Table of Contents
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Dollars�in�millions,�except�per�share�data)

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


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


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.


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 derive a significant portion of our revenues from a limited number of commercial airlines.___FINANCEBENCH_DELIMITER___We derive a substantial portion of our revenue from the U.S. government___FINANCEBENCH_DELIMITER___In 2022, 40% of our revenues were earned pursuant to U.S. government contracts


Historically, the
airline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost
competitive.


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.


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


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___FINANCEBENCH_DELIMITER___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


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


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___FINANCEBENCH_DELIMITER___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


Index

Consolidated Statements of Income
Corning Incorporated and Subsidiary Companies

Year ended December 31,
(In millions, except per share amounts)
2020

2019

2018
Net sales
$
 11,303
$
 11,503   $
 11,290
Cost of sales

 7,772

 7,468
 6,829

Gross margin

 3,531

 4,035
 4,461

Operating expenses:

Selling, general and administrative expenses

 1,747

 1,585
 1,799
Research, development and engineering expenses

 1,154

 1,031
 993
Amortization of purchased intangibles

 121

 113
 94

Operating income

 509

 1,306
 1,575

Equity in (losses) earnings of affiliated companies (Note 3)

 (25)

 17
 390
Interest income

 15

 21
 38
Interest expense

 (276)

 (221)
 (191)
Translated earnings contract (loss) gain, net (Note 15)

 (38)

 248
 (93)
Transaction-related gain, net (Note 4)

 498

Other expense, net

 (60)

 (155)
 (216)

Income before income taxes

 623

 1,216
 1,503
Provision for income taxes (Note 8)

 (111)

 (256)
 (437)

Net income attributable to Corning Incorporated
$
 512
$
 960   $
 1,066

Earnings per common share attributable to
Corning Incorporated:

Basic (Note 18)
$
 0.54
$
 1.11   $
 1.19
Diluted (Note 18)
$
 0.54
$
 1.07   $
 1.13

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

70___FINANCEBENCH_DELIMITER___Index

Consolidated Balance Sheets
Corning Incorporated and Subsidiary Companies

December 31,
(In millions, except share and per share amounts)
2020

2019

Assets

Current assets:

Cash and cash equivalents
$
 2,672   $
 2,434
Trade accounts receivable, net of doubtful accounts - $46 and $41

 2,133
 1,836
Inventories, net (Note 6)

 2,438
 2,320
Other current assets (Note 11 and 15)

 761
 873
Total current assets

 8,004
 7,463

Property, plant and equipment, net of accumulated depreciation -
  $13,663 and $12,995 (Note 9)

 15,742
 15,337
Goodwill, net (Note 10)

 2,460
 1,935
Other intangible assets, net (Note 10)

 1,308
 1,185
Deferred income taxes (Note 8)

 1,121
 1,157
Other assets (Note 11 and 15)

 2,140
 1,821

Total Assets
$
 30,775   $
 28,898

Liabilities and Equity

Current liabilities:

Current portion of long-term debt and short-term borrowings (Note 12)
$
 156   $
 11
Accounts payable

 1,174
 1,587
Other accrued liabilities (Note 11 and 14)

 2,437
 1,923
Total current liabilities

 3,767
 3,521

Long-term debt (Note 12)

 7,816
 7,729
Postretirement benefits other than pensions (Note 13)

 727
 671
Other liabilities (Note 11 and 14)

 5,017
 3,980
Total liabilities

 17,327
 15,901

Commitments, contingencies and guarantees (Note 14)

Shareholders’ equity (Note 17):

Convertible preferred stock, Series A – Par value $100 per share;
  Shares authorized 3,100; Shares issued: 2,300

 2,300
 2,300
Common stock – Par value $0.50 per share; Shares authorized: 3.8 billion;
  Shares issued: 1,726 million and 1,718 million

