiliatedcompanies(Note3)\n \n35 \n(25) \n17\nInterestincome\n \n11 \n15 \n21\nInterestexpense\n \n(300) \n(276) \n(221)\nTranslatedearningscontractgain(loss),net(Note15)\n \n354 \n(38) \n248\nTransaction-relatedgain,net(Note4)\n \n \n498 \n\nOtherincome(expense),net\n \n185 \n(60) \n(155)\n\n \n \n \n\nIncomebeforeincometaxes\n \n2,397 \n623 \n1,216\nProvisionforincometaxes(Note8)\n \n(491) \n(111) \n(256)\n\n \n \n \n\nNetincomeattributabletoCorningIncorporated\n $\n1,906 $\n512 $\n960\n\n \n \n \n\nEarningspercommonshareattributabletoCorningIncorporated:\n \n \n \n\nBasic(Note18)\n $\n1.30 $\n0.54 $\n1.11\nDiluted(Note18)\n $\n1.28 $\n0.54 $\n1.07\n\n \n \n \n\nReconciliationofnetincomeattributabletoCorningIncorporatedversusnetincomeavailabletocommon\nshareholders:\n \n \n \n\n\n \n \n \n\nNetincomeattributabletoCorningIncorporated\n $\n1,906 $\n512 $\n960\n\n \n \n \n\nSeriesAconvertiblepreferredstockdividend\n \n(24) \n(98) \n(98)\nExcessconsiderationpaidforredemptionofpreferredstock(1)\n \n(803) \n \n \n\n \n \n \n\nNetincomeavailabletocommonshareholders\n $\n1,079 $\n414 $\n862\n\n\n(1)\nRefertoNote17(Shareholders'Equity)andNote18(EarningsperCommonShare)totheconsolidatedfinancialstatementsforadditionalinformation.\n\nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n\n65"", 'doc_name': 'CORNING_2021_10K', 'evidence_page_num': 64, 'evidence_text_full_page': ""TableofContents\n\n\nConsolidated Statements of Income \nCorning Incorporated and Subsidiary Companies\n\n\n\n\nYearendedDecember31,\n\n(Inmillions,exceptpershareamounts)\n\n2021\n \n2020\n \n2019\n\nNetsales\n $\n14,082 $\n11,303 $\n11,503\nCostofsales\n \n9,019 \n7,772 \n7,468\n\n \n \n \n\nGrossmargin\n \n5,063 \n3,531 \n4,035\n\n \n \n \n\nOperatingexpenses:\n \n \n \n\nSelling,generalandadministrativeexpenses\n \n1,827 \n1,747 \n1,585\nResearch,developmentandengineeringexpenses\n \n995 \n1,154 \n1,031\nAmortizationofpurchasedintangibles\n \n129 \n121 \n113\n\n \n \n \n\nOperatingincome\n \n2,112 \n509 \n1,306\n\n \n \n \n\nEquityinearnings(losses)ofaffiliatedcompanies(Note3)\n \n35 \n(25) \n17\nInterestincome\n \n11 \n15 \n21\nInterestexpense\n \n(300) \n(276) \n(221)\nTranslatedearningscontractgain(loss),net(Note15)\n \n354 \n(38) \n248\nTransaction-relatedgain,net(Note4)\n \n \n498 \n\nOtherincome(expense),net\n \n185 \n(60) \n(155)\n\n \n \n \n\nIncomebeforeincometaxes\n \n2,397 \n623 \n1,216\nProvisionforincometaxes(Note8)\n \n(491) \n(111) \n(256)\n\n \n \n \n\nNetincomeattributabletoCorningIncorporated\n $\n1,906 $\n512 $\n960\n\n \n \n \n\nEarningspercommonshareattributabletoCorningIncorporated:\n \n \n \n\nBasic(Note18)\n $\n1.30 $\n0.54 $\n1.11\nDiluted(Note18)\n $\n1.28 $\n0.54 $\n1.07\n\n \n \n \n\nReconciliationofnetincomeattributabletoCorningIncorporatedversusnetincomeavailabletocommon\nshareholders:\n \n \n \n\n\n \n \n \n\nNetincomeattributabletoCorningIncorporated\n $\n1,906 $\n512 $\n960\n\n \n \n \n\nSeriesAconvertiblepreferredstockdividend\n \n(24) \n(98) \n(98)\nExcessconsiderationpaidforredemptionofpreferredstock(1)\n \n(803) \n \n \n\n \n \n \n\nNetincomeavailabletocommonshareholders\n $\n1,079 $\n414 $\n862\n\n\n(1)\nRefertoNote17(Shareholders'Equity)andNote18(EarningsperCommonShare)totheconsolidatedfinancialstatementsforadditionalinformation.\n\nTheaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.\n\n65\n""}]","TableofContents