 863
 859
Additional paid-in capital – common stock

 14,642
 14,323
Retained earnings

 16,120
 16,408
Treasury stock, at cost; shares held: 961 million and 956 million

 (19,928)
 (19,812)
Accumulated other comprehensive loss

 (740)
 (1,171)
Total Corning Incorporated shareholders’ equity

 13,257
 12,907
Noncontrolling interests

 191
 90
Total equity

 13,448
 12,997

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

The accompanying notes are an integral part of these consolidated financial statements.
72


Table of Contents

Consolidated Statements of Income
Corning Incorporated and Subsidiary Companies

Year ended December 31,

(In millions, except per share amounts)

2021

2020

2019

Net sales
  $
14,082    $
11,303    $
11,503
Cost of sales

9,019
7,772
7,468

Gross margin

5,063
3,531
4,035

Operating expenses:

Selling, general and administrative expenses

1,827
1,747
1,585
Research, development and engineering expenses

995
1,154
1,031
Amortization of purchased intangibles

129
121
113

Operating income

2,112
509
1,306

Equity in earnings (losses) of affiliated companies (Note 3)

35
(25)
17
Interest income

11
15
21
Interest expense

(300)
(276)
(221)
Translated earnings contract gain (loss), net (Note 15)

354
(38)
248
Transaction-related gain, net (Note 4)

498

Other income (expense), net

185
(60)
(155)

Income before income taxes

2,397
623
1,216
Provision for income taxes (Note 8)

(491)
(111)
(256)

Net income attributable to Corning Incorporated
  $
1,906    $
512    $
960

Earnings per common share attributable to Corning Incorporated:

Basic (Note 18)
  $
1.30    $
0.54    $
1.11
Diluted (Note 18)
  $
1.28    $
0.54    $
1.07

Reconciliation of net income attributable to Corning Incorporated versus net income available to common
shareholders:

Net income attributable to Corning Incorporated
  $
1,906    $
512    $
960

Series A convertible preferred stock dividend

(24)
(98)
(98)
Excess consideration paid for redemption of preferred stock (1)

(803)

Net income available to common shareholders
  $
1,079    $
414    $
862

(1)
Refer to Note 17 (Shareholders' Equity) and Note 18 (Earnings per Common Share) to the consolidated financial statements for additional information.

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

65


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%)


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


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


Consolidated Statements of Operations

For the Years Ended December 31,
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
Net investment income
660
21
20
Total revenues
194,579
184,786
177,546
Operating costs:

Cost of products sold
156,447
153,448
146,533
Benefit costs
6,594
2,810
2,179
Goodwill impairments
6,149
181
—
Operating expenses
21,368
18,809
18,448
Total operating costs
190,558
175,248
167,160
Operating income
4,021
9,538
10,386
Interest expense
2,619
1,062
1,078
Loss on early extinguishment of debt
—
—
643
Other expense (income)
(4)
208
28
Income before income tax provision
1,406
8,268
8,637
Income tax provision
2,002
1,637
3,317
Income (loss) from continuing operations
(596)
6,631
5,320
Loss from discontinued operations, net of tax
—
(8)
(1)
Net income (loss)
(596)
6,623
5,319
Net (income) loss attributable to noncontrolling interests
2
(1)
(2)
Net income (loss) attributable to CVS Health
$
(594)   $
6,622   $
5,317

Basic earnings (loss) per share:

Income (loss) from continuing operations attributable to CVS Health
$
(0.57)   $
6.48   $
4.93
Loss from discontinued operations attributable to CVS Health
$
—   $
(0.01)   $
—
Net income (loss) attributable to CVS Health
$
(0.57)   $
6.47   $
4.93
Weighted average basic shares outstanding
1,044
1,020
1,073
Diluted earnings (loss) per share:

Income (loss) from continuing operations attributable to CVS Health
$
(0.57)   $
6.45   $
4.91
Loss from discontinued operations attributable to CVS Health
$
—   $
(0.01)   $
—
Net income (loss) attributable to CVS Health
$
(0.57)   $
6.44   $
4.90
Weighted average diluted shares outstanding
1,044
1,024
1,079
Dividends declared per share
$
2.00   $
2.00   $
1.70