Consolidated Statements of Income 
Corning Incorporated and Subsidiary Companies




YearendedDecember31,

(Inmillions,exceptpershareamounts)

2021
 
2020
 
2019

Netsales
 $
14,082 $
11,303 $
11,503
Costofsales
 
9,019 
7,772 
7,468

 
 
 

Grossmargin
 
5,063 
3,531 
4,035

 
 
 

Operatingexpenses:
 
 
 

Selling,generalandadministrativeexpenses
 
1,827 
1,747 
1,585
Research,developmentandengineeringexpenses
 
995 
1,154 
1,031
Amortizationofpurchasedintangibles
 
129 
121 
113

 
 
 

Operatingincome
 
2,112 
509 
1,306

 
 
 

Equityinearnings(losses)ofaffiliatedcompanies(Note3)
 
35 
(25) 
17
Interestincome
 
11 
15 
21
Interestexpense
 
(300) 
(276) 
(221)
Translatedearningscontractgain(loss),net(Note15)
 
354 
(38) 
248
Transaction-relatedgain,net(Note4)
 
 
498 

Otherincome(expense),net
 
185 
(60) 
(155)

 
 
 

Incomebeforeincometaxes
 
2,397 
623 
1,216
Provisionforincometaxes(Note8)
 
(491) 
(111) 
(256)

 
 
 

NetincomeattributabletoCorningIncorporated
 $
1,906 $
512 $
960

 
 
 

EarningspercommonshareattributabletoCorningIncorporated:
 
 
 

Basic(Note18)
 $
1.30 $
0.54 $
1.11
Diluted(Note18)
 $
1.28 $
0.54 $
1.07

 
 
 

ReconciliationofnetincomeattributabletoCorningIncorporatedversusnetincomeavailabletocommon
shareholders:
 
 
 


 
 
 

NetincomeattributabletoCorningIncorporated
 $
1,906 $
512 $
960

 
 
 

SeriesAconvertiblepreferredstockdividend
 
(24) 
(98) 
(98)
Excessconsiderationpaidforredemptionofpreferredstock(1)
 
(803) 
 
 

 
 
 

Netincomeavailabletocommonshareholders
 $
1,079 $
414 $
862


(1)
RefertoNote17(Shareholders'Equity)andNote18(EarningsperCommonShare)totheconsolidatedfinancialstatementsforadditionalinformation.