See accompanying notes to consolidated financial statements.
Page 38___FINANCEBENCH_DELIMITER___Consolidated Balance Sheets

At December 31,
In millions, except per share amounts
2018

2017
Assets:

Cash and cash equivalents
$
4,059   $
1,696
Investments
2,522
111
Accounts receivable, net
17,631
13,181
Inventories
16,450
15,296
Other current assets
4,581
945
Total current assets
45,243
31,229
Long-term investments
15,732
112
Property and equipment, net
11,349
10,292
Goodwill
78,678
38,451
Intangible assets, net
36,524
13,630
Separate accounts assets
3,884
—
Other assets
5,046
1,417
Total assets
$
196,456   $
95,131

Liabilities:

Accounts payable
$
8,925   $
8,863
Pharmacy claims and discounts payable
12,302
10,355
Health care costs payable
5,210
5
Policyholders’ funds
2,939
—
Accrued expenses
10,711
6,581
Other insurance liabilities
1,937
23
Short-term debt
720
1,276
Current portion of long-term debt
1,265
3,545
Total current liabilities
44,009
30,648
Long-term debt
71,444
22,181
Deferred income taxes
7,677
2,996
Separate accounts liabilities
3,884
—
Other long-term insurance liabilities
8,119
334
Other long-term liabilities
2,780
1,277
Total liabilities
137,913
57,436
Commitments and contingencies (Note 16)

Shareholders’ equity:

CVS Health shareholders’ equity:

Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding
—
—
Common stock, par value $0.01: 3,200 shares authorized; 1,720 shares issued and 1,295 shares outstanding at
December 31, 2018 and 1,712 shares issued and 1,014 shares outstanding at December 31, 2017 and capital
surplus
45,440
32,096
Treasury stock, at cost: 425 shares at December 31, 2018 and 698 shares at December 31, 2017
(28,228)
(37,796)
Retained earnings
40,911
43,556
Accumulated other comprehensive income (loss)
102
(165)
Total CVS Health shareholders’ equity
58,225
37,691
Noncontrolling interests
318
4
Total shareholders’ equity
58,543
37,695
Total liabilities and shareholders’ equity
$
196,456   $
95,131

See accompanying notes to consolidated financial statements.
Page 40


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___FINANCEBENCH_DELIMITER___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


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 Company’s retail
pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process.___FINANCEBENCH_DELIMITER___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.___FINANCEBENCH_DELIMITER___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.


Dividends
During 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively.


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 Company’s 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.


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.


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___FINANCEBENCH_DELIMITER___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


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.


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.


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.___FINANCEBENCH_DELIMITER___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.


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 Company’s 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
%


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 tosales, 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.


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___FINANCEBENCH_DELIMITER___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


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%*


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


Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the KenvueSeparation
•
Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, andAdjusted 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 of12.5% 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 benefitof 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 and2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. TheCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidancefound 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 deliveringtransformative healthcare solutions to patients,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “We are incrediblyproud 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 &Johnson’s Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present itsConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of2023


Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the KenvueSeparation
•
Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, andAdjusted 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 of12.5% 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 benefitof 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 and2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. TheCompany has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidancefound 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 deliveringtransformative healthcare solutions to patients,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “We are incrediblyproud 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 &Johnson’s Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present itsConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of2023.


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 $ 2 4,020 100.0 6.3
Cost of products sold 8,212 3 2.2 7 ,919 3 3.0 3.7
Gross Profit 17,318 6 7.8 1 6,101 6 7.0 7.6
Selling, marketing and administrative expenses 6,665 2 6.1 6 ,226 2 5.9 7.1
Research and development expense 3,829 1 5.0 3 ,703 1 5.4 3.4
Interest (income) expense, net (23) (0.1) ( 26) (0.1)
Other (income) expense, net* (60) (0.2) 2 73 1 .1
Restructuring 145 0 .5 85 0 .4
Earnings before provision for taxes on income 6,762 2 6.5 5 ,840 2 4.3 15.8
Provision for taxes on income 1,618 6 .4 1 ,026 4 .3 57.7
Net earnings $ 5,144 2 0.1 $ 4 ,814 2 0.0 6.9


Segment results – managed basis
The following tables summarize the Firm’s 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 %


The Firm grew TBVPS, ending the first quarter of 2021 at $66.56, up 10% versus the prior year.


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 world’s most
prominent corporate, institutional and government clients
globally.


Segment results – managed basis
The following tables summarize the Firm’s 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 %


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


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___FINANCEBENCH_DELIMITER___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


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___FINANCEBENCH_DELIMITER___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


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


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


MGM�RESORTS�INTERNATIONAL�AND�SUBSIDIARIES
CONSOLIDATED�BALANCE�SHEETS
(In thousands, except share data)

�
December�31,
�
�
�
2018
�
�
2017
�
ASSETS
�
Current�assets
�

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

Property�and�equipment,�net

20,729,888

19,635,459

Other�assets

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
LIABILITIES�AND�STOCKHOLDERS'�EQUITY
�
Current�liabilities

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

Deferred�income�taxes,�net

1,342,538

1,295,375
Long-term�debt,�net

15,088,005

12,751,052
Other�long-term�obligations

259,240

284,416
Commitments�and�contingencies�(Note�11)

Redeemable�noncontrolling�interests

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

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

55


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
Food and beverage

696,040

2,145,247

1,959,021
Entertainment, retail and other

518,991

1,477,200

1,412,860
Reimbursed costs

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
Food and beverage

674,118

1,661,626

1,501,868
Entertainment, retail and other

412,705

1,051,400

999,979
Reimbursed costs

244,949

436,887

425,492
General and administrative

2,122,333

2,101,217

1,764,638
Corporate expense

460,148

464,642

419,204
Preopening and start-up expenses

84

7,175

151,392
Property transactions, net

93,567

275,802

9,147
Gain on REIT transactions, net

(1,491,945)

(2,677,996)

—
Depreciation and amortization

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)

Interest expense, net of amounts capitalized

(676,380)

(847,932)

(769,513)
Non-operating items from unconsolidated affiliates

(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) for income taxes

191,572

(632,345)

(50,112)
Net income (loss)

(1,319,907)

2,214,380

583,894
Less: Net (income) loss attributable to noncontrolling interests

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

Year Ended December 31,

2020

2019

2018

Cash flows from operating activities

Net income (loss)

$
(1,319,907)
 $
2,214,380
 $
583,894
Adjustments to reconcile net income (loss) to net cash provided by (used in)
   operating activities:

Depreciation and amortization

1,210,556

1,304,649

1,178,044
Amortization of debt discounts, premiums and issuance costs

34,363

38,972

41,102
Loss on early retirement of debt

126,462

198,151

3,619
Provision for credit losses

71,422

39,270

39,762
Stock-based compensation

106,956

88,838

70,177
Property transactions, net

93,567

275,802

9,147
Gain on REIT transactions, net

(1,491,945)

(2,677,996)

—
Noncash lease expense

183,399

71,784

—
Loss (income) from unconsolidated affiliates

60,366

(57,225)

(96,542)
Distributions from unconsolidated affiliates

86,584

299

11,563
Deferred income taxes

18,347

595,046

46,720
Change in operating assets and liabilities:

Accounts receivable

960,099

(726,610)

(149,554)
Inventories

14,705

6,522

(7,860)
Income taxes receivable and payable, net

(216,250)

1,259

14,120
Prepaid expenses and other

(37)

7,567

(8,656)
Accounts payable and accrued liabilities

(1,382,980)

465,602

21,508
Other

(48,750)

(35,909)

(34,505)
Net cash provided by (used in) operating activities

(1,493,043)

1,810,401

1,722,539
Cash flows from investing activities

Capital expenditures, net of construction payable

(270,579)

(739,006)

(1,486,843)
Dispositions of property and equipment

6,136

2,578

25,612
Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction

2,455,839

—

—
Proceeds from Bellagio transaction

—

4,151,499

—
Proceeds from sale of Circus Circus Las Vegas and adjacent land

—

652,333

—
Proceeds from sale of business units and investment in unconsolidated affiliate