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

65"
Which region had the Highest EBITDAR Contribution for MGM during FY2022?,Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.,"[{'evidence_text': 'dited) \n \nThree months ended \n \nTwelve months ended \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \nLas Vegas Strip Resorts \n$ \n877,052 $ \n698,739 $ \n3,142,308 $ \n1,738,211 \nRegional Operations \n \n319,517 \n309,250 \n1,294,630 \n1,217,814 \nMGM China \n \n(54,979) \n5,015 \n(203,136) \n25,367 \nUnconsolidated affiliates(1) \n \n(43,029) \n(49,698) \n(222,079) \n(131,590) \nManagement and other operations \n \n(3,037) \n2,087 \n \n(11,934) \n15,766 \nStock compensation \n \n(25,159) \n(26,494) \n(71,297) \n(63,984) \nCorporate(2) \n \n(113,058) \n(117,491) \n(431,238) \n(380,501) \n \n$ \n957,307 \n $ \n3,497,254', 'doc_name': 'MGMRESORTS_2022Q4_EARNINGS', 'evidence_page_num': 12, 'evidence_text_full_page': "" \n \n \nPage 13 of 15 \n \n \nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES \nSUPPLEMENTAL DATA NET REVENUES \n(In thousands) \n(Unaudited) \n \nThree months ended \n \nTwelve months ended \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \nLas Vegas Strip Resorts \n$ \n2,297,282 $ \n1,806,686 $ \n8,398,372 $ \n4,737,185 \nRegional Operations \n \n991,452 \n899,607 \n3,815,885 \n3,392,363 \nMGM China \n \n174,720 \n314,717 \n673,593 \n1,210,761 \nManagement and other operations \n \n128,762 \n35,882 \n239,635 \n339,831 \n \n$ \n3,592,216 $ \n3,056,892 $ \n13,127,485 $ \n9,680,140 \n \n \n \n \n \nMGM RESORTS INTERNATIONAL AND SUBSIDIARIES \nSUPPLEMENTAL DATA ADJUSTED PROPERTY EBITDAR AND ADJUSTED EBITDAR \n(In thousands) \n(Unaudited) \n \nThree months ended \n \nTwelve months ended \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \n \nDecember 31, \n2022 \n \nDecember 31, \n2021 \nLas Vegas Strip Resorts \n$ \n877,052 $ \n698,739 $ \n3,142,308 $ \n1,738,211 \nRegional Operations \n \n319,517 \n309,250 \n1,294,630 \n1,217,814 \nMGM China \n \n(54,979) \n5,015 \n(203,136) \n25,367 \nUnconsolidated affiliates(1) \n \n(43,029) \n(49,698) \n(222,079) \n(131,590) \nManagement and other operations \n \n(3,037) \n2,087 \n \n(11,934) \n15,766 \nStock compensation \n \n(25,159) \n(26,494) \n(71,297) \n(63,984) \nCorporate(2) \n \n(113,058) \n(117,491) \n(431,238) \n(380,501) \n \n$ \n957,307 \n $ \n3,497,254 \n \n(1) Represents the Company's share of operating income (loss) excluding investments in real estate ventures, adjusted for the effect of certain basis \ndifferences. Includes the Company's share of operating results of CityCenter through September 26, 2021 during the twelve months ended December 31, \n2021. \n(2) Three months ended December 31, 2022 includes amounts related to MGM China of $5 million, global development of $6 million, and transaction costs of \n$2 million. Twelve months ended December 31, 2022 includes amounts related to MGM China of $18 million, global development of $20 million, and \ntransaction costs of $42 million. Three months ended December 31, 2021 includes amounts related to MGM China of $4 million, global development of $10 \nmillion, and transaction costs of $8 million. Twelve months ended December 31, 2021 includes amounts related to MGM China of $16 million, global \ndevelopment of $23 million, and transaction costs of $34 million. \n \n \n""}]","dited) 
 
Three months ended 
 
Twelve months ended 
 
December 31, 
2022 
 
December 31, 
2021 
 
December 31, 
2022 
 
December 31, 
2021 
Las Vegas Strip Resorts 
$ 
877,052 $ 
698,739 $ 
3,142,308 $ 
1,738,211 
Regional Operations 
 
319,517 
309,250 
1,294,630 
1,217,814 
MGM China 
 
(54,979) 
5,015 
(203,136) 
25,367 
Unconsolidated affiliates(1) 
 
(43,029) 
(49,698) 
(222,079) 
(131,590) 
Management and other operations 
 
(3,037) 
2,087 
 
(11,934) 
15,766 
Stock compensation 
 
(25,159) 
(26,494) 
(71,297) 
(63,984) 
Corporate(2) 
 
(113,058) 
(117,491) 
(431,238) 
(380,501) 
 