—

—

163,616
Acquisition of Northfield, net of cash acquired

—

—

(1,034,534)
Acquisition of Empire City Casino, net of cash acquired

—

(535,681)

—
Investments in unconsolidated affiliates

(96,925)

(81,877)

(56,295)
Distributions from unconsolidated affiliates

63,960

100,700

322,631
Other

873

(31,112)

(17,208)
Net cash provided by (used in) investing activities

2,159,304

3,519,434

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

Net borrowings (repayments) under bank credit facilities – maturities of
   90 days or less

(1,595,089)

(3,634,049)

1,242,259
Issuance of long-term debt

3,550,000

3,250,000

1,000,000
Retirement of senior notes

(846,815)

(3,764,167)

(2,265)
Debt issuance costs

(62,348)

(63,391)

(76,519)
Proceeds from issuance of bridge loan facility

1,304,625

—

—
Issuance of MGM Growth Properties Class A shares, net

524,704

1,250,006

—
Dividends paid to common shareholders

(77,606)

(271,288)

(260,592)
Distributions to noncontrolling interest owners

(286,385)

(223,303)

(184,932)
Purchases of common stock

(353,720)

(1,031,534)

(1,283,333)
Other

(53,939)

(41,868)

(45,384)
Net cash provided by (used in) financing activities

2,103,427

(4,529,594)

389,234
Effect of exchange rate on cash

2,345

2,601

(1,985)
Cash and cash equivalents

Net increase for the period

2,772,033

802,842

26,767
Balance, beginning of period

2,329,604

1,526,762

1,499,995
Balance, end of period

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

Interest paid, net of amounts capitalized

$
639,718
 $
826,970
 $
723,609
Federal, state and foreign income taxes paid (refunds received), net

8,543

28,493

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

Note receivable related to sale of Circus Circus Las Vegas and adjacent land

$
—
 $
133,689
 $
—
Investment in Bellagio BREIT Venture

—

62,133

—
Investment in MGP BREIT Venture

802,000

—

—
MGP BREIT Venture assumption of bridge loan facility

1,304,625

—

—

The accompanying notes are an integral part of these consolidated financial statements.
65


. We maintained an annual
dividend of $0.01 per share throughout 2022.


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


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


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%;___FINANCEBENCH_DELIMITER___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%;___FINANCEBENCH_DELIMITER___MGM China
• Net revenues of $674 million in the current year compared to $1.2 billion in the prior year, a
decrease of 44%;


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


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


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


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___FINANCEBENCH_DELIMITER___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


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


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


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.


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___FINANCEBENCH_DELIMITER___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


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 noncurrent 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


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


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


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 theinclusion 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. Allstatements addressing our future operating performance, and statements addressing events and developments that we expect oranticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-lookingstatements are based on currently available information, operating plans and projections about future events and trends. Theyinherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any suchforward-looking statement. These risks and uncertainties include, but are not limited to, those described in “Item 1A. RiskFactors” and “Item 7. Management’s 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 speakonly as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result ofnew information, future events or otherwise. The discussion of risks in this report is by no means all-inclusive but is designed tohighlight 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 consolidatedsubsidiaries, 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 andconvenient food company with a complementary portfolio of brands, including Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola,Mountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other thirdparties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumersin 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 andCanada;
2)
Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pastaand 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;___FINANCEBENCH_DELIMITER___6)
Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses inAfrica, 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 convenientfood businesses in Asia Pacific, Australia and New Zealand, and China region.


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 withcertainty, management believes that the final outcome of the foregoing will not have a material adverse effect on our financialcondition, results of operations or cash flows. See also “Item 1. Business – Regulatory Matters” and “Item 1A. Risk Factors.”


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 newtechnology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market andinformation systems, including deploying the right automation for each market; and simplify our organization and optimize ourmanufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in the fourthquarter of 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities withinthe initiatives described above.
As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cashexpenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately
55% of severance andother employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35%for other co
sts 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