$ 
957,307 
 $ 
3,497,254"
Does Adobe have an improving Free cashflow conversion as of FY2022?,"Yes, the FCF conversion (using net income as the denominator) for Adobe has improved by ~13% from 143% in 2021 to 156% in 2022","[{'evidence_text': 'ADOBE INC.\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In millions)\n \nYears Ended\n \nDecember 2,\n2022\nDecember 3,\n2021\nNovember 27,\n2020\nCash flows from operating activities:\n \n \nNet income\n$ \n4,756 \n$ \n4,822 \n$ \n5,260 \nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation, amortization and accretion\n \n856 \n \n788 \n \n757 \nStock-based compensation\n \n1,440 \n \n1,069 \n \n909 \nReduction of operating lease right-of-use assets\n \n83 \n \n73 \n \n87 \nDeferred income taxes\n \n328 \n \n183 \n \n(1,501) \nUnrealized losses (gains) on investments, net\n \n29 \n \n(4) \n(11) \nOther non-cash items\n \n10 \n \n7 \n \n40 \nChanges in operating assets and liabilities, net of acquired assets and \n assumed liabilities:\nTrade receivables, net\n \n(198) \n(430) \n106 \nPrepaid expenses and other assets\n \n(94) \n(475) \n(288) \nTrade payables\n \n66 \n \n(20) \n96 \nAccrued expenses and other liabilities\n \n7 \n \n162 \n \n86 \nIncome taxes payable\n \n19 \n \n2 \n \n(72) \nDeferred revenue\n \n536 \n \n1,053 \n \n258 \nNet cash provided by operating activities\n \n7,838 \n \n7,230 \n \n5,727 \nCash flows from investing activities:\n \n \nPurchases of short-term investments\n \n(909) \n(1,533) \n(1,071) \nMaturities of short-term investments\n \n683 \n \n877 \n \n915 \nProceeds from sales of short-term investments\n \n270 \n \n191 \n \n167 \nAcquisitions, net of cash acquired\n \n(126) \n(2,682) \n \nPurchases of property and equipment\n \n(442) \n(348) \n(419) \nPurchases of long-term investments, intangibles and other assets\n \n(46) \n(42) \n(15) \nProceeds from sales of long-term investments and other assets\n \n \n \n \n \n9 \nNet cash used for investing activities\n \n(570) \n(3,537) \n(414)', 'doc_name': 'ADOBE_2022_10K', 'evidence_page_num': 56, 'evidence_text_full_page': 'ADOBE INC.\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In millions)\n \nYears Ended\n \nDecember 2,\n2022\nDecember 3,\n2021\nNovember 27,\n2020\nCash flows from operating activities:\n \n \nNet income\n$ \n4,756 \n$ \n4,822 \n$ \n5,260 \nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation, amortization and accretion\n \n856 \n \n788 \n \n757 \nStock-based compensation\n \n1,440 \n \n1,069 \n \n909 \nReduction of operating lease right-of-use assets\n \n83 \n \n73 \n \n87 \nDeferred income taxes\n \n328 \n \n183 \n \n(1,501) \nUnrealized losses (gains) on investments, net\n \n29 \n \n(4) \n(11) \nOther non-cash items\n \n10 \n \n7 \n \n40 \nChanges in operating assets and liabilities, net of acquired assets and \n assumed liabilities:\nTrade receivables, net\n \n(198) \n(430) \n106 \nPrepaid expenses and other assets\n \n(94) \n(475) \n(288) \nTrade payables\n \n66 \n \n(20) \n96 \nAccrued expenses and other liabilities\n \n7 \n \n162 \n \n86 \nIncome taxes payable\n \n19 \n \n2 \n \n(72) \nDeferred revenue\n \n536 \n \n1,053 \n \n258 \nNet cash provided by operating activities\n \n7,838 \n \n7,230 \n \n5,727 \nCash flows from investing activities:\n \n \nPurchases of short-term investments\n \n(909) \n(1,533) \n(1,071) \nMaturities of short-term investments\n \n683 \n \n877 \n \n915 \nProceeds from sales of short-term investments\n \n270 \n \n191 \n \n167 \nAcquisitions, net of cash acquired\n \n(126) \n(2,682) \n \nPurchases of property and equipment\n \n(442) \n(348) \n(419) \nPurchases of long-term investments, intangibles and other assets\n \n(46) \n(42) \n(15) \nProceeds from sales of long-term investments and other assets\n \n \n \n \n \n9 \nNet cash used for investing activities\n \n(570) \n(3,537) \n(414) \nCash flows from financing activities:\n \n \nRepurchases of common stock\n \n(6,550) \n(3,950) \n(3,050) \nProceeds from re-issuance of treasury stock\n \n278 \n \n291 \n \n270 \nTaxes paid related to net share settlement of equity awards\n \n(518) \n(719) \n(681) \nProceeds from issuance of debt\n \n \n \n \n \n3,144 \nRepayment of debt\n \n \n \n \n \n(3,150) \nOther financing activities, net\n \n(35) \n77 \n \n(21) \nNet cash used for financing activities\n \n(6,825) \n(4,301) \n(3,488) \nEffect of foreign currency exchange rates on cash and cash equivalents\n \n(51) \n(26) \n3 \nNet change in cash and cash equivalents\n \n392 \n \n(634) \n1,828 \nCash and cash equivalents at beginning of year\n \n3,844 \n \n4,478 \n \n2,650 \nCash and cash equivalents at end of year\n$ \n4,236 \n$ \n3,844 \n$ \n4,478 \nSupplemental disclosures:\n \nCash paid for income taxes, net of refunds\n$ \n778 \n$ \n843 \n$ \n469 \nCash paid for interest\n$ \n103 \n$ \n100 \n$ \n88 \nSee accompanying Notes to Consolidated Financial Statements.\nTable of Contents\n57\n'}]","ADOBE INC.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
Years Ended
 
December 2,
2022
December 3,
2021
November 27,
2020
Cash flows from operating activities:
 
 
Net income
$ 
4,756 
$ 
4,822 
$ 
5,260 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion
 
856 
 
788 
 
757 
Stock-based compensation
 
1,440 
 
1,069 
 
909 
Reduction of operating lease right-of-use assets
 
83 
 
73 
 
87 
Deferred income taxes
 
328 
 
183 
 
(1,501) 
Unrealized losses (gains) on investments, net
 
29 
 
(4) 
(11) 
Other non-cash items
 
10 
 
7 
 
40 
Changes in operating assets and liabilities, net of acquired assets and 
 assumed liabilities:
Trade receivables, net
 
(198) 
(430) 
106 
Prepaid expenses and other assets
 
(94) 
(475) 
(288) 
Trade payables
 
66 
 
(20) 
96 
Accrued expenses and other liabilities
 
7 
 
162 
 
86 
Income taxes payable
 
19 
 
2 
 
(72) 
Deferred revenue
 
536 
 
1,053 
 
258 
Net cash provided by operating activities
 
7,838 
 
7,230 
 
5,727 
Cash flows from investing activities:
 
 
Purchases of short-term investments
 
(909) 
(1,533) 
(1,071) 
Maturities of short-term investments
 
683 
 
877 
 
915 
Proceeds from sales of short-term investments
 
270 
 
191 
 
167 
Acquisitions, net of cash acquired
 
(126) 
(2,682) 
 
Purchases of property and equipment
 
(442) 
(348) 
(419) 
Purchases of long-term investments, intangibles and other assets
 
(46) 
(42) 
(15) 
Proceeds from sales of long-term investments and other assets
 
 
 
 
 
9 
Net cash used for investing activities
 
(570) 
(3,537) 
(414)"
"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?",JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.,"[{'evidence_text': ""Exhibit 99.1\nJohnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue\nSeparation\n\nCompany expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and\nAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine\n\nCompany expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of\n12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-\npoint\n\nCompany reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit\nof approximately 73.5 million shares or $0.28 benefit to EPS\n\nCompany secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%\nof equity stake in Kenvue\n\nCompany maintains its quarterly dividend of $1.19 per share\nNew Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and\n2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The\nCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance\nfound in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.\nThe completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering\ntransformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly\nproud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-\nterm value for all of our stakeholders.\nAs previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &\nJohnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its\nConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of\n2023."", 'doc_name': 'JOHNSON_JOHNSON_2023_8K_dated-2023-08-30', 'evidence_page_num': 3, 'evidence_text_full_page': ""Exhibit 99.1\nJohnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue\nSeparation\n\nCompany expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and\nAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine\n\nCompany expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of\n12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-\npoint\n\nCompany reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit\nof approximately 73.5 million shares or $0.28 benefit to EPS\n\nCompany secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%\nof equity stake in Kenvue\n\nCompany maintains its quarterly dividend of $1.19 per share\nNew Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and\n2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The\nCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance\nfound in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.\nThe completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering\ntransformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly\nproud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-\nterm value for all of our stakeholders.\nAs previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &\nJohnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its\nConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of\n2023.\n""}]","Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue
Separation

Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, and
Adjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vaccine

Company expects 2023 Adjusted Reported Earnings Per Share (EPS) of $10.00 - $10.10, reflecting increased growth of
12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-
point

Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefit
of approximately 73.5 million shares or $0.28 benefit to EPS

Company secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering and maintains 9.5%
of equity stake in Kenvue

Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and
2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The
Company has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance
found in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.
The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering
transformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly
proud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-
term value for all of our stakeholders.
As previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &
Johnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its
Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of
2023."
What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.,0.4%,"[{'evidence_text': 'Lockheed Martin Corporation\nConsolidated Statements of Earnings\n(in millions, except per share data)\n \n \nYears Ended December 31,\n2022\n2021\n2020\nNet sales\nProducts\n$ \n55,466 $ \n56,435 $ \n54,928 \nServices\n \n10,518 \n10,609 \n10,470 \nTotal net sales\n \n65,984 \n67,044 \n65,398 \nCost of sales\nProducts\n \n(49,577) \n(50,273) \n(48,996) \nServices\n \n(9,280) \n(9,463) \n(9,371) \nSeverance and other charges\n \n(100) \n(36) \n(27) \nOther unallocated, net\n \n1,260 \n1,789 \n1,650 \nTotal cost of sales\n \n(57,697) \n(57,983) \n(56,744) \nGross profit\n \n8,287 \n9,061 \n8,654 \nOther income (expense), net\n \n61 \n62 \n(10) \nOperating profit\n \n8,348 \n9,123 \n8,644 \nInterest expense\n \n(623) \n(569) \n(591) \nNon-service FAS pension (expense) income\n \n(971) \n(1,292) \n219 \nOther non-operating (expense) income, net\n \n(74) \n288 \n(37) \nEarnings from continuing operations before income taxes\n \n6,680 \n7,550 \n8,235 \nIncome tax expense\n \n(948) \n(1,235) \n(1,347) \nNet earnings from continuing operations\n \n5,732 \n6,315 \n6,888 \nNet loss from discontinued operations\n \n \n \n(55) \nNet earnings\n$ \n5,732 $ \n6,315 $ \n6,833 \n \nEarnings (loss) per common share\nBasic\nContinuing operations\n$ \n21.74 $ \n22.85 $ \n24.60 \nDiscontinued operations\n \n \n \n(0.20) \nBasic earnings per common share\n$ \n21.74 $ \n22.85 $ \n24.40 \nDiluted\nContinuing operations\n$ \n21.66 $ \n22.76 $ \n24.50 \nDiscontinued operations\n \n \n \n(0.20) \nDiluted earnings per common share\n$ \n21.66 $ \n22.76 $ \n24.30 \nThe accompanying notes are an integral part of these consolidated financial statements.\nTable of Contents \n63', 'doc_name': 'LOCKHEEDMARTIN_2022_10K', 'evidence_page_num': 62, 'evidence_text_full_page': 'Lockheed Martin Corporation\nConsolidated Statements of Earnings\n(in millions, except per share data)\n \n \nYears Ended December 31,\n2022\n2021\n2020\nNet sales\nProducts\n$ \n55,466 $ \n56,435 $ \n54,928 \nServices\n \n10,518 \n10,609 \n10,470 \nTotal net sales\n \n65,984 \n67,044 \n65,398 \nCost of sales\nProducts\n \n(49,577) \n(50,273) \n(48,996) \nServices\n \n(9,280) \n(9,463) \n(9,371) \nSeverance and other charges\n \n(100) \n(36) \n(27) \nOther unallocated, net\n \n1,260 \n1,789 \n1,650 \nTotal cost of sales\n \n(57,697) \n(57,983) \n(56,744) \nGross profit\n \n8,287 \n9,061 \n8,654 \nOther income (expense), net\n \n61 \n62 \n(10) \nOperating profit\n \n8,348 \n9,123 \n8,644 \nInterest expense\n \n(623) \n(569) \n(591) \nNon-service FAS pension (expense) income\n \n(971) \n(1,292) \n219 \nOther non-operating (expense) income, net\n \n(74) \n288 \n(37) \nEarnings from continuing operations before income taxes\n \n6,680 \n7,550 \n8,235 \nIncome tax expense\n \n(948) \n(1,235) \n(1,347) \nNet earnings from continuing operations\n \n5,732 \n6,315 \n6,888 \nNet loss from discontinued operations\n \n \n \n(55) \nNet earnings\n$ \n5,732 $ \n6,315 $ \n6,833 \n \nEarnings (loss) per common share\nBasic\nContinuing operations\n$ \n21.74 $ \n22.85 $ \n24.60 \nDiscontinued operations\n \n \n \n(0.20) \nBasic earnings per common share\n$ \n21.74 $ \n22.85 $ \n24.40 \nDiluted\nContinuing operations\n$ \n21.66 $ \n22.76 $ \n24.50 \nDiscontinued operations\n \n \n \n(0.20) \nDiluted earnings per common share\n$ \n21.66 $ \n22.76 $ \n24.30 \nThe accompanying notes are an integral part of these consolidated financial statements.\nTable of Contents \n63\n'}]","Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
 
 
Years Ended December 31,
2022
2021
2020
Net sales
Products
$ 
55,466 $ 
56,435 $ 
54,928 
Services
 
10,518 
10,609 
10,470 
Total net sales
 
65,984 
67,044 
65,398 
Cost of sales
Products
 
(49,577) 
(50,273) 
(48,996) 
Services
 
(9,280) 
(9,463) 
(9,371) 
Severance and other charges
 
(100) 
(36) 
(27) 
Other unallocated, net
 
1,260 
1,789 
1,650 
Total cost of sales
 
(57,697) 
(57,983) 
(56,744) 
Gross profit
 
8,287 
9,061 
8,654 
Other income (expense), net
 
61 
62 
(10) 
Operating profit
 
8,348 
9,123 
8,644 
Interest expense
 
(623) 
(569) 
(591) 
Non-service FAS pension (expense) income
 
(971) 
(1,292) 
219 
Other non-operating (expense) income, net
 
(74) 
288 
(37) 
Earnings from continuing operations before income taxes
 
6,680 
7,550 
8,235 
Income tax expense
 
(948) 
(1,235) 
(1,347) 
Net earnings from continuing operations
 
5,732 
6,315 
6,888 
Net loss from discontinued operations
 
 
 
(55) 
Net earnings
$ 
5,732 $ 
6,315 $ 
6,833 
 
Earnings (loss) per common share
Basic
Continuing operations
$ 
21.74 $ 
22.85 $ 
24.60 
Discontinued operations
 
 
 
(0.20) 
Basic earnings per common share
$ 
21.74 $ 
22.85 $ 
24.40 
Diluted
Continuing operations
$ 
21.66 $ 
22.76 $ 
24.50 
Discontinued operations
 
 
 
(0.20) 
Diluted earnings per common share
$ 
21.66 $ 
22.76 $ 
24.30 
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents 
63"